UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-01660
Exact name of registrant as specified in charter:	Prudential’s Gibraltar Fund, Inc.
Address of principal executive offices:	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Name and address of agent for service:	Jonathan D. Shain
	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	973-802-6469
Date of fiscal year end:	12/31/2005
Date of reporting period:	12/31/2005

Item 1 – Reports to Stockholders – [ INSERT REPORT ]

PRUDENTIAL’S FINANCIAL SECURITY PROGRAM

ANNUAL REPORT

DECEMBER 31, 2005

Prudential’s Gibraltar Fund, Inc.

The Prudential Insurance Company of America

751 Broad Street, Newark, NJ 07102-3777

IFS-A114428

T his report is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus and current performance results. Investors should carefully consider the contract and the Fund’s investment objective, risks, and charges and expenses before investing. The contract and the Fund prospectus contain information relating to investment objectives, risks, and charges and expenses, as well as other important information. Read them carefully before investing or sending money.

A description of the Fund’s proxy voting policies and procedures is available, without charge, upon request. Planholders should call 888-778-2888 to obtain descriptions of the Fund’s proxy voting policies and procedures. The description is also available on the website of the Securities and Exchange Commission (the “Commission”) at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2005 is available on the website of the Commission at www.sec.gov and on the Fund’s website at www.irrc.com/prudential.

The Fund files with the Commission a complete listing of portfolio holdings as of its first and third quarter-end on Form N-Q. Form N-Q is available on the Commission’s website at www.sec.gov or by visiting the Commission’s Public Reference Room. For more information on the Commission’s Public Reference Room, please visit the Commission’s website or call 1-800-SEC-0330. Planholders may obtain copies of Form N-Q filings by calling 888-778-2888.

Prudential’s Financial Security Program is issued by The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 07102-3777. Prudential’s Gibraltar Fund, Inc. is distributed by Prudential Investment Management Services LLC (PIMS), Three Gateway Center, 14th Floor, Newark, NJ 07102-4077, both are Prudential Financial companies and members SIPC. Contract guarantees are based on the claims-paying ability of the issuing company.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge upon request by calling (800)-778-2255.

Prudential’s Gibraltar Fund, Inc.

Annual Report

December 31, 2005

Letter to Planholders

n DEAR PLANHOLDER

We hope that you find the annual report for the Prudential’s Gibraltar Fund informative and useful. Your success is important to us.

As a new year unfolds, we believe it is wise to take advantage of developing investment opportunities through a diversified portfolio. A diversified asset allocation offers two advantages. It helps you manage downside risk by not being overly exposed to any particular asset class, plus it helps better position your investments as asset classes rotate in and out of favor.

Your investment professional can help you create a diversified investment plan that considers your reasons for investing, personal investment horizon, and risk tolerance. A carefully chosen and broad mix of assets—reviewed periodically over time—can help you stay focused on meeting your long-term objectives.

At Prudential we are committed to helping you grow and protect your wealth by providing financial solutions that meet your needs today and in the future. We thank you for your confidence in our products.

Sincerely,

David R. Odenath, Jr.

President,

Prudential’s Gibraltar Fund, Inc. January 31, 2006

PRESIDENT

DAVID R. ODENATH, JR.

Prudential’s Gibraltar Fund, Inc.

Subadvised by:  Jennison Associates LLC

December 31, 2005

Investment Subadvisor Report

Performance Summary - As of December 31, 2005

Average Annual Total Return Percentages

	1-Year		5-Year		10-Year
Prudential’s Gibraltar Fund, Inc.	11.74	%	-0.09	%	10.30	%
S&P 500 Index1	4.91		0.54		9.07

Fund inception: 3/14/1968.

$10,000 INVESTED OVER 10 YEARS

Past performance is no guarantee of future returns. Portfolio performance is net of investment fees and fund expenses, but not product charges, which, if included, would significantly lower the performance quoted. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted.

Unless noted otherwise, Lipper Average and Index returns reflect performance beginning the closest month-end date to the Fund’s inception.

Significant negative events this year, including a sharp rise in energy prices and the devastating effects of weather, had remarkably little impact on the strength of the U.S. economy or the corporate sector. Indeed, the economy grew faster than 3% annually for much of the year. Core inflation, although higher, remained well-contained. Productivity continued to grow, and profits of the companies in the S&P 500 Index achieved another year of double-digit gains. Prudential’s Gibraltar Fund significantly outperformed the S&P 500 Index with spectacular gains from individual holdings and strong advances across a number of industries and sectors.

