# EDGAR Filing Document

**Accession Number:** 0000711175
**File Stem:** 0001193125-26-090055
**Filing Date:** 2026-3
**Character Count:** 2532169
**Document Hash:** a864881bc4f0e8f12cf024042588fb0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-090055.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-090055

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 101

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL SERIES FUND
- **CENTRAL INDEX KEY:** 0000711175

**ORGANIZATION NAME:**
- **EIN:** 860446842
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03623
- **FILM NUMBER:** 26719076

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (Series ID: S000002195)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005693 | Class I      |  |
| C000219590 | Class III    |  |

### PSF GLOBAL PORTFOLIO (Series ID: S000002197)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005695 | Class I      |  |
| C000226557 | Class III    |  |

### PSF PGIM JENNISON GROWTH PORTFOLIO (Series ID: S000002200)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005698 | Class I      |  |
| C000013886 | Class II     |  |
| C000226559 | Class III    |  |

### PSF PGIM TOTAL RETURN BOND PORTFOLIO (Series ID: S000002206)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005704 | Class I      |  |
| C000226561 | Class III    |  |

### PSF PGIM JENNISON BLEND PORTFOLIO (Series ID: S000002217)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005715 | Class I      |  |
| C000013890 | Class II     |  |
| C000226562 | Class III    |  |

### PSF PGIM FLEXIBLE MANAGED PORTFOLIO (Series ID: S000002225)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005723 | Class I      |  |
| C000226564 | Class III    |  |

### PSF PGIM 50/50 BALANCED PORTFOLIO (Series ID: S000002226)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005724 | Class I      |  |
| C000226565 | Class III    |  |

### PSF SMALL-CAP STOCK INDEX PORTFOLIO (Series ID: S000002227)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005725 | Class I      |  |
| C000226566 | Class III    |  |

### PSF PGIM HIGH YIELD BOND PORTFOLIO (Series ID: S000002228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005726 | Class I      |  |
| C000226567 | Class III    |  |

### PSF STOCK INDEX PORTFOLIO (Series ID: S000002229)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005727 | Class I      |  |
| C000226568 | Class III    |  |

### PSF PGIM JENNISON VALUE PORTFOLIO (Series ID: S000002230)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005728 | Class I      |  |
| C000013892 | Class II     |  |
| C000226569 | Class III    |  |

### PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio (Series ID: S000093076)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261143 | Class III    |  |

### PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio (Series ID: S000093077)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261145 | Class III    |  |

### PSF PGIM Ballast Portfolio (Series ID: S000093078)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261148 | Class I      |  |

?xml version='1.0' encoding='ASCII'? The Prudential Series Fund

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number:<br>| 811-03623 |
| Exact name of registrant as specified in charter:<br>| The Prudential Series Fund |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102<br>|
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102<br>|
| Registrant's telephone number, including area code:<br>| 800-225-1852 |
| Date of fiscal year end:<br>| 12/31/2025 |
| Date of reporting period: | 12/31/2025 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g53527g1tsrbanner.jpg)

The Prudential Series Fund

PSF Global Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF Global Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF Global Portfolio—Class I | $65 | 0.59% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Portfolio's strongest contribution to performance compared to its benchmark came from a few key areas. The Global Core 1% Tracking Error sleeve sub-advised by PGIM Quantitative Solutions (PQS) delivered particularly impressive results relative to the MSCI World Index (GD) and served as the main driver of outperformance during the reporting period. Growth-focused exposures—including the State Street SPDR S&P 500 Growth ETF and the Vanguard S&P 500 Growth ETF—also added meaningful value, as growth-oriented companies continued to lead the market. In addition, PSF PGIM Jennison Value Portfolio contributed to performance, benefiting from its ability to identify attractive opportunities within the value segment.

■

Strategic asset allocation tilts detracted modestly from the Portfolio's return during the reporting period. Within manager and security selection, the Vanguard Dividend Appreciation ETF struggled in the "risk on" environment that prevailed for much of the reporting period. The PSF PGIM Jennison Growth Portfolio lagged the MSCI USA Large Growth Index, reflecting the continued dominance of mega cap stocks within the benchmark. Allocations to S&P 500 Value ETFs detracted from performance as well. The PSF Small-Cap Stock Index Portfolio underperformed due to its higher quality bias as the market saw a rally in lower quality, non-earning small companies. Finally, the PGIM Jennison International Opportunities Fund lagged the MSCI EAFE Growth Index, as value-oriented stocks led the international equity market during the reporting period.

![](g53527g1pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g1psfglobalcl1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 22.03% | 10.04% | 11.41% |
| MSCI World Index (GD) | 21.60% | 12.66% | 12.74% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1068341241 |
| Number of portfolio holdings | 537 |
| Total advisory fees paid for the year | $5177112 |
| Portfolio turnover rate for the year | 123% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 32.8% |
| Unaffiliated Exchange-Traded Funds - Equity | 12.3% |
| Semiconductors & Semiconductor Equipment | 6.2% |
| Software | 4.3% |
| Banks | 4.2% |
| Interactive Media & Services | 3.4% |
| Technology Hardware, Storage & Peripherals | 2.9% |
| Pharmaceuticals | 2.3% |
| Capital Markets | 2.0% |
| Financial Services | 1.7% |
| Broadline Retail | 1.7% |
| Oil, Gas & Consumable Fuels | 1.6% |
| Aerospace & Defense | 1.6% |
| Insurance | 1.5% |
| Automobiles | 1.4% |
| Machinery | 1.2% |
| Metals & Mining | 1.0% |
| Health Care Equipment & Supplies | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 1.0% |
| Biotechnology | 1.0% |
| Health Care Providers & Services | 1.0% |
| IT Services | 1.0% |
| Specialty Retail | 0.8% |
| Electronic Equipment, Instruments & Components | 0.8% |
| Food Products | 0.7% |
| Electrical Equipment | 0.7% |
| Electric Utilities | 0.7% |
| Hotels, Restaurants & Leisure | 0.6% |
| Diversified Telecommunication Services | 0.5% |
| Entertainment | 0.5% |
| Industrial Conglomerates | 0.5% |
| Others\* | 8.2% |
|  | 101.1% |
| Liabilities in excess of other assets | (1.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective May 1, 2025, the Board of Trustees of Advanced Series Trust approved removing LSV Asset Management, Massachusetts Financial Services Company, T. Rowe Price Associates, Inc. and William Blair Investment Management, LLC as subadvisers to the Portfolio. In connection with these changes certain revisions were made to the Portfolio's principal investment strategies to reflect the different mix of subadvisers of the Portfolio, and the Portfolio's principal risk disclosure was revised to include Exchange-Traded Funds (ETF) Risk and Fund of Funds Risk as principal risks of the Portfolio.

■

PGIM Investments LLC, the investment manager of the Portfolio (the "Manager"), agreed to contractually waive 0.0465% of its investment management fee through April 30, 2025. This arrangement was terminated after completion of this term. Effective May 1, 2025, the Manager agreed to contractually limit expenses to 0.705% through June 30, 2026.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next prospectus, which we expect to be available by May 1, 2026, at **www.prudential.com/variableinsuranceportfolios** or by request at (800) 346-3778.

------

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g1pru_largelogo.jpg)

GLOBL_AR

------

![](g53527g2tsrbanner.jpg)

The Prudential Series Fund

PSF Global Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF Global Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF Global Portfolio—Class III | $92 | 0.83% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Portfolio's strongest contribution to performance compared to its benchmark came from a few key areas. The Global Core 1% Tracking Error sleeve sub-advised by PGIM Quantitative Solutions (PQS) delivered particularly impressive results relative to the MSCI World Index (GD) and served as the main driver of outperformance during the reporting period. Growth-focused exposures—including the State Street SPDR S&P 500 Growth ETF and the Vanguard S&P 500 Growth ETF—also added meaningful value, as growth-oriented companies continued to lead the market. In addition, PSF PGIM Jennison Value Portfolio contributed to performance, benefiting from its ability to identify attractive opportunities within the value segment.

■

Strategic asset allocation tilts detracted modestly from the Portfolio's return during the reporting period. Within manager and security selection, the Vanguard Dividend Appreciation ETF struggled in the "risk on" environment that prevailed for much of the reporting period. The PSF PGIM Jennison Growth Portfolio lagged the MSCI USA Large Growth Index, reflecting the continued dominance of mega cap stocks within the benchmark. Allocations to S&P 500 Value ETFs detracted from performance as well. The PSF Small-Cap Stock Index Portfolio underperformed due to its higher quality bias as the market saw a rally in lower quality, non-earning small companies. Finally, the PGIM Jennison International Opportunities Fund lagged the MSCI EAFE Growth Index, as value-oriented stocks led the international equity market during the reporting period.

![](g53527g2pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: April 26, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g2psfglobalcl3.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 21.73% | 8.13% |
| MSCI World Index (GD) | 21.60% | 11.33% |

---

*Portfolio Inception: 04/26/2021.* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1068341241 |
| Number of portfolio holdings | 537 |
| Total advisory fees paid for the year | $5177112 |
| Portfolio turnover rate for the year | 123% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 32.8% |
| Unaffiliated Exchange-Traded Funds - Equity | 12.3% |
| Semiconductors & Semiconductor Equipment | 6.2% |
| Software | 4.3% |
| Banks | 4.2% |
| Interactive Media & Services | 3.4% |
| Technology Hardware, Storage & Peripherals | 2.9% |
| Pharmaceuticals | 2.3% |
| Capital Markets | 2.0% |
| Financial Services | 1.7% |
| Broadline Retail | 1.7% |
| Oil, Gas & Consumable Fuels | 1.6% |
| Aerospace & Defense | 1.6% |
| Insurance | 1.5% |
| Automobiles | 1.4% |
| Machinery | 1.2% |
| Metals & Mining | 1.0% |
| Health Care Equipment & Supplies | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 1.0% |
| Biotechnology | 1.0% |
| Health Care Providers & Services | 1.0% |
| IT Services | 1.0% |
| Specialty Retail | 0.8% |
| Electronic Equipment, Instruments & Components | 0.8% |
| Food Products | 0.7% |
| Electrical Equipment | 0.7% |
| Electric Utilities | 0.7% |
| Hotels, Restaurants & Leisure | 0.6% |
| Diversified Telecommunication Services | 0.5% |
| Entertainment | 0.5% |
| Industrial Conglomerates | 0.5% |
| Others\* | 8.2% |
|  | 101.1% |
| Liabilities in excess of other assets | (1.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective May 1, 2025, the Board of Trustees of Advanced Series Trust approved removing LSV Asset Management, Massachusetts Financial Services Company, T. Rowe Price Associates, Inc. and William Blair Investment Management, LLC as subadvisers to the Portfolio. In connection with these changes certain revisions were made to the Portfolio's principal investment strategies to reflect the different mix of subadvisers of the Portfolio, and the Portfolio's principal risk disclosure was revised to include Exchange-Traded Funds (ETF) Risk and Fund of Funds Risk as principal risks of the Portfolio.

■

PGIM Investments LLC, the investment manager of the Portfolio (the "Manager"), agreed to contractually waive 0.0465% of its investment management fee through April 30, 2025. This arrangement was terminated after completion of this term. Effective May 1, 2025, the Manager agreed to contractually limit expenses to 0.705% through June 30, 2026.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next prospectus, which we expect to be available by May 1, 2026, at **www.prudential.com/variableinsuranceportfolios** or by request at (800) 346-3778.

------

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g2pru_largelogo.jpg)

PSF01_AR

------

![](g53527g3tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM 50/50 Balanced Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF PGIM 50/50 Balanced Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM 50/50 Balanced Portfolio—Class I | $62 | 0.58% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the reporting period. The announcement of "Liberation Day" tariffs in April 2025 triggered a sharp sell-off, but equity markets recovered and gained additional ground after the US administration softened its position on its trade and tariff policies.

■

Three Federal Reserve policy rate cuts positively impacted US stocks during the reporting period. Fixed income assets also posted gains following the interest rate cuts but were much more modest than the returns posted by risk assets.

■

An overweight allocation to equities contributed to the Portfolio's performance relative to its Custom Blended Index during the reporting period. The Portfolio was broadly overweight equities, with this weight increasing in the second half of the reporting period at the expense of fixed income.

■

The underweight allocation to fixed income also contributed to performance, as fixed income lagged risk assets over the reporting period.

■

Non-US stocks outperformed US equities during the reporting period. This benefitted the Portfolio's off-benchmark position in international equities, which steadily increased during the reporting period. The Portfolio held a very modest position in S&P 500 Index futures, which provided flexibility to manage equity exposure and had a slightly positive impact on performance.

![](g53527g3pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g3psfpgim5050cl1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 12.16% | 7.20% | 8.19% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 12.34% | 7.41% | 8.54% |

---

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the S&P 500 Index (50%), Bloomberg US Aggregate Bond Index (40%), and FTSE 3-Month US Treasury Bill Index (10%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2837935068 |
| Number of portfolio holdings | 1725 |
| Total advisory fees paid for the year | $14980771 |
| Portfolio turnover rate for the year | 54% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.6% represents investments purchased with <br>collateral from securities on loan)<br>| 12.8% |
| U.S. Government Agency Obligations | 10.0% |
| Semiconductors & Semiconductor Equipment | 7.4% |
| Software | 5.4% |
| Banks | 5.1% |
| Interactive Media & Services | 4.2% |
| Collateralized Loan Obligations | 4.0% |
| Technology Hardware, Storage & Peripherals | 3.8% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Automobiles | 3.1% |
| Pharmaceuticals | 2.1% |
| Broadline Retail | 2.0% |
| Financial Services | 2.0% |
| Affiliated Exchange-Traded Funds - Fixed Income | 1.9% |
| Capital Markets | 1.8% |
| Aerospace & Defense | 1.4% |
| Oil, Gas & Consumable Fuels | 1.3% |
| U.S. Treasury Obligations | 1.2% |
| Insurance | 1.1% |
| Health Care Equipment & Supplies | 1.0% |
| Residential Mortgage-Backed Securities | 1.0% |
| Electric | 1.0% |
| Hotels, Restaurants & Leisure | 0.9% |
| Consumer Staples Distribution & Retail | 0.9% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Specialty Retail | 0.9% |
| Biotechnology | 0.9% |
| Health Care Providers & Services | 0.8% |
| Machinery | 0.8% |
| Pipelines | 0.8% |
| Electric Utilities | 0.8% |
| Telecommunications | 0.7% |
| Entertainment | 0.7% |
| Chemicals | 0.6% |
| Beverages | 0.6% |
| Sovereign Bonds | 0.5% |
| IT Services | 0.5% |
| Media | 0.5% |
| Life Sciences Tools & Services | 0.5% |
| Communications Equipment | 0.5% |
| Others\* | 12.2% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.4% |
| Liabilities in excess of other assets | (1.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g3pru_largelogo.jpg)

CONSV_AR

------

![](g53527g4tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM 50/50 Balanced Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM 50/50 Balanced Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM 50/50 Balanced Portfolio—Class III | $88 | 0.83% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the reporting period. The announcement of "Liberation Day" tariffs in April 2025 triggered a sharp sell-off, but equity markets recovered and gained additional ground after the US administration softened its position on its trade and tariff policies.

■

Three Federal Reserve policy rate cuts positively impacted US stocks during the reporting period. Fixed income assets also posted gains following the interest rate cuts but were much more modest than the returns posted by risk assets.

■

An overweight allocation to equities contributed to the Portfolio's performance relative to its Custom Blended Index during the reporting period. The Portfolio was broadly overweight equities, with this weight increasing in the second half of the reporting period at the expense of fixed income.

■

The underweight allocation to fixed income also contributed to performance, as fixed income lagged risk assets over the reporting period.

■

Non-US stocks outperformed US equities during the reporting period. This benefitted the Portfolio's off-benchmark position in international equities, which steadily increased during the reporting period. The Portfolio held a very modest position in S&P 500 Index futures, which provided flexibility to manage equity exposure and had a slightly positive impact on performance.

![](g53527g4pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: April 26, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g4psfpgim5050cl3.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 11.89% | 6.31% |
| S&P 500 Index | 17.88% | 12.79% |
| Custom Blended Index\* | 12.34% | 6.89% |

---

*Portfolio Inception: 04/26/2021.* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the S&P 500 Index (50%), Bloomberg US Aggregate Bond Index (40%), and FTSE 3-Month US Treasury Bill Index (10%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2837935068 |
| Number of portfolio holdings | 1725 |
| Total advisory fees paid for the year | $14980771 |
| Portfolio turnover rate for the year | 54% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Industry Classification**  | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.6% represents investments purchased with <br>collateral from securities on loan)<br>| 12.8% |
| U.S. Government Agency Obligations | 10.0% |
| Semiconductors & Semiconductor Equipment | 7.4% |
| Software | 5.4% |
| Banks | 5.1% |
| Interactive Media & Services | 4.2% |
| Collateralized Loan Obligations | 4.0% |
| Technology Hardware, Storage & Peripherals | 3.8% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Automobiles | 3.1% |
| Pharmaceuticals | 2.1% |
| Broadline Retail | 2.0% |
| Financial Services | 2.0% |
| Affiliated Exchange-Traded Funds - Fixed Income | 1.9% |
| Capital Markets | 1.8% |
| Aerospace & Defense | 1.4% |
| Oil, Gas & Consumable Fuels | 1.3% |
| U.S. Treasury Obligations | 1.2% |
| Insurance | 1.1% |
| Health Care Equipment & Supplies | 1.0% |
| Residential Mortgage-Backed Securities | 1.0% |
| Electric | 1.0% |
| Hotels, Restaurants & Leisure | 0.9% |
| Consumer Staples Distribution & Retail | 0.9% |

---

---

| | |
|:---|:---|
| Industry Classification  | % of Net <br>Assets<br>|
| Specialty Retail | 0.9% |
| Biotechnology | 0.9% |
| Health Care Providers & Services | 0.8% |
| Machinery | 0.8% |
| Pipelines | 0.8% |
| Electric Utilities | 0.8% |
| Telecommunications | 0.7% |
| Entertainment | 0.7% |
| Chemicals | 0.6% |
| Beverages | 0.6% |
| Sovereign Bonds | 0.5% |
| IT Services | 0.5% |
| Media | 0.5% |
| Life Sciences Tools & Services | 0.5% |
| Communications Equipment | 0.5% |
| Others\* | 12.2% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.4% |
| Liabilities in excess of other assets | (1.4)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g4pru_largelogo.jpg)

PSF04_AR

------

![](g53527g5tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Ballast Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF PGIM Ballast Portfolio (the "Portfolio") for the period of June 18, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Ballast Portfolio—Class I | $39 | 0.70% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, global financial markets posted strong gains driven by robust artificial intelligence (AI) and technology demand, solid corporate earnings, and a series of interest rate cuts. The Bloomberg US Aggregate Bond Index continued to climb in the fourth quarter, building on upward momentum from earlier in 2025. While returns were more muted in US Treasuries, yields were supported by the three rate cuts in September, October, and December 2025, as the Federal Open Market Committee (FOMC) determined that labor market weakness warranted easing despite sticky inflation.

■

The Portfolio benefited from higher average equity exposure of 67% compared to its baseline of 60%, as the S&P 500 Index was up meaningfully during the reporting period. Call option prices were also positively impacted by increases in implied volatility. Average portfolio duration was shorter relative to the Bloomberg US Intermediate Government Bond Index over the reporting period, but interest rate exposure also added relative value.

■

A decrease in interest rates, increases in the implied dividend yield, and option time decay had a negative impact on call option prices over the reporting period. Option time decay is the reduction in the value of an option as the time to the expiration date of the option contract approaches.

■

Call options on the S&P 500 are a key component of the Portfolio, and how it generates equity exposure and aims to achieve the targeted convex payoff profile. During the reporting period, exposure to S&P 500 Index call options had a positive impact on the Portfolio's performance.

![](g53527g5pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: June 18, 2025 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g5psfpgimballastcl1.jpg)

---

| | |
|:---|:---|
| Total Returns as of December 31, 2025 | Total Returns as of December 31, 2025 |
|  | Since Inception (%) |
| Portfolio | 10.00% |
| S&P 500 Index | 11.00% |
| Custom Blended Index\* | 7.51% |

---

*Portfolio Inception: 06/18/2025* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the S&P 500 Index (60%) and Bloomberg US Government Bond Index (40%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $5558088 |
| Number of portfolio holdings | 10 |
| Total advisory fees paid for the year | $0 |
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| U.S. Treasury Obligations | 40.2% |
| Options Purchased | 25.4% |
| U.S. Government Agency Obligations | 18.8% |
| Affiliated Mutual Fund - Short-Term Investment | 12.6% |
| Unaffiliated Exchange-Traded Funds - Equity | 2.8% |
|  | 99.8% |
| Other assets in excess of liabilities | 0.2% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g5pru_largelogo.jpg)

BALST_AR

------

![](g53527g6tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Flexible Managed Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF PGIM Flexible Managed Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Flexible Managed Portfolio—Class I | $66 | 0.62% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the reporting period. The announcement of "Liberation Day" tariffs in April 2025 triggered a sharp sell-off, but equity markets recovered and gained additional ground after the US administration softened its position on its trade and tariff policies.

■

Three Federal Reserve policy rate cuts positively impacted US stocks during the reporting period. Fixed income assets also posted gains following the interest rate cuts but were much more modest than the returns posted by risk assets.

■

An overweight allocation to equities contributed to the Portfolio's performance relative to its Custom Blended Index during the reporting period. The Portfolio was broadly overweight equities, with this weight increasing in the second half of the reporting period at the expense of fixed income.

■

The underweight allocation to fixed income also contributed to performance as fixed income lagged risk assets over the reporting period.

■

Non-US stocks outperformed US equities during the reporting period. This benefited the Portfolio's off-benchmark position in international equities, which steadily increased during the reporting period. The Portfolio held a very modest position in S&P 500 Index futures, which provided flexibility to manage equity exposure and had a slightly positive impact on performance.

![](g53527g6pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g6psfpgimflexmgdcl1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 13.16% | 9.06% | 9.26% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 13.55% | 8.68% | 9.80% |

---

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the S&P 500 Index (60%), Bloomberg US Aggregate Bond Index (35%), and FTSE 3-Month US Treasury Bill Index (5%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $5270831176 |
| Number of portfolio holdings | 1679 |
| Total advisory fees paid for the year | $30222762 |
| Portfolio turnover rate for the year | 117% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 8.9% |
| U.S. Government Agency Obligations | 8.7% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.9% represents investments purchased with <br>collateral from securities on loan)<br>| 7.6% |
| Software | 6.5% |
| Interactive Media & Services | 4.9% |
| Banks | 4.7% |
| Technology Hardware, Storage & Peripherals | 4.7% |
| Collateralized Loan Obligations | 4.1% |
| Commercial Mortgage-Backed Securities | 3.2% |
| Automobiles | 3.2% |
| Pharmaceuticals | 2.5% |
| Broadline Retail | 2.4% |
| Financial Services | 2.3% |
| Capital Markets | 2.2% |
| Oil, Gas & Consumable Fuels | 1.8% |
| Aerospace & Defense | 1.7% |
| Insurance | 1.4% |
| Consumer Staples Distribution & Retail | 1.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 1.2% |
| Health Care Providers & Services | 1.2% |
| Biotechnology | 1.2% |
| Health Care Equipment & Supplies | 1.2% |
| Machinery | 1.1% |
| Hotels, Restaurants & Leisure | 1.0% |
| Specialty Retail | 1.0% |
| Electric Utilities | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric | 0.9% |
| Residential Mortgage-Backed Securities | 0.8% |
| U.S. Treasury Obligations | 0.8% |
| Entertainment | 0.8% |
| Pipelines | 0.7% |
| IT Services | 0.7% |
| Chemicals | 0.7% |
| Electrical Equipment | 0.7% |
| Telecommunications | 0.6% |
| Beverages | 0.6% |
| Ground Transportation | 0.6% |
| Consumer Finance | 0.5% |
| Electronic Equipment, Instruments & Components | 0.5% |
| Life Sciences Tools & Services | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Oil & Gas | 0.5% |
| Communications Equipment | 0.5% |
| Media | 0.5% |
| Others\* | 9.4% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.7% |
| Liabilities in excess of other assets | (1.7)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually limit expenses to 0.62% through June 30, 2025. This arrangement was terminated after completion of this term and its termination did not have an impact on the Portfolio's total annual operating expenses during the period.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next prospectus, which we expect to be available by May 1, 2026, at **www.prudential.com/variableinsuranceportfolios** or by request at (800) 346-3778.

------

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g6pru_largelogo.jpg)

FLXMG_AR

------

![](g53527g7tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Flexible Managed Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM Flexible Managed Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Flexible Managed Portfolio—Class III | $93 | 0.87% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the reporting period. The announcement of "Liberation Day" tariffs in April 2025 triggered a sharp sell-off, but equity markets recovered and gained additional ground after the US administration softened its position on its trade and tariff policies.

■

Three Federal Reserve policy rate cuts positively impacted US stocks during the reporting period. Fixed income assets also posted gains following the interest rate cuts but were much more modest than the returns posted by risk assets.

■

An overweight allocation to equities contributed to the Portfolio's performance relative to its Custom Blended Index during the reporting period. The Portfolio was broadly overweight equities, with this weight increasing in the second half of the reporting period at the expense of fixed income.

■

The underweight allocation to fixed income also contributed to performance as fixed income lagged risk assets over the reporting period.

■

Non-US stocks outperformed US equities during the reporting period. This benefited the Portfolio's off-benchmark position in international equities, which steadily increased during the reporting period. The Portfolio held a very modest position in S&P 500 Index futures, which provided flexibility to manage equity exposure and had a slightly positive impact on performance.

![](g53527g7pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: April 26, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g7psfpgimflexmgdcl3.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 12.87% | 7.59% |
| S&P 500 Index | 17.88% | 12.79% |
| Custom Blended Index\* | 13.55% | 7.97% |

---

*Portfolio Inception: 04/26/2021.* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the S&P 500 Index (60%), Bloomberg US Aggregate Bond Index (35%), and FTSE 3-Month US Treasury Bill Index (5%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $5270831176 |
| Number of portfolio holdings | 1679 |
| Total advisory fees paid for the year | $30222762 |
| Portfolio turnover rate for the year | 117% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 8.9% |
| U.S. Government Agency Obligations | 8.7% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.9% represents investments purchased with <br>collateral from securities on loan)<br>| 7.6% |
| Software | 6.5% |
| Interactive Media & Services | 4.9% |
| Banks | 4.7% |
| Technology Hardware, Storage & Peripherals | 4.7% |
| Collateralized Loan Obligations | 4.1% |
| Commercial Mortgage-Backed Securities | 3.2% |
| Automobiles | 3.2% |
| Pharmaceuticals | 2.5% |
| Broadline Retail | 2.4% |
| Financial Services | 2.3% |
| Capital Markets | 2.2% |
| Oil, Gas & Consumable Fuels | 1.8% |
| Aerospace & Defense | 1.7% |
| Insurance | 1.4% |
| Consumer Staples Distribution & Retail | 1.2% |
| Affiliated Exchange-Traded Funds - Fixed Income | 1.2% |
| Health Care Providers & Services | 1.2% |
| Biotechnology | 1.2% |
| Health Care Equipment & Supplies | 1.2% |
| Machinery | 1.1% |
| Hotels, Restaurants & Leisure | 1.0% |
| Specialty Retail | 1.0% |
| Electric Utilities | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric | 0.9% |
| Residential Mortgage-Backed Securities | 0.8% |
| U.S. Treasury Obligations | 0.8% |
| Entertainment | 0.8% |
| Pipelines | 0.7% |
| IT Services | 0.7% |
| Chemicals | 0.7% |
| Electrical Equipment | 0.7% |
| Telecommunications | 0.6% |
| Beverages | 0.6% |
| Ground Transportation | 0.6% |
| Consumer Finance | 0.5% |
| Electronic Equipment, Instruments & Components | 0.5% |
| Life Sciences Tools & Services | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Oil & Gas | 0.5% |
| Communications Equipment | 0.5% |
| Media | 0.5% |
| Others\* | 9.4% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.7% |
| Liabilities in excess of other assets | (1.7)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually limit expenses to 0.62% through June 30, 2025. This arrangement was terminated after completion of this term and its termination did not have an impact on the Portfolio's total annual operating expenses during the period.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next prospectus, which we expect to be available by May 1, 2026, at **www.prudential.com/variableinsuranceportfolios** or by request at (800) 346-3778.

------

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g7pru_largelogo.jpg)

PSF05_AR

------

![](g53527g8tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Government Money Market Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF PGIM Government Money Market Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Government Money Market Portfolio—Class I | $33 | 0.32% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1440313777 |
| Number of portfolio holdings | 88 |
| Total advisory fees paid for the year | $4350676 |

---

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Repurchase Agreements | 39.5% |
| U.S. Government Agency Obligations | 34.2% |
| U.S. Treasury Obligations | 28.4% |
|  | 102.1% |
| Liabilities in excess of other assets | (2.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](g53527g8pru_largelogo.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g8pru_largelogo.jpg)

MMRKT_AR

------

![](g53527g9tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Government Money Market Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM Government Money Market Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Government Money Market Portfolio—Class III | $58 | 0.57% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1440313777 |
| Number of portfolio holdings | 88 |
| Total advisory fees paid for the year | $4350676 |

---

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Repurchase Agreements | 39.5% |
| U.S. Government Agency Obligations | 34.2% |
| U.S. Treasury Obligations | 28.4% |
|  | 102.1% |
| Liabilities in excess of other assets | (2.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](g53527g9pru_largelogo.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g9pru_largelogo.jpg)

MRKT3_AR

------

![](g53527g10tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM High Yield Bond Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF PGIM High Yield Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM High Yield Bond Portfolio—Class I | $60 | 0.57% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted solid total returns over the reporting period amid resilient economic growth, stable corporate earnings, and light net new supply compared with inflows of approximately $18.2 billion into high yield bond mutual funds and exchange-traded funds. Higher-quality bonds generally outperformed lower-quality bonds, with BB-rated bonds outperforming both B-rated and CCC-rated bonds.

■

During the reporting period, security selection in the telecom, health care & pharmaceutical, and retailers & restaurants sectors contributed to returns relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index. Overweights to the cable & satellite and midstream energy sectors, as well as an underweight to the technology sector also contributed to the Portfolio's performance, as did an overweight to the emerging markets high yield bond sector.

■

Security selection in the chemicals, consumer non-cyclical, and automotive sectors detracted from performance, as did underweights to the media & entertainment, retailers & restaurants, and automotive sectors. An underweight allocation to the U.S. high yield bond market and an overweight to the U.S. bank loan market also detracted from performance during the reporting period.

■

During the reporting period, the Portfolio used U.S. Treasury futures and total return swaps to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The impact of futures and swaps detracted from performance. The Portfolio also used credit derivatives in the form of the credit default swap index (CDX) and credit default swaps to manage the overall risk profile of the Portfolio, which had a positive impact on performance.

![](g53527g10pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g10psfpgimhiyieldcl1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 8.90% | 4.85% | 6.92% |
| Bloomberg US Aggregate Bond Index\* | 7.30% | -0.36% | 2.01% |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index | 8.62% | 4.51% | 6.46% |

---

\*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $685718179 |
| Number of portfolio holdings | 799 |
| Total advisory fees paid for the year | $3684522 |
| Portfolio turnover rate for the year | 77% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 0.7 |
| AA | 5.2 |
| BBB | 2.7 |
| BB | 39.5 |
| B | 32.9 |
| CCC and Below | 15.0 |
| NR | 3.1 |
| Cash/Cash Equivalents | 0.9 |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc. (Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g10pru_largelogo.jpg)

HYLDB_AR

------

![](g53527g11tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM High Yield Bond Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM High Yield Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM High Yield Bond Portfolio—Class III | $86 | 0.82% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted solid total returns over the reporting period amid resilient economic growth, stable corporate earnings, and light net new supply compared with inflows of approximately $18.2 billion into high yield bond mutual funds and exchange-traded funds. Higher-quality bonds generally outperformed lower-quality bonds, with BB-rated bonds outperforming both B-rated and CCC-rated bonds.

■

During the reporting period, security selection in the telecom, health care & pharmaceutical, and retailers & restaurants sectors contributed to returns relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index. Overweights to the cable & satellite and midstream energy sectors, as well as an underweight to the technology sector also contributed to the Portfolio's performance, as did an overweight to the emerging markets high yield bond sector.

■

Security selection in the chemicals, consumer non-cyclical, and automotive sectors detracted from performance, as did underweights to the media & entertainment, retailers & restaurants, and automotive sectors. An underweight allocation to the U.S. high yield bond market and an overweight to the U.S. bank loan market also detracted from performance during the reporting period.

■

During the reporting period, the Portfolio used U.S. Treasury futures and total return swaps to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The impact of futures and swaps detracted from performance. The Portfolio also used credit derivatives in the form of the credit default swap index (CDX) and credit default swaps to manage the overall risk profile of the Portfolio, which had a positive impact on performance.

![](g53527g11pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: April 26, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g11psfpgimhiyieldcl3.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 8.71% | 4.11% |
| Bloomberg US Aggregate Bond Index\* | 7.30% | 0.18% |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index | 8.62% | 4.40% |

---

*Portfolio Inception: 04/26/2021.* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

\*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $685718179 |
| Number of portfolio holdings | 799 |
| Total advisory fees paid for the year | $3684522 |
| Portfolio turnover rate for the year | 77% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 0.7 |
| AA | 5.2 |
| BBB | 2.7 |
| BB | 39.5 |
| B | 32.9 |
| CCC and Below | 15.0 |
| NR | 3.1 |
| Cash/Cash Equivalents | 0.9 |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc. (Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g11pru_largelogo.jpg)

PSF07_AR

------

![](g53527g12tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Jennison Blend Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF PGIM Jennison Blend Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Jennison Blend Portfolio—Class I | $50 | 0.46% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities generally posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient corporate earnings, and three Federal Reserve rate cuts later in the period. Investor confidence remained robust, even as volatility and policy uncertainty persisted throughout the reporting period. In broad terms, large cap stocks, represented by the Russell 1000 Index, outperformed small cap stocks, represented by the Russell 2000 Index. Meanwhile, growth stocks, represented by the Russell 1000 Growth Index, outperformed value stocks, represented by the Russell 1000 Value Index.

■

Positions in information technology, communication services, industrials, consumer discretionary, and financials sectors drove the Portfolio's solid absolute performance during the reporting period. The Portfolio outperformed its benchmark, the S&P 500 Index, for the reporting period largely due to security selection within industrials, communication services, and consumer discretionary sectors.

■

On the downside, the Portfolio's security selection in financials and healthcare sectors, along with an underweight to the information technology sector, were the largest headwinds to performance relative to its S&P 500 benchmark.

![](g53527g12pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g12psfpgimjennblndcl1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 18.52% | 12.33% | 13.96% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $7924509446 |
| Number of portfolio holdings | 92 |
| Total advisory fees paid for the year | $32112759 |
| Portfolio turnover rate for the year | 95% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 13.3% |
| Interactive Media & Services | 9.3% |
| Banks | 8.9% |
| Software | 7.6% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Aerospace & Defense | 4.8% |
| Broadline Retail | 4.0% |
| Pharmaceuticals | 3.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.2% represents investments purchased with <br>collateral from securities on loan)<br>| 3.9% |
| Oil, Gas & Consumable Fuels | 3.8% |
| Insurance | 3.5% |
| Biotechnology | 2.8% |
| Specialty Retail | 2.6% |
| Ground Transportation | 2.5% |
| Automobiles | 2.3% |
| Financial Services | 2.2% |
| Electric Utilities | 2.0% |
| Communications Equipment | 2.0% |
| Capital Markets | 1.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| IT Services | 1.6% |
| Diversified Telecommunication Services | 1.4% |
| Consumer Staples Distribution & Retail | 1.2% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Entertainment | 1.0% |
| Multi-Utilities | 1.0% |
| Electrical Equipment | 0.8% |
| Machinery | 0.8% |
| Health Care Providers & Services | 0.7% |
| Textiles, Apparel & Luxury Goods | 0.7% |
| Industrial REITs | 0.7% |
| Energy Equipment & Services | 0.5% |
| Specialized REITs | 0.5% |
| Health Care Technology | 0.5% |
| Others\* | 2.3% |
|  | 103.2% |
| Liabilities in excess of other assets | (3.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.012% of its investment management fee through June 30, 2026.

■

At a meeting of the shareholders of PSF Natural Resources Portfolio (the "Target Portfolio") held on March 25, 2025, shareholders of the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the "Reorganization"). The Reorganization was completed on April 11, 2025.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next prospectus, which we expect to be available by May 1, 2026, at **www.prudential.com/variableinsuranceportfolios** or by request at (800) 346-3778.

------

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g12pru_largelogo.jpg)

EQUIT_AR

------

![](g53527g13tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Jennison Blend Portfolio

Class II

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class II shares of PSF PGIM Jennison Blend Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Jennison Blend Portfolio—Class II | $94 | 0.86% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities generally posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient corporate earnings, and three Federal Reserve rate cuts later in the period. Investor confidence remained robust, even as volatility and policy uncertainty persisted throughout the reporting period. In broad terms, large cap stocks, represented by the Russell 1000 Index, outperformed small cap stocks, represented by the Russell 2000 Index. Meanwhile, growth stocks, represented by the Russell 1000 Growth Index, outperformed value stocks, represented by the Russell 1000 Value Index.

■

Positions in information technology, communication services, industrials, consumer discretionary, and financials sectors drove the Portfolio's solid absolute performance during the reporting period. The Portfolio outperformed its benchmark, the S&P 500 Index, for the reporting period largely due to security selection within industrials, communication services, and consumer discretionary sectors.

■

On the downside, the Portfolio's security selection in financials and healthcare sectors, along with an underweight to the information technology sector, were the largest headwinds to performance relative to its S&P 500 benchmark.

![](g53527g13pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class II shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g13psfpgimjennblndcl2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 18.05% | 11.88% | 13.50% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $7924509446 |
| Number of portfolio holdings | 92 |
| Total advisory fees paid for the year | $32112759 |
| Portfolio turnover rate for the year | 95% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 13.3% |
| Interactive Media & Services | 9.3% |
| Banks | 8.9% |
| Software | 7.6% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Aerospace & Defense | 4.8% |
| Broadline Retail | 4.0% |
| Pharmaceuticals | 3.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.2% represents investments purchased with <br>collateral from securities on loan)<br>| 3.9% |
| Oil, Gas & Consumable Fuels | 3.8% |
| Insurance | 3.5% |
| Biotechnology | 2.8% |
| Specialty Retail | 2.6% |
| Ground Transportation | 2.5% |
| Automobiles | 2.3% |
| Financial Services | 2.2% |
| Electric Utilities | 2.0% |
| Communications Equipment | 2.0% |
| Capital Markets | 1.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| IT Services | 1.6% |
| Diversified Telecommunication Services | 1.4% |
| Consumer Staples Distribution & Retail | 1.2% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Entertainment | 1.0% |
| Multi-Utilities | 1.0% |
| Electrical Equipment | 0.8% |
| Machinery | 0.8% |
| Health Care Providers & Services | 0.7% |
| Textiles, Apparel & Luxury Goods | 0.7% |
| Industrial REITs | 0.7% |
| Energy Equipment & Services | 0.5% |
| Specialized REITs | 0.5% |
| Health Care Technology | 0.5% |
| Others\* | 2.3% |
|  | 103.2% |
| Liabilities in excess of other assets | (3.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.012% of its investment management fee through June 30, 2026.

■

At a meeting of the shareholders of PSF Natural Resources Portfolio (the "Target Portfolio") held on March 25, 2025, shareholders of the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the "Reorganization"). The Reorganization was completed on April 11, 2025.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next prospectus, which we expect to be available by May 1, 2026, at **www.prudential.com/variableinsuranceportfolios** or by request at (800) 346-3778.

------

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g13pru_largelogo.jpg)

EQUIT_AR CL II

------

![](g53527g14tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Jennison Blend Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM Jennison Blend Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Jennison Blend Portfolio—Class III | $77 | 0.71% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities generally posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient corporate earnings, and three Federal Reserve rate cuts later in the period. Investor confidence remained robust, even as volatility and policy uncertainty persisted throughout the reporting period. In broad terms, large cap stocks, represented by the Russell 1000 Index, outperformed small cap stocks, represented by the Russell 2000 Index. Meanwhile, growth stocks, represented by the Russell 1000 Growth Index, outperformed value stocks, represented by the Russell 1000 Value Index.

■

Positions in information technology, communication services, industrials, consumer discretionary, and financials sectors drove the Portfolio's solid absolute performance during the reporting period. The Portfolio outperformed its benchmark, the S&P 500 Index, for the reporting period largely due to security selection within industrials, communication services, and consumer discretionary sectors.

■

On the downside, the Portfolio's security selection in financials and healthcare sectors, along with an underweight to the information technology sector, were the largest headwinds to performance relative to its S&P 500 benchmark.

![](g53527g14pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: April 26, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g14psfpgimjennblndcl3.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 18.23% | 11.16% |
| S&P 500 Index | 17.88% | 12.79% |
| Russell 1000 Index | 17.37% | 11.96% |

---

*Portfolio Inception: 04/26/2021.* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $7924509446 |
| Number of portfolio holdings | 92 |
| Total advisory fees paid for the year | $32112759 |
| Portfolio turnover rate for the year | 95% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 13.3% |
| Interactive Media & Services | 9.3% |
| Banks | 8.9% |
| Software | 7.6% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Aerospace & Defense | 4.8% |
| Broadline Retail | 4.0% |
| Pharmaceuticals | 3.9% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.2% represents investments purchased with <br>collateral from securities on loan)<br>| 3.9% |
| Oil, Gas & Consumable Fuels | 3.8% |
| Insurance | 3.5% |
| Biotechnology | 2.8% |
| Specialty Retail | 2.6% |
| Ground Transportation | 2.5% |
| Automobiles | 2.3% |
| Financial Services | 2.2% |
| Electric Utilities | 2.0% |
| Communications Equipment | 2.0% |
| Capital Markets | 1.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| IT Services | 1.6% |
| Diversified Telecommunication Services | 1.4% |
| Consumer Staples Distribution & Retail | 1.2% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Entertainment | 1.0% |
| Multi-Utilities | 1.0% |
| Electrical Equipment | 0.8% |
| Machinery | 0.8% |
| Health Care Providers & Services | 0.7% |
| Textiles, Apparel & Luxury Goods | 0.7% |
| Industrial REITs | 0.7% |
| Energy Equipment & Services | 0.5% |
| Specialized REITs | 0.5% |
| Health Care Technology | 0.5% |
| Others\* | 2.3% |
|  | 103.2% |
| Liabilities in excess of other assets | (3.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.012% of its investment management fee through June 30, 2026.

■

At a meeting of the shareholders of PSF Natural Resources Portfolio (the "Target Portfolio") held on March 25, 2025, shareholders of the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the "Reorganization"). The Reorganization was completed on April 11, 2025.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next prospectus, which we expect to be available by May 1, 2026, at **www.prudential.com/variableinsuranceportfolios** or by request at (800) 346-3778.

------

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g14pru_largelogo.jpg)

PSF08_AR

------

![](g53527g15tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Jennison Growth Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF PGIM Jennison Growth Portfolio (the "Portfolio")

for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Jennison Growth Portfolio—Class I | $65 | 0.61% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient corporate

earnings, and three Federal Reserve rate cuts later in the period. Volatility picked up late in the year amid renewed questions about AI-related

investment and elevated valuations, but moderating economic growth and ongoing adoption of AI technologies helped sustain investor

confidence and risk appetite.

■

Positions in the information technology, communication services, and industrials sectors were the largest contributors to the Portfolio's solid

absolute performance during the reporting period. Relative to the Russell 1000 Growth Index, security selection within the industrials and

consumer staples sectors added the most value. The Portfolio's overweight allocation to the communication services sector also benefited

relative Portfolio performance.

■

While the Portfolio delivered solid absolute performance in 2025, returns lagged the Russell 1000 Growth Index for the reporting period.

Relative underperformance was largely driven by stock selection in the information technology, communication services, and healthcare

sectors. The Portfolio's underweight allocation to the technology sector and overweight allocation to the consumer discretionary sector also

acted as headwinds to relative returns during the reporting period.

![](g53527g15pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would

have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share

classes will vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g15psfpgimjenngwthcl1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 14.27% | 10.69% | 16.62% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $4667442797<br>|
| Number of portfolio holdings | 48 |
| Total advisory fees paid for the year | $25148316<br>|
| Portfolio turnover rate for the year | 34% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.4% |
| Software | 14.1% |
| Interactive Media & Services | 11.2% |
| Broadline Retail | 7.9% |
| Technology Hardware, Storage & Peripherals | 5.8% |
| Financial Services | 5.3% |
| Entertainment | 5.1% |
| Pharmaceuticals | 4.7% |
| Aerospace & Defense | 4.2% |
| Automobiles | 4.0% |
| Consumer Staples Distribution & Retail | 3.2% |
| IT Services | 3.1% |
| Health Care Equipment & Supplies | 3.0% |
| Electric Utilities | 1.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(0.8% represents investments purchased with <br>collateral from securities on loan)<br>| 1.6% |
| Specialty Retail | 1.6% |
| Capital Markets | 1.3% |
| Biotechnology | 1.2% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Hotels, Restaurants & Leisure | 0.9% |
| Others\* | 0.3% |
|  | 100.8% |
| Liabilities in excess of other assets | (0.8)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.015% of its

investment management fee through June 30, 2026.

■

At a meeting of the shareholders of PSF Mid-Cap Growth Portfolio (the "Target Portfolio") held on March 25, 2025, shareholders of the Target

Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the "Reorganization"). The Reorganization was completed on

April 11, 2025.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next

prospectus, which we expect to be available by May 1, 2026, at

www.prudential.com/variableinsuranceportfolios

or by request at

(800) 346-3778.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g15pru_largelogo.jpg)

JENNI_AR

------

![](g53527g16tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Jennison Growth Portfolio

Class II

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class II shares of PSF PGIM Jennison Growth Portfolio (the "Portfolio")

for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Jennison Growth Portfolio—Class II | $108 | 1.01% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient corporate

earnings, and three Federal Reserve rate cuts later in the period. Volatility picked up late in the year amid renewed questions about AI-related

investment and elevated valuations, but moderating economic growth and ongoing adoption of AI technologies helped sustain investor

confidence and risk appetite.

■

Positions in the information technology, communication services, and industrials sectors were the largest contributors to the Portfolio's solid

absolute performance during the reporting period. Relative to the Russell 1000 Growth Index, security selection within the industrials and

consumer staples sectors added the most value. The Portfolio's overweight allocation to the communication services sector also benefited

relative Portfolio performance.

■

While the Portfolio delivered solid absolute performance in 2025, returns lagged the Russell 1000 Growth Index for the reporting period.

Relative underperformance was largely driven by stock selection in the information technology, communication services, and healthcare

sectors. The Portfolio's underweight allocation to the technology sector and overweight allocation to the consumer discretionary sector also

acted as headwinds to relative returns during the reporting period.

![](g53527g16pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in Class II shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown

would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share

classes will vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g16psfpgimjenngwthcl2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 13.81% | 10.25% | 16.15% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $4667442797<br>|
| Number of portfolio holdings | 48 |
| Total advisory fees paid for the year | $25148316<br>|
| Portfolio turnover rate for the year | 34% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.4% |
| Software | 14.1% |
| Interactive Media & Services | 11.2% |
| Broadline Retail | 7.9% |
| Technology Hardware, Storage & Peripherals | 5.8% |
| Financial Services | 5.3% |
| Entertainment | 5.1% |
| Pharmaceuticals | 4.7% |
| Aerospace & Defense | 4.2% |
| Automobiles | 4.0% |
| Consumer Staples Distribution & Retail | 3.2% |
| IT Services | 3.1% |
| Health Care Equipment & Supplies | 3.0% |
| Electric Utilities | 1.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(0.8% represents investments purchased with <br>collateral from securities on loan)<br>| 1.6% |
| Specialty Retail | 1.6% |
| Capital Markets | 1.3% |
| Biotechnology | 1.2% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Hotels, Restaurants & Leisure | 0.9% |
| Others\* | 0.3% |
|  | 100.8% |
| Liabilities in excess of other assets | (0.8)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.015% of its

investment management fee through June 30, 2026.

■

At a meeting of the shareholders of PSF Mid-Cap Growth Portfolio (the "Target Portfolio") held on March 25, 2025, shareholders of the Target

Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the "Reorganization"). The Reorganization was completed on

April 11, 2025.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next

prospectus, which we expect to be available by May 1, 2026, at

www.prudential.com/variableinsuranceportfolios

or by request at

(800) 346-3778.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g16pru_largelogo.jpg)

JENNI_AR CL II

------

![](g53527g17tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Jennison Growth Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM Jennison Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Jennison Growth Portfolio—Class III | $92 | 0.86% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient corporate earnings, and three Federal Reserve rate cuts later in the period. Volatility picked up late in the year amid renewed questions about AI-related investment and elevated valuations, but moderating economic growth and ongoing adoption of AI technologies helped sustain investor confidence and risk appetite.

■

Positions in the information technology, communication services, and industrials sectors were the largest contributors to the Portfolio's solid absolute performance during the reporting period. Relative to the Russell 1000 Growth Index, security selection within the industrials and consumer staples sectors added the most value. The Portfolio's overweight allocation to the communication services sector also benefited relative Portfolio performance.

■

While the Portfolio delivered solid absolute performance in 2025, returns lagged the Russell 1000 Growth Index for the reporting period. Relative underperformance was largely driven by stock selection in the information technology, communication services, and healthcare sectors. The Portfolio's underweight allocation to the technology sector and overweight allocation to the consumer discretionary sector also acted as headwinds to relative returns during the reporting period.

![](g53527g17pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: April 26, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g17psfpgimjenngwthcl3.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 13.98% | 10.17% |
| S&P 500 Index | 17.88% | 12.79% |
| Russell 1000 Growth Index | 18.56% | 14.64% |

---

*Portfolio Inception: 04/26/2021.* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $4667442797 |
| Number of portfolio holdings | 48 |
| Total advisory fees paid for the year | $25148316 |
| Portfolio turnover rate for the year | 34% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.4% |
| Software | 14.1% |
| Interactive Media & Services | 11.2% |
| Broadline Retail | 7.9% |
| Technology Hardware, Storage & Peripherals | 5.8% |
| Financial Services | 5.3% |
| Entertainment | 5.1% |
| Pharmaceuticals | 4.7% |
| Aerospace & Defense | 4.2% |
| Automobiles | 4.0% |
| Consumer Staples Distribution & Retail | 3.2% |
| IT Services | 3.1% |
| Health Care Equipment & Supplies | 3.0% |
| Electric Utilities | 1.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(0.8% represents investments purchased with <br>collateral from securities on loan)<br>| 1.6% |
| Specialty Retail | 1.6% |
| Capital Markets | 1.3% |
| Biotechnology | 1.2% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Hotels, Restaurants & Leisure | 0.9% |
| Others\* | 0.3% |
|  | 100.8% |
| Liabilities in excess of other assets | (0.8)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.015% of its investment management fee through June 30, 2026.

■

At a meeting of the shareholders of PSF Mid-Cap Growth Portfolio (the "Target Portfolio") held on March 25, 2025, shareholders of the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the "Reorganization"). The Reorganization was completed on April 11, 2025.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next prospectus, which we expect to be available by May 1, 2026, at **www.prudential.com/variableinsuranceportfolios** or by request at (800) 346-3778.

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g17pru_largelogo.jpg)

PSF10_AR

------

![](g53527g18tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Jennison Value Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF PGIM Jennison Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Jennison Value Portfolio—Class I | $47 | 0.43% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities generally posted strong gains for the reporting period, supported by investor enthusiasm regarding artificial intelligence (AI) investment, resilient corporate earnings, and three Federal Reserve rate cuts late in the period. Investor confidence and risk appetite remained robust, even as volatility and policy uncertainty persisted. For the year, the Russell 1000 Value Index posted solid gains but lagged the Russell 1000 Growth Index.

■

Security selection in the industrials, financials, information technology, and consumer sectors was the main contributor to absolute performance. The Portfolio outperformed the Russell 1000 Value Index, driven by positions in the industrials and consumer sectors.

■

On the downside, the Portfolio's security selection in the information technology and utilities sectors detracted most from relative performance.

![](g53527g18pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g18psfpgimjennvalcl1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 16.88% | 13.90% | 11.39% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2052594529 |
| Number of portfolio holdings | 67 |
| Total advisory fees paid for the year | $7575141 |
| Portfolio turnover rate for the year | 38% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 12.3% |
| Oil, Gas & Consumable Fuels | 7.8% |
| Aerospace & Defense | 7.3% |
| Semiconductors & Semiconductor Equipment | 6.5% |
| Pharmaceuticals | 5.3% |
| Multi-Utilities | 5.2% |
| Insurance | 5.0% |
| Interactive Media & Services | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.9% represents investments purchased with <br>collateral from securities on loan)<br>| 4.8% |
| Consumer Staples Distribution & Retail | 3.6% |
| Capital Markets | 3.6% |
| Machinery | 3.0% |
| Automobiles | 2.4% |
| Software | 2.3% |
| Communications Equipment | 2.2% |
| Personal Care Products | 2.2% |
| Chemicals | 2.0% |
| Building Products | 1.9% |
| Industrial Conglomerates | 1.7% |
| Entertainment | 1.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Residential REITs | 1.6% |
| Broadline Retail | 1.5% |
| Household Durables | 1.4% |
| Ground Transportation | 1.3% |
| Specialized REITs | 1.3% |
| Biotechnology | 1.3% |
| Technology Hardware, Storage & Peripherals | 1.2% |
| Specialty Retail | 1.2% |
| Industrial REITs | 1.2% |
| Trading Companies & Distributors | 1.1% |
| Hotels, Restaurants & Leisure | 1.0% |
| Health Care Providers & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| IT Services | 0.8% |
| Electric Utilities | 0.7% |
| Beverages | 0.7% |
|  | 103.9% |
| Liabilities in excess of other assets | (3.9)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g18pru_largelogo.jpg)

EQINC_AR

------

![](g53527g19tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Jennison Value Portfolio

Class II

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class II shares of PSF PGIM Jennison Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Jennison Value Portfolio—Class II | $90 | 0.83% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities generally posted strong gains for the reporting period, supported by investor enthusiasm regarding artificial intelligence (AI) investment, resilient corporate earnings, and three Federal Reserve rate cuts late in the period. Investor confidence and risk appetite remained robust, even as volatility and policy uncertainty persisted. For the year, the Russell 1000 Value Index posted solid gains but lagged the Russell 1000 Growth Index.

■

Security selection in the industrials, financials, information technology, and consumer sectors was the main contributor to absolute performance. The Portfolio outperformed the Russell 1000 Value Index, driven by positions in the industrials and consumer sectors.

■

On the downside, the Portfolio's security selection in the information technology and utilities sectors detracted most from relative performance.

![](g53527g19pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class II shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g19psfpgimjennvalcl2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 16.41% | 13.45% | 10.94% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2052594529 |
| Number of portfolio holdings | 67 |
| Total advisory fees paid for the year | $7575141 |
| Portfolio turnover rate for the year | 38% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 12.3% |
| Oil, Gas & Consumable Fuels | 7.8% |
| Aerospace & Defense | 7.3% |
| Semiconductors & Semiconductor Equipment | 6.5% |
| Pharmaceuticals | 5.3% |
| Multi-Utilities | 5.2% |
| Insurance | 5.0% |
| Interactive Media & Services | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.9% represents investments purchased with <br>collateral from securities on loan)<br>| 4.8% |
| Consumer Staples Distribution & Retail | 3.6% |
| Capital Markets | 3.6% |
| Machinery | 3.0% |
| Automobiles | 2.4% |
| Software | 2.3% |
| Communications Equipment | 2.2% |
| Personal Care Products | 2.2% |
| Chemicals | 2.0% |
| Building Products | 1.9% |
| Industrial Conglomerates | 1.7% |
| Entertainment | 1.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Residential REITs | 1.6% |
| Broadline Retail | 1.5% |
| Household Durables | 1.4% |
| Ground Transportation | 1.3% |
| Specialized REITs | 1.3% |
| Biotechnology | 1.3% |
| Technology Hardware, Storage & Peripherals | 1.2% |
| Specialty Retail | 1.2% |
| Industrial REITs | 1.2% |
| Trading Companies & Distributors | 1.1% |
| Hotels, Restaurants & Leisure | 1.0% |
| Health Care Providers & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| IT Services | 0.8% |
| Electric Utilities | 0.7% |
| Beverages | 0.7% |
|  | 103.9% |
| Liabilities in excess of other assets | (3.9)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g19pru_largelogo.jpg)

EQINC_AR CL II

------

![](g53527g20tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Jennison Value Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM Jennison Value Portfolio (the "Portfolio")

for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Costs of a<br> $10,000 investment<br>| &nbsp;&nbsp; Costs paid as a percentage<br> of a $10,000 investment<br>|
| PSF PGIM Jennison Value Portfolio—Class III | $74 | 0.68% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities generally posted strong gains for the reporting period, supported by investor enthusiasm regarding artificial intelligence

(AI) investment, resilient corporate earnings, and three Federal Reserve rate cuts late in the period. Investor confidence and risk appetite

remained robust, even as volatility and policy uncertainty persisted. For the year, the Russell 1000 Value Index posted solid gains but lagged

the Russell 1000 Growth Index.

■

Security selection in the industrials, financials, information technology, and consumer sectors was the main contributor to absolute

performance. The Portfolio outperformed the Russell 1000 Value Index, driven by positions in the industrials and consumer sectors.

■

On the downside, the Portfolio's security selection in the information technology and utilities sectors detracted most from relative performance.

![](g53527g20pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown

would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share

classes will vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: April 26, 2021 to December 31, 2025<br> Initial Investment of $10,000<br>

![](g53527g20psfpgimjennvalcl3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 16.59% | 11.30% |
| S&P 500 Index | 17.88% | 12.79% |
| Russell 1000 Value Index | 15.91% | 8.73% |

---

Portfolio Inception: 04/26/2021.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2052594529<br>|
| Number of portfolio holdings | 67 |
| Total advisory fees paid for the year | $7575141<br>|
| Portfolio turnover rate for the year | 38% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br> Assets<br>|
| Banks | 12.3% |
| Oil, Gas & Consumable Fuels | 7.8% |
| Aerospace & Defense | 7.3% |
| Semiconductors & Semiconductor Equipment | 6.5% |
| Pharmaceuticals | 5.3% |
| Multi-Utilities | 5.2% |
| Insurance | 5.0% |
| Interactive Media & Services | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment <br> (3.9% represents investments purchased with <br> collateral from securities on loan)<br>| 4.8% |
| Consumer Staples Distribution & Retail | 3.6% |
| Capital Markets | 3.6% |
| Machinery | 3.0% |
| Automobiles | 2.4% |
| Software | 2.3% |
| Communications Equipment | 2.2% |
| Personal Care Products | 2.2% |
| Chemicals | 2.0% |
| Building Products | 1.9% |
| Industrial Conglomerates | 1.7% |
| Entertainment | 1.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br> Assets<br>|
| Residential REITs | 1.6% |
| Broadline Retail | 1.5% |
| Household Durables | 1.4% |
| Ground Transportation | 1.3% |
| Specialized REITs | 1.3% |
| Biotechnology | 1.3% |
| Technology Hardware, Storage & Peripherals | 1.2% |
| Specialty Retail | 1.2% |
| Industrial REITs | 1.2% |
| Trading Companies & Distributors | 1.1% |
| Hotels, Restaurants & Leisure | 1.0% |
| Health Care Providers & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| IT Services | 0.8% |
| Electric Utilities | 0.7% |
| Beverages | 0.7% |
|  | 103.9% |
| Liabilities in excess of other assets | (3.9)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g20pru_largelogo.jpg)

PSF11_AR

------

![](g53527g21tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio (the "Portfolio") for the period of June 18, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio—Class III | $48 | 0.85% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Portfolio buys and holds an equal-weighted portfolio of the 12 PGIM Large-Cap Buffer 12% ETFs (January to December) (each, an "Underlying ETF"). The Portfolio itself does not directly invest in any derivatives and does not provide any stated buffer against losses. Because each Underlying ETF invests substantially all of its assets in customized equity or index option contracts known as Flexible Exchange Options (FLEX Options) on the SPDR S&P 500 ETF Trust (SPY), each Underlying ETF's performance is primarily driven by the SPY, although other factors like changes in volatility or interest rates can impact the value of the FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the reporting period. The announcement of "Liberation Day" tariffs by the US administration in April 2025 triggered a sharp selloff in US stocks. However, as the administration softened its position on its trade and tariff policies, US equity markets recovered and gained additional ground through the end of the reporting period. In addition, US equities benefited from the Federal Reserve's decision to lower policy rates towards the end of the year.

![](g53527g21pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: June 18, 2025 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g21psfpgimbuffer12cl3.jpg)

---

| | |
|:---|:---|
| Total Returns as of December 31, 2025 | Total Returns as of December 31, 2025 |
|  | Since Inception (%) |
| Portfolio | 9.20% |
| S&P 500 Price Return Index | 10.32% |

---

*Portfolio Inception: 06/18/2025* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $517586 |
| Number of portfolio holdings | 13 |
| Total advisory fees paid for the year | $0 |
| Portfolio turnover rate for the year | 20% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Funds - Equity | 96.3% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
|  | 96.5% |
| Other assets in excess of liabilities | 3.5% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g21pru_largelogo.jpg)

PSF15_AR

------

![](g53527g22tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio (the "Portfolio") for the period of June 18, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio—Class III | $47 | 0.85% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Portfolio buys and holds an equal-weighted portfolio of the 12 PGIM Large-Cap Buffer 20% ETFs (January to December) (each, an "Underlying ETF"). The Portfolio itself does not directly invest in any derivatives and does not provide any stated buffer against losses. Because each Underlying ETF invests substantially all of its assets in customized equity or index option contracts known as Flexible Exchange Options (FLEX Options) on the SPDR S&P 500 ETF Trust (SPY), each Underlying ETF's performance is primarily driven by the SPY, although other factors like changes in volatility or interest rates can impact the value of the FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during this reporting period. The announcement of "Liberation Day" tariffs in April 2025 triggered a sharp selloff in US stocks. However, as the administration softened its position on its trade and tariff policies, US equity markets recovered and gained additional ground through the end of the reporting period. In addition, US equities benefited from the Federal Reserve's decision to lower policy rates towards the end of the year.

![](g53527g22pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: June 18, 2025 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g22psfpgimbuffer20cl3.jpg)

---

| | |
|:---|:---|
| Total Returns as of December 31, 2025 | Total Returns as of December 31, 2025 |
|  | Since Inception (%) |
| Portfolio | 6.80% |
| S&P 500 Price Return Index | 10.32% |

---

*Portfolio Inception: 06/18/2025* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $600406 |
| Number of portfolio holdings | 13 |
| Total advisory fees paid for the year | $0 |
| Portfolio turnover rate for the year | 32% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Funds - Equity | 96.7% |
| Affiliated Mutual Fund - Short-Term Investment | 1.0% |
|  | 97.7% |
| Other assets in excess of liabilities | 2.3% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g22pru_largelogo.jpg)

PSF16_AR

------

![](g53527g23tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Total Return Bond Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF PGIM Total Return Bond Portfolio (the "Portfolio")

for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Total Return Bond Portfolio—Class I | $45 | 0.43% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed

income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first

half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■

Security selection and sector allocation were the main drivers of the Portfolio's outperformance versus the Bloomberg US Aggregate Bond

Index during the reporting period. Overweight allocations to, and security selection in, the collateralized loan obligations and non-agency

collateralized mortgage-backed securities (CMBS) sectors contributed to performance. Security selection in the high yield sector, along with

security selection and an underweight allocation to the investment grade corporate bond sector, also contributed to performance. Duration

(duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates) and yield curve positioning (a

the yields of different maturities for the same type of bonds) contributed to the Portfolio's performance during the reporting period.

■

Selection in US Treasuries and emerging markets, along with an overweight allocation to the high yield sector, detracted from performance.

■

During the reporting period, the Portfolio used total return swaps, interest rate swaps, and futures to help manage duration and yield curve

exposure, which in aggregate had a negative impact on performance. The Portfolio also used credit derivatives in the form of credit default

swaps and the Credit Default Swap Index to manage credit risk, which contributed to performance.

![](g53527g23pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would

have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share

classes will vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g23psfpgimtotrtnbdcl1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 7.80% | 0.14% | 3.17% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2460240787<br>|
| Number of portfolio holdings | 1862 |
| Total advisory fees paid for the year | $9606239<br>|
| Portfolio turnover rate for the year | 96% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 27.7 |
| AA | 26.7 |
| A | 11.9 |
| BBB | 14.5 |
| BB | 5.8 |
| B | 3.4 |
| CCC and Below | 1.3 |
| NR | 6.5 |
| Cash/Cash Equivalents | 2.2 |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc.

(Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to

change. Values may not sum to 100.0% due to rounding.

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

At a meeting of the shareholders of PSF PGIM Government Income Portfolio (the "Target Portfolio") held on March 25, 2025, shareholders of

the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the "Reorganization"). The Reorganization was

completed on April 25, 2025.

For more complete information, you should review the Portfolio's current prospectus including

any applicable supplements, and the Portfolio's next

prospectus, which we expect to be available by May 1, 2026, at

www.prudential.com/variableinsuranceportfolios

or by request at

(800) 346-3778.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g23pru_largelogo.jpg)

DIVBD_AR

------

![](g53527g24tsrbanner.jpg)

The Prudential Series Fund

PSF PGIM Total Return Bond Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF PGIM Total Return Bond Portfolio (the "Portfolio")

for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

information by contacting us at (800) 346-3778.

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF PGIM Total Return Bond Portfolio—Class III | $71 | 0.68% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the

total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed

income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first

half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■

Security selection and sector allocation were the main drivers of the Portfolio's outperformance versus the Bloomberg US Aggregate Bond

Index during the reporting period. Overweight allocations to, and security selection in, the collateralized loan obligations and non-agency

collateralized mortgage-backed securities (CMBS) sectors contributed to performance. Security selection in the high yield sector, along with

security selection and an underweight allocation to the investment grade corporate bond sector, also contributed to performance. Duration

(duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates) and yield curve positioning (a

the yields of different maturities for the same type of bonds) contributed to the Portfolio's performance during the reporting period.

■

Selection in US Treasuries and emerging markets, along with an overweight allocation to the high yield sector, detracted from performance.

■

During the reporting period, the Portfolio used total return swaps, interest rate swaps, and futures to help manage duration and yield curve

exposure, which in aggregate had a negative impact on performance. The Portfolio also used credit derivatives in the form of credit default

swaps and the Credit Default Swap Index to manage credit risk, which contributed to performance.

![](g53527g24pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown

would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share

classes will vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: April 26, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g24psfpgimtotrtnbdcl3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 7.53% | 0.48% |
| Bloomberg US Aggregate Bond Index | 7.30% | 0.18% |

---

Portfolio Inception: 04/26/2021.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2460240787<br>|
| Number of portfolio holdings | 1862 |
| Total advisory fees paid for the year | $9606239<br>|
| Portfolio turnover rate for the year | 96% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 27.7 |
| AA | 26.7 |
| A | 11.9 |
| BBB | 14.5 |
| BB | 5.8 |
| B | 3.4 |
| CCC and Below | 1.3 |
| NR | 6.5 |
| Cash/Cash Equivalents | 2.2 |
| Total Investments | 100.0 |

---

Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc.

(Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit

rating breakdowns. These NRSROs are independent and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated

investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to

change. Values may not sum to 100.0% due to rounding.

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

At a meeting of the shareholders of PSF PGIM Government Income Portfolio (the "Target Portfolio") held on March 25, 2025, shareholders of

the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the "Reorganization"). The Reorganization was

completed on April 25, 2025.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next

prospectus, which we expect to be available by May 1, 2026, at

www.prudential.com/variableinsuranceportfolios

or by request at

(800) 346-3778.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g24pru_largelogo.jpg)

PSF12_AR

------

![](g53527g25tsrbanner.jpg)

The Prudential Series Fund

PSF Small-Cap Stock Index Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF Small-Cap Stock Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF Small-Cap Stock Index Portfolio—Class I | $39 | 0.38% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

In the first quarter, the Trump administration's tariff policies caused significant disruption to the economic landscape. The uncertain outlook on the future of the economy negatively affected domestic stocks, particularly small caps.

■

US equities finished the second quarter in positive territory despite a downturn in April 2025 that was precipitated by the Trump administration's tariff announcement. Despite inflation worries and rising tensions in the Middle East, US equities rebounded into positive territory after the President announced a pause on the use of the new tariffs. Large-cap stocks in the US once again outperformed small-cap stocks.

■

US equities posted a strong third quarter. Investor enthusiasm around artificial intelligence, corporate earnings growth, and a September federal funds rate cut provided momentum for the positive returns and overshadowed concerns about tariffs, trade wars, and an impending government shutdown.

■

In the face of the longest government shutdown in history and rising job cuts, US equities registered gains in the fourth quarter. US equities reacted positively to the Federal Reserve lowering interest rates while indicating additional reductions could follow if inflation continues to fall. The S&P 500 Index ended the year with a 17.88% gain while the S&P 600 rose 6.02%.

■

The Portfolio used stock index futures to equitize cash and enhance Portfolio liquidity, which had a negligible effect on performance during the reporting period.

![](g53527g25pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g25psfsmcapstckindcl1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 5.69% | 6.97% | 9.52% |
| S&P 500 Index\* | 17.88% | 14.42% | 14.82% |
| S&P SmallCap 600 Index | 6.02% | 7.31% | 9.81% |

---

\*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1310339674 |
| Number of portfolio holdings | 608 |
| Total advisory fees paid for the year | $4322190 |
| Portfolio turnover rate for the year | 28% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(30.5% represents investments purchased with <br>collateral from securities on loan)<br>| 31.2% |
| Banks | 8.3% |
| Electronic Equipment, Instruments & Components | 4.4% |
| Machinery | 4.1% |
| Biotechnology | 3.9% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| Software | 3.7% |
| Chemicals | 3.5% |
| Specialty Retail | 3.3% |
| Capital Markets | 3.2% |
| Health Care Equipment & Supplies | 3.2% |
| Household Durables | 2.9% |
| Building Products | 2.6% |
| Insurance | 2.5% |
| Commercial Services & Supplies | 2.3% |
| Oil, Gas & Consumable Fuels | 2.3% |
| Hotels, Restaurants & Leisure | 2.2% |
| Financial Services | 2.2% |
| Health Care Providers & Services | 2.1% |
| Energy Equipment & Services | 2.1% |
| Pharmaceuticals | 2.0% |
| Unaffiliated Exchange-Traded Funds - Equity | 1.9% |
| Construction & Engineering | 1.9% |
| Retail REITs | 1.5% |
| Professional Services | 1.4% |
| Automobile Components | 1.4% |
| Communications Equipment | 1.2% |
| Trading Companies & Distributors | 1.1% |
| Metals & Mining | 1.0% |
| Diversified Consumer Services | 1.0% |
| Hotel & Resort REITs | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Food Products | 1.0% |
| Aerospace & Defense | 1.0% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.9% |
| Interactive Media & Services | 0.9% |
| Consumer Finance | 0.8% |
| Health Care REITs | 0.8% |
| Textiles, Apparel & Luxury Goods | 0.8% |
| Diversified Telecommunication Services | 0.8% |
| Specialized REITs | 0.7% |
| Diversified REITs | 0.7% |
| Office REITs | 0.7% |
| Industrial REITs | 0.7% |
| Consumer Staples Distribution & Retail | 0.7% |
| Electrical Equipment | 0.6% |
| Gas Utilities | 0.6% |
| Real Estate Management & Development | 0.6% |
| Ground Transportation | 0.6% |
| Containers & Packaging | 0.6% |
| Electric Utilities | 0.6% |
| Water Utilities | 0.5% |
| Broadline Retail | 0.5% |
| Distributors | 0.5% |
| Passenger Airlines | 0.5% |
| Media | 0.5% |
| Entertainment | 0.5% |
| Household Products | 0.5% |
| Others\* | 3.7% |
|  | 130.5% |
| Liabilities in excess of other assets | (30.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g25pru_largelogo.jpg)

SMCAP_AR

------

![](g53527g26tsrbanner.jpg)

The Prudential Series Fund

PSF Small-Cap Stock Index Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF Small-Cap Stock Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF Small-Cap Stock Index Portfolio—Class III | $65 | 0.63% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

In the first quarter, the Trump administration's tariff policies caused significant disruption to the economic landscape. The uncertain outlook on the future of the economy negatively affected domestic stocks, particularly small caps.

■

US equities finished the second quarter in positive territory despite a downturn in April 2025 that was precipitated by the Trump administration's tariff announcement. Despite inflation worries and rising tensions in the Middle East, US equities rebounded into positive territory after the President announced a pause on the use of the new tariffs. Large-cap stocks in the US once again outperformed small-cap stocks.

■

US equities posted a strong third quarter. Investor enthusiasm around artificial intelligence, corporate earnings growth, and a September federal funds rate cut provided momentum for the positive returns and overshadowed concerns about tariffs, trade wars, and an impending government shutdown.

■

In the face of the longest government shutdown in history and rising job cuts, US equities registered gains in the fourth quarter. US equities reacted positively to the Federal Reserve lowering interest rates while indicating additional reductions could follow if inflation continues to fall. The S&P 500 Index ended the year with a 17.88% gain while the S&P 600 rose 6.02%.

■

The Portfolio used stock index futures to equitize cash and enhance Portfolio liquidity, which had a negligible effect on performance during the reporting period.

![](g53527g26pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: April 26, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g26psfsmcapstckindcl3.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 5.42% | 2.93% |
| S&P 500 Index\* | 17.88% | 12.79% |
| S&P SmallCap 600 Index | 6.02% | 3.60% |

---

*Portfolio Inception: 04/26/2021.* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

\*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1310339674 |
| Number of portfolio holdings | 608 |
| Total advisory fees paid for the year | $4322190 |
| Portfolio turnover rate for the year | 28% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(30.5% represents investments purchased with <br>collateral from securities on loan)<br>| 31.2% |
| Banks | 8.3% |
| Electronic Equipment, Instruments & Components | 4.4% |
| Machinery | 4.1% |
| Biotechnology | 3.9% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| Software | 3.7% |
| Chemicals | 3.5% |
| Specialty Retail | 3.3% |
| Capital Markets | 3.2% |
| Health Care Equipment & Supplies | 3.2% |
| Household Durables | 2.9% |
| Building Products | 2.6% |
| Insurance | 2.5% |
| Commercial Services & Supplies | 2.3% |
| Oil, Gas & Consumable Fuels | 2.3% |
| Hotels, Restaurants & Leisure | 2.2% |
| Financial Services | 2.2% |
| Health Care Providers & Services | 2.1% |
| Energy Equipment & Services | 2.1% |
| Pharmaceuticals | 2.0% |
| Unaffiliated Exchange-Traded Funds - Equity | 1.9% |
| Construction & Engineering | 1.9% |
| Retail REITs | 1.5% |
| Professional Services | 1.4% |
| Automobile Components | 1.4% |
| Communications Equipment | 1.2% |
| Trading Companies & Distributors | 1.1% |
| Metals & Mining | 1.0% |
| Diversified Consumer Services | 1.0% |
| Hotel & Resort REITs | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Food Products | 1.0% |
| Aerospace & Defense | 1.0% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.9% |
| Interactive Media & Services | 0.9% |
| Consumer Finance | 0.8% |
| Health Care REITs | 0.8% |
| Textiles, Apparel & Luxury Goods | 0.8% |
| Diversified Telecommunication Services | 0.8% |
| Specialized REITs | 0.7% |
| Diversified REITs | 0.7% |
| Office REITs | 0.7% |
| Industrial REITs | 0.7% |
| Consumer Staples Distribution & Retail | 0.7% |
| Electrical Equipment | 0.6% |
| Gas Utilities | 0.6% |
| Real Estate Management & Development | 0.6% |
| Ground Transportation | 0.6% |
| Containers & Packaging | 0.6% |
| Electric Utilities | 0.6% |
| Water Utilities | 0.5% |
| Broadline Retail | 0.5% |
| Distributors | 0.5% |
| Passenger Airlines | 0.5% |
| Media | 0.5% |
| Entertainment | 0.5% |
| Household Products | 0.5% |
| Others\* | 3.7% |
|  | 130.5% |
| Liabilities in excess of other assets | (30.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g26pru_largelogo.jpg)

PSF13_AR

------

![](g53527g27tsrbanner.jpg)

The Prudential Series Fund

PSF Stock Index Portfolio

Class I

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class I shares of PSF Stock Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF Stock Index Portfolio—Class I | $27 | 0.25% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

In the first quarter, the Trump administration's tariff policies caused significant disruption to the economic landscape. The uncertain outlook on the future of the economy negatively affected domestic stocks, particularly small caps.

■

US equities finished the second quarter in positive territory despite a downturn in April 2025 that was precipitated by the Trump administration's tariff announcement. Despite inflation worries and rising tensions in the Middle East, US equities rebounded into positive territory after the President announced a pause on the new tariffs. Large-cap stocks in the US once again outperformed small-cap stocks.

■

US equities posted a strong third quarter. Investor enthusiasm around artificial intelligence, corporate earnings growth and a September 2025 federal funds rate cut provided momentum for the positive returns and overshadowed concerns about tariffs, trade wars, and an impending government shutdown.

■

In the face of the longest government shutdown in history and rising job cuts, US equities registered a gain in the fourth quarter. US equities reacted positively to the Federal Reserve lowering interest rates while indicating additional reductions could follow if inflation continues to fall. The S&P 500 Index ended the year with a 17.88% gain while the S&P 600 rose 6.02%.

■

The Portfolio used stock index futures to equitize cash and enhance Portfolio liquidity, which had a negligible effect on performance during the reporting period.

![](g53527g27pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class I shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g27psfstockindexcl1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 17.56% | 14.09% | 14.51% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $10282203043 |
| Number of portfolio holdings | 508 |
| Total advisory fees paid for the year | $22364441 |
| Portfolio turnover rate for the year | 2% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 13.7% |
| Software | 9.9% |
| Interactive Media & Services | 7.8% |
| Technology Hardware, Storage & Peripherals | 7.1% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.2% represents investments purchased with <br>collateral from securities on loan)<br>| 5.3% |
| Broadline Retail | 3.8% |
| Financial Services | 3.7% |
| Banks | 3.5% |
| Capital Markets | 3.3% |
| Pharmaceuticals | 3.2% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Automobiles | 2.3% |
| Aerospace & Defense | 2.1% |
| Health Care Equipment & Supplies | 2.0% |
| Hotels, Restaurants & Leisure | 1.8% |
| Consumer Staples Distribution & Retail | 1.7% |
| Insurance | 1.7% |
| Specialty Retail | 1.6% |
| Biotechnology | 1.6% |
| Health Care Providers & Services | 1.6% |
| Machinery | 1.5% |
| Unaffiliated Exchange-Traded Funds - Equity | 1.5% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.4% |
| Entertainment | 1.3% |
| Beverages | 1.0% |
| IT Services | 0.9% |
| Chemicals | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Communications Equipment | 0.9% |
| Electrical Equipment | 0.8% |
| Ground Transportation | 0.8% |
| Household Products | 0.8% |
| Electronic Equipment, Instruments & Components | 0.7% |
| Specialized REITs | 0.7% |
| Consumer Finance | 0.6% |
| Diversified Telecommunication Services | 0.6% |
| Tobacco | 0.6% |
| Multi-Utilities | 0.6% |
| Professional Services | 0.5% |
| Others\* | 6.0% |
|  | 103.2% |
| Liabilities in excess of other assets | (3.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g27pru_largelogo.jpg)

STIND_AR

------

![](g53527g28tsrbanner.jpg)

The Prudential Series Fund

PSF Stock Index Portfolio

Class III

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the Class III shares of PSF Stock Index Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at **www.prudential.com/variableinsuranceportfolios**. You can also request this information by contacting us at (800) 346-3778.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PSF Stock Index Portfolio—Class III | $54 | 0.50% |

---

The table does not include charges charged under your variable annuity contract or variable life insurance policies (each, a Contract). Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

In the first quarter, the Trump administration's tariff policies caused significant disruption to the economic landscape. The uncertain outlook on the future of the economy negatively affected domestic stocks, particularly small caps.

■

US equities finished the second quarter in positive territory despite a downturn in April 2025 that was precipitated by the Trump administration's tariff announcement. Despite inflation worries and rising tensions in the Middle East, US equities rebounded into positive territory after the President announced a pause on the new tariffs. Large-cap stocks in the US once again outperformed small-cap stocks.

■

US equities posted a strong third quarter. Investor enthusiasm around artificial intelligence, corporate earnings growth and a September 2025 federal funds rate cut provided momentum for the positive returns and overshadowed concerns about tariffs, trade wars, and an impending government shutdown.

■

In the face of the longest government shutdown in history and rising job cuts, US equities registered a gain in the fourth quarter. US equities reacted positively to the Federal Reserve lowering interest rates while indicating additional reductions could follow if inflation continues to fall. The S&P 500 Index ended the year with a 17.88% gain while the S&P 600 rose 6.02%.

■

The Portfolio used stock index futures to equitize cash and enhance Portfolio liquidity, which had a negligible effect on performance during the reporting period.

![](g53527g28pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

**The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The returns do not reflect the deduction of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.**

The line graph reflects a hypothetical $10,000 investment in Class III shares and assumes that all recurring fees (including management fees) were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. Performance for other share classes will vary.

Cumulative Performance: April 26, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g53527g28psfstockindexcl3.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 17.27% | 12.14% |
| S&P 500 Index | 17.88% | 12.79% |

---

*Portfolio Inception: 04/26/2021.* Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $10282203043 |
| Number of portfolio holdings | 508 |
| Total advisory fees paid for the year | $22364441 |
| Portfolio turnover rate for the year | 2% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 13.7% |
| Software | 9.9% |
| Interactive Media & Services | 7.8% |
| Technology Hardware, Storage & Peripherals | 7.1% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.2% represents investments purchased with <br>collateral from securities on loan)<br>| 5.3% |
| Broadline Retail | 3.8% |
| Financial Services | 3.7% |
| Banks | 3.5% |
| Capital Markets | 3.3% |
| Pharmaceuticals | 3.2% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Automobiles | 2.3% |
| Aerospace & Defense | 2.1% |
| Health Care Equipment & Supplies | 2.0% |
| Hotels, Restaurants & Leisure | 1.8% |
| Consumer Staples Distribution & Retail | 1.7% |
| Insurance | 1.7% |
| Specialty Retail | 1.6% |
| Biotechnology | 1.6% |
| Health Care Providers & Services | 1.6% |
| Machinery | 1.5% |
| Unaffiliated Exchange-Traded Funds - Equity | 1.5% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric Utilities | 1.4% |
| Entertainment | 1.3% |
| Beverages | 1.0% |
| IT Services | 0.9% |
| Chemicals | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Communications Equipment | 0.9% |
| Electrical Equipment | 0.8% |
| Ground Transportation | 0.8% |
| Household Products | 0.8% |
| Electronic Equipment, Instruments & Components | 0.7% |
| Specialized REITs | 0.7% |
| Consumer Finance | 0.6% |
| Diversified Telecommunication Services | 0.6% |
| Tobacco | 0.6% |
| Multi-Utilities | 0.6% |
| Professional Services | 0.5% |
| Others\* | 6.0% |
|  | 103.2% |
| Liabilities in excess of other assets | (3.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Portfolio's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at **www.prudential.com/variableinsuranceportfolios**, including the Portfolio's prospectus, financial

information, portfolio holdings, and proxy voting information. You can also request this information by contacting us at (800) 346-3778.

![](g53527g28pru_largelogo.jpg)

PSF14_AR

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Mr. Stephen Chipman, member of the Board's Audit Committee is an "audit committee financial expert," and that he is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended December 31, 2025 and December 31, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $687,684 and $662,956, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended December 31, 2025 and December 31, 2024, fees of $45,000 and $0 were billed to the Registrant for the services rendered by PwC in connection with N-14 filings and merger support services.

(c) Tax Fees

For the fiscal years ended December 31, 2025 and December 31, 2024: none.

(d) All Other Fees

For the fiscal years ended December 31, 2025 and December 31, 2024: none.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

(e) (2) <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended</u><br> <u>December 31, 2025</u> | <u>Fiscal Year Ended</u><br> <u>December 31, 2024</u> |
| 4(b) | 0% | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater</u> <u>than 50%.</u>

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended December 31, 2025 and December 31, 2024 was $0 and $0, respectively.

