The Prudential Series Fund

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RISK/RETURN SUMMARY INVESTMENT OBJECTIVES & PRINCIPAL STRATEGIES OF THE PORTFOLIOS Conservative Balanced Portfolio Investment Objective: total investment return consistent with a conservatively managed diversified portfolio. We invest in a mix of equity securities, debt obligations and money market instruments. The Portfolio may invest in foreign securities. We may invest a portion of the Portfolio’s assets in high-yield/high-risk debt securities, which are riskier than high-grade securities. This Portfolio may be appropriate for an investor who wants diversification with a relatively lower risk of loss than that associated with the Flexible Managed Portfolio (see below). While we make every effort to achieve our objective, we can’t guarantee success and it is possible that you could lose money. Principal Risks: ■ company risk ■ credit risk ■ currency and exchange risk ■ derivatives risk ■ foreign investment risk ■ high yield risk ■ inflation-indexed securities risk ■ interest rate risk ■ leveraging risk ■ liquidity risk ■ management risk ■ market risk ■ mortgage risk ■ portfolio turnover risk ■ prepayment risk The Portfolio is managed by Quantitative Management Associates LLC and Prudential Investment Management, Inc. Diversified Bond Portfolio Investment Objective: high level of income over a longer term while providing reasonable safety of capital. We look for investments that we think will provide a high level of current income, but which are not expected to involve a substantial risk of loss of capital through default. We normally invest at least 80% of the Portfolio’s investable assets (net assets plus any borrowings made for investment purposes) in high-grade debt obligations and high-quality money market investments. We may purchase securities that are issued outside the U.S. by foreign or U.S. issuers. In addition, we may invest a portion of the Portfolio’s assets in high-yield/high-risk debt securities, which are riskier than high-grade securities. We may invest up to 20% of the Portfolio’s total assets in debt securities issued outside the U.S. by U.S. or foreign issuers whether or not such securities are denominated in the U.S. dollar. These securities are included in the limits described above for debt obligations that may or may not be high grade. While we make every effort to achieve our objective, we can’t guarantee success and it is possible that you could lose money. Prinicpal Risks: ■ credit risk ■ derivatives risk ■ foreign investment risk ■ high yield risk ■ interest rate risk ■ leveraging risk ■ liquidity risk ■ management risk ■ market risk 5
■ prepayment risk The Portfolio is managed by Prudential Investment Management, Inc. Equity Portfolio Investment Objective: long-term growth of capital. We normally invest at least 80% of the Portfolio’s investable assets (net assets plus any borrowings made for investment purposes) in common stock of major established companies as well as smaller companies that we believe offer attractive prospects of appreciation. The Portfolio may invest up to 30% of its total assets in foreign securities. While we make every effort to achieve our objective, we can’t guarantee success and it is possible that you could lose money. Principal Risks: ■ company risk ■ derivatives risk ■ foreign investment risk ■ leveraging risk ■ management risk ■ market risk The Portfolio is managed by Jennison Associates LLC. Flexible Managed Portfolio Investment Objective: total return consistent with an aggressively managed diversified portfolio. We invest in a mix of equity securities, debt obligations and money market instruments. The Portfolio may invest in foreign securities. A portion of the debt portion of the Portfolio may be invested in high-yield/high-risk debt securities, which are riskier than high-grade securities. This Portfolio may be appropriate for an investor who wants diversification and is willing to accept a higher level of volatility than the conservative fund, in effort to achieve greater appreciation. While we make every effort to achieve our objective, we can’t guarantee success and it is possible that you could lose money. Principal Risks: ■ company risk ■ credit risk ■ currency and exchange risk ■ derivatives risk ■ foreign investment risk ■ high yield risk ■ inflation-indexed securities risk ■ interest rate risk ■ leveraging risk ■ liquidity risk ■ management risk ■ mortgage risk ■ market risk ■ portfolio turnover risk ■ prepayment risk The Portfolio is managed by Quantitative Management Associates LLC and Prudential Investment Management, Inc. Global Portfolio Investment Objective: long-term growth of capital. 6
Page 1 and 2: MAY 1, 2009 PROSPECTUS The Prudenti
Page 3 and 4: THE PRUDENTIAL SERIES FUND Diversif
Page 5 and 6: THE PRUDENTIAL SERIES FUND Natural
Page 7 and 8: This prospectus discusses the follo
Page 9: INTRODUCTION ABOUT THE FUND AND ITS
Page 13 and 14: ■ ■ ■ ■ ■ ■ ■ ■ ■
Page 15 and 16: a representative sample of the stoc
Page 17 and 18: PRINCIPAL RISKS Although we try to
Page 19 and 20: Foreign investment risk. Investing
Page 21 and 22: Market risk. Market risk is the ris
Page 23 and 24: guaranteeing the obligation for ult
Page 25 and 26: PAST PERFORMANCE Conservative Balan
Page 27 and 28: Equity Portfolio Annual Returns (Cl
Page 29 and 30: Global Portfolio Annual Returns (Cl
Page 31 and 32: High Yield Bond Portfolio Annual Re
Page 33 and 34: Money Market Portfolio Annual Retur
Page 35 and 36: Small Capitalization Stock Portfoli
Page 37 and 38: Value Portfolio Annual Returns (Cla
Page 39 and 40: EXAMPLE The following Example, whic
Page 41 and 42: and are considered speculative. We
Page 43 and 44: can’t guarantee success, and it i
Page 45 and 46: ■ ■ Repurchase agreements. The
Page 47 and 48: Government Income Portfolio The inv
Page 49 and 50: The Portfolio may also invest in ob
Page 51 and 52: unrated, of comparable quality in o
Page 53 and 54: ■ Illiquid securities The Portfol
Page 55 and 56: MORE DETAILED INFORMATION ABOUT OTH
Page 57 and 58: are not backed by the full faith an
Page 59 and 60: HOW THE FUND IS MANAGED BOARD OF TR
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trading, asset management and priva
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Equity Portfolio Spiros “Sig” S
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Richard Piccirillo is Principal and
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Natural Resources Portfolio David A
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HOW TO BUY AND SELL SHARES OF THE P
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(which is generally 4:00 p.m. New Y
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DISTRIBUTOR Prudential Investment M
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FINANCIAL HIGHLIGHTS INTRODUCTION T
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Equity Portfolio Class I Year Ended
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High Yield Bond Portfolio Year Ende
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Small Capitalization Stock Portfoli
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INVESTOR INFORMATION SERVICES: Shar
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TABLE OF CONTENTS Page PER SHARE IN
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PER SHARE INVESTMENT INCOME, CAPITA
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Summary of Charges The Partnership
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Partnership. PREI's investment staf
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would be willing to commit to a fir
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The investment manager will manage
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4. Risks with Sale-Leaseback Transa
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If an account which has been alloca
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correspondingly adjusted. In additi
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RESTRICTIONS ON CONTRACT OWNERS’
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During the year ended December 31,
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(2) Net investment income for the y
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The following sections discuss thos
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The table below presents the amount
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NOTES TO THE FINANCIAL STATEMENTS O
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THE PRUDENTIAL VARIABLE CONTRACT RE
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NOTES TO THE CONSOLIDATED FINANCIAL
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Report of Independent Registered Pu
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Pruco Life Insurance Company Consol
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Pruco Life Insurance Company Consol
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Pruco Life Insurance Company Notes
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The Prudential Series Fund

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