PSF NATURAL RESOURCES PORTFOLIO
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Shares | Value | |||||
Long-Term Investments — 99.2% | ||||||
Common Stocks | ||||||
Aluminum — 0.4% | ||||||
Alcoa Corp. | 72,199 | $2,439,604 | ||||
Coal & Consumable Fuels — 1.2% | ||||||
Cameco Corp. (Canada)(a) | 156,382 | 6,774,468 | ||||
Commodity Chemicals — 0.7% | ||||||
LG Chem Ltd. (South Korea) | 7,634 | 2,498,649 | ||||
Lotte Chemical Corp. (South Korea) | 18,042 | 1,608,440 | ||||
4,107,089 | ||||||
Construction & Engineering — 0.5% | ||||||
Quanta Services, Inc. | 11,792 | 3,063,562 | ||||
Construction Materials — 0.9% | ||||||
Vulcan Materials Co. | 19,824 | 5,410,366 | ||||
Copper — 2.8% | ||||||
First Quantum Minerals Ltd. (Zambia) | 38,195 | 410,556 | ||||
Freeport-McMoRan, Inc. | 243,692 | 11,458,398 | ||||
Southern Copper Corp. (Mexico)(a) | 44,023 | 4,689,330 | ||||
16,558,284 | ||||||
Diversified Chemicals — 1.0% | ||||||
BASF SE (Germany) | 44,206 | 2,526,103 | ||||
Huntsman Corp. | 129,750 | 3,377,393 | ||||
5,903,496 | ||||||
Diversified Metals & Mining — 4.5% | ||||||
BHP Group Ltd. (Australia) | 315,577 | 9,124,577 | ||||
Glencore PLC (Australia) | 575,127 | 3,156,045 | ||||
Ivanhoe Electric, Inc.* | 215,036 | 2,107,353 | ||||
Ivanhoe Mines Ltd. (Canada) (Class A Stock)* | 350,678 | 4,183,645 | ||||
MP Materials Corp.*(a) | 79,500 | 1,136,850 | ||||
Rio Tinto Ltd. (Australia) | 43,360 | 3,441,281 | ||||
Teck Resources Ltd. (Canada)(Class B Stock) | 74,372 | 3,404,750 | ||||
26,554,501 | ||||||
Electric Utilities — 2.1% | ||||||
FirstEnergy Corp. | 62,704 | 2,421,628 | ||||
NextEra Energy, Inc.(a) | 73,645 | 4,706,652 | ||||
PG&E Corp. | 142,581 | 2,389,658 | ||||
Southern Co. (The) | 41,566 | 2,981,945 | ||||
12,499,883 | ||||||
Electrical Components & Equipment — 1.1% | ||||||
Hubbell, Inc. | 8,268 | 3,431,633 | ||||
Schneider Electric SE | 12,844 | 2,903,726 | ||||
6,335,359 | ||||||
Fertilizers & Agricultural Chemicals — 1.6% | ||||||
CF Industries Holdings, Inc. | 75,248 | 6,261,386 | ||||
Mosaic Co. (The) | 88,100 | 2,859,726 | ||||
9,121,112 | ||||||
Forest Products — 1.7% | ||||||
Louisiana-Pacific Corp. | 53,636 | 4,500,597 |
Shares | Value | |||||
Common Stocks (continued) | ||||||
Forest Products (cont’d.) | ||||||
West Fraser Timber Co. Ltd. (Canada) | 60,298 | $5,206,492 | ||||
9,707,089 | ||||||
Gold — 2.8% | ||||||
Agnico Eagle Mines Ltd. (Canada)(a) | 57,432 | 3,425,819 | ||||
Alamos Gold, Inc. (Canada) (Class A Stock) | 239,158 | 3,527,580 | ||||
Franco-Nevada Corp. (Canada) | 26,487 | 3,156,031 | ||||
Osisko Gold Royalties Ltd. (Canada) | 198,486 | 3,257,424 | ||||
Osisko Mining, Inc. (Canada)* | 1,013,811 | 2,080,687 | ||||
Wesdome Gold Mines Ltd. (Canada)* | 101,768 | 758,067 | ||||
16,205,608 | ||||||
Industrial Gases — 5.1% | ||||||
Air Liquide SA (France) | 39,689 | 8,257,245 | ||||
Linde PLC | 46,116 | 21,412,581 | ||||
29,669,826 | ||||||
Integrated Oil & Gas — 21.2% | ||||||
BP PLC (United Kingdom), ADR | 359,103 | 13,531,001 | ||||
Chevron Corp. | 95,107 | 15,002,178 | ||||
Equinor ASA (Norway) | 207,619 | 5,567,179 | ||||
Exxon Mobil Corp. | 277,077 | 32,207,430 | ||||
Galp Energia SGPS SA (Portugal) | 319,573 | 5,283,301 | ||||
OMV AG (Austria) | 93,048 | 4,406,988 | ||||
Shell PLC (Netherlands) | 556,092 | 18,450,855 | ||||
Suncor Energy, Inc. (Canada) | 295,895 | 10,920,078 | ||||
TotalEnergies SE (France) | 281,494 | 19,363,802 | ||||
124,732,812 | ||||||
Metal & Glass Containers — 0.8% | ||||||
Ball Corp. | 70,482 | 4,747,668 | ||||
Multi-Utilities — 1.0% | ||||||
Ameren Corp. | 25,537 | 1,888,716 | ||||
CenterPoint Energy, Inc. | 62,385 | 1,777,349 | ||||
Dominion Energy, Inc.(a) | 45,158 | 2,221,322 | ||||
5,887,387 | ||||||
Oil & Gas Drilling — 1.4% | ||||||
Noble Corp. PLC | 98,715 | 4,786,690 | ||||
