The Prudential Series Fund

ANNUAL REPORT December 31, 2019

Based on the variable contract you own or the portfolios you invested in, you mayreceive additional reports for other portfolios. Please refer to your variable annuity orvariable life insurance contract prospectus to determine which portfolios are availableto you.

The views expressed in this report and information about each portfolio’s holdings arefor the period covered by this report and are subject to change thereafter.

Please note that this report may include prospectus supplements that are separatefrom and not a part of this report. Please refer to your variable annuity or variable lifeinsurance contract prospectus to determine which supplements are applicable to you.

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The Prudential Series FundTable of Contents

Annual Report December 31, 2019

� L E T T E R T O C O N T R A C T O W N E R S

� M A R K E T O V E R V I E W

� R E P O R T O F T H E I N V E S T M E N T M A N A G E R S A N D P R E S E N T A T I O N O F P O R T F O L I O H O L D I N G S

� B E N C H M A R K G L O S S A R Y

� F E E S A N D E X P E N S E S

� F I N A N C I A L R E P O R T S

Section A Schedule of investments and Financial StatementsSection B Notes to Financial StatementsSection C Financial HighlightsSection D Report of Independent Registered Public Accounting FirmSection E Information about Trustees and Officers

This report may include financial information pertaining to certain portfolios that are not available through the variable lifeinsurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuityprospectus to determine which portfolios are available to you.

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The Prudential Series FundLetter to Contract Owners

Annual Report December 31, 2019

� D E A R C O N T R A C T O W N E R

At Prudential, our primary objective is to help investors achieve and maintain long-term financial success. This Prudential SeriesFund annual report outlines our efforts to achieve this goal. We hope you find it informative and useful.

Prudential has been building on a heritage of success for more than 135 years. We believe the array of our products provides ahighly attractive value proposition to clients like you who are focused on financial security.

Your financial professional is the best resource to help you make the most informed investment decisions. Together, you canbuild a diversified investment portfolio that aligns with your long-term financial goals. Please keep in mind that diversificationand asset allocation strategies do not assure a profit or protect against loss in declining markets.

Thank you for selecting Prudential as one of your financial partners. We value your trust and appreciate the opportunity to helpyou achieve financial security.

Sincerely,

Timothy S. CroninPresident,The Prudential Series Fund January 31, 2020

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Market Overview — unaudited Annual Report December 31, 2019

Equity Market Overview

US and international stock markets posted stellar returns in 2019 as many central banks, including the Federal Reserve (the Fed), cut interest ratesor used other stimuli to spur growth. Although the markets fluctuated sharply at times in reaction to on-again-off-again trade tensions between theUS and China, concerns about tariffs subsided later in the year.

In the US, the broad-based S&P 500® Index and Russell 3000® Index returned 31.46% and 31.02%, respectively, for the year. Internationally, theMSCI ACWI Ex-US Index, a broad measure of stock performance in developed and emerging markets outside the US, returned 21.51%. (All returnscited are in US dollars and include dividends.)

Global economic growth slowed, central banks cut rates

During 2019, the pace of global growth slowed and concerns about the economic outlook rose due in part to uncertainties regarding US-China tariffsand other geopolitical factors, which created a drag on manufacturing and export activity. Many central banks responded by loosening monetarypolicy — in some cases reversing their positions. For example, the Fed, which hiked rates four times in 2018, cut its federal funds rate target threetimes in 2019 and moved from tapering its balance sheet to expanding it through asset purchases. The European Central Bank, which had beenrolling back its bond-buying program in 2018, restarted it to stimulate the eurozone economy.

Although US real gross domestic product (GDP) growth rose 2.1% (annualized) in the third quarter, down from 3.1% in the first quarter, the USeconomy expanded at a moderate pace. (Fourth-quarter GDP data had not been released when this overview was published.) Corporate earnings,consumer spending, and the labor market were strong, while inflation remained low.

Stock markets rallied, retreated, and rebounded to record highs

Early in the first quarter, stocks rallied as US-China trade negotiations appeared to be progressing, the Fed signaled that it planned to pause fromhiking rates unless warranted, the US government’s partial shutdown ended, and corporate earnings rose sharply despite slower growth. The S&P 500jumped nearly 8.0% in January alone.

Stocks sold off in May as trade-war worries resurfaced. However, equity markets rallied in June in anticipation of possible rate cuts and on hopes fora trade deal. During the first half of 2019, the Fed maintained its interest rate target.

Trade concerns re-emerged in the third quarter amid signs of slowing growth and renewed trade frictions. With inflation below its target, the Fed cutrates in July for the first time since the financial crisis in 2008 as a pre-emptive measure to help sustain the US economy’s expansion and withstandthe risk of a global economic slowdown and further drop in business investment.

In August, concerns about tariffs, the growth of China’s industrial output, and the global economy intensified, driving investors toward less-riskyinvestments like US Treasuries. The yield on the 10-year US Treasury note, which moves opposite to its price, briefly dropped below the rate on two-year Treasuries. Although many analysts didn’t interpret this particular “yield curve inversion” as indicative of a looming recession, as they oftenhave in the past, stock prices — particularly in emerging markets — dropped sharply.

Although the Fed cut rates again in September and October to a range of 1.50%-1.75%, Chairman Jerome Powell conveyed that the central bank didnot plan to cut rates further unless incoming information required its members to materially reassess their outlook for the economy. As expected, theFed did not adjust rates through the remainder of the year.

During the fourth quarter, US stock indexes surged to new highs and emerging market stocks rallied amid reports the US and China were movingtoward a “phase one” partial trade deal. (The agreement was signed in January 2020 after the reporting period ended.) Eurozone stock markets rosein reaction to improved economic results from Germany. United Kingdom investors were encouraged by the outcome of December elections that manyhope will lead to a smoother potential exit of the UK from the European Union.

All S&P 500 sectors rose

The best-performing sectors in the S&P 500 were information technology (+50.3%), communication services (+32.7%), and financials (+32.1%).Next in line were industrials (+29.4%), real estate (+29.0%), consumer discretionary (+27.9%), consumer staples (+27.6%), utilities (+26.4%),materials (+24.6%), health care (+20.8%), and energy (+11.8%).

Market Overview — unaudited (continued) Annual Report December 31, 2019

Growth outperformed value, large-cap stocks topped small caps

For the year, the Russell 3000® Growth Index returned 35.85%, outperforming the Russell 3000® Value Index, which rose 26.26%. Large-cap stocks,as measured by the Russell 1000® Index, rose 31.43%. The Russell Midcap® Index returned 30.54%, and the small-cap Russell 2000® Index laggedyet still returned 25.52%.

International stocks collectively rose but underperformed US equities

Stocks trading in emerging markets, as measured by the MSCI Emerging Markets Index, returned 18.4% for the year. Notable top-performing countrycomponents in the index included Russia (+50.9%), supported by a jump in oil prices, Taiwan (+36.4%), Brazil (+26.3%), and China (23.5%).Taiwan’s and China’s markets advanced in the fourth quarter as trade frictions diminished, although weak economic data from China dampenedinvestor sentiment during the year. Notable countries that underperformed the index but still contributed positively to performance included SouthKorea (+12.5%), Mexico (+11.4%), and India (+7.6%). Malaysia (-2.0%) detracted from the index’s performance.

Equities in developed markets outside the US and Canada, as measured by the MSCI EAFE Index, rose 22.01%. For the year, the MSCI Europe Indexrose 23.77%, the MSCI UK Index returned 21.05%, and the MSCI Japan Index rose 19.61%.

Fixed Income Market Overview

In 2019, for the first time in more than a decade, the Federal Reserve (the Fed) cut interest rates to help sustain the US economy’s expansion in theface of slowing global economic growth and US-China trade-war risks. The central bank was merely one of dozens that reduced rates throughout theyear, igniting rallies in numerous global bond markets. During 2019, emerging markets debt, US high yield bonds, and corporate investment-gradebonds delivered robust returns, yet US government bonds and many other fixed income categories also posted solid results.

In the US, the economy grew at a healthy but slow pace. Although real gross domestic product (GDP) growth dropped from 3.1% (annualized) in thefirst quarter to 2.1% in the third, the economy continued to expand. (Fourth-quarter GDP data had not been released when this overview waspublished.) The national unemployment rate dropped to a 50-year low of 3.5% in September, corporate earnings were generally strong, and inflationremained low. Elsewhere, the European economy grew weakly. Notably, China’s growth rate dropped significantly from 6.6% in 2018 to 6.1% in 2019.

Bond markets fluctuated but closed higher

During the first quarter of 2019, global growth expectations softened. The Fed, which increased rates four times in 2018, signaled it would pausefrom hiking rates further based on its outlook at the time, sending bond markets higher. US high yield and emerging market bond prices rose sharply,supported by a tailwind of receding tariff worries and favorable corporate earnings.

In May, worries about the US-China trade war surfaced again. US Treasuries rallied while riskier assets such as high yield bonds dropped in price.The following month, however, the Fed hinted at the possibility of interest rate cuts ahead, trade fears cooled, and the high yield bond marketrebounded. The Fed did not adjust rates during the first half of the year.

In July, the global economy showed signs of a slowdown and tariff fears returned. Later that month, for the first time since the financial crisis in2008, the Fed cut rates as a pre-emptive measure to help sustain the expansion of the US economy and provide a cushion against the risk of a globaleconomic slowdown. During August, the yield on 10-year US Treasuries dropped below yields on two-year Treasuries. Historically, when yields onlonger-term Treasuries fall below yields on shorter-term issues, recessions have often followed. While many analysts questioned the “yield curveinversion” as a recessionary indicator in this instance, investors concerned about the economy gravitated to “safe-haven” securities like longer-termUS Treasuries and other high-quality credits.

The investment-grade Bloomberg Barclays US Aggregate Bond Index returned 2.59% in August. US high yield bonds finished virtually flat, whereasemerging market sovereign debt markets dropped sharply due in part to a stronger US dollar versus most currencies.

In September, the Fed cut rates again and the European Central Bank restarted its bond-buying program to help stimulate the eurozone economyafter rolling it back the previous year. After the Fed dropped its rate target to a range of 1.50% to 1.75% in October, Chairman Jerome Powellconveyed that the central bank had no plans for further cuts unless incoming data compelled its members to materially reassess their outlook for theeconomy. As expected, the Fed maintained its rate target through the remainder of the year.

