The Prudential Series Fund
The Prudential Series Fund
The Prudential Series Fund
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FINANCIAL STATEMENTS OF<br />
PRUCO LIFE VARIABLE CONTRACT REAL PROPERTY ACCOUNT<br />
STATEMENTS OF NET ASSETS<br />
December 31, 2008 and 2007<br />
2008 2007<br />
ASSETS<br />
Investment in <strong>The</strong> <strong>Prudential</strong> Variable Contract Real Property Partnership……………… $ 117,828,835 $ 136,056,513<br />
Net Assets………………………………………………………………….. $ 117,828,835 $ 136,056,513<br />
NET ASSETS, representing:<br />
Equity of contract owners……………………………………………… $ 78,360,805 $ 93,366,283<br />
Equity of Pruco Life Insurance Company…………………………….. 39,468,030 42,690,230<br />
$ 117,828,835 $ 136,056,513<br />
Units outstanding……………………………………………………… 42,828,105 42,556,464<br />
Portfolio shares held…………………………………………………… 3,722,570 3,722,570<br />
Portfolio net asset value per share…………………………………….. $ 31.65 $ 36.55<br />
STATEMENTS OF OPERATIONS<br />
For the years ended December 31, 2008, 2007 and 2006<br />
2008 2007 2006<br />
INVESTMENT INCOME<br />
Net investment income from Partnership operations………………… $ 6,134,475 $ 6,974,604 $ 6,150,138<br />
EXPENSES<br />
Charges to contract owners for assuming mortality risk and expense risk and for administration…… 556,875 562,528 520,933<br />
NET INVESTMENT INCOME…………………………………….. 5,577,600 6,412,076 5,629,205<br />
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS<br />
Net change in unrealized gain (loss) on investments in Partnership …. (24,362,153) 2,634,904 10,075,522<br />
Net realized gain on sale of investments in Partnership………….… 0 368,724 37,341<br />
NET GAIN (LOSS) ON INVESTMENTS……………………… (24,362,153) 3,003,628 10,112,863<br />
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS…… $ (18,784,553) $ 9,415,704 $ 15,742,068<br />
STATEMENTS OF CHANGES IN NET ASSETS<br />
For the years ended December 31, 2008, 2007 and 2006<br />
2008 2007 2006<br />
OPERATIONS<br />
Net investment income…………………………………………….. $ 5,577,600 $ 6,412,076 $ 5,629,205<br />
Net change in unrealized gain (loss) on investments in Partnership…. (24,362,153) 2,634,904 10,075,522<br />
Net realized gain on sale of investments in Partnership………….… 0 368,724 37,341<br />
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS…… (18,784,553) 9,415,704 15,742,068<br />
CAPITAL TRANSACTIONS<br />
Net withdrawals by contract owners ………………………………… (2,296,700) (3,184,369) (2,886,469)<br />
Net contributions by Pruco Life Insurance Company……………….... 2,853,575 3,746,897 22,175<br />
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL<br />
TRANSACTIONS……………………...….. 556,875 562,528 (2,864,294)<br />
TOTAL INCREASE (DECREASE) IN NET ASSETS……………. (18,227,678) 9,978,232 12,877,774<br />
NET ASSETS<br />
Beginning of period……………………………………………………. 136,056,513 126,078,281 113,200,507<br />
End of period………………………………………………………….. $ 117,828,835 $ 136,056,513 $ 126,078,281<br />
<strong>The</strong> accompanying notes are an integral part of these financial statements.<br />
A-1 Real Property