The Fund’s healthcare positions had the largest positive impact. The market rewarded companies that brought meaningful scientific advances to the treatment arena or that provided services to manage the costs of delivering care. The Fund benefited significantly from both themes, and positions in Alcon, Genentech, and several HMOs posted stellar returns.

Information technology holdings were also very strong. Google was the largest contributor to returns. Its revenues grew at a triple-digit pace, driven by its sponsored search business, while its earnings (revenues minus expenses) developed even more favorably due to the operating efficiency that accompanies this level of growth. We believe that future innovation will continue to make this an appealing investment in a business that is still early in its growth cycle. Shares of another stellar performer, Apple Computer, more than doubled during the year as Apple continued to benefit from the tremendous success of its iPod family of products.

In the consumer sectors, Whole Foods and Chico’s continue to be consistent and important contributors to performance. Both had very strong same-store sales, while Chico’s emerging-store concept, White House/Black Market, is also seeing tremendous growth.

eBay was the Fund’s largest detractor, although most of its weakness came early in 2005. The stock fell on concerns over eBay’s increased investment in emerging markets and its slowing domestic growth. We added to our position because we believed that its management was focused on stimulating domestic sales, while its International and Paypal businesses continued to grow at very high rates. The stock is up significantly from its lows as eBay’s business performance improved.

The Fund was weakest in the industrials sector. UPS was a poor performer early in the year as a loss in market share weighed on its share price. GE had a small negative return.

We continue to invest in companies that we believe are high quality with strong balance sheets and proven management teams. The earnings growth prospects of companies in our portfolio remain strong both in absolute terms and compared with forecasts for the expected earnings growth rate of the S&P 500 Index.

1 The S&P 500 Index is an unmanaged, market-value-weighted index of 500 stocks generally representative of the broad stock market. Investors cannot invest directly in a market index or average.

For a complete list of holdings, refer to the Schedule of Investments section of this report.

Presentation of Portfolio Holdings for Prudential’s Gibraltar Fund, Inc. as of December 31, 2005 (Unaudited)

Prudential’s Gibraltar Fund, Inc.
Five Largest Equity Holdings (% of Net Assets)
Proctor & Gamble Co.	4.2	%
General Electric Co.	3.9	%
Texas Instruments, Inc.	3.0	%
Microsoft Corp.	3.0	%
American Express Co.	2.8	%

For a complete listing of holdings, refer to the Schedule of Investments section of this report. Holdings reflect only long-term investments. Holdings/Issues/Industries/Sectors are subject to change.

Fees and Expenses (unaudited)

As a contract owner investing in the Fund through a variable annuity or variable life contract, you incur ongoing costs, including management fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other investment options. This example does not reflect fees and charges under your variable annuity or variable life contract. If contract charges were included, the costs shown below would be higher. Please consult the prospectus for your contract for more information about contract fees and charges.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2005 through December 31, 2005.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the Fund expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the Fund expenses you paid on your account during this period. As noted above, the table does not reflect variable contract fees and charges.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other investment options. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other investment options.

Please note that the expenses shown in the table are meant to highlight your ongoing Fund costs only and do not reflect any contract fees and charges, insurance charges or administrative charges. Therefore the second line of the table is useful to compare ongoing investment option costs only, and will not help you determine the relative total costs of owning different contracts. In addition, if these contract fee and charges were included, your costs would have been higher.

Prudential’s Gibraltar Fund, Inc.		Beginning Account Value July 1, 2005		Ending Account Value December 31, 2005		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six- Month Period*
	Actual	$	1,000.00	$	1,128.90	0.62	%	$	3.33
	Hypothetical	$	1,000.00	$	1,022.08	0.62	%	$	3.16

* Portfolio expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended December 31, 2005, and divided by the 365 days in the Portfolio’s fiscal year ended December 31, 2005 (to reflect the six-month period).

PRUDENTIAL’S GIBRALTAR FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005

ASSETS
Investments, at value (cost $188,228,276)	$	233,793,541
Receivable for investments sold		1,181,042
Interest and dividends receivable		151,615
Foreign tax reclaim receivable		9,879
Prepaid expenses		6,441
Total Assets		235,142,518
LIABILITIES
Payable for investments purchased		191,863
Management fee payable		111,544
Accrued expenses and other liabilities		70,841
Payable to custodian		70,803
Total Liabilities		445,051
NET ASSETS	$	234,697,467
Net assets were comprised of:
Common stock, at $0.01 par value	$	257,907
Paid-in capital, in excess of par		249,299,047
		249,556,954
Undistributed net investment income		14,092
Accumulated net realized loss on investments and foreign currency transactions		(60,438,844	)
Net unrealized appreciation on investments		45,565,265
Net assets, December 31, 2005	$	234,697,467
Net asset value and redemption price per share, 25,790,672 outstanding shares of common stock (authorized 75,000,000 shares)	$	9.10