(h) <u>Principal Accountant's Independence</u>

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

## The Prudential Series Fund

### FINANCIAL STATEMENTS AND OTHER INFORMATION

### December 31, 2025

---

| | |
|:---|:---|
| ![LOGO](g53527dsp1.jpg)  | **PSF Global Portfolio**<br> **PSF PGIM 50/50 Balanced Portfolio**<br> **PSF PGIM Ballast Portfolio**<br> **PSF PGIM Flexible Managed Portfolio**<br> **PSF PGIM Government Money Market Portfolio**<br> **PSF PGIM High Yield Bond Portfolio**<br> **PSF PGIM Jennison Blend Portfolio**<br> **PSF PGIM Jennison Growth Portfolio**<br> **PSF PGIM Jennison Value Portfolio**<br> **PSF PGIM Laddered Allocation S&P 500**<br> **Buffer 12 Portfolio**<br> **PSF PGIM Laddered Allocation S&P 500**<br> **Buffer 20 Portfolio**<br> **PSF PGIM Total Return Bond Portfolio**<br> **PSF Small-Cap Stock Index Portfolio**<br> **PSF Stock Index Portfolio** |

---

![LOGO](g53527dsp1a.jpg)

------

Prudential Series **Table of Contents** Financial Statements and Other Information December 31, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

∎ **FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

---

| | | |
|:---|:---|:---|
|  Section A | [Schedule of Investments, Financial Statements, and Financial Highlights](#edgar53527_1) | A1 |
|  | [Glossary](#edgar53527_2) | A1 |
|  | [PSF Global Portfolio](#edgar53527_3) | A2 |
|  | [PSF PGIM 50/50 Balanced Portfolio](#edgar53527_4) | A14 |
|  | [PSF PGIM Ballast Portfolio](#edgar53527_5) | A52 |
|  | [PSF PGIM Flexible Managed Portfolio](#edgar53527_6) | A57 |
|  | [PSF PGIM Government Money Market Portfolio](#edgar53527_7) | A96 |
|  | [PSF PGIM High Yield Bond Portfolio](#edgar53527_8) | A102 |
|  | [PSF PGIM Jennison Blend Portfolio](#edgar53527_9) | A129 |
|  | [PSF PGIM Jennison Growth Portfolio](#edgar53527_10) | A136 |
|  | [PSF PGIM Jennison Value Portfolio](#edgar53527_11) | A142 |
|  | [PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio](#edgar53527_12) | A149 |
|  | [PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio](#edgar53527_13) | A152 |
|  | [PSF PGIM Total Return Bond Portfolio](#edgar53527_14) | A155 |
|  | [PSF Small-Cap Stock Index Portfolio](#edgar53527_15) | A205 |
|  | [PSF Stock Index Portfolio](#edgar53527_16) | A219 |
|  Section B | [Notes to Financial Statements](#edgar53527_17) | B1 |
|  Section C | [Report of Independent Registered Public Accounting Firm](#edgar53527_18) | C1 |

---

∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar53527_19)** 

**This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.** 

------

<br> ***Glossary*** <br>

The following abbreviations are used in the Portfolios' descriptions:

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNH | Chinese Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwanese Dollar |
| USD | US Dollar |
| ZAR | South African Rand |

---

---

| |
|:---|
|  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. |
| A — Annual payment frequency for swaps |
| ADR — American Depositary Receipt |
| BABs — Build America Bonds |
| BARC — Barclays Bank PLC |
| BMO — BMO Capital Markets |
| BNP — BNP Paribas S.A. |
| BNY — Bank of New York Mellon |
| BOA — Bank of America, N.A. |
| BROIS — Brazil Overnight Index Swap |
| CDX — Credit Derivative Index |
| CGM — Citigroup Global Markets, Inc. |
| CITI — Citibank, N.A. |
| CLO — Collateralized Loan Obligation |
| CMS — Constant Maturity Swap |
| COP — Certificates of Participation |
| CVA — Certificate Van Aandelen (Bearer) |
| CVR — Contingent Value Rights |
| DAC — Designated Activity Company |
| DB — Deutsche Bank AG |

---

---

| |
|:---|
| EAFE — Europe, Australasia, Far East |
| EMTN — Euro Medium Term Note |
| ETF — Exchange-Traded Fund |
| EURIBOR — Euro Interbank Offered Rate |
| FFCSB — Federal Farm Credit System Bank |
| FHLMC — Federal Home Loan Mortgage Corporation |
| FNMA — Federal National Mortgage Association |
| GMTN — Global Medium Term Note |
| GNMA — Government National Mortgage Association |
| GS — Goldman Sachs & Co. LLC |
| GSI — Goldman Sachs International |
| HSBC — HSBC Bank PLC |
| IO — Interest Only (Principal amount represents notional) |
| JPM — JPMorgan Chase Bank N.A. |
| LP — Limited Partnership |
| M — Monthly payment frequency for swaps |
| MASTR — Morgan Stanley Structured Asset Security |
| MSC — Morgan Stanley & Co. LLC |
| MSCI — Morgan Stanley Capital International |
| MSI — Morgan Stanley & Co. International PLC |
| MTN — Medium Term Note |
| N/A — Not Applicable |
| OTC — Over-the-counter |
| PIK — Payment-in-Kind |
| PJSC — Public Joint-Stock Company |
| PRFC — Preference Shares |
| Q — Quarterly payment frequency for swaps |
| RBC — Royal Bank of Canada |
| REITs — Real Estate Investment Trust |
| REMIC — Real Estate Mortgage Investment Conduit |
| S&P — Standard & Poor's |
| SCB — Standard Chartered Bank |
| SOFR — Secured Overnight Financing Rate |
| SONIA — Sterling Overnight Index Average |
| SPDR — Standard & Poor's Depositary Receipts |
| SSB — State Street Bank & Trust Company |
|  STRIPs — Separate Trading of Registered Interest and Principal of Securities |
| T — Swap payment upon termination |
| TBA — To Be Announced |
| UAG — UBS AG |
| UBS — UBS Securities LLC |
| USOIS — United States Overnight Index Swap |
| UTS — Unit Trust Security |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 97.8%** | **LONG-TERM INVESTMENTS — 97.8%** | **LONG-TERM INVESTMENTS — 97.8%** |
|  **AFFILIATED MUTUAL FUNDS — 29.8%** | **AFFILIATED MUTUAL FUNDS — 29.8%** |  |
|  **Domestic Equity — 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM Jennison Value Portfolio\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395208 | $&nbsp;&nbsp;&nbsp;&nbsp;99715501 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio\* | 358033 | 23945232 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio\* | 486658 | 103103357 |
|  |  | 226764090 |
|  **International Equity — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Equity Fund | 5372517 | 51522436 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison International Opportunities Fund | 1140680 | 39627210 |
|  |  | 91149646 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $265,968,421)(wa) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $265,968,421)(wa) | 317913736 |
|  **COMMON STOCKS — 55.6%** | **COMMON STOCKS — 55.6%** |  |
|  **Australia — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 19206 | 579620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 50066 | 764524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 19601 | 280162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 21984 | 498236 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 2575 | 296335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 54417 | 455402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 30108 | 440254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) | 74200 | 254949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. | 15264 | 116564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | 60206 | 415944 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 56715 | 750875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 2719 | 265254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 6775 | 545733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 40704 | 612880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland, REIT | 192434 | 733696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd., REIT | 265211 | 451522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 21351 | 332918 |
|  |  | 7794868 |
|  **Belgium — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV | 12847 | 824534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA/NV | 3880 | 499289 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 5681 | 739871 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 1255 | 349676 |
|  |  | 2413370 |
|  **Brazil — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 92 | 185312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 3760 | 442034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 10833 | 443308 |
|  |  | 1070654 |
|  **Canada — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 5770 | 978489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc. (Class A Stock) | 12000 | 463371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 11379 | 839238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 24132 | 1051220 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc. | 12633 | 301340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 25734 | 2332944 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Inc. (Class B Stock) | 10196 | 644052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc.\* | 2379 | 703725 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Canada (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp. | 18652 | 489894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd. | 16147 | 561389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 471 | 897661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 16912 | 1057069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco, Inc. | 5491 | 270799 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 7470 | 967826 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial, Inc. | 32775 | 1475956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 28226 | 795029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. | 3742 | 310854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 8925 | 475788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 9933 | 613110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. | 24430 | 795615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 7380 | 382617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada | 8325 | 442467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 9549 | 1627897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc. | 5652 | 170110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Class A Stock)\* | 10409 | 1675997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 25689 | 2421135 |
|  |  | 23399467 |
|  **Chile — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC | 4044 | 177635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp. | 9707 | 208631 |
|  |  | 386266 |
|  **China — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 80500 | 408537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV\* | 7241 | 448355 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 218000 | 780090 |
|  |  | 1636982 |
|  **Denmark — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 2774 | 138523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Class B Stock) | 3636 | 184412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 2715 | 300241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 14622 | 395485 |
|  |  | 1018661 |
|  **Finland — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 12566 | 266851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 40060 | 753699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 21284 | 753552 |
|  |  | 1774102 |
|  **France — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 3908 | 907531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA, 144A | 5697 | 470856 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 29003 | 1391594 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 17608 | 1665841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 2290 | 119047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 3570 | 592792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 27144 | 452913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA, REIT | 4248 | 281984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 42088 | 866503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 13394 | 1208127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE | 5832 | 128922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 2177 | 311919 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **France (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997579 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 2496 | 789230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA, REIT | 6552 | 622261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA | 806 | 281647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA, REIT | 5253 | 207837 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 2243 | 1690629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 1624 | 168649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 2596 | 904231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 9879 | 795299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE | 2063 | 149299 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 4744 | 309299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 4591 | 645876 |
|  |  | 15959865 |
|  **Germany — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 2293 | 1060231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG | 3679 | 159579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 1119 | 121339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 22454 | 865358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG | 13497 | 132594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 8815 | 480644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 45033 | 1465872 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 16050 | 303905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG | 10782 | 168265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | 12901 | 616224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 3744 | 214501 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG | 4100 | 1605075 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 12470 | 909511 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 700 | 290170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen | 406 | 267183 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 9169 | 485836 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 2512 | 610337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 3317 | 929014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG\* | 7136 | 1001099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 1879 | 249604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 30365 | 873886 |
|  |  | 12810227 |
|  **Hong Kong — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 46200 | 475541 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd., UTS | 84000 | 124384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 15624 | 240345 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd., 144A | 1148000 | 1278888 |
|  |  | 2119158 |
|  **Ireland — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 6747 | 969949 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 40958 | 437855 |
|  |  | 1407804 |
|  **Israel — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM | 43468 | 983119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM | 31856 | 702033 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Israel (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242577 |
|  |  | 1927729 |
|  **Italy — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA | 44150 | 1002493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 89695 | 932589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 39780 | 274884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA | 2024 | 115774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | 14132 | 487238 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 12717 | 1053307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA | 30132 | 722916 |
|  |  | 4589201 |
|  **Japan — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 5500 | 695464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 16100 | 254334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 149000 | 1324424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 126000 | 1676999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 8400 | 144598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 20100 | 632661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 19200 | 365606 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 85000 | 601384 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 8100 | 315218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 1000 | 362588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 3900 | 432492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 48200 | 1511628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 89300 | 876450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 900 | 136503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 60200 | 939549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 12600 | 452873 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 43200 | 550752 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. | 13000 | 162514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 16800 | 626430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 20300 | 282581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp.\* | 11500 | 765383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 38300 | 573313 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 55900 | 148747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 26100 | 596977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 25600 | 746415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 18800 | 458954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 51100 | 811012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 17500 | 519703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 18800 | 565211 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 46700 | 1096377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 26000 | 537367 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 30200 | 1021832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 26000 | 635089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 25100 | 813029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 57400 | 478169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 12300 | 427387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 16200 | 210017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 5400 | 303435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp.\* | 30400 | 416384 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 10500 | 226275 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 1000 | 346001 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 10000 | 280533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 30300 | 1028449 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Japan (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 26500 | 570577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 16300 | 564184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 13400 | 539716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 30700 | 987355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 6400 | 606534 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 11100 | 329966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 59000 | 1267149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 51600 | 948064 |
|  |  | 31941877 |
|  **Macau — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 116000 | 571975 |
|  **Mexico — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC | 32688 | 1457573 |
|  **Netherlands — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE\* | 680 | 573610 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 3243 | 3494398 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 27890 | 783938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 23902 | 980147 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 11081 | 854840 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 583 | 126546 |
|  |  | 6813479 |
|  **New Zealand — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contact Energy Ltd. | 33225 | 176751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 18520 | 402383 |
|  |  | 579134 |
|  **Norway — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 23483 | 564882 |
|  **Singapore — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 17000 | 744679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 993 | 126677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 9800 | 129007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. | 116800 | 763182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 40300 | 142581 |
|  |  | 1906126 |
|  **Spain — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | 5645 | 560353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 67047 | 1572736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 91049 | 1071692 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 79771 | 975290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 7059 | 465645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | 35778 | 1089381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA | 10948 | 204272 |
|  |  | 5939369 |
|  **Sweden — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Class B Stock) | 11481 | 183544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB\* | 14810 | 820419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Class B Stock) | 6060 | 174233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Class B Stock) | 71556 | 2549941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 57859 | 1868909 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Sweden (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Class B Stock) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Class A Stock) | 20085 | 696850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Class B Stock) | 25604 | 249179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 61598 | 263268 |
|  |  | 7306639 |
|  **Switzerland — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. | 15360 | 1132302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Class A Stock) | 6545 | 1411436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 5578 | 1135864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA | 7412 | 752452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG | 390 | 262946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG | 4991 | 362377 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC | 5140 | 1169401 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 32734 | 1511479 |
|  |  | 7738257 |
|  **United Kingdom — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 5707 | 1056134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 189834 | 1215152 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 10122 | 573823 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 148500 | 1009572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 35877 | 1702897 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 116825 | 1838351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 12227 | 513414 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | 1479 | 207842 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | 116744 | 648211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 161413 | 679476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 672853 | 889992 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 22890 | 351098 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 171732 | 1506482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC | 5805 | 1068701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC | 45572 | 644344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 14794 | 1197121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 44381 | 686384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 30289 | 739065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 184586 | 1097701 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC | 9966 | 160118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 215376 | 287098 |
|  |  | 18072976 |
|  **United States — 40.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 4493 | 719329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 8495 | 1064339 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 12572 | 2872576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 5637 | 1512407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 3892 | 1362161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 12600 | 2698416 |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 2499 | 238230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 40257 | 313051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 914 | 124048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertson's Cos., Inc. (Class A Stock) | 11630 | 199687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 4602 | 957906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 528 | 209959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 47699 | 14929787 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **United States (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35813 | $&nbsp;&nbsp;&nbsp;&nbsp;11238119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 14129 | 814678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 66869 | 15434703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 9982 | 996803 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.(a) | 9499 | 1095330 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 4761 | 1761332 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 15486 | 1324827 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., REIT | 1691 | 296889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 5680 | 1859121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 6385 | 862869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 6544 | 1774733 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 166 | 380896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 107511 | 29227940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 4197 | 1078587 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 1178 | 793760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 23789 | 1810105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 4960 | 285150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 8517 | 1115983 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 68283 | 1696150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 3591 | 582245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 5076 | 1502547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 727 | 187006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 8116 | 429905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 46780 | 2572900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 20790 | 2413511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 30801 | 588607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 1054 | 204550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 4337 | 2179993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 7394 | 494880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 5694 | 1002087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 2006 | 435543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 400 | 2142132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 6834 | 576516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 11478 | 1094427 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 67320 | 392608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 16267 | 877442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 32844 | 11367308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 3616 | 372050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 2016 | 179585 |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 1185 | 190501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 2554 | 798329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust, REIT | 1734 | 190879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 6948 | 1683917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 6680 | 1372740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 4683 | 143019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 22718 | 1200419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 3748 | 2147117 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 5845 | 939818 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 770 | 104874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 16032 | 659717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 15986 | 1597161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\*(a) | 3137 | 654849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 23014 | 3507564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 2966 | 925748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 2891 | 676118 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **United States (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 25703 | 1979902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 19877 | 2319447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 1380 | 139145 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 12347 | 863426 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 70192 | 647170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 3327 | 232591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 20260 | 1681580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 4150 | 327933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 109088 | 3260640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 6073 | 105124 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 16638 | 1557483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 2009 | 709719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 6371 | 557845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 5001 | 335217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 2761 | 2380921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 264 | 123753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., REIT | 2524 | 224308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 1820 | 187405 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 46438 | 1683378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 700 | 357315 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 21994 | 1745444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 6226 | 1425256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 1584 | 215408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 675 | 314260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 3528 | 244843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 22864 | 837508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 2393 | 359740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 6586 | 450482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 2790 | 370428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 1545 | 190050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 5340 | 1042582 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 2920 | 376622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 5190 | 608320 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 4589 | 184478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 2716 | 865073 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 4736 | 412506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 748 | 196365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 8344 | 500807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 5343 | 455491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 449 | 157397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 5762 | 6192306 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 16207 | 1701897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 1695 | 177500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 2942 | 833498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 45702 | 5499779 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 2562 | 740059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 14169 | 941672 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp.(a) | 17587 | 787370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 9197 | 617762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 4810 | 290620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 84416 | 1107538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 2482 | 197096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\*(a) | 1688 | 425849 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **United States (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399 | $&nbsp;&nbsp;&nbsp;&nbsp;1567914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.(a) | 31292 | 850829 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 6767 | 2278178 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 10496 | 3233083 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 14201 | 660347 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 16655 | 1354385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 12654 | 1553152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 13462 | 1041959 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 1748 | 216892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 2085 | 1832715 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 344 | 160600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc., REIT(a) | 37726 | 606634 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. (Class A Stock) | 580 | 146409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 7425 | 178349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 610 | 175223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 3047 | 296626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 7084 | 527687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 5032 | 1731511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 4584 | 894293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 6245 | 148007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 6153 | 1261488 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 1484 | 1003971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 6835 | 675093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 693 | 196978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 44986 | 1659983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 2924 | 473571 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 4933 | 1461204 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 3044 | 205135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 2062 | 1365910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 3035 | 1718903 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 1300 | 293033 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 7217 | 705895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 880 | 116565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 18775 | 3885486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 5644 | 675869 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 16873 | 5436818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 10976 | 189336 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 13488 | 278392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 7577 | 1539571 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 961 | 1167692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The)(a) | 20520 | 497610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 6526 | 407744 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 1520 | 446226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc.(a) | 3132 | 785756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 14500 | 2482110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 2052 | 133565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock) | 1248 | 128294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 2744 | 1327190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 6980 | 1683297 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 961 | 343240 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock) | 7365 | 318905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 2816 | 457966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 684 | 425899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 5640 | 479287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 11348 | 720144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 8215 | 4689779 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 1887 | 576724 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **United States (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 8295 | 796818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 13939 | 1467219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 15099 | 9966699 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 24690 | 1949029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 8749 | 2497052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 54868 | 26535262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock)(a) | 7021 | 327740 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 1932 | 810841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 18628 | 1428209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 819 | 418386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 14467 | 2568327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 16503 | 1602936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 20564 | 2041165 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 1470 | 157422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 28464 | 2668785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 3708 | 525906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 3986 | 398002 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 9666 | 775986 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 6899 | 288102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp.(a) | 3308 | 795342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 1165 | 336359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 3689 | 503881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2081 | 1186607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 21458 | 2956826 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 2787 | 443802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 1846 | 301101 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 178003 | 33197560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 9638 | 1878543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 3835 | 334987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 17418 | 3096050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 1995 | 1753525 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 11100 | 648018 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1716 | 246280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 54782 | 1364072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc.(a) | 4593 | 736717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 6882 | 888053 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 1999 | 417251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 9981 | 1430377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc., REIT | 16240 | 2073198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage, REIT | 1702 | 441669 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc.(a) | 7991 | 1366861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 9386 | 1507298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 809 | 624443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp.(a) | 16797 | 455199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 3823 | 1578785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 2990 | 1163319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 2496 | 149810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 1302 | 579559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 4673 | 841794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 1719 | 479463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC (Class A Stock) | 4186 | 161747 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 13453 | 2467280 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.(a) | 2197 | 1148130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 6464 | 1712378 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **United States (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 6537 | 240903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 1264 | 409574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc.\* | 817 | 179217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 7596 | 601907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 5566 | 485355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 301 | 174794 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 2392 | 308592 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 5220 | 1323374 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc.(a) | 13682 | 1400763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 1336 | 130594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 1178 | 228014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 19476 | 8758747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 4001 | 694133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 1355 | 118115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 3591 | 2080805 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 12021 | 1846546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 1508 | 586914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 4050 | 199301 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 14875 | 793730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 15090 | 1233004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 750 | 453758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 2760 | 638443 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 5315 | 527195 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 6228 | 2055925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 832 | 181393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 3254 | 529719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 4680 | 466970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 42242 | 1720517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 964 | 437039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 3239 | 524750 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc., REIT | 16185 | 455122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 11474 | 4024047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 792 | 127773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 21565 | 2402557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 15733 | 1789943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 14669 | 422761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 23948 | 2231954 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 2030 | 558534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 6864 | 1182461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 5586 | 760701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 2082 | 314965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 2390 | 580340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 2385 | 162705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 5848 | 735795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc.\* | 11836 | 1021328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432892799 |
|  **Zambia — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd.\* | 13360 | 358200 |
|  **TOTAL COMMON STOCKS**<br> (cost $415,580,605) | **TOTAL COMMON STOCKS**<br> (cost $415,580,605) | 594451640 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** |  |  |
|  **Germany** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (PRFC) | 5098 | $| 415919 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $404,366) |  |  |  |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.4%** |
|  **United States** | **United States** | **United States** | **United States** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 197930 |  | 17706818 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216850 |  | 14576657 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE Value ETF | 307610 |  | 21966430 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI World ETF | 57150 |  | 10616756 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio S&P 500 Growth ETF | 131290 |  | 14008643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 28980 |  | 6369224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard S&P 500 Growth ETF | 31610 |  | 14053490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard S&P 500 Value ETF | 161600 |  | 33103760 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $112,261,661) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $112,261,661) |  | 132401778 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $794,215,053) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $794,215,053) |  | 1045183073 |
|  **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** |  |  |
|  **AFFILIATED MUTUAL FUNDS — 3.1%** | **AFFILIATED MUTUAL FUNDS — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa)  | 20820527 |  | 20820527 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $12,350,152; includes $12,293,390 of cash collateral forsecurities on<br>loan)(b)(wa) | 12359867 |  | 12352451 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $33,170,679) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $33,170,679) |  | 33172978 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **(000)#** | |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.2%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.2%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.2%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.2%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | 03/05/26 | 1400 | 1391488 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,391,137) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,391,137) |  |  |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $34,561,816) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $34,561,816) |  | 34564466 |
|  **TOTAL INVESTMENTS—101.1%**<br> (cost $828,776,869) | **TOTAL INVESTMENTS—101.1%**<br> (cost $828,776,869) |  | 1079747539 |
|  **Liabilities in excess of other assets(z) — (1.1)%** | **Liabilities in excess of other assets(z) — (1.1)%** | **Liabilities in excess of other assets(z) — (1.1)%** | (11406298) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $1068341241 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $11,913,122; cash collateral of $12,293,390 (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 39 | Mini MSCI EAFE Index | Mar. 2026 | $5659095 | $39676 |
| 39 | S&P 500 E-Mini Index | Mar. 2026 | 13440375 | 26771 |
|  |  |  |  | $66447 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  **GS** | $– | $1391488 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $317913736 | $— | $— |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia |  | 7794868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 2413370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 627346 | 443308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 23399467 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 208631 | 177635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 1636982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 1018661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 1774102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 15959865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 12810227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 2119158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 969949 | 437855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel |  | 1927729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 4589201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 948064 | 30993813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 571975 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | $— | $1457573 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 126546 | 6686933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 579134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 564882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 126677 | 1779449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 5939369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 7306639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 1169401 | 6568856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 18072976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 424691939 | 8200860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zambia | 358200 |  |  |
|  Preferred Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 415919 |  |
|  Unaffiliated Exchange-Traded Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 132401778 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 33172978 |  |  |
|  U.S. Treasury Obligation |  | 1391488 |  |
|  **Total** | $**936114712** | $**143632827** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**66447** | $**—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.2% represents investments purchased with collateral from securities on loan) | 32.9 |
|  Unaffiliated Exchange-Traded Funds | 12.4 |
|  Semiconductors & Semiconductor Equipment | 6.2 |
|  Software | 4.3 |
|  Banks | 4.2 |
|  Interactive Media & Services | 3.4 |
|  Technology Hardware, Storage & Peripherals | 2.9 |
|  Pharmaceuticals | 2.3 |
|  Capital Markets | 2 |
|  Financial Services | 1.7 |
|  Broadline Retail | 1.7 |
|  Oil, Gas & Consumable Fuels | 1.6 |
|  Aerospace & Defense | 1.5 |
|  Insurance | 1.5 |
|  Automobiles | 1.4 |
|  Machinery | 1.2 |
|  Metals & Mining | 1 |
|  Health Care Equipment & Supplies | 1 |
|  Consumer Staples Distribution & Retail | 1 |
|  Biotechnology | 1 |
|  Health Care Providers & Services | 1 |
|  IT Services | 1 |

---

---

| | |
|:---|:---|
|  Specialty Retail | 0.8 |
|  Electronic Equipment, Instruments & Components | 0.8 |
|  Food Products | 0.7 |
|  Electrical Equipment | 0.7 |
|  Electric Utilities | 0.7 |
|  Hotels, Restaurants & Leisure | 0.6 |
|  Diversified Telecommunication Services | 0.5 |
|  Entertainment | 0.5 |
|  Industrial Conglomerates | 0.5 |
|  Textiles, Apparel & Luxury Goods | 0.4 |
|  Construction & Engineering | 0.4 |
|  Life Sciences Tools & Services | 0.4 |
|  Chemicals | 0.4 |
|  Multi-Utilities | 0.4 |
|  Media | 0.4 |
|  Communications Equipment | 0.4 |
|  Ground Transportation | 0.4 |
|  Household Products | 0.3 |
|  Beverages | 0.3 |
|  Building Products | 0.3 |
|  Consumer Finance | 0.3 |
|  Real Estate Management & Development | 0.3 |
|  Tobacco | 0.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Commercial Services & Supplies | 0.3 |
|  Automobile Components | 0.3 |
|  Marine Transportation | 0.3 |
|  Trading Companies & Distributors | 0.2 |
|  Industrial REITs | 0.2 |
|  Air Freight & Logistics | 0.2 |
|  Passenger Airlines | 0.2 |
|  Professional Services | 0.2 |
|  Gas Utilities | 0.1 |
|  Specialized REITs | 0.1 |
|  U.S. Treasury Obligation | 0.1 |
|  Containers & Packaging | 0.1 |
|  Household Durables | 0.1 |
|  Diversified REITs | 0.1 |
|  Construction Materials | 0.1 |

---

---

| | |
|:---|:---|
|  Retail REITs | 0.1% |
|  Diversified Consumer Services | 0.1 |
|  Office REITs | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Health Care REITs | 0.1 |
|  Wireless Telecommunication Services | 0.0 \* |
|  Personal Care Products | 0.0 \* |
|  Residential REITs | 0.0 \* |
|  Water Utilities | 0.0 \* |
|  | 101.1 |
|  Liabilities in excess of other assets | (1.1) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instrumentsis equity contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Equity contracts | Due from/to broker-variation margin futures | $66447 \* |  | $— |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Equity contracts | $1928163 |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Equity contracts | $66447 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $7940909 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025

(1) Notional Amount in USD

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $11913122 | $(11913122) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

<br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $11,913,122: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $529,637,769) | $728660825.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $299,139,100) | 351086714.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $874,159) | 877487.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 1565330.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 253808.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 8805.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 2297.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 9652.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1082464918.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 12293390.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 818793.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 435859.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 251367.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 189786.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 132503.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 970.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 414.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 14123677.0 |
|  **NET ASSETS** | $1068341241.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $1068341241.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $1,066,455,417 / 13,753,557 outstanding shares of beneficial interest | $77.54 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $1,885,824 / 24,609 outstanding shares of beneficial interest | $76.63 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $707,482 foreign withholding tax, of which $98,670 is reimbursable by an affiliate) | $13973970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1769083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 116819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $37,925) | 43979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 15903851 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 7322426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 4275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 197665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 101646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 68961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 43667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 24720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,630) | 12429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 119216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7895005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (2145314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5749691 |
| **NET INVESTMENT INCOME (LOSS)** | 10154160 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $1,246,412) (net of foreign capital gains taxes $(1800)) | 203735097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 3683658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1928163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 236585 |
|  | 209583503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $51,928,245) | (23109565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 66447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 105448 |
|  | (22937670) |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 186645833 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $196799993 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10154160 | $10974890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 209583503 | 138215688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (22937670) | 622670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 196799993 | 149813248 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 26158843 | 17465316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (80138500) | (321783089) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (53979657) | (304317773) |
|  **TOTAL INCREASE (DECREASE)** | 142820336 | (154504525) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 925520905 | 1080025430 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1068341241 | $925520905 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | |
|:---|:---|
|  | <br> **PSF GLOBAL PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS**  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;63.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.06 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.72 | 0.68 | 0.74 | 0.63 | 0.46 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 13.28 | 7.68 | 8.30 | (11.31) | 8.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 14.00 | 8.36 | 9.04 | (10.68) | 8.76 |
|  Net Asset Value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;77.54 | $63.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.82 |
|  **Total Return<sup>(b)</sup>** | 22.03% | 15.15% | 19.59% | (18.80)% | 18.23% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $1066.5 | $924.2 | $1078.9 | $1186.9 | $1518.5 |
|  Average net assets (in millions) | $&nbsp;&nbsp;&nbsp;&nbsp;974.6 | $978.8 | $1072.5 | $1262.8 | $1472.2 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.59% | 0.76% | 0.78% | 0.75% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.81% | 0.85% | 0.83% | 0.79% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.04% | 1.12% | 1.48% | 1.30% | 0.86% |
|  Portfolio turnover rate<sup>(d)</sup> | 123% | 35% | 41% | 52% | 21% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021(e)<br>through**<br> **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $62.95 | $54.80 | $45.94 | $56.72 | $53.13 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.53 | 0.53 | 0.58 | 0.54 | 0.15 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 13.15 | 7.62 | 8.28 | (11.32) | 3.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 13.68 | 8.15 | 8.86 | (10.78) | 3.59 |
|  Net Asset Value, end of period | $76.63 | $62.95 | $54.80 | $45.94 | $56.72 |
|  **Total Return<sup>(b)</sup>** | 21.73% | 14.87% | 19.29% | (19.01)% | 6.76% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  Average net assets (in millions) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.83% | 1.01% | 1.03% | 1.00% | 0.99 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.06% | 1.10% | 1.08% | 1.04% | 1.03 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.77% | 0.86% | 1.15% | 1.14% | 0.40 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 123% | 35% | 41% | 52% | 21% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(e) Commencement of offering.

(f) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

---

| | | |
|:---|:---|:---|
|  | <br> ***PSF PGIM 50/50 BALANCED PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 88.6%** | **LONG-TERM INVESTMENTS — 88.6%** |  |
|  **AFFILIATED EXCHANGE-TRADED FUND — 1.9%** | **AFFILIATED EXCHANGE-TRADED FUND — 1.9%** | **AFFILIATED EXCHANGE-TRADED FUND — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM AAA CLO ETF | 1051964 | $53923675 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $54,028,882)(wa) |  |  |
|  **COMMON STOCKS — 51.7%** | **COMMON STOCKS — 51.7%** | **COMMON STOCKS — 51.7%** |
|  **Aerospace & Defense — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 789 | 183225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 1980 | 1124501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 19450 | 4222984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 46 | 26410 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 6200 | 2087292 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 26178 | 8063609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 9980 | 2046100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 1000 | 340070 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 4470 | 1312258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 5020 | 2428023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 3362 | 1917046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 14605 | 225877 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 33155 | 6080627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 146 | 8471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 471 | 164057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 12700 | 82983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 4500 | 392265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 80 | 21581 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 1390 | 1848492 |
|  |  | 32575871 |
|  **Air Freight & Logistics — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 2900 | 466204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 308 | 16794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 3400 | 506634 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 5480 | 1582953 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 18400 | 1825096 |
|  |  | 4397681 |
|  **Automobile Components — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 5600 | 426104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 1800 | 72499 |
|  |  | 498603 |
|  **Automobiles — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) | 495 | 53676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 98785 | 1296059 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 23100 | 1878492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 15000 | 147220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 8200 | 127978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 2125 | 147309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 2100 | 45216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 69520 | 31264534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 7000 | 150340 |
|  |  | 35110824 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 524 | $18308 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 5308 | 56744 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 490 | 11847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 8590 | 201498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 12027 | 141564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 2610 | 59031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 1872 | 41255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 168241 | 9253255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 24507 | 156872 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 2143 | 202743 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 20500 | 104037 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 7896 | 96537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 44335 | 5173451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 11100 | 648351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 494 | 52729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 3496 | 71975 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 4600 | 201501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp(a) | 16721 | 782710 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 16869 | 265450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 39536 | 685950 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 4553 | 127977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 18107 | 125121 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 67445 | 21732128 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 23500 | 485040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 30675 | 40574 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 3905 | 786779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 6400 | 101575 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 1162 | 32672 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 21628 | 189727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 5575 | 104889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 4400 | 67598 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 9733 | 2031569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 22503 | 609831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 1259 | 101355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 5114 | 124784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 3200 | 102917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 2722 | 94440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 31701 | 1560006 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 38485 | 2053560 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 1864 | 154389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 77764 | 7247605 |
|  |  | 56100344 |
|  **Beverages — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 775 | 49740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. (Class B Stock) | 5275 | 137467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 96501 | 6746385 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Beverages (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. (Class A Stock) | 3540 | $488378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 34300 | 960743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock) | 4400 | 205392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 18000 | 1380060 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 34307 | 4923741 |
|  |  | 14891906 |
|  **Biotechnology — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 43801 | 10008091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 13337 | 4365333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 125 | 105443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 3660 | 644123 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. (Australia) | 494 | 56850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 30700 | 3768118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 4040 | 399031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 8750 | 258038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 2500 | 1929675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 6200 | 2810832 |
|  |  | 24345534 |
|  **Broadline Retail — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 241000 | 55627620 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 11500 | 1001650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvey Norman Holdings Ltd. (Australia) | 1900 | 8773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 590 | 108619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 1470 | 91021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 100 | 12757 |
|  |  | 56850440 |
|  **Building Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 2800 | 187264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 2033 | 323694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\*(a) | 2700 | 277803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 19602 | 1035770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 15122 | 1810859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 640 | 310771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 5300 | 336338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Boseki Co. Ltd. (Japan) | 400 | 26002 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 410 | 14405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 5400 | 2101680 |
|  |  | 6424586 |
|  **Capital Markets — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 267 | 11708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 2280 | 1117975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 1097 | 90667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock) | 5100 | 824313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 17258 | 2003481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 3570 | 3821114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 18200 | 2805348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 2500 | 627500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 41350 | 4131278 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 8800 | 2403104 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (Class A Stock)\*(a) | 5500 | $| 1243770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 3800 |  | 33302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 3176 |  | 122400 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 800 |  | 232152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 8700 |  | 207843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR\* | 100 |  | 16421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 7420 |  | 6522180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. (Class A Stock) | 11200 |  | 720272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 14255 |  | 2308740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 11000 |  | 288970 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 16800 |  | 2141664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 3730 |  | 1905470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 30019 |  | 5329273 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 1940 |  | 1113036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 11400 |  | 1107282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 7000 |  | 58313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 4600 |  | 628314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 4450 |  | 714626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 19500 |  | 2205450 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 7700 |  | 4023943 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 3900 |  | 84045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 7500 |  | 98730 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 7300 |  | 941773 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 5500 |  | 563090 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 4379 |  | 202199 |
|  |  |  | 50649746 |
|  **Chemicals — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 5400 |  | 1333908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 3100 |  | 438464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 14300 |  | 127109 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 3800 |  | 293892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 17147 |  | 1149363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 18547 |  | 433629 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 10547 |  | 423989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 6200 |  | 1627624 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 6400 |  | 431296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 11500 |  | 4903485 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock) | 6800 |  | 294440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 8200 |  | 197538 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc.(a) | 5500 |  | 563530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 5650 |  | 1830770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 2934 |  | 120065 |
|  |  |  | 14169102 |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 4774 |  | 72901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 8520 |  | 1602356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 22600 |  | 884790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 4965 |  | 1052232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 7700 |  | 462154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 625 |  | 9939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 6333 |  | 631907 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies (cont'd.)** | **Commercial Services & Supplies (cont'd.)** | **Commercial Services & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 9042 | $1986618 |
|  |  | 6702897 |
|  **Communications Equipment — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 25600 | 3354368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 97600 | 7518128 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 1400 | 357364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 4109 | 1575062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 12841 | 82787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 10217 | 99432 |
|  |  | 12987141 |
|  **Construction & Engineering — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain) | 712 | 70677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 666 | 34622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 860 | 802630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 681 | 97573 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 1120 | 685205 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG (Germany) | 312 | 122142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 1500 | 55931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 3600 | 1519416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. (Japan) | 500 | 47386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 529 | 74421 |
|  |  | 3510003 |
|  **Construction Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 16600 | 2071680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 1540 | 958896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 3300 | 941226 |
|  |  | 3971802 |
|  **Consumer Finance — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 13300 | 4920335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 15730 | 3812323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial(a) | 8872 | 740191 |
|  |  | 9472849 |
|  **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 2229 | 37192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 10990 | 9477116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 5600 | 743512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 4665 | 573842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 3312 | 135815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 15192 | 949196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonae SGPS SA (Portugal) | 5589 | 10586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 12000 | 884280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 11360 | 1110440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 24946 | 148350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. (Japan) | 1500 | 27560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 108800 | 12121408 |
|  |  | 26219297 |
|  **Containers & Packaging — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 58250 | 485805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 1900 | 345572 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Containers & Packaging (cont'd.)** | **Containers & Packaging (cont'd.)** | **Containers & Packaging (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 7100 | $376087 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co.(a) | 13573 | 534640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 2100 | 433083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 13044 | 504412 |
|  |  | 2679599 |
|  **Distributors — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 3400 | 418064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 780 | 178425 |
|  |  | 596489 |
|  **Diversified REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group (Australia) | 989 | 16086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 715 | 47462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 25838 | 98513 |
|  |  | 162061 |
|  **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 179336 | 4454706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 7160 | 233066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 13563 | 57968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 105076 | 4279745 |
|  |  | 9025485 |
|  **Electric Utilities — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA (Spain) | 47 | 10229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp.(a) | 6800 | 442068 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.(a) | 13260 | 1529011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 7704 | 2721592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 19461 | 2281024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 9600 | 576192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA (Spain) | 670 | 24107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 19388 | 201583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 11200 | 1035216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 6100 | 442189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy(a) | 9300 | 626169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp.(a) | 25013 | 1090317 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 12856 | 575563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 500 | 10827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 2000 | 31409 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 51600 | 4142448 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 4800 | 764352 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 55500 | 891885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 3200 | 283840 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp.(a) | 18300 | 640866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 27400 | 2389280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 14610 | 1079095 |
|  |  | 21789262 |
|  **Electrical Equipment — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 3083 | 227271 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 5600 | 1149736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 9537 | 3037630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 13800 | 1831536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 500 | 55448 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 6714 | 4388069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 1400 | 190918 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electrical Equipment (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 1200 | $| 532932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 2600 |  | 75808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 2700 |  | 1050489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 107 |  | 29272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 1059 |  | 148566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S (Denmark) | 1050 |  | 28399 |
|  |  |  | 12746074 |
|  **Electronic Equipment, Instruments & Compponents — 0.4%** | **Electronic Equipment, Instruments & Compponents — 0.4%** | **Electronic Equipment, Instruments & Compponents — 0.4%** | **Electronic Equipment, Instruments & Compponents — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 30400 |  | 4108256 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 3250 |  | 442650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 19400 |  | 1698664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 2690 |  | 127681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 2700 |  | 615654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 4200 |  | 853398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) | 1900 |  | 39269 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC (Switzerland) | 7200 |  | 1638072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 1180 |  | 602661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 1170 |  | 284099 |
|  |  |  | 10410404 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 24898 |  | 1133855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 20800 |  | 587808 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 37724 |  | 1447847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 1501 |  | 28963 |
|  |  |  | 3198473 |
|  **Entertainment — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anycolor, Inc. (Japan) | 300 |  | 9255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 5600 |  | 1144248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\*(a) | 3900 |  | 555750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 105300 |  | 9872928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. (Japan) | 3400 |  | 83050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 4300 |  | 1100929 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 1700 |  | 355300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 44182 |  | 5026586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 61376 |  | 1768856 |
|  |  |  | 19916902 |
|  **Financial Services — 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc.(a) | 11500 |  | 1664740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 1921 |  | 43619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 45655 |  | 22948486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 13600 |  | 885224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 1700 |  | 511581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 354 |  | 7825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 13100 |  | 870626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 13700 |  | 920229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 6177 |  | 478100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 3025 |  | 107798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 1700 |  | 310216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 20310 |  | 11594573 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 4200 |  | 122838 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 23200 |  | 1354416 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 41800 | $| 14659678 |
|  |  |  | 56479949 |
|  **Food Products — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 12126 |  | 697124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 3400 |  | 302872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The) | 5700 |  | 158859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 12300 |  | 212913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 216 |  | 19483 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 13400 |  | 623100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The)(a) | 3600 |  | 655128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 7400 |  | 175380 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 2600 |  | 254306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 21467 |  | 520575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 3400 |  | 142426 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 6540 |  | 445439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 31953 |  | 1720030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 2231 |  | 221447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. (Class A Stock) | 7000 |  | 410340 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 99000 |  | 110287 |
|  |  |  | 6669709 |
|  **Gas Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 4100 |  | 687283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA (Italy) | 3605 |  | 40209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 2482 |  | 75573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 2600 |  | 90342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 300 |  | 11893 |
|  |  |  | 905300 |
|  **Ground Transportation — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 46100 |  | 1671125 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 1900 |  | 369246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 5500 |  | 1587960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc.(a) | 4430 |  | 694624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 51700 |  | 4224407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 14560 |  | 3368019 |
|  |  |  | 11915381 |
|  **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 43150 |  | 5406263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 1640 |  | 256086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 13800 |  | 263718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 7110 |  | 1379838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 36667 |  | 3496198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The)\* | 4960 |  | 406522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 10060 |  | 667682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 14700 |  | 1253175 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 161 |  | 50908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 2559 |  | 55599 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 11492 |  | 942574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 5600 |  | 417144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 400 |  | 60668 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 2020 |  | 1366591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 1600 |  | 454784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 8780 |  | 4972641 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 31990 | $| 3072959 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc.(a) | 3600 |  | 867132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 3770 |  | 298735 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 2450 |  | 621124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 8400 |  | 2952348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 4700 |  | 422624 |
|  |  |  | 29685313 |
|  **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambea AB (Sweden), 144A | 1944 |  | 29747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 5950 |  | 1222725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 4700 |  | 1587425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 11650 |  | 479398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 6500 |  | 1788995 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 31383 |  | 2490555 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 900 |  | 102249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 5520 |  | 1935036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 2195 |  | 104845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 1368 |  | 78375 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 3900 |  | 1820754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 2600 |  | 196508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 2810 |  | 719725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 1900 |  | 476672 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 3050 |  | 2501885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 1350 |  | 234279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 2800 |  | 485884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 3949 |  | 59460 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 22320 |  | 7368055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 1300 |  | 283426 |
|  |  |  | 23965998 |
|  **Health Care REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 4180 |  | 204569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 18600 |  | 299088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 11668 |  | 902870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 17000 |  | 3155370 |
|  |  |  | 4561897 |
|  **Hotel & Resort REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 16082 |  | 285134 |
|  **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 10500 |  | 1425060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 248 |  | 9601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 800 |  | 4284264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 27300 |  | 833742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 32700 |  | 1209900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 2950 |  | 542859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 620 |  | 258428 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 9100 |  | 2060968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 2950 |  | 835765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 10000 |  | 49308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 5800 |  | 1666050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 7750 |  | 504448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 5528 |  | 1715007 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 17700 |  | 5409651 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| COMMON STOCKS (continued) | COMMON STOCKS (continued) | COMMON STOCKS (continued) | COMMON STOCKS (continued) |
| **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 5300 | $| 193397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\*(a) | 12000 |  | 267840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 6200 |  | 1729304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 28100 |  | 2366301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 2100 |  | 252693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 6900 |  | 1043832 |
|  |  |  | 26658418 |
|  **Household Durables — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc.(a) | 6800 |  | 979404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 4100 |  | 831685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock) | 5300 |  | 544840 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 70 |  | 510494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 5100 |  | 66116 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 4822 |  | 565428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 3800 |  | 97474 |
|  |  |  | 3595441 |
|  **Household Products — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 6100 |  | 511485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 3000 |  | 302490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 20200 |  | 1596204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 799 |  | 22972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp.(a) | 8400 |  | 847476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 58025 |  | 8315563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 937 |  | 75822 |
|  |  |  | 11672012 |
|  **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 19500 |  | 279630 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 942 |  | 49914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaria Energia y Medio Ambiente SA (Spain)\* | 2175 |  | 46229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 7900 |  | 1274507 |
|  |  |  | 1650280 |
|  **Industrial Conglomerates — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 13180 |  | 2110118 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 11000 |  | 74783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 6400 |  | 200714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 15712 |  | 3065254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 1100 |  | 18499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 609 |  | 170567 |
|  |  |  | 5639935 |
|  **Industrial REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 23384 |  | 2985201 |
|  **Insurance — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 604 |  | 25838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 5937 |  | 46168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 12000 |  | 1323240 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 7600 |  | 78228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 318 |  | 147036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 6500 |  | 1352975 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 13339 |  | 1141151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 5300 | $1870264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 9500 | 911240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 6300 | 1630377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 1300 | 313105 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 4019 | 192836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc.(a) | 7200 | 573840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 9086 | 2835922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 3937 | 642991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co. (Class A Stock) | 500 | 143325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 1040 | 352924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 1825 | 255245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 7000 | 964600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 4175 | 439669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 12000 | 2226240 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 13650 | 1077531 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 4600 | 107994 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 1303 | 100519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 5837 | 57785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 5100 | 449871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 14400 | 3279168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 4238 | 65194 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 4336 | 57406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 2500 | 84856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 328 | 43571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 200 | 7393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 5535 | 1605482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 2802 | 67225 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 7500 | 525900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 2340 | 768924 |
|  |  | 25766033 |
|  **Interactive Media & Services — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 144200 | 45134600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 115160 | 36137208 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 21500 | 57210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 6600 | 213114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 53950 | 35611856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 376 | 37765 |
|  |  | 117191753 |
|  **IT Services — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 15400 | 4131820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 3800 | 331550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 468 | 77711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 12200 | 1012600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Soken, Inc. (Japan) | 1500 | 26219 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 1340 | 274539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 900 | 24735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\*(a) | 1840 | 464195 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 3400 | 421872 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 23200 | 6872072 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 4700 | 159027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 400 | 12555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 3900 | 80362 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **IT Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 2080 | $| 505336 |
|  |  |  | 14394593 |
|  **Leisure Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 3200 |  | 262400 |
|  **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 6914 |  | 940788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 3800 |  | 223478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 1160 |  | 231397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 15600 |  | 3571152 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\*(a) | 4200 |  | 946722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 126 |  | 84951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medcap AB (Sweden)\* | 115 |  | 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\*(a) | 500 |  | 697095 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 350 |  | 15917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc.(a) | 3100 |  | 299925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 9300 |  | 5388885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 1400 |  | 531762 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 1800 |  | 495252 |
|  |  |  | 13434172 |
|  **Machinery — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 1156 |  | 18481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 11600 |  | 6645292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 3350 |  | 1710008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 3300 |  | 103870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 6140 |  | 2858600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 3400 |  | 663816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 7850 |  | 433399 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 1910 |  | 339865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 6600 |  | 1625580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 9100 |  | 720902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 700 |  | 22213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 2300 |  | 56149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 1300 |  | 312559 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTN Corp. (Japan) | 6100 |  | 14333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 9601 |  | 838647 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 13114 |  | 1436114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 3145 |  | 2764329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 4177 |  | 434993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 4222 |  | 136375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 23 |  | 8138 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 100 |  | 34600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 1300 |  | 447980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 3847 |  | 285755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 3703 |  | 131103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 4151 |  | 886031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 6200 |  | 844316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 2600 |  | 7024 |
|  |  |  | 23780472 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Marine Transportation — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 10 | $22945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 3000 | 41761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 900 | 27058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 3500 | 113371 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 11000 | 39362 |
|  |  | 244497 |
|  **Media — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc.<br>(Class A Stock)\*(a) | 2260 | 471775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 89980 | 2689502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class A Stock) | 5200 | 379964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 4133 | 268356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future PLC (United Kingdom) | 4158 | 29506 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class A Stock) | 9675 | 252711 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class B Stock) | 3800 | 112594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 7913 | 638975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Skydance Corp. (Class B Stock)(a) | 6890 | 92326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 339 | 35204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The) (Class A Stock)\* | 11000 | 417560 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 5651 | 25386 |
|  |  | 5413859 |
|  **Metals & Mining — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 1260 | 57859 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 6497 | 196074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 1842 | 102040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 10152 | 84959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 4748 | 69428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 35588 | 1807514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC (Mexico) | 3202 | 142779 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 700 | 8924 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. (Japan) | 1800 | 22502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 27100 | 2705935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 912 | 16049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 5600 | 913416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 275 | 26828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 1520 | 122438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.(a) | 3350 | 567657 |
|  |  | 6844402 |
|  **Multi-Utilities — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 6500 | 649090 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 17000 | 651780 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 7900 | 552447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 8900 | 883948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 21615 | 1266423 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co.(a) | 5000 | 644900 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 2088 | 39536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 6358 | 167021 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 3750 | 57519 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 12400 | 517824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 12600 | 1011780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra(a) | 16438 | 1451311 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Multi-Utilities (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc.(a) | 8213 | $| 866143 |
|  |  |  | 8759722 |
|  **Office REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc.(a) | 4000 |  | 269920 |
|  **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 9614 |  | 235158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 46899 |  | 7147877 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 30745 |  | 2878039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 19500 |  | 513240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 16000 |  | 586080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.(a) | 4800 |  | 721584 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 8900 |  | 62968 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 13400 |  | 1407134 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 15400 |  | 825440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 1443 |  | 34029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 6000 |  | 662160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 104414 |  | 12565181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Friedrich Vorwerk Group SE (Germany) | 220 |  | 20843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA (Portugal) | 1615 |  | 27811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan) | 1300 |  | 26001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 48498 |  | 1333210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 7319 |  | 1190289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 18304 |  | 752660 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 15800 |  | 1161300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 10138 |  | 1308208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 3393 |  | 125040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 5300 |  | 977850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 1410 |  | 404980 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 900 |  | 58678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 7500 |  | 1220925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 30200 |  | 1815322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 1880 |  | 29314 |
|  |  |  | 38091321 |
|  **Passenger Airlines — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 16000 |  | 1110400 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 21580 |  | 119821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 10017 |  | 69204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 1672 |  | 57647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 13200 |  | 545556 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 8100 |  | 905742 |
|  |  |  | 2808370 |
|  **Personal Care Products — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 5900 |  | 617848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 48500 |  | 836625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) | 322 |  | 21039 |
|  |  |  | 1475512 |
|  **Pharmaceuticals — 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 10900 |  | 145074 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 956 |  | 176917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 50370 |  | 2716958 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Pharmaceuticals (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 19670 | $| 21138955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 752 |  | 153132 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 3489 |  | 85540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 301 |  | 6275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 59708 |  | 12356571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 61433 |  | 6466437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 2684 |  | 369844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 1025 |  | 51986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 140870 |  | 3507663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 951 |  | 392735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 744 |  | 54019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 616 |  | 59601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Pharma Co. Ltd. (Japan)\* | 2200 |  | 32491 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 68 |  | 18947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 29386 |  | 365856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 11100 |  | 1396602 |
|  |  |  | 49495603 |
|  **Professional Services — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 9900 |  | 2546577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 2800 |  | 624876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 1135 |  | 25723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 4150 |  | 287014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc.(a) | 3000 |  | 650940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 3100 |  | 410626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 3200 |  | 577280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc.(a) | 8100 |  | 908658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 1120 |  | 178483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 200 |  | 11239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 546 |  | 39514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 3400 |  | 760546 |
|  |  |  | 7021476 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 7300 |  | 1173767 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 10700 |  | 719468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 1900 |  | 36180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 200 |  | 6644 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 208 |  | 15171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 1308 |  | 37643 |
|  |  |  | 1988873 |
|  **Residential REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.(a) | 3575 |  | 648183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 2600 |  | 286208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 9000 |  | 567360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 1450 |  | 379436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 14800 |  | 411292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 3000 |  | 416730 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc.(a) | 7900 |  | 289772 |
|  |  |  | 2998981 |
|  **Retail REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 2100 |  | 211680 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Retail REITs (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 17800 | $| 360806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 1584 |  | 62672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 22400 |  | 1262688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 4200 |  | 289926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 3778 |  | 10561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 7893 |  | 1461073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 528 |  | 57418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 29154 |  | 49635 |
|  |  |  | 3766459 |
|  **Semiconductors & Semiconductor Equipment — 7.3%** | **Semiconductors & Semiconductor Equipment — 7.3%** | **Semiconductors & Semiconductor Equipment — 7.3%** | **Semiconductors & Semiconductor Equipment — 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 40299 |  | 8630434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 1000 |  | 126448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 12147 |  | 3294266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 19700 |  | 5062703 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 471 |  | 507512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 117000 |  | 40493700 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\*(a) | 2700 |  | 705321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 111100 |  | 4099590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 700 |  | 46589 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 3250 |  | 3949010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 31100 |  | 5323698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 13500 |  | 860220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 27700 |  | 7905857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 1180 |  | 1069505 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 602100 |  | 112291649 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 6300 |  | 1367478 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\*(a) | 9900 |  | 536085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 5273 |  | 430540 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 26500 |  | 4532825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan)\* | 7100 |  | 97248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 3700 |  | 234617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 4000 |  | 774240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 22500 |  | 3903525 |
|  |  |  | 206243060 |
|  **Software — 5.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 10440 |  | 3653896 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 6700 |  | 4514594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 5200 |  | 1539252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 6700 |  | 2094286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\* | 100 |  | 18556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 6100 |  | 2859436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 8100 |  | 1101519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 600 |  | 1014372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 15600 |  | 1238796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 14678 |  | 399095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 6940 |  | 4597195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 184240 |  | 89102149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 100 |  | 14756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 412 |  | 46571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 41650 |  | 8118001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 56600 |  | 10060650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\*(a) | 16900 |  | 3112980 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\*(a) | 3000 |  | 522630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 2560 |  | 1139533 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 23550 | $| 6238630 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 568 |  | 138006 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 25650 |  | 3929323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 4487 |  | 2107634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan) | 500 |  | 20766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 5900 |  | 462265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 910 |  | 413095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc. (Class A Stock)\*(a) | 5300 |  | 1138334 |
|  |  |  | 149596320 |
|  **Specialized REITs — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 11560 |  | 2029589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 10800 |  | 959796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc.(a) | 7900 |  | 1222209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 2424 |  | 1857172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc.(a) | 5400 |  | 703188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 7602 |  | 630586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 3820 |  | 991290 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 2700 |  | 522261 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 27700 |  | 778924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 17818 |  | 422108 |
|  |  |  | 10117123 |
|  **Specialty Retail — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 410 |  | 1390515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 371 |  | 21882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 4775 |  | 319591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\*(a) | 3500 |  | 1477070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 24550 |  | 8447655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 655 |  | 43207 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 5561 |  | 6303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 29312 |  | 123390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 13900 |  | 3352124 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 20800 |  | 1897168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 7900 |  | 1423106 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 27600 |  | 4239636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co.(a) | 13300 |  | 665133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 1120 |  | 677611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 3100 |  | 553629 |
|  |  |  | 24638020 |
|  **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 366440 |  | 99620378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 7400 |  | 931512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 33148 |  | 796215 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc.(a) | 24148 |  | 538018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 651 |  | 66088 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 5000 |  | 535450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 3300 |  | 783354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 5300 |  | 1459567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 13100 |  | 383437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 8403 |  | 1447585 |
|  |  |  | 106561604 |
|  **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 575 |  | 123999 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 3920 | $| 406386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 2700 |  | 561087 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 233 |  | 175621 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 29400 |  | 1873074 |
| &nbsp;&nbsp;&nbsp;&nbsp; OVS SpA (Italy), 144A | 2075 |  | 11775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 273 |  | 30190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 800 |  | 282888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 5200 |  | 664404 |
|  |  |  | 4129424 |
|  **Tobacco — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 42500 |  | 2450550 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 2191 |  | 124209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 3258 |  | 136804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 1100 |  | 39537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 38600 |  | 6191440 |
|  |  |  | 8942540 |
|  **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 600 |  | 86256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co.(a) | 29000 |  | 1163770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 1500 |  | 41775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 5400 |  | 123513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 1500 |  | 44546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 3600 |  | 124605 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 1600 |  | 1294912 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 1100 |  | 1109955 |
|  |  |  | 3989332 |
|  **Water Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc.(a) | 5000 |  | 652500 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 3950 |  | 63462 |
|  |  |  | 715962 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 2400 |  | 67328 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 11800 |  | 2395872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 19860 |  | 26474 |
|  |  |  | 2489674 |
|  **TOTAL COMMON STOCKS**<br> (cost $249,561,598) |  |  | 1467504820 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |  |  |
|  **Automobiles — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 186 |  | 22699 |
|  **Banks — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Capital XIII, 10.470%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40 | 20000 |  | 604000 |
|  **Capital Markets — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) | 15000 |  | 336750 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** |
|  **Household Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 948 | $| 77343 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $969,414) |  |  | 1040792 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 0.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 0.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 0.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 18100 |  | 12397414 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 500 |  | 48015 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $6,812,598) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $6,812,598) |  | 12445429 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | |
|  **ASSET-BACKED SECURITIES — 7.1%** | **ASSET-BACKED SECURITIES — 7.1%** | **ASSET-BACKED SECURITIES — 7.1%** |  |
|  **Automobiles — 1.9%** | **Automobiles — 1.9%** |  |  |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.010% | 01/19/27 | 19 | 18964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.410% | 08/18/27 | 465 | 461410 |
|  ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 11/15/32 | 415 | 417963 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.660% | 02/20/28 | 2600 | 2541079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830% | 08/21/28 | 2900 | 2888344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 10/20/27 | 1100 | 1107128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 06/20/30 | 1100 | 1134186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 300 | 309301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.010% | 01/19/27 | 471 | 466861 |
|  BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.291% | 07/26/32 | 601 | 611576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.632% | 07/26/32 | 219 | 222151 |
|  Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520% | 05/15/36 | 514 | 520099 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/20/28 | 1000 | 1005065 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class B, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.910% | 05/15/34 | 400 | 392048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 08/15/35 | 2700 | 2753905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.280% | 02/15/36 | 1800 | 1860439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%(cc) | 08/15/36 | 2200 | 2256091 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%(cc) | 08/15/37 | 5500 | $| 5652062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370%(cc) | 02/15/38 | 5138 |  | 5180340 |
|  GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.490% | 06/12/34 | 200 |  | 196189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% | 12/11/36 | 500 |  | 514186 |
|  GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730% | 11/15/29 | 2200 |  | 2230171 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.260% | 07/14/28 | 1602 |  | 1599722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 11/14/29 | 3200 |  | 3224138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 04/16/35 | 4000 |  | 4142744 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090% | 05/15/30 | 529 |  | 532763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | 11/15/30 | 900 |  | 916700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | 12/15/31 | 1600 |  | 1640311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 06/17/30 | 500 |  | 510858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 01/15/31 | 1500 |  | 1511587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 09/15/31 | 1800 |  | 1810987 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | 01/22/30 | 200 |  | 204812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | 02/20/31 | 300 |  | 308556 |
|  Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 05/25/38 | 2500 |  | 2550108 |
|  Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630% | 01/15/31 | 1100 |  | 1106187 |
|  Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 04/18/38 | 855 |  | 860030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 02/18/39 | 920 |  | 931512 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54123712 |
|  **Collateralized Loan Obligations — 4.0%** | **Collateralized Loan Obligations — 4.0%** | **Collateralized Loan Obligations — 4.0%** | **Collateralized Loan Obligations — 4.0%** | **Collateralized Loan Obligations — 4.0%** |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(c) | 04/20/37 | 6750 |  | 6773895 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |  |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626%(c) | 04/15/31 | 1718 | $2009870 |
|  Canyon Capital CLO Ltd. (Cayman Islands), | Canyon Capital CLO Ltd. (Cayman Islands), | Canyon Capital CLO Ltd. (Cayman Islands), | Canyon Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.166%(c) | 07/15/30 | 1130 | 1130343 |
|  Clover CLO LLC, | Clover CLO LLC, | Clover CLO LLC, | Clover CLO LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(c) | 04/20/37 | 7000 | 7023512 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A2R, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A2R, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A2R, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A2R, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 05/22/32 | 2276 | 2667545 |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 6750 | 6770789 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.404%(c) | 04/20/37 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020667 |
|  Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.654%(c) | 05/24/38 | 6500 | 7641843 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254%(c) | 10/19/38 | 5250 | 6164580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(c) | 01/26/38 | 7000 | 8231904 |
|  Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1R2, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1R2, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1R2, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1R2, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%(c) | 01/20/38 | 3250 | 3261755 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.195%(c) | 10/15/32 | 5896 | 5901262 |
|  Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.654%(c) | 05/15/37 | 6750 | 7951122 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.286%(c) | 07/15/31 | 89 | 89187 |
|  Palmer Square CLO Ltd. (Cayman Islands), | Palmer Square CLO Ltd. (Cayman Islands), | Palmer Square CLO Ltd. (Cayman Islands), | Palmer Square CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%(c) | 05/21/34 | 7250 | 7248066 |
|  Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.266%(c) | 10/17/38 | 4250 | 4996931 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.295%(c) | 10/15/37 | 6500 | $6525436 |
|  St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A1R, 144A, 3 Month EURIBOR + 0.940% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A1R, 144A, 3 Month EURIBOR + 0.940% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A1R, 144A, 3 Month EURIBOR + 0.940% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A1R, 144A, 3 Month EURIBOR + 0.940% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.944%(c) | 07/20/35 | 2000 | 2345229 |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.199%(c) | 10/15/38 | 5500 | 6476942 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055%(c) | 07/25/34 | 3000 | 3522317 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 01/20/37 | 7250 | 7253553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.614%(c) | 03/18/38 | 1750 | 1756566 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111763314 |
|  **Consumer Loans — 0.4%** | **Consumer Loans — 0.4%** | **Consumer Loans — 0.4%** | **Consumer Loans — 0.4%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 02/15/29 | 700 | 701092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220% | 12/17/29 | 137 | 137269 |
|  Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.990% | 02/15/33 | 2900 | 2928854 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.930% | 06/25/60 | 376 | 376818 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 1458 | 1435586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%(c) | 06/16/36 | 2000 | 2002323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 09/15/36 | 3400 | 3467994 |
|  |  |  | 11049936 |
|  **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.024%(c) | 03/15/32 | 3400 | 4604007 |
|  NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%(c) | 07/15/32 | 1400 | 1890670 |
|  |  |  | 6494677 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Equipment — 0.1%** | **Equipment — 0.1%** | **Equipment — 0.1%** |  |  |
|  Barings Equipment Finance LLC, | Barings Equipment Finance LLC, | Barings Equipment Finance LLC, | Barings Equipment Finance LLC, | Barings Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820% | 08/13/32 | 1800 | $| 1842154 |
|  MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290% | 11/12/41 | 1133 |  | 1124298 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966452 |
|  **Home Equity Loans — 0.4%** | **Home Equity Loans — 0.4%** | **Home Equity Loans — 0.4%** |  |  |
|  COOPR Residential Mortgage Trust, | COOPR Residential Mortgage Trust, | COOPR Residential Mortgage Trust, | COOPR Residential Mortgage Trust, | COOPR Residential Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%(cc) | 06/25/60 | 1780 |  | 1795599 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.118%(c) | 02/25/55 | 1131 |  | 1130637 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(cc) | 02/25/44 | 534 |  | 538412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 613 |  | 621885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%(cc) | 12/25/44 | 945 |  | 955061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.472%(cc) | 06/25/55 | 2133 |  | 2153228 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 109 |  | 109916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%(cc) | 05/25/64 | 924 |  | 934644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(cc) | 09/25/64 | 1029 |  | 1030249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 1597 |  | 1599958 |
|  |  |  |  | 10869589 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |
|  Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 01/17/41 | 485 |  | 456635 |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  TFS (Spain), | TFS (Spain), | TFS (Spain), | TFS (Spain), | TFS (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(s) | 04/16/40^ | — (r) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127%(c) | 03/15/26^ | 457 |  | 403176 |
|  |  |  |  | 403177 |
|  **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.130% | 02/15/68 | 150 |  | 148559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.120% | 01/15/69 | 271 |  | 259898 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Student Loans (cont'd.)** | **Student Loans (cont'd.)** | **Student Loans (cont'd.)** |  |
|  Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.519%(c) | 05/25/70 | 657 | $644939 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690% | 06/15/48 | 127 | 126575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.090% | 08/17/48 | 188 | 185137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/16/48 | 344 | 333512 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 490 | 474392 |
|  |  |  | 2173012 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $195,486,065) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $195,486,065) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $195,486,065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200300504 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.7%** |
|  BANK, | BANK, | BANK, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.717% | 06/15/64 | 3500 | 3186271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/15/64 | 3900 | 3436433 |
|  BANK5, | BANK5, | BANK5, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.902%(cc) | 12/15/57 | 4035 | 4242780 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.047% | 12/15/51 | 3850 | 3819980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.421% | 11/15/54 | 4500 | 4054891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C19, Class A2A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C19, Class A2A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C19, Class A2A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C19, Class A2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.756% | 04/15/56 | 1760 | 1783782 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.761% | 04/10/51 | 3363 | 3335622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.010% | 03/15/54 | 2000 | 1815283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.626% | 04/15/56 | 3000 | 3060381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.909%(cc) | 11/15/57 | 5140 | 5402116 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.566%(cc) | 11/15/57 | 4500 | 4673089 |
|  BXP Trust, | BXP Trust, | BXP Trust, | BXP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.618% | 01/15/44 | 3990 | 3511657 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.944% | 05/10/49 | 1397 | 1393131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442% | 04/14/50 | 3541 | 3516893 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127% | 06/15/50 | 3432 | 3381063 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.335%(cc) | 03/25/26 | 3659 | 3992 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% | 10/10/49 | 3324 | 3300854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.178% | 11/10/49 | 3029 | 3009566 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.109% | 07/15/50 | 1974 | 1947551 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.881% | 06/15/49 | 480 | 478618 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.791% | 11/15/49 | 1740 | 1720652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.531% | 08/15/49 | 6152 | 6111592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.158% | 06/15/52 | 4223 | 4099523 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.212% | 11/15/50 | 3288 | 3239220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.854% | 03/15/51 | 1576 | 1560587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180% | 12/15/51 | 2099 | 2105701 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642% | 11/15/49 | 4393 | 4384257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 2893 | 2857941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | 03/15/52 | 1744 | 1741296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.810% | 07/15/53 | 4821 | 4379731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.406% | 11/15/54 | 9000 | 7976094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% | 07/15/57 | 5200 | 5444155 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $109,034,439) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $109,034,439) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $109,034,439) | 104974702 |
|  **CORPORATE BONDS — 10.9%** | **CORPORATE BONDS — 10.9%** | **CORPORATE BONDS — 10.9%** | **CORPORATE BONDS — 10.9%** |
|  **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |  |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 3300 | 3293878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/26 | 860 | 858755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/01/35 | 1920 | 1667995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 03/01/38 | 960 | 808438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/01/49 | 1500 | 1116882 |
|  |  |  | 7745948 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |  |
|  BAT Capital Corp. (United Kingdom),<br>Gtd. Notes | BAT Capital Corp. (United Kingdom),<br>Gtd. Notes | BAT Capital Corp. (United Kingdom),<br>Gtd. Notes | BAT Capital Corp. (United Kingdom),<br>Gtd. Notes | BAT Capital Corp. (United Kingdom),<br>Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | 03/25/28 |  | 3190 | $3069107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | 08/15/27 |  | 360 | 357161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 |  | 2075 | 1908049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343% | 08/02/30 |  | 345 | 372869 |
|  Imperial Brands Finance PLC (United Kingdom),<br>Gtd. Notes, 144A, MTN | Imperial Brands Finance PLC (United Kingdom),<br>Gtd. Notes, 144A, MTN | Imperial Brands Finance PLC (United Kingdom),<br>Gtd. Notes, 144A, MTN | Imperial Brands Finance PLC (United Kingdom),<br>Gtd. Notes, 144A, MTN | Imperial Brands Finance PLC (United Kingdom),<br>Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/30 |  | 1120 | 1158276 |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/30 |  | 3190 | 3296877 |
|  |  |  |  | 10162339 |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |  |
|  American Airlines 2015-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2015-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2015-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2015-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2015-1 Class A Pass-Through Trust,<br>Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 |  | 1249 | 1233066 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 02/10/30 (a) |  | 1375 | 1277554 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 |  | 590 | 589665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 |  | 115 | 114366 |
|  |  |  |  | 3214651 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |  |
|  Wolverine World Wide, Inc.,<br>Gtd. Notes, 144A | Wolverine World Wide, Inc.,<br>Gtd. Notes, 144A | Wolverine World Wide, Inc.,<br>Gtd. Notes, 144A | Wolverine World Wide, Inc.,<br>Gtd. Notes, 144A | Wolverine World Wide, Inc.,<br>Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/29 |  | 550 | 508323 |
|  **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |  |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 |  | 660 | 521982 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 |  | 200 | 192512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/08/29 |  | 475 | 485387 |
|  General Motors Co., | General Motors Co., | General Motors Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 04/01/36 |  | 585 | 636550 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 10/15/28 |  | 2055 | 1959370 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/08/30 |  | 3370 | 3471569 |
|  Volkswagen Group of America Finance LLC (Germany),<br>Gtd. Notes, 144A | Volkswagen Group of America Finance LLC (Germany),<br>Gtd. Notes, 144A | Volkswagen Group of America Finance LLC (Germany),<br>Gtd. Notes, 144A | Volkswagen Group of America Finance LLC (Germany),<br>Gtd. Notes, 144A | Volkswagen Group of America Finance LLC (Germany),<br>Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 11/16/28 |  | 2854 | 2988229 |
|  |  |  |  | 10255599 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |  |
|  Qnity Electronics, Inc.,<br>Gtd. Notes, 144A | Qnity Electronics, Inc.,<br>Gtd. Notes, 144A | Qnity Electronics, Inc.,<br>Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/33 |  | 35 | 36349 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/32 | 65 | 66583 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 400 | 401743 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504675 |
|  **Banks — 3.0%** | **Banks — 3.0%** | **Banks — 3.0%** | **Banks — 3.0%** |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(ff) | 03/14/30 | 600 | 620222 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%(ff) | 04/25/34 | 905 | 933262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 1805 | 1621368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%(ff) | 02/13/31 | 5165 | 4810709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.194%(ff) | 07/23/30 | 1050 | 1014215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 615 | 613473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 03/03/26 | 4790 | 4790939 |
|  Bank of America NA, | Bank of America NA, | Bank of America NA, | Bank of America NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/15/36 | 805 | 873921 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837%(ff) | 09/10/28 | 705 | 712977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.942%(ff) | 09/10/30 | 1830 | 1860515 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | 01/20/33 | 1335 | 1217471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176%(ff) | 01/09/30 | 2200 | 2253708 |
|  Capital One NA, | Capital One NA, | Capital One NA, | Capital One NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/13/26 | 595 | 595128 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 | 400 | 399467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 400 | 420770 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 2100 | 1906092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%(ff) | 01/10/28 | 560 | 558928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 | 5280 | 5319933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 07/23/48 | 420 | 370977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 1485 | 1494497 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 1285 | 1334902 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 500 | 491299 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542%(ff) | 09/10/27 | 2345 | 2304187 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 | 440 | 437375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 01/26/27 | 2625 | 2623045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%(ff) | 01/28/31 | 2155 | 2225575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 10/01/37 | 225 | 251402 |
|  Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.208%(ff) | 08/21/29 | 395 | 414261 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.406%(c) | 04/01/26(oo) | 230 | 230376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | 04/22/32 | 1585 | 1448909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%(ff) | 02/01/28 | 270 | 269362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.964%(ff) | 11/15/48 | 2240 | 1804664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%(ff) | 04/23/29 | 1360 | 1358699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.299%(ff) | 07/24/29 | 4890 | 5033355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%(ff) | 07/23/36 | 310 | 321265 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%(ff) | 03/06/35 | 475 | 515900 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.242%(ff) | 04/19/29 | 1740 | 1785390 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 07/20/29 | 1855 | 1914361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.407%(ff) | 11/01/29 | 3220 | 3412284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%(ff) | 07/21/32 | 2770 | 2459840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(ff) | 01/23/30 | 455 | 457547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | 04/28/32 | 775 | 679997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.591%(cc) | 07/22/28 | 1030 | 1022936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 10/22/36 | 790 | 783631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 09/08/26 | 3050 | 3053608 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.954%(ff) | 07/08/33 | 2950 | 2998403 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.161%(ff) | 10/30/29 | 745 | 803472 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364%(ff) | 01/30/27 | 2250 | 2245035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 560 | 518809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%(ff) | 04/01/31 | 500 | 494781 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.068%(ff) | 04/30/41 | 1375 | 1067829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | 04/24/34 | 1635 | 1699376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.491%(ff) | 10/23/34 | 2555 | 2829451 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 02/11/31 | 2895 | 2703919 |
|  |  |  | 84383817 |
|  **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/36 | 1220 | 1209164 |
|  Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 08/01/31 | 780 | 691934 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901098 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/35(a) | 920 | 939209 |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/09/30 | 1305 | 1344825 |
|  Owens Corning, | Owens Corning, | Owens Corning, | Owens Corning, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/30 | 415 | 407480 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 675 | 702401 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/28 | 300 | 299061 |
|  |  |  | 3692976 |
|  **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
|  Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.400% | 05/15/39 | 15 | 19349 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | 11/15/48 | 34 | 32378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725% | 11/15/28 | 686 | 694019 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 04/30/30 | 660 | 689119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/02/34 | 901 | 971683 |
|  Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/27/28 | 405 | 397507 |
|  Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/30 | 695 | 701331 |
|  |  |  | 3505386 |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 175 | 179753 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |

---

---

| | | | |
|:---|:---|:---|:---|
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |  |  |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 416 | 486590 |
|  ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/37 | 390 | 452053 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/15/31 | 300 | 304304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/34 | 65 | 65859 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 250 | 234553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/15/28 | 660 | 660520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/30(a) | 165 | 167235 |
|  University of Miami, | University of Miami, | University of Miami, | University of Miami, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | 04/01/52 | 815 | 653448 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204315 |
|  **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
|  Ally Financial, Inc., | Ally Financial, Inc., | Ally Financial, Inc., | Ally Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.543%(ff) | 01/17/31(a) | 465 | 475796 |
|  Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/14/27 | 3485 | 3470151 |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608% | 07/14/31 | 1490 | 1342848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070% | 07/12/28 | 1680 | 1753428 |
|  |  |  | 7042223 |
|  **Electric — 1.0%** | **Electric — 1.0%** | **Electric — 1.0%** | **Electric — 1.0%** |
|  Abu Dhabi National Energy Co. PJSC (United Arab Emirates), | Abu Dhabi National Energy Co. PJSC (United Arab Emirates), | Abu Dhabi National Energy Co. PJSC (United Arab Emirates), | Abu Dhabi National Energy Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/29/28 | 370 | 351977 |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/28 | 2105 | 2095284 |
|  Alfa Desarrollo SpA (Chile), | Alfa Desarrollo SpA (Chile), | Alfa Desarrollo SpA (Chile), | Alfa Desarrollo SpA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/27/51 | 433 | 347996 |
|  Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/37 | 335 | 358956 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 | 875 | 844592 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series K2 | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series K2 | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series K2 | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series K2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/15/33 | 300 | 340443 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688% | 05/15/29 | 1000 | 988600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |
|  Connecticut Light & Power Co. (The), | Connecticut Light & Power Co. (The), | Connecticut Light & Power Co. (The), | Connecticut Light & Power Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 07/01/31 | 2290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034090 |
|  Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 09-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 09-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 09-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 09-C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/39 | 145 | 148275 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/15/41 | 240 | 211160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 04/15/38 | 530 | 573191 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/38 | 1220 | 1314555 |
|  El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/15/35 | 845 | 878730 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/12/31 | 1500 | 1347430 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 349 | 360997 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/28 | 530 | 540857 |
|  Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 10/01/33 | 275 | 300672 |
|  Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/33 | 140 | 153178 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/14/28 | 575 | 568204 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/28/28 | 2515 | 2562382 |
|  Northern States Power Co., | Northern States Power Co., | Northern States Power Co., | Northern States Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/47 | 1035 | 778195 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 50 | 46712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 150 | 140166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 12/02/27 | 345 | 333282 |
|  Ohio Power Co., | Ohio Power Co., | Ohio Power Co., | Ohio Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/49 | 465 | 358056 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/46 | 2605 | 1953187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 1665 | 1409819 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/15/50 | 785 | 491757 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |
|  Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 05/01/28 | 850 | 845947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 12/15/32 | 820 | 838322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/01/37 | 515 | 554591 |
|  Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% | 08/15/30 | 1235 | 1095060 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/15/48 | 1010 | 812630 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 350 | 263128 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/01/45 | 690 | 496786 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 495 | 494793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 10/15/30 | 500 | 499437 |
|  Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/41 | 480 | 440533 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28173970 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  AECOM, | AECOM, | AECOM, | AECOM, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/33 | 65 | 66599 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 415 | 413186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 1350 | 1189266 |
|  |  |  | 1669051 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 400 | 414235 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Clean Harbors, Inc., | Clean Harbors, Inc., | Clean Harbors, Inc., | Clean Harbors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/33 | 255 | 261781 |
|  **Foods — 0.2%** | **Foods — 0.2%** | **Foods — 0.2%** | **Foods — 0.2%** |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/31/31 | 55 | 55647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/31/34 | 70 | 70263 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/33 | 635 | 662166 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 | 200 | 193372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 575 | 548024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** |  |  |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 07/16/40 | 535 | 384401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 2680 | 2752187 |
|  |  |  | 4666060 |
|  **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  Boston Gas Co., | Boston Gas Co., | Boston Gas Co., | Boston Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.843% | 01/10/35 | 920 | 972467 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 02/15/31 | 270 | 236948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 05/01/30 | 1600 | 1555386 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/29 | 2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043217 |
|  |  |  | 4808018 |
|  **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 475 | 464435 |
|  **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
|  Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/36 | 480 | 528435 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/15/40 | 1555 | 1229537 |
|  CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318% | 12/01/34 | 2650 | 2700921 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/51 | 885 | 631151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/42 | 330 | 296590 |
|  Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/47 | 670 | 558106 |
|  Molina Healthcare, Inc., | Molina Healthcare, Inc., | Molina Healthcare, Inc., | Molina Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/31 | 285 | 292937 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 425 | 417372 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/33 | 200 | 198536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/52 | 455 | 393394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/63 | 1030 | 923194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/64 | 1380 | 1298166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/15/64 | 650 | 635018 |
|  |  |  | 10103357 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |  |  |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 350 | 369582 |
|  **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
|  KB Home, | KB Home, | KB Home, | KB Home, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/15/31 | 400 | 378914 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/32 | 70 | 72016 |
|  |  |  | 450930 |
|  **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
|  Whirlpool Corp., | Whirlpool Corp., | Whirlpool Corp., | Whirlpool Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 06/15/30 | 85 | 84992 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/15/30(a) | 135 | 131912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32(a) | 70 | 67677 |
|  |  |  | 199589 |
|  **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/07/33 | 2375 | 2517686 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.951% | 10/15/50 | 1125 | 833374 |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 10/09/37 | 701 | 753834 |
|  Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/30/43 | 165 | 150825 |
|  Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/15/42 | 105 | 94415 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.270% | 05/15/47 | 1430 | 1180378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 12/16/39 | 122 | 140472 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670984 |
|  **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/15/32 | 250 | 250781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/15/35 | 720 | 720458 |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 2582 | 2733477 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 430 | 433529 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Internet (cont'd.)** | **Internet (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 1390 | 1388934 |
|  |  |  | 5527179 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 07/15/32 | 285 | 302168 |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 245 | 253602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 145 | 150746 |
|  |  |  | 706516 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/15/29 | 350 | 357931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/35 | 1680 | 1702691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/15/32 | 1435 | 1340266 |
|  |  |  | 3400888 |
|  **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 75 | 74915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/26 | 425 | 425529 |
|  Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/30/29 | 1370 | 1386345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | 10/23/45 | 635 | 597323 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/64 | 1920 | 1715309 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 06/15/31 | 3695 | 3288865 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/42 | 560 | 431011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/41 | 270 | 236842 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8156139 |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/21/35 | 205 | 211489 |
|  Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 03/15/34 | 760 | 796195 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 | 250 | 259462 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** |  |  |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/14/35 | 155 | 159893 |
|  |  |  | 1427039 |
|  **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
|  Pentair Finance Sarl, | Pentair Finance Sarl, | Pentair Finance Sarl, | Pentair Finance Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/29 | 2415 | 2422721 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 890 | 916976 |
|  **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% | 12/01/26 | 1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253287 |
|  **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 530 | 486036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 2045 | 1972988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/34 | 305 | 298834 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/29 | 960 | 984854 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/47 | 506 | 464312 |
|  Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 07/15/41 | 225 | 217911 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/29/30 | 440 | 445830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 1315 | 1410535 |
|  EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 25 | 27497 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/32 | 325 | 321044 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/30 | 305 | 295937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/32 | 325 | 305742 |
|  Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/03/26 | 335 | 335335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/03/28 | 345 | 351307 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/38 | 40 | 36440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 1375 | 1371054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% | 01/23/30 | 100 | 101590 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |  |
|  QatarEnergy (Qatar), | QatarEnergy (Qatar), | QatarEnergy (Qatar), | QatarEnergy (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 09/12/26 | 500 | 489915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 07/12/31 | 545 | 489028 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/19/33 | 635 | 691203 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11097392 |
|  **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 09/15/31 (a) | 300 | 276426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 725 | 746040 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.570% | 01/15/26 | 3570 | 3564812 |
|  Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/01/28 | 75 | 76246 |
|  Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418% | 01/15/35 | 600 | 616517 |
|  |  |  | 5280041 |
|  **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/21/39 | 140 | 124997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/35 | 1770 | 1744747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/14/45 | 425 | 384283 |
|  Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/15/35 (a) | 2460 | 2501191 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/20/45 | 985 | 890406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 12/05/43 | 185 | 172315 |
|  Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 10/15/32 | 3550 | 3599744 |
|  Mylan, Inc., | Mylan, Inc., | Mylan, Inc., | Mylan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 11/29/43 | 590 | 507721 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/22/40 | 520 | 399059 |
|  |  |  | 10324463 |
|  **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 590 | 624557 |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/29 | 2600 | 2661189 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |  |
|  Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 12/15/44 | 45 | 38720 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/15/28 | 795 | 808212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 12/15/45 | 120 | 118040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/01/30 | 280 | 302532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 12/01/33 | 4380 | 4806206 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.510% | 02/23/42 | 475 | 519384 |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/15/51 | 1575 | 1100424 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 04/15/48 | 770 | 640424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 25 | 22349 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 10/01/36 | 130 | 141574 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 03/15/30 | 3495 | 3324685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 764 | 813098 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 09/15/30 (a) | 2225 | 2268480 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 80 | 75144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 55 | 50042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 400 | 404559 |
|  Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 12/15/30 | 196 | 199554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/15/34 | 70 | 71560 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 80 | 69040 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 01/15/45 | 1100 | 986988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 370 | 376406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/35 | 1455 | 1511700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21934867 |
|  **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 03/15/34 | 420 | 359601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/36 | 1900 | 1878537 |
|  American Tower Corp., | American Tower Corp., | American Tower Corp., | American Tower Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 10/15/30 | 2235 | 1994273 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 12/01/33 | 945 | 806985 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 12/15/32 | 2500 | 2561443 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 10/01/30 | 2420 | 2268502 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/31 | 625 | 454493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 | 275 | 265488 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10589322 |
|  **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/15/28 | 400 | 393744 |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/01/29 | 200 | 189421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/01/31 | 375 | 346900 |
|  |  |  | 930065 |
|  **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 07/12/29 | 885 | 911226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | 11/15/36 | 3650 | 3097012 |
|  |  |  | 4008238 |
|  **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
|  Workday, Inc., | Workday, Inc., | Workday, Inc., | Workday, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 04/01/32 | 1845 | 1765869 |
|  **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 02/01/32 | 2840 | 2493337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 12/01/33 | 346 | 295395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/53 | 1367 | 915988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/15/59 | 4 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/35 | 1095 | 1051785 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/15/29 | 75 | 73618 |
|  Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 08/15/32 | 4300 | 4435741 |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/15/32 (a) | 2480 | 2333594 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 02/15/31 | 965 | 881502 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/15/27 | 200 | 199358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 | 5500 | 5405887 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% | 03/15/32 | 1090 | 960732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 03/21/31 | 1017 | 928811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 11/20/40 | 1095 | 782682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401% | 07/02/37 | 424 | 428775 |
|  |  |  | 21189848 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 08/01/28 | 585 | 623357 |
|  CSX Corp., | CSX Corp., | CSX Corp., | CSX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 05/01/37 | 690 | 757879 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/01/31 | 100 | 104294 |
|  |  |  | 1485530 |
|  **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/01/29 | 2630 | 2702838 |
|  **TOTAL CORPORATE BONDS**<br>(cost $314,245,275) | **TOTAL CORPORATE BONDS**<br>(cost $314,245,275) | **TOTAL CORPORATE BONDS**<br>(cost $314,245,275) | 308577552 |
|  **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** |
|  **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** |
|  Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263% | 09/15/32 | 180 | 179849 |
|  **California — 0.1%** | **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
|  Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.263% | 04/01/49 | 1305 | 1380993 |
|  State of California, | State of California, | State of California, | State of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 10/01/39 | 1250 | 1459856 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 04/01/34 | 350 | 408079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 03/01/40 | 205 | 248247 |
|  |  |  | 3497175 |
|  **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** |
|  Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.844% | 11/01/50 | 565 | 569775 |
|  **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
|  Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.395% | 01/01/40 | 970 | 1077070 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
|  New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414% | 01/01/40 | 1000 | $1207150 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% | 06/01/40 | 415 | 415282 |
|  **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% | 12/01/45 | 505 | 502533 |
|  **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
|  University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.179% | 09/01/2117 | 355 | 261686 |
|  **TOTAL MUNICIPAL BONDS**<br>(cost $7,199,636) | **TOTAL MUNICIPAL BONDS**<br>(cost $7,199,636) | **TOTAL MUNICIPAL BONDS**<br>(cost $7,199,636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7710520 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.0%** |
|  ATLX Trust, | ATLX Trust, | ATLX Trust, | ATLX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(cc) | 04/25/63 | 2349 | 2294573 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%(cc) | 02/25/35 | 24 | 22966 |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(cc) | 05/25/63 | 1224 | 1229401 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 09/25/64 | 446 | 398345 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.731%(cc) | 02/25/37 | 22 | 21815 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 06/25/64 | 1165 | 1158701 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.874%(c) | 05/25/45 | 807 | 807885 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(cc) | 09/25/57 | 357 | 345988 |
|  Cross Mortgage Trust, | Cross Mortgage Trust, | Cross Mortgage Trust, | Cross Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.509%(cc) | 07/25/70 | 1411 | 1423173 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.061%(c) | 04/25/50 | 623 | 83398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/25/51 | 2478 | 468915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.076%(c) | 08/25/52 | 1442 | 139523 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 07/25/55 | 5643 | $5717497 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.524%(c) | 01/25/34 | 49 | 49358 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4535, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4535, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4535, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4535, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/44 | 198 | 193619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/25/40 | 794 | 118446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 10/25/50 | 1604 | 45672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/25/52 | 240 | 4856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/25/55 | 4501 | 3706852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 06/25/55 | 3540 | 3587034 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/25/53 | 2468 | 526676 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.012%(c) | 09/20/48 | 709 | 17329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 10/20/48 | 900 | 22715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-151, Class SL, IO, 1 Month SOFR x (1) + 3.686% (Cap 3.800%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-151, Class SL, IO, 1 Month SOFR x (1) + 3.686% (Cap 3.800%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-151, Class SL, IO, 1 Month SOFR x (1) + 3.686% (Cap 3.800%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-151, Class SL, IO, 1 Month SOFR x (1) + 3.686% (Cap 3.800%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 11/20/48 | 2918 | 81261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 07/20/49 | 2866 | 30625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/49 | 1443 | 30352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/50 | 1274 | 212437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/20/51 | 1649 | 225543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 01/20/50 | 356 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 594 | 11118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 2664 | 49362 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 871 | $23513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 715 | 22541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (Cap 3.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/20/52 | 558 | 10948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/51 | 5352 | 573736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.072%(c) | 07/20/52 | 2607 | 212187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 07/20/52 | 3235 | 67494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.032%(c) | 07/20/52 | 7525 | 172512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.032%(c) | 07/20/52 | 1186 | 29303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/52 | 1238 | 21996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-178, Class SA, IO, 30 Day Average SOFR x (1) + 4.900% (Cap 4.900%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-178, Class SA, IO, 30 Day Average SOFR x (1) + 4.900% (Cap 4.900%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-178, Class SA, IO, 30 Day Average SOFR x (1) + 4.900% (Cap 4.900%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-178, Class SA, IO, 30 Day Average SOFR x (1) + 4.900% (Cap 4.900%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.982%(c) | 10/20/52 | 1472 | 68244 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.186%(cc) | 07/25/35 | 6 | 6263 |
|  Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.003%(c) | 01/24/63 | 656 | 772004 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.892%(cc) | 10/25/66 | 180 | 179788 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.131%(cc) | 07/25/60 | 1071 | 986896 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.596%(c) | 01/25/48 | 81 | 79749 |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(cc) | 06/25/64 | 871 | 839505 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 12/25/54 | 1781 | 1749060 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.298%(cc) | 02/25/34 | 31 | 29664 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  <br> **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | <br> **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | <br> **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | <br> **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | <br> **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 10/25/60 | 377 | $| 345656 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $28,930,774) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $28,930,774) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $28,930,774) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29216646 |
|  **SOVEREIGN BONDS — 0.5%** | **SOVEREIGN BONDS — 0.5%** | **SOVEREIGN BONDS — 0.5%** | **SOVEREIGN BONDS — 0.5%** | **SOVEREIGN BONDS — 0.5%** |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 | 465 |  | 422859 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/26/30 | 1010 |  | 1037283 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 | 2034 |  | 2103156 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 05/13/37 | 1615 |  | 1724013 |
|  Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/26 | 1500 |  | 1500000 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/16/50 (a) | 340 |  | 261756 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783% | 01/23/31 | 514 |  | 475707 |
|  Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/12/35 | 1575 |  | 1635244 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/16/30 | 3710 |  | 3821597 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/13/28 | 1690 |  | 1725912 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $14,408,825) | **TOTAL SOVEREIGN BONDS**<br>(cost $14,408,825) | **TOTAL SOVEREIGN BONDS**<br>(cost $14,408,825) |  | 14707527 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.9%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/15/36 | 850 |  | 928045 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 1045 |  | 806057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 04/01/51 | 551 |  | 425665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/32 | 200 |  | 191076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/40 | 567 |  | 504523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/40 | 958 |  | 849466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/50 | 2338 |  | 1909383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 1840 |  | 1500859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 942 |  | 767908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 59 |  | 48016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 482 |  | 392696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/51 | 392 |  | 322047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/30 | 77 |  | 74718 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/35 | 1174 | $1121773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 516 | 442618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 4586 | 3910762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 2111 | 1787164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 390 | 332433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 2186 | 1862488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/51 | 3657 | 3135768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 2274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/28 | 38 | 38002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/29 | 98 | 97222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/37 | 58 | 54931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/42 | 101 | 93850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/42 | 252 | 233599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 240 | 222089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/43 | 644 | 595415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/46 | 1385 | 1258787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 4062 | 3688551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/49 | 885 | 793090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 1127 | 1008455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/50 | 229 | 204126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 2015 | 1807575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 3035 | 2690664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/42 | 105 | 100523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/47 | 182 | 171716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/47 | 286 | 270281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/48 | 2129 | 2006122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/26 | 5 | 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/26 | 2 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/38 | 108 | 106303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/39 | 186 | 183187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/40 | 226 | 221120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/40 | 112 | 109647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/41 | 89 | 87455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/42 | 37 | 36538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/52 | 642 | 616849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/52 | 1962 | 1872272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/52 | 813 | 776196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/53 | 1968 | 1887179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/39 | 36 | 36797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/39 | 327 | 330462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/39 | 35 | 35617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/47 | 68 | 67220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/48 | 139 | 138467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/53 | 484 | 474534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/34 | 8 | 7724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/34 | 84 | 85103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/35 | 2 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/37 | 124 | 127523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/39 | 18 | 18534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/52 | 798 | 798697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/53 | 2657 | 2660211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/53 | 1320 | 1321674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/53 | 1589 | 1591174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/33 | 12 | 12369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/34 | 15 | 15471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/34 | 20 | 20176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/34 | 56 | 56723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/37 | 16 | 17082 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/38 | 127 | $132245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/38 | 14 | 14403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/38 | 38 | 39646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/52 | 376 | 383683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/53 | 7443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/32 | 63 | 64325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/33 | 17 | 17033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/36 | 16 | 16997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/37 | 8 | 8417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | 6 | 6567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/38 | 1 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/39 | 19 | 19801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 493 | 508271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 500 | 569281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 05/01/31 | 2 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/01/31 | 8 | 7968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 08/01/31 | 63 | 65917 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/01/42 | 393 | 331637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 2747 | 2119521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 12/01/50 | 2905 | 2244169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 01/01/51 | 867 | 668923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 07/01/51 | 702 | 542828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/31 | 500 | 480758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/31 | 196 | 187493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/32 | 1055 | 1007225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/41 | 1205 | 1058043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/41 (k) | 2703 | 2355809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 5565 | 4543385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 1296 | 1057060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 1083 | 883963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 52 | 42390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 5804 | 4730124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 2231 | 1817246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 17334 | 14110112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/01/51 | 426 | 346812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/32 | 471 | 453860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/32 | 528 | 510268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/32 | 500 | 482887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/35 | 3266 | 3111291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/35 | 1694 | 1629078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/37 | 396 | 375896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/43 | 257 | 230634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/46 | 567 | 494109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/50 | 564 | 485990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/50 | 1590 | 1360508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/50 | 1970 | 1683280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 1117 | 947265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 1361 | 1152759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 1290 | 1101424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 2271 | 1937702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 766 | 652508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/51 | 808 | 688788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/51 | 3052 | 2625172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 381 | 326665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/52 | 1118 | 960809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/27 | 65 | 64802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/30 | 205 | 201371 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/35 | 1995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/36 | 1215 | 1174995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/36 | 423 | 401814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 403 | 372968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 85 | 78567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/46 | 321 | 290844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 480 | 433208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/47 | 515 | 464892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/47 | 270 | 244368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/49 | 11 | 9815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/49 | 1013 | 907329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/50 | 390 | 345773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 2091 | 1872074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/50 | 213 | 189834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/51 | 110 | 97789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/51 | 1856 | 1643050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/51 | 1586 | 1403853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/51 | 3642 | 3257806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 732 | 655340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/52 | 1206 | 1068417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 1766 | 1565022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/31 | 133 | 132146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/33 | 443 | 438904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/39 | 170 | 162213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/42 | 1121 | 1078842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/42 | 566 | 534432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/42 | 323 | 308760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 117 | 111499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 273 | 260838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 175 | 166754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 626 | 596875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/42 | 85 | 80941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/43 | 870 | 829762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/43 | 182 | 174022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/43 | 248 | 236080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/46 | 492 | 466319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/46 | 307 | 290321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/46 | 377 | 356450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/47 | 205 | 193308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 1764 | 1658031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/48 | 352 | 330249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/48 | 352 | 330130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/48 | 209 | 196579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/49 | 4120 | 3884565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/49 | 295 | 276104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/49 | 173 | 162371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/49 | 1664 | 1565331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/52 | 2128 | 1981599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/52 | 726 | 679093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 875 | 810918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/41 | 745 | 729601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/44 | 499 | 484805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/46 | 159 | 153251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/47 | 90 | 87403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/47 | 318 | 307850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/47 | 222 | 215115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/47 | 444 | 431100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/49 | 2027 | 1957755 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/52 | 357 | $340566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/52 | 8953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/52 | 1726 | 1654160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/33 | 11 | 11386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/33 | 11 | 10681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/33 | 28 | 27989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/33 | 2 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/33 | 13 | 12799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/33 | 31 | 31347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/35 | —(r) | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/39 | 260 | 262025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/39 | 358 | 361496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/41 | 123 | 123751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 741 | 733672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/49 | 106 | 105496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/52 | 1282 | 1256690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 1861 | 1824696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/52 | 1123 | 1100630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/52 | 2424 | 2376046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/52 | 1459 | 1430075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/52 | 1318 | 1291736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/53 | 2264 | 2218503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/34 | 63 | 64363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/35 | 24 | 24011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/35 | 35 | 35512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/35 | 34 | 34825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/35 | 29 | 30097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/36 | 31 | 31662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/36 | 15 | 15790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/49 | 380 | 385286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/52 | 370 | 370156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/52 | 375 | 375779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/52 | 833 | 835097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/53 | 2929 | 2933085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | TBA | 1500 | 1520974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/33 | 38 | 38467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/33 | 31 | 31220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/33 | 15 | 15866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/34 | —(r) | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/34 | 55 | 56941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/35 | 74 | 75788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/36 | 36 | 38083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/36 | 73 | 75723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/37 | 28 | 28812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/53 | 4239 | 4314356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/53 | 813 | 827448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/53 | 2156 | 2192434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/33 | 2 | 1897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/33 | 2 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/33 | 79 | 81352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/33 | —(r) | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/33 | 3 | 3176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/33 | 31 | 31938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/34 | 142 | 145845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/34 | 18 | 19289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/34 | 12 | 12609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/34 | 74 | 77570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/34 | —(r) | 418 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/34 | 2 | $1613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/34 | 2 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/34 | 6 | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/35 | 36 | 38019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/35 | 46 | 47540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/35 | 64 | 66166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/35 | 1 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/35 | — (r) | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/36 | 12 | 12202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/37 | 25 | 25972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | 8 | 8860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/37 | — (r) | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/37 | 5 | 4854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/37 | — (r) | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | 16 | 16982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/38 | 21 | 22415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 2737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/53 | 586 | 602665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 | 1080 | 1110900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/01/32 | 18 | 18733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 1 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 9 | 9764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 25 | 25878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 28 | 28580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/33 | 26 | 26799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/01/33 | 14 | 14839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/01/34 | 6 | 6588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/34 | 25 | 26113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/36 | 30 | 31526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/36 | 6 | 6547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/01/37 | 30 | 31304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/01/37 | 33 | 34623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 995 | 1121975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/01/32 | 4 | 4721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 05/01/32 | 5 | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/01/32 | 4 | 4320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/01/32 | 10 | 10664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 01/15/30 | 3195 | 3605211 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/20/50 | 4000 | 3315069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/20/51 | 1072 | 887738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/20/51 | 602 | 498340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/20/51 | 840 | 696012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/20/43 | 98 | 87374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/20/46 | 177 | 155153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/20/50 | 53 | 46087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/20/50 | 400 | 345255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/20/50 | 1825 | 1578727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/20/50 | 1393 | 1202574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/20/51 | 1684 | 1453652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/20/51 | 936 | 807785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/20/51 | 1748 | 1508710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/20/44 | 65 | 59234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/45 | 192 | 173455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/20/45 | 204 | 186383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/20/46 | 409 | 373345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/20/46 | 1047 | 953931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/46 | 280 | 254903 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/20/47 | 344 | $313747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/20/49 | 117 | 105634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/20/50 | 692 | 623710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/20/42 | 395 | 373935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/43 | 121 | 114526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/45 | 349 | 325766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/20/46 | 1259 | 1164930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/47 | 430 | 400061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/20/48 | 955 | 883396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/20/48 | 317 | 293481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/20/49 | 4679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/20/52 | 4968 | 4558407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/52 | 891 | 820955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/15/40 | 23 | 21757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/20/41 | 19 | 18903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/20/42 | 226 | 219855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/20/44 | 81 | 78409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/45 | 155 | 149949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/20/45 | 430 | 414637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/20/47 | 1159 | 1116544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/48 | 403 | 386671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/49 | 412 | 395054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/49 | 2469 | 2365051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/20/50 | 438 | 418416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/50 | 404 | 386723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/50 | 611 | 583803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/20/52 | 806 | 768031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/20/52 | 441 | 419760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/20/52 | 1000 | 951264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/40 | 127 | 126887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/20/41 | 149 | 149939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/20/41 | 237 | 238923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/20/41 | 117 | 117822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/20/44 | 176 | 175827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/20/46 | 135 | 135312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/20/46 | 185 | 184625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/20/47 | 99 | 98295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/48 | 160 | 158409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/48 | 282 | 279652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/20/52 | 2036 | 1997989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/37 | 40 | 41008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/20/45 | 185 | 189330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/20/53 | 1248 | 1248872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/54 | 3000 | 2996169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/20/54 | 970 | 968211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/20/54 | 441 | 440869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/33 | 41 | 40833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/33 | 81 | 81392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/15/33 | 5 | 5013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/34 | 68 | 69214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/15/34 | 96 | 98400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/15/35 | 22 | 22427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/36 | 17 | 17767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/20/52 | 1589 | 1617906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/20/53 | 1343 | 1365798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/20/54 | 11029 | 11157245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/33 | 3 | 3039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/33 | 38 | 39211 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Interest**<br>**Rate** |<br>**Maturity**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/34 | 10 | $| 10708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/34 | 14 |  | 14677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/34 | 22 |  | 23068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/20/34 | 35 |  | 36334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/15/34 | 26 |  | 26887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/20/54 | 1938 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/15/28 | 1 |  | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/31 | 1 |  | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 12/15/31 | 4 |  | 3832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/32 | 10 |  | 10097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/15/32 | 6 |  | 6337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/15/32 | 9 |  | 9549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 1 |  | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 2 |  | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 5 |  | 4841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 12 |  | 11943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 59 |  | 60907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/34 | 14 |  | 14927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/15/35 | 9 |  | 9427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/15/36 | 13 |  | 14204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/20/54 | 1782 |  | 1840046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/20/54 | 906 |  | 936265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 08/20/54 | 1062 |  | 1105411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/20/55 | 316 |  | 325598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/20/55 | 13 |  | 13623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 03/20/55 | 1186 |  | 1222046 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/15/31 | 145 |  | 126986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/55 | 1010 |  | 1003232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 05/01/30 | 435 |  | 492521 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%(s) | 07/15/34 | 70 |  | 46993 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $293,053,584) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $293,053,584) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $293,053,584) |  | 282063068 |
|  **U.S. TREASURY OBLIGATIONS — 1.2%** | **U.S. TREASURY OBLIGATIONS — 1.2%** | **U.S. TREASURY OBLIGATIONS — 1.2%** | **U.S. TREASURY OBLIGATIONS — 1.2%** | **U.S. TREASURY OBLIGATIONS — 1.2%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 02/15/42 (k) | 7440 |  | 5483512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 | 4885 |  | 4490384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/44 | 2760 |  | 2713856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 | 12940 |  | 12697375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45 | 2060 |  | 2117616 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.679%(s) | 11/15/43 | 2175 |  | 888211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.029%(s) | 11/15/41 | 7460 |  | 3434635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%(s) | 08/15/43 | 600 |  | 248619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.349%(s) | 02/15/43 | 20 |  | 8545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.568%(s) | 11/15/42 | 310 |  | 134472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.608%(s) | 11/15/48 | 160 |  | 50258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.924%(s) | 02/15/49 | 465 |  | 143850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 145 |  | 52967 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $34,160,277) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $34,160,277) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $34,160,277) |  | 32464300 |
|  **TOTAL LONG-TERM INVESTMENTS—88.6%**<br>(cost $1,307,891,367) | **TOTAL LONG-TERM INVESTMENTS—88.6%**<br>(cost $1,307,891,367) | **TOTAL LONG-TERM INVESTMENTS—88.6%**<br>(cost $1,307,891,367) |  | 2514929535 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 12.8%** | **SHORT-TERM INVESTMENTS — 12.8%** | **SHORT-TERM INVESTMENTS — 12.8%** |
|  **AFFILIATED MUTUAL FUNDS — 12.7%** | **AFFILIATED MUTUAL FUNDS — 12.7%** | **AFFILIATED MUTUAL FUNDS — 12.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wa) | 316409186 | $316409186 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $44,427,577; includes $44,275,816 of cash collateral for securities on loan)(b)(wa) | 44508895 | 44482190 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $360,836,763) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $360,836,763) | 360891376 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity**<br>**Date** | **Principal<br>Amount<br>(000)#** |  |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | 03/05/26 |  | 695744 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $695,569) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $695,569) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $695,569) |  |
|  **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $15,044) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $15,044) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $15,044) | 13824 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $361,547,376) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $361,547,376) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $361,547,376) | 361600944 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN — 101.4%**<br>(cost $1,669,438,743) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN — 101.4%**<br>(cost $1,669,438,743) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN — 101.4%**<br>(cost $1,669,438,743) | 2876530479 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $13,219) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $13,219) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $13,219) | (13285) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 101.4%**<br> (cost $1,669,425,524) | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 101.4%**<br> (cost $1,669,425,524) | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN — 101.4%**<br> (cost $1,669,425,524) | 2876517194 |
|  **Liabilities in excess of other assets(z) — (1.4)%** | **Liabilities in excess of other assets(z) — (1.4)%** | **Liabilities in excess of other assets(z) — (1.4)%** | (38582126) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $2837935068 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report

