PGIM Investments LLC 

655 Broad Street 

Newark, New Jersey 07102 

April 14, 2020 

The Board of Trustees of The Prudential Series Fund 

655 Broad Street 

Newark, New Jersey 07102 

Re: Contractual Fee Waivers for The Prudential Series Fund 

Dear Trustees:

PGIM Investments LLC (the "Manager") hereby agrees to cap expenses / reimburse certain expenses and/or waive a portion of its investment management fee as more particularly described and set forth for the Portfolio of The Prudential Series Fund (the “Trust”), as listed on Exhibit A attached hereto. 

Very truly yours, 

PGIM Investments LLC
 

By: /s/ Timothy S. Cronin 

Name: Timothy S. Cronin 

Title:    Senior Vice President 

Exhibit A 

Global Portfolio: The Manager has contractually agreed to waive 0.0320% of its investment management fee through June 30, 2021. This arrangement may not be terminated or modified prior to June 30, 2021 without the prior approval of the Trust’s Board of Trustees. 

High Yield Bond Portfolio: The Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s investment management fee plus other expenses (exclusive in all cases of taxes, including stamp duty tax paid on foreign securities transactions, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) do not exceed 0.57% of the Portfolio's average daily net assets through June 30, 2021. Expenses waived/reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. This arrangement may not be terminated or modified prior to June 30, 2021 without the prior approval of the Trust's Board of Trustees. 

Natural Resources Portfolio: The Manager has contractually agreed to waive 0.008% of its investment management fee through June 30, 2021. This arrangement may not be terminated or modified prior to June 30, 2021 without the prior approval of the Trust’s Board of Trustees.  

SP International Growth Portfolio: The Manager has contractually agreed to waive 0.019% of its investment management fee through June 30, 2021. In addition, the Manager has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses for both share classes (exclusive in all cases of distribution and/or service (12b-1) fees, administration fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) does not exceed 1.01% of the Portfolio's average daily net assets through June 30, 2021. Expenses waived/reimbursed by the Investment Manager may be recouped by the Investment Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. These arrangements may not be terminated or modified prior to June 30, 2021 without the prior approval of the Trust’s Board of Trustees. 

The contractual waiver of 0.019% is inclusive of the existing waiver of 0.008% that was set to expire on June 30, 2021.