PSF NATURAL RESOURCES PORTFOLIO
SCHEDULE OF INVESTMENTS | as of September 30, 2023 (unaudited) |
Shares | Value | |||||
Long-Term Investments — 98.8% | ||||||
Common Stocks | ||||||
Agricultural Products — 1.2% | ||||||
Darling Ingredients, Inc.* | 124,975 | $6,523,695 | ||||
Coal & Consumable Fuels — 2.8% | ||||||
Cameco Corp. (Canada) | 373,677 | 14,812,556 | ||||
Construction & Engineering — 0.4% | ||||||
Quanta Services, Inc. | 11,992 | 2,243,343 | ||||
Construction Materials — 0.4% | ||||||
Vulcan Materials Co. | 11,519 | 2,327,068 | ||||
Copper — 6.8% | ||||||
ERO Copper Corp. (Brazil)* | 287,493 | 4,957,177 | ||||
First Quantum Minerals Ltd. (Zambia) | 632,995 | 14,955,133 | ||||
Freeport-McMoRan, Inc. | 265,548 | 9,902,285 | ||||
Southern Copper Corp. (Mexico)(a) | 85,658 | 6,449,191 | ||||
36,263,786 | ||||||
Diversified Metals & Mining — 5.3% | ||||||
BHP Group Ltd. (Australia) | 264,266 | 7,423,452 | ||||
Glencore PLC (Australia) | 656,562 | 3,738,800 | ||||
IGO Ltd. (Australia) | 235,750 | 1,891,901 | ||||
Ivanhoe Electric, Inc./US* | 304,243 | 3,620,492 | ||||
Ivanhoe Mines Ltd. (Canada) (Class A Stock)* | 350,678 | 3,005,258 | ||||
Rio Tinto Ltd. (Australia) | 46,987 | 3,389,073 | ||||
Teck Resources Ltd. (Canada)(Class B Stock) | 115,272 | 4,967,070 | ||||
28,036,046 | ||||||
Electric Utilities — 2.2% | ||||||
FirstEnergy Corp. | 54,958 | 1,878,464 | ||||
NextEra Energy, Inc.(a) | 84,431 | 4,837,052 | ||||
PG&E Corp.* | 128,697 | 2,075,883 | ||||
Southern Co. (The) | 47,762 | 3,091,157 | ||||
11,882,556 | ||||||
Electrical Components & Equipment — 1.4% | ||||||
Hubbell, Inc. | 10,097 | 3,164,501 | ||||
Schneider Electric SE | 14,675 | 2,418,325 | ||||
Shoals Technologies Group, Inc. (Class A Stock)*(a) | 108,319 | 1,976,822 | ||||
7,559,648 | ||||||
Fertilizers & Agricultural Chemicals — 2.4% | ||||||
CF Industries Holdings, Inc. | 73,146 | 6,271,538 | ||||
Nutrien Ltd. (Canada) | 103,083 | 6,366,406 | ||||
12,637,944 | ||||||
Forest Products — 0.8% | ||||||
Louisiana-Pacific Corp. | 9,841 | 543,912 | ||||
West Fraser Timber Co. Ltd. (Canada) | 54,167 | 3,932,566 | ||||
4,476,478 | ||||||
Gold — 4.8% | ||||||
Agnico Eagle Mines Ltd. (Canada)(a) | 102,534 | 4,660,170 | ||||
Alamos Gold, Inc. (Canada) (Class A Stock) | 299,500 | 3,381,355 | ||||
Franco-Nevada Corp. (Canada) | 42,587 | 5,685,478 |
Shares | Value | |||||
Common Stocks (continued) | ||||||
Gold (cont’d.) | ||||||
Newcrest Mining Ltd. (Australia) | 153,518 | $2,418,912 | ||||
Newmont Corp.(a) | 116,660 | 4,310,587 | ||||
Northern Star Resources Ltd. (Australia) | 599,666 | 3,981,933 | ||||
Wesdome Gold Mines Ltd. (Canada)* | 209,500 | 1,093,580 | ||||
25,532,015 | ||||||
Industrial Gases — 2.1% | ||||||
Linde PLC | 29,918 | 11,139,967 | ||||
Industrial Machinery — 0.6% | ||||||
Sandvik AB (Sweden) | 157,307 | 2,894,505 | ||||
Integrated Oil & Gas — 22.3% | ||||||
BP PLC (United Kingdom), ADR | 407,355 | 15,772,786 | ||||
Chevron Corp. | 80,837 | 13,630,735 | ||||
Equinor ASA (Norway)(a) | 303,233 | 9,937,567 | ||||
Exxon Mobil Corp. | 171,292 | 20,140,513 | ||||
Galp Energia SGPS SA (Portugal) | 423,789 | 6,277,215 | ||||
OMV AG (Austria) | 115,237 | 5,504,247 | ||||
Shell PLC (Netherlands) | 509,268 | 16,140,853 | ||||
Suncor Energy, Inc. (Canada) | 293,991 | 10,110,303 | ||||
TotalEnergies SE (France) | 318,240 | 20,924,076 | ||||
118,438,295 | ||||||
Metal & Glass Containers — 0.4% | ||||||
Ball Corp. | 45,625 | 2,271,213 | ||||
Multi-Utilities — 0.6% | ||||||
Ameren Corp.(a) | 21,388 | 1,600,464 | ||||
Dominion Energy, Inc. | 38,070 | 1,700,587 | ||||
3,301,051 | ||||||
Oil & Gas Drilling — 1.5% | ||||||
Noble Corp. PLC | 96,600 | 4,892,790 | ||||
Seadrill Ltd. (Norway)* | 62,800 | 2,812,812 | ||||
7,705,602 | ||||||
Oil & Gas Equipment & Services — 9.5% | ||||||
Baker Hughes Co. | 165,069 | 5,830,237 | ||||
Cactus, Inc. (Class A Stock) | 45,943 | 2,306,798 | ||||
ChampionX Corp. | 115,256 | 4,105,419 | ||||
Expro Group Holdings NV* | 115,500 | 2,683,065 | ||||
Halliburton Co. | 179,759 | 7,280,239 | ||||
Schlumberger NV | 248,420 | 14,482,886 | ||||