STATEMENT OF OPERATIONS

Year Ended December 31, 2005

INVESTMENT INCOME
Dividends (net of $55,915 foreign withholding tax)	$	1,825,928
Interest		229,706
		2,055,634
EXPENSES
Management fee		1,249,809
Custodian’s fees		102,000
Audit fee		15,000
Directors’ fees		13,000
Insurance expenses		7,000
Legal fees and expenses		5,000
Commitment fee on syndicated credit agreement		2,500
Interest expense (Note 5)		200
Miscellaneous		3,790
Total expenses		1,398,299
Less: custodian fee credit		(552	)
Net expenses		1,397,747
NET INVESTMENT INCOME		657,887
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		23,979,722
Foreign currency transactions		70
		23,979,792
Net change in unrealized appreciation on investments		544,458
NET GAIN ON INVESTMENTS		24,524,250
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,182,137

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2005			Year Ended December 31, 2004
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	657,887		$	1,160,408
Net realized gain on investments		23,979,792			13,604,102
Net change in unrealized appreciation on investments		544,458			9,499,654
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		25,182,137			24,264,164
DIVIDENDS:
Dividends from net investment income		(725,420	)		(1,145,611	)
CAPITAL STOCK TRANSACTIONS:
Capital stock issued in reinvestment of dividends [84,490 and 146,864 shares, respectively]		725,420			1,145,611
Capital stock repurchased [3,236,516 and 2,712,119 shares, respectively]		(26,873,227	)		(20,333,715	)
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL STOCK TRANSACTIONS		(26,147,807	)		(19,188,104	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,691,090	)		3,930,449
NET ASSETS:
Beginning of year		236,388,557			232,458,108
End of year (a)	$	234,697,467		$	236,388,557
(a)  Includes undistributed net investment income of:	$	14,092		$	81,555

SEE NOTES TO FINANCIAL STATEMENTS.

A1

PRUDENTIAL’S GIBRALTAR FUND, INC.

SCHEDULE OF INVESTMENTS December 31, 2005

LONG-TERM INVESTMENTS — 97.4%		Value (Note 1)
COMMON STOCKS	Shares
Beverages — 2.0%
PepsiCo, Inc.	80,500	$	4,755,940
Biotechnology — 4.6%
Amgen, Inc.(a)	76,700		6,048,562
Genentech, Inc.(a)	52,200		4,828,500
			10,877,062
Capital Markets — 6.3%
Ameriprise Financial, Inc.	54,680		2,241,880
Charles Schwab Corp. (The)	311,200		4,565,304
Goldman Sachs Group, Inc.	18,900		2,413,719
Merrill Lynch & Co., Inc.	81,900		5,547,087
			14,767,990
Commercial Banks — 1.3%
Bank of America Corp.	63,600		2,935,140
Communications Equipment — 4.1%
Cisco Systems, Inc.(a)	186,200		3,187,744
Nokia OYJ ADR (Finland)	166,100		3,039,630
QUALCOMM, Inc.	81,200		3,498,096
			9,725,470
Computers & Peripherals — 2.9%
Apple Computer, Inc.(a)	50,300		3,616,067
Dell, Inc.(a)	109,400		3,280,906
			6,896,973
Consumer Finance — 2.8%
American Express Co.	125,600		6,463,376
Diversified Financial Services — 2.4%
J.P. Morgan Chase & Co.	141,200		5,604,228
Energy Equipment & Services — 2.5%
Schlumberger Ltd.	60,800		5,906,720
Food & Staples Retailing — 1.8%
Whole Foods Market, Inc.	54,400		4,210,016
Healthcare Equipment & Supplies — 3.5%
Alcon, Inc.	35,900		4,652,640
St. Jude Medical, Inc.(a)	71,900		3,609,380
			8,262,020
Healthcare Providers & Services — 6.7%
Caremark Rx, Inc.(a)	85,000		4,402,150
CIGNA Corp.	19,700		2,200,490
UnitedHealth Group, Inc.	68,200		4,237,948
WellPoint, Inc.(a)	61,600		4,915,064
			15,755,652
Hotels, Restaurants & Leisure — 1.5%
Hilton Hotels Corp.	51,500		1,241,665
Marriott International, Inc.	34,400		2,303,768
			3,545,433
Household Products — 4.2%
Procter & Gamble Co.	169,827		9,829,587
Industrial Conglomerates — 3.9%
General Electric Co.	264,200		9,260,210
Insurance — 2.3%
American International Group, Inc.	78,500		5,356,055