During the fourth quarter, stronger-than-expected economic data and reports that the US and China were moving toward a “phase one” partial tradedeal led to a “risk-on” rally. (The agreement was signed in January 2020 after the reporting period ended.) Over the final month of the year, high yieldbonds and emerging markets bonds posted solid gains, while investment-grade US bonds dropped slightly.

Market Overview — unaudited (continued) Annual Report December 31, 2019

Emerging market debt and high yield bonds surged by double digits

For the year, the Bloomberg Barclays Global Aggregate Bond Index (unhedged), which measures global investment-grade debt performance, returned6.84%. (All returns cited are in US dollars.) Bonds trading in the US, based on the Bloomberg Barclays US Aggregate Bond Index, rose 8.72%. The USindex’s leading component sectors included investment-grade corporate bonds (+14.5%), which benefited from the interest rate cuts and solidfundamentals, along with Treasury inflation-protected securities (+8.4%), commercial mortgage-backed securities (+8.3%), and US Treasurysecurities (+6.9%). Treasuries with longer maturities rallied in the second and third quarters when trade tensions escalated, which triggered a“flight to quality.” The 10-year US Treasury note’s yield, which moves opposite to its price, opened 2019 at approximately 2.65% and closed the yearat 1.92% as trade tensions eased.

The Bloomberg Barclays Municipal Bond Index returned 7.54% for the year. US high yield bonds (debt rated below investment grade), as measured bythe ICE BofAML US Cash High Yield Index, returned 14.40%. Accommodative monetary policies, strong corporate earnings, and investors’ quest forenhanced yield supported demand for high yield opportunities. Emerging market debt, based on the J.P. Morgan EMBI Global Diversified Index surged15.04%. Despite a strong US dollar (relative to most currencies), sovereign debt yields in general drifted lower as inflation was contained in manycountries, providing their central banks with latitude to reduce interest rates, which bolstered bond prices.

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The Prudential Series Fund, SP Prudential U.S. Emerging Growth Portfolio December 31, 2019

Report of the Investment Managers - As of December 31, 2019 (Unaudited)

Average Annual Total Returns 1 Year 5 Years 10 Years

Portfolio: Class I 37.71% 9.62% 12.35%

Portfolio: Class II 37.16 9.17 11.89

Russell Midcap® Growth Index 35.47 11.60 14.24

S&P Midcap 400 Index 26.20 9.03 12.72

Past performance does not guarantee future returns. The investment return and principal value of aninvestment will fluctuate, so that shares, when redeemed, may be worth more or less than their originalcost. Current performance may be lower or higher than the past performance.

Portfolio performance is net of fund expenses, but not contract charges, which, if included, wouldsignificantly lower the performance quoted. Performance figures may reflect fee waivers and/or expensereimbursements. In the absence of such fee waivers and/or expense reimbursements, performancewould be lower.

The Russell Midcap® Growth Index is a trademark/service mark of the Frank Russell Company. Russell®

is a trademark of the Frank Russell Company.

$10,000 INVESTED OVER 10 YEARS1

$32,036 Portfolio: Class I$33,119 S&P Midcap 400 Index

12/31

/1312

/31/14

12/31

/16

12/31

/15

12/31

/12

12/31

/11

12/31

/10

12/31

/09

$50,000

$20,000

$30,000

$40,000

$0

$10,000

12/31

/19

12/31

/18

12/31

/17

For the year ended December 31, 2019, the SP Prudential U.S. Emerging Growth Portfolio Class I shares returned 37.71% and Class II shares returned37.16%. The Portfolio’s Class I & II shares outperformed both the Russell Midcap Growth Index and the S&P Midcap 400 Index.

The Portfolio’s investment objective is long-term capital appreciation.

What were the market conditions during the reporting period?

The S&P 500 Index returned 31.46% in 2019 (the reporting period), making it the strongest calendar year for the US equity market since 2013. Withinmid-caps, it was a positive year for growth, with the Russell Midcap Growth Index returning 35.47% versus 27.06% for the Russell Midcap ValueIndex. Within the Russell Midcap Growth Index, every sector posted a positive return. The utilities (+51.7%) and financial services (+44.7%) sectorshad the highest returns, while the energy (+8.0%) and consumer staples (+20.9%) sectors lagged.

What strategies or holdings affected the Portfolio’s performance?

Stock selection in the health care sector was the primary positive contributor to performance, followed by choices in the producer durables marketsegment. Conversely, stock selection in energy was the top detractor from relative performance. An underweight allocation to the utilities sector alsodetracted, albeit modestly.

From an individual stock perspective, overweight positions in Advanced Micro Devices Inc. and Shopify Inc. were the top contributors to the Portfolio’srelative performance. Advanced Micro Devices outperformed toward the end of the year due to the company’s strengthened competitive positionheading into 2020. Shopify was a top contributor on reports of strong revenue growth throughout the year, highlighted by substantial growth in itsmerchant and subscription solutions segments.

Overweight positions in Concho Resources Inc. and TD Ameritrade Holding Corp. were the top detractors from performance. Much of theunderperformance for Concho Resources came during the third quarter when it released a weaker-than-expected earnings report due to disappointingoil production at its new well sites. TD Ameritrade traded lower early in the fourth quarter after its peers eliminated online trade commissions, a policythe company subsequently adopted. Its performance improved later in the quarter when Charles Schwab announced plans to acquire the company.

From a positioning perspective, producer durables was the Portfolio’s largest overweight exposure at the end of the reporting period. Consumerdiscretionary, which started the period as an underweight, was the second-largest overweight at the end of the period as the subadvisor initiated newpositions and added to existing positions. Health care, which started the period as a significant overweight, ended the period as a rather neutralweight as exposure was pared back throughout the year. Consumer staples remained the Portfolio’s largest underweight exposure along withinformation technology, which started the period as an overweight but was reduced throughout the year.

1 The graph is based on the performance of Class I shares. Performance of Class II shares will be lower due to differences in the fee structure. Class II shares haveassociated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15% respectively of the average daily net assets of the Class II shares.

For a complete list of holdings, refer to the Schedule of Investments section of this report.

1

The Prudential Series Fund, SP Prudential U.S. Emerging Growth Portfolio December 31, 2019

Report of the Investment Managers - As of December 31, 2019 (Unaudited) (Continued)

Presentation of Portfolio Holdings — unauditedSP Prudential U.S. Emerging Growth Portfolio (As of 12/31/2019)

Ten Largest Holdings Line of Business (% of Net Assets)

Advanced Micro Devices, Inc. Semiconductors & Semiconductor Equipment 3.1%

Global Payments, Inc. IT Services 3.0%

O’Reilly Automotive, Inc. Specialty Retail 2.8%

Fiserv, Inc. IT Services 2.7%

Synopsys, Inc. Software 1.7%

Lam Research Corp. Semiconductors & Semiconductor Equipment 1.7%

Ingersoll-Rand PLC Machinery 1.6%

Waste Connections, Inc. Commercial Services & Supplies 1.6%

Lululemon Athletica, Inc. Textiles, Apparel & Luxury Goods 1.6%

Zebra Technologies Corp. (Class A Stock) Electronic Equipment, Instruments & Components 1.5%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-terminvestments. Credit Quality/Country Allocation/Holdings/Line of Business are subject to change.

2

The Prudential Series FundBenchmark Glossary — unaudited

December 31, 2019

The indexes are unmanaged and include reinvestment of any income or distributions. They do not reflect any fees,expenses or sales charges. Investors cannot invest directly in a market index.

For Russell Indexes: Russell Investment Group is the source and owner of the trademarks, service marks and copyrightsrelated to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Russell Midcap Growth Index is an unmanaged market cap-weighted index that measures the performance of those RussellMidcap companies with higher price-to-book ratios and higher forecasted growth values.

S&P Midcap 400 Index is a widely accepted, unmanaged total return index of 400 domestic stocks measuring theperformance of the midsize company segment of the U.S. stock market.

The Prudential Series FundFees and Expenses — unaudited

December 31, 2019

As a contract owner investing in the Portfolio through a variable annuity or variable life contract, you incur ongoing costs, includingmanagement fees, and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) ofinvesting in the Fund and to compare these costs with the ongoing costs of investing in other investment options. This example doesnot reflect fees and charges under your variable annuity or variable life contract. If contract charges were included, the costs shownbelow would be higher. Please consult the prospectus for your contract for more information about contract fees and charges.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019through December 31, 2019.

Actual ExpensesThe first line of the table below provides information about actual account values and actual expenses. You may use this information,together with the amount you invested, to estimate the Portfolio expenses that you paid over the period. Simply divide your accountvalue by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the firstline under the heading entitled “Expenses Paid During the Six-Month Period” to estimate the Portfolio expenses you paid on youraccount during this period. As noted above, the table does not reflect variable contract fees and charges.

Hypothetical Example for Comparison PurposesThe second line of the table below provides information about hypothetical account values and hypothetical expenses based on thePortfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return.The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paidfor the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other investment options.To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the otherinvestment options.

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect anycontract fees and charges, such as sales charges (loads), insurance charges or administrative charges. Therefore the second line of thetable is useful to compare ongoing investment option costs only, and will not help you determine the relative total costs of owningdifferent contracts. In addition, if these contract fee and charges were included, your costs would have been higher.

The Prudential Series Fund Portfolio

BeginningAccount Value

July 1, 2019

EndingAccount Value

December 31, 2019

Annualized ExpenseRatio based on theSix-Month period

Expenses PaidDuring the

Six-Month period*

SP Prudential US EmergingGrowth (Class I)

Actual $1,000.00 $1,080.60 0.72% $3.78

Hypothetical $1,000.00 $1,021.58 0.72% $3.67

SP Prudential US EmergingGrowth (Class II)

Actual $1,000.00 $1,077.90 1.12% $5.87

Hypothetical $1,000.00 $1,019.56 1.12% $5.70

* Portfolio expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for eachshare class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended December 31, 2019, and divided by the 365 days in the Portfolio’s fiscal year ended December 31, 2019 (toreflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which thePortfolio may invest.

