The Prudential Series Fund

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B. Investment in Partnership Interest NOTES TO THE FINANCIAL STATEMENTS OF PRUCO LIFE VARIABLE CONTRACT REAL PROPERTY ACCOUNT December 31, 2008 The investment in the Partnership is based on the Account’s proportionate interest of the Partnership’s market value. At December 31, 2008 and 2007 the Account’s interest in the Partnership was 55.1% or 3,722,570 shares. C. Income Recognition Net investment income and realized and unrealized gains and losses are recognized daily. Amounts are based upon the Account’s proportionate interest in the Partnership. D. Equity of Pruco Life Insurance Company Pruco Life maintains a position in the Account for property liquidity purposes, including unit purchases and redemptions, Partnership share transactions, and expense processing. The position does not have an effect on the contract owners’ accounts or the related unit values. Note 3: Taxes Pruco Life is taxed as a “life insurance company”, as defined by the Internal Revenue Code. The results of operations of the Account form a part of PFI’s consolidated federal tax return. Under current federal law, no federal income taxes are payable by the Account. As such, no provision for the tax liability has been recorded in these financial statements. Note 4: Net Withdrawals by Contract Owners Net contract owner withdrawals for the real estate investment option in Pruco Life’s variable insurance and variable annuity products for the years ended December 31, 2008, 2007 and 2006 were as follows: 2008: VAL VLI SPVA SPVL TOTAL Contract Owner Net Payments: $ 3,942,292 $ 261,457 $ 0 $ 641 $ 4,204,390 Policy Loans: (1,742,122) (126,524) 0 (68,805) (1,937,451) Policy Loan Repayments and Interest: 1,754,246 143,517 0 140,741 2,038,504 Surrenders, Withdrawals, and Death Benefits: (3,948,748) (360,737) (42,423) (358,803) (4,710,711) Net Transfers From/To Other Subaccounts or Fixed Rate Option: 999,396 (55,278) (2,019) (78,478) 863,621 Administrative and Other Charges: (2,532,525) (199,313) 0 (23,215) (2,755,053) Net Withdrawals by Contract Owners $ (1,527,461) $ (336,878) $ (44,442) $ (387,919) $ (2,296,700) 2007: VAL VLI SPVA SPVL TOTAL Contract Owner Net Payments: $ 3,210,271 $ 268,761 $ 0 $ (1,657) $ 3,477,375 Policy Loans: (1,648,153) (88,326) 0 (60,989) (1,797,468) Policy Loan Repayments and Interest: 1,803,872 64,388 0 139,306 2,007,566 Surrenders, Withdrawals, and Death Benefits: (3,079,182) (184,388) (2,252) (222,916) (3,488,738) Net Transfers From/To Other Subaccounts or Fixed Rate Option: (665,722) (37,227) 0 (69,088) (772,037) Administrative and Other Charges: (2,393,570) (193,051) 0 (24,446) (2,611,067) Net Withdrawals by Contract Owners $ (2,772,484) $ (169,843) $ (2,252) $ (239,790) $ (3,184,369) 2006: VAL VLI SPVA SPVL TOTAL Contract Owner Net Payments: $ 3,284,594 $ 283,122 $ (9) $ (5,308) $ 3,562,399 Policy Loans: (1,463,946) (84,509) 0 (52,833) (1,601,288) Policy Loan Repayments and Interest: 1,545,182 127,997 0 149,233 1,822,412 Surrenders, Withdrawals, and Death Benefits: (3,153,786) (303,089) (57,246) (403,139) (3,917,260) Net Transfers From/To Other Subaccounts or Fixed Rate Option: (102,416) (37,252) (3,408) 50,193 (92,883) Administrative and Other Charges: (2,450,224) (185,612) 0 (24,013) (2,659,849) Net Withdrawals by Contract Owners $ (2,340,596) $ (199,343) $ (60,663) $ (285,867) $ (2,886,469) A-3 Real Property
NOTES TO THE FINANCIAL STATEMENTS OF PRUCO LIFE VARIABLE CONTRACT REAL PROPERTY ACCOUNT December 31, 2008 Note 5: Unit Activity Transactions in units for the years ended December 31, 2008, 2007 and 2006 were as follows: 2008: VAL VLI SPVA SPVL Company Contributions: 1,492,144 Contract Owner Contributions: 2,094,991 107,704 0 57,145 Company Redemptions: (480,308 ) Contract Owner Redemptions: (2,582,000) (206,581 ) (15,783) (195,768) 2007: VAL VLI SPVA SPVL Company Contributions: 1,324,544 Contract Owner Contributions: 1,652,356 100,921 0 67,179 Company Redemptions: (30,373 ) Contract Owner Redemptions: (2,535,482) (152,306 ) (816) (155,468) 2006: VAL VLI SPVA SPVL Company Contributions: 1,461,314 Contract Owner Contributions: 1,874,121 127,794 0 82,726 Company Redemptions: (1,336,821 ) Contract Owner Redemptions: (2,700,887) (194,930 ) (25,052) (198,202) Note 6: Purchases and Sales of Investments The aggregate costs of purchases and proceeds from sales of investments in the Partnership for the years ended December 31, 2008, 2007 and 2006 were as follows: December 31, 2008 December 31, 2007 December 31, 2006 Purchases: $ 0 $ 0 $ 0 Sales: $ 0 $ 0 $ (3,385,228) A-4 Real Property
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MAY 1, 2009 PROSPECTUS The Prudenti