COMMON STOCKS (Continued)	Shares	Value (Note 1)
Internet & Catalog Retail — 1.9%
eBay, Inc.(a)	103,900	$	4,493,675
Internet Software & Services — 4.4%
Google, Inc. (Class A)(a)	13,900		5,766,554
Yahoo!, Inc.(a)	114,800		4,497,864
			10,264,418
Multiline Retail — 3.8%
Federated Department Stores, Inc.	43,800		2,905,254
Target Corp.	111,500		6,129,155
			9,034,409
Oil, Gas & Consumable Fuels — 2.6%
Occidental Petroleum Corp.	31,500		2,516,220
Suncor Energy, Inc.	56,500		3,566,845
			6,083,065
Pharmaceuticals — 4.0%
Novartis AG, ADR (Switzerland)	99,000		5,195,520
Sanofi-Aventis, ADR (France)	95,500		4,192,450
			9,387,970
Semiconductors & Semiconductor Equipment — 10.4%
Applied Materials, Inc.	252,200		4,524,468
Intel Corp.	143,300		3,576,768
Marvell Technology Group, Ltd.(a)	103,200		5,788,488
Maxim Integrated Products, Inc.	86,400		3,131,136
Texas Instruments, Inc.	221,600		7,106,711
			24,127,571
Software — 8.5%
Adobe Systems, Inc.	103,000		3,806,880
Computer Associates International, Inc.	882		24,864
Electronic Arts, Inc.(a)	64,200		3,358,302
Microsoft Corp.	271,000		7,086,650
NAVTEQ Corp.(a)	48,600		2,132,082
SAP AG, ADR (Germany)	77,800		3,506,446
			19,915,224
Specialty Retail — 4.0%
Chico’s FAS, Inc.(a)	109,100		4,792,763
Lowe’s Cos., Inc.	69,000		4,599,540
			9,392,303
Textiles, Apparel & Luxury Goods — 3.5%
Coach, Inc.(a)	106,100		3,537,374
NIKE, Inc. (Class B)	53,400		4,634,586
			8,171,960
Wireless Telecommunication Services — 1.5%
Sprint Nextel Corp.	153,385		3,583,074
TOTAL LONG-TERM INVESTMENTS (cost $183,040,276)			228,605,541

SEE NOTES TO FINANCIAL STATEMENTS.

B1

PRUDENTIAL’S GIBRALTAR FUND, INC. (Continued)

SCHEDULE OF INVESTMENTS December 31, 2005

SHORT-TERM INVESTMENTS — 2.2%	Principal Amount (000)		Value (Note 1)
Commercial Paper
Citigroup, Inc.
4.00%, 1/3/06 (cost $5,188,000)	$	5,188	$	5,188,000
TOTAL INVESTMENTS — 99.6% (cost $188,228,276)				233,793,541
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				903,926
NET ASSETS — 100.0%			$	234,697,467

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2005 were as follows:

Semiconductors & Semiconductor Equipment	10.4	%
Software	8.5	%
Healthcare Providers & Services	6.7	%
Capital Markets	6.3	%
Biotechnology	4.6	%
Internet Software & Services	4.4	%
Household Products	4.2	%
Communications Equipment	4.1	%
Specialty Retail	4.0	%
Pharmaceuticals	4.0	%
Industrial Conglomerates	3.9	%
Multiline Retail	3.8	%
Healthcare Equipment & Supplies	3.5	%
Textiles, Apparel & Luxury Goods	3.5	%
Computers & Peripherals	2.9	%
Consumer Finance	2.8	%
Oil, Gas & Consumable Fuels	2.6	%
Energy Equipment & Services	2.5	%
Diversified Financial Services	2.4	%
Insurance	2.3	%
Commercial Paper	2.2	%
Beverages	2.0	%
Internet & Catalog Retail	1.9	%
Food & Staples Retailing	1.8	%
Wireless Telecommunication Services	1.5	%
Hotels, Restaurants & Leisure	1.5	%
Commercial Banks	1.3	%
	99.6	%
Other assets in excess of liabilities	0.4	%
	100.0	%

The following abbreviation is used in portfolio descriptions:

ADR American Depositary Receipt

(a) Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

B2

NOTES TO THE FINANCIAL STATEMENTS OF

PRUDENTIAL’S GIBRALTAR FUND, INC.

