Prulink Singapore Managed Fund by pdn17564

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									PRULINK
INVESTMENTS
Report and statement of the managers
for the period 1 January 2010 to 31 December 2010




Nurturing your investments to your advantage.
GENERAL DISCLAIMERS:
The information on the PRUlink Funds is compiled by Prudential Assurance Company
Singapore (Pte) Limited (“Prudential Singapore”) and for informational use only.

A Fund Information Booklet in relation to the respective PRUlink Fund may be obtained through
Prudential Singapore, its Financial Consultants or representatives. Potential investors should
read the Fund Information Booklet before deciding whether to invest in any PRUlink Fund.

Investments are subject to investment risks including the possible loss of the principal invested.
The value of the units of the PRUlink Funds may fall as well as rise.

Past performances of the PRUlink Funds and any other economic or market predictions,
projections or forecasts, are not necessarily indicative of future or likely performances of the
PRUlink Funds, underlying entity and/or the respective fund managers.

      For more up-to-date information on unit prices and fund commentaries of all PRUlink Funds,
                              visit our website at www.prudential.com.sg
    For more information on your policies regarding the value of your investments and policy details,
                      apply for PRUaccess via our website or call 1800 333 3333.
CONTENTS


                                                                                                                                               Page
CEO Letter ...........................................................................................................................................2
About Prudential’s Fund Managers .......................................................................................................3
Table of Fund Performance...................................................................................................................4
Changes to PruLink Funds 2010 ...........................................................................................................6
Market Review & Outlook ..................................................................................................................11
PruLink Singapore Managed Fund ......................................................................................................15
PruLink Asian Equity Fund ..................................................................................................................16
PruLink Global Equity Fund ................................................................................................................17
PruLink Global Bond Fund ..................................................................................................................18
PruLink Global Managed Fund ...........................................................................................................19
PruLink Global Technology Fund.........................................................................................................20
PruLink Pan European Fund................................................................................................................21
PruLink Protected Global Titans Fund .................................................................................................22
PruLink Asian Reach Managed Fund...................................................................................................23
PruLink China-India Fund ...................................................................................................................24
PruLink Emerging Markets Fund .........................................................................................................25
PruLink America Fund ........................................................................................................................26
PruLink International Bond Fund .......................................................................................................27
PruLink Adapt 2015 Fund ..................................................................................................................28
PruLink Adapt 2025 Fund ..................................................................................................................29
PruLink Adapt 2035 Fund ..................................................................................................................30
PruLink Global Basics Fund .................................................................................................................31
PruLink Currency Income Fund ...........................................................................................................32
PruLink Global Property Securities Fund ..............................................................................................33
PruLink Global Leaders Fund ..............................................................................................................34
PruLink Asian Infrastructure Equity Fund ............................................................................................35
PruLink Global Market Navigator Fund ...............................................................................................36
PruLink Asian Income Fund ...............................................................................................................37
PruLink Emerging Market Income Bond Fund .....................................................................................38
PruLink Greater China Fund ...............................................................................................................39
PruLink GEMM Resources Fund ..........................................................................................................40
PruLink Singapore Growth Fund .........................................................................................................41
Schedule of Investments ....................................................................................................................42
Statement of Assets and Liabilities ...................................................................................................103
Capital and Income Account ............................................................................................................108
Notes to the Financial Statements ....................................................................................................113
Auditors’ Report ..............................................................................................................................116



                                                                                                                                                     1
CEO Letter

Dear PruLink Policyholder
2010 will likely be remembered as the year in which major economic and financial forces fought for
supremacy. The result was marked volatility in most financial markets especially emerging market
equities. However, the strong performances of the emerging economies may be a good indication that
the global economic baton is changing hands and that the power is being shifted to Asia.

The early fragile rebound in the US economic growth slowed over the year, but the economy did not
fall into the double-dip recession that many feared. Nevertheless, the US Federal Reserve Board took no
chances. Towards the end of the year, it announced a second round of quantitative easing. This move
triggered accusations that it was debasing the US dollar (a claim hotly denied) amidst an increasingly
acrimonious debate with China over the appropriate level of the Renminbi. There was no resolution to
Europe’s sovereign debt crisis. Fears of a Eurozone sovereign bond default were mostly allayed; ongoing
weakness in both the Euro and Sterling suggests that the European economies are not out of the woods
yet despite some encouraging signs in Germany.