\* Non-income producing security

# Principal or notional amount is shown in U.S. dollars unless otherwise stated 

~ See tables subsequent to the Schedule of Investments for options detail

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $403,177 and 0.0% of net assets  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $42,980,024; cash collateral of $44,275,816 (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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations**  | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Settlement**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 3.000% | TBA | 01/14/26 | $(2500) | $(2210840) |
|  Federal National Mortgage Assoc. | 5.500% | TBA | 02/12/26 | (7000) | (7091315) |
|  Federal National Mortgage Assoc. | 6.000% | TBA | 01/14/26 | (500) | (513364) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br>(proceeds receivable $9,779,824) |  |  |  |  | $(9815519) |

---

#### Options Purchased:

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  | 808 | $1 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  | 1615 | 1 |
|  **Total OTC Traded** (cost $1,797) |  |  |  |  |  |  | $2 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate<br>Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 2255 | $13821 |
|  2-Year Interest Rate<br>Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 2255 | 1 |
|  **Total OTC Swaptions** (cost $13,247) | **Total OTC Swaptions** (cost $13,247) | **Total OTC Swaptions** (cost $13,247) |  |  |  |  |  | $13822 |
|  **Total Options Purchased** (cost $15,044) | **Total Options Purchased** (cost $15,044) | **Total Options Purchased** (cost $15,044) | **Total Options Purchased** (cost $15,044) |  |  |  |  | $13824 |

---

#### Options Written:

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate<br>Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 2255 | $(8034) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** |  | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69 %(A) | 1 Day SOFR | (A)/ 3.870% | 2255 | $(5251) |
|  **Total Options Written** (premiums received $13,219)  | **Total Options Written** (premiums received $13,219)  | **Total Options Written** (premiums received $13,219)  | **Total Options Written** (premiums received $13,219)  | **Total Options Written** (premiums received $13,219)  |  |  |  |  | $(13285) |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 207 | 2 Year U.S. Treasury Notes | Mar. 2026 | $43219336 | $15028 |
| 483 | 5 Year U.S. Treasury Notes | Mar. 2026 | 52794165 | (151453) |
| 375 | 10 Year U.S. Treasury Notes | Mar. 2026 | 42164063 | (95422) |
| 96 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 11041500 | (24782) |
| 279 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 32250656 | (237959) |
| 310 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 36580000 | (507308) |
| 2 | Mini MSCI EAFE Index | Mar. 2026 | 290210 | 2035 |
| 23 | S&P 500 E-Mini Index | Mar. 2026 | 7926375 | 15788 |
|  |  |  |  | (984073) |
|  **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** | **Short Position:** |
| 6 | 5 Year Euro-Bobl | Mar. 2026 | 819067 | 5882 |
|  |  |  |  | $(978191) |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR | 936 | $1090006 | $1100186 | $10180 | $— |
| **Sale**<br> **Contracts**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | HSBC | GBP | 4755 | $6223449 | $6410064 | $— | $(186615) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR | 46031 | 53159108 | 54119199 |  | (960091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR | 922 | 1066660 | 1083446 |  | (16786) |
|  |  |  |  | $60449217 | $61612709 |  | (1163492) |
|  |  |  |  |  |  | $10180 | $(1163492) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |
|  Credit Suisse Group AG | 06/20/26 | 1.000%(Q) | 2000 | $(8661) | $15534 | $(24195) | BARC |
|  Credit Suisse Group AG | 06/20/26 | 1.000%(Q) | 2000 | (8661) | 15152 | (23813) | BARC |
|  Credit Suisse Group AG | 06/20/26 | 1.000%(Q) | 2000 | (8661) | 17045 | (25706) | BARC |
|  Republic of France | 12/20/30 | 0.250%(Q) | 925 | (4803) | (2746) | (2057) | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) | 1390 | (46242) | (52147) | 5905 | BARC |
|  |  |  |  | $(77028) | $(7162) | $(69866) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount**<br>**(000)#(3)** | **Notional<br>Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at**<br>**December 31,**<br>**2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) |  | 1315 | 0.348% | $35973 | $32392 | $3581 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000%(Q) |  | 588 | 0.138% | 5035 | 4090 | 945 | CITI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 2255 | 0.284% | 16128 | 15066 | 1062 | GSI |
|  Hellenic Republic | 12/20/26 | 1.000%(Q) |  | 1057 | 0.072% | 9731 | 9307 | 424 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) |  | 270 | 0.112% | 3538 | 2763 | 775 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) |  | 200 | 0.132% | 3390 | 2489 | 901 | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000%(Q) |  | 890 | 0.166% | 7384 | 7243 | 141 | MSI |
|  Kingdom of Norway | 12/20/26 | —%(Q) |  | 2700 | 0.047% | (1228) | (1303) | 75 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 50 | 0.231% | 97 | 82 | 15 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 50 | 0.238% | 192 | 172 | 20 | CITI |
|  Kingdom of Spain | 06/20/26 | 1.000%(Q) | EUR | 742 | 0.028% | 4241 | 3942 | 299 | BARC |
|  Republic of France | 06/20/27 | 0.250%(Q) |  | 505 | 0.113% | 1033 | 906 | 127 | BARC |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 925 | 0.298% | (1971) | (5656) | 3685 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 365 | 0.590% | (9760) | (12205) | 2445 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 235 | 0.590% | (6284) | (8122) | 1838 | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) |  | 1390 | 0.281% | 46241 | 39076 | 7165 | BARC |
|  Republic of Panama | 06/20/26 | 1.000%(Q) |  | 342 | 0.459% | 961 | 798 | 163 | CITI |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000%(Q) |  | 784 | 0.115% | 6890 | 6684 | 206 | MSI |
|  Slovak Republic | 12/20/27 | 1.000%(Q) |  | 365 | 0.155% | 6025 | 5801 | 224 | BARC |
|  Standard Chartered PLC | 12/20/26 | 1.000%(Q) |  | 493 | 0.187% | 3991 | 3918 | 73 | MSI |
|  State of Qatar | 12/20/26 | 1.000%(Q) |  | 520 | 0.084% | 4728 | 4386 | 342 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | 1140 | 0.049% | 1364 | 825 | 539 | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) |  | 520 | 0.135% | 2251 | 1756 | 495 | GSI |
|  |  |  |  |  |  | $139950 | $114410 | $25540 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit**<br>**Spread at**<br>**December 31,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>December<br>31, 2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 8240 | 0.500% | $184089 | $188874 | $4785 |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at**<br>**Trade Date** | **Value at**<br>**December 31,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
| 10550 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% | $— | $(60647) | $(60647) |
| 1410 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 261 | (13851) | (14112) |
| 14315 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.870% | 2426 | 228648 | 226222 |
| 8910 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.870% | (9474) | (246954) | (237480) |
| 1655 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 755453 | 815413 | 59960 |
| 1880 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 27494 | 74863 | 47369 |
|  |  |  |  | $776160 | $797472 | $21312 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Financing<br>Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** |  |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR<br>-54bps(T)/<br>3.330% | JPM | 03/17/26 | (5059) | $171197 | $— | $171197 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+23bps(T)/<br>3.870% | JPM | 01/16/26 | 13235 | 66434 |  | 66434 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+23bps(T)/<br>3.870% | GSI | 01/26/26 | 12240 | 14575 |  | 14575 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+23bps(T)/<br>3.870% | JPM | 01/27/26 | 12445 | 12146 |  | 12146 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Total return swap agreements outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Financing<br>Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+23bps(T)/<br>3.870% | JPM | 02/03/26 | 10220 | $11619 | $— | $11619 |
|  |  |  |  |  | $275971 | $— | $275971 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
|  OTC Swap Agreements | $189427 | $(82179) | $307416 | $(75771) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $– | $5462534 |
|  GS | – | 695744 |
|  **Total** | $– | $6158278 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks | $1448139395 | $19365425 | $— |
|  Preferred Stocks | 940750 | 100042 |  |
|  Unaffiliated Exchange-Traded Funds | 12445429 |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 54123712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 111763314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 11049936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 6494677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 2966452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 10869589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 456635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  |  | 403177 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Asset-Backed Securities (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans | $— | $2173012 | $— |
|  Corporate Bonds |  | 308577552 |  |
|  Commercial Mortgage-Backed Securities |  | 104974702 |  |
|  Municipal Bonds |  | 7710520 |  |
|  Residential Mortgage-Backed Securities |  | 29216646 |  |
|  Sovereign Bonds |  | 14707527 |  |
|  U.S. Government Agency Obligations |  | 282063068 |  |
|  U.S. Treasury Obligations |  | 32464300 |  |
|  Affiliated Exchange-Traded Fund | 53923675 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 360891376 |  |  |
|  U.S. Treasury Obligation |  | 695744 |  |
|  Options Purchased |  | 13824 |  |
|  **Total** | $**1876340625** | $**999786677** | $**403177** |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(13285) | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $38733 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contract |  | 10180 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 4785 |  |
|  OTC Credit Default Swap Agreements |  | 159193 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 333551 |  |
|  OTC Total Return Swap Agreements |  | 275971 |  |
|  **Total** | $**38733** | $**783680** | $**—** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(9815519) | $— |
|  Futures Contracts | (1016924) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (1163492) |  |
|  OTC Credit Default Swap Agreements |  | (96271) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (312239) |  |
|  **Total** | $**(1016924)** | $**(11387521)** | $**—** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.6% represents investments purchased with collateral from securities on loan) | 12.7 |
|  U.S. Government Agency Obligations | 9.9 |
|  Semiconductors & Semiconductor Equipment | 7.3 |
|  Software | 5.4 |
|  Banks | 5.0 |
|  Interactive Media & Services | 4.1 |
|  Collateralized Loan Obligations | 4.0 |
|  Technology Hardware, Storage & Peripherals | 3.8 |
|  Commercial Mortgage-Backed Securities | 3.7 |
|  Automobiles | 3.1 |

---

---

| | |
|:---|:---|
|  Pharmaceuticals | 2.1 |
|  Broadline Retail | 2 |
|  Financial Services | 2 |
|  Affiliated Exchange-Traded Fund | 1.9 |
|  Capital Markets | 1.8 |
|  Aerospace & Defense | 1.5 |
|  Oil, Gas & Consumable Fuels | 1.3 |
|  U.S. Treasury Obligations | 1.3 |
|  Insurance | 1.1 |
|  Health Care Equipment & Supplies | 1.1 |
|  Residential Mortgage-Backed Securities | 1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Electric | 1 |
|  Hotels, Restaurants & Leisure | 0.9 |
|  Consumer Staples Distribution & Retail | 0.9 |
|  Specialty Retail | 0.9 |
|  Biotechnology | 0.9 |
|  Health Care Providers & Services | 0.8 |
|  Machinery | 0.8 |
|  Pipelines | 0.8 |
|  Electric Utilities | 0.8 |
|  Telecommunications | 0.7 |
|  Entertainment | 0.7 |
|  Chemicals | 0.6 |
|  Beverages | 0.6 |
|  Sovereign Bonds | 0.5 |
|  IT Services | 0.5 |
|  Media | 0.5 |
|  Life Sciences Tools & Services | 0.5 |
|  Communications Equipment | 0.5 |
|  Electrical Equipment | 0.5 |
|  Unaffiliated Exchange-Traded Funds | 0.4 |
|  Ground Transportation | 0.4 |
|  Household Products | 0.4 |
|  Oil & Gas | 0.4 |
|  Consumer Loans | 0.4 |
|  Home Equity Loans | 0.4 |
|  Real Estate Investment Trusts (REITs) | 0.4 |
|  Electronic Equipment, Instruments & Components | 0.4 |
|  Auto Manufacturers | 0.4 |
|  Agriculture | 0.4 |
|  Specialized REITs | 0.4 |
|  Healthcare-Services | 0.4 |
|  Consumer Finance | 0.3 |
|  Diversified Telecommunication Services | 0.3 |
|  Tobacco | 0.3 |
|  Multi-Utilities | 0.3 |
|  Municipal Bonds | 0.3 |
|  Professional Services | 0.3 |
|  Diversified Financial Services | 0.2 |
|  Metals & Mining | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Food Products | 0.2 |
|  Credit Cards | 0.2 |
|  Building Products | 0.2 |
|  Industrial Conglomerates | 0.2 |
|  Internet | 0.2 |
|  Packaging & Containers | 0.2 |
|  Gas | 0.2 |
|  Foods | 0.2 |
|  Health Care REITs | 0.2 |
|  Air Freight & Logistics | 0.2 |
|  Textiles, Apparel & Luxury Goods | 0.2 |
|  Semiconductors | 0.1 |
|  Trading Companies & Distributors | 0.1 |
|  Construction Materials | 0.1 |

---

---

| | |
|:---|:---|
|  Retail REITs | 0.1 |
|  Building Materials | 0.1 |
|  Household Durables | 0.1 |
|  Construction & Engineering | 0.1 |
|  Lodging | 0.1 |
|  Airlines | 0.1 |
|  Commercial Services | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Residential REITs | 0.1 |
|  Industrial REITs | 0.1 |
|  Equipment | 0.1 |
|  Passenger Airlines | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Containers & Packaging | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Miscellaneous Manufacturing | 0.1 |
|  Student Loans | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Engineering & Construction | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Transportation | 0.1 |
|  Personal Care Products | 0.1 |
|  Mining | 0.0 |
|  Office/Business Equipment | 0.0 |
|  Retail | 0.0 |
|  Multi-National | 0.0 |
|  Gas Utilities | 0.0 |
|  Water Utilities | 0.0 |
|  Iron/Steel | 0.0 |
|  Distributors | 0.0 |
|  Apparel | 0.0 |
|  Auto Parts & Equipment | 0.0 |
|  Automobile Components | 0.0 |
|  Healthcare-Products | 0.0 |
|  Other | 0.0 |
|  Home Builders | 0.0 |
|  Holding Companies-Diversified | 0.0 |
|  Hotel & Resort REITs | 0.0 |
|  Office REITs | 0.0 |
|  Leisure Products | 0.0 |
|  Environmental Control | 0.0 |
|  Marine Transportation | 0.0 |
|  Housewares | 0.0 |
|  Diversified REITs | 0.0 |
|  Home Furnishings | 0.0 |
|  Options Purchased | 0.0 |
|  | 101.4 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.4) |
|  | 100.0 |

---

\* Less than 0.05% 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br>**Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br>**Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation<br>margin swaps | $4785 \* |  | $— |
|  Credit contracts | Premiums paid for OTC swap<br>agreements | 189427 | Premiums received for OTC swap<br>agreements | 82179 |
|  Credit contracts | Unrealized appreciation on OTC<br>swap agreements | 31445 | Unrealized depreciation on OTC<br>swap agreements | 75771 |
|  Equity contracts | Due from/to broker-variation<br>margin futures | 17823 \* |  |  |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>forward foreign currency<br>exchange contracts | 10180 | Unrealized depreciation on OTC<br>forward foreign currency<br>exchange contracts | 1163492 |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 20910 \* | Due from/to broker-variation<br>margin futures | 1016924 \* |
|  Interest rate contracts | Due from/to broker-variation<br>margin swaps | 333551 \* | Due from/to broker-variation<br>margin swaps | 312239 \* |
|  Interest rate contracts | Unaffiliated investments | 13824 | Options written outstanding, at<br>value | 13285 |
|  Interest rate contracts | Unrealized appreciation on OTC<br>swap agreements | 275971 |  |  |
|  |  | $897916 |  | $2663890 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options**<br>**Purchased(1)** | **Options**<br>**Written** | **Futures** | **Forward**<br>**Currency<br>Exchange**<br>**Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $476555 |
|  Equity contracts |  |  | 2166239 |  |  |
|  Foreign exchange contracts |  |  |  | (4429630) |  |
|  Interest rate contracts | (16792) | 11270 | 1605769 |  | (6600889) |
|  **Total** | $(16792) | $11270 | $3772008 | $(4429630) | $(6124334) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options**<br>**Purchased(2)** | **Options**<br>**Written** | **Futures** | **Forward**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Credit contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $180228 |
|  Equity contracts |  |  | 498207 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options**<br>**Purchased(2)** | **Options**<br>**Written** | **Futures** | **Forward**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Foreign exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1437894) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Interest rate contracts | 7146 | 7749 | 673813 |  | 5354442 |
|  **Total** | $7146 | $7749 | $1172020 | $(1437894) | $5534670 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $8227 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;11514000 |
|  Futures Contracts - Long Positions (2) | 207224171 |
|  Futures Contracts - Short Positions (2) | &nbsp;&nbsp;&nbsp;&nbsp;1553592 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | &nbsp;&nbsp;&nbsp;&nbsp;38769801 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | &nbsp;&nbsp;&nbsp;&nbsp;95772722 |
|  Credit Default Swap Agreements - Buy Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;10137860 |
|  Credit Default Swap Agreements - Sell Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;13646880 |
|  Interest Rate Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;74898000 |
|  Total Return Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;62616741 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net**<br> **Amount** |
|  Securities on Loan | $42980024 | $(42980024) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $141970 | $(157950) | $(15980) | $— | $(15980) |
|  BNP | 13822 | (13285) | 537 |  | 537 |
|  BOA | 1 |  | 1 |  | 1 |
|  CITI | 6286 |  | 6286 |  | 6286 |
|  GSI | 68927 |  | 68927 | (68927) |  |
|  HSBC |  | (186615) | (186615) |  | (186615) |
|  JPM | 261396 |  | 261396 | (261396) |  |
|  MSI | 28445 | (976877) | (948432) | 948432 |  |
|  | $520847 | $(1334727) | $(813880) | $618109 | $(195771) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

<br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $42,980,024: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,254,573,098) | $2461715428.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $414,865,645) | 414815051.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash segregated for counterparty — OTC | 1020000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $410,866) | 415908.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 17539818.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 7950073.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 307416.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 264157.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 189427.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 14379.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 10180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 4724.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 416.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 27980.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2904274957.0 |
|  **LIABILITIES** |  |
|  Payable to broker for collateral for securities on loan | 44275816.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $9,779,824) | 9815519.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 7937710.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 1319937.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 1163492.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 801349.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 418526.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 403727.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 82179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 75771.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 27418.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $13,219) | 13285.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 2465.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 66339889.0 |
|  **NET ASSETS** | $2837935068.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2837935068.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $2,826,215,672 / 57,060,664 outstanding shares of beneficial interest | $49.53 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $11,719,396 / 239,395 outstanding shares of beneficial interest | $48.95 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $46071074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $55,676 foreign withholding tax, of which $12,171 is reimbursable by an affiliate) | 17684992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 13983540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $55,221) | 73865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 77813471 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 15005583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 25621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 260800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 209629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 63924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 58272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 54920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,630) | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 115531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15806710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (24812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15781898 |
|  **NET INVESTMENT INCOME (LOSS)** | 62031573 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $7,760) | 84676599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 3772008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (4429630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 11270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (6124334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (85712) |
|  | 77820201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(112017)) | 169411136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1172020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (1437894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 7749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 5534670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 7264 |
|  | 174694945 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 252515146 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $314546719 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $62031573 | $64887534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 77820201 | 160843383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 174694945 | 94689908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 314546719 | 320420825 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 23014337 | 16795349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (182189007) | (188507083) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (159174670) | (171711734) |
|  **TOTAL INCREASE (DECREASE)** | 155372049 | 148709091 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2682563019 | 2533853928 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2837935068 | $2682563019 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

<br> **PSF PGIM 50/50 BALANCED PORTFOLIO (**CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $44.16 | $39.07 | $33.84 | $39.67 | $34.99 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 1.05 | 1.04 | 0.92 | 0.57 | 0.40 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.32 | 4.05 | 4.31 | (6.40) | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.37 | 5.09 | 5.23 | (5.83) | 4.68 |
|  Net Asset Value, end of year | $49.53 | $44.16 | $39.07 | $33.84 | $39.67 |
|  **Total Return<sup>(b)</sup>** | 12.16% | 13.03% | 15.45% | (14.70)% | 13.38% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $2826 | $2673 | $2526 | $2332 | $2896 |
|  Average net assets (in millions) | $2718 | $2624 | $2411 | $2513 | $2800 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.58% | 0.58% | 0.57% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.58% | 0.58% | 0.57% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.27% | 2.47% | 2.54% | 1.62% | 1.06% |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 54% | 60% | 86% | 96% | 69% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021(f)** <br> **through** <br> **December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $43.75 | $38.81 | $33.70 | $39.60 | $36.75 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.93 | 0.92 | 0.83 | 0.52 | 0.21 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.27 | 4.02 | 4.28 | (6.42) | 2.64 |
|  Total from investment operations | 5.20 | 4.94 | 5.11 | (5.90) | 2.85 |
|  Net Asset Value, end of period | $48.95 | $43.75 | $38.81 | $33.70 | $39.60 |
|  **Total Return<sup>(b)</sup>** | 11.89% | 12.73% | 15.16% | (14.90)% | 7.76% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $12 | $10 | $8 | $7 | $3 |
|  Average net assets (in millions) | $10 | $8 | $7 | $5 | $1 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.83% | 0.83% | 0.82% | 0.82% | 0.81 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.83% | 0.83% | 0.82% | 0.82% | 0.81 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.02% | 2.21% | 2.29% | 1.48% | 0.76 %<sup>(g)</sup> |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 54% | 60% | 86% | 96% | 69% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(f) Commencement of offering.

(g) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

---

| | | |
|:---|:---|:---|
|  | <br> ***PSF PGIM BALLAST PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 69.3%** | **LONG-TERM INVESTMENTS — 69.3%** | **LONG-TERM INVESTMENTS — 69.3%** | **LONG-TERM INVESTMENTS — 69.3%** |
|  **UNAFFILIATED EXCHANGE-TRADED FUND — 2.8%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 2.8%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 2.8%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 2.8%** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | 250 | $156782 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $137,222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $137,222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $137,222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $137,222) |
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity <br>Date** | **Principal**<br>**Amount**<br>**(000)#** |  |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.8%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 06/09/28 | 500 | 504915 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 05/15/29 | 500 | 541583 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $1,041,784) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $1,041,784) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $1,041,784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046498 |
|  **U.S. TREASURY OBLIGATION — 22.3%** | **U.S. TREASURY OBLIGATION — 22.3%** | **U.S. TREASURY OBLIGATION — 22.3%** | **U.S. TREASURY OBLIGATION — 22.3%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 09/30/31 | 1250 | 1237891 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,228,379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,228,379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,228,379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,228,379) |
|  **OPTION PURCHASED\*~ — 25.4%** | **OPTION PURCHASED\*~ — 25.4%** | **OPTION PURCHASED\*~ — 25.4%** | **OPTION PURCHASED\*~ — 25.4%** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,032,500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,032,500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,032,500) | 1409823 |
|  **TOTAL LONG-TERM INVESTMENTS—69.3%**<br>(cost $3,439,885) | **TOTAL LONG-TERM INVESTMENTS—69.3%**<br>(cost $3,439,885) | **TOTAL LONG-TERM INVESTMENTS—69.3%**<br>(cost $3,439,885) | 3850994 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS — 30.5%** | **SHORT-TERM INVESTMENTS — 30.5%** | **SHORT-TERM INVESTMENTS — 30.5%** | **SHORT-TERM INVESTMENTS — 30.5%** |
|  **AFFILIATED MUTUAL FUND — 12.6%** | **AFFILIATED MUTUAL FUND — 12.6%** | **AFFILIATED MUTUAL FUND — 12.6%** | **AFFILIATED MUTUAL FUND — 12.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Government Money Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Government Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund (7-day effective yield 3.896%)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $700,051)(wb) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund (7-day effective yield 3.896%)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $700,051)(wb) | 700051 | 700051 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)#** | **Principal<br>Amount<br>(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS(n) — 17.9%** | **U.S. TREASURY OBLIGATIONS(n) — 17.9%** | **U.S. TREASURY OBLIGATIONS(n) — 17.9%** | **U.S. TREASURY OBLIGATIONS(n) — 17.9%** | **U.S. TREASURY OBLIGATIONS(n) — 17.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.751% | 03/03/26 (k) |  | 500 | $497038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.833% | 01/06/26 |  | 500 | 499808 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $996,587) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $996,587) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $996,587) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $996,587) | 996846 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $1,696,638) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $1,696,638) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $1,696,638) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $1,696,638) | 1696897 |
|  **TOTAL INVESTMENTS—99.8%**<br>(cost $5,136,523) | **TOTAL INVESTMENTS—99.8%**<br>(cost $5,136,523) | **TOTAL INVESTMENTS—99.8%**<br>(cost $5,136,523) | **TOTAL INVESTMENTS—99.8%**<br>(cost $5,136,523) | 5547891 |
|  **Other assets in excess of liabilities(z) — 0.2%** | **Other assets in excess of liabilities(z) — 0.2%** | **Other assets in excess of liabilities(z) — 0.2%** | **Other assets in excess of liabilities(z) — 0.2%** | 10197 |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558088 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Option Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 06/18/30 | $6003.00 | 70 | 7 | $1409823 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,032,500) |  |  |  |  |  |  |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration**<br> **Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 5 | 5 Year U.S. Treasury Notes | Mar. 2026 | $546523 | $(2040) |
| 5 | 10 Year U.S. Treasury Notes | Mar. 2026 | 562188 | (3836) |
|  |  |  |  | $(5876) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM BALLAST PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MSC | $— | $29822 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Unaffiliated Exchange-Traded Fund | $156782 | $— | $— |
|  U.S. Government Agency Obligations |  | 1046498 |  |
|  U.S. Treasury Obligation |  | 1237891 |  |
|  Option Purchased |  | 1409823 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 700051 |  |  |
|  U.S. Treasury Obligations |  | 996846 |  |
|  **Total** | $**856833** | $**4691058** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(5876)** | $**—** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 40.2% |
|  Option Purchased | 25.4 |
|  U.S. Government Agency Obligations | 18.8 |
|  Affiliated Mutual Fund | 12.6 |
|  Unaffiliated Exchange-Traded Fund | 2.8 |
|  | 99.8 |
|  Other assets in excess of liabilities | 0.2 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM BALLAST PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Equity contracts | Unaffiliated investments | $1409823 |  | $— |
|  Interest rate contracts |  |  | Due from/to broker-variation<br>margin futures | 5876 \* |
|  |  | $1409823 |  | $5876 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the period ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $31065 |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(1)** | **Futures** |
|  Equity contracts | $377323 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Interest rate contracts |  | (5876) |
|  **Total** | $377323 | $(5876) |

---

(1) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the period ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $1032500 |
|  Futures Contracts - Long Positions (2) | 887456 |

---

\* Average volume is based on average quarter end balances for the period ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

<br> **PSF PGIM BALLAST PORTFOLIO (**CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,436,472) | $4847840.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $700,051) | 700051.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 45155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 16898.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1053.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 5610997.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 8808.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports payable | 5682.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 2318.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 1765.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 1602.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 764.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses payable | 400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 300.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 52909.0 |
|  **NET ASSETS** | $5558088.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $5558088.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $5,558,088 / 505,125 outstanding shares of beneficial interest | $11.0 |

---

#### STATEMENT OF OPERATIONS
For the Period June 18, 2025<sup>(a)</sup> through December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $69162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 14839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 85315 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 17278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 56347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 19150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 7750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $3,855) | 6655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 160893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (140735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 20158 |
|  **NET INVESTMENT INCOME (LOSS)** | 65157 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON**<br> **INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 31065 |
|  | 31154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 411368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (5876) |
|  | 405492 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 436646 |
|  **NET INCREASE (DECREASE) IN NET ASSETS<br>RESULTING FROM OPERATIONS** | $501803 |

---

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **June 18, 2025<sup>(a)</sup><br>through<br>December 31, 2025** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $65157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 31154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 405492 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 501803 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 5057979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (1694) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 5056285 |
|  **TOTAL INCREASE (DECREASE)** | 5558088 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5558088 |

---

(a) Commencement of operations

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

<br> **PSF PGIM BALLAST PORTFOLIO (**CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | |
|:---|:---|
| **Class I** | |
|  |<br>**June 18, 2025<sup>(a)</sup><br>through<br>December 31, 2025** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |
|  Net Asset Value, beginning of period | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |
|  Net investment income (loss) | 0.13 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.00 |
|  Net Asset Value, end of period | $11.00 |
|  **Total Return<sup>(c)</sup>** | 10.00% |
|  **Ratios/Supplemental Data:** |  |
|  Net assets, end of period (in millions) | $6 |
|  Average net assets (in millions) | $5 |
|  Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 5.09 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.26 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 0% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 94.2%** | **LONG-TERM INVESTMENTS — 94.2%** | **LONG-TERM INVESTMENTS — 94.2%** |
|  **AFFILIATED EXCHANGE-TRADED FUND — 1.2%** | **AFFILIATED EXCHANGE-TRADED FUND — 1.2%** | **AFFILIATED EXCHANGE-TRADED FUND — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM AAA CLO ETF | 1228972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62997105 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $63,123,180)(wa) |  |  |
|  **COMMON STOCKS — 62.6%** | **COMMON STOCKS — 62.6%** | **COMMON STOCKS — 62.6%** |
|  **Aerospace & Defense — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 1442 | 334867 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 50200 | 5760952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 82 | 47078 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 57000 | 19189620 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 104700 | 32250741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 25900 | 5310018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 4600 | 2224882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 8000 | 4561680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 26089 | 403485 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 47400 | 8693160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 205 | 11894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 822 | 286317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 22800 | 148977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 86 | 23200 |
|  |  | 79246871 |
|  **Air Freight & Logistics — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 684 | 37296 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 5400 | 1559844 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 18100 | 1795339 |
|  |  | 3392479 |
|  **Automobile Components — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 94400 | 7182896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 3100 | 124860 |
|  |  | 7307756 |
|  **Automobiles — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) | 1062 | 115158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 551900 | 7240928 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 180000 | 14637600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc.(a) | 45200 | 926148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 26400 | 259108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 14500 | 226303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 3229 | 223841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 4200 | 90431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 123400 | 55495448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 13200 | 283498 |
|  |  | 79498463 |
|  **Banks — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 582 | 20334 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 9305 | 99474 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 884 | 21373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 15379 | 360749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 19673 | 231561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 4917 | 111208 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 2784 | $61353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 262900 | 14459500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 45223 | 289478 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 3976 | 376158 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 32500 | 164937 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 15403 | 188319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 230800 | 26932052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 884 | 94357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 5950 | 122498 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 8150 | 357008 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 30343 | 477476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc.(a) | 127500 | 2212125 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 8614 | 242124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 31001 | 214220 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 105594 | 34024499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 64665 | 85533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 11300 | 179343 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 2691 | 75662 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 38550 | 338171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 9639 | 181351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 8400 | 129051 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 19500 | 4070235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 2187 | 176062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 9188 | 224191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 6000 | 192969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 5085 | 176424 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 86400 | 4610304 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 3361 | 278381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 331700 | 30914440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 17700 | 1036158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123729078 |
|  **Beverages — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 1136 | 72910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 81000 | 5662710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 244800 | 18768816 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 30000 | 4305600 |
|  |  | 28810036 |
|  **Biotechnology — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 92800 | 21203872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 47400 | 15514494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 230 | 194015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 15400 | 2710246 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. (Australia) | 928 | 106796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 139400 | 17109956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 6000 | 4631220 |
|  |  | 61470599 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Broadline Retail — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 515400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118964628 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&M European Value Retail SA (United Kingdom) | 4280 | 9702 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 26800 | 2334280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvey Norman Holdings Ltd. (Australia) | 3400 | 15700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 190300 | 4196115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 1081 | 199012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 2435 | 150773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 100 | 12757 |
|  |  | 125882967 |
|  **Building Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 112100 | 5923364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 56000 | 6706000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Boseki Co. Ltd. (Japan) | 900 | 58504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 36500 | 4084715 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 730 | 25648 |
|  |  | 16798231 |
|  **Capital Markets — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 423 | 18548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 1984 | 163977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 166300 | 19305767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 94900 | 9481459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 6800 | 59594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 5752 | 221677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR\* | 100 | 16421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 2000 | 1758000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 10200 | 1651992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 383500 | 10074545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 125500 | 5970035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 132900 | 23593737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 127200 | 12354936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 13600 | 113294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 14400 | 1966896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 101900 | 16364121 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 26900 | 14057671 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 6800 | 146540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 13200 | 173764 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 7783 | 359377 |
|  |  | 117852351 |
|  **Chemicals — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 25400 | 225774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc.(a) | 45200 | 3029756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 56200 | 3587246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 8200 | 2152664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 118800 | 2968812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 18200 | 7760298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 31000 | 10044930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 5238 | 214350 |
|  |  | 29983830 |
|  **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 7593 | 115948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 103000 | 6182060 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies (cont'd.)** | **Commercial Services & Supplies (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 1296 | $| 20610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 71600 |  | 7144248 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13462866 |
|  **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 55100 |  | 7219753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 28800 |  | 6735456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 146800 |  | 11308004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 19050 |  | 122817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 18778 |  | 182748 |
|  |  |  | 25568778 |
|  **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain) | 1264 |  | 125471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 1161 |  | 60355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 1074 |  | 153882 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG (Germany) | 534 |  | 209051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 3000 |  | 111863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. (Japan) | 900 |  | 85294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 1124 |  | 158128 |
|  |  |  | 904044 |
|  **Construction Materials — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 77 |  | 7496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc.(a) | 2400 |  | 1494384 |
|  |  |  | 1501880 |
|  **Consumer Finance — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 24300 |  | 8989785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 76000 |  | 18419360 |
|  |  |  | 27409145 |
|  **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 3817 |  | 63689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 30800 |  | 26560072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 49100 |  | 6519007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 22700 |  | 2792327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 6113 |  | 250675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The)(a) | 115700 |  | 7228936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonae SGPS SA (Portugal) | 9225 |  | 17473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp.(a) | 90400 |  | 6661576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 44569 |  | 265044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. (Japan) | 2100 |  | 38584 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 20800 |  | 1566656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 108300 |  | 12065703 |
|  |  |  | 64029742 |
|  **Distributors — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 156000 |  | 4711200 |
|  **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 627000 |  | 5059890 |
|  **Diversified REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group (Australia) | 697 |  | 11337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 1320 |  | 87622 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Diversified REITs (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 43969 | $| 167641 |
|  |  |  | 266600 |
|  **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 479100 |  | 11900844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 12777 |  | 415905 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class A Stock)\*^ | 343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NOS SGPS SA (Portugal) | 1728 |  | 8146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 19030 |  | 81333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 345588 |  | 14075799 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26482027 |
|  **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA (Spain) | 84 |  | 18282 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.(a) | 155700 |  | 17953767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 13800 |  | 4875126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA (Spain) | 738 |  | 26554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 34763 |  | 361442 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 193200 |  | 8649564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 641 |  | 13880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 3200 |  | 50255 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 62400 |  | 5009472 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 40900 |  | 6512916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 75600 |  | 6592320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 1472 |  | 15660 |
|  |  |  | 50079238 |
|  **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 5502 |  | 405594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 28100 |  | 8950131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 1000 |  | 110896 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 22300 |  | 14574611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 4700 |  | 137037 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 14500 |  | 1478565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 14100 |  | 5485887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 163 |  | 44593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 105000 |  | 3495450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 1855 |  | 260235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S (Denmark) | 1872 |  | 50632 |
|  |  |  | 34993631 |
|  **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 64000 |  | 8648960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 33800 |  | 1625104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 55300 |  | 4842068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 5083 |  | 241264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 7800 |  | 1584882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) | 3400 |  | 70271 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC (Switzerland) | 16400 |  | 3731164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 39200 |  | 1457456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 19800 |  | 4807836 |
|  |  |  | 27009005 |
|  **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 21200 |  | 944672 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 2822 | $54453 |
|  |  | 999125 |
|  **Entertainment — 0.8%** | **Entertainment — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anycolor, Inc. (Japan) | 500 | 15424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 213000 | 19970880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. (Japan) | 6500 | 158772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 192500 | 21900725 |
|  |  | 42045801 |
|  **Financial Services — 2.3%** | **Financial Services — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 3074 | 69800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 89350 | 44911778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 436 | 9638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 123900 | 8234394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 137500 | 9235875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 188 | 8422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 5719 | 203800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 73000 | 41674240 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 6900 | 201806 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 23000 | 1342740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 49700 | 17430287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123322780 |
|  **Food Products — 0.4%** | **Food Products — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 857700 | 14846787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 322 | 29044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 20800 | 2293408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 4013 | 398327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. | 147000 | 3282510 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 191000 | 212777 |
|  |  | 21062853 |
|  **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA (Italy) | 7013 | 78220 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 94500 | 7565670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 3916 | 119236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 4600 | 159835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 2862 | 19018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 400 | 15858 |
|  |  | 7957837 |
|  **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 396900 | 14387625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 180500 | 14748655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 4100 | 948412 |
|  |  | 30084692 |
|  **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 136500 | 13015275 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 336 | 106242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 4000 | 86908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 600 | 91002 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 12400 | 8388972 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 31800 | $| 18010248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 106500 |  | 10230390 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 42200 |  | 10698544 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60627581 |
|  **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambea AB (Sweden), 144A | 2031 |  | 31078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 60000 |  | 12330000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 162700 |  | 6695105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 18500 |  | 5091755 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 173300 |  | 13753088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 4116 |  | 196603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 2754 |  | 157782 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 2000 |  | 933720 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp.(a) | 8500 |  | 6972465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 7300 |  | 109916 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 46600 |  | 15383126 |
|  |  |  | 61654638 |
|  **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 601700 |  | 9675336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 20800 |  | 1609504 |
|  |  |  | 11284840 |
|  **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 233100 |  | 4132863 |
|  **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 103200 |  | 3803952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 675 |  | 26132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 4700 |  | 25170051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 26700 |  | 987900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 14000 |  | 3966340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 14000 |  | 69032 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 45200 |  | 13814476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 196 |  | 10042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 24200 |  | 1706826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 29300 |  | 4432504 |
|  |  |  | 53987255 |
|  **Household Durables — 0.1%** | **Household Durables — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; De' Longhi SpA (Italy) | 192 |  | 8174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 130000 |  | 1430000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock) | 10000 |  | 1028000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 9000 |  | 116676 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 21500 |  | 2521090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 6900 |  | 176992 |
|  |  |  | 5280932 |
|  **Household Products — 0.4%** | **Household Products — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 44200 |  | 3492684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 982 |  | 28234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 144 |  | 10959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 126105 |  | 18072108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 1738 |  | 140638 |
|  |  |  | 21744623 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 1743 | $92356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaria Energia y Medio Ambiente SA (Spain)\* | 3334 | 70863 |
|  |  | 163219 |
|  **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 7200 | 1152720 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 21000 | 142768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 11800 | 370067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 38300 | 7471947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 1700 | 28589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 1036 | 290159 |
|  |  | 9456250 |
|  **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 101700 | 12983022 |
|  **Insurance — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 897 | 38372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 8915 | 69326 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 15400 | 158514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 459 | 212231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 69800 | 14528870 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 153300 | 13114815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 15900 | 5610792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 19400 | 4672490 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 6915 | 331789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 18000 | 1927620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 14000 | 4369680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 21400 | 3970128 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 185700 | 14659158 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 8200 | 192511 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 2618 | 201965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 8938 | 88485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 7520 | 115681 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 7281 | 96396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 4500 | 152740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 556 | 73858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 200 | 7393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 6990 | 167702 |
|  |  | 64760516 |
|  **Interactive Media & Services — 4.9%** | **Interactive Media & Services — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 286900 | 89799700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 242640 | 76140432 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 39800 | 105906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 214700 | 6932663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 129850 | 85712686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 646 | 64884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258756271 |
|  **IT Services — 0.7%** | **IT Services — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 64400 | 17278520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 864 | 143466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 156800 | 13014400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **IT Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Soken, Inc. (Japan) | 2100 | $36707 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTS Corp. (Japan) | 800 | 6289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 900 | 24735 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 15200 | 4502392 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 7400 | 3105706 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 8400 | 284218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 1000 | 31389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 6000 | 123633 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 500 | 16798 |
|  |  | 38568253 |
|  **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 15300 | 1135872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 32400 | 2656800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technogym SpA (Italy), 144A | 407 | 7681 |
|  |  | 3800353 |
|  **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemometec A/S (Denmark) | 150 | 16053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 36000 | 8241120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 213 | 143609 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 572 | 26013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 22000 | 12747900 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 19600 | 5392744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26567439 |
|  **Machinery — 1.1%** | **Machinery — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 2517 | 40239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 38500 | 22055495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 51300 | 9461259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 4500 | 2297025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 5700 | 179411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 12500 | 5819625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 550 | 11065 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 5700 | 989007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 1100 | 34906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 200 | 6062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 5000 | 122062 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTN Corp. (Japan) | 11600 | 27257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 16500 | 14502840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 7460 | 240966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 35 | 12384 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 100 | 34600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 6522 | 230909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 21600 | 2941488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 9400 | 25394 |
|  |  | 59031994 |
|  **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk A/S (Class A Stock) | 4 | 9175 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk A/S (Class B Stock) | 18 | 41302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 4600 | 64033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 48900 | 5387802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 1600 | 48103 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Marine Transportation (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 6200 | $200828 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 20000 | 71568 |
|  |  | 5822811 |
|  **Media — 0.3%** | **Media — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 456600 | 13647774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future PLC (United Kingdom) | 5502 | 39043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 681 | 70720 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 9684 | 43503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13801040 |
|  **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 1569 | 72048 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 10886 | 328530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 3734 | 206850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 18533 | 155098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 9714 | 142043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 92000 | 4672680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC (Mexico) | 5728 | 255414 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 600 | 7649 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. (Japan) | 3500 | 43754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 53300 | 5322005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 1789 | 31482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 50000 | 8155500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 576 | 56192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 2745 | 221112 |
|  |  | 19670357 |
|  **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 31200 | 3115632 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 93400 | 6531462 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co.(a) | 63600 | 8203128 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 3793 | 71820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 11403 | 299550 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 7706 | 118198 |
|  |  | 18339790 |
|  **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 4680 | 27294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 7200 | 1399608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 63500 | 9678035 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 143500 | 13433035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 70600 | 2586078 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 16100 | 113909 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 85500 | 8978355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 2406 | 56738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 354400 | 42648496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Friedrich Vorwerk Group SE (Germany) | 392 | 37138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA (Portugal) | 2356 | 40571 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 65900 | 3036672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan) | 2100 | 42001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 49500 | 6387480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 5441 | 200513 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 1875 | 122246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 64600 | 3883106 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 2880 | $| 44907 |
|  |  |  | 92716182 |
|  **Passenger Airlines — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 39991 |  | 222046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 17570 |  | 121386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 2975 |  | 102571 |
|  |  |  | 446003 |
|  **Personal Care Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The)<br>(Class A Stock)(a) | 12200 |  | 1277584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) | 570 |  | 37242 |
|  |  |  | 1314826 |
|  **Pharmaceuticals — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 19000 |  | 252881 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 1662 |  | 307569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 50400 |  | 2718576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 48200 |  | 51799576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 1339 |  | 272664 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 7037 |  | 172528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 362 |  | 7547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 155748 |  | 32232049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 100700 |  | 10599682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 4842 |  | 667208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 1676 |  | 85004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC(a) | 236100 |  | 3286512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 349100 |  | 8692590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 1692 |  | 698746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 1296 |  | 94098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 1126 |  | 108946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Pharma Co. Ltd. (Japan)\* | 3800 |  | 56120 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 130 |  | 36221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 20000 |  | 2516400 |
|  |  |  | 114604917 |
|  **Professional Services — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 3900 |  | 1003197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 1075300 |  | 3591502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 1717 |  | 38913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp.(a) | 112600 |  | 4681908 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 58000 |  | 1724340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 300 |  | 16858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 819 |  | 59271 |
|  |  |  | 11115989 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 9100 |  | 1463189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 2900 |  | 55222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 300 |  | 9965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 27200 |  | 9151984 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 593 |  | 43251 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 2580 | $| 74251 |
|  |  |  | 10797862 |
|  **Residential REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 16000 |  | 1008640 |
|  **Retail REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 2620 |  | 103661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 29800 |  | 1679826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 7020 |  | 19624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 888 |  | 96567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 74101 |  | 126157 |
|  |  |  | 2025835 |
|  **Semiconductors & Semiconductor Equipment — 8.8%** | **Semiconductors & Semiconductor Equipment — 8.8%** | **Semiconductors & Semiconductor Equipment — 8.8%** | **Semiconductors & Semiconductor Equipment — 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 89000 |  | 19060240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 1700 |  | 214962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 75500 |  | 20475600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 21200 |  | 5448188 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 848 |  | 913737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 253500 |  | 87736350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 371000 |  | 13689900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 1300 |  | 86522 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 6900 |  | 8384052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 153000 |  | 26190540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 71400 |  | 20378274 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 1364200 |  | 254423300 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 16100 |  | 2753905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan)\* | 12600 |  | 172580 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 100 |  | 9740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 20100 |  | 3487149 |
|  |  |  | 463425039 |
|  **Software — 6.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 26550 |  | 9292235 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 10700 |  | 7209874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 60200 |  | 17819802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 25700 |  | 8033306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.<br>(Israel)\*(a) | 200 |  | 37112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 27400 |  | 2067056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 20000 |  | 1588200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.(a) | 209300 |  | 5690867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 14200 |  | 9406364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 445900 |  | 215646157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 200 |  | 29512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 755 |  | 85343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 54300 |  | 10583613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 132300 |  | 23516325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 51500 |  | 13642865 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 979 |  | 237866 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 47500 |  | 7276525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan) | 1000 |  | 41532 |
|  |  |  | 332204554 |
|  **Specialized REITs — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 8700 |  | 1527459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 26300 |  | 2337281 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Specialized REITs (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 28800 | $| 1437120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 1300 |  | 996008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc.(a) | 12300 |  | 1020285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage(a) | 25400 |  | 6591300 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 110600 |  | 3110072 |
|  |  |  | 17019525 |
|  **Specialty Retail — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 537 |  | 31672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clas Ohlson AB (Sweden) (Class B Stock) | 428 |  | 14072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 14100 |  | 2655876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 22500 |  | 7742250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 1140 |  | 75200 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 7849 |  | 8897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 50839 |  | 214009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 76300 |  | 18400508 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 12000 |  | 1094520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 21300 |  | 3836982 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 99900 |  | 15345639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 3900 |  | 2359539 |
|  |  |  | 51779164 |
|  **Technology Hardware, Storage & Peripherals — 4.7%** | **Technology Hardware, Storage & Peripherals — 4.7%** | **Technology Hardware, Storage & Peripherals — 4.7%** | **Technology Hardware, Storage & Peripherals — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 832500 |  | 226323450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 1210 |  | 122837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 18800 |  | 4462744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 92300 |  | 15900521 |
|  |  |  | 246809552 |
|  **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 993 |  | 214141 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 418 |  | 315062 |
| &nbsp;&nbsp;&nbsp;&nbsp; OVS SpA (Italy), 144A | 3278 |  | 18602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 415 |  | 45893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 19500 |  | 2491515 |
|  |  |  | 3085213 |
|  **Tobacco — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 183400 |  | 10574844 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 3965 |  | 224779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 5659 |  | 237622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 1500 |  | 53914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc.(a) | 12800 |  | 2053120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scandinavian Tobacco Group A/S (Denmark), 144A | 1175 |  | 17630 |
|  |  |  | 13161909 |
|  **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 1100 |  | 158136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 1900 |  | 52915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 9600 |  | 219578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 3400 |  | 100971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 6800 |  | 235365 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc.(a) | 11400 | $| 2788896 |
|  |  |  | 3555861 |
|  **Water Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 6870 |  | 110376 |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 4800 |  | 134656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 39811 |  | 53068 |
|  |  |  | 187724 |
|  **TOTAL COMMON STOCKS**<br> (cost $1,870,242,480) |  |  | 3296727013 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  **Automobiles — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 87 |  | 9271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE (Germany) (PRFC) | 165 |  | 7698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 335 |  | 40883 |
|  |  |  | 57852 |
|  **Banks — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Capital XIII, 10.470%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40 | 22000 |  | 664400 |
|  **Household Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 1765 |  | 143997 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $736,213) |  |  | 866249 |
|  **UNAFFILIATED EXCHANGE-TRADED FUND — 0.0%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 0.0%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 0.0%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 488 |  | 46863 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $23,649) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $23,649) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $23,649) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $23,649) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal** <br>**Amount**<br>**(000)#** | |
|  **ASSET-BACKED SECURITIES — 7.0%** | **ASSET-BACKED SECURITIES — 7.0%** | **ASSET-BACKED SECURITIES — 7.0%** | **ASSET-BACKED SECURITIES — 7.0%** |
|  **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.010% | 01/19/27 | 27 | 27393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290% | 06/18/27 | 10 | 9986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.410% | 08/18/27 | 671 | 666481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 12/18/28 | 2100 | 2132952 |
|  ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 11/15/32 | 623 | 626945 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.660% | 02/20/28 | 3700 | 3616151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830% | 08/21/28 | 4200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/20/29 | 4353 | 4446395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 10/20/27 | 1800 | 1811663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 06/20/30 | 1800 | 1855941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 600 | 618602 |
|  BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.291% | 07/26/32 | 943 | 959063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.632% | 07/26/32 | 355 | 360996 |
|  CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.260% | 12/15/27 | 25 | 24982 |
|  Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520% | 05/15/36 | 771 | 780148 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/20/28 | 1600 | 1608103 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.910% | 05/15/34 | 500 | 490060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 08/15/35 | 4100 | 4181857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.280% | 02/15/36 | 2900 | 2997374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%(cc) | 08/15/36 | 4400 | 4512183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%(cc) | 08/15/37 | 9000 | 9248828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370%(cc) | 02/15/38 | 8361 | 8429900 |
|  GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.490% | 06/12/34 | 200 | 196189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% | 12/11/36 | 900 | 925535 |
|  GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730% | 11/15/29 | 3500 | 3547999 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.260% | 07/14/28 | 2314 | 2310709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 11/14/29 | 4700 | 4735453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 04/16/35 | 4900 | 5074861 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090% | 05/15/30 | 706 | 710350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | 11/15/30 | 1500 | 1527834 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | 12/15/31 | 2600 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 700 |  | 709645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/17/31 | 300 |  | 310076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 06/17/30 | 500 |  | 510858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 04/15/30 | 3000 |  | 3031525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 09/15/31 | 2800 |  | 2817091 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | 01/22/30 | 300 |  | 307217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | 02/20/31 | 500 |  | 514259 |
|  Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 05/25/38 | 4000 |  | 4080173 |
|  Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 04/18/38 | 1373 |  | 1382190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 02/18/39 | 1534 |  | 1552521 |
|  |  |  |  | 90499113 |
|  **Collateralized Loan Obligations — 4.2%** | **Collateralized Loan Obligations — 4.2%** | **Collateralized Loan Obligations — 4.2%** | **Collateralized Loan Obligations — 4.2%** | **Collateralized Loan Obligations — 4.2%** |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(c) | 04/20/37 | 11250 |  | 11289825 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(c) | 07/15/37 | 8500 |  | 8528101 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 11250 |  | 11291108 |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626%(c) | 04/15/31 | 2945 |  | 3445491 |
|  Canyon Capital CLO Ltd. (Cayman Islands), | Canyon Capital CLO Ltd. (Cayman Islands), | Canyon Capital CLO Ltd. (Cayman Islands), | Canyon Capital CLO Ltd. (Cayman Islands), | Canyon Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.166%(c) | 07/15/30 | 1233 |  | 1233102 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%(c) | 10/15/35 | 5000 |  | 5867168 |
|  Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.494%(c) | 04/20/37 | 6250 |  | 6272031 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 7000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7021559 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.022%(c) | 04/17/38 | 9000 | 8989558 |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(c) | 04/26/31 | 97 | 97159 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254%(c) | 10/19/38 | 8500 | 9980749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(c) | 01/26/38 | 14500 | 17051802 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.435%(c) | 04/15/37 | 11000 | 11038764 |
|  Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.654%(c) | 05/15/37 | 11000 | 12957384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.369%(c) | 04/15/38 | 8000 | 9423261 |
|  OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 8000 | 8024098 |
|  Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.266%(c) | 10/17/38 | 6500 | 7642365 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.432%(c) | 04/17/37 | 10000 | 10025010 |
|  Rockford Tower Europe CLO DAC (Ireland), | Rockford Tower Europe CLO DAC (Ireland), | Rockford Tower Europe CLO DAC (Ireland), | Rockford Tower Europe CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.309%(c) | 07/15/38 | 8000 | 9407777 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190%(c) | 01/26/31 | 303 | 302756 |
|  TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.934%(c) | 04/20/34 | 8500 | 8490211 |
|  Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(c) | 04/24/38 | 8000 | 7990435 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.199%(c) | 10/15/38 | 9000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10598632 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 01/20/36 | 11000 | 11019364 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055%(c) | 07/25/34 | 4500 | 5283475 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 01/20/37 | 5000 | 5002450 |
|  Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class A1A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class A1A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class A1A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class A1A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.296%(c) | 04/15/34 | 10000 | 10004710 |
|  |  |  | 218278345 |
|  **Consumer Loans — 0.3%** | **Consumer Loans — 0.3%** | **Consumer Loans — 0.3%** | **Consumer Loans — 0.3%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 02/15/29 | 1400 | 1402184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220% | 12/17/29 | 225 | 225122 |
|  Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.990% | 02/15/33 | 4600 | 4645769 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.930% | 06/25/60 | 751 | 753636 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 2226 | 2191157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%(c) | 06/16/36 | 2800 | 2803252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | 10/14/34 | 272 | 272495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 09/15/36 | 5400 | 5507990 |
|  |  |  | 17801605 |
|  **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.024%(c) | 03/15/32 | 5400 | 7312246 |
|  NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%(c) | 07/15/32 | 2100 | 2836005 |
|  |  |  | 10148251 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Equipment — 0.1%** | **Equipment — 0.1%** |  |  |  |
|  Barings Equipment Finance LLC, | Barings Equipment Finance LLC, | Barings Equipment Finance LLC, | Barings Equipment Finance LLC, | Barings Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820% | 08/13/32 | 2900 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967915 |
|  CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140% | 08/15/34 | 2300 |  | 2304956 |
|  MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290% | 11/12/41 | 1699 |  | 1686446 |
|  |  |  |  | 6959317 |
|  **Home Equity Loans — 0.4%** | **Home Equity Loans — 0.4%** | **Home Equity Loans — 0.4%** | **Home Equity Loans — 0.4%** | **Home Equity Loans — 0.4%** |
|  EFMT, | EFMT, | EFMT, | EFMT, | EFMT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.522%(cc) | 01/26/60 | 2629 |  | 2647818 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.118%(c) | 02/25/55 | 1938 |  | 1938235 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(cc) | 02/25/44 | 534 |  | 538412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 1225 |  | 1243771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%(cc) | 12/25/44 | 1576 |  | 1591768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.472%(cc) | 06/25/55 | 3466 |  | 3498995 |
|  Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.036%(cc) | 09/25/55 | 1661 |  | 1661884 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.294%(cc) | 10/25/63 | 393 |  | 397541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 114 |  | 114849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 218 |  | 219833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%(cc) | 05/25/64 | 1663 |  | 1682360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(cc) | 09/25/64 | 1304 |  | 1304982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(cc) | 02/25/55 | 1678 |  | 1695896 |
|  |  |  |  | 18536344 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |
|  Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 01/17/41 | 727 |  | 684953 |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |  |  |
|  TFS (Spain), | TFS (Spain), | TFS (Spain), | TFS (Spain), | TFS (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(s) | 04/16/40^ | — (r) |  | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127%(c) | 03/15/26^ | 637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561432 |
|  |  |  | 561433 |
|  **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.130% | 02/15/68 | 225 | 222839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.120% | 01/15/69 | 394 | 378033 |
|  Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.519%(c) | 05/25/70 | 933 | 916492 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690% | 06/15/48 | 186 | 184995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.090% | 08/17/48 | 282 | 277706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/16/48 | 506 | 490458 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 692 | 669730 |
|  |  |  | 3140253 |
|  **TOTAL ASSET-BACKED SECURITIES**<br>(cost $358,971,478) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $358,971,478) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $358,971,478) | 366609614 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.2%** |
|  Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.495% | 05/15/53 | 4350 | 4068333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF03, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.168% | 10/15/54 | 8000 | 7586857 |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.362% | 05/15/50 | 6465 | 6414964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.726% | 11/15/62 | 5400 | 5115072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.399% | 01/15/63 | 6700 | 6286421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.717% | 06/15/64 | 4900 | 4460780 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 8000 | 8243942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.902%(cc) | 12/15/57 | 6540 | 6876773 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.047% | 12/15/51 | 5400 | 5357893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A, Floor 2.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.024%(c) | 11/15/34 | 10 | 125 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.761% | 04/10/51 | 4671 | 4632808 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B08, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.963% | 01/15/52 | 8200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8142047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.010% | 03/15/54 | 2900 | 2632160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.793% | 04/15/56 | 5000 | 5244368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.573%(cc) | 07/15/56 | 5000 | 5190488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.228%(cc) | 05/15/56 | 5250 | 5540846 |
|  BXP Trust, | BXP Trust, | BXP Trust, | BXP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.618% | 01/15/44 | 5620 | 4946243 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.944% | 05/10/49 | 2587 | 2579873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442% | 04/14/50 | 4869 | 4835728 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.335%(cc) | 03/25/26 | 10974 | 11974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.952% | 02/25/27 | 2 | 1705 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% | 10/10/49 | 4591 | 4558323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.178% | 11/10/49 | 4164 | 4138154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.992%(cc) | 03/10/51 | 10 | 9949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.721% | 12/12/53 | 6000 | 5385520 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.791% | 11/15/49 | 2609 | 2580978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.531% | 08/15/49 | 10156 | 10088977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.043% | 12/15/51 | 1678 | 1664058 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.212% | 11/15/50 | 4439 | 4372947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.854% | 03/15/51 | 2189 | 2167482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180% | 12/15/51 | 2968 | 2977026 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642% | 11/15/49 | 7810 | 7794235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 4033 | 3983796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.037% | 01/15/52 | 6338 | 6288430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.787% | 10/15/52 | 2500 | 2378525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.810% | 07/15/53 | 6845 | 6219217 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.920%(cc) | 11/15/57 | 7575 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973946 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $173,733,859) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $173,733,859) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $173,733,859) |  | 170750963 |
|  **CORPORATE BONDS — 9.4%** | **CORPORATE BONDS — 9.4%** | **CORPORATE BONDS — 9.4%** | **CORPORATE BONDS — 9.4%** | **CORPORATE BONDS — 9.4%** |
|  **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 5600 |  | 5589612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/26 | 1380 |  | 1378001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/01/35 | 2900 |  | 2519367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 03/01/38 | 1296 |  | 1091392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/01/49 | 2570 |  | 1913591 |
|  |  |  |  | 12491963 |
|  **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |  |  |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/04/41 | 2045 |  | 1580864 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | 03/25/28 | 5140 |  | 4945207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | 08/15/27 | 105 |  | 104172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 1675 |  | 1540232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343% | 08/02/30 | 550 |  | 594429 |
|  BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448% | 03/16/28 | 1500 |  | 1510802 |
|  Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/30 | 1800 |  | 1861514 |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/30 | 5150 |  | 5322545 |
|  Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 08/15/35 | 930 |  | 970437 |
|  |  |  |  | 18430202 |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |  |  |
|  American Airlines 2014-1 Class A Pass-Through Trust, | American Airlines 2014-1 Class A Pass-Through Trust, | American Airlines 2014-1 Class A Pass-Through Trust, | American Airlines 2014-1 Class A Pass-Through Trust, | American Airlines 2014-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 04/01/28 | 2 |  | 2187 |
|  American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 | 1546 |  | 1525540 |
|  American Airlines 2019-1 Class AA Pass-Through Trust, | American Airlines 2019-1 Class AA Pass-Through Trust, | American Airlines 2019-1 Class AA Pass-Through Trust, | American Airlines 2019-1 Class AA Pass-Through Trust, | American Airlines 2019-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 08/15/33 | 18 |  | 16578 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/15/27 | 905 |  | 916276 |
|  United Airlines 2018-1 Class A Pass-Through Trust, | United Airlines 2018-1 Class A Pass-Through Trust, | United Airlines 2018-1 Class A Pass-Through Trust, | United Airlines 2018-1 Class A Pass-Through Trust, | United Airlines 2018-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 09/01/31 | 19 |  | 18583 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Airlines (cont'd.)** | **Airlines (cont'd.)** |  |  |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 165 | 164090 |
|  |  |  | 3482777 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** |  |  |
|  Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/29 | 725 | 670063 |
|  **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |  |  |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 | 200 | 192512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/10/29 | 1095 | 1028611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/08/29 | 775 | 791947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/07/29 | 2440 | 2504265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350% | 03/06/30 | 1255 | 1346944 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/45 | 1035 | 930012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 04/01/36 | 760 | 826971 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 10/15/28 | 3340 | 3184573 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/19/27 | 3085 | 3128363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/08/30 | 2490 | 2565046 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/22/29 | 2690 | 2742433 |
|  |  |  | 19241677 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |  |  |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/33 | 60 | 62312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/32 | 100 | 102435 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 650 | 652833 |
|  |  |  | 817580 |
|  **Banks — 2.4%** | **Banks — 2.4%** |  |  |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(ff) | 03/14/30 | 1000 | 1033704 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.080%(ff) | 01/20/27 | 25 | 25009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 2600 | 2335488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922%(ff) | 10/24/31 | 7385 | 6602968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%(ff) | 02/13/31 | 3135 | 2919956 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 955 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%(ff) | 07/23/29 | 510 |  | 512154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.658%(ff) | 03/11/27 | 2550 |  | 2537616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 03/03/26 | 8455 |  | 8456658 |
|  Bank of America NA, | Bank of America NA, | Bank of America NA, | Bank of America NA, | Bank of America NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/15/36 | 410 |  | 445103 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.942%(ff) | 09/10/30 | 1180 |  | 1199676 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.159%(ff) | 09/15/29 | 975 |  | 921075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | 01/20/33 | 1505 |  | 1372504 |
|  Capital One NA, | Capital One NA, | Capital One NA, | Capital One NA, | Capital One NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/13/26 | 970 |  | 970209 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 | 800 |  | 798934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 800 |  | 841540 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 1260 |  | 1143655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%(ff) | 01/10/28 | 35 |  | 34933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 07/23/48 | 785 |  | 693374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 5975 |  | 6013212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/09/26 | 10 |  | 10002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%(ff) | 01/24/36 | 3900 |  | 4091522 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 2080 |  | 2160774 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 01/10/29 | 800 |  | 816307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%(ff) | 01/14/32 | 3380 |  | 3188716 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%(ff) | 10/21/32 | 4510 |  | 4069871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 | 540 |  | 536779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.369%(ff) | 10/21/31 | 3210 |  | 3203328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727%(ff) | 04/25/30 | 4315 |  | 4507635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 07/08/44 | 5 |  | 4629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 10/01/37 | 104 |  | 116204 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.406%(c) | 04/01/26 (oo) | 1045 |  | 1046708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | 02/04/32 | 4560 |  | 4066188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%(ff) | 02/01/28 | 695 |  | 693358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882%(ff) | 07/24/38 | 20 |  | 17955 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.964%(ff) | 11/15/48 | 3250 | $2618373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%(ff) | 04/23/29 | 2170 | 2167925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.452%(ff) | 12/05/29 | 3350 | 3384467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.299%(ff) | 07/24/29 | 2740 | 2820326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%(ff) | 05/13/31 | 15 | 14160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%(ff) | 07/23/36 | 495 | 512987 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%(ff) | 03/06/35 (a) | 765 | 830871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 04/06/27 | 25 | 24435 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.242%(ff) | 04/19/29 | 2760 | 2831998 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%(ff) | 02/01/29 | 6225 | 6353400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 07/20/29 | 1975 | 2038202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.407%(ff) | 11/01/29 | 3030 | 3210938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%(ff) | 07/21/32 | 2020 | 1793818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(ff) | 01/23/30 | 515 | 517882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 2465 | 2249810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.591%(cc) | 07/22/28 | 1255 | 1246393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 10/22/36 | 1350 | 1339116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 09/08/26 | 3825 | 3829524 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.758%(ff) | 01/26/27 | 35 | 35016 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.691%(ff) | 01/10/34 | 740 | 805249 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 06/05/30 | 10 | 9086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.161%(ff) | 10/30/29 | 1190 | 1283398 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 885 | 819903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%(ff) | 04/01/31 | 450 | 445303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.282% | 01/09/28 | 465 | 465589 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | 12/03/35 | 3220 | 3290261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | 04/24/34 | 1500 | 1559061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 02/11/31 | 4175 | 3899434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 3130 | 3284525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%(ff) | 07/25/29 | 3660 | 3787266 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125809088 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Beverages — 0.1%** | **Beverages — 0.1%** |  |  |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/46 | 584 | $539783 |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/30 | 25 | 24385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/15/39 | 1285 | 1628900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.200% | 01/15/39 | 250 | 322383 |
|  Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 08/01/31 | 1015 | 900402 |
|  |  |  | 3415853 |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |  |  |
|  Biogen, Inc., | Biogen, Inc., | Biogen, Inc., | Biogen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 05/01/30 | 40 | 36745 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** |  |  |
|  Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/35 (a) | 1470 | 1500691 |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/09/30 | 2120 | 2184697 |
|  Owens Corning, | Owens Corning, | Owens Corning, | Owens Corning, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/30 | 290 | 284745 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 1110 | 1155060 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/30 | 760 | 734795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/28 | 700 | 697809 |
|  |  |  | 6557797 |
|  **Chemicals — 0.1%** | **Chemicals — 0.1%** |  |  |
|  Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.400% | 05/15/39 | 155 | 199939 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | 11/15/48 | 49 | 46662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725% | 11/15/28 | 1116 | 1129045 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 04/30/30 | 1065 | 1111988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/02/34 | 1888 | 2036113 |
|  Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/27/28 | 670 | 657605 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5181352 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |  |  |  |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 615 | $| 631702 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 693 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810594 |
|  ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 11/01/46 | 456 |  | 378165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/37 | 380 |  | 440462 |
|  George Washington University (The), | George Washington University (The), | George Washington University (The), | George Washington University (The), | George Washington University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2014 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2014 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2014 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2014 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 09/15/44 | 5 |  | 4261 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/15/31 | 495 |  | 502101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/34 | 95 |  | 96256 |
|  Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% | 07/01/2116 | 1500 |  | 1041739 |
|  Northwestern University, | Northwestern University, | Northwestern University, | Northwestern University, | Northwestern University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% | 12/01/50 | 20 |  | 12572 |
|  RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/22/30 | 10 |  | 9502 |
|  TR Finance LLC (Canada), | TR Finance LLC (Canada), | TR Finance LLC (Canada), | TR Finance LLC (Canada), | TR Finance LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 05/15/26 | 5 |  | 4984 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 325 |  | 304918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/15/28 (a) | 1065 |  | 1065840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/30 (a) | 235 |  | 238184 |
|  University of Miami, | University of Miami, | University of Miami, | University of Miami, | University of Miami, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | 04/01/52 (a) | 1170 |  | 938079 |
|  |  |  |  | 6479359 |
|  **Computers — 0.0%** | **Computers — 0.0%** |  |  |  |
|  Apple, Inc., | Apple, Inc., | Apple, Inc., | Apple, Inc., | Apple, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 05/11/30 | 15 |  | 13646 |
|  **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
|  Ally Financial, Inc., | Ally Financial, Inc., | Ally Financial, Inc., | Ally Financial, Inc., | Ally Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.543%(ff) | 01/17/31 (a) | 755 |  | 772529 |
|  Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/14/27 | 4985 |  | 4963760 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 05/11/27 | 20 |  | 19909 |
|  Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/21/28 | 2600 |  | 2703205 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608% | 07/14/31 | 2055 | $1852049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070% | 07/12/28 | 3355 | 3501637 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13813089 |
|  **Electric — 0.9%** | **Electric — 0.9%** |  |  |
|  Abu Dhabi National Energy Co. PJSC (United Arab Emirates), | Abu Dhabi National Energy Co. PJSC (United Arab Emirates), | Abu Dhabi National Energy Co. PJSC (United Arab Emirates), | Abu Dhabi National Energy Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/29/28 | 525 | 499427 |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/28 | 2910 | 2896569 |
|  Alfa Desarrollo SpA (Chile), | Alfa Desarrollo SpA (Chile), | Alfa Desarrollo SpA (Chile), | Alfa Desarrollo SpA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/27/51 | 620 | 498267 |
|  Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 06/01/45 | 10 | 8339 |
|  Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 07/15/48 | 15 | 11374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/37 | 305 | 326811 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 | 1250 | 1206560 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series K2 | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series K2 | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series K2 | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series K2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/15/33 | 590 | 669539 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688% | 05/15/29 | 1400 | 1384040 |
|  Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/15/47 | 1610 | 1229297 |
|  Connecticut Light & Power Co. (The), | Connecticut Light & Power Co. (The), | Connecticut Light & Power Co. (The), | Connecticut Light & Power Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 07/01/31 | 3255 | 2891250 |
|  Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 09-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 09-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 09-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 09-C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/39 | 220 | 224969 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/15/41 | 465 | 409123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 04/15/38 | 550 | 594821 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/30/42 | 570 | 479083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/38 | 2390 | 2575234 |
|  El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/15/35 | 670 | 696744 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/12/31 | 2140 | 1922333 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 905 | 936109 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218253 |
|  Evergy Kansas Central, Inc., | Evergy Kansas Central, Inc., | Evergy Kansas Central, Inc., | Evergy Kansas Central, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/15/53 | 1310 | 1299468 |
|  Eversource Energy, | Eversource Energy, | Eversource Energy, | Eversource Energy, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 01/15/28 | 5 | 4910 |
|  Exelon Corp., | Exelon Corp., | Exelon Corp., | Exelon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 04/15/26 | 25 | 24950 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/28 | 900 | 918436 |
|  Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 04/01/33 | 2840 | 2943903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 10/01/33 | 215 | 235071 |
|  Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/33 | 145 | 158649 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/14/28 | 470 | 464445 |
|  Kentucky Utilities Co., | Kentucky Utilities Co., | Kentucky Utilities Co., | Kentucky Utilities Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/45 | 10 | 8463 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440% | 01/15/32 | 25 | 22267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/28/28 | 3800 | 3871591 |
|  Northern States Power Co., | Northern States Power Co., | Northern States Power Co., | Northern States Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/47 | 1580 | 1187969 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 75 | 70067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 200 | 186888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 12/02/27 | 1395 | 1347618 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 08/01/27 | 10 | 9695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 2000 | 1488904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/46 | 3830 | 2871672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 1345 | 1138863 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/15/50 | 1110 | 695351 |
|  Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 08/01/50 | 1005 | 543700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 05/01/28 | 1280 | 1273897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 12/15/32 | 1050 | 1073462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/01/37 | 535 | 576129 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |  |
|  Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% | 08/15/30 | 710 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629549 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/15/48 | 1400 |  | 1126418 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/28 | 1670 |  | 1705414 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 580 |  | 436040 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/01/45 | 860 |  | 619183 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 725 |  | 724697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 10/15/30 | 805 |  | 804093 |
|  Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/41 | 480 |  | 440533 |
|  |  |  |  | 48580437 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  AECOM, | AECOM, | AECOM, | AECOM, | AECOM, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/33 | 135 |  | 138321 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 919 |  | 897753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 882 |  | 878145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 800 |  | 704750 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618969 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** |  |  |  |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 600 |  | 621352 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |  |  |  |
|  Clean Harbors, Inc., | Clean Harbors, Inc., | Clean Harbors, Inc., | Clean Harbors, Inc., | Clean Harbors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/33 | 420 |  | 431169 |
|  Waste Connections, Inc., | Waste Connections, Inc., | Waste Connections, Inc., | Waste Connections, Inc., | Waste Connections, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 06/01/32 | 20 |  | 18600 |
|  |  |  |  | 449769 |
|  **Foods — 0.2%** | **Foods — 0.2%** |  |  |  |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/31/31 | 90 |  | 91059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/31/34 | 125 |  | 125469 |
|  Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 01/15/29 | 1265 |  | 1319762 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |  |  |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/33 | 1325 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381685 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 | 275 |  | 265887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 850 |  | 810122 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 07/16/40 | 660 |  | 474214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 4315 |  | 4431227 |
|  Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/32 | 1870 |  | 1724686 |
|  |  |  |  | 10624111 |
|  **Gas — 0.1%** | **Gas — 0.1%** |  |  |  |
|  Boston Gas Co., | Boston Gas Co., | Boston Gas Co., | Boston Gas Co., | Boston Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.843% | 01/10/35 | 1495 |  | 1580258 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 02/15/31 | 915 |  | 802992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490% | 05/15/27 | 1425 |  | 1416129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 05/01/30 | 1270 |  | 1234588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/30/48 | 15 |  | 11704 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/15/32 | 30 |  | 30816 |
|  |  |  |  | 5076487 |
|  **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |  |  |
|  Abbott Laboratories, | Abbott Laboratories, | Abbott Laboratories, | Abbott Laboratories, | Abbott Laboratories, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% | 01/30/28 | 20 |  | 19008 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 675 |  | 659986 |
|  |  |  |  | 678994 |
|  **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
|  Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/36 | 515 |  | 566967 |
|  AHS Hospital Corp., | AHS Hospital Corp., | AHS Hospital Corp., | AHS Hospital Corp., | AHS Hospital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.024% | 07/01/45 | 5 |  | 4618 |
|  Banner Health, | Banner Health, | Banner Health, | Banner Health, | Banner Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.897% | 01/01/31 | 5 |  | 4478 |
|  Centra Health, Inc., | Centra Health, Inc., | Centra Health, Inc., | Centra Health, Inc., | Centra Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/01/48 | 25 |  | 20289 |
|  CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782% | 10/01/30 | 5 |  | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318% | 12/01/34 | 4270 |  | 4352051 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |  |  |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/42 | 390 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/43 | 15 |  | 13444 |
|  Hackensack Meridian Health, Inc., | Hackensack Meridian Health, Inc., | Hackensack Meridian Health, Inc., | Hackensack Meridian Health, Inc., | Hackensack Meridian Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.211% | 07/01/48 | 20 |  | 16446 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/29 | 20 |  | 19929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/15/42 | 10 |  | 8538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 07/15/36 | 450 |  | 516448 |
|  Humana, Inc., | Humana, Inc., | Humana, Inc., | Humana, Inc., | Humana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/23/29 | 15 |  | 14722 |
|  Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% | 11/01/48 | 15 |  | 11986 |
|  Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/47 | 940 |  | 783014 |
|  MedStar Health, Inc., | MedStar Health, Inc., | MedStar Health, Inc., | MedStar Health, Inc., | MedStar Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 20A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.626% | 08/15/49 | 20 |  | 14692 |
|  Molina Healthcare, Inc., | Molina Healthcare, Inc., | Molina Healthcare, Inc., | Molina Healthcare, Inc., | Molina Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/31 | 450 |  | 462532 |
|  Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.532% | 10/01/29 | 765 |  | 719123 |
|  Sutter Health, | Sutter Health, | Sutter Health, | Sutter Health, | Sutter Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.164% | 08/15/33 | 1732 |  | 1781967 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 625 |  | 613783 |
|  Trinity Health Corp., | Trinity Health Corp., | Trinity Health Corp., | Trinity Health Corp., | Trinity Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/45 | 5 |  | 4178 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/15/30 | 10 |  | 9121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/51 | 1000 |  | 676025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/33 | 255 |  | 253133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/63 | 2840 |  | 2545505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/64 | 1680 |  | 1580376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/15/64 | 945 |  | 923219 |
|  |  |  |  | 16271755 |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 575 |  | 607170 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |  |  |
|  KB Home, | KB Home, | KB Home, | KB Home, | KB Home, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/15/31 | 575 | $| 544688 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/32 | 120 |  | 123457 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668145 |
|  **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
|  Whirlpool Corp., | Whirlpool Corp., | Whirlpool Corp., | Whirlpool Corp., | Whirlpool Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 06/15/30 | 130 |  | 129988 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/15/30 (a) | 220 |  | 214967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 | 115 |  | 111184 |
|  |  |  |  | 326151 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  American International Group, Inc., | American International Group, Inc., | American International Group, Inc., | American International Group, Inc., | American International Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 06/30/30 | 30 |  | 28948 |
|  Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 03/15/52 | 50 |  | 38534 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/07/33 | 3785 |  | 4012396 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.951% | 10/15/50 | 1215 |  | 900044 |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 10/09/37 | 772 |  | 830185 |
|  Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 09/17/50 | 410 |  | 317375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/30/43 | 200 |  | 182818 |
|  Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 11/15/30 | 10 |  | 9136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 01/30/47 | 5 |  | 4242 |
|  Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 06/15/30 | 20 |  | 18219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/15/42 | 130 |  | 116894 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.270% | 05/15/47 | 575 |  | 474628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 12/16/39 | 124 |  | 142775 |
|  |  |  |  | 7076194 |
|  **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/15/32 | 400 |  | 401250 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Internet (cont'd.)** | **Internet (cont'd.)** | **Internet (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/15/35 | 1155 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155735 |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 4140 |  | 4382879 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 690 |  | 695662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 2225 |  | 2223294 |
|  |  |  |  | 8858820 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 07/15/32 | 490 |  | 519518 |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 375 |  | 388166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 250 |  | 259906 |
|  Nucor Corp., | Nucor Corp., | Nucor Corp., | Nucor Corp., | Nucor Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 06/01/30 | 10 |  | 9414 |
|  |  |  |  | 1177004 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/15/29 | 555 |  | 567576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 | 15 |  | 15260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/35 (a) | 2695 |  | 2731401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/15/32 | 2335 |  | 2180851 |
|  Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/08/28 (a) | 288 |  | 293610 |
|  |  |  |  | 5788698 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  John Deere Capital Corp., | John Deere Capital Corp., | John Deere Capital Corp., | John Deere Capital Corp., | John Deere Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 09/15/27 | 25 |  | 25187 |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 125 |  | 124858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/26 | 625 |  | 625779 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 2870 |  | 2685523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | 10/23/45 | 1021 |  | 960420 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 06/15/31 | 5275 |  | 4695200 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/42 | 640 |  | 492583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/41 | 360 |  | 315789 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A73

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |  |  |
|  Walt Disney Co. (The), | Walt Disney Co. (The), | Walt Disney Co. (The), | Walt Disney Co. (The), | Walt Disney Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/22/30 | 50 | $| 49551 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949703 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/21/35 | 325 |  | 335287 |
|  Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 03/15/34 | 1280 |  | 1340960 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 | 400 |  | 415140 |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/14/35 | 250 |  | 257891 |
|  Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% | 08/15/31 | 3050 |  | 2736626 |
|  |  |  |  | 5085904 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 1430 |  | 1473343 |
|  **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% | 12/01/26 | 1810 |  | 1786180 |
|  **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 755 |  | 692372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/30 | 2412 |  | 2331621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 770 |  | 742886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/34 | 585 |  | 573173 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 07/15/30 | 20 |  | 18807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/29 | 1560 |  | 1600387 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/47 | 714 |  | 655175 |
|  Chevron Corp., | Chevron Corp., | Chevron Corp., | Chevron Corp., | Chevron Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.995% | 05/11/27 | 10 |  | 9779 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 150 |  | 157077 |
|  Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 07/15/41 | 300 |  | 290548 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |  |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/29/30 | 637 | $| 645440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 2105 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257928 |
|  EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/15/32 | 3880 |  | 3973010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 01/15/36 | 4310 |  | 4429540 |
|  EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 50 |  | 54994 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/32 | 500 |  | 493914 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/30 | 440 |  | 426926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/32 | 500 |  | 470373 |
|  Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/03/26 | 510 |  | 510510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/03/28 | 530 |  | 539688 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;01/28/31(a) | 2146 |  | 2077113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/38 | 35 |  | 31885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 1065 |  | 1061943 |
|  QatarEnergy (Qatar), | QatarEnergy (Qatar), | QatarEnergy (Qatar), | QatarEnergy (Qatar), | QatarEnergy (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 09/12/26 | 600 |  | 587898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 07/12/31 | 820 |  | 735786 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/19/33 | 1015 |  | 1104836 |
|  |  |  |  | 26473609 |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;09/15/31(a) | 425 |  | 391603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 1150 |  | 1183375 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.570% | 01/15/26 | 5135 |  | 5127537 |
|  Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/01/28 | 125 |  | 127077 |
|  Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418% | 01/15/35 | 500 |  | 513764 |
|  |  |  |  | 7343356 |
|  **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 11/21/26 | 10 |  | 9928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/21/39 | 250 |  | 223209 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A74

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/35 | 2190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/14/45 | 735 | 664583 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.823% | 05/20/30 | 20 | 18855 |
|  Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410% | 06/15/27 | 15 | 14887 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 08/21/30 | 50 | 44431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 03/25/38 | 3750 | 3541705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 12/05/43 | 245 | 228201 |
|  Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 10/15/32 | 5050 | 5120763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/27/53 | 340 | 310556 |
|  Mylan, Inc., | Mylan, Inc., | Mylan, Inc., | Mylan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/48 | 685 | 557243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 11/29/43 | 845 | 727160 |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/46 | 690 | 567589 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/22/40 | 470 | 360688 |
|  |  |  | 14548553 |
|  **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/28 | 450 | 450670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/01/34 | 300 | 302287 |
|  Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/15/31 | 1625 | 1536767 |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/29 | 2690 | 2753308 |
|  Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 12/15/44 | 65 | 55928 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/15/29 | 10 | 10275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/15/28 | 1115 | 1133530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/34 | 1495 | 1537335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 02/15/42 | 25 | 24985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 12/15/45 | 180 | 177060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/49 | 1900 | 1882538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/01/30 | 480 | 518627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 12/01/33 | 1265 | 1388094 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.510% | 02/23/42 | 715 | 781810 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;02/15/51(a) | 2260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579021 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 08/15/30 | 595 | 551171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/28 | 1385 | 1382509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 04/15/48 | 135 | 112282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 40 | 35759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/49 | 272 | 250083 |
|  Northwest Pipeline LLC, | Northwest Pipeline LLC, | Northwest Pipeline LLC, | Northwest Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/27 | 3725 | 3724340 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 10/01/36 | 145 | 157909 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 03/15/30 | 5205 | 4951355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 2160 | 2298810 |
|  Spectra Energy Partners LP, | Spectra Energy Partners LP, | Spectra Energy Partners LP, | Spectra Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 10/15/26 | 15 | 14927 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/01/33 | 755 | 722624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;09/15/30(a) | 2140 | 2181819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/33 | 1895 | 2026912 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 115 | 108020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 90 | 81887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 650 | 657408 |
|  Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 12/15/30 | 309 | 314603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/15/34 | 111 | 113474 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 125 | 107874 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 01/15/45 | 1000 | 897262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 09/15/45 | 500 | 459372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 510 | 518830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/35 | 1615 | 1677935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 03/15/32 | 1130 | 1371104 |
|  |  |  | 38850504 |
|  **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** |  |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/18/32 | 1815 | 1535196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 03/15/34 | 480 | 410973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;05/15/36(a) | 2445 | 2417380 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A75

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |  |
|  American Tower Corp., | American Tower Corp., | American Tower Corp., | American Tower Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% | 09/15/26 | 30 | $29458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 01/15/28 | 5420 | 5368719 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/27 | 5 | 4989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30 | 5 | 4931 |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 12/01/33 | 1345 | 1148567 |
|  Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/15/27 | 10 | 9856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 06/15/26 | 10 | 9978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/47 | 5 | 4335 |
|  Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/15/30 | 5 | 4746 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 12/01/28 | 5 | 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 01/15/31 | 5 | 4634 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 10/01/30 | 3480 | 3262143 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/31 | 950 | 690830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 | 400 | 386164 |
|  Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 04/15/27 | 5 | 4895 |
|  Public Storage Operating Co., | Public Storage Operating Co., | Public Storage Operating Co., | Public Storage Operating Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 11/09/28 | 10 | 9471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 11/09/31 | 1288 | 1149176 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 07/15/31 | 3000 | 2728884 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19190045 |
|  **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/15/28 | 525 | 516789 |
|  AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 01/15/31 | 770 | 674702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 04/21/26 | 5 | 4985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/01/27 | 15 | 14943 |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/01/29 | 275 | 260455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/01/31 | 250 | 231267 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |  |
|  Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/15/27 | 50 | $49228 |
|  Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/15/33 | 30 | 30739 |
|  TJX Cos., Inc. (The), | TJX Cos., Inc. (The), | TJX Cos., Inc. (The), | TJX Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% | 05/15/31 | 5 | 4393 |
|  |  |  | 1787501 |
|  **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |  |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 07/15/32 | 1795 | 1832030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 320 | 275825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | 11/15/36 | 4445 | 3771567 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/15/32 | 25 | 22425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 05/01/27 | 5 | 4940 |
|  QUALCOMM, Inc., | QUALCOMM, Inc., | QUALCOMM, Inc., | QUALCOMM, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 05/20/30 | 25 | 23030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/20/27 | 12 | 11940 |
|  Texas Instruments, Inc., | Texas Instruments, Inc., | Texas Instruments, Inc., | Texas Instruments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 05/04/30 | 15 | 13656 |
|  |  |  | 5955413 |
|  **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |  |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 07/01/26 | 10 | 9948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/02/28 | 2560 | 2621103 |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 09/15/29 | 5 | 4780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 12/15/26 | 15 | 14973 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650804 |
|  **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |  |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 02/01/32 | 8790 | 7717055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 12/01/33 | 576 | 491756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/53 | 850 | 569561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/15/59 | 160 | 105729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/35 | 545 | 523491 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/15/29 | 100 | 98157 |
|  Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 08/15/32 | 6890 | 7107502 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A76

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |  |  |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/15/32 (a) | 4030 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3792090 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/15/28 | 380 |  | 407857 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 02/15/31 | 1385 |  | 1265161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 | 8000 |  | 7863108 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% | 03/15/32 | 1510 |  | 1330922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 03/21/31 | 1074 |  | 980868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 11/20/40 | 1634 |  | 1167947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401% | 07/02/37 | 533 |  | 539002 |
|  |  |  |  | 33960206 |
|  **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |  |  |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 04/01/45 | 10 |  | 8401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 08/01/28 | 670 |  | 713930 |
|  Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 12/02/26 | 10 |  | 9797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 11/15/29 | 5 |  | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/50 | 20 |  | 14426 |
|  CSX Corp., | CSX Corp., | CSX Corp., | CSX Corp., | CSX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 05/01/37 | 715 |  | 785339 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/01/31 | 150 |  | 156441 |
|  |  |  |  | 1693109 |
|  **TOTAL CORPORATE BONDS**<br> (cost $502,385,878) | **TOTAL CORPORATE BONDS**<br> (cost $502,385,878) | **TOTAL CORPORATE BONDS**<br> (cost $502,385,878) |  | 496768652 |
|  **MUNICIPAL BONDS — 0.2%** | **MUNICIPAL BONDS — 0.2%** | **MUNICIPAL BONDS — 0.2%** | **MUNICIPAL BONDS — 0.2%** | **MUNICIPAL BONDS — 0.2%** |
|  **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** |  |  |
|  Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263% | 09/15/32 | 240 |  | 239799 |
|  **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |  |  |
|  Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.263% | 04/01/49 | 1325 |  | 1402158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series S | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series S | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series S | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series S | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series S |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.176% | 04/01/41 | 25 |  | 20184 |
|  State of California, | State of California, | State of California, | State of California, | State of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 10/01/39 | 1270 |  | 1483214 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 04/01/34 | 475 |  | 553821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 03/01/40 | 220 |  | 266411 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **California (cont'd.)** | **California (cont'd.)** | **California (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550% | 04/01/39 | 245 | $296958 |
|  University of California, | University of California, | University of California, | University of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.131% | 05/15/45 | 5 | 4493 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027239 |
|  **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** |  |
|  Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.844% | 11/01/50 | 680 | 685746 |
|  **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** |  |
|  County of Miami-Dade Transit System, | County of Miami-Dade Transit System, | County of Miami-Dade Transit System, | County of Miami-Dade Transit System, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.624% | 07/01/40 | 10 | 10429 |
|  Florida Development Finance Corp., | Florida Development Finance Corp., | Florida Development Finance Corp., | Florida Development Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.109% | 04/01/50 | 40 | 33522 |
|  |  |  | 43951 |
|  **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |  |
|  Municipal Electric Authority of Georgia, | Municipal Electric Authority of Georgia, | Municipal Electric Authority of Georgia, | Municipal Electric Authority of Georgia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.655% | 04/01/57 | 14 | 15128 |
|  **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** |  |
|  Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.395% | 01/01/40 | 1030 | 1143692 |
|  **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |  |
|  New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414% | 01/01/40 | 1070 | 1291651 |
|  **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** |  |
|  Empire State Development Corp., | Empire State Development Corp., | Empire State Development Corp., | Empire State Development Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.590% | 03/15/35 | 30 | 25674 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |  |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% | 06/01/40 | 455 | 455309 |
|  **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |  |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% | 12/01/45 | 550 | 547313 |
|  **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |  |
|  Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.843% | 11/01/46 | 15 | 10967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.087% | 11/01/51 | 25 | 20509 |
|  Texas A&M University, | Texas A&M University, | Texas A&M University, | Texas A&M University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.330% | 05/15/39 | 25 | 21816 |
|  |  |  | 53292 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A77

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |  |  |
|  University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.179% | &nbsp;&nbsp;&nbsp;&nbsp;09/01/2117 | 495 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364886 |
|  **Wisconsin — 0.0%** | **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |  |  |
|  State of Wisconsin, | State of Wisconsin, | State of Wisconsin, | State of Wisconsin, | State of Wisconsin, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.954% | 05/01/36 | 15 |  | 14284 |
|  **TOTAL MUNICIPAL BONDS**<br> (cost $8,371,505) | **TOTAL MUNICIPAL BONDS**<br> (cost $8,371,505) | **TOTAL MUNICIPAL BONDS**<br> (cost $8,371,505) |  | 8907964 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.909%(cc) | 01/25/66 | 11 |  | 9355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.975%(cc) | 10/25/70 | 1669 |  | 1670915 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%(cc) | 02/25/35 | 64 |  | 62161 |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(cc) | 05/25/63 | 3277 |  | 3292295 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 09/25/64 | 446 |  | 398345 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.731%(cc) | 02/25/37 | 22 |  | 22594 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 06/25/64 | 1941 |  | 1931168 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.874%(c) | 12/25/41 | 1 |  | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%(c) | 01/25/43 | 6 |  | 5898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.374%(c) | 10/25/43 | 227 |  | 227986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.874%(c) | 05/25/45 | 1412 |  | 1413799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.874%(c) | 07/25/45 | 2650 |  | 2653567 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(cc) | 09/25/57 | 483 |  | 467625 |
|  Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 430, Class C56, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 430, Class C56, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 430, Class C56, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 430, Class C56, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 430, Class C56, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/25/52 | 754 |  | 132208 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.061%(c) | 04/25/50 | 889 |  | 118981 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/25/51 | 3770 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.076%(c) | 08/25/52 | 2058 |  | 199157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class FC, 30 Day Average SOFR + 1.600% (Cap 6.000%, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class FC, 30 Day Average SOFR + 1.600% (Cap 6.000%, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class FC, 30 Day Average SOFR + 1.600% (Cap 6.000%, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class FC, 30 Day Average SOFR + 1.600% (Cap 6.000%, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class FC, 30 Day Average SOFR + 1.600% (Cap 6.000%, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.474%(c) | 02/25/55 | 1202 |  | 1209849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 07/25/55 | 9078 |  | 9198310 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.524%(c) | 01/25/34 | 73 |  | 72861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%(c) | 11/25/41 | 2 |  | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA05, Class M1A, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA05, Class M1A, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA05, Class M1A, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA05, Class M1A, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA05, Class M1A, 144A, 30 Day Average SOFR + 2.950% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.824%(c) | 06/25/42 | 8 |  | 8217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA01, Class M1A, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA01, Class M1A, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA01, Class M1A, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA01, Class M1A, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA01, Class M1A, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.974%(c) | 03/25/42 | 2 |  | 2248 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4535, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4535, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4535, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4535, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4535, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/44 | 287 |  | 279601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/25/40 | 701 |  | 104571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 10/25/50 | 3208 |  | 91345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/25/52 | 342 |  | 6931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/25/52 | 811 |  | 670316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 06/25/55 | 5642 |  | 5716836 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/25/53 | 3958 |  | 844672 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.012%(c) | 09/20/48 | 1276 |  | 31192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 10/20/48 | 1620 |  | 40887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 07/20/49 | 3870 |  | 41343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/49 | 2597 |  | 54634 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A78