Prudential’s Gibraltar Fund, Inc. (the “Fund”) was originally incorporated in the State of Delaware on March 14, 1968 and was reincorporated in the State of Maryland effective May 1, 1997. It is registered as an open-end, diversified management investment company under the Investment Company Act of 1940, as amended. The investment objective of the fund is growth of capital to the extent compatible with a concern for preservation of principal by investing in common stocks and other securities convertible into common stock. The Fund was organized by The Prudential Insurance Company of America (“PICA”) to serve as the investment medium for the variable contract accounts of The Prudential Financial Security Program (“FSP”). The Fund does not sell its shares to the public. The accounts will redeem shares of the Fund to the extent necessary to provide benefits under the contracts or for such other purposes as may be consistent with the contracts.

Note 1: Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Securities Valuation:    Securities listed on a securities exchange are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at the last bid price on such day in the absence of an asked price. Securities traded via NASDAQ are valued at the Nasdaq official closing price (NOCP) on the day of valuation, or if there was no NOCP, at the last sale price. Securities traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the subadviser, to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. Securities for which quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Fund’s normal pricing time, are valued at fair value in accordance with the Board of Directors’ approved fair valuation procedures. When determining the fair valuation of securities some of the factors influencing the valuation include, the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate the net asset values.

Short-term securities which mature in sixty days or less are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term securities which mature in more than sixty days are valued at current market quotations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized and unrealized gains and losses from security and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis.

Custody Fee Credits:    The Fund has an arrangement with its custodian bank, whereby uninvested monies earn credits which reduce the fees charged by the custodian. Such custody fee credits are presented as a reduction of gross expenses in the accompanying statements of operations.

Dividends and Distributions:    The fund expects to pay dividends of net investment income semi-annually and distributions of net realized capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid-in-capital in excess of par, as appropriate.

C1

Taxes:    It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net income and capital gains, if any, to it’s shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign dividends are recorded, net of receivable amounts, at the time the related income is earned.

Estimates:    The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

Note 2: Management Fee and Other Transactions with Affiliates

The Fund has a management agreement with Prudential Investments LLC (“PI”). Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadvisor’s performance of such services. PI has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Fund. PI pays for the services of Jennison, compensation of officers of the Fund, costs related to shareholder reporting, occupancy and certain clerical and administrative expenses of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly, at an annual rate of 0.55 of 1% of the Fund’s average daily net assets.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as distributor of the shares of the Fund. No distribution or service fees are paid to PIMS as distributor of shares of the Fund.

For the year ended December 31, 2005, Wachovia Securities, LLC, an affiliate of PI, earned $1,598 in brokerage commissions from portfolio transactions executed on behalf of the Fund.

PI, PICA, PIMS and Jennison are indirect, wholly-owned subsidiaries of Prudential Financial, Inc.

Note 3: Portfolio Securities

Purchases and sales of investment securities, other than short-term investments, for the year ended December 31, 2005 aggregated $167,980,188 and $197,864,891, respectively.

Note 4: Distributions and Tax Information

In order to present undistributed net investment income and accumulated net realized gains or losses on investments and foreign currency transactions on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to undistributed net investment income and accumulated net realized loss on investments and foreign currency transactions. For the year ended December 31, 2005, the adjustments were to increase accumulated net realized loss on investments and foreign currency transactions and increase undistributed net investment income by $70, due to the differences in the treatment for book and tax purposes of certain transactions involving foreign securities and currencies. Net investment income, net realized gain and net assets were not affected by this change.

For the years ended December 31, 2005 and 2004, the tax character of dividends paid reflected in the Statement of Changes in Net Assets were $725,420 and $1,145,611 of ordinary income, respectively.

As of December 31, 2005, the accumulated undistributable earnings on a tax basis consisted of $14,092 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of December 31, 2005 were as follows:

Tax Basis	Appreciation		Depreciation		Net Unrealized Appreciation
$189,785,277	$	46,014,674	$	2,006,410	$	44,008,264

The difference between book basis and tax basis is attributable to deferred losses on wash sales.

C2

For federal income tax purposes, the Fund had a capital loss carryforward at December 31, 2005 of approximately $58,882,000 of which, $45,946,000 expires in 2010 and $12,936,000 expires in 2011. Approximately $23,708,000 of its capital loss carryforward was used to offset net taxable gains realized in the fiscal year ended December 31, 2005. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such carryforward.

