The Prudential Series Fund

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