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/50 | 2052 | $| 342073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/20/51 | 2677 |  | 366079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 01/20/50 | 508 |  | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 891 |  | 16677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 3800 |  | 70422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 1242 |  | 33544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 1019 |  | 32159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/20/52 | 797 |  | 15619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/51 | 8701 |  | 932773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.072%(c) | 07/20/52 | 938 |  | 76361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 07/20/52 | 4615 |  | 96291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.032%(c) | 07/20/52 | 10212 |  | 234117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.032%(c) | 07/20/52 | 1693 |  | 41828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/52 | 1767 |  | 31397 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.186%(cc) | 07/25/35 | 7 |  | 6759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | 10/25/50 | 5 |  | 4574 |
|  Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.003%(c) | 01/24/63 | 1149 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351007 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.892%(cc) | 10/25/66 | 258 |  | 257696 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.131%(cc) | 07/25/60 | 1528 |  | 1407903 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.596%(c) | 01/25/48 | 127 | $125319 |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.453%(cc) | 05/25/65 | 1378 | 1388919 |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(cc) | 06/25/64 | 1481 | 1427158 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 12/25/54 | 3028 | 2973403 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.298%(cc) | 02/25/34 | 24 | 23731 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 10/25/60 | 498 | 456334 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $43,044,069) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $43,044,069) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $43,044,069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43408637 |
|  **SOVEREIGN BONDS — 0.4%** | **SOVEREIGN BONDS — 0.4%** | **SOVEREIGN BONDS — 0.4%** | **SOVEREIGN BONDS — 0.4%** |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 | 710 | 645656 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/26/30 | 1640 | 1684301 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 | 3317 | 3429778 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 05/13/37 | 2625 | 2802188 |
|  Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/26 | 2422 | 2422000 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;04/16/50(a) | 475 | 365688 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783% | 01/23/31 | 453 | 419252 |
|  Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/15/28 | 20 | 19820 |
|  Province of New Brunswick (Canada), | Province of New Brunswick (Canada), | Province of New Brunswick (Canada), | Province of New Brunswick (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/24/28 | 20 | 19936 |
|  Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/12/35 | 2565 | 2663111 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/16/30 | 5840 | 6015667 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A79

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/13/28 | 2745 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803331 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $22,760,020) | **TOTAL SOVEREIGN BONDS**<br> (cost $22,760,020) | **TOTAL SOVEREIGN BONDS**<br> (cost $22,760,020) |  | 23290728 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.6%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/15/36 | 960 |  | 1048144 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 3506 |  | 2704888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/32 | 217 |  | 208085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/40 | 851 |  | 756591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/40 | 1277 |  | 1132459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/50 | 2693 |  | 2199603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 1419 |  | 1156084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 88 |  | 72024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 1445 |  | 1178089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/01/51 | 4556 |  | 3706054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/51 | 392 |  | 322047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/30 | 77 |  | 74718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/32 | 230 |  | 222167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/35 | 1852 |  | 1769824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 832 |  | 713107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 6716 |  | 5726860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 3799 |  | 3216895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 390 |  | 332433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 2833 |  | 2433301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 2274 |  | 1943979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/28 | 38 |  | 38002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/29 | 123 |  | 121528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/32 | 206 |  | 201596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/37 | 135 |  | 128173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 320 |  | 296118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/43 | 644 |  | 595415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/46 | 1846 |  | 1678382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 5416 |  | 4918068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 1655 |  | 1496554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 1408 |  | 1260451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/51 | 789 |  | 699081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 403 |  | 361515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/37 | 94 |  | 91701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/42 | 153 |  | 147065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/42 | 105 |  | 100523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/47 | 273 |  | 257649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/47 | 374 |  | 353019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/48 | 3867 |  | 3644193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/52 | 2371 |  | 2204778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/52 | 4726 |  | 4379771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/26 | 6 |  | 5852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/26 | 3 |  | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/39 | 248 |  | 244249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/40 | 112 |  | 109647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/41 | 89 |  | 87455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/42 | 40 |  | 39397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/45 | 124 |  | 120069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/52 | 963 |  | 925274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/52 | 1220 |  | 1164294 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/53 | 1476 | $1415384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/39 | 73 | 73594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/39 | 417 | 420588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/39 | 141 | 142467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/46 | 75 | 74443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/47 | 318 | 316225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 5978 | 5860538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/53 | 968 | 949067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/34 | 6 | 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/34 | 67 | 68083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/35 | 7 | 6741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/35 | 15 | 14974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/36 | 12 | 12107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/37 | 7 | 6956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/37 | 129 | 132573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/38 | 17 | 17796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/38 | 18 | 18626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/38 | 21 | 21208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/39 | 7 | 7241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/39 | 21 | 21604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/52 | 384 | 384461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/52 | 1201 | 1204319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/53 | 7438 | 7448591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/53 | 530 | 530392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/34 | 206 | 208785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/34 | 26 | 26086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/34 | 41 | 41644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/37 | 16 | 17082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/38 | 127 | 132245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/38 | 23 | 24005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/38 | 125 | 130832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/53 | 11578 | 11784289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/32 | 63 | 64325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/33 | 17 | 17033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/36 | 2 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | 3 | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | 4 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/37 | 8 | 8379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 1 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 3 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 66 | 69981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/38 | 29 | 30713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/39 | 13 | 13792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 354 | 364675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 455 | 518046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/01/31 | 3 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/01/31 | 2 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 09/01/31 | 1 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/01/31 | 10 | 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/01/32 | 10 | 10269 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/01/42 | 393 | 331637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 10/01/50 | 330 | 254527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 3558 | 2745011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 12/01/50 | 3993 | 3084371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 01/01/51 | 1734 | 1337846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 03/01/51 | 843 | 652862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/31 | 800 | 768921 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A80

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/31 | 326 | $312489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/32 | 1687 | 1610947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/41 | 1733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/41 | 3933 | 3427958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/50 | 950 | 773628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 8928 | 7288696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 34 | 28148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 1625 | 1325944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 12509 | 10199072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 3181 | 2592326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 3346 | 2725868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 19507 | 15879018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/51 | 3130 | 2545089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/32 | 706 | 680789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/32 | 792 | 765403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/32 | 750 | 724330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/35 | 2541 | 2443616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/36 | 3918 | 3729287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/37 | 774 | 734602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/43 | 386 | 345950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/46 | 734 | 639436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/50 | 564 | 485990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/50 | 1590 | 1360508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/50 | 2463 | 2104219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/50 | 230 | 198714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/50 | 3089 | 2638821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 2010 | 1705077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 2450 | 2074967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 2914 | 2486388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 766 | 652508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/51 | 2425 | 2066364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 840 | 715952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/51 | 6976 | 6000393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 381 | 326665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/52 | 745 | 640540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/27 | 72 | 71694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/30 | 205 | 201371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/35 | 1995 | 1928932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/36 | 1215 | 1174995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/36 | 563 | 535753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 360 | 332926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 484 | 447562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 85 | 78567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/46 | 89 | 80886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 720 | 650270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/47 | 515 | 464892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/47 | 404 | 366552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/49 | 394 | 352854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/49 | 245 | 220393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/49 | 342 | 306297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/50 | 390 | 345773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 346 | 311270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 4259 | 3813350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/50 | 298 | 265732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/51 | 696 | 616144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/51 | 2547 | 2253980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/51 | 13657 | 12216774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 820 | 726698 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 1464 | $1310680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/52 | 1667 | 1478329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 2119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/31 | 133 | 132146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/32 | 103 | 101656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/33 | 219 | 217208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/33 | 301 | 297517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/39 | 213 | 202766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/42 | 1649 | 1586533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/42 | 792 | 748144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/42 | 323 | 308760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 117 | 111499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 273 | 260838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 350 | 333507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 599 | 571545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/42 | 170 | 161883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/43 | 1107 | 1056061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/43 | 182 | 174022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/43 | 413 | 393466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/43 | 84 | 80488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/45 | 1571 | 1491811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/46 | 190 | 179917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/46 | 377 | 356450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/47 | 369 | 347401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 3847 | 3615742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/48 | 352 | 330249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/48 | 1777 | 1674074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/49 | 2912 | 2739328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/52 | 4255 | 3963199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/52 | 726 | 679093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 2248 | 2083132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/52 | 380 | 352203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/53 | 1585 | 1468557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/36 | 272 | 268778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/41 | 931 | 912001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/44 | 356 | 346344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/44 | 570 | 554062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/46 | 253 | 242965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/47 | 255 | 246815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/47 | 95 | 91583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/47 | 311 | 300944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/47 | 395 | 383726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/47 | 1301 | 1260599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/49 | 2635 | 2545082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/50 | 1147 | 1106754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/50 | 1631 | 1565789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/52 | 759 | 723718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/52 | 7136 | 6810055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/52 | 2589 | 2481240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/52 | 5755 | 5492309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/52 | 944 | 899515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/33 | 11 | 11386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/33 | 3 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/33 | 12 | 12071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/33 | 31 | 31347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/34 | 9 | 8933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/35 | 1 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/39 | 260 | 262025 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A81

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/39 | 179 | $180748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/39 | 111 | 111722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/39 | 2 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/41 | 430 | 433128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/50 | 521 | 513365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 3894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/52 | 7552 | 7402865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/52 | 3463 | 3394351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/52 | 1824 | 1787593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/52 | 1753 | 1718392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/53 | 906 | 887401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/34 | 63 | 64363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/35 | 153 | 155030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/35 | 38 | 38141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/35 | 32 | 33066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/35 | 42 | 42614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/35 | 37 | 38308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/35 | 32 | 33107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/36 | 22 | 22719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/49 | 380 | 385286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/52 | 358 | 358081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/52 | 375 | 375778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/52 | 1586 | 1591209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/53 | 13522 | 13539990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 | 2615 | 2617997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | TBA | 5500 | 5576904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/33 | 31 | 31482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/33 | 61 | 62486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/33 | 20 | 20813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/33 | 15 | 15866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/34 | 44 | 45553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/35 | 66 | 68209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/36 | 37 | 38314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/37 | 24 | 24641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/37 | 10 | 10963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/37 | 66 | 69195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/37 | 76 | 78901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/53 | 8949 | 9108084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/53 | 813 | 827448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/53 | 481 | 488649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/53 | 622 | 632344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/33 | 68 | 69730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/33 | 2 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/33 | 5 | 5108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/34 | 124 | 127615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/34 | 30 | 30915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/34 | 1 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/34 | 8 | 8406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/35 | 14 | 14530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/35 | 35 | 35655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/35 | 1 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/35 | 56 | 57210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/35 | 76 | 79076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/35 | 5 | 5462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/36 | 9 | 9108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/36 | 10 | 10237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/37 | 25 | 25972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/37 | 9 | 9865 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/38 | 62 | $65054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 4779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 | 1800 | 1851500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 1 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 6 | 6509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 8 | 8728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 14 | 14362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/32 | 14 | 14694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/33 | 17 | 17624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/01/33 | 14 | 14839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/01/34 | 6 | 6588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/34 | 21 | 21651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/36 | 66 | 69610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/36 | 9 | 9395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/01/37 | 30 | 31304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/01/37 | 33 | 34623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/37 | 6 | 6779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30(k) | 945 | 1065595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/01/32 | 4 | 4721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 05/01/32 | 5 | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/01/32 | 3 | 3086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/01/32 | 10 | 10664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 01/15/30 | 3600 | 4062210 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/20/50 | 5779 | 4789470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/20/51 | 1929 | 1597929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/20/51 | 1202 | 996175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/20/51 | 1313 | 1088066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/20/43 | 263 | 233971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/20/46 | 243 | 213336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/20/50 | 488 | 421978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/20/50 | 2231 | 1929555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/20/50 | 1703 | 1469813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/20/51 | 3367 | 2907305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/20/51 | 10697 | 9231665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/45 | 240 | 216819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/20/45 | 306 | 279516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/20/46 | 1773 | 1617827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/20/46 | 1163 | 1059612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/20/47 | 597 | 543973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/20/49 | 117 | 105634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/20/50 | 1038 | 935565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/20/42 | 593 | 560902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/43 | 121 | 114526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/45 | 372 | 347320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/45 | 499 | 465380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/20/46 | 1717 | 1588541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/47 | 1721 | 1600242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/20/49 | 2607 | 2408132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/20/49 | 1233 | 1135229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/50 | 1730 | 1596142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/20/50 | 242 | 223124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/20/50 | 266 | 244568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/20/51 | 3477 | 3202578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/51 | 801 | 737578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/20/52 | 2584 | 2377525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/20/52 | 4817 | 4419908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/15/40 | 46 | 44350 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A82

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br> **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/20/41 | 87 | $84785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/20/42 | 226 | 219855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/20/44 | 81 | 78410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/45 | 388 | 374873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/20/45 | 430 | 414637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/46 | 91 | 88097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/20/47 | 1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/48 | 806 | 773341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/49 | 659 | 632478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/49 | 4950 | 4741051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/20/50 | 1286 | 1230051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/50 | 875 | 837900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/50 | 1425 | 1362208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/20/52 | 1620 | 1543720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/20/52 | 1695 | 1612018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/40 | 159 | 158609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/20/41 | 405 | 408056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/20/41 | 246 | 247991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/20/44 | 265 | 264069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/20/46 | 135 | 135312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/20/46 | 247 | 246167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/20/47 | 197 | 196590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/48 | 199 | 197029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/20/48 | 260 | 257403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/48 | 855 | 848407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/20/52 | 3704 | 3634225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/37 | 53 | 54032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/20/45 | 245 | 250123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/20/53 | 1822 | 1823070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/20/54 | 2467 | 2464165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/20/54 | 1455 | 1452317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/20/54 | 607 | 606195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/32 | 11 | 10842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/33 | 15 | 15610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/33 | 35 | 35585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/33 | 49 | 49629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/15/33 | 17 | 17330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/15/33 | 25 | 25681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/15/33 | 2 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/34 | 93 | 95811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/15/35 | 22 | 22427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/36 | 62 | 64334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/20/52 | 2383 | 2426860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/20/53 | 1791 | 1821064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/20/54 | 15541 | 15721572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/33 | 1 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/33 | 9 | 9300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/15/33 | 6 | 6100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/33 | 14 | 14226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/33 | 38 | 39211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/34 | 7 | 7331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/34 | 10 | 10708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/20/34 | 23 | 24223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/15/34 | 52 | 53773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/15/34 | 62 | 64450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/20/54 | 2907 | 2966950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/20/54 | 2807 | 2862890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/20/54 | 659 | 672974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 12/15/30 | 1 | $| 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/15/32 | 6 |  | 6466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/32 | 4 |  | 4619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/15/32 | 10 |  | 10210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 2 |  | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 5 |  | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 12 |  | 12683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 63 |  | 64692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/15/35 | 9 |  | 9234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/15/35 | 5 |  | 5015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/20/54 | 2800 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/20/54 | 1586 |  | 1638464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 08/20/54 | 797 |  | 829059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 11/20/54 | 615 |  | 634738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/20/55 | 632 |  | 651196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/20/55 | 1140 |  | 1174344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 03/20/55 | 1200 |  | 1236328 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/15/31 | 450 |  | 394096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/55 | 2280 |  | 2264722 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%(s) | 07/15/34 | 110 |  | 73846 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $469,316,939) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $469,316,939) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $469,316,939) |  | 454583142 |
|  **U.S. TREASURY OBLIGATIONS — 0.8%** | **U.S. TREASURY OBLIGATIONS — 0.8%** | **U.S. TREASURY OBLIGATIONS — 0.8%** | **U.S. TREASURY OBLIGATIONS — 0.8%** | **U.S. TREASURY OBLIGATIONS — 0.8%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42 (h) | 6455 |  | 5391942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 | 7690 |  | 7068792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 (h) | 11685 |  | 11465906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 | 2235 |  | 2226270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45 | 3685 |  | 3788065 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/27 (k) | 4760 |  | 4836234 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.365%(s) | 08/15/44 | 3095 |  | 1209674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364%(s) | 11/15/41 (k) | 13850 |  | 6376634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.728%(s) | 11/15/43 | 426 |  | 173967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 235 |  | 85843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.331%(s) | 02/15/40 | 405 |  | 207006 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $45,340,466) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $45,340,466) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $45,340,466) |  | 42830333 |
|  **TOTAL LONG-TERM INVESTMENTS—94.2%**<br> (cost $3,558,049,736) | **TOTAL LONG-TERM INVESTMENTS—94.2%**<br> (cost $3,558,049,736) | **TOTAL LONG-TERM INVESTMENTS—94.2%**<br> (cost $3,558,049,736) |  | 4967787263 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A83

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 7.5%** | **SHORT-TERM INVESTMENTS — 7.5%** | **SHORT-TERM INVESTMENTS — 7.5%** | **SHORT-TERM INVESTMENTS — 7.5%** |
|  **AFFILIATED MUTUAL FUNDS — 7.5%** | **AFFILIATED MUTUAL FUNDS — 7.5%** | **AFFILIATED MUTUAL FUNDS — 7.5%** | **AFFILIATED MUTUAL FUNDS — 7.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wa) | 293844746 | $293844746 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $98,904,789; includes $98,596,092 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $98,904,789; includes $98,596,092 of cash collateral for securities on loan)(b)(wa) | 99041020 | 98981596 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $392,749,535) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $392,749,535) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $392,749,535) | 392826342 |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** |  |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.0%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.0%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.0%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/05/26 | 50 | 49696 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $49,683) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $49,683) |  |  |
|  **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $24,048) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $24,048) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $24,048) | 22101 |
|  **TOTAL SHORT-TERM INVESTMENTS<br>(cost $392,823,266)** | **TOTAL SHORT-TERM INVESTMENTS<br>(cost $392,823,266)** | **TOTAL SHORT-TERM INVESTMENTS<br>(cost $392,823,266)** | 392898139 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.7%<br>(cost $3,950,873,002)** | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.7%<br>(cost $3,950,873,002)** | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.7%<br>(cost $3,950,873,002)** | 5360685402 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $21,133) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $21,133) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $21,133) | (21239) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.7%**<br> (cost $3,950,851,869) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.7%**<br> (cost $3,950,851,869) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.7%**<br> (cost $3,950,851,869) | 5360664163 |
|  **Liabilities in excess of other assets(z) — (1.7)%** | **Liabilities in excess of other assets(z) — (1.7)%** | **Liabilities in excess of other assets(z) — (1.7)%** | (89832987) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $5270831176 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $561,433 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $95,235,715; cash collateral of $98,596,092 (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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligation** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc.<br>(proceeds receivable $10,588,184) | 5.500% | TBA | 02/12/26 | $(10500) | $(10636973) |

---

#### Options Purchased:

#### OTC Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% – | 1290 | $1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A84

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  | 2580 | $2 |
|  **Total OTC Traded** (cost $2,870) |  |  |  |  |  |  | $3 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 3605 | $22096 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 3605 | 2 |
|  **Total OTC Swaptions** (cost $21,178) | **Total OTC Swaptions** (cost $21,178) | **Total OTC Swaptions** (cost $21,178) | **Total OTC Swaptions** (cost $21,178) | **Total OTC Swaptions** (cost $21,178) | **Total OTC Swaptions** (cost $21,178) | **Total OTC Swaptions** (cost $21,178) |  | $22098 |
|  **Total Options Purchased** (cost $24,048) | **Total Options Purchased** (cost $24,048) | **Total Options Purchased** (cost $24,048) | **Total Options Purchased** (cost $24,048) | **Total Options Purchased** (cost $24,048) | **Total Options Purchased** (cost $24,048) | **Total Options Purchased** (cost $24,048) |  | $22101 |

---

#### Options Written:

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 3605 | $(12845) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 3605 | (8394) |
|  **Total Options Written** (premiums received $21,133) | **Total Options Written** (premiums received $21,133) | **Total Options Written** (premiums received $21,133) |  |  |  |  |  | $(21239) |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 279 | 2 Year U.S. Treasury Notes | Mar. 2026 | $58252148 | $12771 |
| 808 | 5 Year U.S. Treasury Notes | Mar. 2026 | 88318190 | (225527) |
| 629 | 10 Year U.S. Treasury Notes | Mar. 2026 | 70723188 | (171286) |
| 190 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 21852970 | (44878) |
| 646 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 74673563 | (489018) |
| 585 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 69030000 | (947663) |
| 3 | Mini MSCI EAFE Index | Mar. 2026 | 435315 | 3052 |
| 1 | S&P 500 E-Mini Index | Mar. 2026 | 344625 | 686 |
|  |  |  |  | (1861863) |
|  **Short Position:** | **Short Position:** |  |  |  |
| 4 | 5 Year Euro-Bobl | Mar. 2026 | 546045 | 3921 |
|  |  |  |  | $(1857942) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A85

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | HSBC | GBP | 6939 | $9081282 | $9353591 | $— | $(272309) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR | 80686 | 93179456 | 94862343 |  | (1682887) |
|  |  |  |  | $102260738 | $104215934 | $— | $(1955196) |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |
|  Credit Suisse Group AG | 06/20/26 | 1.000%(Q) | 3000 | $(12991) | $23301 | $(36292) | BARC |
|  Credit Suisse Group AG | 06/20/26 | 1.000%(Q) | 3000 | (12992) | 22728 | (35720) | BARC |
|  Credit Suisse Group AG | 06/20/26 | 1.000%(Q) | 3000 | (12991) | 25567 | (38558) | BARC |
|  Republic of France | 12/20/30 | 0.250%(Q) | 1480 | (7686) | (4394) | (3292) | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) | 2220 | (73853) | (83284) | 9431 | BARC |
|  |  |  |  | $(120513) | $(16082) | $(104431) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at**<br>**December 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |  |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) |  | 2110 | 0.348% | $57721 | $51976 | $5745 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000%(Q) |  | 945 | 0.138% | 8092 | 6573 | 1519 | CITI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 4955 | 0.284% | 35439 | 33106 | 2333 | GSI |
|  Hellenic Republic | 12/20/26 | 1.000%(Q) |  | 1699 | 0.072% | 15640 | 14959 | 681 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) |  | 435 | 0.112% | 5699 | 4451 | 1248 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) |  | 325 | 0.132% | 5510 | 4045 | 1465 | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000%(Q) |  | 1423 | 0.166% | 11807 | 11581 | 226 | MSI |
|  Kingdom of Norway | 12/20/26 | —%(Q) |  | 4390 | 0.047% | (1997) | (2119) | 122 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 80 | 0.231% | 156 | 132 | 24 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 80 | 0.238% | 308 | 276 | 32 | CITI |
|  Kingdom of Spain | 06/20/26 | 1.000%(Q) | EUR | 1187 | 0.028% | 6784 | 6306 | 478 | BARC |
|  Republic of France | 06/20/27 | 0.250%(Q) |  | 810 | 0.113% | 1658 | 1454 | 204 | BARC |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 1480 | 0.298% | (3153) | (9049) | 5896 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 585 | 0.590% | (15643) | (19561) | 3918 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 380 | 0.590% | (10162) | (13134) | 2972 | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) |  | 2220 | 0.281% | 73853 | 62409 | 11444 | BARC |
|  Republic of Panama | 06/20/26 | 1.000%(Q) |  | 553 | 0.459% | 1555 | 1291 | 264 | CITI |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000%(Q) |  | 1254 | 0.115% | 11020 | 10691 | 329 | MSI |
|  Slovak Republic | 12/20/27 | 1.000%(Q) |  | 585 | 0.155% | 9656 | 9297 | 359 | BARC |
|  Standard Chartered PLC | 12/20/26 | 1.000%(Q) |  | 788 | 0.187% | 6378 | 6262 | 116 | MSI |
|  State of Qatar | 12/20/26 | 1.000%(Q) |  | 835 | 0.084% | 7592 | 7043 | 549 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | 0.049% | 2123 | 1284 | 839 | BARC |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A86

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

#### Credit default swap agreements outstanding at December 31, 2025 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at**<br>**December 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) | 830 | 0.135% | $3592 | $2803 | $789 | GSI |
|  |  |  |  |  | $233628 | $192076 | $41552 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>December 31,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 12840 | 0.500% | $286857 | $294313 | $7456 |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
| 17045 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% | $— | $(97984) | $(97984) |
| 2250 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 416 | (22104) | (22520) |
| 2685 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1225614 | 1322890 | 97276 |
|  |  |  |  | $1226030 | $1202802 | $(23228) |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A87

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination**<br>**Date** | **Long (Short)**<br>**Notional**<br>**Amount**<br>**(000)#(1)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR -54bps(T)/ 3.330% | JPM | 03/17/26 | (7420) | $251091 | $— | $251091 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +23bps(T)/ 3.870% | JPM | 01/16/26 | 20385 | 102323 |  | 102323 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +23bps(T)/ 3.870% | GSI | 01/26/26 | 17470 | 20803 |  | 20803 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +23bps(T)/ 3.870% | JPM | 01/27/26 | 17675 | 17250 |  | 17250 |
|  |  |  |  |  | $391467 | $— | $391467 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
|  OTC Swap Agreements | $307535 | $(131541) | $442450 | $(113862) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $– | $9473280 |
|  GS | – | 49696 |
|  **Total** | $– | $9522976 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Exchange-Traded Fund | $62997105 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Common Stocks | 3262129226 | 34597787 |  | \*\* |
|  Preferred Stocks | 664400 | 201849 |  |  |
|  Unaffiliated Exchange-Traded Fund | 46863 |  |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A88

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $90499113 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 218278345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 17801605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 10148251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 6959317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 18536344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 684953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  |  | 561433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 3140253 |  |
|  Commercial Mortgage-Backed Securities |  | 170750963 |  |
|  Corporate Bonds |  | 496768652 |  |
|  Municipal Bonds |  | 8907964 |  |
|  Residential Mortgage-Backed Securities |  | 43408637 |  |
|  Sovereign Bonds |  | 23290728 |  |
|  U.S. Government Agency Obligations |  | 454583142 |  |
|  U.S. Treasury Obligations |  | 42830333 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 392826342 |  |  |
|  U.S. Treasury Obligation |  | 49696 |  |
|  Options Purchased |  | 22101 |  |
|  **Total** | $**3718663936** | $**1641460033** | $**561433** |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(21239) | $— |
|  **Total** | $**—** | $**(21239)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $20430 | $— | $— |
|  Centrally Cleared Credit Default Swap Agreement |  | 7456 |  |
|  OTC Credit Default Swap Agreements |  | 264583 |  |
|  Centrally Cleared Interest Rate Swap Agreement |  | 97276 |  |
|  OTC Total Return Swap Agreements |  | 391467 |  |
|  **Total** | $**20430** | $**760782** | $**—** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contract | $— | $(10636973) | $— |
|  Futures Contracts | (1878372) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (1955196) |  |
|  OTC Credit Default Swap Agreements |  | (151468) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (120504) |  |
|  **Total** | $**(1878372)** | $**(12864141)** | $**—** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Semiconductors & Semiconductor Equipment | 8.8 | % |
|  U.S. Government Agency Obligations | 8.6 |  |

---

---

| | | |
|:---|:---|:---|
|  Affiliated Mutual Funds (1.9% represents investments purchased with collateral from securities on loan) | 7.5 | % |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A89

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Software | 6.4 |
|  Interactive Media & Services | 4.9 |
|  Banks | 4.7 |
|  Technology Hardware, Storage & Peripherals | 4.7 |
|  Collateralized Loan Obligations | 4.2 |
|  Commercial Mortgage-Backed Securities | 3.2 |
|  Automobiles | 3.2 |
|  Pharmaceuticals | 2.5 |
|  Broadline Retail | 2.4 |
|  Financial Services | 2.3 |
|  Capital Markets | 2.2 |
|  Oil, Gas & Consumable Fuels | 1.8 |
|  Aerospace & Defense | 1.7 |
|  Insurance | 1.3 |
|  Consumer Staples Distribution & Retail | 1.2 |
|  Affiliated Exchange-Traded Fund | 1.2 |
|  Health Care Providers & Services | 1.2 |
|  Biotechnology | 1.2 |
|  Health Care Equipment & Supplies | 1.2 |
|  Machinery | 1.1 |
|  Hotels, Restaurants & Leisure | 1 |
|  Specialty Retail | 1 |
|  Electric Utilities | 1 |
|  Electric | 0.9 |
|  Residential Mortgage-Backed Securities | 0.8 |
|  U.S. Treasury Obligations | 0.8 |
|  Entertainment | 0.8 |
|  Pipelines | 0.7 |
|  IT Services | 0.7 |
|  Chemicals | 0.7 |
|  Electrical Equipment | 0.7 |
|  Telecommunications | 0.7 |
|  Beverages | 0.6 |
|  Ground Transportation | 0.6 |
|  Consumer Finance | 0.5 |
|  Electronic Equipment, Instruments & Components | 0.5 |
|  Life Sciences Tools & Services | 0.5 |
|  Diversified Telecommunication Services | 0.5 |
|  Oil & Gas | 0.5 |
|  Communications Equipment | 0.5 |
|  Media | 0.5 |
|  Sovereign Bonds | 0.4 |
|  Household Products | 0.4 |
|  Food Products | 0.4 |
|  Metals & Mining | 0.4 |
|  Auto Manufacturers | 0.4 |
|  Real Estate Investment Trusts (REITs) | 0.4 |
|  Home Equity Loans | 0.4 |
|  Agriculture | 0.4 |
|  Multi-Utilities | 0.3 |
|  Consumer Loans | 0.3 |
|  Specialized REITs | 0.3 |
|  Building Products | 0.3 |
|  Healthcare-Services | 0.3 |
|  Diversified Financial Services | 0.3 |
|  Commercial Services & Supplies | 0.3 |
|  Tobacco | 0.3 |
|  Industrial REITs | 0.2 |

---

---

| | |
|:---|:---|
|  Health Care REITs | 0.2% |
|  Professional Services | 0.2 |
|  Real Estate Management & Development | 0.2 |
|  Foods | 0.2 |
|  Credit Cards | 0.2 |
|  Industrial Conglomerates | 0.2 |
|  Municipal Bonds | 0.2 |
|  Internet | 0.2 |
|  Gas Utilities | 0.2 |
|  Packaging & Containers | 0.1 |
|  Automobile Components | 0.1 |
|  Equipment | 0.1 |
|  Building Materials | 0.1 |
|  Commercial Services | 0.1 |
|  Semiconductors | 0.1 |
|  Marine Transportation | 0.1 |
|  Lodging | 0.1 |
|  Household Durables | 0.1 |
|  Mining | 0.1 |
|  Gas | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Distributors | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  Leisure Products | 0.1 |
|  Trading Companies & Distributors | 0.1 |
|  Airlines | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Student Loans | 0.1 |
|  Textiles, Apparel & Luxury Goods | 0.1 |
|  Engineering & Construction | 0.1 |
|  Retail REITs | 0.0 \* |
|  Retail | 0.0 \* |
|  Office/Business Equipment | 0.0 \* |
|  Transportation | 0.0 \* |
|  Construction Materials | 0.0 \* |
|  Multi-National | 0.0 \* |
|  Personal Care Products | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Residential REITs | 0.0 \* |
|  Energy Equipment & Services | 0.0 \* |
|  Construction & Engineering | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Other | 0.0 \* |
|  Healthcare-Products | 0.0 \* |
|  Apparel | 0.0 \* |
|  Home Builders | 0.0 \* |
|  Holding Companies-Diversified | 0.0 \* |
|  Environmental Control | 0.0 \* |
|  Passenger Airlines | 0.0 \* |
|  Housewares | 0.0 \* |
|  Diversified REITs | 0.0 \* |
|  Wireless Telecommunication Services | 0.0 \* |
|  Independent Power & Renewable Electricity Producers | 0.0 \* |
|  Home Furnishings | 0.0 \* |
|  Water Utilities | 0.0 \* |
|  Unaffiliated Exchange-Traded Fund | 0.0 \* |
|  Machinery-Diversified | 0.0 \* |
|  Options Purchased | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A90

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
|  Computers | 0.0 |
|  | 101.7 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.7) |
|  | 100.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br>**Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br>**Assets and<br> Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation<br>margin swaps | $7456 \* |  | $— |
|  Credit contracts | Premiums paid for OTC swap<br>agreements | 307535 | Premiums received for OTC<br>swap agreements | 131541 |
|  Credit contracts | Unrealized appreciation on OTC<br>swap agreements | 50983 | Unrealized depreciation on OTC<br>swap agreements | 113862 |
|  Equity contracts | Due from/to broker-variation<br>margin futures | 3738 \* |  |  |
|  Foreign exchange contracts |  |  | Unrealized depreciation on OTC<br>forward foreign currency<br>exchange contracts | 1955196 |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 16692 \* | Due from/to broker-variation<br>margin futures | 1878372 \* |
|  Interest rate contracts | Due from/to broker-variation<br>margin swaps | 97276 \* | Due from/to broker-variation<br>margin swaps | 120504 \* |
|  Interest rate contracts | Unaffiliated investments | 22101 | Options written outstanding, at<br>value | 21239 |
|  Interest rate contracts | Unrealized appreciation on OTC<br>swap agreements | 391467 |  |  |
|  |  | $897248 |  | $4220714 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options**<br>**Purchased(1)** | **Options**<br>**Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $(355924) |
|  Equity contracts |  |  | 457323 |  |  |
|  Foreign exchange contracts |  |  |  | (5173307) |  |
|  Interest rate contracts | (27180) | 18070 | 3670316 |  | (10642219) |
|  **Total** | $(27180) | $18070 | $4127639 | $(5173307) | $(10998143) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A91

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO (**CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $236655 |
|  Equity contracts |  |  | 76589 |  |  |
|  Foreign exchange contracts |  |  |  | (2362983) |  |
|  Interest rate contracts | 11479 | 12770 | 894722 |  | 9474620 |
|  **Total** | $11479 | $12770 | $971311 | $(2362983) | $9711275 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $13272 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;18651500 |
|  Futures Contracts - Long Positions (2) | 331429566 |
|  Futures Contracts - Short Positions (2) | &nbsp;&nbsp;&nbsp;&nbsp;8331065 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | &nbsp;&nbsp;&nbsp;&nbsp;53647088 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 141430510 |
|  Credit Default Swap Agreements - Buy Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;18927349 |
|  Credit Default Swap Agreements - Sell Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;29618912 |
|  Interest Rate Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;87602400 |
|  Total Return Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;86256809 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $95235715 | $(95235715) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $222450 | $(245403) | $(22953) | $— | $(22953) |
|  BNP | 22098 | (21239) | 859 |  | 859 |
|  BOA | 1 |  | 1 |  | 1 |
|  CITI | 10113 |  | 10113 |  | 10113 |
|  GSI | 117555 |  | 117555 | (117555) |  |
|  HSBC |  | (272309) | (272309) | 272309 |  |
|  JPM | 370664 |  | 370664 | (361038) | 9626 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A92

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  MSI | $29205 | $(1682887) | $(1653682) | $1653682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | $772086 | $(2221838) | $(1449752) | $1447398 | $(2354) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A93

------

<br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO (**CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $95,235,715: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,495,000,287) | $4904861955.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $455,872,715) | 455823447.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $265,352) | 266483.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 25406620.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 13692477.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 450525.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 442450.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 307535.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 18412.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 13880.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 733.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 557752.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 5401842269.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 98596092.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 14314330.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $10,588,184) | 10636973.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 2681643.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 1955196.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1192330.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 645136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 619123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 131541.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 113862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 61422.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 37972.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $21,133) | 21239.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3639.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 131011093.0 |
|  **NET ASSETS** | $5270831176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $5270831176.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $5,093,342,167 / 87,755,236 outstanding shares of beneficial interest | $58.04 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $177,489,009 / 3,093,588 outstanding shares of beneficial interest | $57.37 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $76418491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $71,992 foreign withholding tax, of which $16,180 is reimbursable by an affiliate) | 40859621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 13601599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $97,454) | 98138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 130977849 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 30258126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 466924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 388182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 315850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 95029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 87074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 84341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,630) | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 158395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 31866351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (35364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 31830987 |
|  **NET INVESTMENT INCOME (LOSS)** | 99146862 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $8,662) | 263732069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 4127639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (5173307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 18070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (10998143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (270575) |
|  | 251435753 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(129169)) | 267949390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 971311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (2362983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 12770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 9711275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 77839 |
|  | 276359602 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 527795355 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $626942217 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $99146862 | $102330998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 251435753 | 384728548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 276359602 | 213672298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 626942217 | 700731844 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 12556209 | 8433238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (372970737) | (352398300) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (360414528) | (343965062) |
|  **TOTAL INCREASE (DECREASE)** | 266527689 | 356766782 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5004303487 | 4647536705 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $5270831176 | $5004303487 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A94

------

<br> **PSF PGIM FLEXIBLE MANAGED PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $51.29 | $44.40 | $37.65 | $44.14 | $37.61 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 1.06 | 1.02 | 0.90 | 0.62 | 0.49 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.69 | 5.87 | 5.85 | (7.11) | 6.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.75 | 6.89 | 6.75 | (6.49) | 6.53 |
|  Net Asset Value, end of year | $58.04 | $51.29 | $44.40 | $37.65 | $44.14 |
|  **Total Return<sup>(b)</sup>** | 13.16% | 15.52% | 17.93% | (14.70)% | 17.36% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $5093 | $4797 | $4428 | $3994 | $4968 |
|  Average net assets (in millions) | $4856 | $4688 | $4175 | $4335 | $4766 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.62% | 0.62% | 0.61% | 0.62% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.62% | 0.63% | 0.62% | 0.62% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.98% | 2.10% | 2.21% | 1.55% | 1.18% |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 117% | 114% | 149% | 139% | 119% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021(f)<br>through<br>December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $50.83 | $44.11 | $37.49 | $44.06 | $40.73 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.92 | 0.89 | 0.81 | 0.55 | 0.26 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.62 | 5.83 | 5.81 | (7.12) | 3.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.54 | 6.72 | 6.62 | (6.57) | 3.33 |
|  Net Asset Value, end of period | $57.37 | $50.83 | $44.11 | $37.49 | $44.06 |
|  **Total Return<sup>(b)</sup>** | 12.87% | 15.23% | 17.66% | (14.91)% | 8.18% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $177 | $207 | $219 | $4 | $2 |
|  Average net assets (in millions) | $187 | $217 | $188 | $3 | $1 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.87% | 0.87% | 0.86% | 0.87% | 0.86 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.87% | 0.88% | 0.87% | 0.87% | 0.86 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.73% | 1.85% | 1.98% | 1.39% | 0.86 %<sup>(g)</sup> |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 117% | 114% | 149% | 139% | 119% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(f) Commencement of offering.

(g) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A95

------

---

| | | |
|:---|:---|:---|
|  | <br> ***PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **REPURCHASE AGREEMENTS — 39.5%** | **REPURCHASE AGREEMENTS — 39.5%** | **REPURCHASE AGREEMENTS — 39.5%** | **REPURCHASE AGREEMENTS — 39.5%** |
|  Banco Bilbao Vizcaya Argentaria | Banco Bilbao Vizcaya Argentaria | Banco Bilbao Vizcaya Argentaria | Banco Bilbao Vizcaya Argentaria |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $65,013,903 collateralized by U.S. Treasury Securities (coupon rates 0.625%-4.375%, maturity dates 01/15/29-02/15/41) with the aggregate value, including accrued interest, of $66,314,181 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $65,013,903 collateralized by U.S. Treasury Securities (coupon rates 0.625%-4.375%, maturity dates 01/15/29-02/15/41) with the aggregate value, including accrued interest, of $66,314,181 | 65000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 |
|  Clear Street LLC | Clear Street LLC | Clear Street LLC | Clear Street LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 12/31/25, due 01/02/26 in the amount of $90,019,500 collateralized by FFCSB (coupon rates 5.330%-5.600%, maturity dates 10/17/39-09/04/40), FHLMC (coupon rates 3.500%-7.000%, maturity dates 01/01/43-11/01/55), FNMA (coupon rates 5.000%-5.500%, maturity dates 08/01/52-09/01/55), GNMA (coupon rate 2.500%, maturity date 02/20/52) and U.S. Treasury Securities (coupon rates 0.125%-3.500%, maturity dates 02/15/33-02/15/51) with the aggregate value, including accrued interest, of $91,820,146 | &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 12/31/25, due 01/02/26 in the amount of $90,019,500 collateralized by FFCSB (coupon rates 5.330%-5.600%, maturity dates 10/17/39-09/04/40), FHLMC (coupon rates 3.500%-7.000%, maturity dates 01/01/43-11/01/55), FNMA (coupon rates 5.000%-5.500%, maturity dates 08/01/52-09/01/55), GNMA (coupon rate 2.500%, maturity date 02/20/52) and U.S. Treasury Securities (coupon rates 0.125%-3.500%, maturity dates 02/15/33-02/15/51) with the aggregate value, including accrued interest, of $91,820,146 | 90000 | 90000000 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 11/25/25, due 01/22/26 in the amount of $40,251,333 collateralized by U.S. Treasury Securities (coupon rate 3.875%, maturity date 09/30/32) with the aggregate value, including accrued interest, of $40,800,020 | &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 11/25/25, due 01/22/26 in the amount of $40,251,333 collateralized by U.S. Treasury Securities (coupon rate 3.875%, maturity date 09/30/32) with the aggregate value, including accrued interest, of $40,800,020 | 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/03/25, due 01/07/26 in the amount of $30,112,292 collateralized by U.S. Treasury Securities (coupon rate 3.875%, maturity date 06/30/30) with the aggregate value, including accrued interest, of $30,600,039 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/03/25, due 01/07/26 in the amount of $30,112,292 collateralized by U.S. Treasury Securities (coupon rate 3.875%, maturity date 06/30/30) with the aggregate value, including accrued interest, of $30,600,039 | 30000 | 30000000 |
|  Natixis | Natixis | Natixis | Natixis |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, dated 12/11/25, due 01/02/26 in the amount of $80,183,333 collateralized by FHLMC (coupon rates 3.000%-6.500%, maturity dates 04/01/48-10/01/55), FNMA (coupon rates 2.450%-7.000%, maturity dates 07/01/29-10/01/55) and U.S. Treasury Securities (coupon rates 1.125%-6.500%, maturity dates 06/30/26-02/15/52) with the aggregate value, including accrued interest, of $81,600,003 | &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, dated 12/11/25, due 01/02/26 in the amount of $80,183,333 collateralized by FHLMC (coupon rates 3.000%-6.500%, maturity dates 04/01/48-10/01/55), FNMA (coupon rates 2.450%-7.000%, maturity dates 07/01/29-10/01/55) and U.S. Treasury Securities (coupon rates 1.125%-6.500%, maturity dates 06/30/26-02/15/52) with the aggregate value, including accrued interest, of $81,600,003 | 80000 | 80000000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
|  **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
|  NatWest Markets Securities, Inc. | NatWest Markets Securities, Inc. | NatWest Markets Securities, Inc. | NatWest Markets Securities, Inc. | NatWest Markets Securities, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $65,013,903 collateralized by U.S. Treasury Securities (coupon rates 3.375%-4.250%, maturity dates 11/30/27-05/15/35) with the aggregate value, including accrued interest, of $66,314,181 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $65,013,903 collateralized by U.S. Treasury Securities (coupon rates 3.375%-4.250%, maturity dates 11/30/27-05/15/35) with the aggregate value, including accrued interest, of $66,314,181 | 65000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/31/25, due 01/07/26 in the amount of $40,029,556 collateralized by U.S. Treasury Securities (coupon rate 3.625%, maturity date 12/31/30) with the aggregate value, including accrued interest, of $40,830,216 | &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/31/25, due 01/07/26 in the amount of $40,029,556 collateralized by U.S. Treasury Securities (coupon rate 3.625%, maturity date 12/31/30) with the aggregate value, including accrued interest, of $40,830,216 | 40000 |  | 40000000 |
|  RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $35,007,447 collateralized by FHLMC (coupon rates 2.000%-6.000%, maturity dates 04/01/37-09/01/55), FNMA (coupon rates 2.000%-5.000%, maturity dates 09/01/50-11/01/53) and GNMA (coupon rate 5.500%, maturity date 08/20/55) with the aggregate value, including accrued interest, of $35,700,000 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $35,007,447 collateralized by FHLMC (coupon rates 2.000%-6.000%, maturity dates 04/01/37-09/01/55), FNMA (coupon rates 2.000%-5.000%, maturity dates 09/01/50-11/01/53) and GNMA (coupon rate 5.500%, maturity date 08/20/55) with the aggregate value, including accrued interest, of $35,700,000 | 35000 |  | 35000000 |
|  TD Securities (USA) LLC | TD Securities (USA) LLC | TD Securities (USA) LLC | TD Securities (USA) LLC | TD Securities (USA) LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $54,154,581 collateralized by U.S. Treasury Securities (coupon rates 2.875%-4.625%, maturity dates 05/15/43-02/15/55) with the aggregate value, including accrued interest, of $55,225,885 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $54,154,581 collateralized by U.S. Treasury Securities (coupon rates 2.875%-4.625%, maturity dates 05/15/43-02/15/55) with the aggregate value, including accrued interest, of $55,225,885 | 54143 |  | 54143000 |
|  Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/29/25, due 01/05/26 in the amount of $40,029,556 collateralized by FNMA (coupon rate 4.500%, maturity date 12/01/53) with the aggregate value, including accrued interest, of $40,830,147 | &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/29/25, due 01/05/26 in the amount of $40,029,556 collateralized by FNMA (coupon rate 4.500%, maturity date 12/01/53) with the aggregate value, including accrued interest, of $40,830,147 | 40000 |  | 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $30,006,383 collateralized by FNMA (coupon rates 2.500%-5.500%, maturity dates 02/01/40-05/01/53) with the aggregate value, including accrued interest, of $30,606,511 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $30,006,383 collateralized by FNMA (coupon rates 2.500%-5.500%, maturity dates 02/01/40-05/01/53) with the aggregate value, including accrued interest, of $30,606,511 | 30000 |  | 30000000 |
|  **TOTAL REPURCHASE AGREEMENTS**<br> (cost $569,143,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (cost $569,143,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (cost $569,143,000) |  | 569143000 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 34.2%** |
|  Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.735%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/05/26 | 7300 |  | 7300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.735%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | 11000 |  | 11000000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A96

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.745%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/06/27 | 12000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 |
|  Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/14/26 | 4000 | 4000000 |
|  Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/02/26 | 8000 | 8000000 |
|  Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.765%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/26 | 5500 | 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.765%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/26 | 4800 | 4800000 |
|  Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.770%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/13/26 | 8000 | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.770%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/04/26 | 3000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.770%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/05/26 | 5000 | 5000000 |
|  Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.775%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/26 | 6500 | 6500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.775%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | 4000 | 4000000 |
|  Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.780%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/04/26 | 11000 | 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.780%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/12/26 | 2500 | 2500000 |
|  Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/08/26 | 8000 | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/22/26 | 9000 | 9000000 |
|  Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | 2500 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/26 | 6000 | 6000000 |
|  Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/12/27 | 8000 | 8000000 |
|  Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/26 | 9000 | 8999994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/12/27 | 17000 | 17000442 |
|  Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/08/26 | 7000 | 7000031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/23/26 | 4000 | 4000000 |
|  Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/08/26 | 5000 | 5000000 |
|  Federal Farm Credit Bank, SOFR + 0.135% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.135% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.135% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.135% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/26 | 10000 | 10004818 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.805%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/28/26 | 17500 | 17450519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.851%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/26 | 9000 | 8980850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.858%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/26 | 6000 | 5978410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.863%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/23/26 | 8000 | 7981227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.876%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/06/26 | 15250 | 15241845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.892%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/07/26 | 8000 | 7994860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.901%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | 22000 | 21964575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.949%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | 5000 | 4999458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.006%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | 23000 | 22979800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.065%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/26 | 14000 | 13970481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.067%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | 13000 | 12928049 |
|  Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/30/26 | 3000 | 3000000 |
|  Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.745%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/26 | 12000 | 12000000 |
|  Federal Home Loan Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/29/26 | 12750 | 12750000 |
|  Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/26 | 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.775%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/12/26 | 14000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.775%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/11/26 | 13000 | 13000000 |
|  Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/27/26 | 13000 | 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/04/26 | 5750 | 5750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/08/26 | 10500 | 10500000 |
|  Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/24/26 | 9500 | 9501180 |
|  Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/13/26 | 7000 | 7000000 |
|  Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/18/27 | 18000 | 18001585 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.856%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/02/26 | 8500 | 8471138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.858%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/06/26 | 1500 | 1494270 |
|  Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/26/26 | 15750 | 15750148 |
|  Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/09/26 | 8000 | 8000000 |
|  Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%) | Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%) | Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%) | Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/26 | 7250 | 7255552 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $492,049,232) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $492,049,232) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $492,049,232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492049232 |
|  **U.S. TREASURY OBLIGATIONS — 28.4%** | **U.S. TREASURY OBLIGATIONS — 28.4%** | **U.S. TREASURY OBLIGATIONS — 28.4%** | **U.S. TREASURY OBLIGATIONS — 28.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.635%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/12/26 | 32000 | 31862903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.681%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/29/26 | 8500 | 8247739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.710%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/26 | 8500 | 8268852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.724%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/10/26 | 25000 | 24897494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.731%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/26 | 12000 | 11863267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.762%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/26 | 14250 | 14076068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.767%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | 8500 | 8421818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/07/26 | 14250 | 14065413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.776%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/26/26 | 15000 | 14912710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.783%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/24/26 | 3500 | 3480383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.787%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/24/26 | 30750 | 30488015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.819%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/03/26 | 28500 | 28317856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/26 | 12000 | 11973459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.843%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/03/26 | 12000 | 11958249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.854%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/26 | 10000 | 9979776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.856%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/27/26 | 25000 | 24930793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.859%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/17/26 | 13000 | 12935336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.892%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/26 | 25000 | 24962529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.933%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/05/26 | 28000 | 27894417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.020%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/19/26 | 20500 | 20390061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.221%(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/29/26 | 11000 | 10964644 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.752%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/26 | 12000 | 12002124 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.784%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/26 | 30750 | 30760561 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A97

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
|  U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.847%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/26 | 12000 | $12001766 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $409,656,233) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $409,656,233) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $409,656,233) | 409656233 |
|  **TOTAL INVESTMENTS—102.1%**<br> (cost $1,470,848,465) | **TOTAL INVESTMENTS—102.1%**<br> (cost $1,470,848,465) | **TOTAL INVESTMENTS—102.1%**<br> (cost $1,470,848,465) | 1470848465 |
|  **Liabilities in excess of other assets — (2.1)%** | **Liabilities in excess of other assets — (2.1)%** | **Liabilities in excess of other assets — (2.1)%** | (30534688) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440313777 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Repurchase Agreements | $— | $569143000 | $— |
|  U.S. Government Agency Obligations |  | 492049232 |  |
|  U.S. Treasury Obligations |  | 409656233 |  |
|  **Total** | **$—** | $**1470848465** | **$—** |

---

#### Sector Classification:
The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Repurchase Agreements | 39.5% |
|  U.S. Government Agency Obligations | 34.2 |
|  U.S. Treasury Obligations | 28.4 |
|  | 102.1 |
|  Liabilities in excess of other assets | (2.1) |
|  | 100.0% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A98

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Gross Market Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net<br>Amount** |
|  Repurchase Agreement | Banco Bilbao Vizcaya Argentaria | $65000000 | $(65000000) | $— |
|  Repurchase Agreement | Clear Street LLC | 90000000 | (90000000) |  |
|  Repurchase Agreements | Credit Agricole Corporate & Investment Bank | 70000000 | (70000000) |  |
|  Repurchase Agreement | Natixis | 80000000 | (80000000) |  |
|  Repurchase Agreements | NatWest Markets Securities, Inc. | 105000000 | (105000000) |  |
|  Repurchase Agreement | RBC Dominion Securities, Inc. | 35000000 | (35000000) |  |
|  Repurchase Agreement | TD Securities (USA) LLC | 54143000 | (54143000) |  |
|  Repurchase Agreements | Wells Fargo Securities LLC | 70000000 | (70000000) |  |
|  |  | $569143000 |  |  |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A99

------

<br> **PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (***CONTINUED***)** <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $901,705,465) | $901705465.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (cost $569,143,000) | 569143000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 780.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 4023479.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 2786737.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 13854.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1477673315.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 33922747.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2847654.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 391925.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 109789.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 85578.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1250.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 37359538.0 |
|  **NET ASSETS** | $1440313777.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $1440313777.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $1,036,805,197 / 103,677,710 outstanding shares of beneficial interest | $10.0 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $403,508,580 / 40,351,034 outstanding shares of beneficial interest. | $10.0 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $62109939.0 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 4350676.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 901276.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 135330.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47736.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 45360.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 34986.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 32360.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,630) | 12430.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 37096.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5597250.0 |
|  **NET INVESTMENT INCOME (LOSS)** | 56512689.0 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 51854.0 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $56564543.0 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $56512689 | $62176643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 51854 | 43762 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 56564543 | 62220405 |
|  **DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (43198250) | (47937044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class III | (13366292) | (14283308) |
|  | (56564542) | (62220352) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 1877716925 | 1405805895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in reinvestment of distributions | 56564542 | 62220352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (1869676430) | (1260849322) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 64605037 | 207176925 |
|  **TOTAL INCREASE (DECREASE)** | 64605038 | 207176978 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1375708739 | 1168531761 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1440313777 | $1375708739 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A100

------

<br> **PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (***CONTINUED***)** <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) and realized gains (losses) | 0.40 | 0.49 | 0.48 | 0.14 | — <sup>(b)</sup> |
|  **Less Dividends and Distributions** | (0.40) | (0.49) | (0.48) | (0.14) | (—)<sup>(b)</sup> |
|  Net Asset Value, end of year | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |
|  **Total Return<sup>(c)</sup>** | 4.05% | 5.02% | 4.87% | 1.39% | 0.04% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $1037 | $1044 | $931 | $803 | $725 |
|  Average net assets (in millions) | $1090 | $981 | $910 | $780 | $748 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.32% | 0.33% | 0.33% | 0.27% | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.32% | 0.33% | 0.33% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.96% | 4.88% | 4.78% | 1.37% | — % |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) and realized gains (losses) | 0.37 | 0.46 | 0.45 | 0.12 | — <sup>(b)</sup> |
|  **Less Dividends and Distributions:** | (0.37) | (0.46) | (0.45) | (0.12) | (—)<sup>(b)</sup> |
|  Net Asset Value, end of year | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |
|  **Total Return<sup>(c)</sup>** | 3.79% | 4.75% | 4.61% | 1.22% | 0.04% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $404 | $331 | $237 | $143 | $144 |
|  Average net assets (in millions) | $361 | $309 | $182 | $137 | $118 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.57% | 0.58% | 0.58% | 0.44% | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.57% | 0.58% | 0.58% | 0.58% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.70% | 4.62% | 4.57% | 1.23% | — % |

---

(a) Calculated based on average shares outstanding during the year.

(b) Amount rounds to zero.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A101

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS — 97.2%** | **LONG-TERM INVESTMENTS — 97.2%** | **LONG-TERM INVESTMENTS — 97.2%** | **LONG-TERM INVESTMENTS — 97.2%** |
|  **ASSET-BACKED SECURITIES — 0.7%** | **ASSET-BACKED SECURITIES — 0.7%** | **ASSET-BACKED SECURITIES — 0.7%** | **ASSET-BACKED SECURITIES — 0.7%** |
|  **Collateralized Loan Obligations** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** |
|  BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/31 | 618 | $618481 |
|  KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 320 | 320106 |
|  Sculptor CLO Ltd. (Cayman Islands), | Sculptor CLO Ltd. (Cayman Islands), | Sculptor CLO Ltd. (Cayman Islands), | Sculptor CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.944%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/35 | 3750 | 3745087 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $4,677,325) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $4,677,325) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $4,677,325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683674 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITY — 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITY — 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITY — 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITY — 0.2%** |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.944%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/09/41 | 1165 | 1074516 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,062,025) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,062,025) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,062,025) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,062,025) |
|  **CORPORATE BONDS — 84.6%** | **CORPORATE BONDS — 84.6%** | **CORPORATE BONDS — 84.6%** | **CORPORATE BONDS — 84.6%** |
|  **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
|  Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 875 | 869224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | 225 | 225091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 90 | 94195 |
|  |  |  | 1188510 |
|  **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
|  ATI, Inc., | ATI, Inc., | ATI, Inc., | ATI, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 270 | 284745 |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/26 | 550 | 548980 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 690 | 691594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 | 1725 | 1818685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | 395 | 417278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/31 | 850 | 905199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/34 | 300 | 334851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 665 | 692338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 710 | 764961 |
|  TransDigm, Inc., | TransDigm, Inc., | TransDigm, Inc., | TransDigm, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 300 | 298127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/31/33 | 400 | 410282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/33 | 640 | 655054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 1490 | 1538319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 165 | 171649 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 370 | 377120 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9909182 |
|  **Airlines — 1.2%** | **Airlines — 1.2%** | **Airlines — 1.2%** | **Airlines — 1.2%** |
|  American Airlines, Inc., | American Airlines, Inc., | American Airlines, Inc., | American Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28(a) | 535 | 546806 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/26 | 21 | 20885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/29(a) | 1675 | 1703473 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/26 | 1835 | 1833959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 1040 | 1034264 |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 1510 | 1436388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/27 | 940 | 947050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 970 | 1003955 |
|  |  |  | 8526780 |
|  **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
|  Kontoor Brands, Inc., | Kontoor Brands, Inc., | Kontoor Brands, Inc., | Kontoor Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 725 | 691403 |
|  Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 2925 | 2703356 |
|  |  |  | 3394759 |
|  **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/43 | 100 | 79088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 275 | 296668 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/08/29 | 1100 | 1124054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/07/29 | 400 | 410535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/12/28 | 200 | 208671 |
|  JB Poindexter & Co., Inc., | JB Poindexter & Co., Inc., | JB Poindexter & Co., Inc., | JB Poindexter & Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/31 | 610 | 639402 |
|  New Flyer Holdings, Inc. (Canada), | New Flyer Holdings, Inc. (Canada), | New Flyer Holdings, Inc. (Canada), | New Flyer Holdings, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 355 | 380390 |
|  Nissan Motor Acceptance Co. LLC, | Nissan Motor Acceptance Co. LLC, | Nissan Motor Acceptance Co. LLC, | Nissan Motor Acceptance Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/29/28 | 685 | 684602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/30 | 1000 | 1000313 |
|  Nissan Motor Co. Ltd. (Japan), | Nissan Motor Co. Ltd. (Japan), | Nissan Motor Co. Ltd. (Japan), | Nissan Motor Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/30 | 1070 | 1118150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/32 | 1150 | 1221964 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A102

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** |
|  PM General Purchaser LLC, | PM General Purchaser LLC, | PM General Purchaser LLC, | PM General Purchaser LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/28 | 1965 | 1689672 |
|  |  |  | 8853509 |
|  **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** |
|  Adient Global Holdings Ltd., | Adient Global Holdings Ltd., | Adient Global Holdings Ltd., | Adient Global Holdings Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | 425 | 435867 |
|  American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/33 | 880 | 896467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 | 525 | 534737 |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/32 | 695 | 720254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 67 | 69939 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27 | 175 | 174862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 475 | 474675 |
|  Garrett Motion Holdings, Inc./Garrett LX I Sarl, | Garrett Motion Holdings, Inc./Garrett LX I Sarl, | Garrett Motion Holdings, Inc./Garrett LX I Sarl, | Garrett Motion Holdings, Inc./Garrett LX I Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/31/32 | 630 | 669991 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 | 505 | 522955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 225 | 233074 |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/33 | 150 | 155781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/32 | 245 | 250965 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/17/28 | 2400 | 2410459 |
|  Titan International, Inc., | Titan International, Inc., | Titan International, Inc., | Titan International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/28 | 960 | 962765 |
|  ZF North America Capital, Inc. (Germany), | ZF North America Capital, Inc. (Germany), | ZF North America Capital, Inc. (Germany), | ZF North America Capital, Inc. (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/24/31 | 550 | 555984 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9068775 |
|  **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/26/30(oo) | 745 | 755083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30(oo) | 200 | 208190 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31(oo) | 75 | 76031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30(oo) | 392 | 397320 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30(oo) | 250 | 257223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30(oo) | 355 | 362975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/18/26(oo) | 1500 | 1495521 |
|  Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., | Freedom Mortgage Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/27 | 1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 1050 | 1164517 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/10/30(oo) | 570 | 592748 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.198%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | 575 | 547702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/42 | 400 | 343215 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/29(oo) | 270 | 282056 |
|  |  |  | 7709775 |
|  **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** |
|  Builders FirstSource, Inc., | Builders FirstSource, Inc., | Builders FirstSource, Inc., | Builders FirstSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 165 | 164502 |
|  Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 550 | 429024 |
|  Cornerstone Building Brands, Inc., | Cornerstone Building Brands, Inc., | Cornerstone Building Brands, Inc., | Cornerstone Building Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 1385 | 704321 |
|  CP Atlas Buyer, Inc., | CP Atlas Buyer, Inc., | CP Atlas Buyer, Inc., | CP Atlas Buyer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 275 | 285122 |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 425 | 425743 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 200 | 174461 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 218 | 223357 |
|  MIWD Holdco II LLC/MIWD Finance Corp., | MIWD Holdco II LLC/MIWD Finance Corp., | MIWD Holdco II LLC/MIWD Finance Corp., | MIWD Holdco II LLC/MIWD Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 640 | 620988 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 1060 | 1103030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 440 | 459439 |
|  Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 468 | 470567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31(a) | 890 | 952158 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A103

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** |
|  Standard Building Solutions, Inc., | Standard Building Solutions, Inc., | Standard Building Solutions, Inc., | Standard Building Solutions, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/33 | 765 | 781546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/32 | 280 | 288641 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 1405 | 1287900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 1225 | 1184373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 525 | 523357 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10078529 |
|  **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
|  Ashland, Inc., | Ashland, Inc., | Ashland, Inc., | Ashland, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 1555 | 1633328 |
|  Chemours Co. (The), | Chemours Co. (The), | Chemours Co. (The), | Chemours Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/33 | 240 | 232090 |
|  Cornerstone Chemical Co. LLC, | Cornerstone Chemical Co. LLC, | Cornerstone Chemical Co. LLC, | Cornerstone Chemical Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/07/29^(x) | 634 | 538797 |
|  Inversion Escrow Issuer LLC, | Inversion Escrow Issuer LLC, | Inversion Escrow Issuer LLC, | Inversion Escrow Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32 | 595 | 592785 |
|  Methanex US Operations, Inc., | Methanex US Operations, Inc., | Methanex US Operations, Inc., | Methanex US Operations, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 430 | 443331 |
|  Olympus Water US Holding Corp., | Olympus Water US Holding Corp., | Olympus Water US Holding Corp., | Olympus Water US Holding Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/28 | 1550 | 1504055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 820 | 839388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/33 | 675 | 678886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 1475 | 1432966 |
|  Perimeter Holdings LLC, | Perimeter Holdings LLC, | Perimeter Holdings LLC, | Perimeter Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 610 | 605549 |
|  SK Invictus Intermediate II Sarl, | SK Invictus Intermediate II Sarl, | SK Invictus Intermediate II Sarl, | SK Invictus Intermediate II Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/30/29 | 815 | 806595 |
|  SNF Group SACA (France), | SNF Group SACA (France), | SNF Group SACA (France), | SNF Group SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 400 | 373900 |
|  Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/33 | 380 | 383609 |
|  Tronox, Inc., | Tronox, Inc., | Tronox, Inc., | Tronox, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/29 | 595 | 416890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/30(a) | 160 | 159144 |
|  |  |  | 10641313 |
|  **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** |
|  Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 785 | 713636 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services — 4.4%** | **Commercial Services — 4.4%** | **Commercial Services — 4.4%** | **Commercial Services — 4.4%** |
|  Adtalem Global Education, Inc., | Adtalem Global Education, Inc., | Adtalem Global Education, Inc., | Adtalem Global Education, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 390 | $389441 |
|  Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 1665 | 1755549 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 1115 | 1160797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 875 | 866288 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 1065 | 1046778 |
|  Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 415 | 375315 |
|  AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 1375 | 1313979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 605 | 605667 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 500 | 488112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29(a) | 525 | 511778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | 192 | 191853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27(a) | 184 | 184126 |
|  Block, Inc., | Block, Inc., | Block, Inc., | Block, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 565 | 576285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/33 | 445 | 456663 |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 500 | 531447 |
|  Clarivate Science Holdings Corp., | Clarivate Science Holdings Corp., | Clarivate Science Holdings Corp., | Clarivate Science Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/29(a) | 655 | 619251 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 905 | 929577 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 405 | 410810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 195 | 197579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 995 | 1032131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 1115 | 1172737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33(a) | 510 | 540537 |
|  Hertz Corp. (The), | Hertz Corp. (The), | Hertz Corp. (The), | Hertz Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/26 | 99 | 94621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/29 | 220 | 221738 |
|  Mavis Tire Express Services Topco Corp., | Mavis Tire Express Services Topco Corp., | Mavis Tire Express Services Topco Corp., | Mavis Tire Express Services Topco Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 2825 | 2814392 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A104

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  NESCO Holdings II, Inc., | NESCO Holdings II, Inc., | NESCO Holdings II, Inc., | NESCO Holdings II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 1125 | 1110350 |
|  Service Corp. International, | Service Corp. International, | Service Corp. International, | Service Corp. International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 1475 | 1380114 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/32 | 560 | 578382 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 2050 | 1923330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 925 | 885259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 100 | 96798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28(a) | 1295 | 1296021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 480 | 479639 |
|  Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 750 | 688704 |
|  Veritiv Operating Co., | Veritiv Operating Co., | Veritiv Operating Co., | Veritiv Operating Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/30 | 980 | 1054866 |
|  VT Topco, Inc., | VT Topco, Inc., | VT Topco, Inc., | VT Topco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30(a) | 345 | 359937 |
|  WEX, Inc., | WEX, Inc., | WEX, Inc., | WEX, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 410 | 420132 |
|  Williams Scotsman, Inc., | Williams Scotsman, Inc., | Williams Scotsman, Inc., | Williams Scotsman, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 135 | 139225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 310 | 320610 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30361214 |
|  **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** |
|  Fortress Intermediate 3, Inc., | Fortress Intermediate 3, Inc., | Fortress Intermediate 3, Inc., | Fortress Intermediate 3, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 1000 | 1043695 |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 3085 | 2692470 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 1655 | 1797641 |
|  NCR Voyix Corp., | NCR Voyix Corp., | NCR Voyix Corp., | NCR Voyix Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/28 | 700 | 694849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 699 | 694174 |
|  Seagate Data Storage Technology Pte Ltd., | Seagate Data Storage Technology Pte Ltd., | Seagate Data Storage Technology Pte Ltd., | Seagate Data Storage Technology Pte Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 300 | 309786 |
|  |  |  | 7232615 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  P&L Development LLC/PLD Finance Corp., | P&L Development LLC/PLD Finance Corp., | P&L Development LLC/PLD Finance Corp., | P&L Development LLC/PLD Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 324 | $330108 |
|  **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** |
|  Velocity Vehicle Group LLC, | Velocity Vehicle Group LLC, | Velocity Vehicle Group LLC, | Velocity Vehicle Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 400 | 379802 |
|  Windsor Holdings III LLC, | Windsor Holdings III LLC, | Windsor Holdings III LLC, | Windsor Holdings III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 750 | 792914 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172716 |
|  **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** |
|  Azorra Finance Ltd., | Azorra Finance Ltd., | Azorra Finance Ltd., | Azorra Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 380 | 397788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 580 | 612625 |
|  Bread Financial Holdings, Inc., | Bread Financial Holdings, Inc., | Bread Financial Holdings, Inc., | Bread Financial Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/31 | 350 | 362365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/35 | 615 | 634671 |
|  Encore Capital Group, Inc., | Encore Capital Group, Inc., | Encore Capital Group, Inc., | Encore Capital Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 | 815 | 824220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30(a) | 550 | 590484 |
|  Freedom Funding Center LLC, | Freedom Funding Center LLC, | Freedom Funding Center LLC, | Freedom Funding Center LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 12.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 12.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 12.000% or PIK 13.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 12.000% or PIK 13.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 745 | 800522 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 160 | 168799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/31 | 495 | 531717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 310 | 325071 |
|  GGAM Finance Ltd. (Ireland), | GGAM Finance Ltd. (Ireland), | GGAM Finance Ltd. (Ireland), | GGAM Finance Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/27 | 1325 | 1355766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 290 | 293987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 400 | 422904 |
|  goeasy Ltd. (Canada), | goeasy Ltd. (Canada), | goeasy Ltd. (Canada), | goeasy Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 340 | 324632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 935 | 872523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/28 | 455 | 467508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 1040 | 1000199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/29 | 685 | 675828 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., | Jefferies Finance LLC/JFIN Co-Issuer Corp., | Jefferies Finance LLC/JFIN Co-Issuer Corp., | Jefferies Finance LLC/JFIN Co-Issuer Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 1025 | 1008269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 250 | 240614 |
|  LD Holdings Group LLC, | LD Holdings Group LLC, | LD Holdings Group LLC, | LD Holdings Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 350 | 325497 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A105

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  Macquarie Airfinance Holdings Ltd. (United Kingdom), | Macquarie Airfinance Holdings Ltd. (United Kingdom), | Macquarie Airfinance Holdings Ltd. (United Kingdom), | Macquarie Airfinance Holdings Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/26/29 | 75 | $78499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/26/31 | 455 | 485937 |
|  Navient Corp., | Navient Corp., | Navient Corp., | Navient Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 1275 | 1260545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/27 | 1250 | 1251579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/26 | 425 | 428991 |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30(oo) | 280 | 286927 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/27 | 275 | 272361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/30 | 425 | 398212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 1060 | 1060761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 110 | 112168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 75 | 76954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 1775 | 1838333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 675 | 691990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/33 | 624 | 633227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/26 | 296 | 297520 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 1645 | 1607443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/31 | 800 | 803949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/34 | 420 | 434315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/32 | 960 | 1005445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/29 | 75 | 79880 |
|  PHH Escrow Issuer LLC/PHH Corp., | PHH Escrow Issuer LLC/PHH Corp., | PHH Escrow Issuer LLC/PHH Corp., | PHH Escrow Issuer LLC/PHH Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/29 | 495 | 513461 |
|  PRA Group, Inc., | PRA Group, Inc., | PRA Group, Inc., | PRA Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 100 | 94054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/30 | 1470 | 1526642 |
|  Rocket Cos., Inc., | Rocket Cos., Inc., | Rocket Cos., Inc., | Rocket Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/30 | 2815 | 2910916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/29 | 1745 | 1802091 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/26 | 425 | 418869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 300 | 289823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/31 | 1400 | 1327772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/33(a) | 1125 | 1045179 |
|  UWM Holdings LLC, | UWM Holdings LLC, | UWM Holdings LLC, | UWM Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 295 | 294513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 295 | 298452 |
|  |  |  | 37105269 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric — 4.4%** | **Electric — 4.4%** | **Electric — 4.4%** | **Electric — 4.4%** |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 1550 | $1550842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 1757 | 1755612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 2100 | 2130894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 2950 | 2950530 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/53 | 125 | 130063 |
|  Hawaiian Electric Co., Inc., | Hawaiian Electric Co., Inc., | Hawaiian Electric Co., Inc., | Hawaiian Electric Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/33 | 190 | 192417 |
|  Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, | Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, | Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, | Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, Cash coupon 1.000% and PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, Cash coupon 1.000% and PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, Cash coupon 1.000% and PIK 12.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, Cash coupon 1.000% and PIK 12.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 244 | 201854 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 800 | 764692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 650 | 607251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 575 | 537303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 625 | 626686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28(oo) | 3625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948474 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/55(a) | 600 | 624937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/28 | 475 | 474621 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/26(oo) | 3325 | 3370490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/26(oo) | 3550 | 3626770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29(oo) | 675 | 743907 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 1025 | 1011893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/31/27 | 1665 | 1664305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/27 | 1158 | 1158676 |
|  VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/30 | 1930 | 1912498 |
|  |  |  | 29984715 |
|  **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
|  Energizer Holdings, Inc., | Energizer Holdings, Inc., | Energizer Holdings, Inc., | Energizer Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/29(a) | 650 | 621666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 125 | 123575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/33 | 800 | 767013 |
|  WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/29 | 290 | 299807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 525 | 547832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 845 | 884984 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A106

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electrical Components & Equipment (cont'd.)** | **Electrical Components & Equipment (cont'd.)** | **Electrical Components & Equipment (cont'd.)** | **Electrical Components & Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 335 | 340165 |
|  |  |  | 3585042 |
|  **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
|  Coherent Corp., | Coherent Corp., | Coherent Corp., | Coherent Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/29 | 350 | 348982 |
|  Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 600 | 563661 |
|  |  |  | 912643 |
|  **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
|  AECOM, | AECOM, | AECOM, | AECOM, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/33 | 200 | 204920 |
|  Brundage-Bone Concrete Pumping Holdings, Inc., | Brundage-Bone Concrete Pumping Holdings, Inc., | Brundage-Bone Concrete Pumping Holdings, Inc., | Brundage-Bone Concrete Pumping Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 280 | 285647 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/29 | 375 | 363370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 525 | 498859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/34 | 350 | 353926 |
|  Weekley Homes LLC/Weekley Finance Corp., | Weekley Homes LLC/Weekley Finance Corp., | Weekley Homes LLC/Weekley Finance Corp., | Weekley Homes LLC/Weekley Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 640 | 648134 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354856 |
|  **Entertainment — 3.2%** | **Entertainment — 3.2%** | **Entertainment — 3.2%** | **Entertainment — 3.2%** |
|  Brightstar Lottery PLC/ Brightstar Global Solutions Corp. (United Kingdom), | Brightstar Lottery PLC/ Brightstar Global Solutions Corp. (United Kingdom), | Brightstar Lottery PLC/ Brightstar Global Solutions Corp. (United Kingdom), | Brightstar Lottery PLC/ Brightstar Global Solutions Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/33 | 610 | 605620 |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/29(a) | 3150 | 3023656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 1620 | 1659759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 1200 | 1242704 |
|  Churchill Downs, Inc., | Churchill Downs, Inc., | Churchill Downs, Inc., | Churchill Downs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/30 | 325 | 327993 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 625 | 612024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 400 | 391236 |
|  Light & Wonder International, Inc., | Light & Wonder International, Inc., | Light & Wonder International, Inc., | Light & Wonder International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/33 | 580 | 586951 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 1750 | 1722634 |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/29 | 450 | 416791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/27 | 1425 | 1423021 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/33 | 1365 | 1397525 |
|  Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 570 | 581366 |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 1325 | 1177291 |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 2285 | 2423638 |
|  Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., | Warnermedia Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/52 | 3230 | 2134597 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 1020 | 1025791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 425 | 434145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 990 | 1072982 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22259724 |
|  **Environmental Control — 0.9%** | **Environmental Control — 0.9%** | **Environmental Control — 0.9%** | **Environmental Control — 0.9%** |
|  Clean Harbors, Inc., | Clean Harbors, Inc., | Clean Harbors, Inc., | Clean Harbors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/33 | 405 | 415770 |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 1400 | 1379000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 1340 | 1314594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 380 | 379020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 330 | 345546 |
|  Reworld Holding Corp., | Reworld Holding Corp., | Reworld Holding Corp., | Reworld Holding Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/29 | 1885 | 1810697 |
|  Waste Pro USA, Inc., | Waste Pro USA, Inc., | Waste Pro USA, Inc., | Waste Pro USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/33 | 585 | 603526 |
|  Wrangler Holdco Corp. (Canada), | Wrangler Holdco Corp. (Canada), | Wrangler Holdco Corp. (Canada), | Wrangler Holdco Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 180 | 188136 |
|  |  |  | 6436289 |
|  **Foods — 1.4%** | **Foods — 1.4%** | **Foods — 1.4%** | **Foods — 1.4%** |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/31 | 310 | 313646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/34 | 485 | 486821 |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 1135 | 1109794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28(a) | 2645 | 2606458 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/32 | 725 | 690987 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A107

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |
|  Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 300 | 276688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 | 601 | 583916 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/31 | 1175 | 1113849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 1285 | 1251101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/34 | 365 | 367268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 50 | 50488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/36 | 770 | 771193 |
|  |  |  | 9622209 |
|  **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
|  Magnera Corp., | Magnera Corp., | Magnera Corp., | Magnera Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31(a) | 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032203 |
|  **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/27 | 830 | 834398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 315 | 335652 |
|  |  |  | 1170050 |
|  **Healthcare-Products — 0.8%** | **Healthcare-Products — 0.8%** | **Healthcare-Products — 0.8%** | **Healthcare-Products — 0.8%** |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 5275 | 5157670 |
|  **Healthcare-Services — 4.3%** | **Healthcare-Services — 4.3%** | **Healthcare-Services — 4.3%** | **Healthcare-Services — 4.3%** |
|  CHS/Community Health Systems, Inc., | CHS/Community Health Systems, Inc., | CHS/Community Health Systems, Inc., | CHS/Community Health Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 150 | 133536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 425 | 398812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 375 | 374704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 1830 | 1922996 |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 4050 | 3739183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 4300 | 4184361 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/06/33 | 425 | 490643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/36 | 400 | 459065 |
|  LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 2800 | 2744205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 200 | 217093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 300 | 323370 |
|  Molina Healthcare, Inc., | Molina Healthcare, Inc., | Molina Healthcare, Inc., | Molina Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 465 | 477950 |
|  MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30 | 1953 | 1725043 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30 | 737 | $781653 |
|  Prime Healthcare Services, Inc., | Prime Healthcare Services, Inc., | Prime Healthcare Services, Inc., | Prime Healthcare Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/29 | 2035 | 2143510 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 3975 | 3919291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 4150 | 4075516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/32 | 300 | 304274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31 | 850 | 927577 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29342782 |
|  **Holding Companies-Diversified — 0.4%** | **Holding Companies-Diversified — 0.4%** | **Holding Companies-Diversified — 0.4%** | **Holding Companies-Diversified — 0.4%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 2410 | 2544836 |
|  **Home Builders — 4.2%** | **Home Builders — 4.2%** | **Home Builders — 4.2%** | **Home Builders — 4.2%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/29 | 950 | 909491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/30 | 812 | 773959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 550 | 550305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/33 | 730 | 731394 |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/27 | 1300 | 1300288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/29(a) | 2450 | 2498545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 940 | 951032 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30(a) | 2375 | 2215258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 625 | 624300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 900 | 867708 |
|  Dream Finders Homes, Inc., | Dream Finders Homes, Inc., | Dream Finders Homes, Inc., | Dream Finders Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/30 | 465 | 467578 |
|  Empire Communities Corp. (Canada), | Empire Communities Corp. (Canada), | Empire Communities Corp. (Canada), | Empire Communities Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 1100 | 1129425 |
|  Forestar Group, Inc., | Forestar Group, Inc., | Forestar Group, Inc., | Forestar Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 2075 | 2073751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 480 | 488691 |
|  KB Home, | KB Home, | KB Home, | KB Home, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 875 | 828873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 1475 | 1468902 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 600 | 577184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 625 | 622496 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A108

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Home Builders (cont'd.)** | **Home Builders (cont'd.)** | **Home Builders (cont'd.)** | **Home Builders (cont'd.)** |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 2275 | 2207637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/33 | 560 | 554966 |
|  New Home Co., Inc. (The), | New Home Co., Inc. (The), | New Home Co., Inc. (The), | New Home Co., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/30 | 485 | 500758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 430 | 449058 |
|  Shea Homes LP/Shea Homes Funding Corp., | Shea Homes LP/Shea Homes Funding Corp., | Shea Homes LP/Shea Homes Funding Corp., | Shea Homes LP/Shea Homes Funding Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 1075 | 1068317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 1275 | 1253333 |
|  STL Holding Co. LLC, | STL Holding Co. LLC, | STL Holding Co. LLC, | STL Holding Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 780 | 820235 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/32 | 340 | 349793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/30 | 1267 | 1274973 |
|  Tri Pointe Homes, Inc., | Tri Pointe Homes, Inc., | Tri Pointe Homes, Inc., | Tri Pointe Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/27 | 425 | 426639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 865 | 878944 |
|  |  |  | 28863833 |
|  **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** |
|  Whirlpool Corp., | Whirlpool Corp., | Whirlpool Corp., | Whirlpool Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/30 | 135 | 134987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33(a) | 2175 | 2109400 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244387 |
|  **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** |
|  ACCO Brands Corp., | ACCO Brands Corp., | ACCO Brands Corp., | ACCO Brands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/29(a) | 2400 | 2224103 |
|  Kronos Acquisition Holdings, Inc. (Canada), | Kronos Acquisition Holdings, Inc. (Canada), | Kronos Acquisition Holdings, Inc. (Canada), | Kronos Acquisition Holdings, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/32 | 2305 | 1025725 |
|  |  |  | 3249828 |
|  **Housewares — 0.9%** | **Housewares — 0.9%** | **Housewares — 0.9%** | **Housewares — 0.9%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30(a) | 700 | 683987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/32(a) | 790 | 763784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 725 | 605879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 215 | 225210 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/31 | 1675 | 1577576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 1500 | 1407652 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** |
|  SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/06/29 | 1593 | 637184 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901272 |
|  **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
|  Acrisure LLC/Acrisure Finance, Inc., | Acrisure LLC/Acrisure Finance, Inc., | Acrisure LLC/Acrisure Finance, Inc., | Acrisure LLC/Acrisure Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 500 | 487303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/06/30 | 95 | 98923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 2636 | 2734754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 1825 | 1909957 |
|  AmWINS Group, Inc., | AmWINS Group, Inc., | AmWINS Group, Inc., | AmWINS Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 275 | 282287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/29 | 975 | 958718 |
|  Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/32 | 865 | 898044 |
|  Broadstreet Partners Group LLC, | Broadstreet Partners Group LLC, | Broadstreet Partners Group LLC, | Broadstreet Partners Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 825 | 823972 |
|  |  |  | 8193958 |
|  **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
|  Cablevision Lightpath LLC, | Cablevision Lightpath LLC, | Cablevision Lightpath LLC, | Cablevision Lightpath LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/27 | 925 | 903392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 1295 | 1265863 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 636 | 655283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/27 | 525 | 533132 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc., | Go Daddy Operating Co. LLC/GD Finance Co., Inc., | Go Daddy Operating Co. LLC/GD Finance Co., Inc., | Go Daddy Operating Co. LLC/GD Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 600 | 575485 |
|  Snap, Inc., | Snap, Inc., | Snap, Inc., | Snap, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 370 | 383806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 320 | 329674 |
|  |  |  | 4646635 |
|  **Iron/Steel — 1.2%** | **Iron/Steel — 1.2%** | **Iron/Steel — 1.2%** | **Iron/Steel — 1.2%** |
|  Big River Steel LLC/BRS Finance Corp., | Big River Steel LLC/BRS Finance Corp., | Big River Steel LLC/BRS Finance Corp., | Big River Steel LLC/BRS Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/29 | 1213 | 1217021 |
|  Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 410 | 434698 |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 895 | 921347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/29 | 545 | 564135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 455 | 466343 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A109

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Iron/Steel (cont'd.)** | **Iron/Steel (cont'd.)** | **Iron/Steel (cont'd.)** | **Iron/Steel (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/33 | 490 | 509416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/31 | 895 | 943375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 540 | 565373 |
|  Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 510 | 521592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/35 | 510 | 522889 |
|  Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/31 | 475 | 493226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/28 | 960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/27 | 270 | 275638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 120 | 124595 |
|  |  |  | 8567725 |
|  **Leisure Time — 2.0%** | **Leisure Time — 2.0%** | **Leisure Time — 2.0%** | **Leisure Time — 2.0%** |
|  Amer Sports Co. (Finland), | Amer Sports Co. (Finland), | Amer Sports Co. (Finland), | Amer Sports Co. (Finland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/16/31 | 565 | 590950 |
|  Carnival Corp., | Carnival Corp., | Carnival Corp., | Carnival Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 775 | 795592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32 | 1190 | 1221237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 575 | 564937 |
|  Lindblad Expeditions LLC, | Lindblad Expeditions LLC, | Lindblad Expeditions LLC, | Lindblad Expeditions LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/27 | 1200 | 1203629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/30 | 515 | 536910 |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 640 | 648717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/33 | 370 | 369306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 880 | 901094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 1025 | 1088201 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 925 | 948393 |
|  Patrick Industries, Inc., | Patrick Industries, Inc., | Patrick Industries, Inc., | Patrick Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 600 | 593474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/32 | 455 | 466919 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/31 | 355 | 362715 |
|  Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/31 | 700 | 748272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 375 | 375679 |
|  Viking Ocean Cruises Ship VII Ltd., | Viking Ocean Cruises Ship VII Ltd., | Viking Ocean Cruises Ship VII Ltd., | Viking Ocean Cruises Ship VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 1275 | 1277295 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** |
|  VOC Escrow Ltd., | VOC Escrow Ltd., | VOC Escrow Ltd., | VOC Escrow Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 1000 | 998430 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13691750 |
|  **Lodging — 1.5%** | **Lodging — 1.5%** | **Lodging — 1.5%** | **Lodging — 1.5%** |
|  Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 1425 | 1393421 |
|  Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 850 | 788950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/31 | 75 | 71781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/34 | 275 | 277160 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/26 | 375 | 374767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/28 | 2225 | 2218948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 600 | 605598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/29 | 450 | 462554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32(a) | 1655 | 1704534 |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/26/28 | 2425 | 2420198 |
|  |  |  | 10317911 |
|  **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
|  Terex Corp., | Terex Corp., | Terex Corp., | Terex Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 750 | 747642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 | 685 | 703212 |
|  |  |  | 1450854 |
|  **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/31 | 845 | 896916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/30 | 725 | 756472 |
|  GrafTech Finance, Inc., | GrafTech Finance, Inc., | GrafTech Finance, Inc., | GrafTech Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/23/29 | 1742 | 1294169 |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 1505 | 1601160 |
|  |  |  | 4548717 |
|  **Media — 4.1%** | **Media — 4.1%** | **Media — 4.1%** | **Media — 4.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 25 | 24720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/32(a) | 40 | 35905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34(a) | 725 | 617243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 1455 | 1443047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/27 | 1450 | 1448352 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A110

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 690 | 417746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/30 | 575 | 353571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 3190 | 2731158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 400 | 264276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/30 | 2400 | 856949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31 | 310 | 109664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 2325 | 853275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 200 | 117079 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29(x) | 865 | 768658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/28(x) | 150 | 144751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/26(x) | 5120 | 5056329 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27(x) | 2775 | 2887689 |
|  Gray Media, Inc., | Gray Media, Inc., | Gray Media, Inc., | Gray Media, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/31 | 555 | 416272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 410 | 425561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/33 | 145 | 148242 |
|  iHeartCommunications, Inc., | iHeartCommunications, Inc., | iHeartCommunications, Inc., | iHeartCommunications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 960 | 838919 |
|  News Corp., | News Corp., | News Corp., | News Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 125 | 121290 |
|  Radiate Holdco LLC/Radiate Finance, Inc., | Radiate Holdco LLC/Radiate Finance, Inc., | Radiate Holdco LLC/Radiate Finance, Inc., | Radiate Holdco LLC/Radiate Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 9.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/30(x) | 2068 | 1277816 |
|  Sinclair Television Group, Inc., | Sinclair Television Group, Inc., | Sinclair Television Group, Inc., | Sinclair Television Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/33 | 1035 | 1082258 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29(a) | 270 | 259399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 1055 | 1092367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32 | 1465 | 1575504 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 1100 | 1082609 |
|  VZ Secured Financing BV (Netherlands), | VZ Secured Financing BV (Netherlands), | VZ Secured Financing BV (Netherlands), | VZ Secured Financing BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 800 | 723000 |
|  |  |  | 28237864 |
|  **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
|  Roller Bearing Co. of America, Inc., | Roller Bearing Co. of America, Inc., | Roller Bearing Co. of America, Inc., | Roller Bearing Co. of America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/29 | 925 | 912070 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining — 2.1%** | **Mining — 2.1%** | **Mining — 2.1%** | **Mining — 2.1%** |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 435 | $462107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/31 | 575 | 633880 |
|  Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/33 | 390 | 404056 |
|  Century Aluminum Co., | Century Aluminum Co., | Century Aluminum Co., | Century Aluminum Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32 | 380 | 392262 |
|  Coeur Mining, Inc., | Coeur Mining, Inc., | Coeur Mining, Inc., | Coeur Mining, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 220 | 218670 |
|  Eldorado Gold Corp. (Turkey), | Eldorado Gold Corp. (Turkey), | Eldorado Gold Corp. (Turkey), | Eldorado Gold Corp. (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/29 | 1155 | 1160683 |
|  First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/34 | 805 | 846015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 915 | 974960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 500 | 525781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 1605 | 1690065 |
|  Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 400 | 402538 |
|  Hudbay Minerals, Inc. (Canada), | Hudbay Minerals, Inc. (Canada), | Hudbay Minerals, Inc. (Canada), | Hudbay Minerals, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/26 | 1610 | 1610113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 2145 | 2171512 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 765 | 810349 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/31 | 215 | 195552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/30 | 1630 | 1575443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/30 | 360 | 373626 |
|  Taseko Mines Ltd. (Canada), | Taseko Mines Ltd. (Canada), | Taseko Mines Ltd. (Canada), | Taseko Mines Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 235 | 249450 |
|  |  |  | 14697062 |
|  **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
|  Amsted Industries, Inc., | Amsted Industries, Inc., | Amsted Industries, Inc., | Amsted Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 970 | 953393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 265 | 272949 |
|  Avient Corp., | Avient Corp., | Avient Corp., | Avient Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/31 | 405 | 416416 |
|  Axon Enterprise, Inc., | Axon Enterprise, Inc., | Axon Enterprise, Inc., | Axon Enterprise, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 535 | 554082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 435 | 452255 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A111

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Miscellaneous Manufacturing (cont'd.)** | **Miscellaneous Manufacturing (cont'd.)** | **Miscellaneous Manufacturing (cont'd.)** | **Miscellaneous Manufacturing (cont'd.)** |
|  Entegris, Inc., | Entegris, Inc., | Entegris, Inc., | Entegris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | 575 | 570888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 275 | 275764 |
|  Trinity Industries, Inc., | Trinity Industries, Inc., | Trinity Industries, Inc., | Trinity Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/28 | 610 | 633462 |
|  |  |  | 4129209 |
|  **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
|  Zebra Technologies Corp., | Zebra Technologies Corp., | Zebra Technologies Corp., | Zebra Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | 265 | 274244 |
|  **Oil & Gas — 5.5%** | **Oil & Gas — 5.5%** | **Oil & Gas — 5.5%** | **Oil & Gas — 5.5%** |
|  Aethon United BR LP/Aethon United Finance Corp., | Aethon United BR LP/Aethon United Finance Corp., | Aethon United BR LP/Aethon United Finance Corp., | Aethon United BR LP/Aethon United Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 935 | 979393 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/33 | 450 | 465230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/27 | 896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 | 880 | 910310 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/28 | 1000 | 1031317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/30 | 1160 | 1214727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/33 | 500 | 539001 |
|  CNX Resources Corp., | CNX Resources Corp., | CNX Resources Corp., | CNX Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 355 | 370983 |
|  Comstock Resources, Inc., | Comstock Resources, Inc., | Comstock Resources, Inc., | Comstock Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 1400 | 1362385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 750 | 751937 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/33 | 810 | 769262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 970 | 941482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 395 | 391740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 634 | 653880 |
|  Diamond Foreign Asset Co./Diamond Finance LLC, | Diamond Foreign Asset Co./Diamond Finance LLC, | Diamond Foreign Asset Co./Diamond Finance LLC, | Diamond Foreign Asset Co./Diamond Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 455 | 481850 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 885 | 873346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 780 | 756823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 900 | 854041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 345 | 347706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 590 | 555040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 225 | 210888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/35(a) | 575 | 546484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1235 | 1259464 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Matador Resources Co., | Matador Resources Co., | Matador Resources Co., | Matador Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 565 | 572148 |
|  Nabors Industries Ltd., | Nabors Industries Ltd., | Nabors Industries Ltd., | Nabors Industries Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 795 | 795000 |
|  Nabors Industries, Inc., | Nabors Industries, Inc., | Nabors Industries, Inc., | Nabors Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/32 | 700 | 687889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/31 | 1295 | 1256474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/30 | 1125 | 1182623 |
|  New Generation Gas Gathering LLC, | New Generation Gas Gathering LLC, | New Generation Gas Gathering LLC, | New Generation Gas Gathering LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.590%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/29^ | 162 | 159730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.590%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/29^ | 194 | 191675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.590%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/29^ | 162 | 159730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.590%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/29^ | 49 | 47918 |
|  Noble Finance II LLC, | Noble Finance II LLC, | Noble Finance II LLC, | Noble Finance II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 780 | 810739 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/33 | 345 | 354002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 500 | 520792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 275 | 278470 |
|  Precision Drilling Corp. (Canada), | Precision Drilling Corp. (Canada), | Precision Drilling Corp. (Canada), | Precision Drilling Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 637 | 644676 |
|  Range Resources Corp., | Range Resources Corp., | Range Resources Corp., | Range Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 894 | 883083 |
|  SM Energy Co., | SM Energy Co., | SM Energy Co., | SM Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/29 | 235 | 236749 |
|  Sunoco LP, | Sunoco LP, | Sunoco LP, | Sunoco LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 310 | 311630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/33 | 800 | 819350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 555 | 578685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 2000 | 1951163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 1100 | 1067789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/32 | 135 | 138745 |
|  Sunoco LP/Sunoco Finance Corp., | Sunoco LP/Sunoco Finance Corp., | Sunoco LP/Sunoco Finance Corp., | Sunoco LP/Sunoco Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 375 | 367842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/30 | 1175 | 1147609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/28 | 175 | 175309 |
|  Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 1445 | 1450852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/31 | 1225 | 1211819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 | 250 | 258281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 679 | 705737 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A112

