The Prudential Series Fund

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THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERS HIP CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS Year Ended December 31, 2008 2007 2006 INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: Net investment income $11,138,184 $12,663,580 $11,161,728 Net gain (loss) realized and unrealized from real estate investments (44,233,635) 5,453,595 18,352,005 Increase (decrease) in net assets resulting from operations (33,095,451) 18,117,175 29,513,733 INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS: Withdrawals (2008- 0; 2007 -0; and 2006 -182,671 shares, respectively) - - (6,000,000) Increase (decrease) in net assets resulting from capital transactions - - (6,000,000) INCREASE (DECREASE) IN NET ASSETS (33,095,451) 18,117,175 23,513,733 NET ASSETS - Beginning of period 247,033,759 228,916,584 205,402,851 NET ASSETS - End of period $213,938,308 $247,033,759 $228,916,584 <strong>The</strong> accompanying notes are an integral part of these consolidated financial statements. B-3 Real Property
THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERS HIP CONSOLIDATED S TATEMENTS OF CAS H FLOWS Year Ended December 31, 2008 2007 2006 CASH FLOWS FROM OPERATING ACTIVITIES: Net increase (decrease) in net assets from operations ($33,095,451) $18,117,175 $29,513,733 Adjustments to reconcile net increase (decrease) in net assets to net cash from operating activities Net realized and unrealized loss (gain) 44,233,635 (5,453,595) (18,352,005) Amortization of deferred financing costs 94,554 193,594 - Distributions in excess of (less than) equity in income of real estate partnerships operations 199,730 35,287 (87,396) Minority interest in consolidated partnerships (510,583) 158,196 223,772 Bad debt expense 1,139,238 101,185 (239,380) (Increase) decrease in: Other assets (1,136,791) 166,010 37,951 Increase (decrease) in: Accounts payable and accrued expenses 740,126 (907,118) 546,878 Due to affiliates (49,776) 111,482 28,963 Other liabilities 57,888 43,967 404,151 Net cash flows from (used in) operating activities 11,672,570 12,566,183 12,076,667 CASH FLOWS FROM INVESTING ACTIVITIES: Net proceeds from real estate investments sold - 18,353,122 67,770 Acquisition of real estate and improvements - (42,218,143) (14,797,730) Additions to real estate and improvements (9,936,151) (3,554,451) (3,417,034) Contributions to real estate partnerships - - (7,289,487) Return of investment in real estate partnerships - - 3,620,455 Collection of mortgage loan receivable - - 4,277,769 Net cash flows from (used in) investing activities (9,936,151) (27,419,472) (17,538,257) CASH FLOWS FROM FINANCING ACTIVITIES: Withdrawals - - (6,000,000) Proceeds from investment level debt 24,016,161 - - Principal payments on investment level debt (16,090,046) (588,776) (485,119) Contributions to minority interest partners 80,000 294,143 - Distributions to minority interest partners (221,885) (35,739) (121,244) Net cash flows from (used in) financing activities 7,784,230 (330,372) (6,606,363) NET CHANGE IN CASH AND CASH EQUIVALENTS 9,520,649 (15,183,661) (12,067,953) CASH AND CASH EQUIVALENTS - Beginning of period 18,215,871 33,399,532 45,467,485 CASH AND CASH EQUIVALENTS - End of period $ 27,736,520 $ 18,215,871 $ 33,399,532 <strong>The</strong> accompanying notes are an integral part of these consolidated financial statements. B-4 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
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
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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
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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
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Page 125 and 126: THE PRUDENTIAL VARIABLE CONTRACT RE
Page 127 and 128: 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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