Shares Value

LONG-TERM INVESTMENTS — 99.2%COMMON STOCKSAerospace & Defense — 0.9%

HEICO Corp. (Class A Stock) . . . . . . . . . 27,767 $ 2,485,980

Auto Components — 0.6%Aptiv PLC. . . . . . . . . . . . . . . . . . . . . . . . . 17,599 1,671,377

Automobiles — 1.5%Tesla, Inc.*(a). . . . . . . . . . . . . . . . . . . . . . 6,542 2,736,715Thor Industries, Inc.. . . . . . . . . . . . . . . . . 20,781 1,543,820

4,280,535

Banks — 1.6%East West Bancorp, Inc. . . . . . . . . . . . . . 35,968 1,751,641First Republic Bank . . . . . . . . . . . . . . . . . 23,526 2,763,129

4,514,770

Biotechnology — 3.4%Agios Pharmaceuticals, Inc.*(a) . . . . . . . 15,675 748,481Alnylam Pharmaceuticals, Inc.* . . . . . . . 12,263 1,412,330BioMarin Pharmaceutical, Inc.*. . . . . . . . 9,647 815,654Exact Sciences Corp.* . . . . . . . . . . . . . . 31,500 2,913,120Exelixis, Inc.* . . . . . . . . . . . . . . . . . . . . . . 77,628 1,367,805Intercept Pharmaceuticals, Inc.*(a). . . . . 10,465 1,296,823Sage Therapeutics, Inc.*(a) . . . . . . . . . . 13,789 995,428

9,549,641

Building Products — 1.0%Fortune Brands Home & Security, Inc. . . 44,268 2,892,471

Capital Markets — 3.8%MarketAxess Holdings, Inc. . . . . . . . . . . 4,649 1,762,482MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 9,927 2,562,953Nasdaq, Inc. . . . . . . . . . . . . . . . . . . . . . . 22,380 2,396,898S&P Global, Inc. . . . . . . . . . . . . . . . . . . . 10,605 2,895,695TD Ameritrade Holding Corp. . . . . . . . . . 18,941 941,368

10,559,396

Commercial Services & Supplies — 3.1%Copart, Inc.*. . . . . . . . . . . . . . . . . . . . . . . 46,400 4,219,616Waste Connections, Inc. . . . . . . . . . . . . . 48,303 4,385,429

8,605,045

Communications Equipment — 0.8%Arista Networks, Inc.* . . . . . . . . . . . . . . . 10,876 2,212,178

Construction Materials — 1.5%Vulcan Materials Co. . . . . . . . . . . . . . . . . 28,344 4,081,253

Containers & Packaging — 2.5%Avery Dennison Corp. . . . . . . . . . . . . . . . 25,243 3,302,289Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 56,989 3,685,479

6,987,768

Diversified Consumer Services — 0.9%Bright Horizons Family Solutions, Inc.* . 16,521 2,482,941

Electrical Equipment — 2.4%AMETEK, Inc. . . . . . . . . . . . . . . . . . . . . . 38,771 3,867,019Generac Holdings, Inc.* . . . . . . . . . . . . . 29,905 3,008,144

6,875,163

Shares Value

COMMON STOCKS (continued)Electronic Equipment, Instruments & Components — 5.1%

Amphenol Corp. (Class A Stock) . . . . . . 39,202 $ 4,242,832FLIR Systems, Inc. . . . . . . . . . . . . . . . . . 31,221 1,625,678Keysight Technologies, Inc.*(a). . . . . . . . 41,443 4,253,295Zebra Technologies Corp. (Class A

Stock)* . . . . . . . . . . . . . . . . . . . . . . . . . 16,775 4,285,006

14,406,811

Entertainment — 2.7%Spotify Technology SA*. . . . . . . . . . . . . . 23,454 3,507,546Take-Two Interactive Software, Inc.* . . . 32,833 4,019,744

7,527,290

Health Care Equipment & Supplies — 3.6%DexCom, Inc.* . . . . . . . . . . . . . . . . . . . . . 17,378 3,801,264Insulet Corp.*. . . . . . . . . . . . . . . . . . . . . . 17,340 2,968,608ResMed, Inc. . . . . . . . . . . . . . . . . . . . . . . 22,065 3,419,413

10,189,285

Health Care Providers & Services — 2.7%Acadia Healthcare Co., Inc.*(a) . . . . . . . 37,824 1,256,513Centene Corp.*(a) . . . . . . . . . . . . . . . . . . 34,551 2,172,221WellCare Health Plans, Inc.*. . . . . . . . . . 12,197 4,027,572

7,456,306

Health Care Technology — 1.9%Teladoc Health, Inc.*(a). . . . . . . . . . . . . . 34,078 2,853,010Veeva Systems, Inc. (Class A Stock)* . . 18,061 2,540,460

5,393,470

Hotels, Restaurants & Leisure — 2.7%Chipotle Mexican Grill, Inc.* . . . . . . . . . . 2,207 1,847,502Hilton Worldwide Holdings, Inc. . . . . . . . 36,410 4,038,233Red Rock Resorts, Inc. (Class A Stock) . 66,555 1,593,992

7,479,727

Household Durables — 1.7%Garmin Ltd. . . . . . . . . . . . . . . . . . . . . . . . 22,659 2,210,612NVR, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . 660 2,513,551

4,724,163

Industrial Conglomerates — 0.8%Carlisle Cos., Inc. . . . . . . . . . . . . . . . . . . 14,039 2,272,072

Insurance — 0.8%Progressive Corp. (The) . . . . . . . . . . . . . 29,894 2,164,027

IT Services — 11.2%Black Knight, Inc.* . . . . . . . . . . . . . . . . . . 25,730 1,659,070Booz Allen Hamilton Holding Corp. . . . . 58,402 4,154,134Fidelity National Information Services,

Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,794 1,223,158Fiserv, Inc.* . . . . . . . . . . . . . . . . . . . . . . . 64,295 7,434,431FleetCor Technologies, Inc.*(a). . . . . . . . 9,038 2,600,413Global Payments, Inc. . . . . . . . . . . . . . . . 46,529 8,494,334MongoDB, Inc.*(a). . . . . . . . . . . . . . . . . . 10,604 1,395,593Okta, Inc.*(a) . . . . . . . . . . . . . . . . . . . . . . 18,663 2,153,150Shopify, Inc. (Canada) (Class A

Stock)*(a) . . . . . . . . . . . . . . . . . . . . . . . 5,991 2,381,902

31,496,185

SP PRUDENTIAL U.S. EMERGING GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS as of December 31, 2019

SEE NOTES TO FINANCIAL STATEMENTS.

A1

Shares Value

COMMON STOCKS (continued)Life Sciences Tools & Services — 0.5%

Illumina, Inc.* . . . . . . . . . . . . . . . . . . . . . . 4,442 $ 1,473,589

Machinery — 4.4%Gardner Denver Holdings, Inc.* . . . . . . . 28,377 1,040,868Ingersoll-Rand PLC. . . . . . . . . . . . . . . . . 33,921 4,508,779Nordson Corp. . . . . . . . . . . . . . . . . . . . . . 13,653 2,223,255Parker-Hannifin Corp. . . . . . . . . . . . . . . . 7,623 1,568,966Stanley Black & Decker, Inc.. . . . . . . . . . 18,435 3,055,417

12,397,285

Media — 0.6%New York Times Co. (The) (Class A

Stock)(a). . . . . . . . . . . . . . . . . . . . . . . . 50,755 1,632,788

Multiline Retail — 1.1%Dollar General Corp. . . . . . . . . . . . . . . . . 19,818 3,091,212

Oil, Gas & Consumable Fuels — 0.7%Concho Resources, Inc. . . . . . . . . . . . . . 21,715 1,901,583

Pharmaceuticals — 2.3%Catalent, Inc.* . . . . . . . . . . . . . . . . . . . . . 27,199 1,531,304Elanco Animal Health, Inc.*. . . . . . . . . . . 64,258 1,892,398Jazz Pharmaceuticals PLC* . . . . . . . . . . 20,344 3,036,952

6,460,654

Professional Services — 2.8%CoStar Group, Inc.* . . . . . . . . . . . . . . . . . 4,401 2,633,118FTI Consulting, Inc.* . . . . . . . . . . . . . . . . 14,334 1,586,201IHS Markit Ltd.*(a). . . . . . . . . . . . . . . . . . 50,097 3,774,809

7,994,128

Real Estate Management & Development — 1.1%CBRE Group, Inc. (Class A Stock)* . . . . 52,330 3,207,306

Road & Rail — 1.4%Lyft, Inc. (Class A Stock)*(a) . . . . . . . . . . 27,521 1,183,954Old Dominion Freight Line, Inc. . . . . . . . 14,621 2,774,773

3,958,727

Semiconductors & Semiconductor Equipment — 8.8%Advanced Micro Devices, Inc.*(a). . . . . . 191,736 8,793,013KLA Corp. . . . . . . . . . . . . . . . . . . . . . . . . 18,865 3,361,177Lam Research Corp. . . . . . . . . . . . . . . . . 16,306 4,767,874Marvell Technology Group Ltd. . . . . . . . . 91,599 2,432,870Microchip Technology, Inc.(a) . . . . . . . . . 18,796 1,968,317Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 33,151 3,241,173

24,564,424

Software — 9.7%Anaplan, Inc.* . . . . . . . . . . . . . . . . . . . . . 34,961 1,831,956Crowdstrike Holdings, Inc. (Class A

Stock)* . . . . . . . . . . . . . . . . . . . . . . . . . 23,717 1,182,767Fair Isaac Corp.* . . . . . . . . . . . . . . . . . . . 5,389 2,019,150Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 9,187 2,406,351Paycom Software, Inc.*. . . . . . . . . . . . . . 7,601 2,012,441Proofpoint, Inc.* . . . . . . . . . . . . . . . . . . . . 13,456 1,544,480RingCentral, Inc. (Class A Stock)* . . . . . 12,081 2,037,702

Shares Value

COMMON STOCKS (continued)Software (cont’d.)