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Valaris Ltd., | Valaris Ltd., | Valaris Ltd., | Valaris Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/30 | 375 | 389261 |
|  Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 225 | 235438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 500 | 492696 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37489868 |
|  **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
|  Kodiak Gas Services LLC, | Kodiak Gas Services LLC, | Kodiak Gas Services LLC, | Kodiak Gas Services LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/33 | 280 | 285813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/35 | 225 | 231314 |
|  SESI LLC, | SESI LLC, | SESI LLC, | SESI LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/30 | 315 | 310070 |
|  Tidewater, Inc., | Tidewater, Inc., | Tidewater, Inc., | Tidewater, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 340 | 364883 |
|  Weatherford International Ltd., | Weatherford International Ltd., | Weatherford International Ltd., | Weatherford International Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/33 | 565 | 577792 |
|  |  |  | 1769872 |
|  **Packaging & Containers — 2.1%** | **Packaging & Containers — 2.1%** | **Packaging & Containers — 2.1%** | **Packaging & Containers — 2.1%** |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 200 | 191896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/31 | 250 | 255337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/29 | 300 | 281556 |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/33 | 265 | 269935 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 1445 | 1469330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 950 | 978003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 100 | 103020 |
|  Graham Packaging Co., Inc., | Graham Packaging Co., Inc., | Graham Packaging Co., Inc., | Graham Packaging Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 455 | 455019 |
|  Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 725 | 692470 |
|  Iris Holding, Inc., | Iris Holding, Inc., | Iris Holding, Inc., | Iris Holding, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/28 | 670 | 607860 |
|  LABL, Inc., | LABL, Inc., | LABL, Inc., | LABL, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28(x) | 875 | 553906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/31(x) | 590 | 314217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28(x) | 225 | 144968 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27(x) | 1150 | 704352 |
|  Mauser Packaging Solutions Holding Co., | Mauser Packaging Solutions Holding Co., | Mauser Packaging Solutions Holding Co., | Mauser Packaging Solutions Holding Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 2370 | 2360372 |
|  OI European Group BV, | OI European Group BV, | OI European Group BV, | OI European Group BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 150 | 144901 |
|  Owens-Brockway Glass Container, Inc., | Owens-Brockway Glass Container, Inc., | Owens-Brockway Glass Container, Inc., | Owens-Brockway Glass Container, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/13/27 | 170 | 170572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/31 | 110 | 112405 |
|  Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 125 | 127077 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada), | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada), | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada), | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 850 | 848011 |
|  Trident TPI Holdings, Inc., | Trident TPI Holdings, Inc., | Trident TPI Holdings, Inc., | Trident TPI Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/28 | 2560 | 2621595 |
|  TriMas Corp., | TriMas Corp., | TriMas Corp., | TriMas Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 690 | 671775 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14078577 |
|  **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
|  1261229 BC Ltd., | 1261229 BC Ltd., | 1261229 BC Ltd., | 1261229 BC Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 1579 | 1645100 |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/29 | 2050 | 1989184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 1525 | 1488134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 400 | 402825 |
|  Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/28 | 1050 | 918529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 850 | 647368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/30/30 | 600 | 420912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 1750 | 1122187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 1235 | 988000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 250 | 226250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 178 | 158865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/28 | 529 | 548848 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/31(a) | 1050 | 870133 |
|  |  |  | 11426335 |
|  **Pipelines — 3.4%** | **Pipelines — 3.4%** | **Pipelines — 3.4%** | **Pipelines — 3.4%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 475 | 475240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 1370 | 1372040 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A113

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/34 | 310 | $312364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 845 | 876309 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp., | Blue Racer Midstream LLC/Blue Racer Finance Corp., | Blue Racer Midstream LLC/Blue Racer Finance Corp., | Blue Racer Midstream LLC/Blue Racer Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/29 | 120 | 125171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 200 | 212040 |
|  Global Partners LP/GLP Finance Corp., | Global Partners LP/GLP Finance Corp., | Global Partners LP/GLP Finance Corp., | Global Partners LP/GLP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 500 | 505889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/33 | 300 | 305637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 500 | 526210 |
|  Howard Midstream Energy Partners LLC, | Howard Midstream Energy Partners LLC, | Howard Midstream Energy Partners LLC, | Howard Midstream Energy Partners LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 560 | 572959 |
|  NFE Financing LLC, | NFE Financing LLC, | NFE Financing LLC, | NFE Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 1280 | 369817 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 220 | 216487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 1080 | 1139682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/40 | 1254 | 1296226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/38 | 425 | 463206 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 975 | 975704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30 | 515 | 519060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/31 | 875 | 868760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 495 | 494765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 520 | 537386 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 340 | 319362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/31 | 765 | 696043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 760 | 768662 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/29(oo) | 1440 | 1137853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30(a) | 445 | 428014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 300 | 304975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 1500 | 1556602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32(a) | 1575 | 1626846 |
|  Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/30 | 1108 | 1128093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 440 | 450433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/34 | 433 | 442653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/36 | 570 | 583411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/33 | 732 | 791196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/35 | 807 | 883587 |
|  |  |  | 23282682 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
|  Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454995 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 1850 | 1796085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 1325 | 1260320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 795 | 798428 |
|  Hunt Cos., Inc., | Hunt Cos., Inc., | Hunt Cos., Inc., | Hunt Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 1850 | 1805578 |
|  |  |  | 6115406 |
|  **Real Estate Investment Trusts (REITs) — 2.3%** | **Real Estate Investment Trusts (REITs) — 2.3%** | **Real Estate Investment Trusts (REITs) — 2.3%** | **Real Estate Investment Trusts (REITs) — 2.3%** |
|  Arbor Realty SR, Inc., | Arbor Realty SR, Inc., | Arbor Realty SR, Inc., | Arbor Realty SR, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 330 | 316228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/28 | 300 | 298880 |
|  Brandywine Operating Partnership LP, | Brandywine Operating Partnership LP, | Brandywine Operating Partnership LP, | Brandywine Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 795 | 773143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/12/29 | 175 | 188585 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/31 | 1200 | 1049578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 315 | 322265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 1000 | 965069 |
|  Millrose Properties, Inc., | Millrose Properties, Inc., | Millrose Properties, Inc., | Millrose Properties, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/32 | 725 | 732170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/30 | 875 | 894963 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 1925 | 1399840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/27 | 250 | 241352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 300 | 320569 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 385 | 394649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 200 | 195153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/28 | 350 | 350141 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 375 | 371469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 1230 | 1276088 |
|  Rithm Capital Corp., | Rithm Capital Corp., | Rithm Capital Corp., | Rithm Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 150 | 154027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 635 | 649238 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 555 | 530418 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A114

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/28 | 525 | 529226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/26 | 425 | 421478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/27 | 75 | 74550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 125 | 128134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 325 | 338989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 770 | 802817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/29 | 580 | 612089 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/29 | 1175 | 1173151 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15504259 |
|  **Retail — 4.0%** | **Retail — 4.0%** | **Retail — 4.0%** | **Retail — 4.0%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 2665 | 2534655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 350 | 347186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 350 | 344526 |
|  Arko Corp., | Arko Corp., | Arko Corp., | Arko Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/29 | 1200 | 1028669 |
|  Brinker International, Inc., | Brinker International, Inc., | Brinker International, Inc., | Brinker International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/30 | 975 | 1032964 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 3819 | 4002647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 3681 | 4154819 |
|  EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/28 | 475 | 515038 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 1700 | 1614700 |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/29 | 975 | 923430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/31 | 700 | 647546 |
|  LBM Acquisition LLC, | LBM Acquisition LLC, | LBM Acquisition LLC, | LBM Acquisition LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 1180 | 1062675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/31 | 605 | 628813 |
|  LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 1300 | 1274117 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 675 | 673963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 525 | 528652 |
|  Park River Holdings, Inc., | Park River Holdings, Inc., | Park River Holdings, Inc., | Park River Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30 | 1235 | 1218712 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 790 | 815278 |
|  QXO Building Products, Inc., | QXO Building Products, Inc., | QXO Building Products, Inc., | QXO Building Products, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/32 | 285 | 297785 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | 785 | 820146 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/27 | 275 | 275000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 1675 | 1608437 |
|  Superior Plus LP/Superior General Partner, Inc. (Canada), | Superior Plus LP/Superior General Partner, Inc. (Canada), | Superior Plus LP/Superior General Partner, Inc. (Canada), | Superior Plus LP/Superior General Partner, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/29 | 735 | 716412 |
|  White Cap Supply Holdings LLC, | White Cap Supply Holdings LLC, | White Cap Supply Holdings LLC, | White Cap Supply Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 315 | 325598 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27391768 |
|  **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 750 | 685282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 1870 | 1739313 |
|  SS&C Technologies, Inc., | SS&C Technologies, Inc., | SS&C Technologies, Inc., | SS&C Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/27 | 900 | 900785 |
|  |  |  | 3325380 |
|  **Telecommunications — 5.4%** | **Telecommunications — 5.4%** | **Telecommunications — 5.4%** | **Telecommunications — 5.4%** |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 2218 | 1541510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 1500 | 1044375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | 400 | 306000 |
|  Altice France SA (France), | Altice France SA (France), | Altice France SA (France), | Altice France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/30 | 870 | 844281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 1347 | 1285076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/29 | 977 | 1004349 |
|  Cipher Compute LLC, | Cipher Compute LLC, | Cipher Compute LLC, | Cipher Compute LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 300 | 306008 |
|  Connect Finco Sarl/Connect US Finco LLC (United Kingdom), | Connect Finco Sarl/Connect US Finco LLC (United Kingdom), | Connect Finco Sarl/Connect US Finco LLC (United Kingdom), | Connect Finco Sarl/Connect US Finco LLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/29 | 775 | 822112 |
|  Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30(x) | 340 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30^(x) | 479 |  |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32(x) | 1835 | 1904969 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A115

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 6.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/30(x) | 956 | $979297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/29(x) | 1865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059901 |
|  Flash Compute LLC, | Flash Compute LLC, | Flash Compute LLC, | Flash Compute LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30 | 380 | 376654 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/29 | 3375 | 3426250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 975 | 992120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/29 | 500 | 503886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/28 | 2000 | 2005424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/27 | 1275 | 1276779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 250 | 261104 |
|  Iliad Holding SAS (France), | Iliad Holding SAS (France), | Iliad Holding SAS (France), | Iliad Holding SAS (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/28 | 1325 | 1341774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 1075 | 1107003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31 | 310 | 332863 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/29 | 200 | 182003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/36 | 1605 | 1646220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 355 | 348457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 | 1835 | 1877939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/34 | 2650 | 2730097 |
|  Sable International Finance Ltd. (Panama), | Sable International Finance Ltd. (Panama), | Sable International Finance Ltd. (Panama), | Sable International Finance Ltd. (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 | 900 | 912375 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 375 | 360762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/32 | 650 | 640806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | 1750 | 1741460 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/33 | 425 | 418702 |
|  Windstream Services LLC, | Windstream Services LLC, | Windstream Services LLC, | Windstream Services LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/33(a) | 695 | 712294 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/31 | 1450 | 1521887 |
|  Zegona Finance PLC (United Kingdom), | Zegona Finance PLC (United Kingdom), | Zegona Finance PLC (United Kingdom), | Zegona Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/29 | 295 | 313069 |
|  |  |  | 37127840 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
|  RXO, Inc., | RXO, Inc., | RXO, Inc., | RXO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27 | 125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127427 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 1370 | 1276074 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 125 | 130367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 450 | 473527 |
|  |  |  | 2007395 |
|  **TOTAL CORPORATE BONDS**<br>(cost $573,814,340) | **TOTAL CORPORATE BONDS**<br>(cost $573,814,340) | **TOTAL CORPORATE BONDS**<br>(cost $573,814,340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580136410 |
|  **FLOATING RATE AND OTHER LOANS — 4.4%** | **FLOATING RATE AND OTHER LOANS — 4.4%** | **FLOATING RATE AND OTHER LOANS — 4.4%** | **FLOATING RATE AND OTHER LOANS — 4.4%** |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  Vista Management Holding, Inc., | Vista Management Holding, Inc., | Vista Management Holding, Inc., | Vista Management Holding, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.735%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/31 | 168 | 169147 |
|  **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 1 Month SOFR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 1 Month SOFR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 1 Month SOFR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 1 Month SOFR + 2.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.216%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/06/30 | 223 | 223337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.466%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/28/32 | 1122 | 1126396 |
|  First Brands Group LLC, | First Brands Group LLC, | First Brands Group LLC, | First Brands Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.070% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/28(d) | 2112 | 2556 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.739%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/17/28 | 1201 | 1176027 |
|  |  |  | 2528316 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  American Bath/CP Atlas Buyer, Inc., | American Bath/CP Atlas Buyer, Inc., | American Bath/CP Atlas Buyer, Inc., | American Bath/CP Atlas Buyer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.966%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/08/30 | 364 | 351344 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan, 1 Month SOFR + 2.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.966%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/10/32 | 422 | 423019 |
|  |  |  | 774363 |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
|  Cornerstone Chemical Co., | Cornerstone Chemical Co., | Cornerstone Chemical Co., | Cornerstone Chemical Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial New Money Term Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial New Money Term Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial New Money Term Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial New Money Term Loan, 3 Month SOFR + 4.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/07/29^ | 480 | 480186 |
|  Iris Holdings Ltd., | Iris Holdings Ltd., | Iris Holdings Ltd., | Iris Holdings Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.690%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/28/28 | 699 | 676756 |
|  TPC Group, Inc., | TPC Group, Inc., | TPC Group, Inc., | TPC Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.386%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/16/31 | 1569 | 1399159 |
|  Venator Finance Sarl, | Venator Finance Sarl, | Venator Finance Sarl, | Venator Finance Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.894% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/16/26^(d) | 594 | 445521 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A116

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.905% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/12/28^(d) | 847 | 16938 |
|  Venator Materials LLC, | Venator Materials LLC, | Venator Materials LLC, | Venator Materials LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.002% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/16/26^(d) | 597 | 447963 |
|  |  |  | 3466523 |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment 7 Replacement (USD) Term Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment 7 Replacement (USD) Term Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment 7 Replacement (USD) Term Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment 7 Replacement (USD) Term Loan, 1 Month SOFR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.966%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/32 | 574 | 576172 |
|  MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.590%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30 | 457 | 457558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.702%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30 | 396 | 371427 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405157 |
|  **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
|  Bingo Holdings I LLC, | Bingo Holdings I LLC, | Bingo Holdings I LLC, | Bingo Holdings I LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.422%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/32 | 648 | 635408 |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.716%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 599 | 550816 |
|  NCR Atleos LLC, | NCR Atleos LLC, | NCR Atleos LLC, | NCR Atleos LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 2.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.340%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/16/28 | 217 | 214936 |
|  |  |  | 1401160 |
|  **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
|  Heritage Power LLC, | Heritage Power LLC, | Heritage Power LLC, | Heritage Power LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.172%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/28^ | 211 | 206640 |
|  **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
|  Magnera Corp., | Magnera Corp., | Magnera Corp., | Magnera Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.072%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/04/31 | 225 | 222992 |
|  **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
|  LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.655%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/16/31 | 149 | 148910 |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
|  Clue OpCo LLC, | Clue OpCo LLC, | Clue OpCo LLC, | Clue OpCo LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.338%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/30 | 224 | 221544 |
|  **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  Kronos Acquisition Holdings, Inc. (Canada), | Kronos Acquisition Holdings, Inc. (Canada), | Kronos Acquisition Holdings, Inc. (Canada), | Kronos Acquisition Holdings, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Loan 2024, 3 Month SOFR + 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Loan 2024, 3 Month SOFR + 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Loan 2024, 3 Month SOFR + 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Loan 2024, 3 Month SOFR + 4.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.672%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/08/31 | 408 | 263284 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Tranche A-1 Term Loan, 1 Month SOFR + 4.614% | &nbsp;&nbsp;&nbsp;&nbsp; Tranche A-1 Term Loan, 1 Month SOFR + 4.614% | &nbsp;&nbsp;&nbsp;&nbsp; Tranche A-1 Term Loan, 1 Month SOFR + 4.614% | &nbsp;&nbsp;&nbsp;&nbsp; Tranche A-1 Term Loan, 1 Month SOFR + 4.614% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.331%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/18/29 | 129 | 127194 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
|  Acrisure LLC, | Acrisure LLC, | Acrisure LLC, | Acrisure LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.716%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/06/30 | 296 | $295703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.966%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/21/32 | 498 | 497291 |
|  Asurion LLC, | Asurion LLC, | Asurion LLC, | Asurion LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; New B-04 Term Loan, 1 Month SOFR + 5.364% | &nbsp;&nbsp;&nbsp;&nbsp; New B-04 Term Loan, 1 Month SOFR + 5.364% | &nbsp;&nbsp;&nbsp;&nbsp; New B-04 Term Loan, 1 Month SOFR + 5.364% | &nbsp;&nbsp;&nbsp;&nbsp; New B-04 Term Loan, 1 Month SOFR + 5.364% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.081%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/29 | 1040 | 1019200 |
| &nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.966%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/19/30 | 295 | 295346 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107540 |
|  **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Cablevision Lightpath LLC, | Cablevision Lightpath LLC, | Cablevision Lightpath LLC, | Cablevision Lightpath LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 1 Month SOFR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/30/27 | 379 | 378961 |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/02/28 | 461 | 160128 |
|  |  |  | 539089 |
|  **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Graftech Global Enterprises, Inc., | Graftech Global Enterprises, Inc., | Graftech Global Enterprises, Inc., | Graftech Global Enterprises, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.858%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/21/29 | 326 | 330833 |
|  **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.905%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/31/27 | 872 | 642808 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; September 2019 Term Loan, 1 Month SOFR + 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; September 2019 Term Loan, 1 Month SOFR + 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; September 2019 Term Loan, 1 Month SOFR + 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; September 2019 Term Loan, 1 Month SOFR + 1.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 389 | 339235 |
|  Radiate Holdco LLC, | Radiate Holdco LLC, | Radiate Holdco LLC, | Radiate Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 1 Month SOFR + 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 1 Month SOFR + 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 1 Month SOFR + 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 1 Month SOFR + 4.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.716%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/26/29 | 73 | 71956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/26/29 | 73 | 71956 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 5.114% | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 5.114% | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 5.114% | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 5.114% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.831%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/29 | 7313 | 5594807 |
|  |  |  | 6720762 |
|  **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** |
|  Doncasters US Finance LLC (United Kingdom), | Doncasters US Finance LLC (United Kingdom), | Doncasters US Finance LLC (United Kingdom), | Doncasters US Finance LLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.172%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/30^ | 970 | 978708 |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Hilcorp Energy I LP, | Hilcorp Energy I LP, | Hilcorp Energy I LP, | Hilcorp Energy I LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.736%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/11/30 | 372 | 372422 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  LABL, Inc., | LABL, Inc., | LABL, Inc., | LABL, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan, 1 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan, 1 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan, 1 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan, 1 Month SOFR + 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.940%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/29/28 | 50 | 31409 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A117

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| <br> **SCHEDULE OF INVESTMENTS** | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
|  Skillsoft Finance II, Inc., | Skillsoft Finance II, Inc., | Skillsoft Finance II, Inc., | Skillsoft Finance II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.081%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/14/28 | 982 | $695689 |
|  **Telecommunications — 1.1%** | **Telecommunications — 1.1%** | **Telecommunications — 1.1%** | **Telecommunications — 1.1%** |
|  Altice France SA (France), | Altice France SA (France), | Altice France SA (France), | Altice France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; New USD B-14 Term Loan, 3 Month SOFR + 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; New USD B-14 Term Loan, 3 Month SOFR + 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; New USD B-14 Term Loan, 3 Month SOFR + 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; New USD B-14 Term Loan, 3 Month SOFR + 6.875% |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.860%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/31/31 | 154 | 153795 |
|  Connect Finco Sarl (United Kingdom), | Connect Finco Sarl (United Kingdom), | Connect Finco Sarl (United Kingdom), | Connect Finco Sarl (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.216%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/27/29 | 412 | 410618 |
|  Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), | Digicel International Finance Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.023%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/31/32 | 1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514574 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.966%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/29/32 | 800 | 801800 |
|  Lumen Technologies, Inc., | Lumen Technologies, Inc., | Lumen Technologies, Inc., | Lumen Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.464% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.464% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.464% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.464% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.181%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/16/29 | 2964 | 2945886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.464% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.464% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.464% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.464% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.181%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 470 | 466673 |
|  Viasat, Inc., | Viasat, Inc., | Viasat, Inc., | Viasat, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.614% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.614% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.614% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.614% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.348%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/30/30 | 723 | 719334 |
|  Xplore, Inc., | Xplore, Inc., | Xplore, Inc., | Xplore, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.831%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/24/29 | 116 | 107752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% | &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% | &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% | &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/24/31 | 393 | 235967 |
|  |  |  | 7356399 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $34,734,837) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $34,734,837) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $34,734,837) | 30068081 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** |
|  Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-07, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-07, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-07, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-07, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.451%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/35 | 4 | 2629 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-43, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-43, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-43, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-43, Class 4A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.135%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/35 | 1 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HY13, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HY13, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HY13, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HY13, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.735%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/37 | 1 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA09, Class 2A1A, 1 Month SOFR + 0.534% (Cap N/A, Floor 0.420%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA09, Class 2A1A, 1 Month SOFR + 0.534% (Cap N/A, Floor 0.420%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA09, Class 2A1A, 1 Month SOFR + 0.534% (Cap N/A, Floor 0.420%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA09, Class 2A1A, 1 Month SOFR + 0.534% (Cap N/A, Floor 0.420%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.268%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 1 | 1298 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-04, Class 1A12, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.324%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-04, Class 1A12, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.324%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-04, Class 1A12, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.324%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-04, Class 1A12, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.324%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.056%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/46 | 13 | 6432 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-B, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-B, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-B, Class 2A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-B, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.636%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/36 | 2 | 2039 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10, Class 22AA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10, Class 22AA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10, Class 22AA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10, Class 22AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.457%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/37 | 5 | 4297 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest <br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-05, Class 2A1A, 1 Month SOFR + 0.474% (Cap N/A, Floor 0.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-05, Class 2A1A, 1 Month SOFR + 0.474% (Cap N/A, Floor 0.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-05, Class 2A1A, 1 Month SOFR + 0.474% (Cap N/A, Floor 0.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-05, Class 2A1A, 1 Month SOFR + 0.474% (Cap N/A, Floor 0.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.206%(c) | 07/19/46 | 4 | $1971 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR12, Class A1, 1 Month SOFR + 0.494% (Cap N/A, Floor 0.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR12, Class A1, 1 Month SOFR + 0.494% (Cap N/A, Floor 0.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR12, Class A1, 1 Month SOFR + 0.494% (Cap N/A, Floor 0.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR12, Class A1, 1 Month SOFR + 0.494% (Cap N/A, Floor 0.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.226%(c) | 09/25/46 | 2 | 2294 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S03, Class 1A96 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S03, Class 1A96 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S03, Class 1A96 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S03, Class 1A96 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/25/37 | 9 | 3791 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA01, Class 1A1, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA01, Class 1A1, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA01, Class 1A1, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA01, Class 1A1, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.056%(c) | 04/25/46 | 1 | 1135 |
|  Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, | Residential Accredit Loans Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA02, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA02, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA02, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA02, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.287%(cc) | 02/25/36 | 3 | 2751 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A05, Class 2A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A05, Class 2A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A05, Class 2A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A05, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/25/37 | 2 | 1180 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 2A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 2A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 2A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.394%(cc) | 02/25/37 | 1 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.173%(cc) | 02/25/37 | 2 | 1675 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $44,335) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $44,335) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $44,335) | 34749 |
|  **U.S. TREASURY OBLIGATIONS — 5.2%** | **U.S. TREASURY OBLIGATIONS — 5.2%** | **U.S. TREASURY OBLIGATIONS — 5.2%** | **U.S. TREASURY OBLIGATIONS — 5.2%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/30/27 | 3425 | 3418444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/31/27 | 6215 | 6216699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 08/31/27 | 3850 | 3858422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/30/27 | 1650 | 1656316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/31/27 | 7380 | 7423242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 11/30/27(k) | 2275 | 2291174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/30 | 8400 | 8466938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 07/31/28(k) | 2000 | 2029844 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $35,166,924) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $35,166,924) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $35,166,924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35361079 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
|  **COMMON STOCKS — 1.7%** | **COMMON STOCKS — 1.7%** | **COMMON STOCKS — 1.7%** |
|  **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Chemical Co.\*^(x) | 26744 | 133720 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | 49934 | 998680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials PLC\*^(x) | 2264 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132400 |
|  **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GenOn Energy Holdings, Inc. (Class A Stock)\*^ | 11836 | 355080 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A118

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM HIGH YIELD BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Keycon Power Holdings LLC\*^ | 21440 | $| 621117 |
|  |  |  | 976197 |
|  **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\* | 12116 |  | 2062501 |
|  **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 62171 |  | 103639 |
|  **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 6749 |  | 744820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve Shares\* | 1246 |  | 82236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\* | 28339 |  | 1870374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC, Litigation Trust Interests\*^ | 32615 |  | 16307 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713737 |
|  **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice France SA (France)\* | 15188 |  | 273535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd.<br>(Jamaica)\*(x) | 264007 |  | 4719125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Falcon Holdings, Inc. (Canada) (Class A Stock)\* | 24108 |  | 36588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xplore, Inc. (Canada), CVR\*^ | 1680 |  |  |
|  |  |  | 5029248 |
|  **TOTAL COMMON STOCKS**<br>(cost $7,472,765) |  |  | 12017722 |
|  **PREFERRED STOCKS — 0.4%** | **PREFERRED STOCKS — 0.4%** | **PREFERRED STOCKS — 0.4%** | **PREFERRED STOCKS — 0.4%** |
|  **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 2850 |  | 2850000 |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 17198 |  | 213959 |
|  **TOTAL PREFERRED STOCKS**<br>(cost $2,825,240) |  |  | 3063959 |
|  | **Units** |  |  |
|  **WARRANTS\* — 0.0%** |  |  |  |
|  **Interactive Media & Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 116279 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |  |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $659,797,791) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $659,797,791) |  | 666440191 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 4.6%** | **SHORT-TERM INVESTMENTS — 4.6%** | **SHORT-TERM INVESTMENTS — 4.6%** |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 9894458 | $9894458 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $21,848,150; includes $21,772,608 of cash collateral for securities on loan)(b)(wb) | 21885107 | 21871976 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $31,742,608) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $31,742,608) | 31766434 |
|  **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN—101.8%**<br> (cost $691,540,399) | **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN—101.8%**<br> (cost $691,540,399) | 698206625 |
|  **OPTION WRITTEN\*~ — (0.0)%**<br> (premiums received $31,948) | **OPTION WRITTEN\*~ — (0.0)%**<br> (premiums received $31,948) | (991) |
|  **TOTAL INVESTMENTS, NET OF OPTION WRITTEN—101.8%**<br>(cost $691,508,451) | **TOTAL INVESTMENTS, NET OF OPTION WRITTEN—101.8%**<br>(cost $691,508,451) | 698205634 |
|  **Liabilities in excess of other assets(z) — (1.8)%** | **Liabilities in excess of other assets(z) — (1.8)%** | (12487455) |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685718179 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $7,863,989 and 1.1% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $21,448,942; cash collateral of $21,772,608 (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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A119

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM HIGH YIELD BOND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are 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.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market**<br>**Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  Cornerstone Chemical Co.\*^ | 12/06/23 | $508136 | $133720 | 0.0% |
|  Cornerstone Chemical Co. LLC, Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000%, 10.000%, 05/07/29^ | 05/07/25-11/04/25 | 523651 | 538797 | 0.1 |
|  Diamond Sports Group LLC\* | 01/02/25 | 162780 | 103639 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  | 1 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | 34 | 34 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 48 |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 60740 | 213959 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-02/08/24 | 320265 | 4719125 | 0.7 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25 | 1835000 | 1904969 | 0.3 |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 12/16/24 | 568738 | 768658 | 0.1 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 07/06/22 | 100688 | 144751 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 02/22/18-09/09/25 | 4678956 | 5056329 | 0.7 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/17/23-07/01/25 | 2837811 | 2887689 | 0.4 |
|  EchoStar Corp., Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 6.750%, 6.750%, 11/30/30 | 02/03/25-05/28/25 | 831435 | 979297 | 0.2 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 05/12/25-10/10/25 | 1953613 | 2059901 | 0.3 |
|  LABL, Inc., Sr. Sec'd. Notes, 144A, 5.875%, 11/01/28 | 07/01/25 | 766841 | 553906 | 0.1 |
|  LABL, Inc., Sr. Sec'd. Notes, 144A, 8.625%, 10/01/31 | 09/25/24 | 590000 | 314217 | 0.1 |
|  LABL, Inc., Sr. Sec'd. Notes, 144A, 9.500%, 11/01/28 | 03/28/23 | 225000 | 144968 | 0.0 |
|  LABL, Inc., Sr. Unsec'd. Notes, 144A, 10.500%, 07/15/27 | 02/15/23-10/21/25 | 1047638 | 704352 | 0.1 |
|  Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec'd. Notes, 144A, PIK 9.250%, 9.250%, 03/25/30 | 06/30/25-09/15/25 | 1638049 | 1277816 | 0.2 |
|  Venator Materials PLC\*^ | 06/29/17-10/19/23 | 3574374 |  | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $22223797 | $22506128 | 3.3% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Unfunded loan commitments outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal**<br>**Amount**<br>**(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  Graftech Global Enterprises, Inc., Delayed Draw Term Loan, 3.750%, Maturity Date 12/21/29 (cost $186,785) | 186 | $189047 | $2262 | $— |
|  Radiate Holdco LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 06/26/29 (cost $145,000) | 145 | 143913 |  | (1087) |
|  SWF Holdings I Corp., Delayed Draw Term Loan, 2.250%, Maturity Date 12/19/29 (cost $171,429) | 171 | 169593 |  | (1836) |
|  |  | $502553 | $2262 | $(2923) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A120

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM HIGH YIELD BOND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Option Written:

#### OTC Swaption

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $102.50 | 5.00 %(Q) | CDX.NA.HY.45.V1(Q) | 4740 | $(991) |

---

(premiums received $31,948)

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 61  | 2 Year U.S. Treasury Notes | Mar. 2026 | $12736133 | $3328 |
| 150  | 5 Year U.S. Treasury Notes | Mar. 2026 | 16395704 | (53428) |
| 262  | 10 Year U.S. Treasury Notes | Mar. 2026 | 29458625 | (111004) |
| 10  | 20 Year U.S. Treasury Bonds | Mar. 2026 | 1155938 | (8584) |
|  |  |  |  | (169688) |
| **Short Position:** | **Short Position:** |  |  |  |
| 6  | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 708000 | 11014 |
|  |  |  |  | $(158674) |

---

#### Credit default swap agreement outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit**<br>**Spread at**<br>**December 31,**<br>**2025(4)** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |  |
|  CDX.NA.HY.45.V1 | 12/20/30 | 5.000%(Q) | 28695 | 3.155% | $2020943 | $2226486 | $205543 |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A121

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM HIGH YIELD BOND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $– | $3232272 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | $— | $4683674 | $— |
|  Commercial Mortgage-Backed Security |  | 1074516 |  |
|  Corporate Bonds |  | 579038560 | 1097850 |
|  Floating Rate and Other Loans |  | 27492125 | 2575956 |
|  Residential Mortgage-Backed Securities |  | 34749 |  |
|  U.S. Treasury Obligations |  | 35361079 |  |
|  Common Stocks | 744820 | 10146678 | 1126224 |
|  Preferred Stocks |  |  | 3063959 |
|  Warrants |  | 1 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 31766434 |  |  |
|  **Total** | $**32511254** | $**657831382** | $**7863989** |
|  **Liabilities** |  |  |  |
|  Option Written | $**—** | $**(991)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Loan Commitment | $— | $2262 | $— |
|  Futures Contracts | 14342 |  |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 205543 |  |
|  **Total** | $**14342** | $**207805** | $**—** |
|  **Liabilities** |  |  |  |
|  Unfunded Loan Commitments | $— | $(2923) | $— |
|  Futures Contracts | (173016) |  |  |
|  **Total** | $**(173016)** | $**(2923)** | $**—** |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. 

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporate Bonds** | **Floating Rate and Other Loans** | **Common Stocks** | **Preferred Stocks** |
|  **Balance as of 12/31/24** | $194679 | $4054091 | $6133928 | $3161326 |
|  Realized gain (loss) | (3267) | 27750 |  | 13546 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A122

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM HIGH YIELD BOND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporate Bonds** | **Floating Rate and Other Loans** | **Common Stocks** | **Preferred Stocks** |
|  Change in unrealized appreciation (depreciation) | $1392 | $(1151639) | $(387221) | $11003 |
|  Purchase/Exchange/Issuances | 922973 | 1098112 |  |  |
|  Sales/Paydowns | (5657) | (1836704) |  | (121916) |
|  Accrued discount/premium | 15502 | 71066 |  |  |
|  Transfer into Level 3\* |  | 775689 |  |  |
|  Transfer out of Level 3\* | (27772) | (462409) | (4620483) |  |
|  **Balance as of 12/31/25** | $1097850 | $2575956 | $1126224 | $3063959 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $(3622) | $(1085470) | $(387221) | $11003 |

---

---

| | | |
|:---|:---|:---|
|  | **Unfunded Corporate Bond Commitment** | **Unfunded Loan Commitment** |
|  **Balance as of 12/31/24** | $– | $49 |
|  Realized gain (loss) | – |  |
|  Change in unrealized appreciation (depreciation) | – | (49) |
|  Purchase/Exchange/Issuances | – |  |
|  Sales/Paydowns | – |  |
|  Accrued discount/premium | – |  |
|  Transfer into Level 3\* | – |  |
|  Transfer out of Level 3\* | – |  |
|  **Balance as of 12/31/25** | $– | $— |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $– | $— |

---

\* It is the Portfolio's policy to recognize transfers in and transfers out at the securities' fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Portfolio. 

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Securities\*\*** | **Fair Value as of <br> December 31, 2025** | **Valuation <br> Approach** | **Valuation<br>Methodology** | **Unobservable<br>Inputs** | **Inputs (Range)** |
|  Corporate Bonds | $538797 | Market | Recovery Value | Recovery Rate | 0.00% - 85.00% |
|  Corporate Bonds | 559053 | Market | Transaction Based | Unadjusted Price | NA |
|  Floating Rate and Other Loans | 480186 | Market | Enterprise Value | EBITDA Multiple | 7.3x |
|  Floating Rate and Other Loans | 910422 | Market | Recovery Value | Recovery Rate | 2.00% - 75.00% |
|  Common Stocks | 621117 | Market | Discounted Cash Flow | Discount Rate | 40.00% |
|  Common Stocks | 16307 | Market | Enterprise Value | Recovery Rate | 0.50% |
|  Common Stocks | 133720 | Market | Recovery Value | Recovery Rate | 0.00% - 5.00% |
|  Preferred Stocks | 213959 | Market | Enterprise Value | Recovery Rate | 12.44% |
|  Preferred Stocks | 2850000 | Market | Transaction Based | Unadjusted Price | NA |
|  | $6323561 |  |  |  |  |

---

\*\* The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of December 31, 2025, the aggregate value of these securities and/or derivatives was $1,540,428. The unobservable inputs for these investments were not developed by the Portfolio and are not readily available (e.g. single broker quotes). 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A123

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM HIGH YIELD BOND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Telecommunications | 6.5 |
|  Oil & Gas | 5.6 |
|  Diversified Financial Services | 5.4 |
|  U.S. Treasury Obligations | 5.2 |
|  Media | 5.1 |
|  Affiliated Mutual Funds (3.2% represents investments purchased with collateral from securities on loan) | 4.6 |
|  Commercial Services | 4.6 |
|  Electric | 4.4 |
|  Healthcare-Services | 4.3 |
|  Home Builders | 4.2 |
|  Retail | 4.0 |
|  Pipelines | 3.4 |
|  Entertainment | 3.2 |
|  Real Estate Investment Trusts (REITs) | 2.3 |
|  Chemicals | 2.3 |
|  Mining | 2.1 |
|  Packaging & Containers | 2.1 |
|  Leisure Time | 2.0 |
|  Auto Parts & Equipment | 1.7 |
|  Pharmaceuticals | 1.7 |
|  Building Materials | 1.6 |
|  Lodging | 1.5 |
|  Insurance | 1.5 |
|  Aerospace & Defense | 1.4 |
|  Foods | 1.4 |
|  Auto Manufacturers | 1.3 |
|  Computers | 1.3 |
|  Airlines | 1.2 |
|  Iron/Steel | 1.2 |
|  Banks | 1.1 |
|  Environmental Control | 0.9 |
|  Real Estate | 0.9 |
|  Housewares | 0.9 |
|  Internet | 0.8 |
|  Healthcare-Products | 0.8 |
|  Machinery-Diversified | 0.8 |

---

---

| | |
|:---|:---|
|  Wireless Telecommunication Services | 0.7 |
|  Collateralized Loan Obligations | 0.7 |
|  Miscellaneous Manufacturing | 0.6 |
|  Software | 0.6 |
|  Electrical Components & Equipment | 0.5 |
|  Household Products/Wares | 0.5 |
|  Apparel | 0.5 |
|  Electronic Equipment, Instruments & Components | 0.4 |
|  Holding Companies-Diversified | 0.4 |
|  Oil, Gas & Consumable Fuels | 0.4 |
|  Engineering & Construction | 0.3 |
|  Home Furnishings | 0.3 |
|  Gas Utilities | 0.3 |
|  Transportation | 0.3 |
|  Metal Fabricate/Hardware | 0.3 |
|  Oil & Gas Services | 0.3 |
|  Machinery-Construction & Mining | 0.2 |
|  Advertising | 0.2 |
|  Distribution/Wholesale | 0.2 |
|  Gas | 0.2 |
|  Commercial Mortgage-Backed Security | 0.2 |
|  Forest Products & Paper | 0.1 |
|  Electric Utilities | 0.1 |
|  Electronics | 0.1 |
|  Coal | 0.1 |
|  Cosmetics/Personal Care | 0.0 |
|  Office/Business Equipment | 0.0 |
|  Interactive Media & Services | 0.0 |
|  Residential Mortgage-Backed Securities | 0.0 |
|  | 101.8 |
|  Option Written | (0.0) |
|  Liabilities in excess of other assets | (1.8) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $205543 \* |  | $— |
|  Credit contracts |  |  | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A124

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM HIGH YIELD BOND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $14342 \* | Due from/to broker-variation margin futures | $173016 \* |
|  |  | $219885 |  | $174007 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Written** | **Futures** | **Swaps** |
|  Credit contracts | $47721 | $— | $719406 |
|  Interest rate contracts |  | 1317367 | (256913) |
|  **Total** | $47721 | $1317367 | $462493 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Written** | **Futures** | **Swaps** |
|  Credit contracts | $30957 | $— | $288680 |
|  Interest rate contracts |  | 284647 | (442719) |
|  **Total** | $30957 | $284647 | $(154039) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Written (1) | $2652000 |
|  Futures Contracts - Long Positions (1) | 73046718 |
|  Futures Contracts - Short Positions (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 |
|  Credit Default Swap Agreements - Sell Protection (1) | 21226000 |
|  Total Return Swap Agreements (1) | 10378000 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of**<br> **Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $21448942 | $(21448942) | $— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A125

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM HIGH YIELD BOND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $— | $(991) | $(991) | $— | $(991) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A126

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO (***CONTINUED***)** <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $21,448,942: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $659,797,791) | $666440191.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $31,742,608) | 31766434.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7880.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 10988110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 213578.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 22909.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on unfunded loan commitment | 2262.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 305.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 118807.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 709560476.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 21772608.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1278413.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 341407.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 271901.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 77795.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 75025.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 15857.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 3737.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on unfunded loan commitments | 2923.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $31,948) | 991.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 740.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 305.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 23842297.0 |
|  **NET ASSETS** | $685718179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $685718179.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $668,257,801 / 85,354,518 outstanding shares of beneficial interest | $7.83 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $17,460,378 / 2,255,986 outstanding shares of beneficial interest | $7.74 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $8,211 foreign withholding tax) | $50705575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income. | 503456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated income from securities lending, net | 76631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 37361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 51323023 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 3944727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 41066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 115466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 81602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 75499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 19879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,630) | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 55814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4389443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (260205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4129238 |
|  **NET INVESTMENT INCOME (LOSS)** | 47193785 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $7,770) | (19464199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1317367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 47721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 462493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 7 |
|  | (17636611) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(7595)) | 29156630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 284647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 30957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (154039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | (710) |
|  | 29317485 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 11680874 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $58874659 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $47193785 | $37303287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (17636611) | (10974138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 29317485 | 16597075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 58874659 | 42926224 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 267935099 | 183149374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (356778843) | (36125009) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (88843744) | 147024365 |
|  **TOTAL INCREASE (DECREASE)** | (29969085) | 189950589 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 715687264 | 525736675 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $685718179 | $715687264 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A127

------

<br> **PSF PGIM HIGH YIELD BOND PORTFOLIO (***CONTINUED***)** <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $7.19 | $6.62 | $5.92 | $6.67 | $6.18 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.49 | 0.47 | 0.41 | 0.36 | 0.33 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.15 | 0.10 | 0.29 | (1.11) | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.64 | 0.57 | 0.70 | (0.75) | 0.49 |
|  Net Asset Value, end of year | $7.83 | $7.19 | $6.62 | $5.92 | $6.67 |
|  **Total Return<sup>(b)</sup>** | 8.90% | 8.61% | 11.82% | (11.24)% | 7.93% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $668 | $701 | $513 | $476 | $562 |
|  Average net assets (in millions) | $701 | $536 | $486 | $502 | $550 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.61% | 0.61% | 0.61% | 0.60% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.59% | 6.80% | 6.66% | 5.93% | 5.11% |
|  Portfolio turnover rate<sup>(d)</sup> | 77% | 37% | 26% | 33% | 48% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | <br>**Year Ended December 31,** | <br>**Year Ended December 31,** | <br>**Year Ended December 31,** | <br>**Year Ended December 31,** | **April 26, 2021(e)**<br>**through**<br>**December 31,**<br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **April 26, 2021(e)**<br>**through**<br>**December 31,**<br>**2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $7.12 | $6.58 | $5.90 | $6.66 | $6.41 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.47 | 0.45 | 0.39 | 0.35 | 0.22 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.15 | 0.09 | 0.29 | (1.11) | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.62 | 0.54 | 0.68 | (0.76) | 0.25 |
|  Net Asset Value, end of period. | $7.74 | $7.12 | $6.58 | $5.90 | $6.66 |
|  **Total Return<sup>(b)</sup>** | 8.71% | 8.21% | 11.53% | (11.41)% | 3.90% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $17 | $15 | $12 | $9 | $6 |
|  Average net assets (in millions) | $16 | $13 | $11 | $8 | $2 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.82% | 0.82% | 0.82% | 0.82% | 0.80 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.86% | 0.86% | 0.86% | 0.85% | 0.82 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.35% | 6.53% | 6.41% | 5.76% | 4.72 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 77% | 37% | 26% | 33% | 48% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(e) Commencement of offering.

(f) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A128

------

---

| | | |
|:---|:---|:---|
|  | <br> ***PSF PGIM JENNISON BLEND PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 99.3%** | **LONG-TERM INVESTMENTS — 99.3%** | **LONG-TERM INVESTMENTS — 99.3%** |
|  **COMMON STOCKS** | **COMMON STOCKS** | **COMMON STOCKS** |
|  **Aerospace & Defense — 4.8%** | **Aerospace & Defense — 4.8%** | **Aerospace & Defense — 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 280837 | $60975330 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 125591 | 21707148 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 223036 | 68701779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 226002 | 128868600 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 422962 | 77571231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 73910 | 22344471 |
|  |  | 380168559 |
|  **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 132801 | 21349089 |
|  **Automobiles — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 690585 | 56158372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 271812 | 122239293 |
|  |  | 178397665 |
|  **Banks — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 3000352 | 165019360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 423846 | 49458590 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc.(a) | 402782 | 45268669 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 459668 | 148114223 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp.(a) | 405257 | 81651180 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 524031 | 109380991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 1581580 | 77829552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 229547 | 32095261 |
|  |  | 708817826 |
|  **Biotechnology — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc.(a) | 570580 | 130371824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 62993 | 25049167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 67385 | 22055784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 93814 | 42531515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;220008290 |
|  **Broadline Retail — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 1373864 | 317115289 |
|  **Capital Markets — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 82146 | 72206334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 181545 | 31623323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 277507 | 31386042 |
|  |  | 135215699 |
|  **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 105100 | 22273843 |
|  **Communications Equipment — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 2007952 | 154672543 |
|  **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 884643 | 98558077 |
|  **Containers & Packaging — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 204576 | 21065191 |
|  **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 2768425 | 68767677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 1011398 | 41194241 |
|  |  | 109961918 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 147204 | $52002757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp.(a) | 478672 | 44243653 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc.(a) | 740536 | 59450230 |
|  |  | 155696640 |
|  **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 142264 | 19400541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 113711 | 44241539 |
|  |  | 63642080 |
|  **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 646610 | 87382875 |
|  **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 916742 | 40850024 |
|  **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 207328 | 19439073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 545659 | 62079625 |
|  |  | 81518698 |
|  **Financial Services — 2.2%** | **Financial Services — 2.2%** | **Financial Services — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (Class A<br>Stock)\*(a) | 302479 | 19047103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 438744 | 153871908 |
|  |  | 172919011 |
|  **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 1230572 | &nbsp;&nbsp;&nbsp;&nbsp;100550038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 407505 | 94264057 |
|  |  | 194814095 |
|  **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 193750 | 20564625 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 112967 | 37291536 |
|  |  | 57856161 |
|  **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 175149 | 39098511 |
|  **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 227620 | 30778776 |
|  **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 406359 | 51875790 |
|  **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 297349 | 92808570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 23188 | 49846084 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 1445681 | 114122058 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 76692 | 21562723 |
|  |  | 278339435 |
|  **Interactive Media & Services — 9.4%** | **Interactive Media & Services — 9.4%** | **Interactive Media & Services — 9.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 1771486 | 554475118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 282726 | 186624605 |
|  |  | 741099723 |
|  **IT Services — 1.6%** | **IT Services — 1.6%** | **IT Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines<br>Corp.(a) | 311201 | 92180848 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A129

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON BLEND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **IT Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 226379 | $| 36440228 |
|  |  |  | 128621076 |
|  **Machinery — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 908990 |  | 19516015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 315667 |  | 42987532 |
|  |  |  | 62503547 |
|  **Metals & Mining — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sedibelo Platinum Mines Ltd. (South Africa) Private Placement\*^ | 129100 |  | 17 |
|  **Multi-Utilities — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc.(a) | 1019491 |  | 39087285 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 998032 |  | 41677816 |
|  |  |  | 80765101 |
|  **Oil, Gas & Consumable Fuels — 3.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 438295 |  | 85200165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 435390 |  | 66357790 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 413363 |  | 22156257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 257805 |  | 28451359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 1359431 |  | 99890990 |
|  |  |  | 302056561 |
|  **Personal Care Products — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR(a) | 492274 |  | 32194720 |
|  **Pharmaceuticals — 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 1290677 |  | 118651937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\*(a) | 944118 |  | 21365390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 137270 |  | 147521323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 208764 |  | 21974499 |
|  |  |  | 309513149 |
|  **Residential REITs — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 157554 |  | 21885826 |
|  **Semiconductors & Semiconductor Equipment — 13.4%** | **Semiconductors & Semiconductor Equipment — 13.4%** | **Semiconductors & Semiconductor Equipment — 13.4%** | **Semiconductors & Semiconductor Equipment — 13.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 299736 |  | 64191462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 696843 |  | 241177362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 396910 |  | 67943054 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 2934853 |  | 547350084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 472394 |  | 143555813 |
|  |  |  | 1064217775 |
|  **Software — 7.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 142156 |  | 95787556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 400286 |  | 54434893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 929290 |  | 449423230 |
|  |  |  | 599645679 |
|  **Specialized REITs — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 878026 |  | 39238982 |
|  **Specialty Retail — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 220890 |  | 41606840 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Specialty Retail (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.(a) | 384976 | $92840812 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 375773 | 34274255 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 245881 | 37769781 |
|  |  | 206491688 |
|  **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1828148 | 497000315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock)(a) | 671980 | 84588843 |
|  |  | 581589158 |
|  **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 162768 | 57556393 |
|  **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\*(a) | 384760 | 19995977 |
|  **TOTAL LONG-TERM INVESTMENTS—99.3%** | **TOTAL LONG-TERM INVESTMENTS—99.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,825,646,265) |  | 7869751457 |
|  **SHORT-TERM INVESTMENTS — 3.9%** | **SHORT-TERM INVESTMENTS — 3.9%** | **SHORT-TERM INVESTMENTS — 3.9%** |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 55056317 | 55056317 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $250,311,481; includes $249,520,893 of cash collateral for securities on<br>loan)(b)(wb) | 250484769 | 250334478 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $305,367,798) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $305,367,798) | 305390795 |
|  **TOTAL INVESTMENTS—103.2%**<br>(cost $5,131,014,063) | **TOTAL INVESTMENTS—103.2%**<br>(cost $5,131,014,063) | 8175142252 |
|  **Liabilities in excess of other assets — (3.2)%** | **Liabilities in excess of other assets — (3.2)%** | (250632806) |
|  **NET ASSETS — 100.0%** |  | $7924509446 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $17 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $241,163,070; cash collateral of $249,520,893 (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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A130

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON BLEND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Fair Value Measurements :
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380168559 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 21349089 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 178397665 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 708817826 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 220008290 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 317115289 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 135215699 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 22273843 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 154672543 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 98558077 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 21065191 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 109961918 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 155696640 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 63642080 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 87382875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 40850024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 81518698 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 172919011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 194814095 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 57856161 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 39098511 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 30778776 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 51875790 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 278339435 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 741099723 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 128621076 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 62503547 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 80765101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 302056561 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 32194720 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 309513149 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 21885826 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1064217775 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 599645679 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 39238982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 206491688 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 581589158 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 57556393 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 19995977 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 305390795 |  |  |
|  **Total** | $**8175142235** | **$—** | **$17** |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A131

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON BLEND PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 13.4 |
|  Interactive Media & Services | 9.4 |
|  Banks | 8.9 |
|  Software | 7.6 |
|  Technology Hardware, Storage & Peripherals | 7.3 |
|  Aerospace & Defense | 4.8 |
|  Broadline Retail | 4.0 |
|  Pharmaceuticals | 3.9 |
|  Affiliated Mutual Funds (3.1% represents investments purchased with collateral from securities on loan) | 3.9 |
|  Oil, Gas & Consumable Fuels | 3.8 |
|  Insurance | 3.5 |
|  Biotechnology | 2.8 |
|  Specialty Retail | 2.6 |
|  Ground Transportation | 2.5 |
|  Automobiles | 2.2 |
|  Financial Services | 2.2 |
|  Electric Utilities | 2.0 |
|  Communications Equipment | 1.9 |
|  Capital Markets | 1.7 |
|  IT Services | 1.6 |
|  Diversified Telecommunication Services | 1.4 |
|  Consumer Staples Distribution & Retail | 1.2 |
|  Electronic Equipment, Instruments & Components | 1.1 |

---

---

| | |
|:---|:---|
|  Entertainment | 1.0% |
|  Multi-Utilities | 1 |
|  Electrical Equipment | 0.8 |
|  Machinery | 0.8 |
|  Health Care Providers & Services | 0.7 |
|  Textiles, Apparel & Luxury Goods | 0.7 |
|  Industrial REITs | 0.7 |
|  Energy Equipment & Services | 0.5 |
|  Specialized REITs | 0.5 |
|  Health Care Technology | 0.5 |
|  Personal Care Products | 0.4 |
|  Household Durables | 0.4 |
|  Commercial Services & Supplies | 0.3 |
|  Residential REITs | 0.3 |
|  Air Freight & Logistics | 0.3 |
|  Containers & Packaging | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Metals & Mining | 0.0 \* |
|  | 103.2 |
|  Liabilities in excess of other assets | (3.2) |
|  | 100.0% |

---

\* Less than 0.05%

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets/(Liabilities)**  | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $241163070 | $(241163070) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A132

------

<br> **PSF PGIM JENNISON BLEND PORTFOLIO (***CONTINUED***)** <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $241,163,070: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,825,646,265) | $7869751457.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $305,367,798) | 305390795.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $445) | 461.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 3015143.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 1692469.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 727393.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 662718.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 8181240436.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 249520893.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 2965359.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1920822.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 1242344.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1049742.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 18279.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fee payable | 7606.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 5350.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 256730990.0 |
|  **NET ASSETS** | $7924509446.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $7924509446.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $7,839,046,574 / 53,779,752 outstanding shares of beneficial interest | $145.76 |
|  **Class II:** |  |
|  Net asset value and redemption price per share, $59,307,485 / 424,065 outstanding shares of beneficial interest | $139.85 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $26,155,387 / 181,554 outstanding shares of beneficial interest | $144.06 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $278,900 foreign withholding tax, of which $37,834 is reimbursable by an affiliate) | $85699785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2042190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated income from securities lending, net | 213216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 87955191 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 32765960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class II | 138375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 47705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fee—Class II | 83025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 393544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 371860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 134880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 114557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 42852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $8,820) | 12429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 153666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 34258853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (653201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 33605652 |
|  **NET INVESTMENT INCOME (LOSS)** | 54349539 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(10160)) | 714859901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 8970 |
|  | 714868871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(4959)) | 555078128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 17928 |
|  | 555096056 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 1269964927 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1324314466 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $54349539 | $48803129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 714868871 | 968484103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 555096056 | 432513276 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1324314466 | 1449800508 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 10313083 | 101159472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in merger | 466292620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (608744441) | (505102237) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (132138738) | (403942765) |
|  **TOTAL INCREASE (DECREASE)** | 1192175728 | 1045857743 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 6732333718 | 5686475975 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $7924509446 | $6732333718 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A133

------

<br> **PSF PGIM JENNISON BLEND PORTFOLIO (***CONTINUED***)** <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $122.98 | $97.36 | $73.47 | $98.09 | $81.50 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.98 | 0.87 | 0.77 | 0.76 | 0.40 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 21.80 | 24.75 | 23.12 | (25.38) | 16.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 22.78 | 25.62 | 23.89 | (24.62) | 16.59 |
|  Net Asset Value, end of year | $145.76 | $122.98 | $97.36 | $73.47 | $98.09 |
|  **Total Return<sup>(c)</sup>** | 18.52% | 26.32% | 32.52% | (25.10)% | 20.36% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $7839.0 | $6684.1 | $5644.6 | $4482.9 | $6379.2 |
|  Average net assets (in millions) | $7206.9 | $6310.9 | $5012.2 | $5044.7 | $6084.1 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.47% | 0.46% | 0.46% | 0.46% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.75% | 0.77% | 0.90% | 0.95% | 0.45% |
|  Portfolio turnover rate<sup>(e)</sup> | 95% | 102% | 77% | 22% | 29% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class II** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $118.47 | $94.17 | $71.35 | $95.64 | $79.78 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.43 | 0.40 | (0.01)<sup>(b)</sup> | 0.43 | 0.04 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 20.95 | 23.90 | 22.83 | (24.72) | 15.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 21.38 | 24.30 | 22.82 | (24.29) | 15.86 |
|  Net Asset Value, end of year | $139.85 | $118.47 | $94.17 | $71.35 | $95.64 |
|  **Total Return<sup>(c)</sup>** | 18.05% | 25.80% | 31.98% | (25.40)% | 19.88% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $59.3 | $44.6 | $39.1 | $1.6 | $2.3 |
|  Average net assets (in millions) | $55.4 | $43.3 | $4.1 | $1.8 | $2.2 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.86% | 0.86% | 0.85% | 0.86% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.87% | 0.86% | 0.85% | 0.86% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34% | 0.37% | (0.01)% | 0.55% | 0.04% |
|  Portfolio turnover rate<sup>(e)</sup> | 95% | 102% | 77% | 22% | 29% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A134

------

<br> **PSF PGIM JENNISON BLEND PORTFOLIO (***CONTINUED***)** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | | | | | **April 26, 2021(f)<br>through**<br>**December 31,**<br>**2021** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021(f)<br>through**<br>**December 31,**<br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **April 26, 2021(f)<br>through**<br>**December 31,**<br>**2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $121.85 | $96.71 | $73.16 | $97.92 | $87.74 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.59 | 0.59 | 0.52 | 0.58 | 0.12 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 21.62 | 24.55 | 23.03 | (25.34) | 10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 22.21 | 25.14 | 23.55 | (24.76) | 10.18 |
|  Net Asset Value, end of period | $144.06 | $121.85 | $96.71 | $73.16 | $97.92 |
|  **Total Return<sup>(c)</sup>** | 18.23% | 26.00% | 32.19% | (25.29)% | 11.60% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $26.2 | $3.6 | $2.7 | $0.9 | $0.6 |
|  Average net assets (in millions) | $19.1 | $3.4 | $1.4 | $0.8 | $0.2 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.71% | 0.71% | 0.71% | 0.71% | 0.70 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.72% | 0.71% | 0.71% | 0.71% | 0.70 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.44% | 0.52% | 0.61% | 0.74% | 0.18 %<sup>(g)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 95% | 102% | 77% | 22% | 29% |

---

(a) Calculated based on average shares outstanding during the period.

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(f) Commencement of offering.

(g) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A135

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON GROWTH PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 99.2%** | **LONG-TERM INVESTMENTS — 99.2%** | **LONG-TERM INVESTMENTS — 99.2%** |
|  **COMMON STOCKS** | **COMMON STOCKS** | **COMMON STOCKS** |
|  **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 42195 | $23963806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 391455 | 84992710 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 287604 | 88590660 |
|  |  | 197547176 |
|  **Automobiles — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 411719 | 185158269 |
|  **Biotechnology — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 122339 | 55463609 |
|  **Broadline Retail — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 1504807 | 347339552 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 11491 | 23145861 |
|  |  | 370485413 |
|  **Capital Markets — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 54152 | 47599608 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 105576 | 13458829 |
|  |  | 61058437 |
|  **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 75136 | 64792778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 752605 | 83847723 |
|  |  | 148640501 |
|  **Electric Utilities — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 234825 | 82956628 |
|  **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 376709 | 50908454 |
|  **Entertainment — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 1137468 | 106648999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 104466 | 60664451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 627349 | 71373496 |
|  |  | 238686946 |
|  **Financial Services — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 230674 | 131687173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 808891 | 28723720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 252427 | 88528673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248939566 |
|  **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 174009 | 14218275 |
|  **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 337624 | 32192448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 562249 | 47931727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 103163 | 58427397 |
|  |  | 138551572 |
|  **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 145531 | 41803780 |
|  **Interactive Media & Services — 11.2%** | **Interactive Media & Services — 11.2%** | **Interactive Media & Services — 11.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 492485 | 154147805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 559926 | 175704779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 290335 | 191647230 |
|  |  | 521499814 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **IT Services — 3.1%** | **IT Services — 3.1%** | **IT Services — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 416532 | $67049156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc.\*(a) | 356869 | 78282784 |
|  |  | 145331940 |
|  **Pharmaceuticals — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 189412 | 203557288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 133623 | 14065157 |
|  |  | 217622445 |
|  **Semiconductors & Semiconductor Equipment — 19.5%** | **Semiconductors & Semiconductor Equipment — 19.5%** | **Semiconductors & Semiconductor Equipment — 19.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 329240 | 70510038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 741319 | 256570506 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 2521591 | 470276722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 284809 | 86550607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 159220 | 27623078 |
|  |  | 911530951 |
|  **Software — 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 116694 | 78630751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 259454 | 81100131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\*(a) | 147036 | 68924596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 265538 | 36110513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 571947 | 276605008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 309024 | 60231868 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 372875 | 57120721 |
|  |  | 658723588 |
|  **Specialty Retail — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 428713 | 28279917 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 484903 | 44228002 |
|  |  | 72507919 |
|  **Technology Hardware, Storage & Peripherals — 5.8%** | **Technology Hardware, Storage & Peripherals — 5.8%** | **Technology Hardware, Storage & Peripherals — 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 998491 | 271449763 |
|  **TOTAL LONG-TERM INVESTMENTS—99.2%**<br> (cost $1,901,928,743) | **TOTAL LONG-TERM INVESTMENTS—99.2%**<br> (cost $1,901,928,743) | 4633085046 |
|  **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** |  |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 35971281 | 35971281 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $37,960,670; includes $37,742,566 of cash collateral for securities on<br>loan)(b)(wb) | 37983461 | 37960670 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $73,931,951) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $73,931,951) | 73931951 |
|  **TOTAL INVESTMENTS—100.8%**<br>(cost $1,975,860,694) | **TOTAL INVESTMENTS—100.8%**<br>(cost $1,975,860,694) | 4707016997 |
|  **Liabilities in excess of other assets — (0.8)%** | **Liabilities in excess of other assets — (0.8)%** | (39574200) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $4667442797 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A136

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON GROWTH PORTFOLIO** *(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $36,514,763; cash collateral of $37,742,566 (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $197547176 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 185158269 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 55463609 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 370485413 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 61058437 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 148640501 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 82956628 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 50908454 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 238686946 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 248939566 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 14218275 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 138551572 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 41803780 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 521499814 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 145331940 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 217622445 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 911530951 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 658723588 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 44228002 | 28279917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 271449763 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 73931951 |  | <u>—</u> |
|  **Total** | $**4678737080** | **$28279917** | **$—** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 19.5 |
|  Software | 14.1 |
|  Interactive Media & Services | 11.2 |
|  Broadline Retail | 7.9 |
|  Technology Hardware, Storage & Peripherals | 5.8 |

---

---

| | |
|:---|:---|
|  Financial Services | 5.3 |
|  Entertainment | 5.1 |
|  Pharmaceuticals | 4.7 |
|  Aerospace & Defense | 4.2 |
|  Automobiles | 4.0 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A137

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON GROWTH PORTFOLIO** *(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Consumer Staples Distribution & Retail | 3.2 |
|  IT Services | 3.1 |
|  Health Care Equipment & Supplies | 3.0 |
|  Electric Utilities | 1.8 |
|  Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan) | 1.6 |
|  Specialty Retail | 1.5 |
|  Capital Markets | 1.3 |
|  Biotechnology | 1.2 |

---

---

| | |
|:---|:---|
|  Electronic Equipment, Instruments & Components | 1.1% |
|  Hotels, Restaurants & Leisure | 0.9 |
|  Ground Transportation | 0.3 |
|  | 100.8 |
|  Liabilities in excess of other assets | (0.8) |
|  | 100.0% |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets/(Liabilities)**  | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $36514763 | $(36514763) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A138

------

<br> **PSF PGIM JENNISON GROWTH PORTFOLIO** *(CONTINUED)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $36,514,763: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,901,928,743) | $4633085046.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $73,931,951) | 73931951.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 1277540.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 391571.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 21256.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 44019.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4708751383.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 37742566.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 2338218.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 680452.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 427405.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 106364.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 7865.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3291.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fee payable. | 1830.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 41308586.0 |
|  **NET ASSETS** | $4667442797.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $4667442797.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $4,630,965,170 / 21,859,012 outstanding shares of beneficial interest | $211.86 |
|  **Class II:** |  |
|  Net asset value and redemption price per share, $14,231,340 / 72,055 outstanding shares of beneficial interest | $197.51 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $22,246,287 / 106,249 outstanding shares of beneficial interest | $209.38 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $475,312 foreign withholding tax) | $17905481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1780848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $51,154) | 63974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 19750303 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 25635700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class II | 34602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 48527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fee—Class II | 20761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 231228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 228612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 87759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 82490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 42852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $8,820) | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 96198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 26521159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (487384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 26033775 |
|  **NET INVESTMENT INCOME (LOSS)** | (6283472) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $4,580) | 194827136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (38706) |
|  | 194788430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 469742164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1979 |
|  | 469744143 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 664532573 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $658249101 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(6283472) | $(4533230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 194788430 | 419163706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 469744143 | 514431858 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 658249101 | 929062334 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 132965841 | 46807146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in merger | 386185687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (317566989) | (257299190) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | 201584539 | (210492044) |
|  **TOTAL INCREASE (DECREASE)** | 859833640 | 718570290 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3807609157 | 3089038867 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4667442797 | $3807609157 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A139

------

---

| | |
|:---|:---|
|  | <br> **PSF PGIM JENNISON GROWTH PORTFOLIO** *(CONTINUED)* <br>|
| <br> **FINANCIAL HIGHLIGHTS** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $185.41 | $141.67 | $92.29 | $147.90 | $127.49 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.28) | (0.21) | 0.05 | (0.01) | (0.45) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 26.73 | 43.95 | 49.33 | (55.60) | 20.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 26.45 | 43.74 | 49.38 | (55.61) | 20.41 |
|  Net Asset Value, end of year | $211.86 | $185.41 | $141.67 | $92.29 | $147.90 |
|  **Total Return<sup>(c)</sup>** | 14.27% | 30.88% | 53.51% | (37.60)% | 16.01% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $4631 | $3778 | $3065 | $2111 | $3566 |
|  Average net assets (in millions) | $4239 | $3499 | $2635 | $2537 | $3435 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.61% | 0.62% | 0.62% | 0.62% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.62% | 0.62% | 0.62% | 0.62% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.14)% | (0.13)% | 0.04% | (0.01)% | (0.32)% |
|  Portfolio turnover rate<sup>(e)</sup> | 34% | 31% | 32% | 32% | 40% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class II** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $173.55 | $133.14 | $87.07 | $140.11 | $121.26 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.98) | (0.82) | (0.37)<sup>(b)</sup> | (0.43) | (0.95) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 24.94 | 41.23 | 46.44 | (52.61) | 19.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 23.96 | 40.41 | 46.07 | (53.04) | 18.85 |
|  Net Asset Value, end of year | $197.51 | $173.55 | $133.14 | $87.07 | $140.11 |
|  **Total Return<sup>(c)</sup>** | 13.81% | 30.35% | 52.89% | (37.85)% | 15.55% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $14 | $14 | $12 | $43 | $82 |
|  Average net assets (in millions) | $14 | $13 | $36 | $55 | $85 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.01% | 1.02% | 1.02% | 1.02% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.02% | 1.02% | 1.02% | 1.02% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.54)% | (0.53)% | (0.35)% | (0.42)% | (0.72)% |
|  Portfolio turnover rate<sup>(e)</sup> | 34% | 31% | 32% | 32% | 40% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A140

------

---

| | |
|:---|:---|
|  | <br> **PSF PGIM JENNISON GROWTH PORTFOLIO** *(CONTINUED)* <br>|
| <br> **FINANCIAL HIGHLIGHTS** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | | | | | **April 26, 2021(f)<br>through**<br>**December 31,**<br>**2021** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021(f)<br>through**<br>**December 31,**<br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **April 26, 2021(f)<br>through**<br>**December 31,**<br>**2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $183.70 | $140.72 | $91.90 | $147.64 | $132.99 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.77) | (0.62) | (0.25)<sup>(b)</sup> | (0.24) | (0.59) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 26.45 | 43.60 | 49.07 | (55.50) | 15.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 25.68 | 42.98 | 48.82 | (55.74) | 14.65 |
|  Net Asset Value, end of period | $209.38 | $183.70 | $140.72 | $91.90 | $147.64 |
|  **Total Return<sup>(c)</sup>** | 13.98% | 30.54% | 53.12% | (37.75)% | 11.02% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $22 | $16 | $12 | $6 | $5 |
|  Average net assets (in millions) | $19 | $14 | $9 | $6 | $2 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.86% | 0.87% | 0.87% | 0.86% | 0.86 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.87% | 0.87% | 0.87% | 0.86% | 0.86 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40)% | (0.38)% | (0.21)% | (0.23)% | (0.58)%<sup>(g)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 34% | 31% | 32% | 32% | 40% |

---

(a) Calculated based on average shares outstanding during the period.

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(f) Commencement of offering.

(g) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A141

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON VALUE PORTFOLIO**<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
|  **LONG-TERM INVESTMENTS — 99.1%** | **LONG-TERM INVESTMENTS — 99.1%** | **LONG-TERM INVESTMENTS — 99.1%** |
|  **COMMON STOCKS** |  |  |
|  **Aerospace & Defense — 7.3%** | **Aerospace & Defense — 7.3%** | **Aerospace & Defense — 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 126402 | $&nbsp;&nbsp;&nbsp;&nbsp;29353576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 130575 | 28350444 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 66826 | 20584413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 50763 | 28945570 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 236517 | 43377218 |
|  |  | 150611221 |
|  **Automobiles — 2.4%** | **Automobiles — 2.4%** | **Automobiles — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 613098 | 49857129 |
|  **Banks — 12.2%** | **Banks — 12.2%** | **Banks — 12.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 881136 | 48462480 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 311287 | 100302897 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 121087 | 24396609 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 204933 | 42775665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 690510 | 33979997 |
|  |  | 249917648 |
|  **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 98673 | 14161549 |
|  **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 114232 | 26100871 |
|  **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 131689 | 30396455 |
|  **Building Products — 1.9%** | **Building Products — 1.9%** | **Building Products — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 330929 | 39628748 |
|  **Capital Markets — 3.6%** | **Capital Markets — 3.6%** | **Capital Markets — 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 120284 | 18540576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 63839 | 56114481 |
|  |  | 74655057 |
|  **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc.(a) | 340641 | 13693768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 65400 | 27885906 |
|  |  | 41579674 |
|  **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 590718 | 45503007 |
|  **Consumer Staples Distribution & Retail — 3.7%** | **Consumer Staples Distribution & Retail — 3.7%** | **Consumer Staples Distribution & Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 672041 | 74872088 |
|  **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp.(a) | 221949 | 14428904 |
|  **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 302808 | 34450466 |
|  **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 118744 | 27467862 |
|  **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies,<br>Inc.(a) | 221806 | 18192528 |
|  **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 57640 | 19027540 |
|  **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 67174 | 20530390 |

---

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Household Durables — 1.4%** | **Household Durables — 1.4%** | **Household Durables — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 210537 | $&nbsp;&nbsp;&nbsp;&nbsp;28468813 |
|  **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 218268 | 34944707 |
|  **Industrial REITs — 1.2%** | **Industrial REITs — 1.2%** | **Industrial REITs — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 188862 | 24110123 |
|  **Insurance — 5.0%** | **Insurance — 5.0%** | **Insurance — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 79800 | 24907176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 509597 | 22692354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 102082 | 18938253 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 453659 | 35811841 |
|  |  | 102349624 |
|  **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 249771 | 78178323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 36109 | 23835190 |
|  |  | 102013513 |
|  **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 57634 | 17071767 |
|  **Machinery — 3.1%** | **Machinery — 3.1%** | **Machinery — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 35287 | 20214864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 48210 | 42374661 |
|  |  | 62589525 |
|  **Multi-Utilities — 5.2%** | **Multi-Utilities — 5.2%** | **Multi-Utilities — 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 961085 | 36847999 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 1254746 | 52398193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 228431 | 18343009 |
|  |  | 107589201 |
|  **Oil, Gas & Consumable Fuels — 7.7%** | **Oil, Gas & Consumable Fuels — 7.7%** | **Oil, Gas & Consumable Fuels — 7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 89933 | 17482076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 213549 | 32547003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 368363 | 44328803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 391587 | 28773813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 586472 | 35252832 |
|  |  | 158384527 |
|  **Personal Care Products — 2.2%** | **Personal Care Products — 2.2%** | **Personal Care Products — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock)(a) | 181215 | 18976835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR(a) | 396620 | 25938948 |
|  |  | 44915783 |
|  **Pharmaceuticals — 5.3%** | **Pharmaceuticals — 5.3%** | **Pharmaceuticals — 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 292175 | 26859648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 38704 | 41594415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 136448 | 14362516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, ADR(a) | 504589 | 26021655 |
|  |  | 108838234 |
|  **Residential REITs — 1.6%** | **Residential REITs — 1.6%** | **Residential REITs — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 302284 | 33275423 |
|  **Semiconductors & Semiconductor Equipment — 6.5%** | **Semiconductors & Semiconductor Equipment — 6.5%** | **Semiconductors & Semiconductor Equipment — 6.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 161545 | 34596477 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A142

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON VALUE PORTFOLIO** *(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 51207 | $13159687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 86170 | 29823437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 113499 | 34491211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 119814 | 20786531 |
|  |  | 132857343 |
|  **Software — 2.3%** | **Software — 2.3%** | **Software — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 67320 | 32557298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 71901 | 14014224 |
|  |  | 46571522 |
|  **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** | **Specialized REITs — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 600136 | 26820078 |
|  **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 101704 | 24526937 |
|  **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock)(a) | 198137 | 24941486 |
|  **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 27487 | 22245779 |
|  **TOTAL LONG-TERM INVESTMENTS—99.1%**<br> (cost $1,216,986,229) | **TOTAL LONG-TERM INVESTMENTS—99.1%**<br> (cost $1,216,986,229) | 2033895522 |
|  **SHORT-TERM INVESTMENTS — 4.8%** | **SHORT-TERM INVESTMENTS — 4.8%** | **SHORT-TERM INVESTMENTS — 4.8%** |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 17683140 | 17683140 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $80,129,109; includes $79,846,960 of cash collateral for securities on<br>loan)(b)(wb) | 80187490 | 80139378 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $97,812,249) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $97,812,249) | 97822518 |
|  **TOTAL INVESTMENTS—103.9%**<br> (cost $1,314,798,478) | **TOTAL INVESTMENTS—103.9%**<br> (cost $1,314,798,478) | 2131718040 |
|  **Liabilities in excess of other assets — (3.9)%** | **Liabilities in excess of other assets — (3.9)%** | (79123511) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $2052594529 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $77,550,060; cash collateral of $79,846,960 (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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A143

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON VALUE PORTFOLIO** *(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $121257645 | $29353576 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 49857129 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 249917648 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 14161549 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 26100871 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 30396455 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 39628748 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 74655057 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 41579674 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 45503007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 74872088 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 14428904 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 34450466 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 27467862 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 18192528 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 19027540 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 20530390 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 28468813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 34944707 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 24110123 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 102349624 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 102013513 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 17071767 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 62589525 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 107589201 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 158384527 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 44915783 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 108838234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 33275423 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 132857343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 46571522 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 26820078 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 24526937 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 24941486 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 22245779 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 97822518 |  | <u>—</u> |
|  **Total** | $**2102364464** | $**29353576** | **$—** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Banks | 12.2 |
|  Oil, Gas & Consumable Fuels | 7.7 |
|  Aerospace & Defense | 7.3 |
|  Semiconductors & Semiconductor Equipment | 6.5 |
|  Pharmaceuticals | 5.3 |
|  Multi-Utilities | 5.2 |
|  Insurance | 5.0 |
|  Interactive Media & Services | 5.0 |
|  Affiliated Mutual Funds (3.9% represents investments purchased with collateral from securities on loan) | 4.8 |
|  Consumer Staples Distribution & Retail | 3.7 |

---

---

| | |
|:---|:---|
|  Capital Markets | 3.6 |
|  Machinery | 3.1 |
|  Automobiles | 2.4 |
|  Software | 2.3 |
|  Communications Equipment | 2.2 |
|  Personal Care Products | 2.2 |
|  Chemicals | 2.0 |
|  Building Products | 1.9 |
|  Industrial Conglomerates | 1.7 |
|  Entertainment | 1.7 |
|  Residential REITs | 1.6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A144

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM JENNISON VALUE PORTFOLIO** *(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Broadline Retail | 1.5 |
|  Household Durables | 1.4 |
|  Ground Transportation | 1.3 |
|  Specialized REITs | 1.3 |
|  Biotechnology | 1.3 |
|  Technology Hardware, Storage & Peripherals | 1.2 |
|  Specialty Retail | 1.2 |
|  Industrial REITs | 1.2 |
|  Trading Companies & Distributors | 1.1 |
|  Hotels, Restaurants & Leisure | 1 |

---

---

| | |
|:---|:---|
|  Health Care Providers & Services | 0.9% |
|  Health Care Equipment & Supplies | 0.9 |
|  IT Services | 0.8 |
|  Electric Utilities | 0.7 |
|  Beverages | 0.7 |
|  | 103.9 |
|  Liabilities in excess of other assets | (3.9) |
|  | 100.0% |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $77550060 | $(77550060) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A145

------

<br> **PSF PGIM JENNISON VALUE PORTFOLIO** *(CONTINUED)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $77,550,060: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,216,986,229) | $2033895522.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $97,812,249) | 97822518.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 1146147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 730140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 510980.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 180453.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2134285760.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 79846960.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 697274.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 551187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 390434.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 197182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 4436.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1590.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fee payable | 1573.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 81691231.0 |
|  **NET ASSETS** | $2052594529.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2052594529.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $2,031,789,806 / 28,430,553 outstanding shares of beneficial interest | $71.47 |
|  **Class II:** |  |
|  Net asset value and redemption price per share, $12,330,420 / 180,462 outstanding shares of beneficial interest | $68.33 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $8,474,303 / 119,973 outstanding shares of beneficial interest | $70.64 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $134,286 foreign withholding tax, of which $5,793 is reimbursable by an affiliate) | $37464728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1418660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated income from securities lending, net | 161407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 39044795 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 7575141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class II | 29145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 17155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fee—Class II | 17487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 158972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 122858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 52026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 40910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 32092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,630) | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 59071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8117287 |
|  **NET INVESTMENT INCOME (LOSS)** | 30927508 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(2833)) | 148655644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (7178) |
|  | 148648466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $8,819) | 127757517 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 276405983 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $307333491 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $30927508 | $30726427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 148648466 | 148144061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 127757517 | 140189162 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 307333491 | 319059650 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 112289777 | 36344201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (158210091) | (131319778) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (45920314) | (94975577) |
|  **TOTAL INCREASE (DECREASE)** | 261413177 | 224084073 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1791181352 | 1567097279 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year. | $2052594529 | $1791181352 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A146

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<br> **PSF PGIM JENNISON VALUE PORTFOLIO** *(CONTINUED)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $61.15 | $50.55 | $43.88 | $47.64 | $37.28 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 1.06 | 1.03 | 0.85 | 0.74 | 0.61 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 9.26 | 9.57 | 5.82 | (4.50) | 9.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.32 | 10.60 | 6.67 | (3.76) | 10.36 |
|  Net Asset Value, end of year | $71.47 | $61.15 | $50.55 | $43.88 | $47.64 |
|  **Total Return<sup>(b)</sup>** | 16.88% | 20.97% | 15.20% | (7.89)% | 27.79% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $2031.8 | $1774 | $1553.8 | $1431.5 | $1646 |
|  Average net assets (in millions) | $1875.3 | $1693.3 | $1451 | $1479.3 | $1543.8 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43% | 0.42% | 0.42% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.43% | 0.42% | 0.42% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.64% | 1.80% | 1.85% | 1.68% | 1.40% |
|  Portfolio turnover rate<sup>(d)</sup> | 38% | 23% | 33% | 23% | 17% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class II** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $58.70 | $48.72 | $42.46 | $46.28 | $36.36 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.77 | 0.77 | 0.64 | 0.55 | 0.42 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 8.86 | 9.21 | 5.62 | (4.37) | 9.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 9.63 | 9.98 | 6.26 | (3.82) | 9.92 |
|  Net Asset Value, end of year | $68.33 | $58.70 | $48.72 | $42.46 | $46.28 |
|  **Total Return<sup>(b)</sup>** | 16.41% | 20.48% | 14.74% | (8.25)% | 27.28% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $12.3 | $11.7 | $10 | $9.2 | $10.7 |
|  Average net assets (in millions) | $11.7 | $11.1 | $9.4 | $9.5 | $10.1 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.83% | 0.82% | 0.82% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.83% | 0.82% | 0.82% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.24% | 1.40% | 1.45% | 1.28% | 1.00% |
|  Portfolio turnover rate<sup>(d)</sup> | 38% | 23% | 33% | 23% | 17% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A147

------

<br> **PSF PGIM JENNISON VALUE PORTFOLIO** *(CONTINUED)*<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | <br>**Year Ended December 31,** | <br>**Year Ended December 31,** | <br>**Year Ended December 31,** | <br>**Year Ended December 31,** | **April 26, 2021(e)**<br>**through**<br>**December 31,**<br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **April 26, 2021(e)**<br>**through**<br>**December 31,**<br>**2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $60.59 | $50.22 | $43.70 | $47.56 | $42.77 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.88 | 0.87 | 0.72 | 0.62 | 0.29 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 9.17 | 9.50 | 5.80 | (4.48) | 4.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.05 | 10.37 | 6.52 | (3.86) | 4.79 |
|  Net Asset Value, end of period | $70.64 | $60.59 | $50.22 | $43.70 | $47.56 |
|  **Total Return<sup>(b)</sup>** | 16.59% | 20.65% | 14.92% | (8.12)% | 11.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $8.5 | $5.4 | $3.4 | $2.6 | $1.0 |
|  Average net assets (in millions) | $6.9 | $4.1 | $2.6 | $1.7 | $0.4 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.68% | 0.67% | 0.67% | 0.67% | 0.66 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.68% | 0.67% | 0.67% | 0.67% | 0.66 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.37% | 1.53% | 1.58% | 1.41% | 0.92 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 38% | 23% | 33% | 23% | 17% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(e) Commencement of offering.

(f) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A148

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 12 PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 96.3%** | **LONG-TERM INVESTMENTS — 96.3%** | **LONG-TERM INVESTMENTS — 96.3%** |
|  **AFFILIATED EXCHANGE-TRADED FUNDS** | **AFFILIATED EXCHANGE-TRADED FUNDS** | **AFFILIATED EXCHANGE-TRADED FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January\* | 1273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41621 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February\* | 1303 | 41513 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March\* . | 1297 | 41526 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April\* | 1399 | 41577 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May\* | 1345 | 41579 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June\* | 1360 | 41575 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July\* | 1346 | 41478 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August\* | 1333 | 41474 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September\* | 1355 | 41471 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October\* | 1366 | 41458 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November\* | 1361 | 41433 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December\* | 1361 | 41461 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $468,925) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $468,925) | 498166 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** | **SHORT-TERM INVESTMENT — 0.2%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<br>(cost $1,090) | 1090 | $1090 |
|  **TOTAL INVESTMENTS—96.5%**<br> (cost $470,015)(wa) | **TOTAL INVESTMENTS—96.5%**<br> (cost $470,015)(wa) | 499256 |
|  **Other assets in excess of liabilities — 3.5%** | **Other assets in excess of liabilities — 3.5%** | 18330 |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517586 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Funds | $498166 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1090 |  |  |
|  **Total** | $**499256** | **$—** | **$—** |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Exchange-Traded Funds | 96.3% |
|  Affiliated Mutual Fund | 0.2 |
|  | 96.5 |
|  Other assets in excess of liabilities | 3.5 |
|  | 100.0% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A149

------

<br> **PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 12 PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $470,015) | $499256.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 51206.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1052.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 551514.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 15000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 8912.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports payable | 5817.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1489.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 1001.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 705.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 300.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 107.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 33928.0 |
|  **NET ASSETS** | $517586.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $517586.0 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $517,586 / 47,409 outstanding shares of beneficial interest | $10.92 |

---

#### STATEMENT OF OPERATIONS
For the Period June 18, 2025<sup>(a)</sup> through December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $218 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 65034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 19395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $3,855) | 6655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 4637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 134799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (133144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1655 |
|  **NET INVESTMENT INCOME (LOSS)** | (1437) |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON AFFILIATED INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 29241 |
|  **NET GAIN (LOSS) ON AFFILIATED INVESTMENTS** | 30050 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $28613 |

---

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **June 18, 2025<sup>(a)</sup>**<br>**through**<br>**December 31, 2025** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 29241 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 28613 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 494365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (5392) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 488973 |
|  **TOTAL INCREASE (DECREASE)** | 517586 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $517586 |

---

(a) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A150

------

<br> **PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 12 PORTFOLIO** *(CONTINUED)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | |
|:---|:---|
| **Class III** | |
|  |<br>**June 18, 2025<sup>(a)</sup>**<br>**through**<br>**December 31, 2025** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |
|  Net Asset Value, beginning of period | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |
|  Net investment income (loss) | (0.04) |
|  Net realized and unrealized gain (loss) on investment transactions | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.92 |
|  Net Asset Value, end of period | $10.92 |
|  **Total Return<sup>(c)</sup>** | 9.20% |
|  **Ratios/Supplemental Data:** |  |
|  Net assets, end of period (in millions) | $0.5 |
|  Average net assets (in millions) | $0.4 |
|  Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.85 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 65.68 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.74)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 20% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A151

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 20 PORTFOLIO**<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
|  **LONG-TERM INVESTMENTS — 96.7%** | **LONG-TERM INVESTMENTS — 96.7%** | **LONG-TERM INVESTMENTS — 96.7%** |
|  **AFFILIATED EXCHANGE-TRADED FUNDS** | **AFFILIATED EXCHANGE-TRADED FUNDS** | **AFFILIATED EXCHANGE-TRADED FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January\* | 1570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48482 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February\* | 1590 | 48403 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March\* | 1589 | 48464 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April\* | 1672 | 48446 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 1613 | 48414 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June\* | 1618 | 48402 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July\* | 1614 | 48368 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August\* | 1613 | 48324 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September\* | 1642 | 48375 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October\* | 1657 | 48340 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November\* | 1644 | 48309 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December\* | 1638 | 48272 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $558,524) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $558,524) | 580599 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
|  **SHORT-TERM INVESTMENT — 1.0%** | **SHORT-TERM INVESTMENT — 1.0%** | **SHORT-TERM INVESTMENT — 1.0%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<br>(cost $6,206) | 6206 | $6206 |
|  **TOTAL INVESTMENTS—97.7%**<br> (cost $564,730)(wa) | **TOTAL INVESTMENTS—97.7%**<br> (cost $564,730)(wa) | 586805 |
|  **Other assets in excess of liabilities — 2.3%** | **Other assets in excess of liabilities — 2.3%** | 13601 |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600406 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Funds | $580599 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 6206 |  | <u>—</u> |
|  **Total** | $**586805** | **$—** | **$—** |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Exchange-Traded Funds | 96.7% |
|  Affiliated Mutual Fund | 1 |
|  | 97.7 |
|  Other assets in excess of liabilities | 2.3 |
|  | 100.0% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A152

------

<br> **PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 20 PORTFOLIO** *(CONTINUED)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $564,730) | $586805.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 51913.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1052.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 639807.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 15000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 9035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports payable | 5817.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 4615.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 1731.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1490.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 1001.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 39401.0 |
|  **NET ASSETS** | $600406.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $600406.0 |
|  **Class III:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share, $600,406 / 56,225 outstanding shares of beneficial interest | $10.68 |

---

#### STATEMENT OF OPERATIONS
For the Period June 18, 2025<sup>(a)</sup> through December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $259 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 66060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 19394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $3,855) | 6655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 4637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 135474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (133876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1598 |
|  **NET INVESTMENT INCOME (LOSS)** | (1339) |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON AFFILIATED INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 22075 |
|  **NET GAIN (LOSS) ON AFFILIATED INVESTMENTS** | 22565 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $21226 |

---

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **June 18, 2025<sup>(a)</sup>**<br>**through**<br>**December 31, 2025** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 22075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 21226 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 629491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (50311) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 579180 |
|  **TOTAL INCREASE (DECREASE)** | 600406 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $600406 |

---

(a) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A153

------

<br> **PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 20 PORTFOLIO** *(CONTINUED)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | |
|:---|:---|
| **Class III** | |
|  |<br>**June 18, 2025<sup>(a)</sup>**<br>**through**<br>**December 31, 2025** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |
|  Net Asset Value, beginning of period | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |
|  Net investment income (loss) | (0.04) |
|  Net realized and unrealized gain (loss) on investment transactions | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.68 |
|  Net Asset Value, end of period | $10.68 |
|  **Total Return<sup>(c)</sup>** | 6.80% |
|  **Ratios/Supplemental Data:** |  |
|  Net assets, end of period (in millions) | $0.6 |
|  Average net assets (in millions) | $0.4 |
|  Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.85 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 68.40 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.71)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 32% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A154

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO**<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS — 97.2%** | **LONG-TERM INVESTMENTS — 97.2%** | **LONG-TERM INVESTMENTS — 97.2%** | **LONG-TERM INVESTMENTS — 97.2%** |
|  **ASSET-BACKED SECURITIES — 20.3%** | **ASSET-BACKED SECURITIES — 20.3%** | **ASSET-BACKED SECURITIES — 20.3%** | **ASSET-BACKED SECURITIES — 20.3%** |
|  **Automobiles — 1.4%** | **Automobiles — 1.4%** | **Automobiles — 1.4%** | **Automobiles — 1.4%** |
|  Ally Bank Auto Credit-Linked Notes, | Ally Bank Auto Credit-Linked Notes, | Ally Bank Auto Credit-Linked Notes, | Ally Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.315% | 05/17/32 | 237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241269 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.020% | 02/20/27 | 167 | 166328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 06/20/29 | 6700 | 6869118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 06/20/30 | 1600 | 1649726 |
|  Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.971% | 07/29/32 | 310 | 310394 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% | 04/15/27 | 5 | 4891 |
|  Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.068%(c) | 05/20/32 | 220 | 222007 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 11/14/28 | 759 | 758079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.140% | 02/14/31 | 1300 | 1335146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 04/16/35 | 3900 | 4039175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | 10/15/35 | 5800 | 6016115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.760% | 10/15/35 | 3200 | 3289761 |
|  Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141% | 01/18/33 | 3776 | 3801572 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.280% | 08/15/31 | 500 | 515976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.430% | 03/17/31 | 4000 | 4062372 |
|  |  |  | 33281929 |
|  **Collateralized Loan Obligations — 14.5%** | **Collateralized Loan Obligations — 14.5%** | **Collateralized Loan Obligations — 14.5%** |  |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(c) | 04/20/37 | 15000 | 15053100 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(c) | 07/15/37 | 8500 | 8528101 |
|  Apidos CLO, | Apidos CLO, | Apidos CLO, | Apidos CLO, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.187%(c) | 01/22/38 | 1000 | 1003275 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.779%(c) | 04/15/32 | 4475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5255584 |
|  Armada Euro CLO DAC (Ireland), | Armada Euro CLO DAC (Ireland), | Armada Euro CLO DAC (Ireland), | Armada Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.199%(c) | 04/15/39 | 5550 | 6542806 |
|  Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425%(c) | 07/15/37 | 7500 | 7524658 |
|  Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(c) | 10/20/35 | 1000 | 1000310 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | 01/20/38 | 1000 | 1003883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 16750 | 16811205 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%(c) | 10/15/35 | 6500 | 7627319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A2B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A2B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A2B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A2B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 10/15/35 | 6250 | 6865068 |
|  Carlyle Global Market Strategies Euro CLO Ltd. (Ireland), | Carlyle Global Market Strategies Euro CLO Ltd. (Ireland), | Carlyle Global Market Strategies Euro CLO Ltd. (Ireland), | Carlyle Global Market Strategies Euro CLO Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.814%(c) | 11/15/31 | 1229 | 1443548 |
|  Columbia Cent CLO Ltd. (Cayman Islands), | Columbia Cent CLO Ltd. (Cayman Islands), | Columbia Cent CLO Ltd. (Cayman Islands), | Columbia Cent CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-33A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-33A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-33A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-33A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(c) | 04/20/37 | 1500 | 1505367 |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 16000 | 16049277 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.234%(c) | 10/20/37 | 17500 | 17560650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-07A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-07A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-07A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-07A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.382%(c) | 01/17/37 | 19000 | 19061638 |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(c) | 04/26/31 | 85 | 85014 |
|  Hayfin Emerald CLO DAC (Ireland), | Hayfin Emerald CLO DAC (Ireland), | Hayfin Emerald CLO DAC (Ireland), | Hayfin Emerald CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class B, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class B, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class B, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class B, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.215%(c) | 01/22/39 | 13300 | 15641883 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A155

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.265%(c) | 04/25/39 | 11500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13488031 |
|  HPS Loan Management Ltd. (Cayman Islands), | HPS Loan Management Ltd. (Cayman Islands), | HPS Loan Management Ltd. (Cayman Islands), | HPS Loan Management Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10A-16, Class A1R3, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 10A-16, Class A1R3, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 10A-16, Class A1R3, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 10A-16, Class A1R3, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.004%(c) | 04/20/34 | 2000 | 2000129 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254%(c) | 10/19/38 | 11500 | 13503367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(c) | 01/26/38 | 10000 | 11759863 |
|  Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.270%(c) | 10/22/37 | 1500 | 1505595 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.435%(c) | 04/15/37 | 14000 | 14049336 |
|  Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%(c) | 03/15/38 | 1000 | 1000136 |
|  Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.369%(c) | 04/15/38 | 17000 | 20024430 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.286%(c) | 07/15/31 | 214 | 214050 |
|  Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(c) | 10/19/38 | 9500 | 9534203 |
|  Ocean Trails CLO Ltd. (Cayman Islands), | Ocean Trails CLO Ltd. (Cayman Islands), | Ocean Trails CLO Ltd. (Cayman Islands), | Ocean Trails CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A, Class B, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A, Class B, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A, Class B, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A, Class B, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.684%(c) | 01/20/38 | 10250 | 10267019 |
|  Octagon Investment Partners Ltd. (Cayman Islands), | Octagon Investment Partners Ltd. (Cayman Islands), | Octagon Investment Partners Ltd. (Cayman Islands), | Octagon Investment Partners Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-05A, Class AR, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-05A, Class AR, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-05A, Class AR, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-05A, Class AR, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425%(c) | 04/15/37 | 5700 | 5719562 |
|  OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 12000 | 12036146 |
|  OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.204%(c) | 01/18/38 | 9500 | 9536594 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Palmer Square CLO Ltd. (Cayman Islands), | Palmer Square CLO Ltd. (Cayman Islands), | Palmer Square CLO Ltd. (Cayman Islands), | Palmer Square CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%(c) | 05/21/34 | 15750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15745798 |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.259%(c) | 10/15/39 | 12000 | 14101737 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | 10/15/34 | 7000 | 7002675 |
|  Pikes Peak CLO (Cayman Islands), | Pikes Peak CLO (Cayman Islands), | Pikes Peak CLO (Cayman Islands), | Pikes Peak CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-10A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(c) | 01/22/38 | 10000 | 10034740 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.305%(c) | 01/15/38 | 1000 | 1003813 |
|  Romark WM-R Ltd. (Cayman Islands), | Romark WM-R Ltd. (Cayman Islands), | Romark WM-R Ltd. (Cayman Islands), | Romark WM-R Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176%(c) | 04/20/31 | 888 | 888158 |
|  Shackleton CLO Ltd. (Cayman Islands), | Shackleton CLO Ltd. (Cayman Islands), | Shackleton CLO Ltd. (Cayman Islands), | Shackleton CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.231%(c) | 05/07/31 | 128 | 128162 |
|  Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%(c) | 01/20/37 | 6500 | 6511075 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190%(c) | 01/26/31 | 249 | 249329 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 01/20/36 | 4500 | 4507922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.078%(c) | 02/25/38 | 1500 | 1497763 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.016%(c) | 07/15/34 | 8000 | 9388400 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 01/20/37 | 12000 | 12005880 |
|  Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(c) | 07/18/31 | 79 | 78633 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A156