TechnipFMC PLC (United Kingdom) | 493,867 | 10,045,255 | ||||
Tenaris SA, ADR | 109,200 | 3,450,720 | ||||
50,184,619 | ||||||
Oil & Gas Exploration & Production — 24.0% | ||||||
Canadian Natural Resources Ltd. (Canada) | 119,937 | 7,756,500 | ||||
Chesapeake Energy Corp.(a) | 84,100 | 7,251,943 | ||||
ConocoPhillips | 168,108 | 20,139,339 | ||||
Devon Energy Corp. | 32,000 | 1,526,400 | ||||
Diamondback Energy, Inc. | 82,352 | 12,754,678 | ||||
EOG Resources, Inc. | 93,751 | 11,883,877 | ||||
EQT Corp.(a) | 248,755 | 10,094,478 | ||||
Hess Corp. | 109,188 | 16,705,764 |
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PSF NATURAL RESOURCES PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of September 30, 2023 (unaudited) |
Shares | Value | |||||
Common Stocks (continued) | ||||||
Oil & Gas Exploration & Production (cont’d.) | ||||||
Kosmos Energy Ltd. (Ghana)* | 758,374 | $6,203,499 | ||||
Magnolia Oil & Gas Corp. (Class A Stock) | 96,680 | 2,214,939 | ||||
Pioneer Natural Resources Co. | 38,126 | 8,751,823 | ||||
Range Resources Corp. | 326,230 | 10,573,114 | ||||
Southwestern Energy Co.* | 770,622 | 4,970,512 | ||||
Tourmaline Oil Corp. (Canada) | 44,877 | 2,258,305 | ||||
Whitecap Resources, Inc. (Canada) | 510,349 | 4,309,739 | ||||
127,394,910 | ||||||
Oil & Gas Refining & Marketing — 2.4% | ||||||
Marathon Petroleum Corp. | 42,908 | 6,493,697 | ||||
Valero Energy Corp. | 42,460 | 6,017,006 | ||||
12,510,703 | ||||||
Oil & Gas Storage & Transportation — 1.8% | ||||||
Equitrans Midstream Corp. | 286,167 | 2,681,385 | ||||
Williams Cos., Inc. (The) | 201,612 | 6,792,308 | ||||
9,473,693 | ||||||
Packaged Foods & Meats — 0.6% | ||||||
Minerva SA (Brazil) | 1,940,136 | 3,126,419 | ||||
Paper Packaging — 0.7% | ||||||
Packaging Corp. of America | 23,692 | 3,637,907 | ||||
Paper Products — 0.8% | ||||||
Suzano SA (Brazil) | 408,433 | 4,394,278 | ||||
Precious Metals & Minerals — 0.0% | ||||||
Sedibelo Platinum Mines Ltd. (South Africa) Private Placement (original cost $1,102,975; purchased 11/27/07)*^(f) | 129,100 | 17,327 | ||||
Railroads — 0.5% | ||||||
Norfolk Southern Corp. | 13,317 | 2,622,517 | ||||
Specialized REITs — 0.1% | ||||||
PotlatchDeltic Corp.(a) | 10,229 | 464,294 | ||||
Rayonier, Inc.(a) | 9,450 | 268,947 | ||||
733,241 | ||||||
Specialty Chemicals — 1.7% | ||||||
Akzo Nobel NV (Netherlands) | 25,412 | 1,832,166 | ||||
Covestro AG (Germany), 144A* | 53,087 | 2,854,751 | ||||
RPM International, Inc. | 21,879 | 2,074,348 | ||||
Sherwin-Williams Co. (The) | 8,896 | 2,268,925 | ||||
9,030,190 | ||||||
Steel — 0.7% | ||||||
Reliance Steel & Aluminum Co. | 5,081 | 1,332,391 | ||||
Warrior Met Coal, Inc. | 42,800 | 2,186,224 | ||||
3,518,615 | ||||||
Total Long-Term Investments (cost $447,399,183) | 524,690,187 |
Shares | Value | |||||
Short-Term Investments — 8.8% | ||||||
Affiliated Mutual Funds | ||||||
PGIM Core Ultra Short Bond Fund(wb) | 4,191,858 | $4,191,858 | ||||
PGIM Institutional Money Market Fund (cost $42,597,861; includes $42,363,756 of cash collateral for securities on loan)(b)(wb) | 42,624,752 | 42,599,177 | ||||
Total Short-Term Investments (cost $46,789,719) | 46,791,035 | |||||
TOTAL INVESTMENTS—107.6% (cost $494,188,902) | 571,481,222 | |||||
Liabilities in excess of other assets — (7.6)% | (40,563,231) | |||||
Net Assets — 100.0% | $530,917,991 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |
144A | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. |
ADR | American Depositary Receipt |
REITs | Real Estate Investment Trust |
* | Non-income producing security. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $17,327 and 0.0% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $41,229,394; cash collateral of $42,363,756 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the original cost of such security is $1,102,975. The value of $17,327 is 0.0% of net assets. |
(wb) | Represents an investment in a Fund affiliated with the Manager. |
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
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