ServiceNow, Inc.*(a) . . . . . . . . . . . . . . . . 7,104 $ 2,005,601Slack Technologies, Inc. (Class A

Stock)*(a) . . . . . . . . . . . . . . . . . . . . . . . 23,516 528,640Splunk, Inc.*(a) . . . . . . . . . . . . . . . . . . . . 17,228 2,580,238Synopsys, Inc.* . . . . . . . . . . . . . . . . . . . . 34,661 4,824,811Trade Desk, Inc. (The) (Class A

Stock)*(a) . . . . . . . . . . . . . . . . . . . . . . . 12,376 3,215,037Zscaler, Inc.*(a) . . . . . . . . . . . . . . . . . . . . 19,480 905,820

27,094,994

Specialty Retail — 7.0%Burlington Stores, Inc.* . . . . . . . . . . . . . . 12,434 2,835,325National Vision Holdings, Inc.*(a) . . . . . . 58,329 1,891,609O’Reilly Automotive, Inc.* . . . . . . . . . . . . 17,734 7,772,103Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . 35,867 4,175,636Tractor Supply Co. . . . . . . . . . . . . . . . . . 31,186 2,914,020

19,588,693

Textiles, Apparel & Luxury Goods — 1.6%Lululemon Athletica, Inc.* . . . . . . . . . . . . 18,828 4,361,883

TOTAL LONG-TERM INVESTMENTS(cost $208,153,130) . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,035,120

SHORT-TERM INVESTMENTS — 14.6%AFFILIATED MUTUAL FUNDS

PGIM Core Ultra Short Bond Fund(w) . . 2,356,856 2,356,856PGIM Institutional Money Market Fund

(cost $38,475,901; includes$38,411,529 of cash collateral forsecurities on loan)(b)(w) . . . . . . . . . . . 38,472,231 38,479,925

TOTAL SHORT-TERM INVESTMENTS(cost $40,832,757) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,836,781

TOTAL INVESTMENTS—113.8%(cost $248,985,887) . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,871,901

Liabilities in excess of other assets — (13.8)% . . . . . (38,621,740)

NET ASSETS — 100.0%. . . . . . . . . . . . . . . . . . . . . . . . . $ 280,250,161

Below is a list of the abbreviation(s) used in the annual report:

LIBOR — London Interbank Offered Rate

* Non-income producing security.(a) All or a portion of security is on loan. The aggregate market value of

such securities, including those sold and pending settlement, is$37,827,991; cash collateral of $38,411,529 (included in liabilities) wasreceived with which the Portfolio purchased highly liquid short-terminvestments.

(b) Represents security purchased with cash collateral received forsecurities on loan and includes dividend reinvestment.

(w) PGIM Investments LLC, the manager of the Portfolio, also serves asmanager of the PGIM Core Ultra Short Bond Fund and PGIMInstitutional Money Market Fund.

SP PRUDENTIAL U.S. EMERGING GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS as of December 31, 2019

SEE NOTES TO FINANCIAL STATEMENTS.

A2

Fair Value Measurements:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and otherobservable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2019 in valuing such portfolio securities:

Level 1 Level 2 Level 3

Investments in SecuritiesAssetsCommon Stocks

Aerospace & Defense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,485,980 $— $—Auto Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,671,377 — —Automobiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,280,535 — —Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,514,770 — —Biotechnology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,549,641 — —Building Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,892,471 — —Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,559,396 — —Commercial Services & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,605,045 — —Communications Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,212,178 — —Construction Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,081,253 — —Containers & Packaging. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,987,768 — —Diversified Consumer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,482,941 — —Electrical Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,875,163 — —Electronic Equipment, Instruments & Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,406,811 — —Entertainment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,527,290 — —Health Care Equipment & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,189,285 — —Health Care Providers & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,456,306 — —Health Care Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,393,470 — —Hotels, Restaurants & Leisure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,479,727 — —Household Durables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,724,163 — —Industrial Conglomerates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,272,072 — —Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,164,027 — —IT Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,496,185 — —Life Sciences Tools & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,473,589 — —Machinery. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,397,285 — —Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,632,788 — —Multiline Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,091,212 — —Oil, Gas & Consumable Fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,901,583 — —Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,460,654 — —Professional Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,994,128 — —Real Estate Management & Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,207,306 — —Road & Rail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,958,727 — —Semiconductors & Semiconductor Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,564,424 — —Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,094,994 — —Specialty Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,588,693 — —Textiles, Apparel & Luxury Goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,361,883 — —

Affiliated Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,836,781 — —

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $318,871,901 $— $—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2019 wereas follows (unaudited):Affiliated Mutual Funds (13.7% represents investments

purchased with collateral from securities on loan) 14.6%IT Services 11.2

Software 9.7%Semiconductors & Semiconductor Equipment 8.8Specialty Retail 7.0

SP PRUDENTIAL U.S. EMERGING GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS as of December 31, 2019

SEE NOTES TO FINANCIAL STATEMENTS.

A3

Industry Classification (continued):

Electronic Equipment, Instruments & Components 5.1%Machinery 4.4Capital Markets 3.8Health Care Equipment & Supplies 3.6Biotechnology 3.4Commercial Services & Supplies 3.1Professional Services 2.8Entertainment 2.7Hotels, Restaurants & Leisure 2.7Health Care Providers & Services 2.7Containers & Packaging 2.5Electrical Equipment 2.4Pharmaceuticals 2.3Health Care Technology 1.9Household Durables 1.7Banks 1.6Textiles, Apparel & Luxury Goods 1.6Automobiles 1.5Construction Materials 1.5

Road & Rail 1.4%Real Estate Management & Development 1.1Multiline Retail 1.1Building Products 1.0Aerospace & Defense 0.9Diversified Consumer Services 0.9Industrial Conglomerates 0.8Communications Equipment 0.8Insurance 0.8Oil, Gas & Consumable Fuels 0.7Auto Components 0.6Media 0.6Life Sciences Tools & Services 0.5

113.8Liabilities in excess of other assets (13.8)

100.0%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirementsor are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and relatednetting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross MarketValue of

RecognizedAssets/(Liabilities)

CollateralPledged/(Received)(1)

NetAmount

Securities on Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $37,827,991 $(37,827,991) $—

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

SP PRUDENTIAL U.S. EMERGING GROWTH PORTFOLIO (CONTINUED)

SCHEDULE OF INVESTMENTS as of December 31, 2019

SEE NOTES TO FINANCIAL STATEMENTS.

A4

STATEMENT OF ASSETS AND LIABILITIESas of December 31, 2019

ASSETSInvestments at value, including securities on loan of

$37,827,991:Unaffiliated investments (cost $208,153,130). . . . . $278,035,120Affiliated investments (cost $40,832,757) . . . . . . . . 40,836,781

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,114Receivable for investments sold. . . . . . . . . . . . . . . . . . 72,567Dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,880Receivable for Portfolio shares sold . . . . . . . . . . . . . . 18,189Tax reclaim receivable . . . . . . . . . . . . . . . . . . . . . . . . . . 8,046Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,089

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319,044,786LIABILITIES

Payable to broker for collateral for securities onloan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,411,529

Accrued expenses and other liabilities . . . . . . . . . . . . 154,563Management fee payable . . . . . . . . . . . . . . . . . . . . . . . 141,533Payable for Portfolio shares repurchased . . . . . . . . . . 39,049Payable for investments purchased. . . . . . . . . . . . . . . 38,764Payable to affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,046Affiliated transfer agent fee payable. . . . . . . . . . . . . . . 980Distribution fee payable . . . . . . . . . . . . . . . . . . . . . . . . . 101Administration fee payable . . . . . . . . . . . . . . . . . . . . . . 60

Total Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,794,625NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $280,250,161

Net assets were comprised of:Partners’ Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $280,250,161

Class I:Net asset value and redemption price per share,

$279,778,018 / 14,905,489 outstanding shares ofbeneficial interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18.77

Class II:Net asset value and redemption price per share,

$472,143 / 26,871 outstanding shares of beneficialinterest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17.57

STATEMENT OF OPERATIONSYear Ended December 31, 2019

NET INVESTMENT INCOME (LOSS)INCOME

Unaffiliated dividend income (net of $6,589 foreignwithholding tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,438,658

Affiliated dividend income . . . . . . . . . . . . . . . . . . . . . . . . 178,680Income from securities lending, net (including

affiliated income of $80,098) . . . . . . . . . . . . . . . . . . . . 174,736Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,792,074

EXPENSESManagement fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,545,521Distribution fee—Class II . . . . . . . . . . . . . . . . . . . . . . . . . 1,431Administration fee—Class II . . . . . . . . . . . . . . . . . . . . . . 859Shareholders’ reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,107Custodian and accounting fees . . . . . . . . . . . . . . . . . . . 61,719Audit fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,700Legal fees and expenses. . . . . . . . . . . . . . . . . . . . . . . . . 12,737Trustees’ fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,159Transfer agent’s fees and expenses (including

affiliated expense of $5,882) . . . . . . . . . . . . . . . . . . . . 10,683Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,372

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,812,288NET INVESTMENT INCOME (LOSS). . . . . . . . . . . . . . . . (20,214)REALIZED AND UNREALIZED GAIN (LOSS) ONINVESTMENT TRANSACTIONS

Net realized gain (loss) on investment transactions(including affiliated of $(5,020)). . . . . . . . . . . . . . . . . . 49,633,228

Net change in unrealized appreciation (depreciation)on:Investments (including affiliated of $3,725) . . . . . . . . 29,910,391

NET GAIN (LOSS) ON INVESTMENTTRANSACTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,543,619

NET INCREASE (DECREASE) IN NET ASSETSRESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $79,523,405

STATEMENTS OF CHANGES IN NET ASSETSYear Ended

December 31, 2019Year Ended

December 31, 2018INCREASE (DECREASE) IN NET ASSETSOPERATIONS

Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (20,214) $ 379,610Net realized gain (loss) on investment transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,633,228 16,268,452Net change in unrealized appreciation (depreciation) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,910,391 (34,364,908)NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . 79,523,405 (17,716,846)

PORTFOLIO SHARE TRANSACTIONSPortfolio shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,574,970 8,022,446Portfolio shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,181,462) (25,384,122)NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS . (14,606,492) (17,361,676)

CAPITAL CONTRIBUTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 11,284TOTAL INCREASE (DECREASE) 64,916,913 (35,067,238)NET ASSETS:

Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,333,248 250,400,486End of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $280,250,161 $215,333,248

SP PRUDENTIAL U.S. EMERGING GROWTH PORTFOLIO (CONTINUED)

SEE NOTES TO FINANCIAL STATEMENTS.

