The Prudential Series Fund

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REPORTS TO CONTRACT OWNERS ..........................................................................................................................18 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................................................................................................................................18 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.........................................................24 FINANCIAL STATEMENTS ...........................................................................................................................................25 FINANCIAL STATEMENTS OF PRUCO LIFE VARIABLE CONTRACT REAL PROPERTY ACCOUNT.................. A1 FINANCIAL STATEMENTS OF THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP ............................................................................................................................................................. B1
PER SHARE INVESTMENT INCOME, CAPITAL CHANGES AND SELECTED RATIOS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) The following information on per share investment income, capital changes and selected ratios has been provided for your information. This page should be read in conjunction with the financial statements and notes thereto of The Prudential Variable Contract Real Property Partnership included in this prospectus. 01/01/2008 01/01/2007 01/01/2006 01/01/2005 01/01/2004 To To To To To 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004 Revenue from real estate and improvements $4.55 $4.25 $3.69 $3.80 $3.78 Equity in income of real estate partnership $0.15 $0.17 $0.14 $0.04 $0.09 Dividend income from real estate investment trusts $0.00 $0.00 $0.00 $0.00 $0.00 Interest and equity income on mortgage and other loans $0.00 $0.00 $0.02 $0.04 $0.02 receivable Income from other real estate investments $0.00 $0.06 $0.03 $0.00 $0.03 Interest on short-term investments $0.06 $0.22 $0.27 $0.14 $0.03 TOTAL INVESTMENT INCOME $4.76 $4.70 $4.15 $4.02 $3.95 Investment Management fee $0.51 $0.50 $0.45 $0.40 $0.36 Real Estate Taxes $0.45 $0.36 $0.30 $0.33 $0.36 Administrative expense $0.88 $0.60 $0.57 $0.62 $0.71 Operation expense $1.07 $1.03 $0.92 $1.04 $1.02 Interest expense $0.29 $0.30 $0.26 $0.30 $0.40 Minority interest in consolidated partnership ($0.08) $0.02 $0.03 $0.02 $0.03 TOTAL INVESTMENT EXPENSES $3.12 $2.81 $2.53 $2.71 $2.89 NET INVESTMENT INCOME $1.64 $1.89 $1.62 $1.29 $1.06 Net realized gain (loss) on real estate investments sold or converted $0.00 $0.10 $0.01 $0.87 $0.23 Change in unrealized gain (loss) on real estate investments ($6.75) $0.83 $2.94 $1.47 $0.33 Minority interest in unrealized gain (loss) on investments ($0.21) $0.12 $0.29 $0.17 $0.12 Net unrealized gain (loss) on real estate investments ($6.54) $0.71 $2.65 $1.30 $0.21 NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ($6.54) $0.81 $2.66 $2.17 $0.45 Net change in share value ($4.90) $2.68 $4.28 $3.44 $1.49 Share value at beginning of period $36.55 $33.87 $29.59 $26.15 $24.66 Share value at end of period $31.65 $36.55 $33.87 $29.59 $26.15 Ratio of expenses to average net assets (1) 8.57% 7.94% 7.98% 9.78% 11.34% Ratio of net investment income to average net assets (1) 4.55% 5.28% 5.10% 4.64% 4.16% Number of weighted shares outstanding at end of period (000’s) 6,759 6,759 6,893 7,133 7,364 All per share calculations are based on weighted average shares outstanding. (1) Average net assets are calculated based on an average of ending monthly net assets. *Per Share amount less than $0.01 (rounded) 1 - 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
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 and 84: INVESTOR INFORMATION SERVICES: Shar
Page 85: TABLE OF CONTENTS Page PER SHARE IN
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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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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Many Prudential Financial companies
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The Prudential Series Fund

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