The Prudential Series Fund

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PROSPECTUS May 1, 2009 PRUCO LIFE VARIABLE CONTRACT REAL PROPERTY ACCOUNT This prospectus is attached to two other types of prospectuses. The first describes either a variable annuity contract or a variable life insurance contract (collectively, the "Contract") issued by Pruco Life Insurance Company ("Pruco Life," "us," "we," or "our"), a stock life insurance company that is a wholly-owned subsidiary of The Prudential Insurance Company of America ("Prudential"). The second prospectus describes several investment options available under that variable contract through The Prudential Series Fund (the "Series Fund"). The Series Fund is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The Series Fund consists of separate investment portfolios that are mutual funds, each with a different investment policy and objective. This prospectus describes the Pruco Life Variable Contract Real Property Account (the "Real Property Account"), an additional available investment option. Although it is not a mutual fund, in many ways it is like a mutual fund. Instead of holding a diversified portfolio of securities, such as stocks or bonds, it consists mainly of a portfolio of commercial and residential real properties. Pruco Life determines the price of a "share" or, as we call it, a "participating interest" in this portfolio of properties, just as it does for the other investment options. It is based upon our best estimate of the fair market value of the properties and other assets held in this portfolio. The portion of your "Contract Fund" (the total amount invested under the Contract) that you allocate to this investment option will change daily in value, up or down, as our estimate of the fair market value of these real properties and other assets change. The risks of investing in real property are different from the risks of investing in mutual funds. See RISK FACTORS. Also, your ability to withdraw or transfer your investment in this option is not as freely available as it is for the other investment options. See RESTRICTIONS ON WITHDRAWALS. Please read this prospectus and keep it for future reference. The Securities and Exchange Commission ("SEC") maintains a Web site (http://www.sec.gov) that contains material incorporated by reference and other information regarding registrants that file electronically with the SEC. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense. Pruco Life Insurance Company 213 Washington Street Newark, New Jersey 07102-2992 Telephone: (800) 778-2255 PRPA-1 Ed 5-2009
TABLE OF CONTENTS Page PER SHARE INVESTMENT INCOME, CAPITAL CHANGES AND SELECTED RATIOS.............................................1 SUMMARY .......................................................................................................................................................................2 Investment of The Real Property Account Assets ...................................................................................................2 Investment Objectives ................................................................................................................................................2 Risk Factors.................................................................................................................................................................2 Summary of Charges ..................................................................................................................................................3 Availability to Pruco Life Contracts...........................................................................................................................3 GENERAL INFORMATION ABOUT PRUCO LIFE INSURANCE COMPANY, PRUCO LIFE VARIABLE CONTRACT REAL PROPERTY ACCOUNT, THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP, AND THE INVESTMENT MANAGER ..............................................................................................................................3 Pruco Life Insurance Company .................................................................................................................................3 Pruco Life Variable Contract Real Property Account ..............................................................................................3 The Prudential Variable Contract Real Property Partnership .................................................................................4 The Investment Manager ............................................................................................................................................4 INVESTMENT POLICIES .................................................................................................................................................5 Overview ......................................................................................................................................................................5 Investment in Direct Ownership Interests in Real Estate........................................................................................5 Investments in Mortgage Loans ................................................................................................................................6 Investments in Sale-Leasebacks ...............................................................................................................................7 General Investment and Operating Policies .............................................................................................................8 CURRENT REAL ESTATE-RELATED INVESTMENTS .................................................................................................9 Properties.....................................................................................................................................................................9 RISK FACTORS ...............................................................................................................................................................9 Liquidity of Investments .............................................................................................................................................9 General Risks of Real Property Investments..........................................................................................................10 Reliance on The Partners and The Investment Manager.......................................................................................11 INVESTMENT RESTRICTIONS.....................................................................................................................................11 DIVERSIFICATION REQUIREMENTS...........................................................................................................................12 CONFLICTS OF INTEREST...........................................................................................................................................12 THE REAL PROPERTY ACCOUNT’S UNAVAILABILITY TO CERTAIN CONTRACTS.............................................14 VALUATION OF CONTRACT OWNERS’ PARTICIPATING INTERESTS ...................................................................14 BORROWING BY THE PARTNERSHIP........................................................................................................................15 CHARGES ......................................................................................................................................................................15 RESTRICTIONS ON WITHDRAWALS ..........................................................................................................................16 RESTRICTIONS ON CONTRACT OWNERS’ INVESTMENT IN THE REAL PROPERTY ACCOUNT .......................17 FEDERAL INCOME TAX CONSIDERATIONS..............................................................................................................17 DISTRIBUTION OF THE CONTRACTS.........................................................................................................................17 STATE REGULATION ...................................................................................................................................................17 ADDITIONAL INFORMATION .......................................................................................................................................17 EXPERTS .......................................................................................................................................................................18 LITIGATION....................................................................................................................................................................18
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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
Page 33 and 34: Money Market Portfolio Annual Retur
Page 35 and 36: Small Capitalization Stock Portfoli
Page 37 and 38: Value Portfolio Annual Returns (Cla
Page 39 and 40: EXAMPLE The following Example, whic
Page 41 and 42: and are considered speculative. We
Page 43 and 44: can’t guarantee success, and it i
Page 45 and 46: ■ ■ Repurchase agreements. The
Page 47 and 48: Government Income Portfolio The inv
Page 49 and 50: The Portfolio may also invest in ob
Page 51 and 52: unrated, of comparable quality in o
Page 53 and 54: ■ Illiquid securities The Portfol
Page 55 and 56: MORE DETAILED INFORMATION ABOUT OTH
Page 57 and 58: are not backed by the full faith an
Page 59 and 60: HOW THE FUND IS MANAGED BOARD OF TR
Page 61 and 62: 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: INVESTOR INFORMATION SERVICES: Shar
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
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NOTES TO THE CONSOLIDATED FINANCIAL
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NOTES TO THE CONSOLIDATED FINANCIAL
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Report of Independent Registered Pu
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Pruco Life Insurance Company Consol
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Pruco Life Insurance Company Consol
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Pruco Life Insurance Company Notes
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The Prudential Series Fund

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