The Prudential Series Fund

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Pruco Life Insurance Company Notes to Consolidated Financial Statements 10. FAIR VALUE OF ASSETS AND LIABILITIES (continued) <strong>The</strong> table below presents the balances of assets and liabilities measured at fair value on a recurring basis, as of December 31, 2008. Level 1 Level 2 Level 3 Total (in thousands) Fixed maturities, available for sale .......................................... $ — $ 4,479,986 $ 64,176 $ 4,544,162 Other trading account assets ................................................... — 8,878 1,089 9,967 Equity securities, available for sale ......................................... 181 15,723 968 16,872 Other long-term investments ................................................... — 22,347 (17,167) 5,180 Short-term investments ........................................................... 26,691 49,504 — 76,195 Cash and cash equivalents ...................................................... — 594,262 — 594,262 Other assets ............................................................................. — 13,699 1,157,884 1,171,583 Sub-total excluding separate account assets ....................... 26,872 5,184,399 1,206,950 6,418,221 Separate account assets (1) ..................................................... 11,109,765 6,310,449 154,316 17,574,530 Total assets ............................................................................ $ 11,136,637 $11,494,848 $1,361,266 $23,992,751 Future policy benefits .............................................................. — — 794,640 794,640 — Total liabilities ...................................................................... $ — $ — $ 794,640 $ 794,640 , except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s consolidated Statement of Financial Position. B-32
Pruco Life Insurance Company Notes to Consolidated Financial Statements 10. FAIR VALUE OF ASSETS AND LIABILITIES (continued) <strong>The</strong> following tables provide a summary of the changes in fair value of Level 3 assets and liabilities for the twelve months ended December 31, 2008, as well as the portion of gains or losses included in income for the twelve months ended December 31, 2008, attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2008. Fixed Maturities, Available For Sale Twelve Months Ended December 31, 2008 Equity Other Securities, Trading Available for Account Sale Assets Other Longterm Investments (in thousands) Fair value, beginning of period ................................................... $ 107,063 $ 4,703 $ 1,164 $ (4,768) Total gains or (losses) (realized/unrealized): — — — — Included in earnings: — — — — Realized investment gains (losses), net ............................. (7,165) (19) — (12,399) Asset administration fees and other income ...................... — — (75) — Interest credited to policyholder account........................... — — — — Included in other comprehensive income (loss) ................... (20,006) (2,365) — — Net investment income............................................................. (329) — — — Purchases, sales, issuances, and settlements ............................ 41,319 — — — Transfers into (out of) Level 3 (2)............................................ (56,706) (1,351) — — Fair value, end of period ............................................................. $ 64,176 $ 968 $ 1,089 $ (17,167) Unrealized gains (losses) for the period ending relating to those level 3 assets that were still held by the Company at the end of the period: Included in earnings: Realized investment gains (losses), net ............................. $ (5,390) $ (19) $ — $ (12,394) Asset management fees and other income ......................... $ — $ — $ (75) $ — Interest credited to policyholder account........................... $ — $ — $ — $ — Included in other comprehensive income (loss) ................... $ (20,261) $ (2,366) $ — $ — Other Assets Separate Account Assets (1) (in thousands) Future Policy Benefits Fair value, beginning of period ................................................... $ 48,024 $ 172,226 $ (35,232) Total gains or (losses) (realized/unrealized): — — — Included in earnings: — — — Realized investment gains (losses), net ............................. 1,066,865 — (739,407) Asset administration fees and other income ...................... — — — Interest credited to policyholder account........................... — (36,648) — Included in other comprehensive income ............................. (1,393) — — Net investment income............................................................. — — — Purchases, sales, issuances, and settlements ............................ 17,899 18,738 (20,001) Transfers into (out of) Level 3 (2)............................................ 26,489 — — Other ........................................................................................ — — — Fair value, end of period ............................................................. $ 1,157,884 $ 154,316 $ (794,640) Unrealized gains (losses) for the period ending relating to those level 3 assets that were still held by the Company at the end of the period: Included in earnings: Realized investment gains (losses), net ............................. $ 1,067,417 $ — $ (739,961) Asset administration fees and other income ...................... $ — $ — $ — Interest credited to policyholder account........................... $ — $ (36,648) $ — Included in other comprehensive income (loss) ................... $ (1,393) $ — $ — B-33
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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
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PER SHARE INVESTMENT INCOME, CAPITA
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Summary of Charges The Partnership
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Partnership. PREI's investment staf
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would be willing to commit to a fir
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The investment manager will manage
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4. Risks with Sale-Leaseback Transa
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If an account which has been alloca
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correspondingly adjusted. In additi
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RESTRICTIONS ON CONTRACT OWNERS’
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During the year ended December 31,
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(2) Net investment income for the y
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The following sections discuss thos
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The table below presents the amount
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NOTES TO THE FINANCIAL STATEMENTS O
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THE PRUDENTIAL VARIABLE CONTRACT RE
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Page 145 and 146: Pruco Life Insurance Company Notes
Page 171: 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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