But the emerging economies recorded solid growth, rebuffing fears that they would suffer from the
slower developed economies. This growth was not without its problems. Within Asia, many monetary
authorities tightened credit not only to offset rising inflationary pressures but also to neutralise the “hot”
money inflows resulting from the easier monetary policy of the US. Most Asian equity markets displayed
remarkably similar trading patterns over the year as they reacted to the macro issues highlighted above.
The main exception was Indonesia where investors focused on domestic issues and its improving credit
standing. In contrast, China stocks lagged as investors waited to see if the authorities could slow its
overheating economy without stalling growth.

Looking into 2011, we are likely to see another volatile year. There has been rapidly slowing growth
in global “free” money; this is money not taken up in financing day-to-day economic activities being
“free” to invest. This has occurred despite the second leg of central bank quantitative easing. Unless
the situation changes, the risk of some sharp sell-offs this year may increase. However, there are many
investment opportunities. Prudential sees value in many asset classes and views sell-offs as potential
buying opportunities for both bonds and equities. Valuations in developed equity markets seem
potentially attractive.

Today, Prudential remains a key life insurer managing one of Singapore’s largest investment-linked
funds with over S$8.4 billion funds managed under PruLink funds (as of 31 December 2010). With the
investment expertise of our fund managers and the strength of our funds, there is immense potential.
I would like to take this opportunity to thank you for investing with us and we look forward to your
continued support.


Yours sincerely




Kevin Holmgren
Chief Executive Officer




2
ABOUT PRUDENTIAL’S FUND MANAGERS


Prudential plc is an international retail financial services group with significant operations in Asia, the
US and the UK. The group’s investment operations offer expertise in equities, bonds, real estate and
venture capital. It is among the world’s largest fund managers in the world, managing a total of over
£340.1 billion (S$682.26 billion) as at 31 December 20101.

The PruLink family of funds is managed primarily by the investment arm of the group, which comprises
Prudential Asset Management (Singapore) Limited, Prudential Asset Management (Hong Kong)
Limited and M&G Investment Management (“M&G”).

M&G is an ultimately wholly owned subsidiary of Prudential plc. It was acquired by Prudential plc
in 1999 and is not only one of the oldest and one of the UK’s largest retail mutual fund managers,
but also specialized in investment management for more than 70 years. Established in 1931, M&G
introduced Britain’s first ever unit trust. M&G’s broad product range includes equity income, growth
funds and fixed income. M&G funds are increasingly being offered under the PruLink range of funds.

In Asia, Prudential’s fund management business independently manages assets on behalf of a wide
range of retail and institutional investors across the region. Prudential’s fund management business
expands across 10 markets in Asia – Hong Kong, Singapore, India, Japan, Taiwan, Malaysia, Korea,
Vietnam, China and the United Arab Emirates. Prudential Asset Management (Singapore) Limited is
one of the two regional fund management centres of Prudential’s fund management business in Asia
and was set up as a company in 1994.

The third party fund managers comprise of Fidelity Fund Management Limited, LaSalle Investment
BV, M&G Investment Management Limited, Schroder Investment Management (Singapore), Aberdeen
Asset Management Asia Limited, JPMorgan Asset Management (UK) Limited and Allianz Global
Investors Limited.

As at 31 December 2010, Prudential has S$104.2 billion1 of funds under management in Asia. In
Singapore, Prudential Asset Management (Singapore) Limited has approximately S$68.74 billion2 of
funds under management, of which approximately S$52.53 billion are discretionary funds. The PruLink
family of funds amounts to S$8.4 billion. Of the 29 PruLink funds, the PruLink Singapore Managed Fund
is the largest unitised fund in Singapore, with a total of S$3 billion invested as at 31 December 2010
since its 1992 launch. Prudential Asset Management (Singapore) Limited is one of the fund managers
managing a range of funds approved under the Central Provident Fund Investment Scheme.