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NOTES TO FINANCIAL STATEMENTS OFTHE PRUDENTIAL SERIES FUND

The Prudential Series Fund (“Series Fund”) is registered under the Investment Company Act of 1940, as amended(“1940 Act”), as an open-end management investment company. The Series Fund is composed of seventeenPortfolios (“Portfolios”), each with separate series shares. The information presented in these financial statementspertains to the SP Prudential U.S. Emerging Growth Portfolio (the “Portfolio”). The Portfolio is a diversified port-folio.

The investment objective of the Portfolio is long-term capital appreciation.

1. Accounting Policies

The Series Fund follows the investment company accounting and reporting guidance of the Financial AccountingStandards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — InvestmentCompanies. The following accounting policies conform to U.S. generally accepted accounting principles. TheSeries Fund and the Portfolio consistently follow such policies in the preparation of their financial statements.

Securities Valuation: The Portfolio holds securities and other assets and liabilities that are fair valued at the closeof each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fairvalue is the price that would be received to sell an asset or paid to transfer a liability in an orderly transactionbetween market participants on the measurement date. The Series Fund’s Board of Trustees (the “Board”) hasadopted valuation procedures for security valuation under which fair valuation responsibilities have beendelegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation,the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfoliosecurities and other assets and liabilities. The valuation procedures permit the Portfolio to utilize independentpricing vendor services, quotations from market makers, and alternative valuation methods when marketquotations are either not readily available or not deemed representative of fair value. A record of the ValuationCommittee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduledquarterly meeting.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the lastU.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekendsand holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, thevalues of some of the Portfolio’s foreign investments may change on days when investors cannot purchase orredeem Portfolio shares.

Various inputs determine how the Portfolio’s investments are valued, all of which are categorized according to thethree broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair valuehierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurements and Disclosures.

Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options,that are traded on a national securities exchange are valued at the last sale price as of the close of trading on theapplicable exchange where the security principally trades. Securities traded via NASDAQ are valued at theNASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ officialclosing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closingprice on valuation date exists, these securities are generally valued at the mean between the last reported bid andask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in thefair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services thatprovide model prices derived using adjustment factors based on information such as local closing price, relevantgeneral and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valuedusing such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluatedadjustment factor for each security, which is applied to the local closing price to adjust it for post closing marketmovements up to the time the Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor providesan evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued inaccordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the closeof the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since

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they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based onpricing methodologies approved by the Board. In the event that unobservable inputs are used when determiningsuch valuations, the securities will be classified as Level 3 in the fair value hierarchy.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature ofany restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’sfinancial condition and the markets in which it does business; the cost of the investment; the size of the holding andthe capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or anycomparable securities; any available analyst media or other reports or information deemed reliable by theManager regarding the issuer or the markets or industry in which it operates. Using fair value to price securitiesmay result in a value that is different from a security’s most recent closing price and from the price used by otherunaffiliated mutual funds to calculate their net asset values.

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Series Fund has adopted a Board approvedLiquidity Risk Management Program (“LRMP”) that requires, among other things, that the Portfolio limit its illiquidinvestments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of theabsence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably beexpected to be sold or disposed of in current market conditions in seven calendar days or less without the sale ordisposition significantly changing the market value of the investment. The Portfolio may find it difficult to sell illiquidsecurities at the time considered most advantageous by its subadviser(s) and may incur transaction costs thatwould not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from anaffiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”).Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities thatwould otherwise be considered illiquid investments pursuant to the Portfolio’s LRMP because of legal restrictionson resale to the general public may be traded among qualified institutional buyers under Rule 144A of theSecurities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in privateplacements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under theLRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Portfolio’s investments inrestricted securities could be impaired if trading does not develop or declines.

Foreign Currency Translation: The books and records of the Portfolio are maintained in U.S. dollars. Foreigncurrency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the current rates of exchange;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing onthe respective dates of such transactions.

Although the net assets of the Portfolio are presented at the foreign exchange rates and market values at the closeof the period, the Portfolio does not generally isolate that portion of the results of operations arising as a result ofchanges in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-termportfolio securities held at the end of the period. Similarly, the Portfolio does not isolate the effect of changes inforeign exchange rates from the fluctuations arising from changes in the market prices of long-term portfoliosecurities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are includedin the reported net realized gains (losses) on investment transactions.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) fromthe disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlementdates on investment transactions, and the difference between the amounts of interest, dividends and foreignwithholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received orpaid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities(other than investments) at period end exchange rates.

Master Netting Arrangements: The Series Fund, on behalf of the Portfolio, is subject to various MasterAgreements, or netting arrangements, with select counterparties. These are agreements which a subadviser mayhave negotiated and entered into on behalf of all or a portion of the Portfolio. A master netting arrangementbetween the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to thesame counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the

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Portfolio to cover the Portfolio’s exposure to the counterparty. However, there is no assurance that such mitigatingfactors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all theconditions are met such that each of the parties owes the other determinable amounts, the reporting party has theright to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off andthe right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basisand all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

Securities Lending: The Portfolio lends its portfolio securities to banks and broker-dealers. The loans are securedby collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower isinvested in an affiliated money market fund and is marked to market daily, based on the previous day’s marketvalue, such that the value of the collateral exceeds the value of the loaned securities. In the event of significantappreciation in value of securities on loan on the last business day of the reporting period, the financial statementsmay reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remediedas described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upontermination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. Shouldthe borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the openmarket using the collateral.

The Portfolio recognizes income, net of any rebate and securities lending agent fees, for lending its securities inthe form of fees or interest on the investment of any cash received as collateral. The borrower receives all interestand dividends from the securities loaned and such payments are passed back to the lender in amounts equivalentthereto. The Portfolio also continues to recognize any unrealized gain (loss) in the market price of the securitiesloaned and on the change in the value of the collateral invested that may occur during the term of the loan. Inaddition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of thecollateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date.Realized gains (losses) from investment and currency transactions are calculated on the specific identificationmethod. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolio becomesaware of such dividends. Interest income, including amortization of premium and accretion of discount on debtsecurities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which mayrequire the use of certain estimates by management that may differ from actual. Net investment income or loss(other than administration and distribution fees which are charged directly to the respective class) and unrealizedand realized gains (losses) are allocated daily to each class of shares based upon the relative proportion ofadjusted net assets of each class at the beginning of the day.

Taxes: For federal income tax purposes, the Portfolio is treated as a separate taxpaying entity. The Portfolio istreated as a partnership for tax purposes. No provision has been made in the financial statements for U.S. federal,state, or local taxes, as any tax liability arising from operations of the Portfolio is the responsibility of the Portfolio’sshareholders (participating insurance companies). The Portfolio is not generally subject to entity-level taxation.Shareholders of the Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxeson foreign dividends, interest and capital gains are accrued in accordance with the Portfolio’s understanding of theapplicable country’s tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time therelated income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc.(“Prudential”) as referenced in Note 3. The Portfolio generally attempts to manage its diversification in a mannerthat supports the diversification requirements of the underlying separate accounts.

Distributions: Distributions, if any, from the Portfolio are made in cash and automatically reinvested in additionalshares of the Portfolio. Distributions are recorded on the ex-date.

Estimates: The preparation of financial statements requires management to make estimates and assumptions thataffect the reported amounts and disclosures in the financial statements. Actual results could differ from thoseestimates.

2. Agreements

The Series Fund, on behalf of the Portfolio, has entered into an investment management agreement with theManager. Pursuant to this agreement, the Manager has responsibility for all investment management services andsupervises the subadviser’s performance of such services. Effective January 26, 2019, the Manager has enteredinto a subadvisory agreement with J.P. Morgan Investment Management, Inc. (“J.P. Morgan”) (the “subadviser”),under which J.P. Morgan provides investment advisory services for the Portfolio. The Manager pays for the

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services of the subadviser, the cost of compensation of officers of the Portfolio, occupancy and certain clerical andadministrative expenses of the Portfolio. The Portfolio bears all other costs and expenses. Prior to January 26,2019, the Manager had a subadvisory agreement with Jennison Associates LLC.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.60% of thePortfolio’s average daily net assets of the Fund. All amounts paid or payable by the Portfolio to the Manager, underthe agreement, are reflected in the Statement of Operations.

The Series Fund, on behalf of the Portfolio, has a distribution agreement, pursuant to Rule 12b-1 under the 1940Act, with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class Iand Class II shares of the Portfolio. The Portfolio compensates PIMS for distributing and servicing the Portfolio’sClass II shares pursuant to a plan of distribution (the “Class II Plan”), regardless of expenses actually incurred byPIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMSas distributor of the Class I shares of the Portfolio. Pursuant to the Class II Plan, the Class II shares of the Portfoliocompensate PIMS for distribution-related activities at an annual rate of 0.25% of the average daily net assets ofthe Class II shares.

The Series Fund has an administration agreement with the Manager, which acts as the administrator of the Class IIshares of the Portfolio. The administration fee paid to the Manager is accrued daily and payable monthly, at theannual rate of 0.15% of the average daily net assets of the Class II shares.

The Series Fund, on behalf of the Portfolio, has entered into brokerage commission recapture agreements withcertain registered broker-dealers. Under the brokerage commission recapture program, a portion of thecommission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paidsolely to those portfolios generating the applicable trades. Such amounts are included within realized gain (loss)on investment transactions presented in the Statement of Operations. For the reporting period endedDecember 31, 2019, brokerage commission recaptured under these agreements was $1,390.

PGIM Investments and PIMS are indirect, wholly-owned subsidiaries of Prudential.

3. Other Transactions with Affiliates

a.) Related Parties

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-ownedsubsidiary of Prudential, serves as the transfer agent of the Portfolio. The transfer agent’s fees and expenses inthe Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Portfolio may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”) andits securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), eacha series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments.Through the Portfolio’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates arepaid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investmentsin the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement ofOperations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Portfolio may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permitspurchase and sale transactions among affiliated investment companies, or between an investment company anda person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors,and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by theSecurities and Exchange Commission (“SEC”), the Series Fund’s Chief Compliance Officer (“CCO”) prepares aquarterly summary of all such transactions for submission to the Board, together with the CCO’s writtenrepresentation that all such 17a-7 transactions were effected in accordance with the Series Fund’s Rule 17a-7procedures. For the reporting period ended December 31, 2019, no 17a-7 transactions were entered into by thePortfolio.

b.) Securities Lending and Foreign Withholding Tax Reclaim Matters

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In September 2019, the Manager reached a settlement with the SEC relating to the securities lending and foreignwithholding tax reclaim matters described below. Under the settlement, the Manager agreed to pay to the SECdisgorgement of fees and a civil penalty. The settlement does not affect the Manager’s ability to manage thePortfolio.

