The Prudential Series Fund

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THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP SCHEDULE III - REAL ESTATE OWNED: PROPERTIES DECEMBER 31, 2008 Gross Amount at Which Initial Costs to the Partnership Costs Carried at Close of Year Capitalized Encumbrances Building & Subsequent to Building & 2008 Year of Date Description at 12/31/08 Land Improvements Acquisition Land Improvements Sales Total Construction Acquired Properties: Office Building Lisle, IL None 1,780,000 15,743,881 7,694,896 1,949,206 23,269,571 25,218,777 1985 Apr., 1988 Garden Apartments Atlanta, GA 8,746,000 3,631,212 11,168,904 5,010,802 (b 4,937,369 14,873,549 19,810,918 1987 Apr., 1988 Retail Shopping Center Roswell, GA None 9,454,622 21,513,677 6,925,296 11,135,593 26,758,002 37,893,595 1988 Jan., 1989 Garden Apartments Raleigh, NC 8,973,520 (c) 1,623,146 14,135,553 674,845 1,785,544 14,648,000 16,433,544 1995 Jun., 1995 Hotel Portland, OR - 1,500,000 6,508,729 2,303,859 1,500,000 8,812,588 10,312,588 1989 Dec., 2003 Office Building Nashville, TN None 1,797,000 6,588,451 3,675,530 1,855,339 10,205,642 12,060,981 1982 Oct., 1995 Office Building Beaverton, OR None 816,415 9,897,307 1,799,263 845,887 11,667,098 12,512,985 1995 Dec., 1996 Office Complex Brentwood, TN None 2,425,000 7,063,755 2,900,452 2,463,601 9,925,606 12,389,207 1987 Oct., 1997 Retail Shopping Center Hampton, VA 7,284,195 2,339,100 12,767,956 3,003,760 4,839,418 13,271,398 18,110,816 1998 May, 2001 Retail Shopping Center Westminster, MD - 3,031,735 9,326,605 2,686,381 3,031,735 12,012,986 15,044,721 2005 June, 2006 Retail Shopping Center Ocean City, MD 15,044,112 1,517,099 8,495,039 13,258,876 1,517,099 21,753,915 23,271,014 1986 Nov., 2002 Garden Apartments Austin, TX - 2,577,097 20,125,169 30,097 2,577,097 20,155,266 22,732,363 2007 May, 2007 Retail Shopping Center Dunn, NC None 586,500 5,372,344 407,923 586,500 5,780,267 6,366,767 1984 Aug., 2007 Garden Apartments Charlotte, NC - 1,350,000 12,184,750 115,188 1,350,000 12,299,938 13,649,938 1998 Sep., 2007 40,047,827 34,428,926 160,892,120 50,487,168 40,374,388 205,433,826 - 245,808,214 2008 2007 2006 (a) Balance at beginning of year 236,466,116 199,124,056 183,767,148 Additions: Acquistions - 42,218,143 12,358,340 Improvements, etc. 9,936,151 3,179,960 2,998,568 Reclass of other real estate investments - 3,232,337 - Deletions: Sale - (11,288,380) - Write off of uncollectible interest receivable (594,053) - - Balance at end of year 245,808,214 236,466,116 199,124,056 (b) Net of $1,000,000 settlement received from lawsuit. (c) Net of an unamortized discount of $26,480 B-19 Real Property
Report of Independent Registered Public Accounting Firm To the Partners of The Prudential Variable Contract Real Property Partnership: In our opinion, the accompanying consolidated statements of assets and liabilities, including the schedule of real estate investments, and the related consolidated statements of operations, of changes in net assets and of cash flows present fairly, in all material respects, the financial position of The Prudential Variable Contract Real Property Partnership (the “Partnership”) at December 31, 2008 and 2007, and the results of its operations, the changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2008 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the management of The Prudential Insurance Company of America. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP New York, New York February 23, 2009 B-20 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
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Small Capitalization Stock Portfoli
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INVESTOR INFORMATION SERVICES: Shar
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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 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 137: NOTES TO THE CONSOLIDATED FINANCIAL
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
Page 185 and 186: Many Prudential Financial companies
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The Prudential Series Fund

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