The Prudential Series Fund

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF
THE PRUDENTIAL VARIABLE CONTRACT REAL PROPERTY PARTNERSHIP
For Years Ended December 31, 2008, 2007, and 2006
Note 13: Financial Highlights
For The Twelve Months Ended December 31,
2008 2007 2006 2005 2004
Per Share(Unit) Operating Performance:
Net Asset Value, beginning of period $ 36.55 $ 33.87 $ 29.59 $ 26.15 $ 24.66
Income From Investment Operations:
Net investment income, before management fee 2.15 2.37 2.07 1.67 1.44
Investment Management fee (0.51) (0.50) (0.45) (0.40) (0.36)
Net realized and unrealized gain (loss) on investments (6.54) 0.81 2.66 2.17 0.41
Net Increase in Net Assets Resulting from Operations (4.90) 2.68 4.28 3.44 1.49
Net Asset Value, end of period $ 31.65 $ 36.55 $ 33.87 $ 29.59 $ 26.15
Total Return, before Management Fee: -12.14% 9.44% 16.03% 14.76% 7.61%
Total Return, after Management Fee (a): -13.40% 7.91% 14.46% 13.15% 6.06%
Ratios/Supplemental Data:
Net Assets, end of period (in millions) $ 214 $ 247 $ 229 $ 205 $ 187
Ratios to average net assets for the year ended (b):
Total Portfolio Level Expenses 1.44% 1.55% 1.51% 1.46% 1.43%
Net Investment Income, before Management Fee 5.87% 6.76% 6.58% 4.89% 5.76%
(a) Total Return, after management fee is calculated by geometrically linking quarterly returns which
are calculated using the formula below:
Net Investment Income + Net Realized and Unrealized Gains/(Losses)
Beg. Net Asset Value + Time Weighted Contributions - Time Weighted Distributions
(b) Average net assets are based on beginning of quarter net assets.
B-18 Real Property