In February 2016, Prudential, the parent company of the Manager, self-reported to the SEC and certain otherregulators that, in some cases, it failed to maximize securities lending income for certain Portfolios of the SeriesFund due to a long-standing restriction benefitting Prudential. The Board was not notified of the restriction untilafter it had been removed. Prudential paid each of the affected Portfolios an amount equal to the estimated lossassociated with the unauthorized restriction.At the Board’s direction, this payment occurred on June 30, 2016. Theestimated opportunity loss was calculated by an independent consultant hired by Prudential whose calculationmethodology was subsequently reviewed by a consultant retained by the independent trustees of the Portfolios.The per share amount of opportunity loss payment to the Portfolios is disclosed in the Portfolio’s “FinancialHighlights” as “Capital Contributions” for the fiscal year ended December 31, 2016.

In March 2018, Prudential further notified the SEC that it failed to timely reimburse certain Portfolios for amountsdue under protocols established to ensure that the Portfolios were not harmed as a result of their tax status aspartnerships instead of regulated investment companies (RICs). Specifically, as a result of their partnership status,the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreignjurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively,“excess withholding tax”). Prudential’s protocols were intended to protect the Portfolios from these differences anddelays. In consultation with the Series Fund’s independent trustees, Prudential paid each of the affected Portfoliosan amount equal to the excess withholding tax in addition to an amount equal to the applicable Portfolio’s rate ofreturn (“opportunity loss”) applied to these excess withholding tax amounts for periods from the various transactiondates, beginning January 2, 2006 (the date when the Portfolios were converted to partnerships for tax purposes),through February 28, 2018 (the date through which the previously established protocols were not uniformlyimplemented). The amount due to each Portfolio was calculated by Prudential with the help of a third-partyconsultant. Those amounts and the methodology used by Prudential to derive them, were evaluated andconfirmed by a consultant retained by the Series Fund’s independent trustees. The excess withholding taxanalysis considered detriments to the Portfolios due to their tax status as partnerships arising from both timingdifferences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax statuswhich is reclaimable) as described above as well as permanent tax detriments (i.e., jurisdictions in which thePortfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable). Further, theopportunity loss due to each Portfolio also was calculated by a third-party consultant hired by Prudential whosecalculation methodology was subsequently reviewed by a consultant retained by the Series Fund’s independenttrustees. The aggregate previously unreimbursed excess withholding tax and/or opportunity loss payment for thePortfolio are disclosed in the Portfolio’s “Statements of Changes in Net Assets” and “Financial Highlights” as“Capital Contributions” for the fiscal year ending December 31, 2018.

In addition to the above, Prudential committed to the Series Fund’s independent trustees that it would pay allconsulting, legal, audit, and other charges, fees and expenses incurred with the matters described above.Prudential has made and continues to make these payments.

During the reporting period and in consultation with the Series Fund’s independent trustees, Prudential instituteda process to reimburse the affected Portfolios for any future excess withholding tax on the first business dayfollowing the pay-date of the applicable dividend or interest income event regardless of whether the excesswithholding tax is due to timing differences or permanent detriments resulting from the Portfolios’ partnership taxstatus.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreignjurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaimwith the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the sameexcess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims forwhich a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending taxreclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios arereported as “Payable to affiliate” on the “Statement of Assets and Liabilities” and any amounts accrued but not yetreimbursed by Prudential for excess withholding tax is recorded as “Receivable from affiliate” on the Statement ofAssets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routinetax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as “Taxreclaim receivable” on the “Statement of Assets and Liabilities.” To the extent that there are costs associated with

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the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amount has been paid by Prudential for excess withholding taxes related to timing differences asdescribed above for certain countries due to the Portfolio’s status as a partnership for tax purposes.

Portfolio 2019 Payment

SP Prudential U.S. Emerging Growth Portfolio $4,390

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-terminvestments and U.S. Government securities) for the year ended December 31, 2019, were $263,857,188 and$270,535,654, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year endedDecember 31, 2019, is presented as follows:

Value,Beginning

of YearCost of

PurchasesProceeds

from Sales

Change inUnrealized

Gain(Loss)

RealizedGain

(Loss)Value,

End of Year

Shares,End

of Year Income

PGIM Core Ultra Short Bond Fund*$11,121,333 $ 65,154,195 $ 73,918,672 $ — $ — $ 2,356,856 2,356,856 $178,680

PGIM Institutional Money Market Fund*19,740,874 243,316,055 224,575,709 3,725 (5,020) 38,479,925 38,472,231 80,098**

$30,862,207 $308,470,250 $298,494,381 $3,725 $(5,020) $40,836,781 $258,778

* The Fund did not have any capital gain distributions during the reporting period.

** Represents the affiliated amount of securities lending income shown on the Statement of Operations.

5. Tax Information

The Portfolio is treated as a partnership for federal income tax purposes. The character of the cash distributions,if any, made by the partnership is generally classified as nontaxable return of capital distributions. After each fiscalyear each shareholder of record will receive information regarding their distributive allocable share of thepartnership’s income, gains, losses and deductions.

With respect to the Portfolio, book cost of assets differs from tax cost of assets as a result of the Portfolio’s adoptionof a mark to market method of accounting for tax purposes. Under this method, tax cost of assets will approximatefair market value.

The Manager has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for allopen tax years and has concluded that no provision for income tax is required in the Portfolio’s financial statementsfor the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolio’s U.S.federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31,2019 are subject to such review.

6. Borrowings

The Series Fund, on behalf of the Portfolio, along with other affiliated registered investment companies (the“Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA isto provide an alternative source of temporary funding for capital share redemptions. The table below providesdetails of the current SCA in effect at the reporting period-end as well as the prior SCA.

Current SCA Prior SCATerm of Commitment 10/3/2019 – 10/1/2020 10/4/2018 – 10/2/2019Total Commitment $ 900 million $ 900 millionAnnualized Commitment Fee on theUnused Portion of the SCA 0.15% 0.15%

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Current SCA Prior SCA

Annualized Interest Rate onBorrowings

1.20% plus the higher of (1)the effective federal funds

rate, (2) the one-monthLIBOR rate or (3) zero

percent

1.25% plus the higher of (1)the effective federal funds

rate, (2) the one-monthLIBOR rate or (3) zero

percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject toa predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuitycontracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, theseportfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for thoseportfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate availablefunding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Portfolio utilized the SCA during the year ended December 31, 2019. The average daily balance for the 1 daythat the Portfolio had loans outstanding during the period was approximately $164,000, borrowed at a weightedaverage interest rate of 3.01%. The maximum loan outstanding amount during the period was $164,000. AtDecember 31, 2019, the Portfolio did not have an outstanding loan amount.

7. Capital and Ownership

The Portfolio offers Class I and Class II shares. Neither Class I nor Class II shares of the Portfolio are subject toany sales charge or redemption charge and are sold at the net asset value of the Portfolio. Class I shares are soldonly to certain separate accounts of Prudential to fund benefits under certain variable life insurance and variableannuity contracts (“contracts”). Class II shares are sold only to separate accounts of non-Prudential insurancecompanies as investment options under certain contracts. Class I shares are also offered to separate accounts ofnon-affiliated insurers for which Prudential or its affiliates administer and/or reinsure the variable life insurance orvariable annuity contracts issued in connection with the separate accounts. The separate accounts invest inshares of the Portfolio through subaccounts that correspond to the Portfolio. The separate accounts will redeemshares of the Portfolio to the extent necessary to provide benefits under the contracts or for such other purposesas may be consistent with the contracts.

As of December 31, 2019, the following number of shares of the Portfolio were owned of record directly or by otherPortfolios as part of their investments by insurance affiliates of Prudential Financial, Inc.

Portfolio Number of SharesPercentage of

Outstanding SharesSP Prudential U.S. Emerging Growth Portfolio - Class I 14,905,489 100%

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the followingpercentage of outstanding shares, on behalf of multiple beneficial owners:

Affiliated Unaffiliated

PortfolioNumber of

ShareholdersPercentage of

Outstanding SharesNumber of

ShareholdersPercentage of

Outstanding SharesSP Prudential U.S. Emerging

Growth Portfolio 2 99% — —%

Transactions in shares of beneficial interest were as follows:

Shares AmountClass I:

Year ended December 31, 2019:Portfolio shares sold 561,212 $ 9,543,598Portfolio shares repurchased (1,420,719) (23,926,134)

Net increase (decrease) in shares outstanding (859,507) $(14,382,536)

Year ended December 31, 2018:Portfolio shares sold 526,326 $ 7,945,032Portfolio shares repurchased (1,659,004) (25,324,498)Capital contributions — 11,256

Net increase (decrease) in shares outstanding (1,132,678) $(17,368,210)

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Shares AmountClass II:

Year ended December 31, 2019:Portfolio shares sold 1,978 $ 31,372Portfolio shares repurchased (16,204) (255,328)

Net increase (decrease) in shares outstanding (14,226) $ (223,956)

Year ended December 31, 2018:Portfolio shares sold 5,372 $ 77,414Portfolio shares repurchased (4,223) (59,624)Capital contributions — 28

Net increase (decrease) in shares outstanding 1,149 $ 17,818

8. Risks of Investing in the Portfolio

The Portfolio’s risks include, but are not limited to, some or all of the risks discussed below:

Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emergingmarkets. Emerging market countries typically have economic and political systems that are less fully developed,and can be expected to be less stable, than those of more developed countries. For example, the economies ofsuch countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes mayresult in a lack of liquidity and price volatility.

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could losemoney. In addition to an individual security losing value, the value of the equity markets or a sector in which thePortfolio invests could go down. The Portfolio’s holdings can vary significantly from broad market indexes and theperformance of the Portfolio can deviate from the performance of these indexes. Different parts of a market canreact differently to adverse issuer, market, regulatory, political and economic developments.

