The Prudential Series Fund
The Prudential Series Fund
The Prudential Series Fund
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Conservative Balanced Portfolio<br />
Year Ended December 31,<br />
2008 2007(c) 2006 2005 2004<br />
Per Share Operating Performance:<br />
Net Asset Value, beginning of year .................................... $ 16.69 $ 16.21 $ 15.09 $ 15.10 $ 14.34<br />
Income (Loss) From Investment Operations:<br />
Net investment income .............................................. .50 .50 .48 .38 .34<br />
Net realized and unrealized gain (loss) on investments .................... (3.98) .49 1.06 .11 .78<br />
Total from investment operations .................................. (3.48) .99 1.54 .49 1.12<br />
Less Dividends and Distributions:<br />
Dividends from net investment income ................................. — — — (.35) (.28)<br />
Distributions from net realized gains ................................... — — — (.15) (.08)<br />
Distributions ....................................................... (.52) (.51) (.42) — —<br />
Total dividends and distributions .................................. (.52) (.51) (.42) (.50) (.36)<br />
Net Asset Value, end of year ......................................... $ 12.69 $ 16.69 $ 16.21 $ 15.09 $ 15.10<br />
Total Return(a) .................................................... (21.41)% 6.12% 10.44% 3.43% 8.04%<br />
Ratios/Supplemental Data:<br />
Net assets, end of year (in millions) .................................... $1,957.5 $2,721.9 $2,770.6 $2,749.8 $2,893.6<br />
Ratios to average net assets(b):<br />
Expenses ....................................................... .59% .59% .57% .58% .59%<br />
Net investment income ............................................ 3.12% 2.95% 2.97% 2.45% 2.27%<br />
Portfolio turnover rate ............................................... 336% 178% 114% 110% 153%<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 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 />
(b) Does not include expenses of the underlying portfolios in which the Portfolio invests.<br />
(c) Calculated based upon average shares outstanding during the year.<br />
Diversified Bond Portfolio<br />
Year Ended December 31,<br />
2008 2007 2006 2005 2004<br />
Per Share Operating Performance:<br />
Net Asset Value, beginning of year .................................... $ 10.90 $ 10.85 $ 10.96 $ 11.28 $ 11.17<br />
Income (Loss) From Investment Operations:<br />
Net investment income .............................................. .54 .58 .57 .55 .52<br />
Net realized and unrealized gain (loss) on investments .................... (.90) .02 (.05) (.20) .09<br />
Total from investment operations .................................. (.36) .60 .52 .35 .61<br />
Less Dividends and Distributions:<br />
Dividends from net investment income ................................. — — — (.59) (.50)<br />
Distributions from net realized gains ................................... — — — (.08) —<br />
Distributions ....................................................... (.65) (.55) (.63) — —<br />
Total dividends and distributions .................................. (.65) (.55) (.63) (.67) (.50)<br />
Net Asset Value, end of year ......................................... $ 9.89 $ 10.90 $ 10.85 $ 10.96 $ 11.28<br />
Total Return(a) .................................................... (3.46)% 5.71% 4.98% 3.28% 5.59%<br />
Ratios/Supplemental Data:<br />
Net assets, end of year (in millions) .................................... $1,134.8 $1,218.3 $1,150.4 $1,230.6 $1,283.7<br />
Ratios to average net assets(b):<br />
Expenses ....................................................... .44% .44% .45% .45% .45%<br />
Net investment income ............................................ 5.07% 5.39% 5.18% 4.81% 4.57%<br />
Portfolio turnover rate ............................................... 723% 476% 393% 278% 382%<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 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 />
(b) Does not include expenses of the underlying portfolios in which the Portfolio invests.<br />
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