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THE PRUDENTIAL SERIES FUND Diversif
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THE PRUDENTIAL SERIES FUND Natural
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This prospectus discusses the follo
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INTRODUCTION ABOUT THE FUND AND ITS
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■ prepayment risk The Portfolio i
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■ ■ ■ ■ ■ ■ ■ ■ ■
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a representative sample of the stoc
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PRINCIPAL RISKS Although we try to
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Foreign investment risk. Investing
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Market risk. Market risk is the ris
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guaranteeing the obligation for ult
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PAST PERFORMANCE Conservative Balan
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Equity Portfolio Annual Returns (Cl
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Global Portfolio Annual Returns (Cl
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High Yield Bond Portfolio Annual Re
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Money Market Portfolio Annual Retur
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Small Capitalization Stock Portfoli
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Value Portfolio Annual Returns (Cla
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EXAMPLE The following Example, whic
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and are considered speculative. We
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can’t guarantee success, and it i
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■ ■ Repurchase agreements. The
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Government Income Portfolio The inv
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The Portfolio may also invest in ob
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unrated, of comparable quality in o
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■ Illiquid securities The Portfol
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MORE DETAILED INFORMATION ABOUT OTH
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are not backed by the full faith an
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HOW THE FUND IS MANAGED BOARD OF TR
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trading, asset management and priva
Page 63 and 64: Equity Portfolio Spiros “Sig” S
Page 65 and 66: Richard Piccirillo is Principal and
Page 67 and 68: Natural Resources Portfolio David A
Page 69 and 70: HOW TO BUY AND SELL SHARES OF THE P
Page 71 and 72: (which is generally 4:00 p.m. New Y
Page 73 and 74: DISTRIBUTOR Prudential Investment M
Page 75 and 76: FINANCIAL HIGHLIGHTS INTRODUCTION T
Page 77 and 78: Equity Portfolio Class I Year Ended
Page 79 and 80: High Yield Bond Portfolio Year Ende
Page 81 and 82: Small Capitalization Stock Portfoli
Page 83 and 84: INVESTOR INFORMATION SERVICES: Shar
Page 85 and 86: TABLE OF CONTENTS Page PER SHARE IN
Page 87 and 88: PER SHARE INVESTMENT INCOME, CAPITA
Page 89 and 90: Summary of Charges The Partnership
Page 91 and 92: Partnership. PREI's investment staf
Page 93 and 94: would be willing to commit to a fir
Page 95 and 96: The investment manager will manage
Page 97 and 98: 4. Risks with Sale-Leaseback Transa
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Page 101 and 102: correspondingly adjusted. In additi
Page 103 and 104: RESTRICTIONS ON CONTRACT OWNERS’
Page 105 and 106: During the year ended December 31,
Page 107 and 108: (2) Net investment income for the y
Page 109 and 110: The following sections discuss thos
Page 111 and 112: The table below presents the amount
Page 113: NOTES TO THE FINANCIAL STATEMENTS O
Page 117 and 118: NOTES TO THE FINANCIAL STATEMENTS O
Page 119 and 120: THE PRUDENTIAL VARIABLE CONTRACT RE
Page 127 and 128: NOTES TO THE CONSOLIDATED FINANCIAL
Page 139 and 140: Report of Independent Registered Pu
Page 141 and 142: Pruco Life Insurance Company Consol
Page 143 and 144: Pruco Life Insurance Company Consol
Page 145 and 146: Pruco Life Insurance Company Notes
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Pruco Life Insurance Company Notes
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Many Prudential Financial companies
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The Prudential Series Fund

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