Market and Credit Risk: Securities markets may be volatile and the market prices of the Portfolio’s securities maydecline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market andeconomic conditions. If the market prices of the securities owned by the Portfolio fall, the value of an investmentin the Portfolio will decline. Additionally, the Portfolio may also be exposed to credit risk in the event that an issueror guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or opentransactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fairvalue measurement disclosure requirements. The new ASU, in addition to other modifications and additions,removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fairvalue hierarchy, and the Portfolio’s policy for the timing of transfers between levels. The amendments are effectivefor financial statements issued for fiscal years beginning after December 15, 2019, and interim periods withinthose fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adoptedthe aspects related to the removal and modification of certain fair value measurement disclosures under the ASU.The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact tofinancial statement disclosures.

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SP Prudential U.S. Emerging Growth Portfolio—Class IYear Ended December 31,

2019 2018 2017 2016 2015Per Share Operating Performance(a):Net Asset Value, beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13.63 $14.79 $12.08 $11.58 $11.86Income (Loss) From Investment Operations:Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (—)(b) 0.02 0.02 0.01 —(c)Net realized and unrealized gain (loss) on investment transactions . . . . . . . . . . . . . . . . . . 5.14 (1.18) 2.69 0.47 (0.28)

Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.14 (1.16) 2.71 0.48 (0.28)Capital Contributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —(c)(d) — 0.02(e) —Net Asset Value, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.77 $13.63 $14.79 $12.08 $11.58

Total Return(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.71% (7.84)%(g) 22.43% 4.32%(h) (2.36)%Ratios/Supplemental Data:Net assets, end of year (in millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $279.8 $214.8 $249.8 $217.7 $223.3Average net assets (in millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $257.0 $248.2 $235.7 $215.0 $244.7Ratios to average net assets(i):

Expenses after waivers and/or expense reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . 0.70% 0.68% 0.71% 0.69% 0.67%Expenses before waivers and/or expense reimbursement . . . . . . . . . . . . . . . . . . . . . . . . 0.70% 0.68% 0.71% 0.69% 0.67%Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.01)% 0.15% 0.18% 0.10% (0.01)%

Portfolio turnover rate(j) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106% 43% 39% 35% 34%

SP Prudential U.S. Emerging Growth Portfolio—Class IIYear Ended December 31,

2019 2018 2017 2016 2015Per Share Operating Performance(a):Net Asset Value, beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.81 $13.95 $11.44 $11.02 $11.33Income (Loss) From Investment Operations:Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.06) (0.03) (0.03) (0.03) (0.05)Net realized and unrealized gain (loss) on investment transactions . . . . . . . . . . . . . . . . . 4.82 (1.11) 2.54 0.43 (0.26)

Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.76 (1.14) 2.51 0.40 (0.31)Capital Contributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —(c)(d) — 0.02(e) —Net Asset Value, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17.57 $12.81 $13.95 $11.44 $11.02

Total Return(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.16% (8.17)%(g) 21.94% 3.81%(h) (2.74)%Ratios/Supplemental Data:Net assets, end of year (in millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.5 $ 0.5 $ 0.6 $ 0.8 $ 0.8Average net assets (in millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.6 $ 0.6 $ 0.8 $ 0.8 $ 1.0Ratios to average net assets(i):

Expenses after waivers and/or expense reimbursement . . . . . . . . . . . . . . . . . . . . . . . . 1.10% 1.08% 1.10% 1.09% 1.07%Expenses before waivers and/or expense reimbursement . . . . . . . . . . . . . . . . . . . . . . . 1.10% 1.08% 1.10% 1.09% 1.07%Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.40)% (0.24)% (0.22)% (0.30)% (0.40)%

Portfolio turnover rate(j) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106% 43% 39% 35% 34%(a) Calculated based on average shares outstanding during the year.(b) Less than $(0.005) per share.(c) Less than $0.005 per share.(d) Represents payment received by the Portfolio, from Prudential, in connection with the failure to timely compensate the Portfolio for the excess foreign

withholding tax withheld on dividends and interest from certain countries due to the Portfolio’s tax status as a partnership.(e) Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction

that benefited Prudential.(f) 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 reinvestment of

dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated withthe separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all yearsshown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements,the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generallyaccepted accounting principles.

(g) Total return for the year includes the impact of the capital contribution, which was not material to the total return.(h) Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 4.15% and

3.63% for Class I and Class II, respectively.(i) Does not include expenses of the investment companies in which the Portfolio invests.(j) The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term

investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

Financial Highlights

SEE NOTES TO FINANCIAL STATEMENTS.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS OF SP PRUDENTIAL U.S. EMERGING GROWTH PORTFOLIO AND BOARD OF TRUSTEESTHE PRUDENTIAL SERIES FUND:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of SP Prudential U.S. Emerging GrowthPortfolio, a portfolio of The Prudential Series Fund, (the Portfolio), including the schedule of investments, as ofDecember 31, 2019, the related statement of operations for the year then ended, the statements of changes in netassets for each of the years in the two-year period then ended, and the related notes (collectively, the financialstatements) and the financial highlights for the each of the years indicated therein. In our opinion, the financialstatements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as ofDecember 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of theyears in the two-year period then ended, and the financial highlights for each of the years indicated therein, inconformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio’s management. Ourresponsibility is to express an opinion on these financial statements and financial highlights based on our audits. Weare a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws andthe applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements and financial highlights arefree of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess therisks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, andperforming procedures that respond to those risks. Such procedures included examining, on a test basis, evidenceregarding the amounts and disclosures in the financial statements and financial highlights. Such procedures alsoincluded confirmation of securities owned as of December 31, 2019, by correspondence with the custodian, transferagent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits alsoincluded evaluating the accounting principles used and significant estimates made by management, as well asevaluating the overall presentation of the financial statements and financial highlights. We believe that our auditsprovide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Insurance investment companies since 2003.

New York, New YorkFebruary 14, 2020

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INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited)Information about the Trustees and the officers of the Trust is set forth below. Trustees who are not deemed to be “interested persons” ofthe Trust, as defined in the Investment Company Act of 1940 (1940 Act), are referred to as “Independent Trustees.” Trustees who aredeemed to be “interested persons” of the Trust are referred to as “Interested Trustees.” The Trustees oversee the operations of the Trustand appoint officers who are responsible for day-to-day business decisions based on policies set by the Board.

Independent Trustees

NameDate of BirthNo. of Portfolios Overseen

Principal Occupation(s) During Past Five Years Other Directorships Held Length of Board Service

Susan Davenport Austin10/19/1967No. of Portfolios Overseen: 109

Chief Financial Officer of Grace Church School (Since September 2019);formerly Senior Managing Director of Brock Capital (2014-2019);formerly Vice Chairman (2013-2017), Senior Vice President and ChiefFinancial Officer (2007-2012) and Vice President of Strategic Planningand Treasurer (2002-2007) of Sheridan Broadcasting Corporation;formerly President of Sheridan Gospel Network (2004-2014); formerlyVice President, Goldman, Sachs & Co. (2000-2001); formerly AssociateDirector, Bear, Stearns & Co. Inc. (1997-2000); formerly Vice President,Salomon Brothers Inc. (1993-1997); Member of the Board of Directors,The MacDowell Colony (Since 2010); formerly Chairman (2011-2014),formerly Presiding Director (2014-2017) and currently a Member (2007-present) of the Board of Directors, Broadcast Music, Inc.; Member of theBoard of Directors, Hubbard Radio, LLC (Since 2011); President, CandideBusiness Advisors, Inc. (Since 2011); formerly Member of the Board ofDirectors, National Association of Broadcasters (2004-2010).

Director of NextEra Energy Partners, LP(NYSE: NEP) (Since February 2015);Director of Broadcast Music, Inc.(Since 2007).

Since February 2011

Sherry S. Barrat11/13/1949No. of Portfolios Overseen: 109

Formerly Vice Chairman of Northern Trust Corporation (financial servicesand banking institution) (2011-June 2012); formerly President, PersonalFinancial Services, Northern Trust Corporation (2006-2010); formerlyChairman & CEO, Western US Region, Northern Trust Corporation (1999-2005); formerly President & CEO, Palm Beach/Martin County Region,Northern Trust.

Director of NextEra Energy, Inc. (NYSE:NEE) (1998-Present); Director of Arthur J.Gallagher & Company (Since July 2013).

Since January 2013

Jessica M. Bibliowicz11/28/1959No. of Portfolios Overseen: 109

Formerly Senior Adviser (2013-2019) of Bridge Growth Partners (privateequity firm); formerly Director (2013-2016) of Realogy Holdings Corp.(residential real estate services); formerly Chief Executive Officer (1999-2013) of National Financial Partners (independent distributor offinancial services products).

Formerly Director (2006-2019) of The AsiaPacific Fund, Inc.; Sotheby’s (Since 2014)(auction house and art-related finance).

Since September 2014

Kay Ryan Booth11/1/1950No. of Portfolios Overseen: 109

Partner, Trinity Private Equity Group (Since September 2014); formerly,Managing Director of Cappello Waterfield & Co. LLC (2011-2014);formerly Vice Chair, Global Research, J.P. Morgan (financial services andinvestment banking institution) (June 2008-January 2009); formerlyGlobal Director of Equity Research, Bear Stearns & Co., Inc. (financialservices and investment banking institution) (1995-2008); formerlyAssociate Director of Equity Research, Bear Stearns & Co., Inc.(1987-1995).

None. Since January 2013

Stephen M. Chipman10/26/1961No. of Portfolios Overseen: 109

Formerly Group Managing Director, International Expansion and RegionalManaging Director, Americas of Vistra (June 2018-June 2019); formerlyChief Executive Officer and Director of Radius (2016-2018); formerlySenior Vice Chairman (January 2015-October 2015) and Chief ExecutiveOfficer (January 2010-December 2014) of Grant Thornton LLP.

Non-Executive Chairman (Since September2019) of Litera Microsystems.

Since January 2018

Robert F. Gunia12/15/1946No. of Portfolios Overseen: 109

Formerly Director of ICI Mutual Insurance Company (June 2016-June 2019; June 2012-June 2015); formerly Chief Administrative Officer(September 1999-September 2009) and Executive Vice President(December 1996-September 2009) of PGIM Investments LLC; formerlyExecutive Vice President (March 1999-September 2009) and Treasurer(May 2000-September 2009) of Prudential Mutual Fund Services LLC;formerly President (April 1999-December 2008) and Executive VicePresident and Chief Operating Officer (December 2008-December 2009)of Prudential Investment Management Services LLC; formerly ChiefAdministrative Officer, Executive Vice President and Director(May 2003-September 2009) of AST Investment Services, Inc.

