The Prudential Series Fund

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP For Years Ended December 31, 2008, 2007, and 2006 Note 5: Fair Value Measurements (continued) Table 1 below summarizes the assets measured at fair value on a recurring basis and their respective position in the fair value hierarchy. Table 1 (in 000's) Fair value measurements at December 31, 2008 using Assets: Amounts measured at fair value 12/31/2008 Quoted prices in active markets for identical assets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Real estate and improvements $ 221,196 $ - $ - $ 221,196 Real estate partnerships and preferred equity investments 11,797 - - 11,797 Total $ 232,993 $ - $ - $ 232,993 As required under SFAS 157, table 2 below present a reconciliation of the beginning and ending balances for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2008. Table 2 (in 000's) Fair value measurements using significant unobservable inputs (Level 3) Real estate and partnerships and Real estate and preferred equity improvements investments Total Beginning balance @ 1/1/08 $ 254,394 $ 14,524 $ 268,918 Net gains (losses) realized/unrealized included in earnings (or changes in net assets) (43,134) (2,527) (45,661) Equity income (losses)/interest income - 994 994 Acquisitions/issuances/contributions 9,936 - 9,936 Dispositions/settlements/distributions - (1,194) (1,194) Ending balance @ 12/31/08 $ 221,196 $ 11,797 $ 232,993 Unrealized gains (losses) for the period relating to level 3 assets still held at the reporting date $ (43,134) $ (2,527) $ (45,661) B-13 Real Property
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP For Years Ended December 31, 2008, 2007, and 2006 Note 6: Investment Level Debt Investment level debt includes mortgage loans payable as summarized below (in 000’s): As of 12/31/08 As of 12/31/07 As of 12/31/08 (Unaudited) Partnership's 100% Principal Share of 100% Principal Balance Principal Balance Balance Interest Maturity Outstanding Outstanding 1 Outstanding Rate 2, 3 Date Terms 4 Mortgages of Wholly Owned Properties & Consolidated Partnerships Hampton, VA $ 7,284 $ 7,284 $ 7,778 6.75% 2018 PP, P&I Ocean City, MD 15,044 12,105 6,847 Libor +225 2010 I Raleigh, NC 9,000 9,000 8,750 DMBS +142 2013 I Atlanta, GA 8,746 8,746 8,747 4.90% 2009 PP, P&I Unamortized Premium (Discount) (26) - - Total $ 40,048 $ 37,135 $ 32,122 1. Represents the Partnership's interest in the loan based upon the estimated percentage of net assets which would be distributed to the Partnership if the partnership were liquidated at December 31, 2008. It does not represent the Partnership's legal obligation. 2. <strong>The</strong> Partnership's weighted average interest rate was 5.78% and 6.14% at December 31, 2008 and 2007, respectively. <strong>The</strong> weighted average interest rates were calculated using the Partnership's annualized interest expense for each loan (derived using the same percentage as that in (1) above) divided by the Partnership's share of total debt. 3. At December 31, 2008, the 30 day LIBOR is .43625% and the DMBS is 3.28%. 4. Loan Terms PP=Prepayment penalties applicable to loan, I=Interest only, P&I=Principal and Interest B-14 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
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Equity Portfolio Spiros “Sig” S
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Richard Piccirillo is Principal and
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Natural Resources Portfolio David A
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HOW TO BUY AND SELL SHARES OF THE P
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(which is generally 4:00 p.m. New Y
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DISTRIBUTOR Prudential Investment M
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FINANCIAL HIGHLIGHTS INTRODUCTION T
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Equity Portfolio Class I Year Ended
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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
Page 99 and 100: If an account which has been alloca
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 and 114: 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 131: 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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