The Prudential Series Fund

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FEES AND EXPENSES OF THE PORTFOLIOS Class I shares. Investors incur certain fees and expenses in connection with an investment in the Fund’s Portfolios. The following table shows the fees and expenses that you may incur if you invest in Class I shares of the Portfolios through a variable Contract. The fees and expenses shown below are based on the fees and expenses incurred in the year ended December 31, 2008 (except as explained in the footnotes) and are expressed as a percentage of the average daily net assets of each Portfolio. The table does not include Contract charges. 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 following table. See the accompanying Contract prospectus for more information about Contract charges. Class I Shares: Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets) Shareholder Fees (fees paid directly from your investment) Management Fees 4 Distribution (12b-1) Fees Other Expenses Acquired Portfolio Fees and Expenses 1 Total Annual Portfolio Operating Expenses 2 Conservative Balanced Portfolio None 0.55% None 0.04% - 0.59% Diversified Bond Portfolio None 0.40 None 0.05 - 0.45 Equity Portfolio None 0.45 None 0.03 - 0.48 Flexible Managed Portfolio None 0.60 None 0.04 - 0.64 Global Portfolio None 0.75 None 0.09 - 0.84 Government Income Portfolio None 0.40 None 0.13 - 0.53 High Yield Bond Portfolio None 0.55 None 0.03 - 0.58 Jennison Portfolio None 0.60 None 0.03 - 0.63 Money Market Portfolio None 0.40 None 0.03 - 0.43 Natural Resources Portfolio None 0.45 None 0.05 - 0.50 Small Capitalization Stock Portfolio None 0.40 None 0.07 - 0.47 Stock Index Portfolio None 0.35 3 None 0.02 - 0.37 Value Portfolio None 0.40 None 0.03 - 0.43 1 Some of the Portfolios invest in other investment companies (the Acquired Portfolios). For example, some Portfolios invest in other funds, including the Dryden Core Investment Fund. Investors in a Portfolio indirectly bear the fees and expenses of the Acquired Portfolios. The expenses shown in the column "Acquired Portfolio Fees and Expenses" represent a weighted average of the expense ratios of the Acquired Portfolios in which each Portfolio invested during the year ended December 31, 2008. The SP Asset Allocation Portfolios do not pay any transaction fees when purchasing or redeeming shares of the Acquired Portfolios. When a Portfolio's "Acquired Portfolio Fees and Expenses" are less than 0.01%, such expenses are included in the column titled "Other Expenses." This may cause the Total Annual Portfolio Operating Expenses to differ from those set forth in the Financial Highlights tables of the respective Portfolios. 2 Prudential Investments LLC has voluntarily agreed to waive a portion of its management fee and/or limit total expenses (expressed as an annual percentage of average daily net assets) for certain Portfolios of the Fund. These arrangements, which are set forth as follows for Class I shares, may be discontinued or otherwise modified at any time. Government Income Portfolio: 0.75%; Stock Index Portfolio: 0.75%. 3 The Portfolio's contractual management fee rate is as follows: 0.35% for average net assets up to $4 billion, and 0.30% for average net assets in excess of $4 billion. 4 The management fee rate shown in the "management fees" column represents the actual fee rate paid by the indicated Portfolio for the fiscal year ended December 31, 2008, except that the fee rate shown does not reflect the impact of any voluntary management fee waivers that may be applicable and which would result in a reduction in the fee rate paid by the Portfolio. The management fee rate for certain Portfolios may include "breakpoints" which are reduced fee rates that are applicable at specified levels of Portfolio assets; the effective fee rates shown in the table reflect and incorporate any fee "breakpoints" which may be applicable. 33
EXAMPLE The following Example, which reflects the Portfolio operating expenses listed in the preceding tables, is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The following example does not include the effect of Contract charges. Because Contract Charges are not included, the total fees and expenses that you will incur will be higher than the example set forth in the following table. For more information about Contract charges see the accompanying Contract prospectus. The Example assumes that you invest $10,000 in a Portfolio for the time periods indicated. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s total operating expenses remain the same (including the indirect expenses of any acquired portfolios in which the Portfolio invests), and that no expense waivers and reimbursements are in effect. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Expense Example: Class I Shares 1 Year 3 Years 5 Years 10 Years Conservative Balanced Portfolio $60 $189 $329 $738 Diversified Bond Portfolio 46 144 252 567 Equity Portfolio 49 154 269 604 Flexible Managed Portfolio 65 205 357 798 Global Portfolio 86 268 466 1,037 Government Income Portfolio 54 170 296 665 High Yield Bond Portfolio 59 186 324 726 Jennison Portfolio 64 202 351 786 Money Market Portfolio 44 138 241 542 Natural Resources Portfolio 51 160 280 628 Small Capitalization Stock Portfolio 48 151 263 591 Stock Index Portfolio 38 119 208 468 Value Portfolio 44 138 241 542 34
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 and 10: INTRODUCTION ABOUT THE FUND AND ITS
Page 11 and 12: ■ prepayment risk The Portfolio i
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: Value Portfolio Annual Returns (Cla
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
Page 61 and 62: trading, asset management and priva
Page 63 and 64: Equity Portfolio Spiros “Sig” S
Page 65 and 66: Richard Piccirillo is Principal and
Page 67 and 68: Natural Resources Portfolio David A
Page 69 and 70: HOW TO BUY AND SELL SHARES OF THE P
Page 71 and 72: (which is generally 4:00 p.m. New Y
Page 73 and 74: DISTRIBUTOR Prudential Investment M
Page 75 and 76: FINANCIAL HIGHLIGHTS INTRODUCTION T
Page 77 and 78: Equity Portfolio Class I Year Ended
Page 79 and 80: High Yield Bond Portfolio Year Ende
Page 81 and 82: Small Capitalization Stock Portfoli
Page 83 and 84: INVESTOR INFORMATION SERVICES: Shar
Page 85 and 86: TABLE OF CONTENTS Page PER SHARE IN
Page 87 and 88: 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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