Formerly Director (1989-2019) of The AsiaPacific Fund, Inc.

Since July 2003

Thomas T. Mooney11/11/1941No. of Portfolios Overseen: 109

Formerly Chief Executive Officer, Excell Partners, Inc. (2005-2007);founding partner of High Technology of Rochester and the LennoxTechnology Center; formerly President of the Greater Rochester MetroChamber of Commerce (1976-2004); formerly Rochester City Manager(1973); formerly Deputy Monroe County Executive (1974-1976).

None. Since July 2003

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Independent Trustees

NameDate of BirthNo. of Portfolios Overseen

Principal Occupation(s) During Past Five Years Other Directorships Held Length of Board Service

Thomas M. O’Brien12/5/1950No. of Portfolios Overseen: 109

Vice Chairman of Emigrant Bank and President of its Naples CommercialFinance Division (Since October 2018); formerly Director, President andCEO Sun Bancorp, Inc. N.A. (NASDAQ: SNBC) and Sun National Bank(July 2014-February 2018); formerly Consultant, Valley National Bancorp,Inc. and Valley National Bank (January 2012-June 2012); formerlyPresident and COO (November 2006-April 2017) and CEO (April 2007-December 2011) of State Bancorp, Inc. and State Bank; formerly ViceChairman (January 1997-April 2000) of North Fork Bank; formerlyPresident and Chief Executive Officer (December 1984-December 1996)of North Side Savings Bank; formerly President and Chief ExecutiveOfficer (May 2000-June 2006) Atlantic Bank of New York.

Formerly Director, Sun Bancorp, Inc. N.A.(NASDAQ: SNBC) and Sun National Bank(July 2014-February 2018); formerlyDirector, BankUnited, Inc. and BankUnitedN.A. (NYSE: BKU) (May 2012-April 2014);formerly Director (April 2008-January2012) of Federal Home Loan Bank of NewYork; formerly Director (December 1996-May 2000) of North Fork Bancorporation,Inc.; formerly Director (May 2000-April2006) of Atlantic Bank of New York;Director (November 2006-January 2012) ofState Bancorp, Inc. (NASDAQ: STBC) andState Bank of Long Island.

Since July 2003

Interested Trustee

Timothy S. Cronin12/21/1965No. of Portfolios Overseen: 109

Vice President of Prudential Annuities (Since June 2015); Senior VicePresident of PGIM Investments LLC (Since May 2009); Chief InvestmentOfficer and Strategist of Prudential Annuities (Since January 2004);Director of Investment & Research Strategy (Since February 1998);President of AST Investment Services, Inc. (Since June 2005).

None. Since October 2009

Trust Officers(a)

NameDate of BirthPosition with the Trust

Principal Occupation(s) During the Past Five Years Length of Service as Trust Officer

Ken Allen1/24/1969Vice President

Vice President of Investment Management (since December 2009) Since June 2019

Raymond A. O’Hara9/19/1955Chief Legal Officer

Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company ofAmerica (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company andPruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIMInvestments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC(since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012);formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of TheHartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987)and Partner (January 1988-August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard,Grodd & Hasenauer, P.C.).

Since June 2012

Andrew R. French12/22/1962Secretary

Vice President within PGIM Investments LLC (December 2018-Present); formerly Vice Presidentand Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director andCorporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (sinceJanuary 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January2007) of Prudential Mutual Fund Services LLC.

Since October 2006

Jonathan D. Shain8/9/1958Assistant Secretary

Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President andAssistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and AssistantSecretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice Presidentand Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.

Since May 2005

Claudia DiGiacomo10/14/1974Assistant Secretary

Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President andAssistant Secretary of PGIM Investments LLC (since December 2005); Associate at Sidley AustinBrown Wood LLP (1999-2004).

Since December 2005

Melissa Gonzalez2/10/1980Assistant Secretary

Vice President and Corporate Counsel (since September 2018) of Prudential; formerly Directorand Corporate Counsel (March 2014-September 2018) of Prudential.

Since March 2019

Dino Capasso8/19/1974Chief Compliance Officer

Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer(July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The PrudentialSeries Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM HighYield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-July 2019)of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June2017), and Vice President and Counsel (February 2012-December 2015) of Pacific InvestmentManagement Company LLC.

Since March 2018

E2

Trust Officers(a)

NameDate of BirthPosition with the Trust

Principal Occupation(s) During the Past Five Years Length of Service as Trust Officer

Charles H. Smith1/11/1973Anti-Money Laundering Compliance Officer

Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) ofPrudential; committee member of the American Council of Life Insurers Anti-Money Launderingand Critical Infrastructure Committee (since January 2016); formerly Global Head of EconomicSanctions Compliance at AIG Property Casualty (February 2007-December 2014); AssistantAttorney General at the New York State Attorney General’s Office, Division of Public Advocacy(August 1998-January 2007).

Since January 2017

Christian J. Kelly5/5/1975Treasurer and Principal Financial andAccounting Officer

Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018);formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer andPrincipal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director ofAccounting, Avenue Capital Group (2008-2009); Senior Manager, Investment ManagementPractice of Deloitte & Touche LLP (1998-2007).

Since January 2019

Lana Lomuti6/7/1967Assistant Treasurer

Vice President (since 2007) and Director (2005-2007), within PGIM Investments FundAdministration; formerly Assistant Treasurer (December 2007-February 2014) of The GreaterChina Fund, Inc.

Since April 2014

Russ Shupak10/08/73Assistant Treasurer

Vice President (since 2017) and Director (2013-2017), within PGIM InvestmentsFund Administration.

Since October 2019

Deborah Conway3/26/69Assistant Treasurer

Vice President (since 2017) and Director (2007-2017), within PGIM InvestmentsFund Administration.

Since October 2019

Elyse M. McLaughlin1/20/74Assistant Treasurer

Vice President (since 2017) and Director (2011-2017), within PGIM InvestmentsFund Administration.

Since October 2019

Alina Srodecka, CPA8/19/1966Assistant Treasurer

Vice President of Tax at Prudential Financial, Inc. (Since August 2007); formerly Director of Taxat MetLife (January 2003-May 2006); formerly Tax Manager at Deloitte & Touché (October 1997-January 2003); formerly Staff Accountant at Marsh & McLennan (May 1994-May 1997).

Since June 2017

(a) Excludes Mr. Cronin, an Interested Trustee who also serves as President.

Explanatory Notes to Tables:

Trustees are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments and/or an affiliate of PGIM Investments. Timothy S. Cronin is anInterested Trustee because he is employed by an affiliate of the Manager.

Unless otherwise noted, the address of all Trustees and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102.

There is no set term of office for Trustees or Officers. The Independent Trustees have adopted a retirement policy, which calls for the retirement of Trustees on December 31 of the year inwhich they reach the age of 78, provided that the Board may extend the retirement age on a year-by-year basis for a Trustee.

“Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investmentcompanies registered under the 1940 Act.

“No. of Portfolios Overseen” includes all investment companies managed by PGIM Investments and/or ASTIS that are overseen by the Trustee. The investment companies for which PGIMInvestments and/or ASTIS serves as Manager include The Prudential Variable Contract Accounts, The Prudential Series Fund, Advanced Series Trust, Prudential’s Gibraltar Fund, Inc., thePGIM Funds, the PGIM High Yield Bond Fund, Inc. and PGIM Global High Yield Fund, Inc.

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The prospectuses for the Prudential Series Fund portfolios and the applicable variable annuity or variable life prospectusescontain information on the investment objectives, risks, charges and expenses of the portfolios and on the contracts and shouldbe read carefully.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month periodended June 30 is available on the website of the Securities and Exchange Commission (the Commission) at www.sec.govand on the Fund’s website at www.prudential.com/variableinsuranceportfolios.

The Fund files with the Commission a complete listing of portfolio holdings as of its first and third calendar quarter-end onForm N-PORT. Form N-PORT is available on the Commission’s website at www.sec.gov or call (800) SEC-0330.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is availablewithout charge upon request by calling the appropriate phone number listed below.

To contact your client services representative, please call the phone number listed below. Thank you.

Owners of Individual Annuity contracts should call (888) 778-2888.Owners of Individual Life Insurance contracts should call (800) 778-2255.Owners of Group Variable Universal Life Insurance contracts should call (800) 562-9874.Owners of Group Variable Universal Life Insurance contracts through AICPA should call (800) 223-7473.

The Prudential Series Fund may offer two classes of shares in each portfolio: Class I and Class II. Class I shares are sold onlyto separate accounts of The Prudential Insurance Company of America, Pruco Life Insurance Company, and Pruco LifeInsurance Company of New Jersey (collectively, Prudential) and to separate accounts of insurance companies not affiliatedwith Prudential where Prudential has assumed responsibility for the administration of contracts issued through such non-affiliated insurance companies, as investment options under variable life insurance and variable annuity contracts (theContracts). (A separate account keeps the assets supporting certain insurance contracts separate from the general assetsand liabilities of the insurance company.) Class II shares are offered only to separate accounts of non-Prudential insurancecompanies for the same types of Contracts.

Annuity and life insurance contracts contain exclusions, limitations, reductions of benefits, and terms for keeping them inforce. Your licensed financial professional can provide you with costs and complete details. Contract guarantees are basedon the claims-paying ability of the issuing company.

The Prudential Insurance Company of America751 Broad StreetNewark, NJ 07102-3714

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The Audited Financial Statements of Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Prudential Annuities LifeAssurance Corporation, and The Prudential Insurance Company of America are available upon request. You may call (800) 778-2255 toobtain a free copy of the audited financial statements of the insurance company that issued your contract.

To reduce costs, we now generally send only a single copy of prospectuses and shareholder reports to each household (householding) in lieuof sending a copy to each Contract Owner who resides in the household. Householding is not yet available on all products. You should beaware that by calling (877) 778-5008, you can revoke, or “opt out,” of householding at any time, which may increase the volume of mail youwill receive.

©2020 Prudential Financial, Inc. and its related entities. PGIM Investments, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks ofPrudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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