Note 5: Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a syndicated credit agreement (“SCA”) with two banks. The SCA provides for a commitment of $500 million. Interest on any borrowings under the SCA would be incurred at market rates. For the period from October 29, 2004 through October 28, 2005, the Fund paid a commitment fee of .075 of 1% of the unused portion of the agreement. Effective October 29, 2005, the Funds renewed the SCA with the banks. The commitment under the renewed SCA continues to be $500 million. The Fund pays a commitment fee of .0725 of 1% of the unused portion of the renewed SCA. The commitment fee is accrued daily and paid quarterly and is allocated to the Funds pro-rata based on net assets. The purpose of the SCA is to serve as an alternative source of funding for capital share redemptions. The expiration date of the renewed SCA is October 27, 2006.

The Fund utilized the line of credit during the year ended December 31, 2005. The average balance is for the number of days the Fund had an outstanding balance.

Average Balance Outstanding	Number of Days Outstanding	Weighted Average Interest Rate
$2,242,000	1	3.22	%

C3

Financial Highlights

	Prudential’s Gibraltar Fund, Inc.
	Year Ended December 31,
	2005			2004			2003			2002			2001
Per Share Operating Performance:
Net Asset Value, beginning of year	$	8.17		$	7.38		$	5.69		$	7.79		$	9.99
Income From Investment Operations:
Net investment income		0.03			0.04			0.02			0.06			0.08
Net realized and unrealized gains (losses) on investments		0.93			0.79			1.69			(2.10	)		(1.69	)
Total from investment operations		0.96			0.83			1.71			(2.04	)		(1.61	)
Less Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.04	)		(0.02	)		(0.06	)		(0.08	)
Distributions from net realized gains		—			—			—			—			(0.05	)
Tax return of capital distributions		—			—			—			—			(0.46	)
Total dividends and distributions		(0.03	)		(0.04	)		(0.02	)		(0.06	)		(0.59	)
Net Asset Value, end of year	$	9.10		$	8.17		$	7.38		$	5.69		$	7.79
Total Investment Return(a):		11.74	%		11.27	%		29.99	%		(26.23	)%		(16.45	)%
Ratios/Supplemental Data:
Net assets, end of year (000,000)	$	234.7		$	236.4		$	232.5		$	200.2		$	298.0
Ratios to average net assets:
Expenses		0.62	%		0.61	%		0.63	%		0.23	%		0.13	%
Net investment income		0.29	%		0.51	%		0.26	%		0.87	%		0.87	%
Portfolio turnover rate		76	%		74	%		80	%		89	%		69	%

(a) Total investment return is calculated assuming a purchase of shares on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions. Past performance is no guarantee of future results.

SEE NOTES TO FINANCIAL STATEMENTS.

D1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of Prudential’s Gibraltar Fund, Inc.:

We have audited the accompanying statement of assets and liabilities of Prudential’s Gibraltar Fund, Inc. (hereafter referred to as the “Fund”), including the portfolio of investments, as of December 31, 2005, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the years presented prior to the year ended December 31, 2004, were audited by another independent registered public accounting firm, whose report dated February 13, 2004, expressed an unqualified opinion thereon.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2005, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2005, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 24, 2006

E1

Tax Information (Unaudited)

We are required by the Internal Revenue Code to advise you within 60 days of the Fund’s fiscal year end (December 31, 2005) as to the federal tax status of dividends paid by the Fund during such fiscal year. Accordingly, we are advising you that in the fiscal year ended December 31, 2005, the Fund paid $0.03 per share from ordinary income.

Further, we wish to advise you that all of the ordinary income dividends paid in the fiscal year ended December 31, 2005, qualified for the corporate dividends received deduction available to corporate taxpayers.

The Fund intends to designate 100% of the ordinary income dividends as qualified for the reduced tax rate under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

E2

MANAGEMENT OF THE FUND

(Unaudited)

Information pertaining to the Directors of the Fund is set forth below. Directors who are not deemed to be “interested persons” of the Fund as defined in the Investment Company Act are referred to as “Independent Directors.” Directors who are deemed to be “interested persons” of the Fund are referred to as “Interested Directors.” “Fund Complex” consists of the Fund and any other investment companies managed by PI.

