The Prudential Series Fund

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The Portfolio invests primarily in common stocks (and their equivalents) of foreign and U.S. companies. Each subadviser for the Portfolio generally will use either a “growth” approach or a “value” approach in selecting either foreign or U.S. common stocks. The approximate asset allocations as of February 27, 2009, area of geographic focus, and primary investment style for each subadviser are set forth below. Global Portfolio: Subadviser Allocations Approximate Asset Allocation Primary Geographic Focus & Asset Class Investment Style William Blair 25.3% Foreign Equity Growth-oriented LSV 23.4% Foreign Equity Value-oriented Marsico 26.9% U.S. Equity Growth-oriented T. Rowe Price 23.8% U.S. Equity Value-oriented In addition to the subadvisers listed above, each of Quantitative Management Associates LLC (QMA) Jennison Associates LLC (Jennison) and Prudential Investment Management, Inc. (PIM) may provide “Management Services” and/or “Advice Services” to the Portfolio. Management Services includes discretionary investment management authority for all or a portion of the Portfolio’s assets. Advice Services includes investment advice, asset allocation advice and research services other than day-to-day management of the Portfolio. Although QMA, Jennison and PIM have been appointed to serve as subadvisers to the Portfolio, QMA presently provides only Advice Services to the Portfolio. PI has no current plans or intention to utilize QMA to provide Management Services to the Portfolio. PI has no current intention to utilize Jennison or PIM to provide any Management Services or Advice Services to the Portfolio. Depending on future circumstances and other factors, however, PI, in its discretion, and subject to further approval by the Board, may in the future elect to utilize QMA, Jennison or PIM to provide Management Services and/or Advice Services to the Portfolio, as applicable. Principal Risks: ■ company risk ■ common and preferred stock risk ■ derivatives risk ■ foreign investment risk ■ growth stock risk ■ value stock risk ■ leveraging risk ■ management risk ■ market risk ■ selection risk ■ currency risk Government Income Portfolio Investment Objective: a high level of income over the long term consistent with the preservation of capital. We normally invest at least 80% of the Portfolio’s investable assets (net assets plus any borrowings made for investment purposes) in U.S. Government securities, including intermediate and long-term U.S. Treasury securities and debt obligations issued by agencies or instrumentalities established by the U.S. Government, mortgage-related securities and collateralized mortgage obligations. The Portfolio may invest up to 20% of investable assets in other securities, including corporate debt 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: ■ credit risk ■ derivatives risk 7
■ ■ ■ ■ ■ ■ ■ ■ ■ foreign investment risk interest rate risk leveraging risk liquidity risk management risk market risk mortgage risk portfolio turnover risk prepayment risk An investment in the Government Income Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Portfolio is managed by Prudential Investment Management, Inc. High Yield Bond Portfolio Investment Objective: a high total return. We normally invest at least 80% of the Portfolio’s investable assets (net assets plus any borrowings made for investment purposes) in high-yield/high-risk debt investments. Such investments have speculative characteristics and are riskier than high-grade investments. The Portfolio may invest up to 20% of its total assets in foreign debt obligations. 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: ■ credit risk ■ derivatives risk ■ foreign investment risk ■ high yield risk ■ interest rate risk ■ leveraging risk ■ liquidity risk ■ management risk ■ market risk ■ prepayment risk The Portfolio is managed by Prudential Investment Management, Inc. Jennison Portfolio Investment Objective: long-term growth of capital. We invest primarily in equity securities of major, established corporations that we believe offer above-average growth prospects. 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. 8
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: ■ prepayment risk The Portfolio i
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
Page 61 and 62: 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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