Seadrill Ltd. (Norway)* | 71,912 | 3,617,174 | ||||
8,403,864 | ||||||
Oil & Gas Equipment & Services — 7.8% | ||||||
Atlas Energy Solutions, Inc.(a) | 85,799 | 1,940,773 | ||||
Baker Hughes Co. | 189,364 | 6,343,694 | ||||
Expro Group Holdings NV* | 31,987 | 638,780 | ||||
Halliburton Co. | 235,099 | 9,267,603 | ||||
Schlumberger NV | 269,708 | 14,782,695 | ||||
TechnipFMC PLC (United Kingdom) | 354,261 | 8,895,494 | ||||
Tenaris SA, ADR | 94,028 | 3,692,480 | ||||
45,561,519 | ||||||
Oil & Gas Exploration & Production — 21.0% | ||||||
Canadian Natural Resources Ltd. (Canada) | 193,051 | 14,726,632 | ||||
Chesapeake Energy Corp.(a) | 60,700 | 5,391,981 |
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PSF NATURAL RESOURCES PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS | as of March 31, 2024 (unaudited) |
Shares | Value | |||||
Common Stocks (continued) | ||||||
Oil & Gas Exploration & Production (cont’d.) | ||||||
ConocoPhillips | 210,392 | $26,778,694 | ||||
Diamondback Energy, Inc. | 64,865 | 12,854,297 | ||||
EOG Resources, Inc. | 110,463 | 14,121,590 | ||||
EQT Corp.(a) | 186,529 | 6,914,630 | ||||
Hess Corp. | 97,251 | 14,844,393 | ||||
Kosmos Energy Ltd. (Ghana)* | 632,774 | 3,771,333 | ||||
Pioneer Natural Resources Co. | 46,187 | 12,124,087 | ||||
Range Resources Corp.(a) | 155,130 | 5,341,126 | ||||
Southwestern Energy Co.* | 817,788 | 6,198,833 | ||||
123,067,596 | ||||||
Oil & Gas Refining & Marketing — 5.2% | ||||||
Marathon Petroleum Corp. | 71,727 | 14,452,990 | ||||
Phillips 66 | 30,843 | 5,037,896 | ||||
Valero Energy Corp.(a) | 64,537 | 11,015,821 | ||||
30,506,707 | ||||||
Oil & Gas Storage & Transportation — 6.1% | ||||||
Enbridge, Inc. (Canada)(a) | 354,777 | 12,835,832 | ||||
Kinder Morgan, Inc. | 123,000 | 2,255,820 | ||||
Targa Resources Corp. | 67,720 | 7,583,963 | ||||
Williams Cos., Inc. (The) | 332,563 | 12,959,980 | ||||
35,635,595 | ||||||
Paper Packaging — 0.9% | ||||||
Packaging Corp. of America | 26,883 | 5,101,856 | ||||
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 | 3,259 | ||||
Railroads — 0.5% | ||||||
Norfolk Southern Corp. | 11,625 | 2,962,864 | ||||
Specialty Chemicals — 4.7% | ||||||
HB Fuller Co. | 39,730 | 3,168,070 | ||||
International Flavors & Fragrances, Inc. | 42,984 | 3,696,194 | ||||
RPM International, Inc. | 34,953 | 4,157,659 | ||||
Sherwin-Williams Co. (The) | 24,806 | 8,615,868 | ||||
Shin-Etsu Chemical Co. Ltd. (Japan) | 186,900 | 8,197,799 | ||||
27,835,590 | ||||||
Steel — 2.2% | ||||||
Champion Iron Ltd. (Australia) | 512,665 | 2,475,057 | ||||
Cleveland-Cliffs, Inc.*(a) | 143,457 | 3,262,212 | ||||
Steel Dynamics, Inc. | 30,275 | 4,487,664 | ||||
Warrior Met Coal, Inc. | 49,230 | 2,988,261 | ||||
13,213,194 | ||||||
Total Long-Term Investments (cost $453,462,004) | 582,010,158 |
Shares | Value | |||||
Short-Term Investments — 8.5% | ||||||
Affiliated Mutual Funds | ||||||
PGIM Core Ultra Short Bond Fund(wb) | 2,973,913 | $2,973,913 | ||||
PGIM Institutional Money Market Fund (7-day effective yield 5.664%) (cost $46,855,893; includes $46,686,496 of cash collateral for securities on loan)(b)(wb) | 46,879,170 | 46,855,730 | ||||
Total Short-Term Investments (cost $49,829,806) | 49,829,643 | |||||
TOTAL INVESTMENTS—107.7% (cost $503,291,810) | 631,839,801 | |||||
Liabilities in excess of other assets — (7.7)% | (44,958,942) | |||||
Net Assets — 100.0% | $586,880,859 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |
ADR | American Depositary Receipt |
* | Non-income producing security. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $3,259 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 $46,516,433; cash collateral of $46,686,496 (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 $3,259 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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