Name, Address**, and Age	Position with Fund* Term of Office*** Length of Time Served	Number of Portfolios In Fund Complex Overseen by Director	Other Directorships Held by the Director****
Saul K. Fenster, Ph.D. (72)	Director, Since 1983	74	Member (since 2000), Board of Directors of IDT Corporation
Principal Occupations During Past 5 Years – Currently President Emeritus of New Jersey Institute of Technology (since 2002); formerly President (1978-2002) of New Jersey Institute of Technology; Commissioner (1998-2002) of the Middle States Association Commission on Higher Education; Commissioner (1985-2002) of the New Jersey Commission on Science and Technology; formerly Director (1998-2005) of Society of Manufacturing Engineering Education Foundation, formerly Director of Prosperity New Jersey; formerly a director or trustee of Liberty Science Center, Research and Development Council of New Jersey, New Jersey State Chamber of Commerce, and National Action Council for Minorities in Engineering.
Delayne Dedrick Gold (67)	Director, Since 2001	73	—
Principal Occupations During Past 5 Years – Marketing Consultant (1982-present); formerly Senior Vice President and Member of the Board of Directors, Prudential Bache Securities, Inc.
Julian A. Lerner (81)	Director Emeritus, Since 2003	73	—
W. Scott McDonald, Jr. (68)	Vice Chairman and Director, Since 1983	74	—
Principal Occupations During Past 5 Years – Formerly Management Consultant (1997-2004) and of Counsel (2004-2005) at Kaludis Consulting Group, Inc. (company serving higher education); Formerly principal (1995-1997), Scott McDonald & Associates, Chief Operating Officer (1991-1995), Fairleigh Dickinson University, Executive Vice President and Chief Operating Officer (1975-1991), Drew University, interim President (1988-1990), Drew University and former Director of School, College and University Underwriters Ltd.
Thomas T. Mooney (64)	Chairman and Director, Since 2001	73	Director (since 1988) of The High Yield Plus Fund, Inc.
Principal Occupations During Past 5 Years – Chief Executive Officer, Excell Partners, Inc., formerly President of the Greater Rochester Metro Chamber of Commerce, Rochester City Manager; formerly Deputy Monroe County Executive.
Thomas M. O’Brien (55)	Director, Since 2003	73	Director (December 1996-May 2000) of North Fork Bancorporation, Inc.; Director (since May 2000) of Atlantic Bank of New York.
Principal Occupations During Past 5 Years – President and Chief Executive Officer (since May 2000) of Atlantic Bank of New York; Vice Chairman (January 1997-April 2000) of North Fork Bank; President and Chief Executive Officer (December 1984-December 1996) of North Side Savings Bank
John A. Pileski (66)	Director, Since 2003	73	Director (since April 2001) of New York Community Bank.
Principal Occupations During Past 5 Years – Retired since June 2000; Tax Partner (July 1974-June 2000) of KPMG, LLP.
F. Don Schwartz (70)	Director, Since 2003	73	—
Principal Occupations During Past 5 Years – Management Consultant (since April 1985).

F1

Interested Directors
Name, Address**, and Age	Position with Fund* Term of Office*** Length of Time Served	Number of Portfolios In Fund Complex Overseen by Director	Other Directorships Held by the Director****
*David R. Odenath (48)	President and Director Since 1999	73	—
Principal Occupations During Past 5 Years – President of Prudential Annuities (since August 2002); Senior Vice President (since June 1999) of Prudential; Executive Vice President (since May 2003) of Prudential Investment Management Services LLC; President, Chief Executive Officer, Chief Operating Officer, Officer in Charge and Director (since June 2005) of American Skandia Investment Services, Inc; Formerly President, Chief Executive Officer, Chief Operating Officer and Officer-In-Charge (September 1999-February 2003) of Prudential Investments LLC.
*Robert F. Gunia (59)	Vice President and Director since 2001	158	Vice President and Director (since May 1989) and Treasurer (since 1999) of The Asia Pacific Fund, Inc.; Vice President (since 2004) and Director (since August 2005) of The High Yield Plus Fund, Inc.
Principal Occupations During Past 5 Years – Chief Administrative Officer (since September 1999) and Executive Vice President (since December 1996) of Prudential Investments LLC; President (since April 1999) of Prudential Investment Management Services LLC; Executive Vice President (since March 1999) and Treasurer (since May 2000) of Prudential Mutual Fund Services LLC.

