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