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090%(c) | 04/25/31 | 183 | $182935 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356528167 |
|  **Consumer Loans — 1.0%** | **Consumer Loans — 1.0%** | **Consumer Loans — 1.0%** |  |
|  Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.260% | 07/15/33 | 7400 | 7450528 |
|  GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 06/25/59 | 282 | 288930 |
|  Lending Funding Trust, | Lending Funding Trust, | Lending Funding Trust, | Lending Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.320% | 04/21/31 | 231 | 227079 |
|  Onemain Financial Issuance Trust, | Onemain Financial Issuance Trust, | Onemain Financial Issuance Trust, | Onemain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/14/38 | 2700 | 2735020 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 1151 | 1133357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/14/38 | 5500 | 5678659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | 09/15/36 | 700 | 722932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | 09/15/36 | 800 | 828813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790% | 05/14/41 | 2700 | 2836615 |
|  Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.070% | 03/15/32 | 129 | 129128 |
|  Stream Innovations Issuer Trust, | Stream Innovations Issuer Trust, | Stream Innovations Issuer Trust, | Stream Innovations Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210% | 02/15/45 | 1905 | 1926774 |
|  |  |  | 23957835 |
|  **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** |  |
|  Genesis Sales Finance Master Trust, | Genesis Sales Finance Master Trust, | Genesis Sales Finance Master Trust, | Genesis Sales Finance Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.870% | 12/20/32 | 4400 | 4449080 |
|  **Home Equity Loans — 2.0%** | **Home Equity Loans — 2.0%** | **Home Equity Loans — 2.0%** |  |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%(cc) | 04/25/54 | 964 | 976829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.703%(cc) | 02/25/55 | 265 | 267254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960%(cc) | 07/26/55 | 2559 | 2556026 |
|  EFMT, | EFMT, | EFMT, | EFMT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.522%(cc) | 01/26/60 | 3450 | 3475261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.726%(cc) | 01/25/60 | 2265 | 2290017 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** |
|  Floating Rate Mortgage Pass-Through Certificates, | Floating Rate Mortgage Pass-Through Certificates, | Floating Rate Mortgage Pass-Through Certificates, | Floating Rate Mortgage Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-02, Class M3, 1 Month SOFR + 3.039% (Cap N/A, Floor 2.925%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-02, Class M3, 1 Month SOFR + 3.039% (Cap N/A, Floor 2.925%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-02, Class M3, 1 Month SOFR + 3.039% (Cap N/A, Floor 2.925%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-02, Class M3, 1 Month SOFR + 3.039% (Cap N/A, Floor 2.925%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.771%(c) | 10/25/31 | 105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118646 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.618%(c) | 03/20/54 | 288 | 289148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%(c) | 05/20/54 | 94 | 94038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.118%(c) | 10/20/54 | 226 | 225947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.666%(cc) | 05/25/55 | 1920 | 1936843 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(cc) | 02/25/44 | 534 | 538412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 1226 | 1243771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.846%(cc) | 08/25/44 | 662 | 668791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%(cc) | 12/25/44 | 2048 | 2069299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.653%(cc) | 01/25/45 | 2339 | 2361725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(cc) | 02/25/55 | 2739 | 2763256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.472%(cc) | 06/25/55 | 5154 | 5203634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES08, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES08, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES08, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES08, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.148%(cc) | 08/25/55 | 3873 | 3893123 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.294%(cc) | 10/25/63 | 589 | 596312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 228 | 229697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 218 | 219833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%(cc) | 05/25/64 | 739 | 747716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 2663 | 2667070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.202%(cc) | 09/25/64 | 1750 | 1751594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725%(cc) | 11/25/64 | 1603 | 1618160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(cc) | 02/25/55 | 2518 | 2543844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.348%(cc) | 07/25/65 | 2688 | 2704665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.278%(cc) | 08/25/65 | 3765 | 3780752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.799%(cc) | 01/25/65 | 2424 | 2444000 |
|  |  |  | 50275663 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A157

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Other — 1.0%** | **Other — 1.0%** | **Other — 1.0%** | **Other — 1.0%** |
|  Capital Street Master Trust, | Capital Street Master Trust, | Capital Street Master Trust, | Capital Street Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.324%(c) | 10/16/28 | 2700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699993 |
|  GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 10/20/46 | 1496 | 1514872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320% | 06/20/49 | 4676 | 4725461 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.480% | 03/20/57 | 487 | 481162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 06/20/57 | 1563 | 1520740 |
|  Invitation Homes Trust, | Invitation Homes Trust, | Invitation Homes Trust, | Invitation Homes Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/17/41 | 2700 | 2634319 |
|  PMT Issuer Trust - FMSR, | PMT Issuer Trust - FMSR, | PMT Issuer Trust - FMSR, | PMT Issuer Trust - FMSR, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.482%(c) | 12/25/27 | 3500 | 3522137 |
|  Sunrun Artemis Issuer LLC, | Sunrun Artemis Issuer LLC, | Sunrun Artemis Issuer LLC, | Sunrun Artemis Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/30/59 | 976 | 981581 |
|  Sunrun Vesta Issuer LLC, | Sunrun Vesta Issuer LLC, | Sunrun Vesta Issuer LLC, | Sunrun Vesta Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 10/30/59 | 540 | 532451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880% | 10/30/59 | 2469 | 2399093 |
|  Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%(c) | 03/17/42 | 4271 | 4274265 |
|  |  |  | 25286074 |
|  **Residential Mortgage-Backed Securities — 0.1%** | **Residential Mortgage-Backed Securities — 0.1%** | **Residential Mortgage-Backed Securities — 0.1%** | **Residential Mortgage-Backed Securities — 0.1%** |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.574%(c) | 10/25/34 | 368 | 354419 |
|  LSF11 Boson Investments Sarl Compartment 2 (Spain), | LSF11 Boson Investments Sarl Compartment 2 (Spain), | LSF11 Boson Investments Sarl Compartment 2 (Spain), | LSF11 Boson Investments Sarl Compartment 2 (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.047%(c) | 11/25/60 | 74 | 86927 |
|  TFS (Spain), | TFS (Spain), | TFS (Spain), | TFS (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/16/40^ | — (r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/26^ | 941 | 828960 |
|  |  |  | 1270307 |
|  **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** |
|  Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.324%(c) | 06/25/47 | 1110 | 1120682 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Student Loans (cont'd.)** | **Student Loans (cont'd.)** | **Student Loans (cont'd.)** | **Student Loans (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.474%(c) | 06/25/47 | 749 | $746233 |
|  Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 02/25/43 | 2980 | 396065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 08/25/43 | 416 | 407167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 11/25/43 | 453 | 432968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 10/25/48 | 745 | 316806 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% | 05/15/69 | 14 | 13441 |
|  |  |  | 3433362 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $488,543,876) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $488,543,876) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $488,543,876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498482417 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 10.0%** |
|  ARES Trust, | ARES Trust, | ARES Trust, | ARES Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(c) | 04/15/42 | 2240 | 2241399 |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.362% | 05/15/50 | 9151 | 9079642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.131% | 06/15/60 | 4218 | 4169124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | 07/15/60 | 830 | 820485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229% | 11/15/50 | 2016 | 1987370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.325% | 05/15/62 | 1500 | 1456093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.742% | 11/15/53 | 982 | 875665 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR9, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.614% | 08/15/57 | 8400 | 8742354 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 08/14/36 | 1170 | 1147773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.189% | 08/14/36 | 510 | 496945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.391% | 08/14/36 | 430 | 414500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.609%(cc) | 08/14/36 | 1560 | 1487595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.319% | 05/15/52 | 3250 | 3169244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 2603 | 2491019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.014% | 07/15/57 | 3950 | 4150141 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A158

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.332%(cc) | 02/15/57 | 27150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342928 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.751% | 03/15/52 | 3091 | 3060834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.672% | 07/15/53 | 2900 | 2603425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.704% | 12/17/53 | 1000 | 898903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687% | 09/15/43 | 5000 | 4374962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.930% | 12/15/56 | 2674 | 2822468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%(cc) | 05/15/55 | 7000 | 7229469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.363%(cc) | 07/15/56 | 6000 | 6273706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.841%(cc) | 11/15/56 | 5900 | 6246663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.189%(cc) | 07/15/57 | 6400 | 6758293 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%(c) | 06/15/42 | 800 | 799999 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C05, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C05, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C05, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C05, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.393%(cc) | 02/15/57 | 188084 | 2417350 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.899%(cc) | 10/05/38 | 2300 | 2400376 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class E, 144A, 1 Month SOFR + 2.311% (Cap N/A, Floor 2.197%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class E, 144A, 1 Month SOFR + 2.311% (Cap N/A, Floor 2.197%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class E, 144A, 1 Month SOFR + 2.311% (Cap N/A, Floor 2.197%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class E, 144A, 1 Month SOFR + 2.311% (Cap N/A, Floor 2.197%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.061%(c) | 11/15/38 | 2614 | 2610387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.441%(c) | 08/15/41 | 3183 | 3188999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class A, 144A, 1 Month SOFR + 1.641% (Cap N/A, Floor 1.641%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class A, 144A, 1 Month SOFR + 1.641% (Cap N/A, Floor 1.641%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class A, 144A, 1 Month SOFR + 1.641% (Cap N/A, Floor 1.641%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class A, 144A, 1 Month SOFR + 1.641% (Cap N/A, Floor 1.641%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.391%(c) | 05/15/41 | 2473 | 2476978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%(c) | 08/15/42 | 3833 | 3842686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A, 144A, 1 Month SOFR + 1.443% (Cap N/A, Floor 1.443%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A, 144A, 1 Month SOFR + 1.443% (Cap N/A, Floor 1.443%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A, 144A, 1 Month SOFR + 1.443% (Cap N/A, Floor 1.443%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A, 144A, 1 Month SOFR + 1.443% (Cap N/A, Floor 1.443%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.193%(c) | 04/15/40 | 3074 | 3075436 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(c) | 01/15/39 | 4500 | 4494440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.031%(cc) | 12/13/42 | 4750 | 4793059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%(c) | 02/15/35 | 4600 | 4588508 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.894%(c) | 03/15/30 | 6744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735274 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | 08/15/50 | 3496 | 3443301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | 08/15/57 | 1909 | 1814229 |
|  CFK Trust, | CFK Trust, | CFK Trust, | CFK Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.387% | 03/15/39 | 4040 | 3795445 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.684% | 10/10/49 | 1788 | 1776153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.708% | 02/15/53 | 1126 | 1082507 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 2423 | 2405257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.239% | 09/10/50 | 3829 | 3783074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.338% | 08/10/44 | 1100 | 1158788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.661%(cc) | 08/10/44 | 3600 | 85851 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.071% | 06/10/50 | 3670 | 3610260 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.335%(cc) | 03/25/26 | 10976 | 11976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.363%(cc) | 06/25/30 | 28504 | 1395246 |
|  Fontainebleau Miami Beach Mortgage Trust, | Fontainebleau Miami Beach Mortgage Trust, | Fontainebleau Miami Beach Mortgage Trust, | Fontainebleau Miami Beach Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class A, 144A, 1 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class A, 144A, 1 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class A, 144A, 1 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FBLU, Class A, 144A, 1 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%(c) | 12/15/39 | 2200 | 2204812 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%(cc) | 08/10/41 | 4800 | 4875391 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.164% | 05/10/50 | 3141 | 3098477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.703% | 02/10/52 | 5800 | 5731163 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.881% | 06/15/49 | 206 | 204848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.414% | 03/15/50 | 1116 | 1104300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.147% | 10/15/50 | 3469 | 3412115 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559% | 08/15/49 | 661 | 658620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(cc) | 07/05/31 | 900 | 164250 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A159

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248% | 07/05/33 | 5000 | $4750000 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.259% | 06/15/50 | 2750 | 2721549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.330% | 12/15/50 | 5445 | 5359882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.874% | 11/15/52 | 1038 | 994492 |
|  MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.451% | 05/15/56 | 4000 | 4169434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.890% | 12/15/56 | 4400 | 4638023 |
|  New York City Housing Development Corp., | New York City Housing Development Corp., | New York City Housing Development Corp., | New York City Housing Development Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08SPR, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08SPR, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08SPR, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08SPR, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.458% | 12/15/43 | 8530 | 8861283 |
|  RFR Trust, | RFR Trust, | RFR Trust, | RFR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.379%(cc) | 03/11/41 | 5600 | 5730599 |
|  ROCK Trust, | ROCK Trust, | ROCK Trust, | ROCK Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.388% | 11/13/41 | 4100 | 4212249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.471% | 11/13/41 | 1230 | 1278933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.109% | 11/13/41 | 2760 | 2891930 |
|  Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.126% | 07/05/36 | 140 | 139018 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.225% | 08/15/50 | 1486 | 1470665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.418% | 12/15/50 | 3749 | 3708970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.048% | 05/15/51 | 1880 | 1873353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.669% | 10/15/52 | 2610 | 2484458 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.834% | 06/15/49 | 4315 | 4306125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.674% | 07/15/48 | 2738 | 2724964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.317% | 10/15/50 | 1370 | 1353132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C54, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C54, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C54, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C54, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.892% | 12/15/52 | 1152 | 1097698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.096% | 01/15/58 | 8000 | 8470919 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $246,682,439) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $246,682,439) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $246,682,439) | 245818231 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $246,682,439) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $246,682,439) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $246,682,439) | 245818231 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $246,682,439) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $246,682,439) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $246,682,439) | 245818231 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS — 31.6%** | **CORPORATE BONDS — 31.6%** | **CORPORATE BONDS — 31.6%** | **CORPORATE BONDS — 31.6%** |
|  **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
|  BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 02/15/31 | 2770 | $2458528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 04/15/30 | 385 | 371917 |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 8400 | 8384417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/26 | 2140 | 2136901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 02/01/30 | 30 | 28430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/01/28 | 1700 | 1671296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/15/46 | 1375 | 972331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/39 | 20 | 16322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/01/49 | 2365 | 1760951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/01/59 | 1450 | 1026207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805% | 05/01/50 | 980 | 965304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% | 05/01/60 | 1600 | 1569461 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 75 | 75173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/33 | 865 | 911978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/01/29 | 60 | 62467 |
|  General Dynamics Corp., | General Dynamics Corp., | General Dynamics Corp., | General Dynamics Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% | 06/01/26 | 20 | 19778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/27 | 30 | 29936 |
|  L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 12/15/29 | 40 | 37993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 06/15/28 | 37 | 37286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 06/15/28 | 15 | 15110 |
|  Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/15/50 | 10 | 6337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/36 | 30 | 29413 |
|  RTX Corp., | RTX Corp., | RTX Corp., | RTX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/27 | 5 | 4975 |
|  |  |  | 22592511 |
|  **Agriculture — 0.9%** | **Agriculture — 0.9%** |  |  |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 09/16/26 | 35 | 34670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 09/16/46 | 10 | 7521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 02/14/26 | 43 | 42979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 02/14/49 | 30 | 30015 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | 03/25/28 | 1570 | 1510501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.726% | 03/25/31 | 10 | 9192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.462% | 09/06/29 | 10 | 9732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | 08/15/27 | 422 | 418672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 3000 | 2758625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | 08/15/47 | 14 | 11596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.834% | 02/20/31 | 1260 | 1336075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343% | 08/02/30 | 960 | 1037549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 10/19/32 | 1500 | 1751841 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A160

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Agriculture (cont'd.)** | **Agriculture (cont'd.)** | **Agriculture (cont'd.)** | **Agriculture (cont'd.)** |
|  BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.931% | 02/02/29 | 311 | $325980 |
|  Cargill, Inc., | Cargill, Inc., | Cargill, Inc., | Cargill, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 02/02/26 | 40 | 39892 |
|  Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/01/34 | 2721 | 2839926 |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/30 | 6085 | 6288871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/07/30 | 2125 | 2233423 |
|  Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 08/15/35 | 533 | 556175 |
|  |  |  | 21243235 |
|  **Airlines — 0.4%** | **Airlines — 0.4%** |  |  |
|  Air Canada (Canada), | Air Canada (Canada), | Air Canada (Canada), | Air Canada (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/26 | 50 | 49687 |
|  American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.575% | 07/15/29 | 1106 | 1094954 |
|  American Airlines 2017-2 Class AA Pass-Through Trust, | American Airlines 2017-2 Class AA Pass-Through Trust, | American Airlines 2017-2 Class AA Pass-Through Trust, | American Airlines 2017-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 04/15/31 | 30 | 28823 |
|  Delta Air Lines, Inc., | Delta Air Lines, Inc., | Delta Air Lines, Inc., | Delta Air Lines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 10/28/29 | 10 | 9776 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 4455 | 4473388 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/15/27 | 3355 | 3396803 |
|  United Airlines 2019-1 Class AA Pass-Through Trust, | United Airlines 2019-1 Class AA Pass-Through Trust, | United Airlines 2019-1 Class AA Pass-Through Trust, | United Airlines 2019-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 02/25/33 | 35 | 34263 |
|  United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 11/01/33 | 44 | 40146 |
|  United Airlines 2020-1 Class A Pass-Through Trust, | United Airlines 2020-1 Class A Pass-Through Trust, | United Airlines 2020-1 Class A Pass-Through Trust, | United Airlines 2020-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/15/29 | 44 | 45227 |
|  United Airlines 2020-1 Class B Pass-Through Trust, | United Airlines 2020-1 Class B Pass-Through Trust, | United Airlines 2020-1 Class B Pass-Through Trust, | United Airlines 2020-1 Class B Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/27(a) | 6 | 5728 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 825 | 824532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 195 | 193924 |
|  |  |  | 10197251 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/29 | 675 | $623852 |
|  **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** |
|  BMW US Capital LLC (Germany), | BMW US Capital LLC (Germany), | BMW US Capital LLC (Germany), | BMW US Capital LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/11/30 | 5295 | 5315359 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/12/32 | 10 | 8820 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 08/10/26 | 1740 | 1720947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 | 275 | 264703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113% | 05/03/29 | 1745 | 1748374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/05/26(a) | 735 | 738779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/08/29 | 2230 | 2278764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 05/17/27 | 1000 | 1015127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/06/26 | 400 | 400724 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/35(a) | 840 | 824393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 04/01/38 | 65 | 62520 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/30(oo) | 5 | 5011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 01/08/31 | 20 | 17975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 04/10/28 | 1065 | 1025314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 10/15/28 | 1180 | 1125089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 08/20/27 | 38 | 37148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 01/12/32 | 20 | 18233 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 10/15/27 | 15 | 14546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/23/32(a) | 1535 | 1587262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | 01/10/28 | 15 | 14311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/08/30 | 7210 | 7427303 |
|  Mercedes-Benz Finance North America LLC (Germany), | Mercedes-Benz Finance North America LLC (Germany), | Mercedes-Benz Finance North America LLC (Germany), | Mercedes-Benz Finance North America LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% | 03/02/26 | 150 | 149338 |
|  Nissan Motor Acceptance Co. LLC, | Nissan Motor Acceptance Co. LLC, | Nissan Motor Acceptance Co. LLC, | Nissan Motor Acceptance Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% | 09/16/26 | 54 | 52640 |
|  Toyota Motor Credit Corp., | Toyota Motor Credit Corp., | Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150% | 08/13/27 | 25 | 23991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 04/06/28 | 50 | 47939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 02/13/30 | 10 | 9274 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 03/25/32 | 3260 | 3380442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 11/16/28 | 4000 | 4188127 |
|  |  |  | 33502453 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A161

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
|  Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/52 | 20 | $15407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/13/34 | 1320 | 1331937 |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 150 | 156579 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/27 | 350 | 349723 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 290 | 300407 |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/33 | 160 | 166166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/32 | 265 | 271452 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 3725 | 3741233 |
|  |  |  | 6332904 |
|  **Banks — 7.8%** | **Banks — 7.8%** |  |  |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(ff) | 03/14/30 | 1000 | 1033704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | 12/03/30 | 1000 | 911483 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/26/30(oo) | 2280 | 2310858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734%(ff) | 07/22/27 | 45 | 44420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299%(ff) | 07/21/32 | 20 | 17884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 10 | 9015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | 04/22/32 | 2565 | 2352579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%(ff) | 12/20/28 | 10 | 9883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%(ff) | 04/25/34 | 7795 | 8038426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%(ff) | 09/15/29 | 7630 | 7955341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.593%(ff) | 07/21/28 | 740 | 734960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 50 | 44913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922%(ff) | 10/24/31 | 20 | 17882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%(ff) | 02/13/31 | 92 | 85689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%(ff) | 06/19/41 | 1825 | 1345106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 3410 | 3401531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.974%(ff) | 02/07/30 | 685 | 681225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078%(ff) | 04/23/40 | 625 | 557859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%(ff) | 07/23/29 | 945 | 948992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.651%(ff) | 03/11/32 | 5020 | 4610135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series L, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series L, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series L, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series L, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.183% | 11/25/27 | 50 | 50082 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/26(oo) | 15 | $14942 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.279%(ff) | 11/24/27 | 1245 | 1225018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837%(ff) | 09/10/28 | 1200 | 1213578 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.323%(ff) | 01/13/27 | 710 | 709315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.904%(ff) | 09/30/28 | 2200 | 2116266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%(ff) | 04/19/32 | 1815 | 1655013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.906%(ff) | 11/19/35 | 2365 | 2450703 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.045%(ff) | 10/19/27 | 2595 | 2551477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.293%(ff) | 01/14/36 | 1960 | 2094630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/23/27 | 300 | 296608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/01/26 | 380 | 380393 |
|  Capital One NA, | Capital One NA, | Capital One NA, | Capital One NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/13/26 | 1150 | 1150248 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 | 1000 | 998668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/05/26 | 600 | 603118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 800 | 841540 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31(oo) | 860 | 871827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/30(oo) | 3430 | 3507052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/18/26(oo) | 1880 | 1874386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series Y | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series Y | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series Y | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/26(oo) | 25 | 24722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 875 | 794205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 06/03/31 | 70 | 64863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%(ff) | 01/29/31 | 1225 | 1147018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%(ff) | 11/05/30 | 20 | 19046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%(ff) | 01/25/33 | 10 | 9157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%(ff) | 07/24/28 | 30 | 29815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%(ff) | 03/17/33 | 1160 | 1105335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%(ff) | 01/10/28 | 1725 | 1721699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 | 35 | 34684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 | 8000 | 8060505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 | 2475 | 2540255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 2735 | 2752491 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/09/29 | 5175 | 5277152 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A162

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%(ff) | 11/19/30 | 100 | 110867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%(ff) | 01/07/33 | 2415 | 2238576 |
|  Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.339%(ff) | 07/27/29 | 4000 | 4211368 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/10/26(oo) | 950 | 936046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948%(ff) | 10/21/27 | 50 | 49141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | 01/27/32 | 20 | 17761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%(ff) | 07/21/32 | 1480 | 1325782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 02/07/30 | 35 | 32897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | 04/22/32 | 4715 | 4299629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%(ff) | 10/21/32 | 10 | 9024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.908%(ff) | 07/21/42 | 25 | 18337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.436%(ff) | 02/24/43 | 35 | 27378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.691%(ff) | 06/05/28 | 50 | 49745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 | 1080 | 1073557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%(ff) | 10/24/29 | 3230 | 3427061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN, 3 Month SOFR + 2.012% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN, 3 Month SOFR + 2.012% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN, 3 Month SOFR + 2.012% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN, 3 Month SOFR + 2.012% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.871%(c) | 10/28/27 | 21 | 21241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 07/08/44 | 20 | 18517 |
|  Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.208%(ff) | 08/21/29 | 545 | 571575 |
|  ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.114%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/11/34(a) | 870 | 940001 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.406%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/26(oo) | 1350 | 1352206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series KK | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series KK | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series KK | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series KK |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(ff) | 06/01/26(a)(oo) | 1860 | 1849287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578%(ff) | 04/22/27 | 785 | 778753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | 02/04/32 | 130 | 115922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | 06/01/29 | 50 | 47726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | 11/08/32 | 1135 | 1023919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | 04/22/32 | 1775 | 1622596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.947%(ff) | 02/24/28 | 1715 | 1694458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 04/01/26 | 1110 | 1107972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%(ff) | 02/01/28 | 1235 | 1232082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.897%(ff) | 01/23/49 | 10 | 7974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960%(ff) | 01/29/27 | 930 | 929770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.964%(ff) | 11/15/48 | 985 | 793569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%(ff) | 04/23/29 | 1200 | 1198852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.452%(ff) | 12/05/29 | 17 | 17175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%(ff) | 01/24/36 | 4790 | 5010782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(ff) | 04/22/30 | 2050 | 2138439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%(ff) | 05/13/31 | 155 | 146324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/15/26 | 40 | 40062 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  JPMorgan Chase Bank NA, | JPMorgan Chase Bank NA, | JPMorgan Chase Bank NA, | JPMorgan Chase Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110% | 12/08/26 | 360 | $363892 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 07/20/29 | 860 | 887521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.512%(ff) | 07/20/27 | 15 | 14790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%(ff) | 07/21/32 | 5518 | 4900143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 2640 | 2477365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(ff) | 01/23/30 | 1340 | 1347500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.794%(ff) | 02/13/32 | 1015 | 891695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | 04/28/32 | 193 | 169341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 1590 | 1426031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 1470 | 1341672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 07/27/26 | 2725 | 2712035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 | 8555 | 8802018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.831%(ff) | 04/19/35 | 965 | 1025588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%(ff) | 09/16/36 | 20 | 17580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 09/08/26 | 756 | 756894 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%(ff) | 06/12/29 | 2390 | 2478334 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.797%(ff) | 01/19/28 | 2210 | 2175360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | 06/09/32 | 1500 | 1354524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%(ff) | 01/21/33 | 1330 | 1212616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(ff) | 01/19/28 | 2390 | 2419390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 04/13/29 | 4215 | 4314381 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364% | 07/12/27 | 50 | 49596 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.161%(ff) | 10/30/29 | 995 | 1073093 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/27(oo) | 30 | 29280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/27(oo) | 25 | 25067 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 1695 | 1570322 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%(ff) | 06/03/32 | 1225 | 1135689 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.068%(ff) | 04/30/41 | 2690 | 2089062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | 04/24/34 | 12985 | 13496271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.303%(ff) | 10/23/29 | 3690 | 3899788 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A163

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393%(ff) | 06/02/28 | 60 | 58621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 02/11/31 | 3525 | 3292336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 06/03/26 | 20 | 19991 |
|  |  |  | 191611853 |
|  **Beverages — 0.2%** | **Beverages — 0.2%** |  |  |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/36 | 31 | 30725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/46 | 4294 | 3968888 |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/30 | 30 | 29261 |
|  Coca-Cola Co. (The), | Coca-Cola Co. (The), | Coca-Cola Co. (The), | Coca-Cola Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 03/15/31 | 10 | 8772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 06/01/30 | 10 | 9054 |
|  Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 05/01/30 | 70 | 65900 |
|  |  |  | 4112600 |
|  **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |  |  |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53 | 15 | 13199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 11/15/41 | 16 | 15491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/02/43 | 3180 | 3197658 |
|  Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 10/01/50 | 10 | 6332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 03/01/27 | 7 | 6932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/46 | 10 | 9073 |
|  |  |  | 3248685 |
|  **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** |
|  Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 08/01/28 | 1250 | 975054 |
|  Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 03/01/32 | 15 | 13089 |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/09/30 | 2795 | 2880296 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/15/27 | 675 | 588806 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA, | Johnson Controls International PLC/Tyco Fire & Security Finance SCA, | Johnson Controls International PLC/Tyco Fire & Security Finance SCA, | Johnson Controls International PLC/Tyco Fire & Security Finance SCA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/15/30 | 20 | 17805 |
|  Owens Corning, | Owens Corning, | Owens Corning, | Owens Corning, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/27 | 1470 | 1500331 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 960 | $998971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 180 | 187952 |
|  Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/28 | 1045 | 1050731 |
|  Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/30 | 15 | 14532 |
|  |  |  | 8227567 |
|  **Chemicals — 0.6%** | **Chemicals — 0.6%** |  |  |
|  Ashland, Inc., | Ashland, Inc., | Ashland, Inc., | Ashland, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 05/15/43 | 1400 | 1470521 |
|  Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/10/28 | 214 | 88333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/31/30 | 271 | 104254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 01/12/31 | 3385 | 1309572 |
|  Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 11/15/28 | 437 | 457130 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 530 | 474199 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725% | 11/15/28 | 1126 | 1139161 |
|  FMC Corp., | FMC Corp., | FMC Corp., | FMC Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/29(a) | 2590 | 2307112 |
|  LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 10/01/40 | 60 | 43579 |
|  Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 06/01/43 | 870 | 791680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/45 | 305 | 285043 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/23/31 | 1230 | 1149644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/02/34 | 1385 | 1493653 |
|  Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/18/26 | 460 | 457125 |
|  Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 05/15/30 | 20 | 18435 |
|  Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/30/33 | 420 | 423989 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A164

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/28 | 2410 | $2426388 |
|  |  |  | 14439818 |
|  **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/15/30 | 1175 | 1223262 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 1300 | 1277757 |
|  Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/29 | 620 | 560711 |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/15/31 | 200 | 212579 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 1330 | 1366119 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 785 | 918205 |
|  ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/37 | 770 | 892515 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 03/01/26 | 145 | 144317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/15/29 | 30 | 28610 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/15/31 | 730 | 740473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/34 | 135 | 136785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 585 | 615292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/33(a) | 260 | 275568 |
|  S&P Global, Inc., | S&P Global, Inc., | S&P Global, Inc., | S&P Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/01/29 | 60 | 60330 |
|  Service Corp. International, | Service Corp. International, | Service Corp. International, | Service Corp. International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/32 | 310 | 316095 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 50 | 46911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/31 | 392 | 375158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/15/28 | 1200 | 1200946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/30(a) | 475 | 481435 |
|  University of Southern California, | University of Southern California, | University of Southern California, | University of Southern California, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.976% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/53(a) | 1690 | 1564678 |
|  |  |  | 12437746 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
|  Apple, Inc., | Apple, Inc., | Apple, Inc., | Apple, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | 02/08/26 | 40 | $39860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% | 08/05/28 | 29 | 27399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 02/08/31 | 55 | 49074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 02/08/41 | 40 | 28826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 09/11/49 | 25 | 16740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 02/09/27 | 70 | 69802 |
|  Gartner, Inc., | Gartner, Inc., | Gartner, Inc., | Gartner, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/28 | 230 | 229299 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 966 | 1049258 |
|  |  |  | 1510258 |
|  **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |  |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/26(oo) | 10 | 9862 |
|  Blackstone Private Credit Fund, | Blackstone Private Credit Fund, | Blackstone Private Credit Fund, | Blackstone Private Credit Fund, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/03/27^ | 1100 | 1103880 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 01/31/28 | 5 | 4979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.359%(ff) | 07/29/32 | 45 | 39403 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/01/30(oo) | 20 | 18676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/26(oo) | 35 | 34751 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32 | 450 | 474746 |
|  LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/17/28 | 3170 | 3383931 |
|  LSEG US Fin Corp. (United Kingdom), | LSEG US Fin Corp. (United Kingdom), | LSEG US Fin Corp. (United Kingdom), | LSEG US Fin Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297% | 03/28/34 | 2155 | 2221432 |
|  Mastercard, Inc., | Mastercard, Inc., | Mastercard, Inc., | Mastercard, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 03/15/31 | 15 | 13456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 03/26/50 | 20 | 15679 |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608% | 07/14/31 | 515 | 464139 |
|  Nuveen LLC, | Nuveen LLC, | Nuveen LLC, | Nuveen LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 04/15/34 | 965 | 1013357 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 09/15/28 | 575 | 559891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/29 | 665 | 688728 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A165

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/29 | 1850 | $1807762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 12/15/29 | 610 | 649691 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/06/28(a) | 400 | 419624 |
|  Rocket Cos., Inc., | Rocket Cos., Inc., | Rocket Cos., Inc., | Rocket Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/01/29 | 125 | 129090 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 10/15/26 | 2510 | 2473792 |
|  Visa, Inc., | Visa, Inc., | Visa, Inc., | Visa, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | 02/15/31 | 10 | 8718 |
|  |  |  | 15535587 |
|  **Electric — 2.0%** | **Electric — 2.0%** |  |  |
|  AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 12/01/47 | 100 | 76767 |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 01/15/26 | 35 | 34949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 01/15/31 | 15 | 13598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 07/15/30 | 5 | 4877 |
|  Alfa Desarrollo SpA (Chile), | Alfa Desarrollo SpA (Chile), | Alfa Desarrollo SpA (Chile), | Alfa Desarrollo SpA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/27/51 | 305 | 245179 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/15/49 | 40 | 34073 |
|  American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 12/01/28 | 45 | 45363 |
|  American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 | 10 | 8997 |
|  Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 12/15/31 | 25 | 21929 |
|  Atlantic City Electric Co., | Atlantic City Electric Co., | Atlantic City Electric Co., | Atlantic City Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 03/15/31 | 25 | 22668 |
|  Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 06/15/31 | 5 | 4518 |
|  Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/15/50 | 20 | 16019 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 600 | 599526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 1575 | 1598171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 2000 | 2000359 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  CenterPoint Energy, Inc., | CenterPoint Energy, Inc., | CenterPoint Energy, Inc., | CenterPoint Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 03/01/30 | 32 | $30323 |
|  CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/15/26 | 20 | 19916 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688% | 05/15/29 | 1325 | 1309895 |
|  Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/45 | 10 | 8613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/60 | 20 | 11816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 12/01/56 | 235 | 185519 |
|  Dominion Energy South Carolina, Inc., | Dominion Energy South Carolina, Inc., | Dominion Energy South Carolina, Inc., | Dominion Energy South Carolina, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/15/43 | 2025 | 1818667 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 04/01/30 | 10 | 9646 |
|  DTE Electric Co., | DTE Electric Co., | DTE Electric Co., | DTE Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 03/01/31 | 10 | 9242 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 11/15/28 | 40 | 40088 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 06/01/30 | 5 | 4638 |
|  Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/15/30 | 50 | 45080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/29 | 75 | 70820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 11/15/42 | 25 | 20563 |
|  Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/01/50 | 10 | 6249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/53 | 3500 | 3330053 |
|  Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 06/01/30 | 30 | 27494 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 03/15/29 | 45 | 44326 |
|  El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/15/35 | 2325 | 2417807 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 06/15/32 | 120 | 105907 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 895 | 925766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 1762 | 1822569 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A166

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | 08/10/28 | 209 | $224284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | 08/10/28 | 1959 | 2102262 |
|  Eversource Energy, | Eversource Energy, | Eversource Energy, | Eversource Energy, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 01/15/28 | 40 | 39282 |
|  Exelon Corp., | Exelon Corp., | Exelon Corp., | Exelon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 04/15/26 | 5 | 4990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 04/15/30 | 25 | 24772 |
|  FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 07/15/47 | 4 | 3525 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 | 280 | 270193 |
|  Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 12/04/51 | 5 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 10/01/49 | 36 | 24662 |
|  Georgia Power Co., | Georgia Power Co., | Georgia Power Co., | Georgia Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 09/15/29 | 95 | 90422 |
|  Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/33 | 1150 | 1258250 |
|  Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/29 | 50 | 49016 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/14/28 | 680 | 671962 |
|  Kentucky Utilities Co., | Kentucky Utilities Co., | Kentucky Utilities Co., | Kentucky Utilities Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/45 | 3050 | 2581232 |
|  MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 04/15/50 | 5 | 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 04/15/29 | 20 | 19769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 08/01/48 | 20 | 14993 |
|  Narragansett Electric Co. (The), | Narragansett Electric Co. (The), | Narragansett Electric Co. (The), | Narragansett Electric Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.395% | 04/09/30 | 1050 | 1011716 |
|  New York State Electric & Gas Corp., | New York State Electric & Gas Corp., | New York State Electric & Gas Corp., | New York State Electric & Gas Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 12/01/26 | 20 | 19845 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 06/15/28 | 15 | 14290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 06/01/30 | 20 | 18398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440% | 01/15/32 | 11 | 9797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/15/52 | 58 | 36807 |
|  Northern States Power Co., | Northern States Power Co., | Northern States Power Co., | Northern States Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 04/01/31 | 10 | 9084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/47 | 10 | 7519 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 100 | $93423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 625 | 584025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/29 | 200 | 200539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/28(oo) | 325 | 354001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 12/02/27 | 1245 | 1202713 |
|  Ohio Power Co., | Ohio Power Co., | Ohio Power Co., | Ohio Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series P | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series P | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series P | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series P |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 04/01/30 | 25 | 23339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Q |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 01/15/31 | 5 | 4389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 10/01/51 | 5 | 3083 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 08/01/27 | 10 | 9695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/15/42 | 50 | 37824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/46 | 15 | 11247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 04/15/42 | 5 | 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/44 | 75 | 63447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 2645 | 2239623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/01/31 | 1650 | 1536184 |
|  PacifiCorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/15/51 | 390 | 249197 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/15/50 | 25 | 15661 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/05/31 | 324 | 340072 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/55(a) | 225 | 234352 |
|  PG&E Energy Recovery Funding LLC, | PG&E Energy Recovery Funding LLC, | PG&E Energy Recovery Funding LLC, | PG&E Energy Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-3 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-3 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-3 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.822% | 07/15/48 | 20 | 14614 |
|  Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/30/31 | 90 | 101076 |
|  Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/34(h) | 4500 | 4631565 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 34 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 34 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 34 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/01/50 | 5 | 3402 |
|  Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 08/01/50 | 45 | 24345 |
|  Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% | 08/15/30 | 35 | 31034 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A167

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Rochester Gas & Electric Corp., | Rochester Gas & Electric Corp., | Rochester Gas & Electric Corp., | Rochester Gas & Electric Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 06/01/27 | 45 | $44566 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/15/48 | 20 | 16092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/35 | 40 | 41243 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 08/15/51 | 5 | 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series VVV | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series VVV | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series VVV | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series VVV |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 10/01/30 | 10 | 8927 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/48 | 5 | 3823 |
|  Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 05/01/26 | 20 | 19910 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 06/01/30 | 35 | 31768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 08/01/29 | 40 | 37915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 02/01/50 | 25 | 17469 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 20A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 02/01/51 | 5 | 3058 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/01/29 | 20 | 19859 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series G | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series G | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series G | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/31 | 10 | 8971 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series H | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series H | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series H | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 06/01/51 | 5 | 3423 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/40 | 10 | 9775 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/01/48 | 50 | 37988 |
|  Southwestern Public Service Co., | Southwestern Public Service Co., | Southwestern Public Service Co., | Southwestern Public Service Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/15/49 | 30 | 22197 |
|  Tampa Electric Co., | Tampa Electric Co., | Tampa Electric Co., | Tampa Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 03/15/51 | 40 | 28461 |
|  Toledo Edison Co. (The), | Toledo Edison Co. (The), | Toledo Edison Co. (The), | Toledo Edison Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 05/01/28 | 10 | 9528 |
|  Tucson Electric Power Co., | Tucson Electric Power Co., | Tucson Electric Power Co., | Tucson Electric Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/50(a) | 1500 | 1146420 |
|  Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 02/15/44 | 15 | 12976 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/26(oo) | 2050 | 2078046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/26(oo) | 2325 | 2375279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29(oo) | 2050 | 2259274 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 600 | $599750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/15/27 | 550 | 550321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 2000 | 1986577 |
|  VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 11/01/30 | 720 | 713471 |
|  |  |  | 49608893 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |  |
|  WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/15/29 | 395 | 408357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 03/15/32 | 225 | 235646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/28 | 450 | 456939 |
|  |  |  | 1100942 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |  |
|  TD SYNNEX Corp., | TD SYNNEX Corp., | TD SYNNEX Corp., | TD SYNNEX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 08/09/31 | 25 | 22469 |
|  **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |  |
|  AECOM, | AECOM, | AECOM, | AECOM, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/33 | 90 | 92214 |
|  Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 10/23/30 | 2800 | 3065070 |
|  GMR Hyderabad International Airport Ltd. (India), | GMR Hyderabad International Airport Ltd. (India), | GMR Hyderabad International Airport Ltd. (India), | GMR Hyderabad International Airport Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/27/27 | 345 | 340148 |
|  MasTec, Inc., | MasTec, Inc., | MasTec, Inc., | MasTec, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 06/15/29 | 380 | 396799 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 201 | 196353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 605 | 602356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/31/46 | 415 | 364233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 3780 | 3329944 |
|  |  |  | 8387117 |
|  **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |  |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29 | 2475 | 2375730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 400 | 414235 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/29 | 350 | 342734 |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/15/27 | 800 | 798889 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A168

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 07/01/32 | 915 | 970516 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 340 | 347316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/15/31 | 360 | 390175 |
|  |  |  | 5639595 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 | 300 | 314133 |
|  Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/28 | 20 | 20031 |
|  Waste Connections, Inc., | Waste Connections, Inc., | Waste Connections, Inc., | Waste Connections, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/29 | 35 | 34388 |
|  |  |  | 368552 |
|  **Foods — 0.8%** | **Foods — 0.8%** | **Foods — 0.8%** | **Foods — 0.8%** |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/31/31 | 125 | 126470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/31/34 | 175 | 175657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/28 | 375 | 382743 |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/27 | 1550 | 1515578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 09/15/28 | 900 | 886886 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | 1572 | 1794301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | 1368 | 1712611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | 775 | 882639 |
|  Hershey Co. (The), | Hershey Co. (The), | Hershey Co. (The), | Hershey Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 06/01/30 | 10 | 9019 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/33 | 1998 | 2083477 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/01/54 | 415 | 325667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 3045 | 3127019 |
|  Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/04/31 | 30 | 26110 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/30 | 125 | 121703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/33 | 565 | 570509 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |
|  Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 09/13/31 | 1858 | 1647021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/29 | 3726 | 3773837 |
|  |  |  | 19161247 |
|  **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
|  Georgia-Pacific LLC, | Georgia-Pacific LLC, | Georgia-Pacific LLC, | Georgia-Pacific LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950% | 05/15/26 | 40 | 39556 |
|  **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
|  Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 01/15/31 | 55 | 48219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 09/15/29 | 15 | 14259 |
|  CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 10/01/30 | 10 | 8921 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 02/15/31 | 120 | 105310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 05/01/30 | 36 | 34996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 02/15/44 | 120 | 108021 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 09/18/34 | 20 | 18923 |
|  Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 02/15/50 | 45 | 34605 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 06/01/43 | 1050 | 900198 |
|  |  |  | 1273452 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  Agilent Technologies, Inc., | Agilent Technologies, Inc., | Agilent Technologies, Inc., | Agilent Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 03/12/31 | 45 | 40736 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 1300 | 1271085 |
|  Stryker Corp., | Stryker Corp., | Stryker Corp., | Stryker Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 11/30/27 | 510 | 594611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 03/07/28 | 30 | 29825 |
|  |  |  | 1936257 |
|  **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** |
|  Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.387% | 10/15/49 | 20 | 14301 |
|  Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 12/15/37 | 1900 | 2094630 |
|  AHS Hospital Corp., | AHS Hospital Corp., | AHS Hospital Corp., | AHS Hospital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.780% | 07/01/51 | 10 | 6206 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A169

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
|  Ascension Health, | Ascension Health, | Ascension Health, | Ascension Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% | 11/15/39 | 20 | $15937 |
|  Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.839% | 11/15/50 | 10 | 6333 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/15/47 | 20 | 15405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 03/15/31 | 990 | 896425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 03/15/30 | 122 | 113281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/15/40 | 1745 | 1379769 |
|  City of Hope, | City of Hope, | City of Hope, | City of Hope, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 2013 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 2013 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 2013 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.623% | 11/15/43 | 20 | 19747 |
|  CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782% | 10/01/30 | 5 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910% | 10/01/50 | 5 | 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.187% | 10/01/49 | 30 | 23551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.205% | 12/01/31 | 4015 | 4158642 |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 1000 | 973107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/32(a) | 620 | 644220 |
|  Duke University Health System, Inc., | Duke University Health System, Inc., | Duke University Health System, Inc., | Duke University Health System, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920% | 06/01/47 | 25 | 20136 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/43 | 385 | 345070 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 11/06/33 | 500 | 577227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 07/15/36 | 500 | 573831 |
|  Icon Investments Six DAC, | Icon Investments Six DAC, | Icon Investments Six DAC, | Icon Investments Six DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.809% | 05/08/27 | 2060 | 2101114 |
|  Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.002% | 06/01/51 | 10 | 6533 |
|  Laboratory Corp. of America Holdings, | Laboratory Corp. of America Holdings, | Laboratory Corp. of America Holdings, | Laboratory Corp. of America Holdings, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 12/01/29 | 25 | 23819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/01/30 | 6155 | 6160501 |
|  LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 01/15/29 | 1375 | 1347601 |
|  Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.089% | 10/01/48 | 25 | 20229 |
|  Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.044% | 01/01/32 | 10 | 8660 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
|  Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.532% | 10/01/29 | 50 | 47002 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 06/30/30 | 50 | 47296 |
|  Sutter Health, | Sutter Health, | Sutter Health, | Sutter Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.294% | 08/15/30 | 6 | 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.361% | 08/15/50 | 4 | 2808 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/29 | 400 | 394394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 1900 | 1865899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/28 | 435 | 435672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 11/01/27 | 100 | 99995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/32 | 575 | 583192 |
|  Trinity Health Corp., | Trinity Health Corp., | Trinity Health Corp., | Trinity Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.434% | 12/01/48 | 30 | 22540 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 05/15/50 | 20 | 12778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/41 | 895 | 678379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/51 | 5 | 3380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/15/39 | 25 | 20832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 10/15/42 | 220 | 182149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 12/15/48 | 10 | 8407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/33 | 840 | 833851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/63 | 5805 | 5203049 |
|  Universal Health Services, Inc., | Universal Health Services, Inc., | Universal Health Services, Inc., | Universal Health Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 10/15/30 | 25 | 22787 |
|  |  |  | 32024599 |
|  **Holding Companies-Diversified — 0.2%** | **Holding Companies-Diversified — 0.2%** | **Holding Companies-Diversified — 0.2%** | **Holding Companies-Diversified — 0.2%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 4315 | 4556417 |
|  **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/32 | 175 | 180041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 | 45 | 45283 |
|  |  |  | 225324 |
|  **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
|  Whirlpool Corp., | Whirlpool Corp., | Whirlpool Corp., | Whirlpool Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 06/15/30 | 195 | 194982 |
|  **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(a) | 240 | 234510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 | 115 | 111183 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A170

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 | 355 | 371859 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/01/32 | 950 | 891513 |
|  |  |  | 1609065 |
|  **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
|  Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 02/15/35 | 1955 | 1977077 |
|  Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/15/50 | 20 | 13939 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/07/33 | 6210 | 6583086 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.951% | 10/15/50 | 1030 | 763000 |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/40 | 405 | 455755 |
|  Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/30/43 | 350 | 319931 |
|  Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 11/15/30 | 5 | 4568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 12/15/31 | 15 | 13443 |
|  Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/15/42 | 150 | 134878 |
|  Protective Life Corp., | Protective Life Corp., | Protective Life Corp., | Protective Life Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 01/15/30 | 15 | 14471 |
|  Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/15/34 | 1350 | 1506206 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 05/15/50 | 10 | 6866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.270% | 05/15/47 | 910 | 751150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 12/16/39 | 196 | 225676 |
|  W.R. Berkley Corp., | W.R. Berkley Corp., | W.R. Berkley Corp., | W.R. Berkley Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/12/50 | 15 | 11506 |
|  |  |  | 12781552 |
|  **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | 08/15/30 | 20 | 17629 |
|  Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 05/12/26 | 100 | 98997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 06/03/27 | 20 | 19332 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Internet (cont'd.)** | **Internet (cont'd.)** | **Internet (cont'd.)** | **Internet (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 05/12/31 | 30 | 27097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/03/50 | 25 | 14980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 08/22/27 | 45 | 44676 |
|  Arches Buyer, Inc., | Arches Buyer, Inc., | Arches Buyer, Inc., | Arches Buyer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/28 | 25 | 24538 |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 9915 | 10496678 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 326 | 335884 |
|  Netflix, Inc., | Netflix, Inc., | Netflix, Inc., | Netflix, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/15/26 | 18 | 18079 |
|  |  |  | 11097890 |
|  **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
|  Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 07/15/32 | 1135 | 1203372 |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 515 | 533082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 250 | 259906 |
|  Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/33 | 265 | 271024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/35 | 265 | 271697 |
|  Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 04/01/31 | 350 | 363429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 10/01/28 | 475 | 498788 |
|  Steel Dynamics, Inc., | Steel Dynamics, Inc., | Steel Dynamics, Inc., | Steel Dynamics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/31 | 20 | 19004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/15/50 | 5 | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 04/15/30 | 5 | 4833 |
|  |  |  | 3428557 |
|  **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
|  Carnival Corp., | Carnival Corp., | Carnival Corp., | Carnival Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/29 | 610 | 616636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/15/30 | 550 | 564614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/01/32 | 1120 | 1149400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/28 | 850 | 835125 |
|  Lindblad Expeditions LLC, | Lindblad Expeditions LLC, | Lindblad Expeditions LLC, | Lindblad Expeditions LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/27 | 1525 | 1529612 |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/30 | 50 | 50681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 465 | 476146 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A171

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/28 | 475 | 487013 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/28 | 575 | 585163 |
|  Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/33 | 285 | 288839 |
|  VOC Escrow Ltd., | VOC Escrow Ltd., | VOC Escrow Ltd., | VOC Escrow Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/28 | 625 | 624019 |
|  |  |  | 7207248 |
|  **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/18/26 | 30 | 29845 |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 2577 | 2638023 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/15/28 | 1600 | 1595648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 700 | 706531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/32(a) | 510 | 525264 |
|  Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/08/28(a) | 400 | 407792 |
|  |  |  | 5903103 |
|  **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
|  Caterpillar, Inc., | Caterpillar, Inc., | Caterpillar, Inc., | Caterpillar, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 04/09/30 | 10 | 9461 |
|  **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/01/30 | 650 | 678216 |
|  Deere & Co., | Deere & Co., | Deere & Co., | Deere & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 04/15/30 | 10 | 9638 |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 09/01/28 | 1400 | 1489452 |
|  Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/15/28 | 30 | 30377 |
|  |  |  | 2207683 |
|  **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 925 | 914646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/32(a) | 450 | 403932 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/30 | 5 | $4711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/30 | 8 | 7653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 400 | 399545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/26 | 1375 | 1376713 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 40 | 37429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 02/01/32 | 94 | 80894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 04/01/31 | 72 | 64792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 45 | 31990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/42 | 50 | 34600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 04/01/51 | 620 | 390488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/30/29 | 85 | 86014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/01/47 | 20 | 16462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | 10/23/45 | 1140 | 1072359 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 01/15/27 | 30 | 29552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/01/30 | 10 | 9430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% | 11/01/51 | 40 | 23416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 26 | 14621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/01/39 | 35 | 27348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/01/38 | 25 | 21763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999% | 11/01/49 | 85 | 62673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.168% | 01/15/37 | 128 | 126235 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 10/01/50 | 60 | 33463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/01/34 | 1290 | 1268715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/15/27 | 65 | 64238 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/31 | 1000 | 605429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/30 | 200 | 122981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/28 | 400 | 290571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 850 | 727738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/01/30 | 1000 | 357062 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/29(x) | 325 | 288802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/28(x) | 200 | 193001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/26(x) | 3250 | 3209584 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/27(x) | 2525 | 2627537 |
|  NBCUniversal Media LLC, | NBCUniversal Media LLC, | NBCUniversal Media LLC, | NBCUniversal Media LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 01/15/43 | 10 | 8516 |
|  Sirius XM Radio LLC, | Sirius XM Radio LLC, | Sirius XM Radio LLC, | Sirius XM Radio LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 09/01/26 | 15 | 14860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/15/28 | 15 | 14657 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A172

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
|  TCI Communications, Inc., | TCI Communications, Inc., | TCI Communications, Inc., | TCI Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/26(a) | 750 | 752950 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/41 | 2035 | 1785088 |
|  TWDC Enterprises 18 Corp., | TWDC Enterprises 18 Corp., | TWDC Enterprises 18 Corp., | TWDC Enterprises 18 Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% | 07/30/26 | 30 | 29654 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/30 | 900 | 1087290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | 1300 | 1605717 |
|  Walt Disney Co. (The), | Walt Disney Co. (The), | Walt Disney Co. (The), | Walt Disney Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/22/30 | 85 | 84236 |
|  |  |  | 20409355 |
|  **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 10/01/31 | 505 | 556712 |
|  Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/30/41 | 464 | 472833 |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.420% | 03/01/26 | 120 | 120490 |
|  Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/31/33 | 310 | 321172 |
|  First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 02/15/34 | 865 | 909072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% | 03/01/29 | 1250 | 1316250 |
|  Fortescue Treasury Pty Ltd. (Australia), | Fortescue Treasury Pty Ltd. (Australia), | Fortescue Treasury Pty Ltd. (Australia), | Fortescue Treasury Pty Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/01/31 | 14 | 13501 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.315% | 04/14/32 | 450 | 457981 |
|  Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 02/15/28 | 180 | 181142 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 | 325 | 344266 |
|  Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 03/15/34 | 1200 | 1257150 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 08/15/33 | 925 | 938368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 | 325 | 337301 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |
|  Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/15/27 | 45 | 45201 |
|  |  |  | 7271439 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Pentair Finance Sarl, | Pentair Finance Sarl, | Pentair Finance Sarl, | Pentair Finance Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/29 | 50 | 50160 |
|  Textron, Inc., | Textron, Inc., | Textron, Inc., | Textron, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 03/15/31 | 64 | 57993 |
|  |  |  | 108153 |
|  **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 240 | 247274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/26/27 | 1000 | 1026334 |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 08/01/26 | 1500 | 1522366 |
|  |  |  | 2795974 |
|  **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% | 12/01/26 | 20 | 19737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276% | 12/01/28 | 25 | 24296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 04/01/28 | 3390 | 3381069 |
|  |  |  | 3425102 |
|  **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** | **Oil & Gas — 1.8%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 3775 | 3461861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/13/28 | 4000 | 4117646 |
|  Antero Resources Corp., | Antero Resources Corp., | Antero Resources Corp., | Antero Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/01/30 | 1250 | 1266949 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 | 179 | 227481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 | 195 | 201716 |
|  BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.749% | 08/10/30 | 10 | 8992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.772% | 11/10/50 | 145 | 89469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.939% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/04/51(a) | 1905 | 1215297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.060% | 06/17/41 | 7 | 5334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.379% | 02/08/61 | 5 | 3270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234% | 11/06/28 | 50 | 50350 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 07/15/30 | 10 | 9404 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A173

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/29 | 1845 | $1892766 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/52 | 340 | 236221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/37 | 12 | 11661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/47 | 1325 | 1215836 |
|  Chevron Corp., | Chevron Corp., | Chevron Corp., | Chevron Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.954% | 05/16/26 | 20 | 19931 |
|  Chevron USA, Inc., | Chevron USA, Inc., | Chevron USA, Inc., | Chevron USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.018% | 08/12/27 | 10 | 9588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 01/15/28 | 10 | 10025 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 | 75 | 77349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 275 | 287974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/31(a) | 25 | 25951 |
|  Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% | 11/15/26 | 10 | 9819 |
|  Coterra Energy Operating Co., | Coterra Energy Operating Co., | Coterra Energy Operating Co., | Coterra Energy Operating Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/29(a) | 10 | 9552 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 1600 | 1552960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 02/15/28 | 155 | 159860 |
|  Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/27 | 15 | 15014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 07/15/41 | 870 | 842589 |
|  Devon OEI Operating LLC, | Devon OEI Operating LLC, | Devon OEI Operating LLC, | Devon OEI Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/27(a) | 20 | 20901 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 12/01/26 | 20 | 19857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/18/54 | 960 | 907964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 3327 | 3587848 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/29/30 | 497 | 503585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 2520 | 2703078 |
|  Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/22/26 | 10 | 9987 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/32 | 525 | 518610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 700 | 701012 |
|  Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.114% | 03/01/46 | 25 | 20942 |
|  Hess Corp., | Hess Corp., | Hess Corp., | Hess Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 04/01/27 | 45 | 45194 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 02/15/41 | 15 | 15513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 08/15/31 | 5 | 5747 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 11/01/33 | 1108 | 1129948 |
|  KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/19/27 | 200 | 200416 |
|  Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 12/15/26 | 50 | 50369 |
|  New Generation Gas Gathering LLC, | New Generation Gas Gathering LLC, | New Generation Gas Gathering LLC, | New Generation Gas Gathering LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.590%(c) | 09/30/29^ | 243 | 239595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.590%(c) | 09/30/29^ | 292 | 287513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.590%(c) | 09/30/29^ | 243 | 239594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.590%(c) | 09/30/29^ | 73 | 71877 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 04/15/27 | 675 | 683518 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | 880 | 1176558 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 01/28/31 | 20 | 19358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/23/29 | 600 | 610500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/38 | 116 | 105676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 2100 | 2093973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% | 01/23/30 | 1270 | 1290193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/21/27 | 678 | 786577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 06/02/29 | 2092 | 2242854 |
|  Phillips 66, | Phillips 66, | Phillips 66, | Phillips 66, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% | 02/15/26 | 4 | 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 12/15/30 | 53 | 47580 |
|  Phillips 66 Co., | Phillips 66 Co., | Phillips 66 Co., | Phillips 66 Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 02/15/45 | 1900 | 1613772 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 01/15/26 | 25 | 24973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 795 | 720289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 01/15/31 | 5 | 4538 |
|  Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 04/06/50 | 10 | 6904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/10/46 | 20 | 16186 |
|  Sunoco LP, | Sunoco LP, | Sunoco LP, | Sunoco LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 08/15/32 | 385 | 395682 |
|  Sunoco LP/Sunoco Finance Corp., | Sunoco LP/Sunoco Finance Corp., | Sunoco LP/Sunoco Finance Corp., | Sunoco LP/Sunoco Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 09/15/28 | 1250 | 1289446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A174

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127% | 05/29/50 | 4 | 2659 |
|  Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 05/15/29 | 295 | 296195 |
|  Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 09/15/27 | 845 | 818624 |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/15/28 | 2000 | 2111679 |
|  |  |  | 44676135 |
|  **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
|  Cameron International Corp., | Cameron International Corp., | Cameron International Corp., | Cameron International Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/15/38 | 450 | 516553 |
|  Halliburton Co., | Halliburton Co., | Halliburton Co., | Halliburton Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920% | 03/01/30 | 6 | 5680 |
|  |  |  | 522233 |
|  **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
|  Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% | 06/19/30 | 55 | 50978 |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 2375 | 2443925 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.570% | 01/15/26 | 90 | 89869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/15/26 | 10 | 10003 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/15/30 | 1445 | 1469330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 500 | 514739 |
|  Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.512% | 04/15/26 | 30 | 29722 |
|  Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/01/28 | 100 | 101661 |
|  Silgan Holdings, Inc., | Silgan Holdings, Inc., | Silgan Holdings, Inc., | Silgan Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% | 04/01/26 | 6233 | 6180356 |
|  |  |  | 10890583 |
|  **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 11/21/26 | 300 | 297833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 11/21/29 | 49 | 47528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/21/39 | 2175 | 1941917 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/14/28 | 50 | $50546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/35 | 2040 | 2010895 |
|  Astrazeneca Finance LLC (United Kingdom), | Astrazeneca Finance LLC (United Kingdom), | Astrazeneca Finance LLC (United Kingdom), | Astrazeneca Finance LLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 05/28/31 | 8 | 7269 |
|  AstraZeneca PLC (United Kingdom), | AstraZeneca PLC (United Kingdom), | AstraZeneca PLC (United Kingdom), | AstraZeneca PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | 04/08/26 | 45 | 44623 |
|  Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/30/28 | 430 | 376160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 250 | 190402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/30/30 | 325 | 227994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/15/31 | 225 | 144281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/15/29 | 875 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/15/28 | 225 | 203625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 225 | 200812 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.957% | 02/11/31 | 20 | 17787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.794% | 05/20/50 | 27 | 20193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.685% | 12/15/44 | 9 | 7968 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 11/13/40 | 10 | 7119 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | 03/10/55 | 1420 | 1489393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 08/21/30 | 210 | 186611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 09/15/31 | 40 | 35146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/15/26 | 12 | 11915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/30 | 110 | 107358 |
|  Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 09/01/40 | 10 | 7075 |
|  Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% | 06/24/30 | 25 | 22377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 06/24/40 | 10 | 7221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 12/10/51 | 15 | 9301 |
|  Mylan, Inc., | Mylan, Inc., | Mylan, Inc., | Mylan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/48 | 890 | 724010 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/31(a) | 600 | 497219 |
|  Pfizer, Inc., | Pfizer, Inc., | Pfizer, Inc., | Pfizer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/15/26 | 20 | 19864 |
|  Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 09/23/26 | 87 | 86459 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.025% | 07/09/40 | 525 | 401192 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A175

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/15/26 | 19 | 18940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/46 | 185 | 152180 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/22/40 | 5 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/22/50 | 1292 | 860801 |
|  Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 08/20/28 | 30 | 29988 |
|  |  |  | 11167839 |
|  **Pipelines — 2.8%** | **Pipelines — 2.8%** | **Pipelines — 2.8%** | **Pipelines — 2.8%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/29 | 900 | 900454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/01/34 | 390 | 392974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/01/32 | 590 | 611861 |
|  Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/15/31 | 1805 | 1706993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 07/15/27 | 60 | 60213 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 4660 | 4988376 |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/32 | 18 | 16563 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/15/29 | 25 | 25687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/28(oo) | 10 | 9961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(oo) | 895 | 916800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/26(oo) | 1365 | 1371868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/30 | 60 | 58408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/15/27 | 120 | 120106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/15/28 | 20 | 20332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/50 | 293 | 245538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/45 | 55 | 48746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/15/47 | 120 | 106751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/01/47 | 60 | 53927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/27 | 50 | 50819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 02/15/42 | 5 | 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 12/15/45 | 90 | 88530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/49 | 3633 | 3599610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/38 | 20 | 20401 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 07/31/29 | 30 | 29096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/31/51 | 145 | 106578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/48 | 45 | 36961 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 03/15/44 | 25 | $22850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 05/15/46 | 2115 | 1915656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 03/01/33 | 10 | 11335 |
|  Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 10/01/31 | 30 | 26594 |
|  Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/01/42 | 5 | 4414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/01/44 | 13 | 12301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 08/15/33 | 10 | 11505 |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 11/15/26 | 30 | 29456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 08/01/50 | 782 | 518060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/15/51 | 1178 | 823047 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 03/01/26 | 85 | 84664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 08/15/30 | 12565 | 11639427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/01/27 | 30 | 30015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 115 | 102807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/49 | 40 | 36777 |
|  NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 08/15/27 | 255 | 256208 |
|  Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 10/16/51 | 5 | 3346 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 10/15/37 | 1250 | 1382253 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 03/15/30 | 75 | 71345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/15/45 | 1000 | 773688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 03/15/29 | 100 | 100333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/15/55 | 2830 | 2838708 |
|  Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 12/15/29 | 20 | 19440 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/33 | 425 | 448486 |
|  Southern Natural Gas Co. LLC, | Southern Natural Gas Co. LLC, | Southern Natural Gas Co. LLC, | Southern Natural Gas Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 03/01/32 | 10 | 11576 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/35 | 860 | 881304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/30/34 | 4934 | 5389687 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/30 | 15 | 15237 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A176

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Tennessee Gas Pipeline Co. LLC, | Tennessee Gas Pipeline Co. LLC, | Tennessee Gas Pipeline Co. LLC, | Tennessee Gas Pipeline Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 03/15/27 | 10 | 10359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/28 | 10 | 10740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | 10 | 9436 |
|  Texas Eastern Transmission LP, | Texas Eastern Transmission LP, | Texas Eastern Transmission LP, | Texas Eastern Transmission LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28(a) | 3540 | 3500199 |
|  Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/30 | 80 | 76636 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 115 | 108020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 80 | 72789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 1450 | 1466526 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | 09/30/29(a)(oo) | 2920 | 2307313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 02/01/29 | 200 | 207547 |
|  Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 12/15/30 | 478 | 486668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/15/34 | 315 | 322469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/15/34 | 169 | 172767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/36 | 315 | 322411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/01/33 | 338 | 365334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 05/01/35 | 551 | 603292 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 5925 | 5804770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/50 | 5 | 4288 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 03/15/31 | 30 | 27405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/15/27 | 25 | 24899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 01/15/45 | 1200 | 1076715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/35 | 8175 | 8493571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 03/15/32 | 10 | 12134 |
|  |  |  | 68539357 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 10/01/30 | 315 | 329479 |
|  **Real Estate Investment Trusts (REITs) — 0.8%** | **Real Estate Investment Trusts (REITs) — 0.8%** | **Real Estate Investment Trusts (REITs) — 0.8%** | **Real Estate Investment Trusts (REITs) — 0.8%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/01/33 | 5 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/18/32 | 5 | 4229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 04/15/26 | 25 | 24968 |
|  American Tower Corp., | American Tower Corp., | American Tower Corp., | American Tower Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% | 04/15/26 | 50 | 49631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 04/15/31 | 90 | 82582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 01/15/28 | 17 | $16839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 02/15/26 | 25 | 25003 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/27 | 35 | 34921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30 | 1145 | 1129144 |
|  Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/15/31 | 35 | 31283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 07/01/30 | 30 | 28445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/27 | 10 | 9983 |
|  Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 01/15/31 | 25 | 21821 |
|  Global Net Lease, Inc., | Global Net Lease, Inc., | Global Net Lease, Inc., | Global Net Lease, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/30/28 | 10 | 9799 |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP, | Global Net Lease, Inc./Global Net Lease Operating Partnership LP, | Global Net Lease, Inc./Global Net Lease Operating Partnership LP, | Global Net Lease, Inc./Global Net Lease Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 12/15/27 | 20 | 19486 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/30 | 50 | 48458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 10 | 9565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/01/28 | 50 | 51307 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 02/01/27 | 15 | 14569 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 12/01/31 | 20 | 17751 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/31 | 925 | 672650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 | 75 | 80142 |
|  Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 02/01/31 | 25 | 22108 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | 03/15/33 | 15 | 12454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 03/15/28 | 15 | 14406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 06/15/28 | 5 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 02/15/32 | 2190 | 1977506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 12/15/32 | 530 | 475559 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/32 | 800 | 829976 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/01/29 | 1275 | 1218529 |
|  Simon Property Group LP, | Simon Property Group LP, | Simon Property Group LP, | Simon Property Group LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 02/01/28 | 50 | 47935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/30/26 | 20 | 19894 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A177

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/28 | 305 | 307455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/15/30 | 1175 | 1225077 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 07/15/31 | 2650 | 2410514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/15/32 | 4361 | 4232936 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 | 2480 | 2507852 |
|  Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 01/15/29 | 15 | 14146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/01/31 | 35 | 32438 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 04/01/33 | 1930 | 1628276 |
|  |  |  | 19368529 |
|  **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/15/30 | 1500 | 1426635 |
|  Alimentation Couche-Tard, Inc. (Canada), | Alimentation Couche-Tard, Inc. (Canada), | Alimentation Couche-Tard, Inc. (Canada), | Alimentation Couche-Tard, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 01/25/50 | 20 | 14900 |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 08/01/31 | 25 | 22091 |
|  Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/31/32 | 175 | 212087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 08/31/32 | 225 | 313306 |
|  Brinker International, Inc., | Brinker International, Inc., | Brinker International, Inc., | Brinker International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 07/15/30 | 775 | 821074 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 | 2025 | 2122586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/31 | 1311 | 1479328 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 | 25 | 24289 |
|  Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 12/06/28 | 10 | 10040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/15/44 | 10 | 9343 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/29 | 950 | 918407 |
|  Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 09/15/28 | 20 | 18851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 10/15/30 | 10 | 8884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 04/05/29 | 30 | 29612 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 04/01/28 | 30 | 29956 |
|  O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 03/15/31 | 2155 | 1887224 |
|  Ross Stores, Inc., | Ross Stores, Inc., | Ross Stores, Inc., | Ross Stores, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 04/15/27 | 2 | 2006 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/32(a) | 350 | 365670 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/01/27 | 1225 | 1225000 |
|  Tractor Supply Co., | Tractor Supply Co., | Tractor Supply Co., | Tractor Supply Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 11/01/30 | 55 | 48749 |
|  Walmart, Inc., | Walmart, Inc., | Walmart, Inc., | Walmart, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/24/29 | 2 | 1897 |
|  |  |  | 10991935 |
|  **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 02/15/31 | 39 | 35657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | 04/15/33 | 1442 | 1335011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/32(h) | 4660 | 4756134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 07/12/29 | 2503 | 2577173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 3006 | 2591032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | 11/15/36 | 110 | 93334 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/25/31 | 1705 | 1760563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/25/32 | 1200 | 1271268 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 02/15/60 | 10 | 5614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/25/30 | 20 | 19600 |
|  Lam Research Corp., | Lam Research Corp., | Lam Research Corp., | Lam Research Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 06/15/30 | 25 | 22751 |
|  NVIDIA Corp., | NVIDIA Corp., | NVIDIA Corp., | NVIDIA Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/15/28 | 30 | 28517 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/11/31 | 65 | 58786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/15/32 | 35 | 31395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 05/01/30 | 40 | 38548 |
|  Texas Instruments, Inc., | Texas Instruments, Inc., | Texas Instruments, Inc., | Texas Instruments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 11/03/27 | 10 | 9899 |
|  |  |  | 14635282 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A178

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Shipbuilding — 0.2%** | **Shipbuilding — 0.2%** | **Shipbuilding — 0.2%** | **Shipbuilding — 0.2%** |
|  Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043% | 08/16/28 | 1300 | $1231371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 05/01/30 | 20 | 19810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.353% | 01/15/30 | 3076 | 3178082 |
|  |  |  | 4429263 |
|  **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 02/01/31 | 855 | 781221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 | 615 | 572020 |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 06/01/27 | 21 | 20443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/29 | 40 | 38795 |
|  Microsoft Corp., | Microsoft Corp., | Microsoft Corp., | Microsoft Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 08/08/26 | 10 | 9923 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 03/25/26 | 80 | 79493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 07/15/26 | 50 | 49560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/01/30 | 100 | 92270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 5 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/47 | 25 | 17162 |
|  Salesforce, Inc., | Salesforce, Inc., | Salesforce, Inc., | Salesforce, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 07/15/28 | 10 | 9473 |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/28/26 | 1860 | 1863085 |
|  |  |  | 3536736 |
|  **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 03/25/26 | 200 | 198965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 02/01/32 | 4525 | 3972659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 06/01/27 | 75 | 73316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 12/01/33 | 347 | 296249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 06/01/31 | 110 | 101045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 5500 | 4321002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/15/55 | 972 | 647700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 12/01/57 | 13 | 8948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/01/27 | 10 | 10023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/35 | 900 | 864481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/09/48 | 10 | 8252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 01/15/28 | 10 | 10551 |
|  Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/30(x) | 132 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/30^(x) | 89 |  |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/01/32(x) | 2710 | 2813332 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/29(x) |  | 3250 | 3589640 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/28 |  | 1025 | 1027780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 |  | 525 | 525733 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 01/15/36 |  | 1115 | 1143636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/15/29 |  | 100 | 98157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 |  | 860 | 880124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 03/31/34 |  | 1710 | 1761686 |
|  Lorca Telecom Bondco SA (Spain), | Lorca Telecom Bondco SA (Spain), | Lorca Telecom Bondco SA (Spain), | Lorca Telecom Bondco SA (Spain), | Lorca Telecom Bondco SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/30/29 | EUR | 2000 | 2439339 |
|  Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 11/15/30 |  | 109 | 98965 |
|  TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/28^(d) | GBP | 482 | 1 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 02/15/26 |  | 45 | 44883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 02/15/31 |  | 10 | 9135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 02/15/29 |  | 10 | 9554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 02/15/51 |  | 5 | 3342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/15/27 |  | 125 | 124599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 |  | 137 | 134656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/40 |  | 435 | 390265 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/18/30 |  | 75 | 66113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% | 03/15/32 |  | 5215 | 4596528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 03/21/31 |  | 54 | 49317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 11/20/40 |  | 298 | 213004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 09/03/41 |  | 10 | 7204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 11/20/50 |  | 105 | 65074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401% | 07/02/37 |  | 633 | 640128 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/31/29 | GBP | 470 | 599484 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/01/31 |  | 260 | 272890 |
|  |  |  |  | 32117773 |
|  **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 09/15/51 |  | 5 | 3454 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A179

------

---

| | | |
|:---|:---|:---|
|  | <br> **PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
|  Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/50 |  | 25 | 18032 |
|  CSX Corp., | CSX Corp., | CSX Corp., | CSX Corp., | CSX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/01/27 |  | 10 | 9917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/01/28 |  | 16 | 15980 |
|  Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.570% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/21/32(a) |  | 480 | 455837 |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/05/34 |  | 76 | 78911 |
|  Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 06/15/26 |  | 14 | 13937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 08/01/28 |  | 54 | 53731 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 |  | 2315 | 2156285 |
|  Union Pacific Corp., | Union Pacific Corp., | Union Pacific Corp., | Union Pacific Corp., | Union Pacific Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.799% | 10/01/51 |  | 9 | 6803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/15/59 |  | 35 | 25975 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/01/31 |  | 850 | 886498 |
|  |  |  |  | 3725360 |
|  **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 06/15/26 |  | 30 | 29641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/01/28 |  | 2475 | 2545868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 08/01/28 |  | 1545 | 1608809 |
|  |  |  |  | 4184318 |
|  **TOTAL CORPORATE BONDS**<br> (cost $783,255,983) | **TOTAL CORPORATE BONDS**<br> (cost $783,255,983) | **TOTAL CORPORATE BONDS**<br> (cost $783,255,983) | **TOTAL CORPORATE BONDS**<br> (cost $783,255,983) | 777525126 |
|  **FLOATING RATE AND OTHER LOANS — 1.0%** | **FLOATING RATE AND OTHER LOANS — 1.0%** | **FLOATING RATE AND OTHER LOANS — 1.0%** | **FLOATING RATE AND OTHER LOANS — 1.0%** | **FLOATING RATE AND OTHER LOANS — 1.0%** |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.466%(c) | 01/28/32 |  | 499 | 500620 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.739%(c) | 11/17/28 |  | 1251 | 1224926 |
|  Term B Loan, 3 Month SOFR + 5.000% | Term B Loan, 3 Month SOFR + 5.000% | Term B Loan, 3 Month SOFR + 5.000% | Term B Loan, 3 Month SOFR + 5.000% | Term B Loan, 3 Month SOFR + 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.880%(c) | 11/17/28 |  | 885 | 868725 |
|  |  |  |  | 2594271 |
|  **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  OCS Group Investments Ltd. (United Kingdom), | OCS Group Investments Ltd. (United Kingdom), | OCS Group Investments Ltd. (United Kingdom), | OCS Group Investments Ltd. (United Kingdom), | OCS Group Investments Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.695%(c) | 11/27/31 | GBP | 625 | 841416 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
|  Clue OpCo LLC, | Clue OpCo LLC, | Clue OpCo LLC, | Clue OpCo LLC, | Clue OpCo LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.338%(c) | 12/19/30 |  | 1311 | $1299201 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Asurion LLC, | Asurion LLC, | Asurion LLC, | Asurion LLC, | Asurion LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | &nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.066%(c) | 08/21/28 |  | 448 | 448259 |
|  Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%(c) | 11/03/32 | EUR | 650 | 768043 |
|  |  |  |  | 1216302 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000%(c) | 01/02/28 |  | 170 | 59001 |
|  **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
|  Doncasters US Finance LLC (United Kingdom), | Doncasters US Finance LLC (United Kingdom), | Doncasters US Finance LLC (United Kingdom), | Doncasters US Finance LLC (United Kingdom), | Doncasters US Finance LLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.172%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/23/30^ |  | 397 | 400474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.172%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/23/30^ |  | 2643 | 2666050 |
|  |  |  |  | 3066524 |
|  **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
|  CDR Firefly Bidco PLC (United Kingdom), | CDR Firefly Bidco PLC (United Kingdom), | CDR Firefly Bidco PLC (United Kingdom), | CDR Firefly Bidco PLC (United Kingdom), | CDR Firefly Bidco PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B-10 Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-10 Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-10 Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-10 Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-10 Loan, SONIA + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.716%(c) | 04/29/29 | GBP | 1100 | 1492012 |
|  EG America LLC (United Kingdom), | EG America LLC (United Kingdom), | EG America LLC (United Kingdom), | EG America LLC (United Kingdom), | EG America LLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 6 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 6 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 6 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 6 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 6 Month EURIBOR + 3.875% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.937%(c) | 02/07/28 | EUR | 3456 | 4078553 |
|  Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.769%(c) | 07/01/31 | EUR | 3425 | 4040999 |
|  The Boots Group (United Kingdom), | The Boots Group (United Kingdom), | The Boots Group (United Kingdom), | The Boots Group (United Kingdom), | The Boots Group (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.474%(c) | 08/31/32 | GBP | 1050 | 1425963 |
|  Wsh Services Holding, Ltd. (United Kingdom), | Wsh Services Holding, Ltd. (United Kingdom), | Wsh Services Holding, Ltd. (United Kingdom), | Wsh Services Holding, Ltd. (United Kingdom), | Wsh Services Holding, Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B-5 Loan, SONIA + 4.533% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-5 Loan, SONIA + 4.533% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-5 Loan, SONIA + 4.533% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-5 Loan, SONIA + 4.533% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B-5 Loan, SONIA + 4.533% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.403%(c) | 05/16/31 | GBP | 175 | 236702 |
|  |  |  |  | 11274229 |
|  **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
|  Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.954%(c) | 07/17/29 | EUR | 4250 | 5018324 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $24,285,426) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $24,285,426) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $24,285,426) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $24,285,426) | 25369268 |
|  **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** | **MUNICIPAL BONDS — 0.5%** |
|  **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
|  Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839% | 01/01/41 |  | 30 | 29570 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A180

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **California — 0.2%** | **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
|  Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series S3 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series S3 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series S3 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series S3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.907% | 10/01/50 | 1125 | $1280706 |
|  State of California, | State of California, | State of California, | State of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 10/01/39 | 1550 | 1810222 |
|  General Obligation Unlimited, Taxable, BABs | General Obligation Unlimited, Taxable, BABs | General Obligation Unlimited, Taxable, BABs | General Obligation Unlimited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 03/01/40 | 725 | 877947 |
|  |  |  | 3968875 |
|  **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** |
|  Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.844% | 11/01/50 | 770 | 776507 |
|  **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
|  Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.395% | 01/01/40 | 1380 | 1532325 |
|  **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
|  Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.652% | 08/15/57 | 20 | 14548 |
|  **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
|  New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102% | 01/01/41 | 1175 | 1371796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414% | 01/01/40 | 2050 | 2474658 |
|  |  |  | 3846454 |
|  **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** |
|  Empire State Development Corp., | Empire State Development Corp., | Empire State Development Corp., | Empire State Development Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.590% | 03/15/35 | 20 | 17116 |
|  Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 159 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 159 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 159 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | 12/01/29 | 25 | 26687 |
|  |  |  | 43803 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% | 06/01/40 | 695 | 695472 |
|  **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% | 12/01/45 | 825 | 820970 |
|  **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
|  Grand Parkway Transportation Corp., | Grand Parkway Transportation Corp., | Grand Parkway Transportation Corp., | Grand Parkway Transportation Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.236% | 10/01/52 | 20 | 13863 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** |
|  Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.922% | 12/31/49 |  | 450 | 359768 |
|  |  |  |  | 373631 |
|  **TOTAL MUNICIPAL BONDS**<br> (cost $10,899,463) | **TOTAL MUNICIPAL BONDS**<br> (cost $10,899,463) | **TOTAL MUNICIPAL BONDS**<br> (cost $10,899,463) | **TOTAL MUNICIPAL BONDS**<br> (cost $10,899,463) | 12102155 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 5.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 5.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 5.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 5.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 5.1%** |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.509%(cc) | 06/25/70 |  | 4803 | 4850423 |
|  Aran Funding DAC (Ireland), | Aran Funding DAC (Ireland), | Aran Funding DAC (Ireland), | Aran Funding DAC (Ireland), | Aran Funding DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.026%(c) | 12/24/65 | EUR | 1767 | 2075892 |
|  ATLX Trust, | ATLX Trust, | ATLX Trust, | ATLX Trust, | ATLX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(cc) | 04/25/63 |  | 3885 | 3794870 |
|  Bayview Financing Trust, | Bayview Financing Trust, | Bayview Financing Trust, | Bayview Financing Trust, | Bayview Financing Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.800%(c) | 07/01/26 |  | 816 | 820216 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 08/25/64 |  | 446 | 397636 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 06/25/64 |  | 1165 | 1158701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.655%(cc) | 10/25/69 |  | 2350 | 2376839 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.530%(cc) | 09/25/47 |  | 200 | 185484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%(cc) | 01/25/64 |  | 6641 | 6265673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%(cc) | 01/25/64 |  | 311 | 234297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 |  | 124 | 77461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 |  | 79 | 44865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 |  | 99 | 48064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 |  | 95 | 37637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.182%(cc) | 01/25/64 |  | 265 | 186721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 |  | 166 | 110596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 01/25/64 |  | 14 | 12825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 01/25/64 |  | 7780 | 778 |
|  COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.601%(cc) | 02/25/70 |  | 2517 | 2543058 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A181

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.124%(c) | 03/25/42 | 260 | $272613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.974%(c) | 06/25/43 | 1400 | 1451860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%(c) | 07/25/44 | 250 | 250860 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.904%(cc) | 04/25/62 | 994 | 956866 |
|  Cross Mortgage Trust, | Cross Mortgage Trust, | Cross Mortgage Trust, | Cross Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.356%(cc) | 03/25/70 | 2583 | 2596931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.509%(cc) | 07/25/70 | 3387 | 3415614 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.324%(c) | 04/25/34 | 282 | 282776 |
|  EFMT, | EFMT, | EFMT, | EFMT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.444%(cc) | 07/25/70 | 2520 | 2542347 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-116, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-116, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-116, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-116, Class ZA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/25/41 | 1271 | 1219862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-34, Class EB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-34, Class EB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-34, Class EB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-34, Class EB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/25/42 | 1575 | 1503390 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.874%(c) | 11/25/50 | 900 | 988669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.524%(c) | 01/25/34 | 91 | 91664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%(c) | 11/25/41 | 100 | 100745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.224%(c) | 09/25/41 | 100 | 101429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.974%(c) | 09/25/41 | 1020 | 1028146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%(c) | 12/25/41 | 900 | 907687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.374%(c) | 01/25/42 | 40 | 40572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/42 | 100 | 102490 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Series 2025-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 0.000%) | Series 2025-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 0.000%) | Series 2025-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 0.000%) | Series 2025-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 0.000%) | Series 2025-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | 01/25/45 |  | 3900 | $3900010 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/15/44 |  | 579 | 533903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4768, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4768, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4768, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4768, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 4768, Class GA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/45 |  | 272 | 268570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4939, Class KT | &nbsp;&nbsp;&nbsp;&nbsp; Series 4939, Class KT | &nbsp;&nbsp;&nbsp;&nbsp; Series 4939, Class KT | &nbsp;&nbsp;&nbsp;&nbsp; Series 4939, Class KT | &nbsp;&nbsp;&nbsp;&nbsp; Series 4939, Class KT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/15/48 |  | 333 | 300384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 07/25/55 |  | 6641 | 6728631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 06/25/55 |  | 4160 | 4214765 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-143, Class WA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-143, Class WA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-143, Class WA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-143, Class WA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-143, Class WA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/20/45 |  | 115 | 112636 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.648%(cc) | 06/25/65 |  | 2488 | 2513115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.137%(cc) | 11/25/65 |  | 2634 | 2640667 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.195%(cc) | 10/25/65 |  | 5627 | 5662672 |
|  Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.003%(c) | 01/24/63 | EUR | 1149 | 1351007 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(cc) | 01/25/61 |  | 6300 | 6308300 |
|  LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.921%(cc) | 07/25/39 |  | 1000 | 1004880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%(cc) | 01/25/40 |  | 3200 | 3220672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%(cc) | 08/25/40 |  | 3400 | 3409845 |
|  Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.059%(c) | 05/26/66 | EUR | 1697 | 1991287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.559%(c) | 05/26/66 | EUR | 4200 | 4897138 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.596%(c) | 01/25/48 |  | 209 | 205068 |
|  NLT Trust, | NLT Trust, | NLT Trust, | NLT Trust, | NLT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.506%(cc) | 02/25/70 |  | 4647 | 4696374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.708%(cc) | 02/25/70 |  | 521 | 526506 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A182

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.860%(cc) | 02/25/70 | 894 | 903606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.399%(cc) | 02/25/70 | 7105 | 51775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.595%(cc) | 02/25/70 | 281 | 280154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.595%(cc) | 02/25/70 | 221 | 215719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.595%(cc) | 02/25/70 | 139 | 127827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.314%(cc) | 02/25/70 | 401 | 406951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.901%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/70^ | 7105 | 120777 |
|  Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/34 | 432 | 436178 |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.453%(cc) | 05/25/65 | 1980 | 1996571 |
|  PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.374%(c) | 05/25/33 | 3406 | 3443095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.215%(c) | 03/29/27 | 2484 | 2507721 |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(cc) | 06/25/64 | 1569 | 1511108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.063%(cc) | 02/25/55 | 3350 | 3356100 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 05/25/54 | 598 | 583890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 2499 | 2457137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 496 | 476595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 293 | 278231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 286 | 268425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 101 | 93961 |
|  PRPM Trust, | PRPM Trust, | PRPM Trust, | PRPM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.688%(cc) | 04/25/70 | 4208 | 4240133 |
|  Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.574%(c) | 11/25/31 | 248 | 250332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.565%(c) | 07/25/33 | 207 | 208178 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.298%(cc) | 02/25/34 |  | 86 | 83058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.759%(cc) | 12/25/34 |  | 623 | 581498 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.129%(cc) | 08/25/70 |  | 3476 | 3489863 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $124,676,317) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $124,676,317) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $124,676,317) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $124,676,317) | 125931870 |
|  **SOVEREIGN BONDS — 1.5%** | **SOVEREIGN BONDS — 1.5%** | **SOVEREIGN BONDS — 1.5%** | **SOVEREIGN BONDS — 1.5%** | **SOVEREIGN BONDS — 1.5%** |
|  Argentine Republic Government International Bond (Argentina), | Argentine Republic Government International Bond (Argentina), | Argentine Republic Government International Bond (Argentina), | Argentine Republic Government International Bond (Argentina), | Argentine Republic Government International Bond (Argentina), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 07/09/30 | EUR | 963 | 936950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%(cc) | 07/09/30 |  | 2376 | 2024454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 07/09/29 |  | 4969 | 4429578 |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 |  | 570 | 518344 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | 02/15/28 |  | 482 | 481539 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/19/28 | EUR | 4100 | 4774955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/32 | EUR | 889 | 1002963 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/22/29 |  | 2648 | 2678452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/19/28 |  | 770 | 789924 |
|  Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/30/32 | EUR | 1705 | 1943765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/22/30 | EUR | 2175 | 2565006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/17/31 | EUR | 3343 | 3958159 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783% | 01/23/31 |  | 10 | 9255 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/16/30 |  | 2480 | 2554598 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/26/29 | EUR | 4701 | 5114854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 03/03/33 | EUR | 582 | 570688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/26/28 |  | 952 | 985836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 03/03/33 | EUR | 351 | 344178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/26/28 |  | 440 | 455638 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $34,064,004) | **TOTAL SOVEREIGN BONDS**<br> (cost $34,064,004) | **TOTAL SOVEREIGN BONDS**<br> (cost $34,064,004) | **TOTAL SOVEREIGN BONDS**<br> (cost $34,064,004) | 36139136 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 19.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 19.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 19.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 19.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 19.1%** |
|  Federal Agricultural Mortgage Corp., MTN | Federal Agricultural Mortgage Corp., MTN | Federal Agricultural Mortgage Corp., MTN | Federal Agricultural Mortgage Corp., MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.440% | 09/25/35 |  | 45 | 34368 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A183

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 03/19/35 | 153 | $123993 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 358 | 276440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 6813 | 5560539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 819 | 668068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 904 | 736657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;05/01/51(k) | 6207 | 5061096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/51 | 1980 | 1607653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/51 | 494 | 401142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/46 | 205 | 178708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/50 | 1330 | 1135065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/50 | 2952 | 2521149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/50 | 3624 | 3095470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/50 | 996 | 862569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/51 | 1344 | 1146730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 2500 | 2135659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 2115 | 1803127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 5155 | 4372741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 2977 | 2533077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 8031 | 6846336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 10302 | 8894710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 1010 | 872571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 507 | 431444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 1873 | 1618955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 2607 | 2250463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 445 | 384283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/45 | 39 | 36645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/48 | 165 | 149436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/49 | 58 | 51797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/51 | 2192 | 1947963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 792 | 704486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 1115 | 989033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 4048 | 3642416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 5827 | 5165728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 974 | 876539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/52 | 473 | 424569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/52 | 863 | 776821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/45 | 118 | 111735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/47 | 458 | 432703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/52 | 1876 | 1741134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/52 | 725 | 673009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/52 | 2403 | 2235958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/52 | 6422 | 5951581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/52 | 1058 | 1009991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/52 | 6769 | 6636004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/33 | 83 | 84066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/34 | 34 | 34708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/52 | 1504 | 1505863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/52 | 5153 | 5160674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/52 | 870 | 872134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/52 | 633 | 633559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/53 | 2195 | 2198018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/54 | 1469 | 1464898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/54 | 2442 | 2435984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/33 | 191 | 196071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/34 | 2 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/52 | 948 | 964726 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/52 | 3062 | $3120556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/54 | 1963 | 1991525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/54 | 8687 | 8809927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/55 | 13131 | 13317634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/55 | 5060 | 5131571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/33 | 21 | 21524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/34 | 26 | 27071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/34 | 53 | 54574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/34 | 29 | 29718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/37 | 15 | 15539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/38 | 16 | 17043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/39 | 19 | 19801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 679 | 699135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 1293 | 1332591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/53 | 754 | 777107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/53 | 748 | 771618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;07/15/32(k) | 170 | 192237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/01/32 | 3 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/01/32 | 9 | 9248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/01/32 | 11 | 11041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/01/32 | 16 | 16641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 8 | 8587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 16 | 16695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 42 | 43859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 545 | 620516 |
|  Federal Home Loan Mortgage Corp., MTN | Federal Home Loan Mortgage Corp., MTN | Federal Home Loan Mortgage Corp., MTN | Federal Home Loan Mortgage Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%(s) | 11/15/38 | 95 | 52383 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 1104 | 851893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 12/01/50 | 707 | 545914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;02/01/51(k) | 15214 | 11742398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 03/01/51 | 338 | 261902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 05/01/51 | 498 | 384820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/50 | 1973 | 1612647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 1104 | 901264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 2261 | 1846102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 5991 | 4882504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 5852 | 4767449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 4903 | 3991301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/51 | 12798 | 10413939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/01/51 | 2819 | 2293316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/51 | 7771 | 6310920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | TBA | 9000 | 7607109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/43 | 72 | 64731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/46 | 267 | 232522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/50 | 541 | 463368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/50 | 172 | 148137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/50 | 2080 | 1779163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/50 | 1182 | 1022877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/50 | 8994 | 7683000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/51 | 2248 | 1916751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 1827 | 1559458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 7188 | 6138814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 816 | 704982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 3888 | 3317099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 2151 | 1834863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 2944 | 2509587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/51 | 3198 | 2725293 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A184

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 6973 | $5940663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 11220 | 9571336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/51 | 488 | 415562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 1218 | 1052147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 543 | 468350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/52 | 745 | 640540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 268 | 247511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/43 | 325 | 300023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/43 | 452 | 417565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 943 | 872180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/47 | 318 | 290125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/48 | 5329 | 4919750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/48 | 694 | 641552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 137 | 122223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/50 | 1100 | 983002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/51 | 447 | 398024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 1259 | 1123097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 11720 | 10423521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/51 | 2395 | 2164210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/51 | 4046 | 3603931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 3314 | 2934308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 777 | 693440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 1529 | 1355284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 1639 | 1452735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/52 | 735 | 653242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/52 | 762 | 685880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/39 | 85 | 81106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/42 | 150 | 143831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/42 | 225 | 214642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/42 | 323 | 308760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/52 | 4844 | 4511549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/52 | 3240 | 3002904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/48 | 9846 | 9602993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/52 | 818 | 778890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/52 | 10432 | 9943497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/40 | 597 | 601285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/49 | 1213 | 1203810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/52 | 6632 | 6501856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/31 | 15 | 14967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/34 | 85 | 85817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/35 | 38 | 38141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/35 | 21 | 21307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/36 | 26 | 27141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/52 | 1864 | 1867239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/52 | 3181 | 3186102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/53 | 6514 | 6551087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/53 | 569 | 573388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/54 | 3490 | 3481556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/55 | 3723 | 3714166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/33 | 2 | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/33 | 4 | 4256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/33 | 5 | 4905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/33 | 11 | 11299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/33 | 14 | 14409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/33 | 2 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/33 | 7 | 6806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/33 | 9 | 9399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/33 | 10 | 10239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/33 | 8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/33 | 9 | 9430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/33 | 10 | 10114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/34 | 8 | 7767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/34 | 9 | 9296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/34 | 13 | 13144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/52 | 10248 | 10460032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/53 | 2493 | 2536631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/54 | 3785 | 3838753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/55 | 16754 | 16992161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/55 | 9068 | 9196680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/33 | 1 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/33 | 118 | 120786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/33 | 6 | 6307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/34 | 30 | 30916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/34 | 16 | 16812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/34 | —(r) | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/34 | —(r) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/35 | 53 | 54384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/36 | 42 | 44038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/36 | 17 | 17552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/38 | 13 | 14213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/52 | 759 | 782420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 2424 | 2504308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/53 | 368 | 379647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.206%(s) | 03/17/31 | 315 | 255345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/01/32 | 33 | 34749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/01/32 | 17 | 17628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/01/32 | 39 | 40435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 16 | 16273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/32 | 46 | 47918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/32 | 27 | 28437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/32 | 44 | 45863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/33 | 43 | 45326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/01/33 | 1 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/37 | 37 | 38752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/30(k) | 830 | 935919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 12/01/31 | 13 | 13182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 05/01/32 | 15 | 15619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/01/32 | 2 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/01/36 | 9 | 9687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 03/01/53 | 217 | 228396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 01/15/30 | 785 | 885787 |
|  Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips | Freddie Mac Coupon Strips |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.919%(s) | 03/15/31 | 105 | 85231 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/20/50 | 2159 | 1789126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/20/50 | 3863 | 3200286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/20/51 | 5748 | 4761910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/20/51 | 246 | 203598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/20/51 | 1207 | 999853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/20/46 | 66 | 58182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/20/50 | 2923 | 2525422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/20/51 | 895 | 772070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/45 | 288 | 260182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/20/46 | 265 | 241435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/20/46 | 285 | 259911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/20/46 | 72 | 65573 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A185