Officers
Name, Address**, and Age	Position with Fund* Term of Office*** Length of Time Served	Principal Occupations During Past 5 Years
Grace C. Torres (46)	Treasurer and Principal Financial and Accounting Officer Since 1997	Assistant Treasurer (since March 1999) and Senior Vice President (since September 1999) of PI; Assistant Treasurer (since May 2003) and Vice President (since June 2005) of American Skandia Investment Services, Inc.; Senior Vice President and Assistant Treasurer (since May 2003) of American Skandia Advisory Services, Inc.; formerly Senior Vice President (May 2003-June 2005) of American Skandia Investment Services, Inc.
Kathryn L. Quirk (53)	Chief Legal Officer Since 2005	Vice President and Corporate Counsel (since September 2004) of Prudential; Executive Vice President, Chief Legal Officer and Secretary (since July 2005) of Prudential Investments LLC and Prudential Mutual Fund Services LLC; formerly Managing Director, General Counsel, Chief Compliance Officer, Chief Risk Officer and Corporate Secretary (1997-2002) of Zurich Scudder Investments, Inc.
Deborah A. Docs (48)	Secretary Since 2005	Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of PI; formerly Vice President and Assistant Secretary (May 2003-June 2005) of American Skandia Investment Services, Inc.
Jonathan D. Shain (47)	Assistant Secretary Since 2005	Vice President and Corporate Counsel (since August 1998) of Prudential Insurance; Vice President and Assistant Secretary (since May 2003) of American Skandia Investment Services, Inc. and American Skandia Fund Services, Inc.; formerly Attorney with Fleet Bank, N.A. (January 1997-July 1998).
Claudia DiGiacomo (31)	Assistant Secretary Since 2005	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PI (since December 2005);Associate at Sidley Austin Brown & Wood LLP (1999-2004).
John P. Schwartz (34)	Assistant Secretary Since 2005	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PI (since December 2005);Associate at Sidley Austin Brown & Wood LLP (1999-2004).
Lee D. Augsburger (46)	Chief Compliance Officer Since 2004	Senior Vice President and Chief Compliance Officer (since April 2003) of PI; Vice President (since November 2000) and Chief Compliance Officer (since October 2000) of Prudential Investment Management, Inc.; Chief Compliance Officer and Senior Vice President (since May 2003) of American Skandia Investment Services, Inc.; Chief Compliance Officer (since October 2004) of Quantitative Management Associates LLC.

F2

Name, Address**, and Age	Position with Fund* Term of Office*** Length of Time Served	Principal Occupations During Past 5 Years
Helene Gurian (51)	Acting Anti-Money Laundering Compliance Officer Since 2005	Vice President, Prudential (since July 1997). Vice President, Compliance (July 1997-January 2001); Vice President, Compliance and Risk Officer, Retail Distribution (January 2001- May 2002); Vice President, Corporate Investigations (May 2002-date) responsible for supervision of Prudential’s fraud investigations, anti-money laundering program and high technology investigation unit.

* “Interested” Director, as defined in the Investment Company Act, by reason of employment with the Manager (as defined below), and/or the Distributor (as defined below).

** Unless otherwise noted, the address of the Directors and Officers is c/o: Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, New Jersey 07102.

*** There is no set term of office for Directors and Officers. The Independent Directors have adopted a retirement policy, which calls for the retirement of Directors on December 31 of the year in which they reach the age of 75. The table shows how long they have served as Director and/or Officer.

**** This column includes only directorships of companies required to register, or file reports with the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Investment Company Act.

F3

This report is not authorized for distribution unless preceded or accompanied by a current prospectus and current performance results. The prospectus contains complete information regarding risks and charges, and expenses, and should be read carefully before you invest or send money.

Variable annuities contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. For costs and complete details, refer to your contract or contact your licensed financial professional.

For service-related questions, please contact the Annuity Service Center at (888) 778-2888.

The 2005 Audited Financial Statements of The Prudential Insurance Company of America are available. You may call (888) 778-2888 to obtain a free copy of the Audited Financial Statements.

Prudential Financial and the Rock logo are registered service marks of The Prudential Insurance Company of America, Newark, NJ, and its affiliates.

751 Broad Street

Newark NJ 07102-3777

Presorted

Standard

U.S. Postage

PAID

Prudential

IFS-A114428    FSP AR    Ed. 2/2006

Item 2 – Code of Ethics – – See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 973-802-6469, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. John A. Pileski, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended December 31, 2005 and December 31, 2004, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $14,700 and $14,700, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

None.

(c) Tax Fees

None.

(d) All Other Fees

None.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants. Proposed services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Other Non-audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex

Certain non-audit services provided to Prudential Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process, will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to Prudential Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to Prudential Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b)- (4)(d) that were approved by the audit committee –

Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

Not applicable.

(g) Non-Audit Fees

Not applicable to Registrant for the fiscal years 2005 and 2004. The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years 2005 and 2004 was $51,000 and $33,500, respectively.

(h) Principal Accountants Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.

Item 11 – Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

(a) (1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Prudential’s Gibraltar Fund, Inc.
By (Signature and Title)*	/s/ Jonathan D. Shain
	Jonathan D. Shain
	Assistant Secretary
Date  February 27, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ David R. Odenath
	David R. Odenath
	President and Principal Executive Officer
Date  February 27, 2006
By (Signature and Title)*	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer
Date  February 27, 2006

* Print the name and title of each signing officer under his or her signature.