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The Prudential Series Fund

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Money Market Portfolio<br />

Year Ended December 31,<br />

2008 2007 2006 2005 2004<br />

Per Share Operating Performance:<br />

Net Asset Value, beginning of year ....................................... $ 10.00 $ 10.00 $ 10.00 $10.00 $10.00<br />

Income From Investment Operations:<br />

Net investment income and realized gains ................................. .26 .49 .46 .28 .10<br />

Dividends and distributions .............................................. — — — (.28) (.10)<br />

Distributions .......................................................... (.26) (.49) (.46) — —<br />

Net Asset Value, end of year ............................................ $ 10.00 $ 10.00 $ 10.00 $10.00 $10.00<br />

Total Return(a) ....................................................... 2.65% 5.06% 4.74% 2.85% 1.01%<br />

Ratios/Supplemental Data:<br />

Net assets, end of year (in millions) ....................................... $1,489.8 $1,289.9 $1,060.5 $851.9 $885.4<br />

Ratios to average net assets:<br />

Expenses .......................................................... .43% .43% .43% .45% .45%<br />

Net investment income ............................................... 2.59% 4.94% 4.68% 2.86% 1.01%<br />

(a) 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<br />

reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses<br />

associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the<br />

total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absense of fee waivers and<br />

/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect<br />

adjustments to conform to generally accepted accounting principles.<br />

Natural Resources Portfolio<br />

Class I<br />

Year Ended December 31,<br />

2008(a) 2007(a) 2006(a) 2005 2004<br />

Per Share Operating Performance:<br />

Net Asset Value, beginning of year ...................................... $56.28 $ 45.67 $ 45.46 $ 31.88 $27.49<br />

Income (Loss) From Investment Operations:<br />

Net investment income ................................................ .22 .43 .35 .33 .19<br />

Net realized and unrealized gain (loss) on investments ...................... (25.97) 21.09 8.65 16.27 6.28<br />

Total from investment operations .................................... (25.75) 21.52 9.00 16.60 6.47<br />

Less Dividends and Distributions:<br />

Dividends from net investment income .................................... — — — —(c) (1.00)<br />

Distributions from net realized gains ...................................... — — — (3.02) (1.08)<br />

Distributions ......................................................... (6.83) (10.91) (8.79) — —<br />

Total dividends and distributions ..................................... (6.83) (10.91) (8.79) (3.02) (2.08)<br />

Net Asset Value, end of year ............................................ $23.70 $ 56.28 $ 45.67 $ 45.46 $31.88<br />

Total Return(d) ...................................................... (53.00)% 48.30% 22.20% 55.91% 25.17%<br />

Ratios/Supplemental Data:<br />

Net assets, end of year (in millions) ...................................... $677.4 $1,669.9 $1,193.0 $1,016.3 $622.6<br />

Ratios to average net assets(b):<br />

Expenses ......................................................... .50% .48% .49% .49% .51%<br />

Net investment income ............................................... .47% .80% .78% .66% .49%<br />

Portfolio turnover rate ................................................. 40% 39% 58% 59% 24%<br />

(a) Calculated based upon average shares outstanding during the year.<br />

(b) Does not include expenses of the underlying portfolio in which the Portfolio invests.<br />

(c) Amount is less than $0.005 per share.<br />

(d) 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<br />

reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses<br />

associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the<br />

total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers<br />

and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect<br />

adjustments to conform to generally accepted accounting principles.<br />

75

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