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/20/47 | 336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/20/48 | 224 | 203784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/20/49 | 204 | 186181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/20/49 | 52 | 47400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/20/49 | 225 | 202776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/20/43 | 315 | 298176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/43 | 150 | 141404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/45 | 186 | 173660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/45 | 149 | 139428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/47 | 3040 | 2826060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/20/48 | 80 | 74663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/20/51 | 3577 | 3283866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/20/51 | 9127 | 8379319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/20/52 | 2504 | 2304288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/52 | 2442 | 2250656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/20/52 | 1229 | 1128323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/15/40 | 47 | 45186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/20/46 | 152 | 146247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/46 | 91 | 88097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/20/47 | 120 | 115868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/20/48 | 182 | 174467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/49 | 326 | 312914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/52 | 121 | 115681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/20/52 | 2854 | 2719871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/20/52 | 4679 | 4451011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/20/41 | 142 | 143354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/20/41 | 119 | 119696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/20/44 | 92 | 91391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/20/46 | 101 | 100720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/20/46 | 185 | 184625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/20/47 | 24 | 23449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/52 | 395 | 387855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/20/52 | 1365 | 1339801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/52 | 12454 | 12226204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/15/33 | 38 | 38895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/33 | 59 | 60044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/15/34 | 25 | 26324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/48 | 33 | 33646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/20/52 | 2733 | 2737417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/20/52 | 1106 | 1109474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/33 | 16 | 17081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/33 | 11 | 10841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/33 | 65 | 65237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/33 | 51 | 51196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/15/33 | 16 | 15917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/34 | 81 | 82071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/15/35 | 22 | 22427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/36 | 19 | 19518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/52 | 943 | 960238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/20/52 | 1008 | 1025034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/20/52 | 871 | 886959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/20/52 | 1154 | 1174838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/20/52 | 1041 | 1060756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/32 | 33 | 35043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/15/33 | 16 | 16334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/34 | 4 | 4135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/20/34 | 104 | 109003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/15/34 | 130 | 133451 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/20/52 | 1208 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/20/53 | 956 |  | 981487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/20/53 | 746 |  | 764443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | TBA(tt) | 500 |  | 516836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | TBA | 4500 |  | 4646426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/15/32 | 4 |  | 4187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 1 |  | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 2 |  | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 5 |  | 5285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/32 | 26 |  | 26610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/15/32 | 22 |  | 22783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/15/32 | 52 |  | 54058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/15/32 | 77 |  | 79452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/15/33 | 40 |  | 41651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 08/15/28 | 3 |  | 3495 |
|  Resolution Funding Corp. Interest Strips, Bonds | Resolution Funding Corp. Interest Strips, Bonds | Resolution Funding Corp. Interest Strips, Bonds | Resolution Funding Corp. Interest Strips, Bonds | Resolution Funding Corp. Interest Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.606%(s) | 04/15/30 | 535 |  | 451521 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $469,000,365) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $469,000,365) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $469,000,365) |  | 469391490 |
|  **U.S. TREASURY OBLIGATIONS — 4.5%** | **U.S. TREASURY OBLIGATIONS — 4.5%** | **U.S. TREASURY OBLIGATIONS — 4.5%** | **U.S. TREASURY OBLIGATIONS — 4.5%** | **U.S. TREASURY OBLIGATIONS — 4.5%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/49(h) | 10015 |  | 6444027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 05/15/43 | 815 |  | 633280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/44(k) | 19830 |  | 15358955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42 | 2190 |  | 1829334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 | 12090 |  | 11113355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/44(h) | 35245 |  | 34584156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/43(h) | 4800 |  | 4806750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 08/15/45 | 5110 |  | 5166689 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.344%(s) | 08/15/44 | 2710 |  | 1059197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.364%(s) | 05/15/45 | 3420 |  | 1286707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.377%(s) | 08/15/45 | 1250 |  | 463064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.722%(s) | 05/15/44 | 16895 |  | 6703513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.922%(s) | 05/15/39 | 1445 |  | 772725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.146%(s) | 05/15/43 | 11475 |  | 4832121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.308%(s) | 11/15/45 | 3260 |  | 1190847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%(s) | 08/15/43 | 120 |  | 49724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.366%(s) | 11/15/41 | 4975 |  | 2290524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 | 865 |  | 308119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.652%(s) | 05/15/49 | 2720 |  | 832501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.655%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/42(h)(k) | 23565 |  | 10679085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 | 830 |  | 263930 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $117,696,255) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $117,696,255) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $117,696,255) |  | 110668603 |
|  |  | **Shares** |  |  |
|  **AFFILIATED EXCHANGE-TRADED FUND — 3.4%** | **AFFILIATED EXCHANGE-TRADED FUND — 3.4%** | **AFFILIATED EXCHANGE-TRADED FUND — 3.4%** | **AFFILIATED EXCHANGE-TRADED FUND — 3.4%** | **AFFILIATED EXCHANGE-TRADED FUND — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp;&nbsp;&nbsp; PGIM AAA CLO ETF | 1659595 |  | 85070839 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $85,230,154)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $85,230,154)(wa) |  |  |  |
|  **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | 14880 |  | 297600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A186

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\* | 5622 | $957030 |
|  **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 22907 | 38186 |
|  **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 12213 | 1347827 |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | 65188 | 1165235 |
|  **TOTAL COMMON STOCKS**<br> (cost $808,034) | **TOTAL COMMON STOCKS**<br> (cost $808,034) | 3805878 |
|  **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |
|  **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Capital XIII, 10.470%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40 | 45000 | 1359000 |
|  **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) | 25000 | 561250 |
|  **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 402 | 402000 |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 4217 | 52463 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $2,170,800) | **TOTAL PREFERRED STOCKS**<br> (cost $2,170,800) | 2374713 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units**  |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 42843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $2,387,313,116) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $2,387,313,116) | 2392679726 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
|  **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** |
|  **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wa) | 61422088 | 61422088 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $18,724,493; includes $18,676,401 of cash collateral for securities on<br>loan)(b)(wa) | 18748397 | 18737148 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $80,146,581) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $80,146,581) | 80159236 |

---

---

| | |
|:---|:---|
|  | **Value** |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $414,425) | $190832 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $80,561,006) | 80350068 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—100.5%**<br> (cost $2,467,874,122) | 2473029794 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** |  |
| &nbsp;&nbsp; (premiums received $830,825) | (564893) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—100.5%**<br> (cost $2,467,043,297) | 2472464901 |
|  **Liabilities in excess of other assets(z) — (0.5)%** | (12224114) |
|  **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460240787 |

---

---

| | |
|:---|:---|
| See the Glossary for a list of the abbreviation(s) used in the annual report. | See the Glossary for a list of the abbreviation(s) used in the annual report. |
| \* | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ~ | See tables subsequent to the Schedule of Investments for options detail. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $6,454,521 and 0.3% 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 $18,348,520; cash collateral of $18,676,401 (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. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
| (ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
| (h) | Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (oo) | Perpetual security. Maturity date represents next call date. |
| (r) | Principal or notional amount is less than $500 par. |
| (s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A187

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(tt) All or partial principal amount represents "TBA" mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $500,000 is 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are 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.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original**<br> **Cost** | **Market**<br> **Value** | **Percentage<br>of**<br>**Net Assets** |
|  Diamond Sports Group LLC\* | 01/02/25 | $59978 | $38186 | 0.0% |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  |  | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | 13 | 13 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 9 |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 14780 | 52463 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-01/30/24 | 78452 | 1165235 | 0.1 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25-09/09/25 | 2721875 | 2813332 | 0.1 |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 04/19/24 | 126750 | 288802 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 06/24/20 | 200000 | 193001 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 04/19/24-09/16/25 | 3045219 | 3209584 | 0.1 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/17/23-04/22/25 | 2523494 | 2627537 | 0.1 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 05/13/25-10/10/25 | 3285094 | 3589640 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $12055664 | $13977793 | 0.6% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Unfunded loan commitment outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, 1.500%, Maturity Date 04/01/30 (cost $600,000)^ | 600 | $605250 | $5250 | $— |

---

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 5.500% | TBA | 02/12/26 | $(11500) | $(11650019) |
|  Government National Mortgage Assoc. | 4.000% | TBA | 01/22/26 | (1000) | (944492) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $12,544,961) |  |  |  |  | $(12594511) |

---

#### Options Purchased:

#### OTC Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP<br> Call | BOA | 05/13/26 | 1.30% – |  | 9478 | $8 |
|  2-Year 30 CMS Curve CAP<br> Call | CITI | 05/13/26 | 1.30% – |  | 18955 | 15 |
|  Currency Option EUR vs CZK<br> Call | MSI | 01/08/26 | 26.00 – | EUR | 1281 |  |
|  Currency Option EUR vs CZK<br> Call | CITI | 01/20/26 | 26.00 – | EUR | 1272 | 1 |
|  Currency Option EUR vs PLN<br> Call | JPM | 01/20/26 | 5.00 – | EUR | 645 |  |
|  Currency Option EUR vs TRY<br> Call | BOA | 01/20/26 | 99.00 – | EUR | 5722 | 2463 |
|  Currency Option USD vs MXN<br> Call | CITI | 01/08/26 | 18.31 – |  | 5945 | 2701 |
|  Currency Option USD vs TRY<br> Call | BOA | 01/09/26 | 99.00 – |  | 1932 | 235 |
|  Currency Option USD vs TRY<br> Call | BOA | 01/15/26 | 99.00 – |  | 5190 | 1489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A188

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 99.00 |  |  | 1495 | $920 |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 99.00 |  |  | 1488 | 883 |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 35.00 |  |  | 1491 | 55 |
|  Currency Option USD vs ZAR | Call | CITI | 01/08/26 | 17.07 |  |  | 2973 | 824 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 1935 | 3124 |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3500.00 |  |  | 1484 | 3 |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3300.00 |  |  | 1491 | 9 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 8249 |  |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 2302 |  |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 17.00 |  |  | 5945 | 10 |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 15.50 |  |  | 2973 | 4 |
|  **Total OTC Traded** (cost $99,023) |  |  |  |  |  |  |  | $12744 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 26110 | $160034 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 26110 | 13 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $100.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 1660 | 183 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 01/21/26 | $100.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 2300 | 254 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 3040 | 422 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 4970 | 691 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 65460 | 10834 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BARC | 02/18/26 | 0.90% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 39040 | 5657 |
|  **Total OTC Swaptions** (cost $315,402) | **Total OTC Swaptions** (cost $315,402) | **Total OTC Swaptions** (cost $315,402) |  |  |  |  |  | $178088 |
|  **Total Options Purchased** (cost $414,425) | **Total Options Purchased** (cost $414,425) | **Total Options Purchased** (cost $414,425) |  |  |  |  |  | $190832 |

---

#### Options Written:

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount**<br>**(000)#** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 24.30 – | EUR | 1281 | $(477) |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 24.40 – | EUR | 1272 | (763) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 – | EUR | 645 | (487) |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 52.75 – | EUR | 5722 | (32666) |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 43.65 – |  | 1932 | (4233) |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 43.75 – |  | 5190 | (20388) |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 43.75 – |  | 1495 | (9343) |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 44.50 – |  | 1488 | (7856) |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 30.60 – |  | 1491 | (41539) |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3800.00 – |  | 1484 | (13813) |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3800.00 – |  | 1491 | (16834) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 – |  | 5271 | (20) |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 18.25 – |  | 5945 | (76181) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A189

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Call/**<br>**Put** |<br>**Counterparty** |<br>**Expiration**<br>**Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike**  |<br>**Contracts** | **Notional**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 17.01 |  | 2973 | $(79403) |
|  **Total OTC Traded** (premiums received $341,319) |  |  |  |  |  |  | $(304003) |

---

#### OTC Swaption

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty**  | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | JPM | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 65460 | $(30927) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 26110 | (93032) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 26110 | (60796) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $102.00 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 1660 | (3704) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $102.00 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 2300 | (5131) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 3040 | (9245) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 4970 | (15115) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 57490 | (3383) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 19160 | (992) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BNP | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 20600 | (952) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 65460 | (3026) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BARC | 02/18/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 29040 | (7144) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BARC | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 39040 | (27443) |
|  **Total OTC Swaptions** (premiums received $489,506) | **Total OTC Swaptions** (premiums received $489,506) | **Total OTC Swaptions** (premiums received $489,506) | **Total OTC Swaptions** (premiums received $489,506) | **Total OTC Swaptions** (premiums received $489,506) |  |  |  | $(260890) |
|  **Total Options Written** (premiums received $830,825) | **Total Options Written** (premiums received $830,825) | **Total Options Written** (premiums received $830,825) | **Total Options Written** (premiums received $830,825) | **Total Options Written** (premiums received $830,825) |  |  |  | $(564893) |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 111 | 2 Year U.S. Treasury Notes | Mar. 2026 | $23175586 | $16082 |
| 2427 | 5 Year U.S. Treasury Notes | Mar. 2026 | 265282483 | (536688) |
| 1217 | 10 Year U.S. Treasury Notes | Mar. 2026 | 136836438 | (421478) |
| 894 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 102823973 | (287860) |
| 895 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 103456406 | (567627) |
| 768 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 90624000 | (1230551) |
|  |  |  |  | (3028122) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 47 | 5 Year Euro-Bobl | Mar. 2026 | 6416028 | 46019 |
| 69 | 10 Year Euro-Bund | Mar. 2026 | 10344498 | 141841 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A190

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Futures contracts outstanding at December 31, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Short Positions (cont'd):** | **Short Positions (cont'd):** |  |  |  |
| 9 | Euro Schatz Index | Mar. 2026 | $1129496 | $2001 |
|  |  |  |  | 189861 |
|  |  |  |  | $(2838261) |

---

#### Bond forward contract outstanding at December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Bond**<br> **Forwards** | **Counterparty** | **Settlement<br>Date** | **Notional<br>Amount<br>(000)#** | **Strike<br>Price** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** |  |  |  |  |  |  |  |  |
|  U.S. Treasury Bond | U.S. Treasury Bond | U.S. Treasury Bond | U.S. Treasury Bond | U.S. Treasury Bond | U.S. Treasury Bond | U.S. Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/42 | GSI | 03/12/26 | 12685 | $86.17 | $10930571 |  | $10736030 | $— | $(194541) |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Brazilian Real, | Brazilian Real, | Brazilian Real, | Brazilian Real, | Brazilian Real, | Brazilian Real, | Brazilian Real, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 55142 | $10114403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976060 | $— | $(138343) |
|  Chilean Peso, | Chilean Peso, | Chilean Peso, | Chilean Peso, | Chilean Peso, | Chilean Peso, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 743621 | 816000 | 826699 | 10699 |  |
|  Colombian Peso, | Colombian Peso, | Colombian Peso, | Colombian Peso, | Colombian Peso, | Colombian Peso, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 13088618 | 3346189 | 3376404 | 30215 |  |
|  Czech Koruna, | Czech Koruna, | Czech Koruna, | Czech Koruna, | Czech Koruna, | Czech Koruna, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 31092 | 1495000 | 1512998 | 17998 |  |
|  Euro, | Euro, | Euro, | Euro, | Euro, | Euro, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 9003 | 10594642 | 10591727 |  | (2915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 1273 | 1468800 | 1497589 | 28789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 640 | 752000 | 753053 | 1053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 2849 | 3316801 | 3351701 | 34900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 3461 | 4033828 | 4071463 | 37635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 1239 | 1439787 | 1458146 | 18359 |  |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | HUF | 323309 | 971000 | 987106 | 16106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | HUF | 558439 | 1685000 | 1704990 | 19990 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 380161 | 4195000 | 4199616 | 4616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 229592 | 2533000 | 2536291 | 3291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 182345 | 2005000 | 2014349 | 9349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 966949 | 10634578 | 10681816 | 47238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | INR | 966949 | 10663193 | 10681816 | 18623 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 82116795 | 4905717 | 4908342 | 2625 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 515605 | 3425477 | 3298147 |  | (127330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 218225 | 1450186 | 1395909 |  | (54277) |
|  New Taiwanese Dollar, | New Taiwanese Dollar, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 30832 | 974000 | 980078 | 6078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 68073 | 2185388 | 2163881 |  | (21507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 46794 | 1502000 | 1487476 |  | (14524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 45160 | 1452000 | 1435537 |  | (16463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SCB | TWD | 43026 | 1378000 | 1367698 |  | (10302) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A191

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 7474 | $2215314 | $2217003 | $1689 | $— |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 72335 | 1231000 | 1221815 |  | (9185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SCB | PHP | 87502 | 1479000 | 1478007 |  | (993) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 1703 | 1331000 | 1331959 | 959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 1030 | 803000 | 805267 | 2267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 1070 | 834000 | 836403 | 2403 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 12904 | 751000 | 774937 | 23937 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 5762917 | 3934000 | 4002173 | 68173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 831256 | 565999 | 577281 | 11282 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/12/26 | BOA | TRY | 64711 | 1483000 | 1493908 | 10908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 53127 | 1205620 | 1217063 | 11443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 49332 | 1122459 | 1130130 | 7671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BOA | TRY | 65114 | 1486999 | 1491677 | 4678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | TRY | 49332 | 1121770 | 1130130 | 8360 |  |
|  |  |  |  | $106901150 | $106966645 | 461334 | (395839) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 5597 | $1027000 | $1012516 | $14484 | $— |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 9814 | 13045016 | 13227786 |  | (182770) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 5021159 | 5458256 | 5582127 |  | (123871) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 15911 | 2264333 | 2291523 |  | (27190) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 3523591 | 897000 | 908963 |  | (11963) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 23353 | 1130000 | 1136400 |  | (6400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 106849 | 5130758 | 5199443 |  | (68685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | CZK | 17877 | 868000 | 869908 |  | (1908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SCB | CZK | 21118 | 1023000 | 1027616 |  | (4616) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 63930 | 74306763 | 75208314 |  | (901551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 1393 | 1627068 | 1638254 |  | (11186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 47947 | 56189742 | 56406236 |  | (216494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 47947 | 56031277 | 56406237 |  | (374960) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 540783 | 1646000 | 1651084 |  | (5084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 336027 | 1009000 | 1025936 |  | (16936) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNY | MXN | 19959 | 1087415 | 1099908 |  | (12493) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 3040 | 899000 | 901899 |  | (2899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 2814 | 833742 | 834599 |  | (857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1991 | 588500 | 590551 |  | (2051) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A192

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Polish Zloty, | Polish Zloty, | Polish Zloty, | Polish Zloty, | Polish Zloty, | Polish Zloty, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 8905 | $2441000 | $2480268 | $— | $(39268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 4349 | 1186000 | 1211157 |  | (25157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 8321 | 2268848 | 2317489 |  | (48641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 2796 | 765589 | 778824 |  | (13235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 2654 | 729411 | 739111 |  | (9700) |
|  Singapore Dollar, | Singapore Dollar, | Singapore Dollar, | Singapore Dollar, | Singapore Dollar, | Singapore Dollar, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 34460 | 26782333 | 26944665 |  | (162332) |
|  South African Rand, | South African Rand, | South African Rand, | South African Rand, | South African Rand, | South African Rand, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 25772 | 1533690 | 1547676 |  | (13986) |
|  South Korean Won, | South Korean Won, | South Korean Won, | South Korean Won, | South Korean Won, | South Korean Won, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 1129052 | 771000 | 784093 |  | (13093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 9672759 | 6605000 | 6717442 |  | (112442) |
|  Thai Baht, | Thai Baht, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 107902 | 3425036 | 3444785 |  | (19749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | THB | 37220 | 1185000 | 1188235 |  | (3235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 28703 | 916000 | 916340 |  | (340) |
|  |  |  |  | $273670777 | $276089385 | 14484 | (2433092) |
|  |  |  |  |  |  | $475818 | $(2828931) |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**December 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |  |
|  GS_24-PCA | 08/02/27 | 1.650%(M) | 6050 | \* | $8633 | $(2111) | $10744 | GSI |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |  |
|  Republic of France | 12/20/30 | 0.250%(Q) | 2120 | $(11009) | $(6294) | $(4715) | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) | 3180 | (105789) | (119299) | 13510 | BARC |
|  |  |  |  | $(116798) | $(125593) | $8795 |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**December 31,**<br>**2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) |  | 3090 | 0.348% | $84530 | $76116 | $&nbsp;&nbsp;&nbsp;&nbsp;8414 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000%(Q) |  | 1368 | 0.138% | 11715 | 9516 | 2199 | CITI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR | 2625 | 0.215% | 12268 | 9804 | 2464 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 4705 | 0.284% | 33651 | 31436 | 2215 | GSI |
|  Federative Republic of Brazil | 06/20/26 | 1.000%(Q) |  | 1150 | 0.488% | 3075 | 3201 | (126) | BARC |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A193

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

#### Credit default swap agreements outstanding at December 31, 2025 (continued):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**December 31,**<br>**2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |  |
|  Hellenic Republic | 12/20/26 | 1.000 %(Q) |  | 2432 | 0.072% | $22388 | $21413 | $975 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000 %(Q) |  | 575 | 0.112% | 7534 | 5884 | 1650 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000 %(Q) |  | 430 | 0.132% | 7290 | 5352 | 1938 | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000 %(Q) |  | 2062 | 0.166% | 17109 | 16782 | 327 | MSI |
|  Kingdom of Norway | 12/20/26 | — %(Q) |  | 5780 | 0.047% | (2629) | (2790) | 161 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000 %(Q) |  | 360 | 0.231% | 702 | 594 | 108 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000 %(Q) |  | 360 | 0.238% | 1384 | 1241 | 143 | CITI |
|  Kingdom of Spain | 06/20/26 | 1.000 %(Q) | EUR | 1704 | 0.028% | 9739 | 9053 | 686 | BARC |
|  Kingdom of Spain | 06/20/26 | — %(Q) | EUR | 1600 | 0.028% | (244) | (177) | (67) | BARC |
|  Nomura Holdings, Inc. | 06/20/26 | 1.000 %(Q) |  | 3822 | 0.242% | 14624 | 13423 | 1201 | BARC |
|  Oracle Corp. | 06/20/30 | 1.000 %(Q) |  | 1320 | 1.367% | (19113) | 26871 | (45984) | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100 %(M) |  | 2280 | \* | 10328 |  | 10328 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750 %(M) |  | 1190 | \* | 17125 |  | 17125 | GSI |
|  Republic of France | 06/20/26 | 5.000 %(Q) | EUR | 485 | 1.814% | 9291 | 6590 | 2701 | GSI |
|  Republic of France | 06/20/27 | 0.250 %(Q) |  | 1170 | 0.113% | 2395 | 2100 | 295 | BARC |
|  Republic of France | 12/20/30 | 0.250 %(Q) |  | 2120 | 0.298% | (4516) | (12962) | 8446 | BARC |
|  Republic of France | 06/20/35 | 0.250 %(Q) |  | 860 | 0.590% | (22996) | (28756) | 5760 | BARC |
|  Republic of France | 06/20/35 | 0.250 %(Q) |  | 555 | 0.590% | (14841) | (19182) | 4341 | BARC |
|  Republic of Italy | 12/20/30 | 1.000 %(Q) |  | 3180 | 0.281% | 105789 | 89397 | 16392 | BARC |
|  Republic of Panama | 06/20/26 | 1.000 %(Q) |  | 854 | 0.459% | 2401 | 1994 | 407 | CITI |
|  Republic of Romania | 12/20/26 | 1.000 %(Q) |  | 235 | 0.379% | 1466 | 1121 | 345 | BOA |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000 %(Q) |  | 1818 | 0.115% | 15977 | 15500 | 477 | MSI |
|  Slovak Republic | 12/20/27 | 1.000 %(Q) |  | 840 | 0.155% | 13864 | 13349 | 515 | BARC |
|  Standard Chartered PLC | 12/20/26 | 1.000 %(Q) |  | 1142 | 0.187% | 9243 | 9075 | 168 | MSI |
|  State of Qatar | 12/20/26 | 1.000 %(Q) |  | 1195 | 0.084% | 10865 | 10080 | 785 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250 %(Q) | EUR | 4130 | 0.049% | 4939 | 2987 | 1952 | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000 %(Q) |  | 1245 | 0.135% | 5389 | 4205 | 1184 | GSI |
|  |  |  |  |  |  | $370742 | $323217 | $47525 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>December 31,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 12980 | 0.500% | $290385 | $297521 | $7136 |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap

**SEE NOTES TO FINANCIAL STATEMENTS.**

A194

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. <br>

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#** | **Notional**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Termination**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date**  | **Fixed**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
|  GBP | 3946 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | $(184608) | $157633 | $342241 |
|  GBP | 2920 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 3.726% | 150731 | 206120 | 55389 |
|  GBP | 2100 | 05/08/30 | 1.100%(A) | 1 Day SONIA(1)(A)/ 3.726% | (145549) | 337628 | 483177 |
|  GBP | 230 | 05/08/34 | 1.200%(A) | 1 Day SONIA(1)(A)/ 3.726% | (9088) | 64681 | 73769 |
|  | 51000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.870% | 89188 | 326260 | 237072 |
|  | 71865 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (413121) | (413121) |
|  | 50845 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 3.870% |  | (6705) | (6705) |
|  | 9580 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1772 | (94111) | (95883) |
|  | 22980 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | (493178) | (493178) |
|  | 6285 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.870% | (43526) | (373062) | (329536) |
|  | 6862 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 290779 | 290779 |
|  | 2800 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1278108 | 1379551 | 101443 |
|  | 20455 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 299149 | 814538 | 515389 |
|  | 5565 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.870% | 43136 | 428591 | 385455 |
|  | 17515 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 1034151 | 1034151 |
|  |  |  |  |  | $1479313 | $3659755 | $2180442 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Fair<br>Value** | **Upfront**<br> **Premiums**<br> **Paid(Received)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) | **Counterparty** |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  |  |  |
|  BRL47,424 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(167227) | $— | $(167227) | GSI |
|  BRL47,424 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 156158 |  | 156158 | GSI |
|  |  |  |  | $(11069) | $— | $(11069) |  |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A195

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing<br>Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized**<br>**Appreciation<br>(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |
|  Total Return Benchmark Bond Index(T)†† | 1 Day USOIS<br>-30bps(T)/<br>3.340% | GSI | 04/20/26 | (37360) | $1123735 | $— | $1123735 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+23bps(T)/<br>3.870% | JPM | 01/16/26 | 19625 | 98508 |  | 98508 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+23bps(T)/<br>3.870% | GSI | 01/26/26 | 15820 | 18838 |  | 18838 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+23bps(T)/<br>3.870% | JPM | 01/27/26 | 16055 | 15669 |  | 15669 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+23bps(T)/<br>3.870% | JPM | 02/03/26 | 12265 | 13944 |  | 13944 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+26bps(T)/<br>3.900% | JPM | 05/04/26 | 15220 | (278191) |  | (278191) |
|  |  |  |  |  | $992503 | $— | $992503 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

†† See the table below for the swap constituents. To the extent that any swap is composed of greater than 50 constituents, the Portfolio is only required to disclose the top 50.

The following table represents the individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with GSI, as of December 31, 2025, termination date 04/20/2026:

#### Corporate Bond:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market**<br>**Value** | **% of Total**<br>**Index Value** |
|  J M Smucker Co. (The) | 12160000 | $13288700 | 1.25% |
|  Barclays PLC | 12160000 | 13030010 | 1.22% |
|  QUALCOMM, Inc. | 12160000 | 12902558 | 1.21% |
|  Travelers Cos., Inc. (The) | 12160000 | 12781595 | 1.20% |
|  Cigna Group (The) | 12160000 | 12778255 | 1.20% |
|  Siemens Funding BV | 12160000 | 12740501 | 1.19% |
|  Brookfield Asset Management Ltd. | 12160000 | 12709336 | 1.19% |
|  Brown & Brown, Inc. | 12160000 | 12705572 | 1.19% |
|  HCA, Inc. | 12160000 | 12694207 | 1.19% |
|  United Parcel Service, Inc. | 12160000 | 12687076 | 1.19% |
|  BHP Billiton Finance USA Ltd. | 12160000 | 12683016 | 1.19% |
|  AT&T, Inc. | 12160000 | 12677014 | 1.19% |
|  CVS Health Corp. | 12160000 | 12673878 | 1.19% |
|  Burlington Northern Santa Fe LLC | 12160000 | 12667083 | 1.19% |
|  Rio Tinto Finance USA PLC | 12160000 | 12642179 | 1.18% |
|  NextEra Energy Capital Holdings, Inc. | 12160000 | 12560671 | 1.18% |
|  Merck & Co., Inc. | 12160000 | 12539250 | 1.18% |
|  Eli Lilly & Co. | 12160000 | 12536875 | 1.17% |
|  Athene Global Ltd. | 12160000 | 12514024 | 1.17% |
|  Wynnton Funding Trust II | 12160000 | 12502528 | 1.17% |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. | 12160000 | 12500745 | 1.17% |
|  American Water Capital Corp. | 12160000 | 12496875 | 1.17% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A196

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

#### Corporate Bond (continued):

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market**<br>**Value** | **% of Total**<br>**Index Value** |
|  Kinder Morgan, Inc. | 12160000 | $12441972 | 1.17% |
|  Caterpillar, Inc. | 12160000 | 12380601 | 1.16% |
|  Citigroup, Inc. | 12160000 | 12366875 | 1.16% |
|  NiSource, Inc. | 12160000 | 12334143 | 1.16% |
|  Constellation Energy Generation LLC | 12160000 | 12315675 | 1.15% |
|  HCA, Inc. | 12160000 | 12310930 | 1.15% |
|  Takeda Pharmaceutical Co. Ltd. | 12160000 | 12298652 | 1.15% |
|  UnitedHealth Group, Inc. | 12160000 | 12283802 | 1.15% |
|  IBM Corp. | 12160000 | 12281219 | 1.15% |
|  Synopsys, Inc. | 12160000 | 12275950 | 1.15% |
|  T-Mobile USA, Inc. | 12160000 | 12252002 | 1.15% |
|  Steel Dynamics, Inc. | 12160000 | 12227196 | 1.15% |
|  Bristol-Myers Squibb Co. | 12160000 | 12222799 | 1.15% |
|  Union Pacific Corp. | 12160000 | 12217439 | 1.15% |
|  Targa Resources Corp. | 12160000 | 12211504 | 1.14% |
|  Amgen, Inc. | 12160000 | 12182300 | 1.14% |
|  AEP Texas, Inc. | 12160000 | 12178298 | 1.14% |
|  Comcast Corp. | 12160000 | 12163870 | 1.14% |
|  Elevance Health, Inc. | 12160000 | 12159414 | 1.14% |
|  Raymond James Financial, Inc. | 12160000 | 12156567 | 1.14% |
|  Energy Transfer LP | 12160000 | 12143514 | 1.14% |
|  RWE Finance US LLC | 12160000 | 12139984 | 1.14% |
|  Morgan Stanley | 12160000 | 12135605 | 1.14% |
|  Gilead Sciences, Inc. | 12160000 | 12124133 | 1.14% |
|  Enterprise Products Operating LLC | 12160000 | 12071910 | 1.13% |
|  Virginia Electric and Power Co. | 12160000 | 12070894 | 1.13% |
|  Duke Energy Corp. | 12160000 | 12068077 | 1.13% |
|  Coca-Cola Co. (The) | 12160000 | 12061377 | 1.13% |
|  |  | $621388650 |  |

---

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $387084 | $(191571) | $1544808 | $(496310) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $— | $19001785 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A197

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $33281929 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 356528167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 23957835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards. |  | 4449080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 50275663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 25286074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 441346 | 828961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 3433362 |  |
|  Commercial Mortgage-Backed Securities |  | 245818231 |  |
|  Corporate Bonds |  | 775582666 | 1942460 |
|  Floating Rate and Other Loans |  | 22302744 | 3066524 |
|  Municipal Bonds |  | 12102155 |  |
|  Residential Mortgage-Backed Securities |  | 125811093 | 120777 |
|  Sovereign Bonds |  | 36139136 |  |
|  U.S. Government Agency Obligations |  | 469391490 |  |
|  U.S. Treasury Obligations |  | 110668603 |  |
|  Affiliated Exchange-Traded Fund | 85070839 |  |  |
|  Common Stocks | 1347827 | 2458051 |  |
|  Preferred Stocks | 1920250 |  | 454463 |
|  Warrants |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 80159236 |  |  |
|  Options Purchased |  | 190832 |  |
|  **Total** | $**168498152** | $**2298118457** | $**6413185** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(564893)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Loan Commitment | $— | $— | $5250 |
|  Futures Contracts | 205943 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 475818 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 7136 |  |
|  OTC Credit Default Swap Agreements |  | 407628 | 36086 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 3518865 |  |
|  OTC Interest Rate Swap Agreement |  | 156158 |  |
|  OTC Total Return Swap Agreements |  | 1270694 |  |
|  **Total** | $**205943** | $**5836299** | $**41336** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(12594511) | $— |
|  Futures Contracts | (3044204) |  |  |
|  OTC Bond Forward Contract |  | (194541) |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (2828931) |  |
|  OTC Credit Default Swap Agreements |  | (181137) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (1338423) |  |
|  OTC Interest Rate Swap Agreement |  | (167227) |  |
|  OTC Total Return Swap Agreement |  | (278191) |  |
|  **Total** | $**(3044204)** | $**(17582961)** | $**—** |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, bond forward contracts, forward foreign currency exchange contracts, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A198

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 19.1 |
|  Collateralized Loan Obligations | 14.5 |
|  Commercial Mortgage-Backed Securities | 10 |
|  Banks | 7.9 |
|  Residential Mortgage-Backed Securities | 5.2 |
|  U.S. Treasury Obligations | 4.5 |
|  Affiliated Exchange-Traded Fund | 3.4 |
|  Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan) | 3.3 |
|  Pipelines | 2.8 |
|  Home Equity Loans | 2 |
|  Electric | 2 |
|  Oil & Gas | 1.8 |
|  Telecommunications | 1.5 |
|  Sovereign Bonds | 1.5 |
|  Auto Manufacturers | 1.4 |
|  Automobiles | 1.4 |
|  Healthcare-Services | 1.3 |
|  Other | 1 |
|  Consumer Loans | 1 |
|  Aerospace & Defense | 0.9 |
|  Retail | 0.9 |
|  Agriculture | 0.9 |
|  Media | 0.8 |
|  Real Estate Investment Trusts (REITs) | 0.8 |
|  Foods | 0.8 |
|  Diversified Financial Services | 0.6 |
|  Chemicals | 0.6 |
|  Semiconductors | 0.6 |
|  Insurance | 0.6 |
|  Commercial Services | 0.5 |
|  Municipal Bonds | 0.5 |
|  Pharmaceuticals | 0.5 |
|  Internet | 0.5 |
|  Packaging & Containers | 0.4 |
|  Airlines | 0.4 |
|  Auto Parts & Equipment | 0.4 |
|  Engineering & Construction | 0.3 |
|  Building Materials | 0.3 |
|  Mining | 0.3 |
|  Leisure Time | 0.3 |
|  Lodging | 0.2 |
|  Holding Companies-Diversified | 0.2 |

---

---

| | |
|:---|:---|
|  Entertainment | 0.2 |
|  Credit Cards | 0.2 |
|  Shipbuilding | 0.2 |
|  Trucking & Leasing | 0.2 |
|  Beverages | 0.2 |
|  Transportation | 0.2 |
|  Software | 0.1 |
|  Student Loans | 0.1 |
|  Iron/Steel | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Biotechnology | 0.1 |
|  Metal Fabricate/Hardware | 0.1 |
|  Multi-National | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Healthcare-Products | 0.1 |
|  Housewares | 0.1 |
|  Computers | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Gas | 0.1 |
|  Electrical Components & Equipment | 0.1 |
|  Wireless Telecommunication Services | 0.0 |
|  Gas Utilities | 0.0 |
|  Apparel | 0.0 |
|  Capital Markets | 0.0 |
|  Oil & Gas Services | 0.0 |
|  Electronic Equipment, Instruments & Components | 0.0 |
|  Environmental Control | 0.0 |
|  Real Estate | 0.0 |
|  Home Builders | 0.0 |
|  Home Furnishings | 0.0 |
|  Options Purchased | 0.0 |
|  Miscellaneous Manufacturing | 0.0 |
|  Forest Products & Paper | 0.0 |
|  Interactive Media & Services | 0.0 |
|  Electronics | 0.0 |
|  Machinery-Construction & Mining | 0.0 |
|  | 100.5 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (0.5) |
|  | 100.0 |

---

\* Less than 0.05%

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

**SEE NOTES TO FINANCIAL STATEMENTS.**

A199

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $7136 \* |  | $— |
|  Credit contracts | Premiums paid for OTC swap agreements | 387084 | Premiums received for OTC swap agreements | 191571 |
|  Credit contracts | Unaffiliated investments | 18041 | Options written outstanding, at value | 107062 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 117956 | Unrealized depreciation on OTC swap agreements | 50892 |
|  Foreign exchange contracts | Unaffiliated investments | 12721 | Options written outstanding, at value | 304003 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 475818 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 2828931 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 205943 \* | Due from/to broker-variation margin futures | 3044204 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 3518865 \* | Due from/to broker-variation margin swaps | 1338423 \* |
|  Interest rate contracts | Unaffiliated investments | 160070 | Options written outstanding, at value | 153828 |
|  Interest rate contracts |  |  | Unrealized depreciation on OTC bond forward contracts | 194541 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 1426852 | Unrealized depreciation on OTC swap agreements | 445418 |
|  |  | $6330486 |  | $8658873 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange**<br> **Contracts**  | **Swaps** |
|  Credit contracts | $(528762) | $802675 | $— | $— | $(950203) |
|  Foreign exchange contracts | (466576) | 2332386 |  | (14200351) |  |
|  Interest rate contracts | (2665) | 102135 | 9884717 |  | (3704812) |
|  **Total** | $(998003) | $3237196 | $9884717 | $(14200351) | $(4655015) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Bond<br>Forward<br>Contracts** | **Forward<br>&Cross<br>Currency<br>Exchange**<br> **Contracts**  | **Swaps** |
|  Credit contracts | $(87006) | $177660 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125433 |
|  Foreign exchange contracts | (88002) | (6428) |  |  | (5006291) |  |
|  Interest rate contracts. | (84756) | 105372 | 1074649 | (194541) |  | 5091587 |
|  **Total** | $(259764) | $276604 | $1074649 | $(194541) | $(5006291) | $5217020 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A200

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $273835 |
|  Options Written (2) | 366573210 |
|  Futures Contracts - Long Positions (2) | 662239843 |
|  Futures Contracts - Short Positions (2) | 24580298 |
|  Bond Forward Contracts - Purchased (2) | 5074000 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 99174058 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 278321215 |
|  Cross Currency Exchange Contracts (4) | 1322651 |
|  Credit Default Swap Agreements - Buy Protection (2) | 12620504 |
|  Credit Default Swap Agreements - Sell Protection (2) | 70630130 |
|  Interest Rate Swap Agreements (2) | 383323863 |
|  Total Return Swap Agreements (2) | 105132234 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $18348520 | $(18348520) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $294326 | $(251219) | $43107 | $— | $43107 |
|  BNP | 160047 | (350795) | (190748) |  | (190748) |
|  BNY |  | (195263) | (195263) |  | (195263) |
|  BOA | 39853 | (70380) | (30527) |  | (30527) |
|  CITI | 100484 | (433829) | (333345) | 333345 |  |
|  DB | 44889 | (917272) | (872383) | 872383 |  |
|  GSI | 1523412 | (552581) | 970831 | (360000) | 610831 |
|  HSBC | 45527 | (46939) | (1412) |  | (1412) |
|  JPM | 258428 | (462912) | (204484) |  | (204484) |
|  MSI | 112008 | (357745) | (245737) | 245737 |  |
|  RBC | 945 | (20246) | (19301) |  | (19301) |
|  SCB |  | (15911) | (15911) | 6060 | (9851) |
|  SSB |  | (216494) | (216494) | 216494 |  |
|  UAG | 18623 | (384660) | (366037) | 366037 |  |
|  | $2598542 | $(4276246) | $(1677704) | $1680056 | $2352 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A201

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A202

------

<br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $18,348,520: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,302,497,387) | $2307799719.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $165,376,735) | 165230075.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 36720.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $914,089) | 926678.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 45201782.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 19678565.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 1544808.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 896677.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 475818.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 387084.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 7527.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on unfunded loan commitment | 5250.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 24216.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2542214919.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 43905715.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 18676401.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $12,544,961) | 12594511.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 2828931.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 1225226.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 820598.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $830,825) | 564893.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 496310.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 382383.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC bond forward contracts | 194541.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 191571.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 84562.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 6035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1860.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 81974132.0 |
|  **NET ASSETS** | $2460240787.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2460240787.0 |
|  **Class I:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share, $2,431,632,376 / 153,074,400 outstanding shares of beneficial interest | $15.89 |
|  **Class III:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share, $28,608,411 / 1,821,990 outstanding shares of beneficial interest | $15.7 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $739 foreign withholding tax) | $124789186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 3435221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 197851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $44,574) | 44764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 128467022 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee. | 9648329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 60866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 199655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 131178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 127248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 66542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 49561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $8,820) | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 86856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 10382665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (42090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10340575 |
|  **NET INVESTMENT INCOME (LOSS)** | 118126447 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $1,833) | (15452502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 9884717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (14200351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 3237196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (4655015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1559459) |
|  | (22745414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(162209)) | 84920879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1074649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts | (194541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (5006291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 276604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 5217020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 8110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | 5184 |
|  | 86301614 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 63556200 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $181682647 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $118126447 | $85540645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (22745414) | (34973120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 86301614 | (6258662) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 181682647 | 44308863 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 97943854 | 917574180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in merger | 153342672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (244016946) | (102332586) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | 7269580 | 815241594 |
|  **TOTAL INCREASE (DECREASE)** | 188952227 | 859550457 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2271288560 | 1411738103 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2460240787 | $2271288560 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A203

------

---

| | |
|:---|:---|
|  | <br> **PSF PGIM TOTAL RETURN BOND PORTFOLIO** *(CONTINUED)*<br>|
| <br> **FINANCIAL HIGHLIGHTS**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | | | | | |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $14.74 | $14.31 | $13.33 | $15.66 | $15.78 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.75 | 0.73 | 0.64 | 0.45 | 0.40 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.40 | (0.30) | 0.34 | (2.78) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.15 | 0.43 | 0.98 | (2.33) | (0.12) |
|  Net Asset Value, end of year | $15.89 | $14.74 | $14.31 | $13.33 | $15.66 |
|  **Total Return<sup>(b)</sup>** | 7.80% | 3.00% | 7.27% | (14.81)% | (0.76)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $2432 | $2252 | $1398 | $1085 | $1298 |
|  Average net assets (in millions) | $2388 | $1690 | $1279 | $1155 | $1292 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43% | 0.43% | 0.43% | 0.43% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.43% | 0.43% | 0.43% | 0.43% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.90% | 5.02% | 4.68% | 3.25% | 2.55% |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 96% | 111% | 224% | 182% | 49% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | | | | | **April 26, 2021(f)<br>through** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,**<br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **December 31,**<br>**2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $14.60 | $14.22 | $13.28 | $15.64 | $15.35 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.71 | 0.69 | 0.60 | 0.43 | 0.24 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.39 | (0.31) | 0.34 | (2.79) | 0.05 <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.10 | 0.38 | 0.94 | (2.36) | 0.29 |
|  Net Asset Value, end of period | $15.70 | $14.60 | $14.22 | $13.28 | $15.64 |
|  **Total Return<sup>(b)</sup>** | 7.53% | 2.67% | 7.08% | (15.09)% | 1.89% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $29 | $19 | $13 | $9 | $5 |
|  Average net assets (in millions) | $24 | $16 | $11 | $8 | $2 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.68% | 0.68% | 0.68% | 0.68% | 0.66 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.68% | 0.68% | 0.68% | 0.68% | 0.66 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.64% | 4.76% | 4.43% | 3.08% | 2.24 %<sup>(h)</sup> |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 96% | 111% | 224% | 182% | 49% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(e) The Portfolio accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

(f) Commencement of offering.

(g) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(h) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A204

------

---

| | | |
|:---|:---|:---|
|  | <br> ***PSF SMALL-CAP STOCK INDEX PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 99.1%** | **LONG-TERM INVESTMENTS — 99.1%** | **LONG-TERM INVESTMENTS — 99.1%** |
|  **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** |
|  **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 33681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\*(a) | 45500 | 3321955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc. (Class A Stock) | 24544 | 5977691 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 4657 | 497181 |
|  |  | 12585277 |
|  **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Air Corp.\* | 18051 | 451275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc. (Class A Stock) | 52730 | 2246825 |
|  |  | 2698100 |
|  **Automobile Components — 1.4%** | **Automobile Components — 1.4%** | **Automobile Components — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 68400 | 1311228 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc.\*(a) | 102450 | 656705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc.(a) | 100900 | 2397384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\*(a) | 24131 | 2972698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 36100 | 617671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 26319 | 957222 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCI Industries(a) | 20838 | 2528483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc.(a) | 28745 | 3116820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 33500 | 2100115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 18023 | 664148 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 21952 | 1095624 |
|  |  | 18418098 |
|  **Automobiles — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 24196 | 980422 |
|  **Banks — 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 55452 | 4118420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares<br>Corp.(a) | 123068 | 4344300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 48680 | 4194269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 115950 | 2236675 |
| &nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp.(a) | 17867 | 1894259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancorp, Inc. (The)\* | 37926 | 2560764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 34300 | 2345091 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 64937 | 2894242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 29837 | 1869586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beacon Financial Corp. | 72539 | 1912853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 106681 | 726498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp(a) | 58750 | 2842912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 23834 | 742667 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 12518 | 1492146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc.(a) | 45636 | 2621332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\*(a) | 27446 | 2006852 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 111073 | 2065958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 34990 | 1052849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 24085 | 515901 |
| &nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 34855 | 1944909 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bancorp(a) | 35662 | 1811273 |
| &nbsp;&nbsp;&nbsp;&nbsp; First BanCorp. (Puerto Rico)(a) | 135511 | 2809143 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 90932 | 1533114 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 89174 | 2231133 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 107632 | 2723090 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock)(a) | 77300 | 2674580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp.(a) | 157250 | 3039642 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 26552 | $717701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 29236 | 691431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 37059 | 1257782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 110695 | 1213217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 42785 | 3126728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial Corp.(a) | 22028 | 1256918 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp. (Class A Stock) | 32819 | 1247450 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 45117 | 1873258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 127773 | 1533276 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp (Puerto Rico) | 38256 | 1567731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park National Corp. | 12325 | 1875619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 19503 | 1384713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 9998 | 944111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 114009 | 2251678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp.(a) | 82045 | 2889625 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 33429 | 1315431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida(a) | 83657 | 2628503 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc.(a) | 43371 | 3113604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp. (Class A Stock) | 124949 | 2355289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 24293 | 738264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 39892 | 1234258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 10913 | 791411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc.\*(a) | 19695 | 1233498 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp.(a) | 16430 | 679052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 51933 | 2022790 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc.(a) | 104908 | 3275228 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 68741 | 2201774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 21455 | 1026193 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 47210 | 2607880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110258871 |
|  **Beverages — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 20203 | 644274 |
|  **Biotechnology — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 107750 | 2878002 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\*(a) | 206100 | 3759264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\* | 142550 | 3988549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 73723 | 1756819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 119400 | 7926966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 99369 | 2319272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 87010 | 1338214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\*(a) | 22240 | 5483050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 82794 | 509183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\*(a) | 50500 | 4410670 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\*(a) | 69350 | 5267826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\*(a) | 90500 | 1947560 |
| &nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\*(a) | 117150 | 3492241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\*(a) | 67850 | 2856485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 44036 | 1585736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 84017 | 506623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 62305 | 953890 |
|  |  | 50980350 |
|  **Broadline Retail — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 85600 | 4745664 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A205

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Broadline Retail (cont'd.)** | **Broadline Retail (cont'd.)** | **Broadline Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 97800 | $1996098 |
|  |  | 6741762 |
|  **Building Products — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 12670 | 682913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 18995 | 691608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 37360 | 7139496 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc.(a) | 25921 | 2778213 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc.(a) | 14390 | 4223897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 25483 | 1259879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 33755 | 2486056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 172200 | 2660490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 16743 | 530251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\*(a) | 110637 | 1221432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products<br>Corp.(a) | 39477 | 607156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\*(a) | 118207 | 4151430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions<br>Corp.(a) | 128800 | 5987912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34420733 |
|  **Capital Markets — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 23131 | 1087157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc. (Class A Stock) | 60850 | 2479029 |
| &nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc. (Class A Stock) | 310350 | 2771426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc.(a) | 23650 | 1484747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 22886 | 1068547 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 32070 | 5812687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 64050 | 4402797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 14352 | 4875518 |
| &nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc. (Class A Stock)(a) | 20990 | 3509528 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. (Class A Stock) | 62400 | 4004208 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.\*(a) | 40075 | 3812335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. (Class A Stock)(a) | 41500 | 2618235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock)(a) | 68650 | 2287418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 5533 | 902709 |
| &nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc.(a) | 99198 | 1209224 |
|  |  | 42325565 |
|  **Chemicals — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 28025 | 4297914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp.(a) | 94550 | 3997574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The)(a) | 130650 | 1540364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 98500 | 6287255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc.(a) | 196150 | 4901788 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp.(a) | 107850 | 1495880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc.(a) | 18024 | 2560489 |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. | 46578 | 2769528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 31050 | 1837539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 21619 | 1654718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 17669 | 478477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 26871 | 1637787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.(a) | 11955 | 1641541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 36670 | 3445147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc.\* | 137100 | 6660318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 18829 | 891741 |
|  |  | 46098060 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 52862 | $2236063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brady Corp. (Class A Stock) | 37780 | 2960819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\* | 53990 | 5287780 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 90323 | 1726072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 38734 | 864930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp.\* | 70376 | 1261138 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)\* | 119867 | 1932256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 60839 | 1163242 |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 59447 | 2499152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 50400 | 1407168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 20391 | 618051 |
| &nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 58967 | 1077917 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 91787 | 2733417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc.(a) | 127875 | 1351639 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 12573 | 2425332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. | 96750 | 645322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30190298 |
|  **Communications Equipment — 1.2%** | **Communications Equipment — 1.2%** | **Communications Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 52050 | 2755007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\*(a) | 32048 | 1387358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 114028 | 1898566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 98258 | 971772 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 59587 | 1612424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 115965 | 3996154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\*(a) | 192787 | 3435464 |
|  |  | 16056745 |
|  **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc.(a) | 42323 | 4499781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group,<br>Inc.\*(a) | 44012 | 3765667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc.(a) | 37814 | 4361845 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 13400 | 2927900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp.(a) | 46670 | 5793614 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.(a) | 157250 | 2961017 |
|  |  | 24309824 |
|  **Consumer Finance — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 39430 | 2919003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 19083 | 1037161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 21603 | 3395991 |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc. (Class A Stock)\* | 50532 | 981331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp.(a) | 59850 | 778050 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 33743 | 596914 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 34479 | 1016786 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 2654 | 372595 |
|  |  | 11097831 |
|  **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | 28928 | 1538102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc. (The)\*(a) | 31527 | 1965078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\*(a) | 84700 | 855470 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc.(a) | 21749 | 2667950 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 52286 | 1760469 |
|  |  | 8787069 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A206

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 134475 | $1984851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 127050 | 5263681 |
|  |  | 7248532 |
|  **Distributors — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 221100 | 6677220 |
|  **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 31050 | 3212744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\*(a) | 62252 | 3591318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp. (Class A Stock)(a) | 26557 | 693669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 85106 | 473189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 52506 | 1540001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 20325 | 1630065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.\*(a) | 37180 | 2414097 |
|  |  | 13555083 |
|  **Diversified REITs — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 62805 | 1296295 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 40702 | 770489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 72554 | 480308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc.(a) | 171135 | 5075864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc.(a) | 172210 | 1481006 |
|  |  | 9103962 |
|  **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 41446 | 893575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 90450 | 1572021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 815418 | 6335798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc.\*(a) | 156193 | 1094913 |
|  |  | 9896307 |
|  **Electric Utilities — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 149100 | 1833930 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 31550 | 2474151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp.(a) | 36099 | 2917160 |
|  |  | 7225241 |
|  **Electrical Equipment — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc.(a) | 8120 | 2588494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc.\*(a) | 199250 | 3666200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\*(a) | 19550 | 2142680 |
|  |  | 8397374 |
|  **Electronic Equipment, Instruments & Components — 4.5%** | **Electronic Equipment, Instruments & Components — 4.5%** | **Electronic Equipment, Instruments & Components — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries,<br>Inc.(a) | 32516 | 6807875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlo Technologies, Inc.\*(a) | 90888 | 1271523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 25453 | 4439258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc.(a) | 31015 | 1326201 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Corp. | 25426 | 1090013 |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc. | 22744 | 1994649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 26681 | 2173701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\*(a) | 39480 | 3666113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp.\*(a) | 74949 | 1606157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\*(a) | 214050 | 5013051 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSI Systems, Inc.\*(a) | 13782 | 3515237 |
| &nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 9962 | 575405 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 23302 | $| 3425394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp | 97350 |  | 4956088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.\* | 14455 |  | 1323644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 47128 |  | 7072499 |
| &nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 17831 |  | 696479 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 89192 |  | 6154248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 107800 |  | 1562022 |
|  |  |  | 58669557 |
|  **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 151827 |  | 3950539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 64000 |  | 602880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 21600 |  | 790992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. (Class A Stock)(a) | 59200 |  | 2704256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 40498 |  | 649183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 119325 |  | 748168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 86786 |  | 2489022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 34268 |  | 749441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 71750 |  | 2683450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 141350 |  | 2609321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC(a) | 108350 |  | 3059804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\*(a) | 86448 |  | 2077345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 298073 |  | 1821226 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 75967 |  | 413260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 39750 |  | 2007773 |
|  |  |  | 27356660 |
|  **Entertainment — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 88421 |  | 2054904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp.\* . | 15480 |  | 4003902 |
|  |  |  | 6058806 |
|  **Financial Services — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 25300 |  | 1002892 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 55082 |  | 1602335 |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc.(a) | 108900 |  | 3422727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc. (Class A Stock) . | 58710 |  | 6261421 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.\* | 63550 |  | 2421891 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.\* | 66957 |  | 2731176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 254768 |  | 1431796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 116969 |  | 4209714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc.\* | 14750 |  | 936256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 29325 |  | 1763899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The)(a) | 274550 |  | 2556061 |
|  |  |  | 28340168 |
|  **Food Products — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc.(a) | 39347 |  | 3130841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 28876 |  | 1028852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\*(a) | 41950 |  | 2556014 |
| &nbsp;&nbsp;&nbsp;&nbsp; J & J Snack Foods Corp. | 13592 |  | 1228309 |
| &nbsp;&nbsp;&nbsp;&nbsp; John B. Sanfilippo & Son, Inc. | 7608 |  | 537125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods Co. (The)\* | 79855 |  | 1603488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc.(a) | 16875 |  | 618131 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 38378 |  | 905337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc.\*(a) | 32100 |  | 1025274 |
|  |  |  | 12633371 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A207

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Gas Utilities — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp.(a) | 20327 | $| 2535996 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 176450 |  | 3444304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 35350 |  | 1652259 |
|  |  |  | 7632559 |
|  **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 19366 |  | 1436764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 39284 |  | 354735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc.\*(a) | 107350 |  | 551779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 49966 |  | 568613 |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc.\*(a) | 141419 |  | 1787536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc. (Class B Stock)(a) | 43450 |  | 1152728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc.(a) | 52200 |  | 1566522 |
|  |  |  | 7418677 |
|  **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 36234 |  | 1652633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 41848 |  | 469953 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp.(a) | 27005 |  | 1096403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp.(a) | 50512 |  | 600083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\*(a) | 49350 |  | 1314684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glaukos Corp.\*(a) | 49524 |  | 5591755 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\*(a) | 21320 |  | 3041724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\*(a) | 22660 |  | 2089932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 30253 |  | 2372743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 59150 |  | 734643 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 17983 |  | 1458421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 51150 |  | 4508361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 189600 |  | 1325304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 38750 |  | 1755375 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 59150 |  | 1689324 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\*(a) | 43250 |  | 998642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\*(a) | 59844 |  | 1315371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 38170 |  | 4658267 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\*(a) | 29440 |  | 3581376 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\*(a) | 6730 |  | 1494262 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41749256 |
|  **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\*(a) | 80600 |  | 1143714 |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 93765 |  | 933899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\*(a) | 15851 |  | 1702239 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 33903 |  | 534311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc.\*(a) | 37015 |  | 918342 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\*(a) | 98100 |  | 3673845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 102774 |  | 2022592 |
| &nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp.\* | 26904 |  | 1820594 |
| &nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 10800 |  | 1480572 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 114355 |  | 1344815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 73582 |  | 1573919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\*(a) | 99600 |  | 2361516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 69800 |  | 1792464 |
| &nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc.\*(a) | 59632 |  | 4254743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 93737 |  | 1391995 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc.(a) | 13174 |  | 1028758 |
|  |  |  | 27978318 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care REITs — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc.(a) | 192885 | $| 6974722 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 39658 |  | 1363442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.(a) | 430300 |  | 2151500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | 11000 |  | 431310 |
|  |  |  | 10920974 |
|  **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\*(a) | 105145 |  | 926327 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 20371 |  | 469959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schrodinger, Inc.\*(a) | 48350 |  | 864498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 99650 |  | 3263538 |
|  |  |  | 5524322 |
|  **Hotel & Resort REITs — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc.(a) | 190300 |  | 2255055 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 178904 |  | 1602980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust(a) | 98081 |  | 1110277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties,<br>Inc.(a) | 54370 |  | 5144489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 92399 |  | 449983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 165842 |  | 1482627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 83605 |  | 1182175 |
|  |  |  | 13227586 |
|  **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\*(a) | 18975 |  | 747615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 65918 |  | 406714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 38394 |  | 5510307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 176300 |  | 4123657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The)(a) | 39535 |  | 1995727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc.(a) | 19166 |  | 486816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\*(a) | 23249 |  | 376866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 17596 |  | 478435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 23900 |  | 1378791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 10839 |  | 1037292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc.(a) | 28250 |  | 1087343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 110300 |  | 1626925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions & Hospitality, Inc.\* | 18516 |  | 623619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. (Class A Stock)(a) | 41700 |  | 2583315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp.\* | 343956 |  | 467780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A<br>Stock)\*(a) | 34739 |  | 2819765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\*(a) | 88400 |  | 1356056 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.\*(a) | 23600 |  | 856680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 138050 |  | 1149957 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29113660 |
|  **Household Durables — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\*(a) | 6740 |  | 3981588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc. | 22141 |  | 1314068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc.\*(a) | 48250 |  | 4077125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. (Class A Stock)\*(a) | 24750 |  | 423225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc.(a) | 20623 |  | 471029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\*(a) | 26434 |  | 1656355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc.(a) | 19563 |  | 5074447 |
| &nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 35517 |  | 1323719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 118150 |  | 1299650 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A208

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Household Durables (cont'd.)** | **Household Durables (cont'd.)** | **Household Durables (cont'd.)** | **Household Durables (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 17520 | $| 752659 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 22793 |  | 2916364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 60796 |  | 4000377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 44850 |  | 4902105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc.(a) | 365900 |  | 1361148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 104393 |  | 1833141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 74205 |  | 2335231 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37722231 |
|  **Household Products — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 6816 |  | 219134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co. (Class A Stock)\* | 45052 |  | 1315068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.(a) | 53000 |  | 1054170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 47200 |  | 1081824 |
| &nbsp;&nbsp;&nbsp;&nbsp; WD-40 Co. | 11686 |  | 2300974 |
|  |  |  | 5971170 |
|  **Independent Power & Renewable Electricity Producers — 0.3%** | **Independent Power & Renewable Electricity Producers — 0.3%** | **Independent Power & Renewable Electricity Producers — 0.3%** | **Independent Power & Renewable Electricity Producers — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class A Stock) | 29750 |  | 934745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock)(a) | 72650 |  | 2416339 |
|  |  |  | 3351084 |
|  **Industrial REITs — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc.(a) | 24182 |  | 1145260 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 51087 |  | 2532893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp.(a) | 89300 |  | 5242803 |
|  |  |  | 8920956 |
|  **Insurance — 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 16297 |  | 625968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 38615 |  | 3470330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 19410 |  | 837929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.\* | 344963 |  | 3115016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. (Class A Stock)(a) | 21360 |  | 1573164 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 9374 |  | 1796902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 35511 |  | 1639898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 145700 |  | 6488021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 22785 |  | 2143157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\*(a) | 23129 |  | 3116864 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 45594 |  | 1101551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 12834 |  | 999897 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint Ltd. (Sweden)\* | 90693 |  | 1985270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 24026 |  | 1688067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc.\*(a) | 29265 |  | 1093633 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 19348 |  | 703300 |
|  |  |  | 32378967 |
|  **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 32083 |  | 414833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 70150 |  | 2690253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 49300 |  | 601460 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAC, Inc.\*(a) | 56300 |  | 2201330 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 49176 |  | 706659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shutterstock, Inc | 20791 |  | 397108 |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 101350 |  | 1475656 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Interactive Media & Services (cont'd.)** | **Interactive Media & Services (cont'd.)** | **Interactive Media & Services (cont'd.)** | **Interactive Media & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.\* | 50432 | $| 1532628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 34100 |  | 1198615 |
|  |  |  | 11218542 |
|  **IT Services — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 58850 |  | 2831862 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 150400 |  | 2203360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 56200 |  | 507486 |
|  |  |  | 5542708 |
|  **Leisure Products — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp.(a) | 23650 |  | 1887743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands<br>Corp.\*(a) | 121950 |  | 1423156 |
|  |  |  | 3310899 |
|  **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\*(a) | 35600 |  | 1184056 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 32947 |  | 796658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytek Biosciences, Inc.\* | 96257 |  | 486098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 78400 |  | 1352400 |
|  |  |  | 3819212 |
|  **Machinery — 4.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 9305 |  | 1562030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp.<br>(Class A Stock) | 24769 |  | 1255788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 19565 |  | 847556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 45746 |  | 1749327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc.(a) | 18177 |  | 3892241 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc.(a) | 22298 |  | 4356806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp.(a) | 52503 |  | 5701301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 33035 |  | 3155834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\*(a) | 222450 |  | 4776002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) | 26931 |  | 1258755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 61359 |  | 1946307 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp.(a) | 44880 |  | 6762070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc.(a) | 10170 |  | 2898653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 65655 |  | 1865259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp.(a) | 9382 |  | 1105856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. (Class A Stock) | 135000 |  | 3215700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 20604 |  | 1042356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp.(a) | 10511 |  | 2283830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 15595 |  | 1149352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 44126 |  | 345507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 70553 |  | 1865421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 27100 |  | 1397547 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54433498 |
|  **Marine Transportation — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc.(a) | 26928 |  | 3326954 |
|  **Media — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc.(a) | 3980 |  | 449143 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 118389 |  | 1354370 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. (Class A Stock) | 35400 |  | 1084302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 19669 |  | 582793 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A209

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 139100 | $| 2699931 |
|  |  |  | 6170539 |
|  **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 9320 |  | 1862882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 46318 |  | 1814739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 13861 |  | 1592075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 18088 |  | 2248700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 31033 |  | 532526 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 73126 |  | 526507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 45406 |  | 4003447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 28400 |  | 983208 |
|  |  |  | 13564084 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.9%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.9%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.9%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adamas Trust, Inc. | 73330 |  | 535309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. | 112796 |  | 1091865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.(a) | 167850 |  | 1302516 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc.(a) | 97796 |  | 1730011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc. (Class A Stock)(a) | 137700 |  | 2634201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc.(a) | 84930 |  | 1153349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 71025 |  | 712381 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc.(a) | 47558 |  | 390927 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust(a) | 75156 |  | 943208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc.(a) | 112813 |  | 623856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment Corp.(a) | 89829 |  | 943205 |
|  |  |  | 12060828 |
|  **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 70054 |  | 2699881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 15411 |  | 746509 |
|  |  |  | 3446390 |
|  **Office REITs — 0.7%** | **Office REITs — 0.7%** | **Office REITs — 0.7%** | **Office REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust(a) | 150011 |  | 438032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc.(a) | 144500 |  | 1588055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 37917 |  | 803461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 94900 |  | 2450318 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties | 51111 |  | 869398 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp.(a) | 61343 |  | 2813804 |
|  |  |  | 8963068 |
|  **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 67800 |  | 3031338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\*(a) | 69079 |  | 1601251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 44449 |  | 3934181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co. (Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock)(a) | 207592 |  | 1741697 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc.\*(a) | 26330 |  | 669835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 32012 |  | 779172 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc.(a) | 35300 |  | 1713815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 39250 |  | 1414963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. (Class A Stock)(a) | 158200 |  | 3462998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc.(a) | 84754 |  | 1819668 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 43396 | $| 1524936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 105000 |  | 3118500 |
| &nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 24686 |  | 797852 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 99252 |  | 1856012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\*(a) | 109420 |  | 1205808 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp.(a) | 48470 |  | 1135652 |
|  |  |  | 29807678 |
|  **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 28572 |  | 1375742 |
|  **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co.\*(a) | 11746 |  | 1001582 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\*(a) | 254000 |  | 1155700 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 34876 |  | 3501899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 46521 |  | 669437 |
|  |  |  | 6328618 |
|  **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 40115 |  | 683961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interparfums, Inc.(a) | 15807 |  | 1340908 |
|  |  |  | 2024869 |
|  **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 31208 |  | 835750 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\*(a) | 15480 |  | 1221991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 27469 |  | 1271815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\*(a) | 80992 |  | 2818522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 34029 |  | 1273365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indivior PLC (United Kingdom)\* | 107850 |  | 3869658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 61356 |  | 1226506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\*(a) | 16921 |  | 3199253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 224450 |  | 1609307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 37118 |  | 960614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC(a) | 118850 |  | 1654392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. (Class A Stock) | 17550 |  | 655668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\*(a). | 41530 |  | 2561986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 49500 |  | 2460150 |
|  |  |  | 25618977 |
|  **Professional Services — 1.4%** | **Professional Services — 1.4%** | **Professional Services — 1.4%** | **Professional Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 132400 |  | 3839600 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc.(a) | 23631 |  | 1812261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 30900 |  | 1196448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 45182 |  | 2982916 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 40400 |  | 1201092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 86350 |  | 2345266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc.\*(a) | 112850 |  | 2236687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 137763 |  | 3087269 |
|  |  |  | 18701539 |
|  **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 199957 |  | 3237304 |
| &nbsp;&nbsp;&nbsp;&nbsp; eXp World Holdings, Inc.(a) | 77650 |  | 702733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 105317 |  | 1018415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 21580 |  | 588918 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A210

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Joe Co. (The) | 34237 | $| 2032651 |
|  |  |  | 7580021 |
|  **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 14293 |  | 953629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 78459 |  | 1365187 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 18645 |  | 561214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 70129 |  | 1043520 |
|  |  |  | 3923550 |
|  **Retail REITs — 1.5%** | **Retail REITs — 1.5%** | **Retail REITs — 1.5%** | **Retail REITs — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 113076 |  | 2322581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp.(a) | 83572 |  | 1939706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 45111 |  | 1234688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The)(a) | 221200 |  | 4083352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 108450 |  | 3857567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc.(a) | 10878 |  | 342983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 99398 |  | 3316911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 109816 |  | 2107369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 40587 |  | 563754 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19768911 |
|  **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc. (Class A Stock)\*(a) | 45450 |  | 1793003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 21745 |  | 430768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\*(a) | 26650 |  | 2141061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 40752 |  | 948299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 40350 |  | 1990869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\*(a) | 112900 |  | 3618445 |
| &nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 66543 |  | 3711769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 29401 |  | 541860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc.\*(a) | 23140 |  | 4026591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. (Singapore) | 45484 |  | 2072251 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc.\* | 69905 |  | 1218444 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 28218 |  | 805060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 41630 |  | 814283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 50921 |  | 1629472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc.(a) | 47800 |  | 1698812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 72800 |  | 6152328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 74796 |  | 5511717 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\*(a) | 18860 |  | 6661163 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc.\* | 51700 |  | 1491545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 39550 |  | 1001802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\*(a) | 52499 |  | 1500421 |
|  |  |  | 49759963 |
|  **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc.(a) | 62296 |  | 1102016 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\*(a) | 89100 |  | 4259871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 94459 |  | 1629418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc.\*(a) | 21893 |  | 2601764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 43039 |  | 2195850 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc.\* | 43150 |  | 2385764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Box, Inc. (Class A Stock)\*(a) | 125050 |  | 3740245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleanspark, Inc.\*(a) | 242750 |  | 2456630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc. (Class A Stock) | 76550 |  | 2685374 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc.(a) | 22285 | $| 7095098 |
| &nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 54944 |  | 1613705 |
| &nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc.\*(a) | 326650 |  | 2933317 |
| &nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc.\* | 64288 |  | 480874 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.\*(a) | 120650 |  | 1230630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp.\*(a) | 37212 |  | 1598628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 53900 |  | 3889424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc. (Class A Stock)\* | 105950 |  | 824291 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 32743 |  | 2918384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 80500 |  | 2450420 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48091703 |
|  **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 89625 |  | 2066753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc. | 133150 |  | 3977190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 125604 |  | 3027056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 39633 |  | 542576 |
|  |  |  | 9613575 |
|  **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc.(a) | 57410 |  | 2868204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.(a) | 51800 |  | 2035740 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 136029 |  | 3587085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\*(a) | 16786 |  | 3903249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\*(a) | 26387 |  | 4656514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckle, Inc. (The)(a) | 26227 |  | 1401046 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 126800 |  | 4899552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 10679 |  | 4200051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guess?, Inc. | 25075 |  | 420006 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 17009 |  | 412128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc. | 25855 |  | 518134 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 68358 |  | 1765004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\*(a) | 86361 |  | 1231508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd.(a) | 35530 |  | 2944726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. (Class A Stock)(a) | 12836 |  | 794035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 45499 |  | 798962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\*(a) | 46455 |  | 3496203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 69700 |  | 3775649 |
|  |  |  | 43707796 |
|  **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 41902 |  | 248898 |
|  **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 32100 |  | 1041003 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | 32906 |  | 952958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc.(a) | 44030 |  | 2689793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc.(a) | 11980 |  | 409716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd.(a) | 62747 |  | 2612785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class A Stock)\*(a) | 163100 |  | 810607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class C Stock)\*(a) | 102200 |  | 490560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc.(a) | 70904 |  | 1286907 |
|  |  |  | 10294329 |
|  **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 21490 |  | 1133597 |
|  **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp. | 90700 |  | 5825661 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A211

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co.(a) | 32234 | $| 2372422 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 158783 |  | 2103875 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 11092 |  | 1217791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. (Class A Stock)(a) | 52150 |  | 2812971 |
|  |  |  | 14332720 |
|  **Water Utilities — 0.5%** | **Water Utilities — 0.5%** | **Water Utilities — 0.5%** | **Water Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 33402 |  | 2420977 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group(a) | 51377 |  | 2226165 |
| &nbsp;&nbsp;&nbsp;&nbsp; H2O America | 28635 |  | 1402829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 15557 |  | 784384 |
|  |  |  | 6834355 |
|  **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 65144 |  | 303571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 39338 |  | 454747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc.(a) | 84860 |  | 3479260 |
|  |  |  | 4237578 |
|  **TOTAL COMMON STOCKS**<br> (cost $923,314,638) |  |  | 1272906461 |
|  **UNAFFILIATED EXCHANGE-TRADED FUND — 1.9%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 1.9%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 1.9%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P Small-Cap ETF | 210000 |  | 25237800 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $24,094,067) |  |  |  |
|  **TOTAL LONG-TERM INVESTMENTS—99.1%**<br> (cost $947,408,705) | **TOTAL LONG-TERM INVESTMENTS—99.1%**<br> (cost $947,408,705) |  | 1298144261 |
|  **SHORT-TERM INVESTMENTS — 31.4%** | **SHORT-TERM INVESTMENTS — 31.4%** | **SHORT-TERM INVESTMENTS — 31.4%** | **SHORT-TERM INVESTMENTS — 31.4%** |
|  **AFFILIATED MUTUAL FUNDS — 31.3%** | **AFFILIATED MUTUAL FUNDS — 31.3%** | **AFFILIATED MUTUAL FUNDS — 31.3%** | **AFFILIATED MUTUAL FUNDS — 31.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield<br>3.896%)(wb) | 10000247 |  | 10000247 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $399,800,108; includes $398,368,376 of cash collateral for securities on loan)(b)(wb) | 400268989 |  | 400028828 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $409,800,355) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $409,800,355) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410029075 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | 03/05/26 | 1200 | $1192704 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,192,404) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,192,404) |  |  |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $410,992,759) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $410,992,759) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $410,992,759) | 411221779 |
|  **TOTAL INVESTMENTS—130.5%**<br> (cost $1,358,401,464) | **TOTAL INVESTMENTS—130.5%**<br> (cost $1,358,401,464) | **TOTAL INVESTMENTS—130.5%**<br> (cost $1,358,401,464) | 1709366040 |
|  **Liabilities in excess of other assets(z) — (30.5)%** | **Liabilities in excess of other assets(z) — (30.5)%** | **Liabilities in excess of other assets(z) — (30.5)%** | (399026366) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310339674 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $382,554,090; cash collateral of $398,368,376 (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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of**<br>**Contracts** | **Type** | **Expiration**<br>**Date** | **Current**<br>**Notional**<br>**Amount** | **Value /**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | Russell 2000 E-Mini Index | Mar. 2026 | $10616500 | $(237171) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A212

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  UBS | $– | $1192704 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $12585277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 2698100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 18418098 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 980422 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 110258871 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 644274 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 50980350 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 6741762 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 34420733 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 42325565 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 46098060 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 30190298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 16056745 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 24309824 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 11097831 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 8787069 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 7248532 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 6677220 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 13555083 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 9103962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 9896307 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 7225241 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 8397374 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 58669557 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 27356660 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 6058806 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 28340168 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 12633371 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 7632559 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 7418677 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 41749256 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 27978318 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 10920974 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 5524322 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 13227586 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 29113660 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 37722231 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 5971170 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 3351084 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A213

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | $8920956 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 32378967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 11218542 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 5542708 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 3310899 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 3819212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 54433498 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 3326954 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 6170539 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 13564084 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 12060828 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 3446390 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 8963068 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 29807678 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 1375742 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 6328618 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 2024869 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 25618977 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 18701539 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 7580021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 3923550 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 19768911 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 49759963 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 48091703 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 9613575 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 43707796 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 248898 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 10294329 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 1133597 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 14332720 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 6834355 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 4237578 |  |  |
|  Unaffiliated Exchange-Traded Fund | 25237800 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 410029075 |  |  |
|  U.S. Treasury Obligation |  | 1192704 | <u>—</u> |
|  **Total** | $**1708173336** | $**1192704** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(237171)** | $**—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (30.4% represents investments purchased with collateral from securities on loan) | 31.3 |
|  Banks | 8.4 |
|  Electronic Equipment, Instruments & Components | 4.5 |
|  Machinery | 4.2 |
|  Biotechnology | 3.9 |

---

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 3.8 |
|  Software | 3.7 |
|  Chemicals | 3.5 |
|  Specialty Retail | 3.3 |
|  Capital Markets | 3.2 |
|  Health Care Equipment & Supplies | 3.2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A214

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Household Durables | 2.9 |
|  Building Products | 2.6 |
|  Insurance | 2.5 |
|  Commercial Services & Supplies | 2.3 |
|  Oil, Gas & Consumable Fuels | 2.3 |
|  Hotels, Restaurants & Leisure | 2.2 |
|  Financial Services | 2.2 |
|  Health Care Providers & Services | 2.1 |
|  Energy Equipment & Services | 2.1 |
|  Pharmaceuticals | 2 |
|  Unaffiliated Exchange-Traded Fund | 1.9 |
|  Construction & Engineering | 1.9 |
|  Retail REITs | 1.5 |
|  Professional Services | 1.4 |
|  Automobile Components | 1.4 |
|  Communications Equipment | 1.2 |
|  Trading Companies & Distributors | 1.1 |
|  Metals & Mining | 1 |
|  Diversified Consumer Services | 1 |
|  Hotel & Resort REITs | 1 |
|  Food Products | 1 |
|  Aerospace & Defense | 1 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.9 |
|  Interactive Media & Services | 0.9 |
|  Consumer Finance | 0.8 |
|  Health Care REITs | 0.8 |
|  Textiles, Apparel & Luxury Goods | 0.8 |
|  Diversified Telecommunication Services | 0.8 |
|  Specialized REITs | 0.7 |
|  Diversified REITs | 0.7 |
|  Office REITs | 0.7 |
|  Industrial REITs | 0.7 |
|  Consumer Staples Distribution & Retail | 0.7 |
|  Electrical Equipment | 0.6 |
|  Gas Utilities | 0.6 |

---

---

| | |
|:---|:---|
|  Real Estate Management & Development | 0.6% |
|  Ground Transportation | 0.6 |
|  Containers & Packaging | 0.5 |
|  Electric Utilities | 0.5 |
|  Water Utilities | 0.5 |
|  Broadline Retail | 0.5 |
|  Distributors | 0.5 |
|  Passenger Airlines | 0.5 |
|  Media | 0.5 |
|  Entertainment | 0.5 |
|  Household Products | 0.5 |
|  IT Services | 0.4 |
|  Health Care Technology | 0.4 |
|  Wireless Telecommunication Services | 0.3 |
|  Residential REITs | 0.3 |
|  Life Sciences Tools & Services | 0.3 |
|  Multi-Utilities | 0.3 |
|  Independent Power & Renewable Electricity Producers | 0.3 |
|  Marine Transportation | 0.2 |
|  Leisure Products | 0.2 |
|  Air Freight & Logistics | 0.2 |
|  Personal Care Products | 0.2 |
|  Paper & Forest Products | 0.1 |
|  U.S. Treasury Obligation | 0.1 |
|  Tobacco | 0.1 |
|  Automobiles | 0.1 |
|  Beverages | 0.0 \* |
|  Technology Hardware, Storage & Peripherals | 0.0 \* |
|  | 130.5 |
|  Liabilities in excess of other assets | (30.5) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging**<br> **instruments, carried at fair value**  | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Location**  | **Fair**<br> **Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Location**  | **Fair**<br>**Value** |
|  Equity contracts |  | $— | Due from/to broker-variation margin futures | $237171 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A215

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO (**CONTINUED**)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Equity contracts | $1009566 |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Equity contracts | $(38574) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $6790424 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $382554090 | $(382554090) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A216

------

<br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $382,554,090: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $948,601,109) | $1299336965.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $409,800,355) | 410029075.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1525130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 239542.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 7795.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 11987.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1711150494.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 398368376.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1682475.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 396617.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 164782.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 102582.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 83725.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 7156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 3382.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 400810820.0 |
|  **NET ASSETS** | $1310339674.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $1310339674.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $1,294,684,972 / 19,358,944 outstanding shares of beneficial interest | $66.88 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $15,654,702 / 236,831 outstanding shares of beneficial interest | $66.1 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income<br>(net of $21,932 foreign withholding tax) | $17236956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $512,724) | 532686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 240231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 34821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18044694 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 4322190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 34699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 141816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 108235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 46755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 40773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 29230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,630) | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 45489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4781617 |
|  **NET INVESTMENT INCOME (LOSS)** | 13263077 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $8,385) | 96223224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1009566 |
|  | 97232790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $9,253) | (37427061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (38574) |
|  | (37465635) |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 59767155 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $73030232 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $13263077 | $14833952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 97232790 | 71791445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (37465635) | 12546463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 73030232 | 99171860 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 62341001 | 42062884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (95787613) | (98991223) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (33446612) | (56928339) |
|  **TOTAL INCREASE (DECREASE)** | 39583620 | 42243521 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1270756054 | 1228512533 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1310339674 | $1270756054 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A217

------

<br> **PSF SMALL-CAP STOCK INDEX PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $63.28 | $58.40 | $50.46 | $60.34 | $47.76 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.67 | 0.73 | 0.75 | 0.59 | 0.51 |
|  Net realized and unrealized gain (loss) on investment transactions | 2.93 | 4.15 | 7.19 | (10.47) | 12.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.60 | 4.88 | 7.94 | (9.88) | 12.58 |
|  Net Asset Value, end of year | $66.88 | $63.28 | $58.40 | $50.46 | $60.34 |
|  **Total Return<sup>(b)</sup>** | 5.69% | 8.36% | 15.74% | (16.37)% | 26.34% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $1295 | $1258 | $1217 | $806 | $1024 |
|  Average net assets (in millions) | $1221 | $1225 | $979 | $870 | $1002 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.08% | 1.20% | 1.43% | 1.11% | 0.89% |
|  Portfolio turnover rate<sup>(d)</sup> | 28% | 23% | 31% | 17% | 18% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021(e)**<br> **through**<br> **December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $62.70 | $58.01 | $50.25 | $60.24 | $57.73 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.51 | 0.57 | 0.61 | 0.47 | 0.31 |
| Net realized and unrealized gain (loss) on investment transactions | 2.89 | 4.12 | 7.15 | (10.46) | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.40 | 4.69 | 7.76 | (9.99) | 2.51 |
|  Net Asset Value, end of period | $66.10 | $62.70 | $58.01 | $50.25 | $60.24 |
|  **Total Return<sup>(b)</sup>** | 5.42% | 8.08% | 15.44% | (16.58)% | 4.35% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $16 | $13 | $11 | $9 | $6 |
|  Average net assets (in millions) | $14 | $12 | $10 | $8 | $3 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.63% | 0.63% | 0.63% | 0.63% | 0.62 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.63% | 0.63% | 0.63% | 0.63% | 0.62 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.83% | 0.95% | 1.18% | 0.90% | 0.76 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 28% | 23% | 31% | 17% | 18% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(e) Commencement of offering.

