The Prudential Series Fund

guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the United States if the agency or
instrumentality does not meet its commitments. The yield and market value of these securities are not guaranteed by the U.S.
government or the relevant government sponsored enterprise.
Yankee obligations risk. Yankee obligations are U.S. dollar-denominated debt securities of foreign corporations issued in the United
States and U.S. dollar-denominated debt securities issued or guaranteed as to payment of principal and interest by governments,
quasi-governmental entities, government agencies, and other governmental entities of foreign countries and supranational entities,
which securities are issued in the United States. Debt securities of quasi-governmental entities are issued by entities owned by either
a national, state, or equivalent government or are obligations of a political unit that is not backed by the national government’s full
faith and credit and general taxing powers. Investments in the securities of foreign corporations and governments, even those
denominated in U.S. dollars, involve certain risks not typically associated with investments in domestic issuers. The values of the
securities of foreign corporations and governments are subject to economic and political developments in the countries and regions
where the issuers operate or are domiciled, such as changes in economic or monetary policies. In addition, Yankee obligations may
be less liquid than the debt obligations of U.S. issuers. In general, less information is publicly available about foreign corporations
than about U.S. companies. Foreign corporations are generally not subject to the same accounting, auditing, and financial reporting
standards as are U.S. companies. Some securities issued by foreign governments or their subdivisions, agencies, and instrumentalities
may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a
foreign government, it may be difficult for the Portfolio to pursue its rights against such government in that country’s courts. Some
foreign governments have defaulted on principal and interest payments. In addition, a Portfolio’s investments in Yankee obligations
may be subject to the risk of nationalization or expropriation of a foreign corporation’s assets, imposition of currency exchange
controls, or restrictions on the repatriation of non-U.S. currency, confiscatory taxation, political or financial instability and adverse
diplomatic developments.These risks are heightened in all respects with respect to Yankee obligations issued by foreign corporations
and governments located in emerging markets.
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