(f) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A218

------

---

| | | |
|:---|:---|:---|
|  | <br> ***PSF STOCK INDEX PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 97.7%** | **LONG-TERM INVESTMENTS — 97.7%** | **LONG-TERM INVESTMENTS — 97.7%** |
|  **COMMON STOCKS — 96.2%** | **COMMON STOCKS — 96.2%** | **COMMON STOCKS — 96.2%** |
|  **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 13280 | $7542110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 132536 | 28776216 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 42660 | 14361916 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 178555 | 55000297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 68192 | 13980724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 6600 | 2244462 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 31580 | 9270941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 34468 | 16671138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 22706 | 12947188 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 226648 | 41567243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 30750 | 2680477 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 9520 | 12660172 |
|  |  | 217702884 |
|  **Air Freight & Logistics — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 19900 | 3199124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 22700 | 3382527 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 36740 | 10612716 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 125000 | 12398750 |
|  |  | 29593117 |
|  **Automobile Components — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 37100 | 2822939 |
|  **Automobiles — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 662059 | 8686214 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 157900 | 12840428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 475650 | 213909318 |
|  |  | 235435960 |
|  **Banks — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 1135732 | 62465260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 302922 | 35347968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 73900 | 4316499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp(a) | 112049 | 5245014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc.(a) | 263375 | 4569556 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 460895 | 148509587 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 157800 | 3256992 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 25661 | 5170178 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 66643 | 13910394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 151112 | 4095135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 218326 | 10743823 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 264581 | 14118042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 531376 | 49524243 |
|  |  | 361272691 |
|  **Beverages — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. (Class B Stock)(a) | 31125 | 811118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 655450 | 45822509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. (Class A Stock)(a) | 24100 | 3324836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 231400 | 6481514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock)(a) | 29800 | 1391064 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Beverages (cont'd.)** | **Beverages (cont'd.)** | **Beverages (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 119590 | $9168965 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 231844 | 33274251 |
|  |  | 100274257 |
|  **Biotechnology — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 299189 | 68361695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 91094 | 29815977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 24655 | 4339033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 210100 | 25787674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 27070 | 2673704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\*(a) | 57400 | 1692726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 17050 | 13160384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 42900 | 19449144 |
|  |  | 165280337 |
|  **Broadline Retail — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 1646900 | 380137458 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 77400 | 6741540 |
|  |  | 386878998 |
|  **Building Products — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp.(a) | 20300 | 1357664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 14733 | 2345788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\*(a) | 18900 | 1944621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 135867 | 7179212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 103415 | 12383946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc.(a) | 5420 | 2631844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 35430 | 2248388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 37200 | 14478240 |
|  |  | 44569703 |
|  **Capital Markets — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 15930 | 7811116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock) | 34800 | 5624724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 118049 | 13704308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 24390 | 26105593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 124800 | 19236672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 17700 | 4442700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 282700 | 28244557 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 61460 | 16783497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (Class A Stock)\*(a) | 38300 | 8661162 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 6000 | 1741140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 52300 | 1249447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 50770 | 44626830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. (Class A Stock) | 75400 | 4848974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 96490 | 15627520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 76300 | 2004401 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 116100 | 14800428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 25790 | 13174822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 204478 | 36300979 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 12710 | 7292108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 76700 | 7449871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 32300 | 4411857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 30050 | 4825730 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A219

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 133100 | $| 15053610 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 52466 |  | 27418207 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 47275 |  | 6098948 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc.(a) | 37700 |  | 3859726 |
|  |  |  | 341398927 |
|  **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 37650 |  | 9300303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 19900 |  | 2814656 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 27600 |  | 2134584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 114956 |  | 7705501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc.(a) | 118822 |  | 2778058 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 70756 |  | 2844391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 42900 |  | 11262108 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 43340 |  | 2920683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 79000 |  | 33684810 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock)(a) | 44100 |  | 1909530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 54000 |  | 1300860 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc.(a) | 38700 |  | 3965202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 39000 |  | 12637170 |
|  |  |  | 95257856 |
|  **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 58100 |  | 10926867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 150600 |  | 5895990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 34035 |  | 7213038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 49725 |  | 2984495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 41966 |  | 4187367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 61930 |  | 13606640 |
|  |  |  | 44814397 |
|  **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 174500 |  | 22864735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 667175 |  | 51392490 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 9750 |  | 2488785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 28127 |  | 10781642 |
|  |  |  | 87527652 |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 5960 |  | 5562409 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 7580 |  | 4637368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 24900 |  | 10509294 |
|  |  |  | 20709071 |
|  **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 113400 |  | 14152320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 10200 |  | 6351132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 22300 |  | 6360406 |
|  |  |  | 26863858 |
|  **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 90950 |  | 33646952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 107592 |  | 26075997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial(a) | 60930 |  | 5083390 |
|  |  |  | 64806339 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** | **Consumer Staples Distribution & Retail — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 75112 | $64772082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 37300 | 4952321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 32847 | 4040510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 103000 | 6435440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 80800 | 5954152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 76868 | 7513847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 742200 | 82688502 |
|  |  | 176356854 |
|  **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC(a) | 390400 | 3255936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 13200 | 2400816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 47300 | 2505481 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co.(a) | 89167 | 3512288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 15100 | 3114073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC(a) | 88361 | 3416920 |
|  |  | 18205514 |
|  **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co.(a) | 23625 | 2904930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp.(a) | 5520 | 1262700 |
|  |  | 4167630 |
|  **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 1200171 | 29812248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 714088 | 29084804 |
|  |  | 58897052 |
|  **Electric Utilities — 1.4%** | **Electric Utilities — 1.4%** | **Electric Utilities — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp.(a) | 43500 | 2827935 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.(a) | 90240 | 10405574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 52824 | 18661134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 131748 | 15442183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 65500 | 3931310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 76100 | 7033923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 39000 | 2827110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy(a) | 62000 | 4174460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp.(a) | 171973 | 7496303 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 86880 | 3889618 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 352600 | 28306728 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 32700 | 5207148 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 370300 | 5950721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp.(a) | 19300 | 1711910 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp.(a) | 125100 | 4381002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 187300 | 16332560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 100095 | 7393017 |
|  |  | 145972636 |
|  **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 39300 | 8068683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 65411 | 20834058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 94800 | 12581856 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 45908 | 30004092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 10200 | 1390974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc.(a) | 8800 | 3908168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 19220 | 7477925 |
|  |  | 84265756 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A220

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 206700 | $27933438 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 21600 | 2941920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 132000 | 11557920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 18100 | 4127162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 29100 | 5912829 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC (Switzerland) | 49800 | 11329998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 7939 | 4054685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 8780 | 2131960 |
|  |  | 69989912 |
|  **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 168448 | 7671122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 144400 | 4080744 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 254398 | 9763795 |
|  |  | 21515661 |
|  **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 38100 | 7784973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\*(a) | 26600 | 3790500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 717300 | 67254048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 29350 | 7514480 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc.(a) | 11300 | 2361700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 302222 | 34383797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 419308 | 12084457 |
|  |  | 135173955 |
|  **Financial Services — 3.7%** | **Financial Services — 3.7%** | **Financial Services — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc.(a) | 77900 | 11276804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 311350 | 156500077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 93000 | 6053370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 11500 | 3460695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 88400 | 5875064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 92000 | 6179640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 41013 | 3174406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc.(a) | 12350 | 2253628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 138810 | 79243853 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 158400 | 9247392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 285700 | 100197847 |
|  |  | 383462776 |
|  **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 81038 | 4658875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA(a) | 23700 | 2111196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The)(a) | 33400 | 930858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 81200 | 1405572 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 90500 | 4208250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The)(a) | 25000 | 4549500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 49300 | 1168410 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 18000 | 1760580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The)(a) | 144337 | 3500172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.(a) | 24400 | 1022116 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc.(a) | 42700 | 2908297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 219711 | 11827043 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Food Products (cont'd.)** | **Food Products (cont'd.)** | **Food Products (cont'd.)** | **Food Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. (Class A Stock) | 48500 | $| 2843070 |
|  |  |  | 42893939 |
|  **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 26900 |  | 4509247 |
|  **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 315716 |  | 11444705 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 12900 |  | 2506986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 38000 |  | 10971360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc.(a) | 31300 |  | 4907840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 353200 |  | 28859972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 100350 |  | 23212962 |
|  |  |  | 81903825 |
|  **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 294725 |  | 36926095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 11320 |  | 1767618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc.(a) | 86500 |  | 1653015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 48699 |  | 9451015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 250949 |  | 23927987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The)\*(a) | 33720 |  | 2763691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 66120 |  | 4388384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 98250 |  | 8375813 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 77518 |  | 6358026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 38050 |  | 2834345 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 13540 |  | 9160216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 11900 |  | 3382456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 60000 |  | 33981600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC. | 216928 |  | 20838104 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc.(a) | 24800 |  | 5973576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 24797 |  | 1964914 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 16700 |  | 4233784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 57970 |  | 20374716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc.(a) | 33686 |  | 3029045 |
|  |  |  | 201384400 |
|  **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 39875 |  | 8194313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 32800 |  | 11078200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 78968 |  | 3249533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 45132 |  | 12421680 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 215499 |  | 17102001 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 6000 |  | 681660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 37540 |  | 13159647 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 27000 |  | 12605220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\*(a) | 17400 |  | 1315092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 19930 |  | 5104671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 14200 |  | 3562496 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 20887 |  | 17133397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 8600 |  | 1492444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 18900 |  | 3279717 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 153370 |  | 50628971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock)(a) | 9500 |  | 2071190 |
|  |  |  | 163080232 |
|  **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc.(a) . | 26380 |  | 1291037 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A221

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care REITs (cont'd.)** | **Health Care REITs (cont'd.)** | **Health Care REITs (cont'd.)** | **Health Care REITs (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 119300 | $| 1918344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 76904 |  | 5950832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 116200 |  | 21567882 |
|  |  |  | 30728095 |
|  **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 108226 |  | 1918847 |
|  **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 71600 |  | 9717552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 5450 |  | 29186548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 183800 |  | 5613252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 223550 |  | 8271350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 20100 |  | 3698802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 5200 |  | 2167464 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 63300 |  | 14336184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 19500 |  | 5524545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 39300 |  | 11288925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 52300 |  | 3404207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 37473 |  | 11625624 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 120560 |  | 36846753 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 35300 |  | 1288097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\*(a) | 75500 |  | 1685160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 42600 |  | 11881992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 193000 |  | 16252530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 14200 |  | 1708686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 47100 |  | 7125288 |
|  |  |  | 181622959 |
|  **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc.(a) | 46200 |  | 6654186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 27700 |  | 5618945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock) | 36500 |  | 3752200 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 480 |  | 3500530 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 33385 |  | 3914725 |
|  |  |  | 23440586 |
|  **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 41500 |  | 3479775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The)(a) | 21000 |  | 2117430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 136800 |  | 10809936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp.(a) | 56438 |  | 5694030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 395576 |  | 56689996 |
|  |  |  | 78791167 |
|  **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 120500 |  | 1727970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 54000 |  | 8711820 |
|  |  |  | 10439790 |
|  **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 90190 |  | 14439419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 107450 |  | 20962420 |
|  |  |  | 35401839 |
|  **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 157180 |  | 20065599 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 80300 | $8854681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 44628 | 9289318 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 91329 | 7813196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 36225 | 12783078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 63500 | 6090920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 43350 | 11218546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 8800 | 2119480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc.(a) | 49700 | 3961090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 61930 | 19329592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 26528 | 4332553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co. (Class A Stock)(a) | 4260 | 1221129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 6900 | 2341515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 13175 | 1842656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 47600 | 6559280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 28626 | 3014604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 83200 | 15435264 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 94580 | 7466145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 34300 | 3025603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 99200 | 22589824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 59600 | 6727648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 38048 | 11036203 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp.(a) | 50950 | 3572614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC(a) | 16100 | 5290460 |
|  |  | 175915399 |
|  **Interactive Media & Services — 7.8%** | **Interactive Media & Services — 7.8%** | **Interactive Media & Services — 7.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 984680 | 308204840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 787200 | 247023360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 40700 | 1314203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 368720 | 243388385 |
|  |  | 799930788 |
|  **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 104950 | 28158085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 24200 | 2111450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 82700 | 6864100 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 9640 | 1975043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\*(a) | 12170 | 3070248 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 22800 | 2829024 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 158225 | 46867827 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 14300 | 3474185 |
|  |  | 95349962 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 22250 | 1824500 |
|  **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 47582 | 6474483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp.(a) | 26720 | 1571403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 8300 | 1655684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 106400 | 24357088 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\*(a) | 28400 | 6401644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\*(a) | 3480 | 4851781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc.(a) | 20000 | 1935000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 63600 | 36853020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 10050 | 3817292 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A222

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 11800 | $| 3246652 |
|  |  |  | 91164047 |
|  **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 79350 |  | 45457234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 23350 |  | 11919008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 42350 |  | 19716889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 23300 |  | 4549092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 53700 |  | 2964777 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 12800 |  | 2277632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 44875 |  | 11052713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 61237 |  | 4851195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp.(a) | 9200 |  | 2211956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 66383 |  | 5798555 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 88892 |  | 9734563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 21347 |  | 18763159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 28107 |  | 2927063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc.(a) | 8550 |  | 2946330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 26135 |  | 1941308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 29112 |  | 6213956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 41200 |  | 5610616 |
|  |  |  | 158936046 |
|  **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\*(a) | 14850 |  | 3099938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 615292 |  | 18391078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class A Stock) | 36466 |  | 2664571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 24966 |  | 1621042 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class A Stock) | 64125 |  | 1674945 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class B Stock)(a) | 21200 |  | 628156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 55099 |  | 4449244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Skydance Corp. (Class B Stock)(a) | 53686 |  | 719392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The) (Class A Stock)\*. | 75400 |  | 2862184 |
|  |  |  | 36110550 |
|  **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 243612 |  | 12373053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 184703 |  | 18442595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 38300 |  | 6247113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.(a) | 23500 |  | 3982075 |
|  |  |  | 41044836 |
|  **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 46100 |  | 4603546 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 110510 |  | 4236953 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 50700 |  | 3545451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 61400 |  | 6098248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 145340 |  | 8515471 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co.(a) | 35100 |  | 4527198 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 79350 |  | 3313656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 84500 |  | 6785350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra(a) | 111108 |  | 9809725 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 54376 |  | 5734493 |
|  |  |  | 57170091 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc.(a) | 24600 | $1660008 |
|  **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp.(a) | 62750 | 1534865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 320405 | 48832926 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 209218 | 19584897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 130100 | 3424232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 107500 | 3937725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.(a) | 31800 | 4780494 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 91500 | 9608415 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 105700 | 5665520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 40300 | 4447508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 713919 | 85913012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 327443 | 9001408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 50687 | 8243227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp.(a) | 120728 | 4964335 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc.(a) | 106440 | 7823340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 68364 | 8821691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 36400 | 6715800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp.(a) | 9600 | 2757312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 51600 | 8399964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 208000 | 12502880 |
|  |  | 256959551 |
|  **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 109800 | 7620120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 88937 | 3675766 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 54800 | 6127736 |
|  |  | 17423622 |
|  **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A | &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A | &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock)(a) | 41600 | 4356352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 324800 | 5602800 |
|  |  | 9959152 |
|  **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 344690 | 18592578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 134440 | 144479979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 407846 | 84403730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 420203 | 44230568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 962923 | 23976783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 202394 | 2519805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 74600 | 9386172 |
|  |  | 327589615 |
|  **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 68510 | 17622827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 19800 | 4418766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 26800 | 1853488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc.(a) | 20950 | 4545731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 20500 | 2715430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 21650 | 3905660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc.(a) | 54350 | 6096983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc.(a) | 8200 | 1306752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 23600 | 5279084 |
|  |  | 47744721 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A223

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 49600 | $7975184 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 71300 | 4794212 |
|  |  | 12769396 |
|  **Residential REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.(a) | 24068 | 4363769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 18100 | 1992448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 57900 | 3650016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 10870 | 2844462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 96600 | 2684514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 19800 | 2750418 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc.(a) | 50900 | 1867012 |
|  |  | 20152639 |
|  **Retail REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 12800 | 1290240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp.(a) | 114300 | 2316861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 154800 | 8726076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 27600 | 1905228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 55211 | 10220108 |
|  |  | 24458513 |
|  **Semiconductors & Semiconductor Equipment — 13.7%** | **Semiconductors & Semiconductor Equipment — 13.7%** | **Semiconductors & Semiconductor Equipment — 13.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 275595 | 59021425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 83294 | 22589333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 134800 | 34642252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 799500 | 276706950 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\*(a) | 18100 | 4728263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 759100 | 28010790 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 22240 | 27023379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 212600 | 36392868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 91000 | 5798520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 189500 | 54085195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 8120 | 7359643 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 4114000 | 767261000 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands). | 42700 | 9268462 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\*(a) | 69200 | 3747180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 35378 | 2888614 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 181250 | 31002813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 25600 | 1623296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 26900 | 5206764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 153900 | 26700111 |
|  |  | 1404056858 |
|  **Software — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 70795 | 24777542 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 45840 | 30887909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 35670 | 10558677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 46100 | 14409938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 42200 | 19781672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 54700 | 7438653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 3980 | 6728668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 107000 | 8496870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.(a) | 94911 | 2580630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 47240 | 31292721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 1258300 | 608539046 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 284695 | $| 55489902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 386700 |  | 68735925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\*(a) | 115800 |  | 21330360 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\*(a) | 20400 |  | 3553884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 18180 |  | 8092463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 161100 |  | 42677001 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 175400 |  | 26869526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 31270 |  | 14688144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 40300 |  | 3157505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 7240 |  | 3286598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc. (Class A Stock)\*(a) | 36500 |  | 7839470 |
|  |  |  | 1021213104 |
|  **Specialized REITs — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 79200 |  | 13905144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 73650 |  | 6545275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc.(a) | 54200 |  | 8385282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 16535 |  | 12668456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc.(a) | 35900 |  | 4674898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc.(a) | 49730 |  | 4125103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 26750 |  | 6941625 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 18230 |  | 3526229 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 180000 |  | 5061600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co.(a) | 123330 |  | 2921688 |
|  |  |  | 68755300 |
|  **Specialty Retail — 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 2790 |  | 9462285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc.(a) | 33325 |  | 2230442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\*(a) | 23900 |  | 10086278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 168469 |  | 57970183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 94875 |  | 22880055 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 143700 |  | 13106877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 55300 |  | 9961742 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 188400 |  | 28940124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co.(a) | 89700 |  | 4485897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 7670 |  | 4640427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc.(a) | 20900 |  | 3732531 |
|  |  |  | 167496841 |
|  **Technology Hardware, Storage & Peripherals — 7.1%** | **Technology Hardware, Storage & Peripherals — 7.1%** | **Technology Hardware, Storage & Peripherals — 7.1%** | **Technology Hardware, Storage & Peripherals — 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 2501620 |  | 680090413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) . | 51100 |  | 6432468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 220366 |  | 5293191 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc.(a) | 159266 |  | 3548447 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 33800 |  | 3619642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 23500 |  | 5578430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 36850 |  | 10148122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\*(a) | 84900 |  | 2485023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 57668 |  | 9934466 |
|  |  |  | 727130202 |
|  **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 25040 |  | 2595897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 18400 |  | 3823704 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 201600 |  | 12843936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 6300 |  | 2227743 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A224

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** | **Textiles, Apparel & Luxury Goods (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 35100 | 4484727 |
|  |  | 25976007 |
|  **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 287000 | 16548420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 263600 | 42281440 |
|  |  | 58829860 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co.(a) | 194200 | 7793246 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 10720 | 8675910 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 7450 | 7517423 |
|  |  | 23986579 |
|  **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc.(a) | 33050 | 4313025 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 81100 | 16466544 |
|  **TOTAL COMMON STOCKS**<br> (cost $1,759,939,605) | **TOTAL COMMON STOCKS**<br> (cost $1,759,939,605) | 9893785013 |
|  **UNAFFILIATED EXCHANGE-TRADED FUND — 1.5%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 1.5%** | **UNAFFILIATED EXCHANGE-TRADED FUND — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 222500 | 152399150 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $93,956,184) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $93,956,184) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $93,956,184) |
|  **TOTAL LONG-TERM INVESTMENTS—97.7%**<br> (cost $1,853,895,789) | **TOTAL LONG-TERM INVESTMENTS—97.7%**<br> (cost $1,853,895,789) | 10046184163 |
|  **SHORT-TERM INVESTMENTS — 5.5%** | **SHORT-TERM INVESTMENTS — 5.5%** | **SHORT-TERM INVESTMENTS — 5.5%** |
|  **AFFILIATED MUTUAL FUNDS — 5.3%** | **AFFILIATED MUTUAL FUNDS — 5.3%** | **AFFILIATED MUTUAL FUNDS — 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wb) | 215499249 | 215499249 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $332,873,024; includes $331,598,002 of cash collateral for securities on loan)(b)(wb) | 333276761 | 333076795 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $548,372,273) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $548,372,273) | 548576044 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.2%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.2%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.2%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.2%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | 03/05/26 | 18500 | $18387519 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $18,382,884) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $18,382,884) |  |  |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $566,755,157) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $566,755,157) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $566,755,157) | 566963563 |
|  **TOTAL INVESTMENTS—103.2%**<br> (cost $2,420,650,946) | **TOTAL INVESTMENTS—103.2%**<br> (cost $2,420,650,946) | **TOTAL INVESTMENTS—103.2%**<br> (cost $2,420,650,946) | 10613147726 |
|  **Liabilities in excess of other assets(z) — (3.2)%** | **Liabilities in excess of other assets(z) — (3.2)%** | **Liabilities in excess of other assets(z) — (3.2)%** | (330944683) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $10282203043 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $320,890,291; cash collateral of $331,598,002 (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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670 | S&P 500 E-Mini Index | Mar. 2026 | $230898750 | $314885 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  UBS | $– | $18387519 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A225

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;217702884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 29593117 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 2822939 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 235435960 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 361272691 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 100274257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 165280337 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 386878998 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 44569703 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 341398927 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals. | 95257856 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 44814397 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 87527652 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 20709071 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 26863858 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 64806339 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 176356854 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 18205514 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 4167630 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 58897052 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 145972636 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 84265756 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 69989912 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 21515661 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 135173955 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 383462776 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 42893939 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 4509247 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 81903825 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 201384400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 163080232 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 30728095 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 1918847 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 181622959 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 23440586 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 78791167 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 10439790 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 35401839 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 20065599 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 175915399 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 799930788 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 95349962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 1824500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 91164047 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 158936046 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 36110550 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 41044836 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A226

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | $57170091 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 1660008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 256959551 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 17423622 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 9959152 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 327589615 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 47744721 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 12769396 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 20152639 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 24458513 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1404056858 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 1021213104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 68755300 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 167496841 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 727130202 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 25976007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 58829860 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 23986579 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 4313025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 16466544 |  |  |
|  Unaffiliated Exchange-Traded Fund | 152399150 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 548576044 |  |  |
|  U.S. Treasury Obligation |  | 18387519 | <u>—</u> |
|  **Total** | $**10594760207** | $**18387519** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**314885** | $**—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 13.7 |
|  Software | 9.9 |
|  Interactive Media & Services | 7.8 |
|  Technology Hardware, Storage & Peripherals | 7.1 |
|  Affiliated Mutual Funds (3.2% represents investments purchased with collateral from securities on loan) | 5.3 |
|  Broadline Retail | 3.8 |
|  Financial Services | 3.7 |
|  Banks | 3.5 |
|  Capital Markets | 3.3 |
|  Pharmaceuticals | 3.2 |
|  Oil, Gas & Consumable Fuels | 2.5 |
|  Automobiles | 2.3 |
|  Aerospace & Defense | 2.1 |
|  Health Care Equipment & Supplies | 2.0 |
|  Hotels, Restaurants & Leisure | 1.8 |
|  Consumer Staples Distribution & Retail | 1.7 |

---

---

| | |
|:---|:---|
|  Insurance | 1.7 |
|  Specialty Retail | 1.6 |
|  Biotechnology | 1.6 |
|  Health Care Providers & Services | 1.6 |
|  Machinery | 1.5 |
|  Unaffiliated Exchange-Traded Fund | 1.5 |
|  Electric Utilities | 1.4 |
|  Entertainment | 1.3 |
|  Beverages | 1 |
|  IT Services | 0.9 |
|  Chemicals | 0.9 |
|  Life Sciences Tools & Services | 0.9 |
|  Communications Equipment | 0.9 |
|  Electrical Equipment | 0.8 |
|  Ground Transportation | 0.8 |
|  Household Products | 0.8 |
|  Electronic Equipment, Instruments & Components | 0.7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A227

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Specialized REITs | 0.7 |
|  Consumer Finance | 0.6 |
|  Diversified Telecommunication Services | 0.6 |
|  Tobacco | 0.6 |
|  Multi-Utilities | 0.6 |
|  Professional Services | 0.5 |
|  Commercial Services & Supplies | 0.4 |
|  Building Products | 0.4 |
|  Food Products | 0.4 |
|  Metals & Mining | 0.4 |
|  Media | 0.4 |
|  Industrial Conglomerates | 0.3 |
|  Health Care REITs | 0.3 |
|  Air Freight & Logistics | 0.3 |
|  Construction Materials | 0.3 |
|  Textiles, Apparel & Luxury Goods | 0.3 |
|  Retail REITs | 0.2 |
|  Trading Companies & Distributors | 0.2 |
|  Household Durables | 0.2 |
|  Energy Equipment & Services | 0.2 |
|  Construction & Engineering | 0.2 |
|  Residential REITs | 0.2 |

---

---

| | |
|:---|:---|
|  Industrial REITs | 0.2% |
|  U.S. Treasury Obligation | 0.2 |
|  Containers & Packaging | 0.2 |
|  Passenger Airlines | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Real Estate Management & Development | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Personal Care Products | 0.1 |
|  Gas Utilities | 0.0 \* |
|  Water Utilities | 0.0 \* |
|  Distributors | 0.0 \* |
|  Automobile Components | 0.0 \* |
|  Hotel & Resort REITs | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Office REITs | 0.0 \* |
|  | 103.2 |
|  Liabilities in excess of other assets | (3.2) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Fair**<br>**Value** |
|  Equity contracts | Due from/to broker-variation margin futures | $314885 \* | $— |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Futures** |
|  Equity contracts | $16756863 |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value** | **Futures** |
|  Equity contracts | $5657986 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A228

------

---

| | | |
|:---|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $177123575 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of**<br> **Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $320890291 | $(320890291) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A229

------

<br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>

**STATEMENT OF ASSETS AND LIABILITIES**

as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $320,890,291: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,872,278,673) | $10064571682.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $548,372,273) | 548576044.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 5036020.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1132401.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 965839.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 644309.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 10620926295.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 331598002.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 2091777.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1789267.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 1733625.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1487020.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 16186.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 6780.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 338723252.0 |
|  **NET ASSETS** | $10282203043.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $10282203043.0 |
|  **Class I:** |  |
|  Net asset value and redemption price per share, $10,205,286,855 / 60,229,117 outstanding shares of beneficial interest | $169.44 |
|  **Class III:** |  |
|  Net asset value and redemption price per share, $76,916,188 / 459,276 outstanding shares of beneficial interest | $167.47 |

---

**STATEMENT OF OPERATIONS**

Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $113350113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 6762653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 600757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $360,029) | 494133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 121207656 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 25141411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class III | 162866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 456224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 265519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 169060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 114275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 32092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,630) | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 180558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 26534435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement | (2776970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 23757465 |
|  **NET INVESTMENT INCOME (LOSS)** | 97450191 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(22337)) | 91190990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 16756863 |
|  | 107947853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $25,172) | 1322002950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 5657986 |
|  | 1327660936 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 1435608789 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1533058980 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $97450191 | $98150450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 107947853 | 360459753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1327660936 | 1378332666 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1533058980 | 1836942869 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold | 417306254 | 395283655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased | (433137959) | (880032406) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (15831705) | (484748751) |
|  **TOTAL INCREASE (DECREASE)** | 1517227275 | 1352194118 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 8764975768 | 7412781650 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $10282203043 | $8764975768 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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| | |
|:---|:---|
|  | <br> **PSF STOCK INDEX PORTFOLIO (***CONTINUED***)** <br>|
| <br> **FINANCIAL HIGHLIGHTS** |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $144.12 | $115.63 | $91.83 | $112.45 | $87.66 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 1.61 | 1.54 | 1.44 | 1.29 | 1.06 |
|  Net realized and unrealized gain (loss) on investment transactions | 23.71 | 26.95 | 22.36 | (21.91) | 23.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 25.32 | 28.49 | 23.80 | (20.62) | 24.79 |
|  Net Asset Value, end of year | $169.44 | $144.12 | $115.63 | $91.83 | $112.45 |
|  **Total Return<sup>(b)</sup>** | 17.56% | 24.65% | 25.92% | (18.34)% | 28.28% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $10205 | $8708 | $7372 | $5880 | $7244 |
|  Average net assets (in millions) | $9191 | $8378 | $6589 | $6252 | $6427 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.25% | 0.27% | 0.29% | 0.29% | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.28% | 0.29% | 0.29% | 0.29% | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.05% | 1.17% | 1.40% | 1.32% | 1.06% |
|  Portfolio turnover rate<sup>(d)</sup> | 2% | 3% | 3% | 3% | 2% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class III** | | | | | |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021(e)<br>through<br>December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $142.80 | $114.86 | $91.45 | $112.26 | $97.90 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 1.22 | 1.20 | 1.18 | 1.06 | 0.54 |
|  Net realized and unrealized gain (loss) on investment transactions | 23.45 | 26.74 | 22.23 | (21.87) | 13.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 24.67 | 27.94 | 23.41 | (20.81) | 14.36 |
|  Net Asset Value, end of period | $167.47 | $142.80 | $114.86 | $91.45 | $112.26 |
|  **Total Return<sup>(b)</sup>** | 17.27% | 24.33% | 25.60% | (18.54)% | 14.67% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $77 | $57 | $40 | $25 | $17 |
|  Average net assets (in millions) | $65 | $49 | $32 | $21 | $7 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50% | 0.52% | 0.54% | 0.54% | 0.54 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.53% | 0.54% | 0.54% | 0.54% | 0.54 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.80% | 0.91% | 1.15% | 1.09% | 0.74 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 2% | 3% | 3% | 3% | 2% |

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(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(e) Commencement of offering.

(f) Annualized, with the exception of certain non-recurring expenses.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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#### NOTES TO FINANCIAL STATEMENTS OF

#### THE PRUDENTIAL SERIES FUND
1. Organization

The Prudential Series Fund ("Series Fund"), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Series Fund is currently composed of 14 Portfolios (each, a "Portfolio" and collectively, the "Portfolios"). The information presented in these financial statements pertains to the 14 Portfolios listed below together with their investment objectives. Each Portfolio is a diversified portfolio for purposes of the 1940 Act, except for PSF PGIM Ballast Portfolio, which is non-diversified for purposes of the 1940 Act.

The PSF PGIM Government Money Market Portfolio seeks to maintain a stable $10.00 net asset value ("NAV"). The Series Fund's Board of Trustees (the "Board") has determined that the PSF PGIM Government Money Market Portfolio, as a "government money market fund," is not subject to liquidity fees. The Board has reserved its ability to change this determination with respect to liquidity fees, but such change would become effective only after providing appropriate prior notice to shareholders.

The Portfolios have the following investment objectives:

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| | |
|:---|:---|
| **Portfolio** | **Investment Objective** |
|  PSF Global Portfolio | Long-term growth of capital. |
|  PSF PGIM 50/50 Balanced Portfolio | Total investment return consistent with a conservatively managed diversified portfolio. |
|  PSF PGIM Ballast Portfolio | Long-term capital growth with reduced volatility compared to equity market. |
|  PSF PGIM Flexible Managed Portfolio | Total return consistent with an aggressively managed diversified portfolio. |
|  PSF PGIM Government Money Market Portfolio | Maximum current income consistent with the stability of capital and maintenance of liquidity. |
|  PSF PGIM High Yield Bond Portfolio | High total return. |
|  PSF PGIM Jennison Blend Portfolio | Long-term growth of capital. |
|  PSF PGIM Jennison Growth Portfolio | Long-term growth of capital. |
|  PSF PGIM Jennison Value Portfolio | Capital appreciation. |
|  PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | Capital appreciation. |
|  PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | Capital appreciation. |

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| | |
|:---|:---|
| Portfolio | Investment Objective |
|  PSF PGIM Total Return Bond Portfolio | High level of income over a longer term while providing reasonable safety of capital. |
|  PSF Small-Cap Stock Index Portfolio | Long-term growth of capital. |
|  PSF Stock Index Portfolio | Achieve investment results that generally correspond to the performance of publicly traded common stocks. |

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2. Accounting Policies

The Series Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Series Fund in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Series Fund and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Board has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where

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the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

The Government Money Market Portfolio values all of its securities of sufficient credit quality at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. These securities are categorized as Level 2 of the fair value hierarchy.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

Private debt/loans are generally valued at prices obtained by independent valuation providers. Such valuation providers typically utilize the income approach as the primary methodology, but may use other fair value approaches based on facts and circumstances. Valuations received from the independent valuation providers are reviewed by the Valuation Designee to ensure the valuations are in accordance with the Portfolios' valuation policies and procedures as well as all relevant valuation and accounting standards. Private debt/loans are generally classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Bond Forward Contracts:* Certain Funds invested in bond forward contracts which are primarily used to hedge their exposure to interest rate fluctuations. These transactions involve a commitment by the Fund to purchase or sell a specific bond at a future date for a predetermined fixed price and with no upfront payments. Bond forward contracts are valued daily at the current underlying bond forward price and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on bond forward contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference of the agreed upon forward price and the actual price of the security at settlement. This gain (loss), if any, is included in net realized gain (loss) on bond forward transactions.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. Across currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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*Options:* Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When a Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised. Certain Portfolios entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of

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Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A Portfolio's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios' maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the

B6

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Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

*Repurchase Agreements:* Certain Portfolios entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Portfolio's policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The Series Fund, on behalf of certain Portfolios, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolios' exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Series Fund, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

B7

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In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in a portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/ insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants and Rights:* Certain Portfolios held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Portfolios until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:*Certain fixed income Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Delayed-Delivery Transactions:* Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolios. Upon termination of the loan, the borrower will return to the Portfolios securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolios have the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Mortgage Dollar Rolls:* Certain Portfolios entered into mortgage dollar rolls in which the Portfolios sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the interest earned on the cash proceeds of the initial

B8

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sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Portfolios maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Portfolios are subject to the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. For Portfolios with multiple classes of shares, net investment income or loss (other than administration and distribution fees which are charged directly to the respective class) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the Code) for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. The Government Money Market Portfolio declares and reinvests distributions, if any, daily. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Series Fund, on behalf of the Portfolios, has entered into investment management agreements with the Manager which provide that the Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Manager out of the management fee that it receives from the Portfolios.

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| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
|  PSF Global Portfolio | PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions") (a wholly-owned subsidiary of PGIM, Inc.); Prior to May 1, 2025, Jennison Associates LLC ("Jennison") (a wholly-owned subsidiary of PGIM, Inc.); PGIM Fixed Income ("PFI") (a business unit of PGIM, Inc.); PGIM; LSV Asset Management; Massachusetts Financial Services Company; T. Rowe Price Associates, Inc.; William Blair Investment Management, LLC\* |
|  PSF PGIM 50/50 Balanced Portfolio | PFI, PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.); PGIM Quantitative Solutions |
|  PSF PGIM Ballast Portfolio | PGIM Quantitative Solutions |

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| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
|  PSF PGIM Flexible Managed Portfolio | PFI; PGIM Limited; PGIM Quantitative Solutions |
|  PSF PGIM Government Money Market Portfolio | PFI |
|  PSF PGIM High Yield Bond Portfolio | PFI; PGIM Limited |
|  PSF PGIM Jennison Blend Portfolio | Jennison |
|  PSF PGIM Jennison Growth Portfolio | Jennison |
|  PSF PGIM Jennison Value Portfolio | Jennison |
|  PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | PGIM Quantitative Solutions |
|  PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | PGIM Quantitative Solutions |
|  PSF PGIM Total Return Bond Portfolio | PFI; PGIM Limited |
|  PSF Small-Cap Stock Index Portfolio | PGIM Quantitative Solutions |
|  PSF Stock Index Portfolio | PGIM Quantitative Solutions |

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\*The asset allocation strategy for the Portfolio is determined by the Manager and PGIM Quantitative Solutions, as described in the Portfolio's Prospectus. During the period ended April 30, 2025, Jennison and PFI were not allocated assets to manage.

The Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio's average daily net assets at the respective annual rate specified below. The Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Manager, under the agreements, are reflected in the Statement of Operations.

The Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's management fee plus other expenses (exclusive in all cases of distribution and/or service (12b-1) fees, administration fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed the percentage stated below, of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Management Fee** | **Effective <br>Management Fee, <br>Net of Waiver,**<br> **if Applicable**  | **Effective <br>Management Fee, <br>Net of Waiver,**<br> **if Applicable**  |
| &nbsp;&nbsp; PSF Global Portfolio | 0.75% | 0.53 | % |
| &nbsp;&nbsp; PSF PGIM 50/50 Balanced Portfolio | 0.55 | 0.55 |  |
| &nbsp;&nbsp; PSF PGIM Ballast Portfolio | 0.60 |  | # |
| &nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio | 0.60 | 0.60 |  |
| &nbsp;&nbsp; PSF PGIM Government Money Market Portfolio | 0.30 | 0.30 |  |
| &nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio | 0.55 | 0.51 |  |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio | 0.45 | 0.44 |  |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio | 0.60 | 0.59 |  |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio | 0.40 | 0.40 |  |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | 0.50 |  | # |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | 0.50 |  | # |
| &nbsp;&nbsp; PSF PGIM Total Return Bond Portfolio | 0.40 | 0.40 |  |
| &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio | 0.35 | 0.35 |  |
| &nbsp;&nbsp; PSF Stock Index Portfolio | 0.30% up to $4 billion |  |  |
|  | 0.25% over $4 billion | 0.24 |  |

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| | |
|:---|:---|
| **Portfolio** | **Fee Waivers and/or**<br> **Expense Limitations<sup>\*\*\*</sup>** |
| &nbsp;&nbsp; PSF Global Portfolio<sup>\*</sup> | contractually waive 0.0465%<br>through April 30, 2025; effective<br>May 1, 2025, contractually limit<br>expenses to 0.705% through<br>June 30, 2026 |
| &nbsp;&nbsp; PSF PGIM Ballast Portfolio | contractually limit expenses to<br>0.70% through June 30, 2027 |
| &nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio | contractually limit expenses to<br>0.62% through June 30, 2025 |
| &nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio | contractually limit expenses to<br>0.57% through June 30, 2026 |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio | effective April 12, 2025,<br>contractually waive 0.012%<br>through June 30, 2026 |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio | effective April 12, 2025,<br>contractually waive 0.015%<br>through June 30, 2026 |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio<sup>\*\*</sup> | contractually limit expenses to<br>0.60% through June 30, 2027 |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio<sup>\*\*</sup> | contractually limit expenses to<br>0.60% through June 30, 2027 |
| &nbsp;&nbsp; PSF Stock Index Portfolio | voluntarily waive 0.03% |

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# The waivers and/or expense reimbursements exceeded the effective management fee rate for the current period due to expense limitations described above.

\* The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the Portfolio due to the Portfolio's investment in any such affiliated funds. 

\*\* The Manager has contractually agreed to waive a portion of its investment management fee equal to the amount of acquired expenses as a result of investment in the affiliated Underlying ETFs. 

\*\*\* For PSF PGIM 50/50 Balanced Portfolio, PSF PGIM Flexible Managed Portfolio and PSF PGIM Total Return Bond Portfolio, the Manager has contractually agreed to waive a portion of its investment management fee equal to the amount of the unitary management fee received from the affiliated ETFs due to Portfolios' investments in any such affiliated ETFs.

The Series Fund, on behalf of the Portfolios, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class I, Class II and Class III shares of the Portfolios. The Portfolios compensate PIMS for distributing and servicing the Portfolios' Class II and Class III shares pursuant to a plan of distribution (the "Class II Plan" and "Class III Plan", together, the Plans), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class I shares of the Portfolios. Pursuant to the Plans, the Class II and Class III shares of each Portfolio compensate PIMS for distribution-related activities at an annual rate of 0.25% of the average daily net assets of the Class II and Class III shares.

The Series Fund has an administration agreement with the Manager, which acts as the administrator of the Class II shares of the Portfolios. The administration fee paid to the Manager is accrued daily and payable monthly, at the annual rate of 0.15% of the average daily net assets of the Class II shares.

The Series Fund, on behalf of the Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the year ended December 31, 2025, brokerage commissions recaptured under these

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agreements was as follows:

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| | |
|:---|:---|
| **Portfolio** | **Amount** |
| &nbsp;&nbsp; PSF Global Portfolio | $85 |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio | 70662 |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio | 32902 |

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PIMS, PGIM Investments, PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions and Jennison are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc. and/or in the PGIM Core Ultra Short Bond Fund, a series of Prudential Investment Portfolios 2 (together with PGIM Core Government Money Market Fund, the "Core Funds"), each registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Funds and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Funds and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers.

For the year ended December 31, 2025, the Portfolios' purchase and sales transactions under Rule 17a-7 and realized gain (loss) as a result of Rule 17a-7 sales transactions were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** | **Realized<br>Gain (Loss)** |
| &nbsp;&nbsp; PSF Global Portfolio | $130848 | $186682 | $(96906) |

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#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Series Fund's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio,

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inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

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| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
| &nbsp;&nbsp; PSF Global Portfolio | $98670 |
| &nbsp;&nbsp; PSF PGIM 50/50 Balanced Portfolio | 12171 |
| &nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio | 16180 |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio | 37834 |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio | 5793 |

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The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

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| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
| &nbsp;&nbsp; PSF Global Portfolio | $79787 |
| &nbsp;&nbsp; PSF PGIM 50/50 Balanced Portfolio | 7314 |
| &nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio | 11048 |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio | 41909 |

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5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
| &nbsp;&nbsp; PSF Global Portfolio | $1181142865 | $1228560808 |
| &nbsp;&nbsp; PSF PGIM 50/50 Balanced Portfolio | 1245996726 | 1391765275 |
| &nbsp;&nbsp; PSF PGIM Ballast Portfolio | 2217607 |  |
| &nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio | 5509088680 | 5858875468 |
| &nbsp;&nbsp; PSF PGIM Government Money Market Portfolio |  |  |
| &nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio | 463320141 | 494274517 |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio | 6897259614 | 7446822020 |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio | 1420655421 | 1573982781 |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio | 725156753 | 710450928 |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | 543692 | 75576 |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | 673657 | 115623 |
| &nbsp;&nbsp; PSF PGIM Total Return Bond Portfolio | 2207720602 | 2090212814 |
| &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio | 346916609 | 370000422 |
| &nbsp;&nbsp; PSF Stock Index Portfolio | 259092561 | 216053962 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended December 31, 2025, is presented as follows:

#### PSF Global Portfolio

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of<br>Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Year** | **Value,<br>End<br>of<br>Year** | **Shares,<br>End<br>of<br>Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Jennison International Opportunities Fund | &nbsp;&nbsp; PGIM Jennison International Opportunities Fund | &nbsp;&nbsp; PGIM Jennison International Opportunities Fund | &nbsp;&nbsp; PGIM Jennison International Opportunities Fund | &nbsp;&nbsp; PGIM Jennison International Opportunities Fund | &nbsp;&nbsp; PGIM Jennison International Opportunities Fund |  |  |  |  |
| &nbsp;&nbsp; $— | $36693111 | $300000 | $3218894 | $15205 |  | $39627210 | 1140680 | $&nbsp;&nbsp;&nbsp;&nbsp;95688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

B13

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of<br>Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Year** | **Value,<br>End<br>of<br>Year** | **Shares,<br>End<br>of<br>Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| &nbsp;&nbsp; PGIM Quant Solutions International Equity Fund | &nbsp;&nbsp; PGIM Quant Solutions International Equity Fund | &nbsp;&nbsp; PGIM Quant Solutions International Equity Fund | &nbsp;&nbsp; PGIM Quant Solutions International Equity Fund | &nbsp;&nbsp; PGIM Quant Solutions International Equity Fund | &nbsp;&nbsp; PGIM Quant Solutions International Equity Fund |  |  |  |  |
| &nbsp;&nbsp; $— | $49116512 | $4500000 | $6522957 | $382967 |  | $51522436 | 5372517 | $1100165 | $3683658 |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 86910514 | 4150000 | 19903441 | 439402 |  | 103103357 | 486658 |  |  |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 85082083 | 3700000 | 18049045 | 284373 |  | 99715501 | 1395208 |  |  |
| &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio<sup>\*</sup> | &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 21687291 | 2100000 | 4250978 | 106963 |  | 23945232 | 358033 |  |  |
| &nbsp;&nbsp; $— | $279489511 | $14750000 | $51945315 | $1228910 |  | $317913736 |  | $1195853 | $3683658 |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788 | 20292592 | 20294380 |  |  |  |  |  | 9504 |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;7250484 | 521800965 | 508230922 |  |  |  | 20820527 | 20820527 | 563726 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |  |  |  |
| &nbsp;&nbsp; 37675153 | 458890450 | 484213584 | (17070) | 17502 |  | 12352451 | 12359867 | 37925<sup>(1)</sup> |  |
| &nbsp;&nbsp; $44927425 | $1000984007 | $1012738886 | $(17070) | $17502 |  | $33172978 |  | $611155 | $— |
| &nbsp;&nbsp; $44927425 | $1280473518 | $1027488886 | $51928245 | $1246412 |  | $351086714 |  | $1807008 | $3683658 |

---

#### PSF PGIM 50/50 Balanced Portfolio

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of<br> Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Year** | **Value,<br>End<br>of<br>Year** | **Shares,<br>End<br>of<br>Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |  |
| &nbsp;&nbsp; $— | $54028882 | $— | $(105207) | $|  |  | $53923675 | 1051964 | $766621 | $— |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 476826034 | 160416848 |  |  |  |  | 316409186 | 316409186 | 4050339 |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa</sup>) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa</sup>) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa</sup>) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa</sup>) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa</sup>) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa</sup>) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wa</sup>) |  |  |  |  |
| &nbsp;&nbsp; 297490301 | 465378204 | 762868505 |  |  |  |  |  |  | 9166580 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;38595179 | 391340881 | 385454820 | (6810) |  | 7760 |  | 44482190 | 44508895 | 55221<sup>(1)</sup> |  |
| &nbsp;&nbsp; $336085480 | $1333545119 | $1308740173 | $(6810) |  | $7760 |  | $360891376 |  | $13272140 | $— |
| &nbsp;&nbsp; $336085480 | $1387574001 | $1308740173 | $(112017) |  | $7760 |  | $414815051 |  | $14038761 | $— |

---

#### PSF PGIM Ballast Portfolio

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of<br>Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Period** | **Value,<br>End<br>of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital<br>Gain<br>Distributions** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** |  |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |  |  |  |  |
| &nbsp;&nbsp; $— | $6004457 | $5304406 | $— | $— |  | $700051 | 700051 | $14839 | $— |

---

B14

------

#### PSF PGIM Flexible Managed Portfolio

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of<br> Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Year** | **Value,<br>End<br>of<br>Year** | **Shares,<br>End<br>of<br>Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |  |
| &nbsp;&nbsp; $— | $63123180 | $— | $(126075) | $— |  | $62997105 | 1228972 | $911132 | $— |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 604397844 | 310553098 |  |  |  | 293844746 | 293844746 | 3932159 |  |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (wa) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (wa) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (wa) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (wa) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (wa) | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (wa) |  |  |  |  |
| &nbsp;&nbsp; 272258983 | 885026351 | 1157285334 |  |  |  |  |  | 8758308 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) <sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) <sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) <sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) <sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) <sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) <sup>(b)(wa)</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;96075965 | 1083332225 | 1080432162 | (3094) | 8662 |  | 98981596 | 99041020 | 97454<sup>(1)</sup> |  |
| &nbsp;&nbsp; $368334948 | $2572756420 | $2548270594 | $(3094) | $8662 |  | $392826342 |  | $12787921 | $— |
| &nbsp;&nbsp; $368334948 | $2635879600 | $2548270594 | $(129169) | $8662 |  | $455823447 |  | $13699053 | $— |

---

#### PSF PGIM High Yield Bond Portfolio

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of<br>Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Year** | **Value,<br>End<br>of<br>Year** | **Shares,<br>End<br>of<br>Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |  |  |  |  |
| &nbsp;&nbsp; $— | $262859941 | $252965483 | $— | $— |  | $9894458 | 9894458 | $304766 | $— |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> |  |  |  |  |
| &nbsp;&nbsp; 19820827 | 137816405 | 157637232 |  |  |  |  |  | 198690 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |  |  |  |  |
| &nbsp;&nbsp; 38595002 | 149878666 | 166601867 | (7595) | 7770 |  | 21871976 | 21885107 | 76631<sup>(1)</sup> |  |
| &nbsp;&nbsp; $58415829 | $550555012 | $577204582 | $(7595) | $7770 |  | $31766434 |  | $580087 | $— |

---

#### PSF PGIM Jennison Blend Portfolio

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of<br>Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End<br>of<br>Year** | **Value,<br>End<br>of<br>Year** | **Shares,<br>End<br>of<br>Year** | **Income** | **Capital<br>Gain<br>Distributions** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |  |  |  |  |
| &nbsp;&nbsp; $— | $735289429 | $680233112 | $— | $— |  | $55056317 | 55056317 | $1035269 | $— |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> |  |  |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;37074843 | 454229976 | 491304819 |  |  |  |  |  | 1006921 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |  |  |  |  |
| &nbsp;&nbsp; 226393605 | 2960828250 | 2936872258 | (4959) | (10160) |  | 250334478 | 250484769 | 213216<sup>(1)</sup> |  |
| &nbsp;&nbsp; $263468448 | $4150347655 | $4108410189 | $(4959) | $(10160) |  | $305390795 |  | $2255406 | $— |

---

B15

------

#### PSF PGIM Jennison Growth Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds<br>from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |  |  |
| &nbsp;&nbsp; $— | $508861985 | $472890704 | $— | $— | $35971281 | 35971281 | $529711 | $— |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> |  |  |
| &nbsp;&nbsp; 50056889 | 483828235 | 533885124 |  |  |  |  | 1251137 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |  |  |
| &nbsp;&nbsp; 24284011 | 681542673 | 667870594 |  | 4580 | 37960670 | 37983461 | 51154<sup>(1)</sup> |  |
| &nbsp;&nbsp; $74340900 | $1674232893 | $1674646422 | $— | $4580 | $73931951 |  | $1832002 | $— |

---

#### PSF PGIM Jennison Value Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |  |  |
| &nbsp;&nbsp; $— | $216490960 | $198807820 | $— | $— | $17683140 | 17683140 | $648434 | $— |
| &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | &nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;45598859 | 246986332 | 292585191 |  |  |  |  | 770226 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;99838366 | 734060456 | 753765430 | 8819 | (2833) | 80139378 | 80187490 | 161407<sup>(1)</sup> |  |
| &nbsp;&nbsp; $145437225 | $1197537748 | $1245158441 | $8819 | $(2833) | $97822518 |  | $1580067 | $— |

---

#### PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January<sup>\*</sup> |  |  |
| &nbsp;&nbsp; $— | $45218 | $6341 | $2672 | $72 | $41621 | 1273 | $— | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 45229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41513 | 1303 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 45227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41526 | 1297 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 45523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41577 | 1399 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 45491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41579 | 1345 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 45402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41575 | 1360 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 45436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41478 | 1346 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August<sup>\*</sup> |  |  |

---

B16

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| &nbsp;&nbsp; $— | $45077 | $6384 | $2697 | $84 | $41474 | 1333 | $— | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457 | &nbsp;&nbsp;&nbsp;&nbsp;2582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | 41471 | 1355 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501 | &nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | 41458 | 1366 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6253 | &nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | 41433 | 1361 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6744 | &nbsp;&nbsp;&nbsp;&nbsp;3103 | 109 | 41461 | 1361 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; $— | $543692 | $75576 | $29241 | $809 | $498166 |  | $— | $— |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) |  |  |
| &nbsp;&nbsp; $— | $510580 | $509490 | $— | $— | $1090 | 1090 | $218 | $— |
| &nbsp;&nbsp; $— | $1054272 | $585066 | $29241 | $809 | $499256 |  | $218 | $— |

---

#### PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January<sup>\*</sup> |  |  |
| &nbsp;&nbsp; $— | $56037 | $9590 | $1988 | $47 | $48482 | 1570 | $— | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 56115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | 48403 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 56179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 48464 | 1589 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 56159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | 48446 | 1672 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May |  |  |
| &nbsp;&nbsp; — | 56188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 48414 | 1613 | &nbsp;&nbsp;&nbsp;&nbsp;37 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 56118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | 48402 | 1618 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 55992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | 48368 | 1614 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 56184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | 48324 | 1613 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 56156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | 48375 | 1642 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 56096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | 48340 | 1657 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November<sup>\*</sup> |  |  |
| &nbsp;&nbsp; — | 56384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | 48309 | 1644 | &nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

B17

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December<sup>\*</sup> | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp; $— | $56049 | $10202 | $2365 | $60 |  | $48272 | 1638 | $— | $— |
| &nbsp;&nbsp; $— | $673657 | $115623 | $22075 | $490 |  | $580599 |  | $37 | $— |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%) |  |  |  |  |
| &nbsp;&nbsp; $— | $656383 | $650177 | $— | $— |  | $6206 | 6206 | $222 | $— |
| &nbsp;&nbsp; $— | $1330040 | $765800 | $22075 | $490 |  | $586805 |  | $259 | $— |

---

#### PSF PGIM Total Return Bond Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |  |  |  |
|  PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF |  |  |
| $— | $85230154 | $— | $(159315) | $— | $85070839 | 1659595 | $1269542 | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 325726014 | 264303926 |  |  | 61422088 | 61422088 | 338666 |  |
|  PGIM Core Ultra Short Bond Fund (wa) | PGIM Core Ultra Short Bond Fund (wa) | PGIM Core Ultra Short Bond Fund (wa) | PGIM Core Ultra Short Bond Fund (wa) | PGIM Core Ultra Short Bond Fund (wa) | PGIM Core Ultra Short Bond Fund (wa) |  |  |  |
| 33254976 | 518100722 | 551355698 |  |  |  |  | 1827013 |  |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (b)(wa) |  |  |
| 19743291 | 222202355 | 223207437 | (2894) | 1833 | 18737148 | 18748397 | 44574<sup>(1)</sup> |  |
| $52998267 | $1066029091 | $1038867061 | $(2894) | $1833 | $80159236 |  | $2210253 | $— |
| $52998267 | $1151259245 | $1038867061 | $(162209) | $1833 | $165230075 |  | $3479795 | $— |

---

#### PSF Small-Cap Stock Index Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |  |  |  |
| $— | $73084022 | $63083775 | $— | $— | $10000247 | 10000247 | $166356 | $— |
|  PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2896448 | 57678067 | 60574515 |  |  |  |  | 73875 |  |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |  |  |  |
| 295066421 | 1143438560 | 1038493791 | 9253 | 8385 | 400028828 | 400268989 | 512724<sup>(1)</sup> |  |
| $297962869 | $1274200649 | $1162152081 | $9253 | $8385 | $410029075 |  | $752955 | $— |

---

B18

------

#### PSF Stock Index Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
|  PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> |  |  |  |
| $172512127 | $383329551 | $340342429 | $— | $— | $215499249 | 215499249 | $6762653 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |  |  |  |
| 335061665 | 2886778737 | 2888766442 | 25172 | (22337) | 333076795 | 333276761 | 360029<sup>(1)</sup> |  |
| $507573792 | $3270108288 | $3229108871 | $25172 | $(22337) | $548576044 |  | $7122682 | $— |

---

\* Non-income producing security.

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa) Represents investments in Funds affiliated with the Manager.

(wb) Represents an investment in a Fund affiliated with the Manager.

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2025 are subject to such review.

7. Borrowings

The Series Fund, on behalf of the Portfolios, (excluding the PSF PGIM Government Money Market Portfolio), along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios indicated below utilized the SCA during the year ended December 31, 2025. The average balance

B19

------

outstanding is for the number of days the Portfolios utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average**<br> **Interest Rates** | **Number of<br>Days**<br> **Outstanding** | **Maximum<br>Balance<br>Outstanding** | **Balance<br>Outstanding at<br>December 31, 2025** |
| &nbsp;&nbsp; PSF Global Portfolio | $5621333 | 5.40% | 3 | $7684000 | $— |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio | 2714000 | 5.44 | 2 | 3035000 |  |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio | 1259143 | 4.96 | 7 | 1636000 |  |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio | 473000 | 5.40 | 3 | 473000 |  |
| &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio | 197000 | 5.22 | 2 | 197000 |  |

---

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios. The Portfolios offer Class I shares and certain Portfolios offer Class II and/or Class III shares. All share classes are not subject to any sales charge or redemption charge and are sold at the net asset value of the Portfolio. Class I and Class III shares are sold only to certain separate accounts of Prudential to fund benefits under certain variable life insurance and variable annuity contracts ("contracts"). Class II shares are sold only to separate accounts of non-Prudential insurance companies as investment options under certain contracts. Class I shares are also offered to separate accounts of non-affiliated insurers for which Prudential or its affiliates administer and/or reinsure the variable life insurance or variable annuity contracts issued in connection with the separate accounts. The separate accounts invest in shares of the Portfolios through subaccounts that correspond to the Portfolios. The separate accounts will redeem shares of the Portfolios to the extent necessary to provide benefits under the contracts or for such other purposes as may be consistent with the contracts.

As of December 31, 2025, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of Shares** | **Percentage of**<br> **Outstanding Shares**  |
| &nbsp;&nbsp; PSF Global Portfolio–Class I | 13753557 | 100.0% |
| &nbsp;&nbsp; PSF Global Portfolio–Class III | 24609 | 100.0 |
| &nbsp;&nbsp; PSF PGIM 50/50 Balanced Portfolio–Class I | 57060664 | 100.0 |
| &nbsp;&nbsp; PSF PGIM 50/50 Balanced Portfolio–Class III | 239395 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Ballast Portfolio–Class I | 505125 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio–Class I | 87755236 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio–Class III | 3093588 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Government Money Market Portfolio–Class I | 101631032 | 98.0 |
| &nbsp;&nbsp; PSF PGIM Government Money Market Portfolio–Class III | 37093543 | 91.9 |
| &nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio–Class I | 85280445 | 99.9 |
| &nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio–Class III | 2255986 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio–Class I | 53779752 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio–Class III | 181554 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio–Class I | 21859012 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio–Class III | 106249 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio–Class I | 28430553 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio–Class III | 119973 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio–Class III | 47409 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio–Class III | 56225 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Total Return Bond Portfolio–Class I | 151838255 | 99.2 |
| &nbsp;&nbsp; PSF PGIM Total Return Bond Portfolio–Class III | 1821990 | 100.0 |
| &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio–Class I | 19358944 | 100.0 |

---

B20

------

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of Shares** | **Percentage of**<br> **Outstanding Shares**  |
| &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio–Class III | 236831 | 100.0% |
| &nbsp;&nbsp; PSF Stock Index Portfolio–Class I | 60229117 | 100.0 |
| &nbsp;&nbsp; PSF Stock Index Portfolio–Class III | 459276 | 100.0 |

---

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of**<br> **Shareholders** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; PSF Global Portfolio | 2 | &nbsp;&nbsp;&nbsp;&nbsp;95.5% |
| &nbsp;&nbsp; PSF PGIM 50/50 Balanced Portfolio | 3 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Ballast Portfolio | 1 | 99.9 |
| &nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio | 3 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Government Money Market Portfolio | 3 | 97.7 |
| &nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio | 4 | 93.9 |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio | 3 | 98.1 |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio | 3 | 97.5 |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio | 2 | 89.6 |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | 2 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | 2 | 100.0 |
| &nbsp;&nbsp; PSF PGIM Total Return Bond Portfolio | 3 | 99.2 |
| &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio | 3 | 98.2 |
| &nbsp;&nbsp; PSF Stock Index Portfolio | 3 | 100.0 |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; PSF Global Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM 50/50 Balanced Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM Ballast Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM Government Money Market Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM Jennison Growth Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM Jennison Value Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF PGIM Total Return Bond Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF Small-Cap Stock Index Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PSF Stock Index Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

Transactions in shares of beneficial interest of the Portfolios were as follows:

#### PSF Global Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 368664 | $25543680 |
|  Portfolio shares purchased | (1160583) | (79721278) |
|  Net increase (decrease) in shares outstanding | (791919) | $(54177598) |

---

B21

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 279165 | $17194743 |
|  Portfolio shares purchased | (5287502) | (321584953) |
|  Net increase (decrease) in shares outstanding | (5008337) | $(304390210) |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 9064 | $615163 |
|  Portfolio shares purchased | (5727) | (417222) |
|  Net increase (decrease) in shares outstanding | 3337 | $197941 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 4505 | $270573 |
|  Portfolio shares purchased | (3193) | (198136) |
|  Net increase (decrease) in shares outstanding | 1312 | $72437 |
| **PSF PGIM 50/50 Balanced Portfolio** |  |  |
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 446659 | $20608462 |
|  Portfolio shares purchased | (3917303) | (180754634) |
|  Net increase (decrease) in shares outstanding | (3470644) | $(160146172) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 347727 | $14799280 |
|  Portfolio shares purchased | (4477604) | (187626063) |
|  Net increase (decrease) in shares outstanding | (4129877) | $(172826783) |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 52070 | $2405875 |
|  Portfolio shares purchased | (31783) | (1434373) |
|  Net increase (decrease) in shares outstanding | 20287 | $971502 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 47042 | $1996069 |
|  Portfolio shares purchased | (21223) | (881020) |
|  Net increase (decrease) in shares outstanding | 25819 | $1115049 |
| **PSF PGIM Ballast Portfolio** |  |  |
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Period ended December 31, 2025\*:** |  |  |
|  Portfolio shares sold | 505280 | $5057979 |
|  Portfolio shares purchased | (155) | (1694) |
|  Net increase (decrease) in shares outstanding | 505125 | $5056285 |

---

B22

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\* Commencement of operations was June 18, 2025.

#### PSF PGIM Flexible Managed Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 213424 | $11689497 |
|  Portfolio shares purchased | (5985222) | (320733770) |
|  Net increase (decrease) in shares outstanding | (5771798) | $(309044273) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 162587 | $7798541 |
|  Portfolio shares purchased | (6365043) | (308597699) |
|  Net increase (decrease) in shares outstanding | (6202456) | $(300799158) |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 15966 | $866712 |
|  Portfolio shares purchased | (993452) | (52236967) |
|  Net increase (decrease) in shares outstanding | (977486) | $(51370255) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 13324 | $634697 |
|  Portfolio shares purchased | (910712) | (43800601) |
|  Net increase (decrease) in shares outstanding | (897388) | $(43165904) |

---

#### PSF PGIM Government Money Market Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 154206166 | $1542061662 |
|  Shares issued in reinvestment of dividends and distributions | 4319825 | 43198250 |
|  Portfolio shares purchased | (159277186) | (1592771858) |
|  Net increase (decrease) in shares outstanding | (751195) | $(7511946) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 107943838 | $1079438373 |
|  Shares issued in reinvestment of dividends and distributions | 4793704 | 47937044 |
|  Portfolio shares purchased | (101452468) | (1014524676) |
|  Net increase (decrease) in shares outstanding | 11285074 | $112850741 |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 33565526 | $335655263 |
|  Shares issued in reinvestment of dividends and distributions | 1336629 | 13366292 |
|  Portfolio shares purchased | (27690457) | (276904572) |
|  Net increase (decrease) in shares outstanding | 7211698 | $72116983 |

---

B23

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 32636748 | $326367522 |
|  Shares issued in reinvestment of dividends and distributions | 1428331 | 14283308 |
|  Portfolio shares purchased | (24632465) | (246324646) |
|  Net increase (decrease) in shares outstanding | 9432614 | $94326184 |

---

#### PSF PGIM High Yield Bond Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 35297847 | $264164644 |
|  Portfolio shares purchased | (47462342) | (354232914) |
|  Net increase (decrease) in shares outstanding | (12164495) | $(90068270) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 24955911 | $179615048 |
|  Portfolio shares purchased | (4949564) | (34081342) |
|  Net increase (decrease) in shares outstanding | 20006347 | $145533706 |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 511516 | $3770455 |
|  Portfolio shares purchased | (341955) | (2545929) |
|  Net increase (decrease) in shares outstanding | 169561 | $1224526 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 510157 | $3534326 |
|  Portfolio shares purchased | (299862) | (2043667) |
|  Net increase (decrease) in shares outstanding | 210295 | $1490659 |

---

#### PSF PGIM Jennison Blend Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 42374 | $5676035 |
|  Shares issued in merger | 3901432 | 436063063 |
|  Portfolio shares purchased | (4517126) | (593874172) |
|  Net increase (decrease) in shares outstanding | (573320) | $(152135074) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 787989 | $98055848 |
|  Portfolio shares purchased | (4410496) | (497779783) |
|  Net increase (decrease) in shares outstanding | (3622507) | $(399723935) |

---

B24

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class II** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 24144 | $2857885 |
|  Shares issued in merger | 115096 | 12378593 |
|  Portfolio shares purchased | (91358) | (11782723) |
|  Net increase (decrease) in shares outstanding | 47882 | $3453755 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 20329 | $2098935 |
|  Portfolio shares purchased | (59345) | (6436935) |
|  Net increase (decrease) in shares outstanding | (39016) | $(4338000) |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 13905 | $1779163 |
|  Shares issued in merger | 161299 | 17850964 |
|  Portfolio shares purchased | (23399) | (3087546) |
|  Net increase (decrease) in shares outstanding | 151805 | $16542581 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 9102 | $1004689 |
|  Portfolio shares purchased | (7723) | (885519) |
|  Net increase (decrease) in shares outstanding | 1379 | $119170 |

---

#### PSF PGIM Jennison Growth Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 722777 | $128283895 |
|  Shares issued in merger | 2358690 | 383216419 |
|  Portfolio shares purchased | (1596971) | (311523385) |
|  Net increase (decrease) in shares outstanding | 1484496 | $199976929 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 251543 | $42124512 |
|  Portfolio shares purchased | (1508516) | (251038412) |
|  Net increase (decrease) in shares outstanding | (1256973) | $(208913900) |
|  **Class II** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 2734 | $464808 |
|  Shares issued in merger | 405 | 61519 |
|  Portfolio shares purchased | (9958) | (1824069) |
|  Net increase (decrease) in shares outstanding | (6819) | $(1297742) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 6272 | $984769 |
|  Portfolio shares purchased | (19239) | (2862851) |
|  Net increase (decrease) in shares outstanding | (12967) | $(1878082) |

---

B25

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 22067 | $4217138 |
|  Shares issued in merger | 18076 | 2907749 |
|  Portfolio shares purchased | (22145) | (4219535) |
|  Net increase (decrease) in shares outstanding | 17998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905352 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 22047 | $3697865 |
|  Portfolio shares purchased | (20554) | (3397927) |
|  Net increase (decrease) in shares outstanding | 1493 | $299938 |

---

#### PSF PGIM Jennison Value Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 1826603 | $109349684 |
|  Portfolio shares purchased | (2407015) | (156010022) |
|  Net increase (decrease) in shares outstanding | (580412) | $(46660338) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 556919 | $33453172 |
|  Portfolio shares purchased | (2280577) | (129493904) |
|  Net increase (decrease) in shares outstanding | (1723658) | $(96040732) |
|  **Class II** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 1325 | $83756 |
|  Portfolio shares purchased | (20773) | (1252226) |
|  Net increase (decrease) in shares outstanding | (19448) | $(1168470) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 17504 | $960217 |
|  Portfolio shares purchased | (22722) | (1244469) |
|  Net increase (decrease) in shares outstanding | (5218) | $(284252) |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 45142 | $2856337 |
|  Portfolio shares purchased | (14577) | (947843) |
|  Net increase (decrease) in shares outstanding | 30565 | $1908494 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 32853 | $1930812 |
|  Portfolio shares purchased | (10191) | (581405) |
|  Net increase (decrease) in shares outstanding | 22662 | $1349407 |

---

B26

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#### PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class III** |  |  |
|  **Period ended December 31, 2025\*:** |  |  |
|  Portfolio shares sold | 47912 | $494365 |
|  Portfolio shares purchased | (503) | (5392) |
|  Net increase (decrease) in shares outstanding | 47409 | $488973 |

---

\* Commencement of operations was June 18, 2025.

#### PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class III** |  |  |
|  **Period ended December 31, 2025\*:** |  |  |
|  Portfolio shares sold | 61024 | $629491 |
|  Portfolio shares purchased | (4799) | (50311) |
|  Net increase (decrease) in shares outstanding | 56225 | $579180 |

---

\* Commencement of operations was June 18, 2025.

#### PSF PGIM Total Return Bond Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 5819089 | $89322916 |
|  Shares issued in merger | 9876693 | 149140462 |
|  Portfolio shares purchased | (15459822) | (239215120) |
|  Net increase (decrease) in shares outstanding | 235960 | $(751742) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 61951148 | $909477675 |
|  Portfolio shares purchased | (6840158) | (99329584) |
|  Net increase (decrease) in shares outstanding | 55110990 | $810148091 |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 568331 | $8620938 |
|  Shares issued in merger | 281084 | 4202210 |
|  Portfolio shares purchased | (317452) | (4801826) |
|  Net increase (decrease) in shares outstanding | 531963 | $8021322 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 560844 | $8096505 |
|  Portfolio shares purchased | (206994) | (3003002) |
|  Net increase (decrease) in shares outstanding | 353850 | $5093503 |

---

B27

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#### PSF Small-Cap Stock Index Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 989976 | $58517009 |
|  Portfolio shares purchased | (1505621) | (93737886) |
|  Net increase (decrease) in shares outstanding | (515645) | $(35220877) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 652173 | $39342576 |
|  Portfolio shares purchased | (1622261) | (97217951) |
|  Net increase (decrease) in shares outstanding | (970088) | $(57875375) |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 62280 | $3823992 |
|  Portfolio shares purchased | (33939) | (2049727) |
|  Net increase (decrease) in shares outstanding | 28341 | $1774265 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 44617 | $2720308 |
|  Portfolio shares purchased | (29593) | (1773272) |
|  Net increase (decrease) in shares outstanding | 15024 | $947036 |

---

#### PSF Stock Index Portfolio

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class I** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 2617298 | $401971366 |
|  Portfolio shares purchased | (2807908) | (426924049) |
|  Net increase (decrease) in shares outstanding | (190610) | $(24952683) |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 2875979 | $383089791 |
|  Portfolio shares purchased | (6214627) | (874260401) |
|  Net increase (decrease) in shares outstanding | (3338648) | $(491170610) |
|  **Class III** |  |  |
|  **Year ended December 31, 2025:** |  |  |
|  Portfolio shares sold | 101730 | $15334888 |
|  Portfolio shares purchased | (42474) | (6213910) |
|  Net increase (decrease) in shares outstanding | 59256 | $9120978 |
|  **Year ended December 31, 2024:** |  |  |
|  Portfolio shares sold | 91909 | $12193864 |
|  Portfolio shares purchased | (44045) | (5772005) |
|  Net increase (decrease) in shares outstanding | 47864 | $6421859 |

---

B28

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9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **PSF<br>Global<br>Portfolio** | **PSF<br>PGIM<br>50/50<br>Balanced<br>Portfolio** | **PSF**<br> **PGIM<br>Ballast<br>Portfolio** | **PSF<br>PGIM<br>Flexible<br>Managed**<br> **Portfolio** | **PSF**<br> **PGIM<br>Government<br>Money<br>Market<br>Portfolio** |
|  Active Trading |  |  | X |  |  |
|  Adjustable and Floating-Rate Securities |  |  |  |  | X |
|  Asset-Backed and/or Mortgage-Backed Securities |  | X |  | X |  |
|  Blend Style | X |  |  | X |  |
|  Buffered Loss |  |  |  |  |  |
|  Cap Change |  |  |  |  |  |
|  Capped Upside |  |  |  |  |  |
|  Collateralized Debt Obligations (CDO) |  | X |  | X |  |
|  Counterparty |  |  | X |  |  |
|  Covenant-Lite |  |  |  |  |  |
|  Credit |  | X |  | X | X |
|  Currency |  | X |  | X |  |
|  Derivatives |  | X | X | X |  |
|  Dollar Roll Transactions |  |  |  |  |  |
|  Emerging Markets |  |  |  |  |  |
|  Equity and Equity-Related Securities |  | X |  | X |  |
|  Equity Securities | X | X | X | X |  |
|  Exchange-Traded Funds (ETF) | X |  | X |  |  |
|  Expense | X | X |  | X | X |
|  Fixed Income Securities |  | X | X | X | X |
|  FLEX Options |  |  |  |  |  |
|  FLEX Options Trading |  |  |  |  |  |
|  FLEX Options Valuation |  |  |  |  |  |
|  Focus | X |  |  |  |  |
|  Foreign Investment | X | X |  | X |  |
|  Fund of Funds | X |  |  |  |  |
|  Futures and Forward Contracts |  |  | X |  |  |
|  High Yield |  | X |  | X |  |
|  Index Tracking |  | X |  |  |  |
|  Interest Rate |  | X | X | X | X |
|  Investment Program |  |  | X |  |  |
|  Investment Style | X |  |  |  |  |
|  Large Capitalization Companies |  |  |  |  |  |
|  Large Company | X | X |  | X |  |
|  Large Shareholder and Large Scale Redemption |  |  | X |  |  |
|  Leverage |  |  | X |  |  |
|  Liquidity and Valuation | X | X | X | X |  |
|  Loan |  | X |  | X |  |
|  Market and Management | X | X | X | X | X |
|  Mid-Sized Company | X |  |  | X |  |
|  New/Small Portfolio |  |  | X |  |  |

---

B29

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **PSF<br>Global<br>Portfolio** | **PSF<br>PGIM<br>50/50<br>Balanced<br>Portfolio** | **PSF**<br> **PGIM<br>Ballast<br>Portfolio** | **PSF<br>PGIM<br>Flexible<br>Managed**<br> **Portfolio** | **PSF**<br> **PGIM**<br> **Government** <br> **Money**<br> **Market**<br> **Portfolio** |
|  Non-Diversification |  |  | X |  |  |
|  Portfolio Turnover |  |  |  | X |  |
|  Prepayment or Call |  | X |  | X | X |
|  Quantitative Model | X |  | X | X |  |
|  Real Estate |  |  |  |  |  |
|  Regulatory | X | X | X | X | X |
|  Reverse Repurchase Agreement |  |  |  |  |  |
|  Short Sale |  |  | X | X |  |
|  Small Sized Company |  |  |  |  |  |
|  Target Outcome Period |  |  |  |  |  |
|  Underlying ETF and SPY |  |  |  |  |  |
|  US Government Securities |  |  | X | X | X |
|  Yield |  |  |  |  | X |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risks** | **PSF<br>PGIM<br>High<br>Yield<br>Bond<br>Portfolio** | **PSF<br>PGIM<br>Jennison<br>Blend**<br> **Portfolio** | **PSF<br>PGIM**<br> **Jennison<br>Growth<br>Portfolio** | **PSF**<br> **PGIM**<br> **Jennison** <br> **Value**<br> **Portfolio** |
|  Active Trading |  |  |  |  |
|  Adjustable and Floating-Rate Securities |  |  |  |  |
|  Asset-Backed and/or Mortgage-Backed Securities |  |  |  |  |
|  Blend Style |  | X |  |  |
|  Buffered Loss |  |  |  |  |
|  Cap Change |  |  |  |  |
|  Capped Upside |  |  |  |  |
|  Collateralized Debt Obligations (CDO) | X |  |  |  |
|  Counterparty |  |  |  |  |
|  Covenant-Lite |  |  |  |  |
|  Credit | X | X |  | X |
|  Currency | X |  |  | X |
|  Derivatives | X |  |  |  |
|  Dollar Roll Transactions | X |  |  |  |
|  Emerging Markets | X |  |  |  |
|  Equity and Equity-Related Securities | X |  |  |  |
|  Equity Securities |  | X | X | X |
|  Exchange-Traded Funds (ETF) |  |  |  |  |
|  Expense | X | X | X | X |
|  Fixed Income Securities | X | X | X | X |
|  FLEX Options |  |  |  |  |
|  FLEX Options Trading |  |  |  |  |
|  FLEX Options Valuation |  |  |  |  |
|  Focus |  |  |  |  |
|  Foreign Investment | X | X | X | X |
|  Fund of Funds |  |  |  |  |
|  Futures and Forward Contracts |  |  |  |  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risks** | **PSF**<br> **PGIM**<br> **High**<br> **Yield**<br> **Bond**<br> **Portfolio** | **PSF<br>PGIM<br>Jennison<br>Blend**<br> **Portfolio** | **PSF<br>PGIM**<br> **Jennison<br>Growth<br>Portfolio** | **PSF<br>PGIM**<br> **Jennison<br>Value<br>Portfolio** |
| &nbsp;&nbsp; High Yield | X | X | X |  |
| &nbsp;&nbsp; Index Tracking |  |  |  |  |
| &nbsp;&nbsp; Interest Rate | X | X |  | X |
| &nbsp;&nbsp; Investment Program |  |  |  |  |
| &nbsp;&nbsp; Investment Style |  |  | X | X |
| &nbsp;&nbsp; Large Capitalization Companies |  |  |  |  |
| &nbsp;&nbsp; Large Company |  | X | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption |  |  |  |  |
| &nbsp;&nbsp; Leverage | X |  |  |  |
| &nbsp;&nbsp; Liquidity and Valuation | X |  | X | X |
| &nbsp;&nbsp; Loan | X |  |  |  |
| &nbsp;&nbsp; Market and Management | X | X | X | X |
| &nbsp;&nbsp; Mid-Sized Company |  | X |  |  |
| &nbsp;&nbsp; New/Small Portfolio |  |  |  |  |
| &nbsp;&nbsp; Non-Diversification |  |  |  |  |
| &nbsp;&nbsp; Portfolio Turnover |  |  |  |  |
| &nbsp;&nbsp; Prepayment or Call | X | X |  | X |
| &nbsp;&nbsp; Quantitative Model |  |  |  |  |
| &nbsp;&nbsp; Real Estate |  |  |  | X |
| &nbsp;&nbsp; Regulatory | X | X | X | X |
| &nbsp;&nbsp; Reverse Repurchase Agreement | X |  |  |  |
| &nbsp;&nbsp; Short Sale | X |  |  |  |
| &nbsp;&nbsp; Small Sized Company |  | X |  | X |
| &nbsp;&nbsp; Target Outcome Period |  |  |  |  |
| &nbsp;&nbsp; Underlying ETF and SPY |  |  |  |  |
| &nbsp;&nbsp; US Government Securities |  |  | X |  |
| &nbsp;&nbsp; Yield |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **PSF**<br> **PGIM<br>Laddered Allocation<br>S&P 500 Buffer 12<br>Portfolio** | **PSF**<br> **PGIM**<br> **Laddered Allocation**<br> **S&P 500 Buffer 20<br>Portfolio** | **PSF<br>PGIM<br>Total<br>Return<br>Bond<br>Portfolio** | **PSF<br>Small-<br>Cap<br>Stock<br>Index**<br> **Portfolio** | **PSF<br>Stock<br>Index**<br> **Portfolio** |
| &nbsp;&nbsp; Active Trading |  |  |  |  |  |
| &nbsp;&nbsp; Adjustable and Floating-Rate Securities |  |  |  |  |  |
| &nbsp;&nbsp; Asset-Backed and/or Mortgage-Backed Securities |  |  | X |  |  |
| &nbsp;&nbsp; Blend Style |  |  |  |  |  |
| &nbsp;&nbsp; Buffered Loss | X | X |  |  |  |
| &nbsp;&nbsp; Cap Change | X | X |  |  |  |
| &nbsp;&nbsp; Capped Upside | X | X |  |  |  |
| &nbsp;&nbsp; Collateralized Debt Obligations (CDO) |  |  | X |  |  |
| &nbsp;&nbsp; Counterparty | X | X |  |  |  |
| &nbsp;&nbsp; Covenant-Lite |  |  | X |  |  |
| &nbsp;&nbsp; Credit |  |  | X |  |  |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **PSF**<br> **PGIM<br>Laddered Allocation<br>S&P 500 Buffer 12<br>Portfolio** | **PSF**<br> **PGIM**<br> **Laddered Allocation<br>S&P 500 Buffer 20<br>Portfolio** | **PSF<br>PGIM<br>Total<br>Return<br>Bond<br>Portfolio** | **PSF<br>Small-<br>Cap<br>Stock<br>Index**<br> **Portfolio** | **PSF<br>Stock<br>Index**<br> **Portfolio** |
| &nbsp;&nbsp; Currency |  |  | X |  |  |
| &nbsp;&nbsp; Derivatives |  |  | X |  |  |
| &nbsp;&nbsp; Dollar Roll Transactions |  |  | X |  |  |
| &nbsp;&nbsp; Emerging Markets |  |  |  |  |  |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X | X | X |  |  |
| &nbsp;&nbsp; Equity Securities |  |  |  | X | X |
| &nbsp;&nbsp; Exchange-Traded Funds (ETF) | X | X |  |  |  |
| &nbsp;&nbsp; Expense |  |  | X | X | X |
| &nbsp;&nbsp; Fixed Income Securities |  |  | X |  |  |
| &nbsp;&nbsp; FLEX Options | X | X |  |  |  |
| &nbsp;&nbsp; FLEX Options Trading | X | X |  |  |  |
| &nbsp;&nbsp; FLEX Options Valuation | X | X |  |  |  |
| &nbsp;&nbsp; Focus |  |  |  |  |  |
| &nbsp;&nbsp; Foreign Investment |  |  | X |  |  |
| &nbsp;&nbsp; Fund of Funds |  |  |  |  |  |
| &nbsp;&nbsp; Futures and Forward Contracts |  |  |  |  |  |
| &nbsp;&nbsp; High Yield |  |  | X |  |  |
| &nbsp;&nbsp; Index Tracking |  |  |  | X | X |
| &nbsp;&nbsp; Interest Rate |  |  | X |  |  |
| &nbsp;&nbsp; Investment Program |  |  |  |  |  |
| &nbsp;&nbsp; Investment Style |  |  |  |  |  |
| &nbsp;&nbsp; Large Capitalization Companies | X | X |  |  |  |
| &nbsp;&nbsp; Large Company |  |  |  |  | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |  |  |  |
| &nbsp;&nbsp; Leverage |  |  | X |  |  |
| &nbsp;&nbsp; Liquidity and Valuation |  |  | X | X | X |
| &nbsp;&nbsp; Loan |  |  | X |  |  |
| &nbsp;&nbsp; Market and Management | X | X | X | X | X |
| &nbsp;&nbsp; Mid-Sized Company |  |  |  |  |  |
| &nbsp;&nbsp; New/Small Portfolio | X | X |  |  |  |
| &nbsp;&nbsp; Non-Diversification |  |  |  |  |  |
| &nbsp;&nbsp; Portfolio Turnover | X | X | X |  |  |
| &nbsp;&nbsp; Prepayment or Call |  |  | X |  |  |
| &nbsp;&nbsp; Quantitative Model |  |  |  |  |  |
| &nbsp;&nbsp; Real Estate |  |  |  |  |  |
| &nbsp;&nbsp; Regulatory |  |  | X | X | X |
| &nbsp;&nbsp; Reverse Repurchase Agreement |  |  | X |  |  |
| &nbsp;&nbsp; Short Sale |  |  | X |  |  |
| &nbsp;&nbsp; Small Sized Company |  |  |  | X |  |
| &nbsp;&nbsp; Target Outcome Period | X | X |  |  |  |
| &nbsp;&nbsp; Underlying ETF and SPY | X | X |  |  |  |
| &nbsp;&nbsp; US Government Securities |  |  |  |  |  |
| &nbsp;&nbsp; Yield |  |  |  |  |  |

---

*Active Trading Risk: T*he Portfolio actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Fund's performance and have adverse tax consequences. In addition, high

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portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

*Adjustable and Floating-Rate Securities Risk:* The value of adjustable and floating-rate securities may lag behind the value of fixed-rate securities when interest rates change. Adjustable and floating rate securities generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, adjustable and floating-rate securities generally will not increase in value as much as fixed rate debt instruments if interest rates decline. Adjustable and floating-rate securities are also subject to credit risk, market risk, and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults.

*Asset-Backed and/or Mortgage-Backed Securities Risk:* Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

*Blend Style Risk:* A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

*Buffered Loss Risk:* There can be no guarantee that the Portfolio will provide downside protection against SPY losses. The buffer is only provided by the Underlying ETFs and the Portfolio itself does not provide any stated buffer against losses. The Portfolio likely will not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Portfolio does not provide principal protection and a shareholder may experience significant losses including losing their entire investment. Each Underlying ETF's strategy seeks to deliver returns that match the price return of SPY (up to the cap), while limiting downside losses, if shares are bought on the first day of a Target Outcome Period and held until the end of that Target Outcome Period. To the extent the Portfolio acquires shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalancing, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, to the extent the Portfolio disposes of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalancing, any such dispositions typically will not occur on the last day of a Target Outcome Period. In the event that the Portfolio acquires shares after the first day of a Target Outcome Period or disposes of shares prior to the end of a Target Outcome Period, the buffer that the Underlying ETF seeks to provide may not be available. If the Portfolio purchases Underlying ETF shares during a Target Outcome Period at a time when the Underlying ETF has decreased in value by 12% or 20% (as applicable) or more from the value of the Underlying ETF on the first day of the Target Outcome Period (the "Initial Underlying ETF Value"), the buffer protection received by the Portfolio from its investments in the Underlying ETF will essentially be zero (meaning the Portfolio can lose its entire investment). If the Portfolio purchases Underlying ETF shares at a time when the Underlying ETF has decreased in value by less than 12% or 20% (as applicable) from the Initial Underlying ETF Value, the Underlying ETF's buffer protection received by the Portfolio from its investments in the Underlying ETF will be reduced by the difference between the Initial Underlying ETF Value and the NAV of the Underlying ETF on the date the Portfolio purchases the shares.

*Cap Change Risk:* A new cap for an Underlying ETF is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods.

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*Capped Upside Risk:* Each Underlying ETF's strategy seeks to provide returns that match the price return of SPY for shares acquired on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. Because the Portfolio will acquire shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalance, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Portfolio will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event that the Portfolio acquires Underlying ETF shares after the first day of a Target Outcome Period and the Underlying ETF has risen in value to a level near or at the cap (because the Portfolio's potential gain will be limited to the difference between the Underlying ETF's NAV on the date the Portfolio purchases Underlying ETF shares and the cap), there may be little or no ability for the Portfolio to experience an investment gain on those Underlying ETF shares; however, the Portfolio will remain vulnerable to downside risks. This could be true for all of the Underlying ETFs held by the Portfolio at a certain point in time severely limiting the Portfolio's ability to participate in gains during that time. If SPY experiences gains during a Target Outcome Period, an Underlying ETF will not participate in those gains beyond the cap. If the Portfolio buys Underlying ETF shares when the price exceeds the cap, the Portfolio will not experience any gain in respect of those Underlying ETF shares regardless of the performance of SPY.

*Collateralized Debt Obligations (CDO) Risk:* The risks of an investment in a CDO, which can include collateralized loan obligations (CLOs), depend largely on the quality and type of the collateral and the tranche of the CDO in which the Portfolio invests. Investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Portfolio may invest in CDOs that are subordinate to other classes of the issuer's securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

*Counterparty Risk:* Underlying ETF transactions involving a counterparty (including derivatives) are subject to the risk that the counterparty will not fulfill its obligation to the Underlying ETF. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Underlying ETF. The Underlying ETF may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Options Clearing Corporation ("OCC") acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Underlying ETF to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Underlying ETF could suffer significant losses.

*Covenant-Lite Risk:* Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be "covenant-lite," which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms that allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio's exposure to losses may be increased, which could result in an adverse impact on the Portfolio's net income and net asset value.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

*Currency Risk:* Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

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*Dollar Roll Transactions Risk:* Dollar rolls involve the sale by a Portfolio of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar—but not necessarily the same—security at a set price and date in the future. In a dollar roll, the Portfolio takes the risk that: (i) the market price of the mortgage-backed securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Portfolio; and (v) the roll increases the Portfolio's sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Portfolio.

*Emerging Markets Risk:* The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity and Equity-Related Securities Risk:* From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Equity Securities Risk:* The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Exchange-Traded Funds (ETF) Risk:* An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

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*Expense Risk:* The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

*Fixed Income Securities Risk:* Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

*FLEX Options Risk:* The Underlying ETFs invest in FLEX Options. When an Underlying ETF purchases an option, it may lose the premium paid for it if the price of the underlying security, commodity or other asset decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If a put or call option purchased by the Underlying ETF were permitted to expire without being sold or exercised, its premium would represent a loss to the Underlying ETF. To the extent that the Underlying ETF writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Underlying ETF, and, in turn, the Portfolio could experience a substantial or unlimited loss. Options pricing is volatile, and the price may fluctuate based on movements in the value of the underlying asset or for reasons other than changes in the value of the underlying asset. Investments in options are considered speculative.

FLEX Options are subject to the risk that they may be less liquid than other securities, including standardized options. FLEX Options are listed on an exchange; however, there is no guarantee that a liquid trading market will exist for the FLEX Options. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options, Underlying ETF shares, and, in turn, Portfolio shares and result in the Portfolio being unable to achieve its investment objective.

*FLEX Options Trading Risk:* Transactions in FLEX Options are required to be centrally cleared. In a transaction involving FLEX Options, the Underlying ETF's counterparty is the OCC, rather than a bank or broker. Since the Underlying ETF is not a member of the OCC and only members ("clearing members") can participate directly in the OCC, the Underlying ETF will hold its FLEX Options through accounts at clearing members. For FLEX Options positions, the Underlying ETF will make payments (including margin payments) to and receive payments from the OCC through its accounts at clearing members. Although clearing members guarantee their clients' obligations to the OCC, there is a risk that a clearing member may default. The OCC collects margin, maintains a clearing fund specifically to mitigate a clearing member default and segregates all customer accounts from a clearing member's proprietary accounts, however customer accounts are held in an omnibus account and are not identified with the name of an individual customer. As a result, assets deposited by the Underlying ETF with a clearing member as margin for FLEX Options may be used to satisfy losses of other clients of the Underlying ETF's clearing member. There is a risk that the assets of the Underlying ETF might not be fully protected in the event of a clearing member's default and the Underlying ETF would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account class. Therefore, the Underlying ETF could experience significant loss in the event of a clearing member's default. Additionally, the OCC may be unable to perform its obligations under the FLEX Options contracts due to unexpected events, which could negatively impact the value of the Underlying ETF.

*FLEX Options Valuation Risk:* The FLEX Options held by the Underlying ETFs will be exercisable at the strike price only on their expiration date. As an in-the-money FLEX Option approaches its expiration date, its value typically will increasingly move with the value of the SPY. However, the value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the SPY. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX Options generally include interest rate changes, dividends, the actual and implied volatility levels of the SPY's share price, and the remaining time until the FLEX Options expire, among others. The value of the FLEX Options held by an Underlying ETF typically do not increase or decrease at the same rate as the SPY's share price on a day-to-day basis due to these factors (although they generally move in the same direction), and, as a result, the Underlying ETF's NAV (and, in turn, the Portfolio's NAV) may not increase or decrease at the same rate as the SPY's share price.

*Focus Risk:* The Portfolio focuses or may focus its investments in particular countries, regions, industries, sectors, markets, or types of investments and may accumulate large positions in such areas. As a result, the Portfolio invests in the securities

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of a small number of issuers and has greater exposure to adverse developments affecting those issuers and a resulting decline in the market price of those issuers' securities as compared to a portfolio that invests in the securities of a larger number of issuers.

*Foreign Investment Risk:* Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

*Fund of Funds Risk:* In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

*Futures and Forward Contracts Risk:* In the event the market value of portfolio holdings correlated with a futures contract increases rather than decreases, the Portfolio will realize a loss on the futures position and a lower return on the portfolio holdings than would have been realized without the purchase of the futures contract. Additionally, in the event that such securities decline in value or the Portfolio determines not to complete an anticipatory hedge transaction relating to a futures contract, the Portfolio may realize a loss relating to the futures position.

*High Yield Risk:* Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield securities" or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

*Index Tracking Risk:* The Portfolio's ability to track the performance and/or holdings and weightings of an index with a high degree of correlation may be affected by, among other things, transaction costs and shareholder purchases and redemptions.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

*Investment Program Risk:* In pursuing its investment program, the Portfolio seeks to reduce volatility over a full market cycle, including by limiting Portfolio losses relative to the broader market. The subadviser may not be successful in limiting volatility and there is a risk that the Portfolio will experience losses consistent with, or greater than, the equity market during a market downturn. In addition, the Portfolio's strategy of using options to capture market upside will limit the returns of the Portfolio during periods in which the market is rising, particularly during periods of rapid appreciation, and the Portfolio may not experience investment gains comparable to the broader market. The Portfolio may not be able to enter into, or close out, options transactions at times or in quantities the subadviser believes necessary to accomplish the Portfolio's investment strategy. Because the Portfolio's strategy to limit volatility involves buying and selling options on one or more broad market indexes or financial instruments that seek to replicate or approximate the return of such an index, the Portfolio will incur additional costs in the form of options premiums that an investor would not incur investing directly in the securities of an index

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or in a fund that tracks the index directly, which costs will reduce the Portfolio's returns. In addition, the Portfolio will forgo the opportunity to benefit fully from potential increases in value if the value of the instrument underlying an option rises above its strike price. Moreover, if the strike price of a purchased option is higher than the value of the underlying instrument at expiration, the option will expire worthless and the Portfolio will lose the premium paid for the option without a corresponding benefit.

*Investment Style Risk:* Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

*Large Company Risk:* Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

*Large Capitalization Companies Risk:* SPY invests in the securities of large capitalization companies. Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Underlying ETF's, and, in turn, the Portfolio's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Portfolio's shares. There is no requirement that these entities maintain their investment in the Portfolio. There is a risk that such large shareholders or that the Portfolio's shareholders generally may redeem all or a substantial portion of their investments in the Portfolio in a short period of time, which could have a significant negative impact on the Portfolio's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Portfolio's ability to implement its investment strategy. The Portfolio's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Portfolio may invest a larger portion of its assets in cash or cash equivalents.

*Leverage Risk:* Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value), which may amplify the Portfolio's gains and losses and cause the Portfolio to be more volatile and riskier than if it had not been leveraged.

*Liquidity and Valuation Risk:* The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

*Loan Risk:* A Portfolio's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio's access to collateral, if any, may be limited by bankruptcy laws. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations, and junior loans can involve a higher degree of risk than more senior loans. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not

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be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its services providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

*Mid-Sized Company Risk:* The shares of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing and volatility of these securities and on the Portfolio's ability to sell the securities.

*New/Small Portfolio Risk:* The Portfolio recently commenced operations and has a limited operating history. As a new and relatively small fund, the Portfolio's performance may not represent how the Portfolio is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Since the Portfolio is new, an active secondary market for the shares of the Portfolio may not develop or may not continue once developed. Shareholders holding large blocks of shares of the Portfolio, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Portfolio shares. These large shareholders may also loan or sell all or a portion of their Portfolio shares, which may result in increasing concentration of Portfolio shares in a small number of holders, and the potential for large redemptions, decreases in Portfolio assets and increased expenses for remaining shareholders.

*Non-Diversification Risk:* The Portfolio is a non-diversified portfolio, and therefore, it can invest in fewer individual companies than a diversified portfolio. Because a non-diversified portfolio is more likely to experience large market price fluctuations, the Portfolio may be subject to a greater risk of loss than a fund that has a diversified portfolio.

*Portfolio Turnover Risk:* A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

*Prepayment or Call Risk:* Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

*Quantitative Model Risk:* The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon

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expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

*Real Estate Risk:* Investments in real estate investment trusts (REITs) and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify for favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Higher interest rates have a negative impact on real estate markets by increasing financing costs associated with purchasing new real estate or refinancing debt obligations. Additionally, occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

*Regulatory Risk:* The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC), and depending on the Portfolio, the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

*Reverse Repurchase Agreement Risk:* Reverse repurchase agreements involve the sale of securities with an agreement to repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing. The use of reverse repurchase agreements may exaggerate any increase or decrease in the value of a Portfolio's assets. The use of reverse repurchase agreements is a form of leverage because the proceeds derived from reverse repurchase agreements may be invested in additional securities.

*Short Sale Risk:* A short sale involves the risk that the price of a borrowed security will increase during the time the Portfolio has borrowed the security and the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Short sales may result in losses that are greater than the cost of the investment. In addition, the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.

*Small Sized Company Risk:* Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

*Target Outcome Period Risk:* Each Underlying ETF's investment strategy is designed to deliver returns that match the price return of SPY if shares are bought on the day on which the Underlying ETF enters into the FLEX Options (i.e., the first day of a Target Outcome Period) and held until those FLEX Options expire at the end of the Target Outcome Period subject to the cap. Because the Portfolio will acquire shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalance, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Portfolio will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event the Portfolio acquires shares of an underlying ETF after the first day of a Target Outcome Period or disposes of shares prior to the expiration of the Target Outcome Period, the value of the Portfolio's investment in Underlying ETF shares may not be buffered against a decline in the value of SPY and may not participate in a gain in the value of SPY for the Portfolio's investment period.

*Underlying ETF and SPY Risk:* The value of an investment in the Portfolio will be related, to a degree, to the investment performance of the Underlying ETFs, and, in turn, SPY. Therefore, the principal risks of investing in the Portfolio are closely related to the principal risks associated with the Underlying ETF and its investments. Exposure to the Underlying ETFs will also expose the Fund to a pro rata portion of the Underlying ETFs' fees and expenses. The fluctuating value of the FLEX Options will affect the Underlying ETFs' value, and, in turn, Portfolio's value.

The Portfolio intends to generally rebalance its portfolio to equal weight (i.e., 81/3% per Underlying ETF) quarterly, in connection with the reset of each Underlying ETF. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Portfolio having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Portfolio's returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures.

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*US Government Securities Risk:* US Government securities may be adversely affected by changes in interest rates, a default by, or further downgrades in the credit quality rating of, the US Government, and may not be backed by the full faith and credit of the US Government.

*Yield Risk:* The amount of income received by a Portfolio will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low, the Portfolio's expenses could absorb all or a significant portion of the Portfolio's income. If interest rates increase, the Portfolio's yield may not increase proportionately. For example, the Portfolio's investment manager may discontinue any temporary voluntary fee limitation.

10. Reorganization

On November 20, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of PSF Natural Resources Portfolio (the "Merged Portfolio") for shares of PSF PGIM Jennison Blend Portfolio (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on March 25, 2025 and the reorganization took place at the close of business on April 11, 2025.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  PSF Natural Resources Portfolio | $456488035 | $427605605 |

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The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on April 11, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Merged Portfolio** | **Class** | **Shares** | **Shares** |
|  PSF Natural Resources Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;I |  | 10429511 |
|  | II |  | 314012 |
|  | III |  | 430686 |

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| | | |
|:---|:---|:---|
| **Acquiring Portfolio** | **Shares** | **Value** |
|  PSF PGIM Jennison Blend Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;I | 3901432 | $436063063 |
| II | &nbsp;&nbsp;&nbsp;&nbsp;115096 | 12378593 |
| III | &nbsp;&nbsp;&nbsp;&nbsp;161299 | 17850964 |

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For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
|  PSF Natural Resources Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;I | $27009993 | $436063063 |
| II | 766738 | 12378593 |
| III | 1105699 | 17850964 |

---

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| | |
|:---|:---|
| **Acquiring Portfolio** | **Net Assets** |
|  PSF PGIM Jennison Blend Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;I | $5924463298 |
| II | 40384169 |
| III | 3239982 |

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Assuming the acquisition had been completed on January 1, 2025, the Acquiring Portfolio's unaudited pro forma results of

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operations for the year ended December 31, 2025 would have been as follows:

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| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  PSF PGIM Jennison Blend Portfolio | $57274297 | $1236489326 | $1293763623 |

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(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net investment income from the Merged Portfolios pre-merger as follows: PSF Natural Resources Portfolio $2,924,758.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net realized and unrealized loss on investments from the Merged Portfolios pre-merger as follows: PSF Natural Resources Portfolio $(33,475,601).

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since April 11, 2025.

On November 20, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of PSF Mid-Cap Growth Portfolio (the "Merged Portfolio") for shares of PSF PGIM Jennison Growth Portfolio (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on March 25, 2025 and the reorganization took place at the close of business on April 11, 2025.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  PSF Mid-Cap Growth Portfolio | $362475930 | $348969025 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on April 11, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Merged Portfolio** | **Class** | **Shares** | **Shares** |
|  PSF Mid-Cap Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;I |  | 13968565 |
|  | II |  | 2447 |
|  | III |  | 107032 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Portfolio** | **Shares** | **Value** |
|  PSF PGIM Jennison Growth Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;I | 2358690 | $383216419 |
| II | 405 | 61519 |
| III | 18076 | 2907749 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
|  PSF Mid-Cap Growth Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;I | $13403054 | $383216419 |
| II | 2152 | 61519 |
| III | 101699 | 2907749 |

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| | |
|:---|:---|
| **Acquiring Portfolio** | **Net Assets** |
|  PSF PGIM Jennison Growth Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;I | $3246662074 |
| II | 11740388 |
| III | 13679783 |

---

Assuming the acquisition had been completed on January 1, 2025, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2025 would have been as follows:

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| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>loss (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  PSF PGIM Jennison Growth Portfolio | $(6212163) | $605974145 | $599761982 |

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(a) Net investment loss as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: PSF Mid-Cap Growth Portfolio $71,309.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net realized and unrealized loss on investments from the Merged Portfolio pre-merger as follows: PSF Mid-Cap Growth Portfolio ($58,558,428).

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since April 11, 2025.

On November 20, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of PSF PGIM Government Income Portfolio (the "Merged Portfolio") for shares of PSF PGIM Total Return Bond Portfolio (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on March 25, 2025 and the reorganization took place at the close of business on April 25, 2025.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  PSF PGIM Government Income Portfolio | $152012858 | $157884175 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on April 25, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Merged Portfolio** | **Class** | **Shares** | **Shares** |
|  PSF PGIM Government Income Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;I |  | 11211293 |
|  | III |  | 318973 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Portfolio** | **Shares** | **Value** |
|  PSF PGIM Total Return Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;I | 9876693 | $149140462 |
| III | 281084 | 4202210 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized depreciation immediately before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Depreciation<br>on Investments** | **Net Assets** |
|  PSF PGIM Government Income Portfolio | $(5710420) | $149140462 |

---

B43

------

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Depreciation<br>on Investments** | **Net Assets** |
| III | $(160897) | $4202210 |

---

---

| | |
|:---|:---|
| **Acquiring Portfolio** | **Net Assets** |
|  PSF PGIM Total Return Bond Portfolio<br> &nbsp;&nbsp;&nbsp;&nbsp;I | $2269165585 |
| III | 20006517 |

---

Assuming the acquisition had been completed on January 1, 2025, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2025 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  PSF PGIM Total Return Bond Portfolio | $119859962 | $66978726 | $186838688 |

---

(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: PSF PGIM Government Income Portfolio $1,733,515.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: PSF PGIM Government Income Portfolio $3,422,526.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since April 25, 2025.

11. Recent Accounting Pronouncement and Regulatory Developments

During the reporting period, the Portfolios adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) -Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Portfolios did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

12. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of December 31, 2025.

B44

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of The Prudential Series Fund and Shareholders of PSF Global Portfolio, PSF PGIM 50/50 Balanced Portfolio, PSF PGIM Ballast Portfolio, PSF PGIM Flexible Managed Portfolio, PSF PGIM Government Money Market Portfolio, PSF PGIM High Yield Bond Portfolio, PSF PGIM Jennison Blend Portfolio, PSF PGIM Jennison Growth Portfolio, PSF PGIM Jennison Value Portfolio, PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio, PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio, PSF PGIM Total Return Bond Portfolio, PSF Small-Cap Stock Index Portfolio and PSF Stock Index Portfolio

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the portfolios listed in the table below (constituting The Prudential Series Fund, hereafter collectively referred to as the "Portfolios") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios listed in the table below as of December 31, 2025, the results of each of their operations and the changes in each of their net assets, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; PSF Global Bond Portfolio <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; PSF PGIM 50/50 Balanced Portfolio <sup>(1)</sup><br> PSF PGIM Jennison Value Portfolio <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; PSF PGIM Ballast Portfolio <sup>(2)</sup><br> PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; PSF PGIM Flexible Managed Portfolio <sup>(1)</sup><br> PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; PSF PGIM Government Money Market Portfolio <sup>(1)</sup><br> PSF PGIM Total Return Bond Portfolio <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio <sup>(1)</sup><br> PSF Small-Cap Stock Index Portfolio <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio <sup>(1)</sup><br> PSF Stock Index Portfolio <sup>(1)</sup> |

---

(1) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024

(2) Statement of operations and statement of changes in net assets for the period June 18, 2025 (commencement of operations) through December 31, 2025

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents, issuers of privately held securities, agent banks and brokers; when replies were not received from transfer agents, issuers of privately held securities, agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 20, 2026

We have served as the auditor of one or more investment companies in the Prudential Insurance Portfolios complex since 2020.

C1

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies.

#### For the year ended December 31, 2025, the following matters were submitted to vote of shareholders of certain open-end management investment companies. Specifically:
At a special meeting of shareholders of the PSF Mid-Cap Growth Portfolio held on March 25, 2025, shareholders of the PSF Mid-Cap Growth Portfolio approved the reorganization of the PSF Mid-Cap Growth Portfolio into the PSF PGIM Jennison Growth Portfolio, each a series of The Prudential Series Fund.

The results of the voting are as follows:

---

| | | |
|:---|:---|:---|
| **Affirmative Votes Cast** | **Shares Against** | **Abstained/Withheld** |
| 12506624.224 | 1006714.246 | 573435.293 |

---

At a special meeting of shareholders of the PSF Natural Resources Portfolio held on March 25, 2025, shareholders of the PSF Natural Resources Portfolio approved the reorganization of the PSF Natural Resources Portfolio into the PSF PGIM Jennison Blend Portfolio, each a series of The Prudential Series Fund.

The results of the voting are as follows:

---

| | | |
|:---|:---|:---|
| **Affirmative Votes Cast** | **Shares Against** | **Abstained/Withheld** |
| 10106590.707 | 724736.432 | 687983.333 |

---

At a special meeting of shareholders of the PSF PGIM Government Income Portfolio held on March 25, 2025, shareholders of the PSF PGIM Government Income Portfolio approved the reorganization of the PSF PGIM Government Income Portfolio into the PSF PGIM Total Return Bond Portfolio, each a series of The Prudential Series Fund.

The results of the voting are as follows:

---

| | | |
|:---|:---|:---|
| **Affirmative Votes Cast** | **Shares Against** | **Abstained/Withheld** |
| 9822716.057 | 387356.114 | 755972.151 |

---

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

---

Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d53527dex99codeeth.htm)

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d53527dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d53527dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: <u>The Prudential Series Fund</u>

---

| | |
|:---|:---|
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | February 20, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Kenneth Allen</u> |
|  | Kenneth Allen |
|  | President and Principal Executive Officer |
| Date: | February 20, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date: | February 20, 2026 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

------

The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

------

**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

------

**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**The Prudential Series Fund** 

Annual period ending 12/31/25

File No. 811-03623

**<u>CERTIFICATIONS</u>**

I, Kenneth Allen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| February 20, 2026 | <u>/s/ Kenneth Allen</u> |
|  | Kenneth Allen |
|  | President and Principal Executive Officer |

---

------

Item 19

**The Prudential Series Fund** 

Annual period ending 12/31/25

File No. 811-03623

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 20, 2026 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>The Prudential Series Fund</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| February 20, 2026 | <u>/s/ Kenneth Allen</u> |
|  | Kenneth Allen |
|  | President and Principal Executive Officer |

---

---

| | |
|:---|:---|
| February 20, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*