1
    Audited as at 31 December 2010
2
    Contracted Funds Under Management as at 31 December 2010


                                                                                                         3
TABLE OF FUND PERFORMANCE
As at 31 December 2010



                                                                                3–Month                  6–Month
 
                                                                            Fund     Benchmark       Fund     Benchmark
                                                                             %           %            %           %
    PruLink Singapore Managed Fund                                          2.03         2.01        9.00        9.08
    PruLink Asian Equity Fund                                               6.30         3.93       17.32        14.15
    PruLink Global Equity Fund                                              5.63         6.22       11.67        13.97
    PruLink Global Bond Fund                                                -4.55       -4.33        -2.18       -2.49
    PruLink Global Managed Fund                                             1.43         1.86        5.94        7.13
    PruLink Global Technology Fund                                          5.57         7.86       13.77        12.72
    PruLink Pan European Fund                                               2.33         1.89       17.51        14.87
    PruLink Protected Global Titans Fund                                    -0.54        0.62        -0.14       1.25
    PruLink Asian Reach Managed Fund                                        0.81        -0.20        5.54        3.90
    PruLink China–India Fund                                                -0.08       -1.07        7.52        5.45
    PruLink Emerging Markets Fund                                            1.90        4.54        14.28       16.25
    PruLink America Fund                                                     9.85        7.87        13.17       13.11
    PruLink International Bond Fund                                         -3.84       -4.32        -0.91       -2.58
    PruLink Adapt 2015 Fund                                                 -0.17        0.18        4.51        4.34
    PruLink Adapt 2025 Fund                                                 2.11         2.27        8.13        7.96
    PruLink Adapt 2035 Fund                                                 3.54         3.64       10.27        10.15
    Prulink Global Basics Fund                                              11.74        8.34       24.19        18.39
    PruLink Currency Income Fund                                            -0.16        0.11        0.31        0.23
    PruLink Global Property Securities Fund                                  3.24        4.35        13.51       15.79
    Prulink Global Leaders Fund                                             6.13         6.15       16.53        14.51
    Prulink Asian Infrastructure Equity Fund                                1.56         4.12        9.74        14.83
    Prulink Global Market Navigator Fund                                    0.93         NA          3.55         NA
    Prulink Asian Income Fund                                               5.18         4.71       14.80        16.75
    Prulink Emerging Market Income Bond Fund                                -1.31       -2.54        0.33        -8.09
    Prulink Greater China Fund                                              2.76         3.55       12.79        12.53
    Prulink GEMM Resources Fund                                             16.63       13.14       36.10        24.07
    Prulink Singapore Growth Fund                                            2.59        3.47         NA          NA
    PruLink Singapore Cash Fund*                                            0.15         0.02        0.30        0.05
* Important Note: The Cash Fund is recommended to be used as a short term holding fund and not as a form of long
term investment as the Cash Fund may not yield returns that are higher than the prevailing CPF interest rates. If in doubt,
please consult your Prudential Financial Consultant.
The PruLink Oriental Opportunities Fund is not included in this fund report as it was launched on 4 Oct 2010.

4
       1–Year                3–Year                5–Year              10–Year         Since Inception
Fund     Benchmark   Fund      Benchmark   Fund      Benchmark   Fund     Benchmark   Fund     Benchmark
 %           %        %            %        %            %        %           %        %           %
8.27       9.01      1.53        5.34      47.09       53.75     96.61      91.89     264.04    203.39
8.85       9.43      -16.08      -9.86     27.00       41.24     138.20    144.76     123.91     55.63
1.62       2.50      -25.61      -21.98    -20.06      -10.72    -6.76      -2.47     -6.07      6.80
-3.77      -4.05     5.66        6.42      7.30        8.46      42.88      45.38     40.92      46.46
0.98       0.47      -7.98       -6.19     -3.45       1.58      22.02      25.03     21.51      31.75
3.05       1.11      -13.67      -16.30    -12.67      -8.28      NA         NA       -42.90    -35.26
-6.16      -4.71     -33.07      -31.06    -12.04      -7.65      NA         NA       -2.17      13.36
-2.88      2.50      2.34        7.70      14.82       13.16      NA         NA       15.16      24.70
4.24       4.73      -1.81       1.54      19.50       24.86      NA         NA       80.95      85.21
5.76       3.19      -18.18      -20.39    81.66       97.87      NA         NA       154.10    207.36
5.51        8.25     -15.66      -16.13    18.01       28.00       NA        NA       43.13      65.00
2.29        4.99     -17.62      -18.41    -19.24      -13.72     NA         NA       -13.05     -8.60
-1.91      -4.27     4.15         4.81      1.83        6.38       NA        NA       -2.21      3.08
4.59       4.69      -2.91       3.31      14.24       22.80      NA         NA       17.92      29.11
4.76       5.45      -9.50       -1.59      7.58       18.16      NA         NA       13.84      27.52
4.15       5.36      -14.65      -5.38      1.65       13.64      NA         NA        9.16      24.39
12.86      7.04      -11.69      -13.89     NA          NA        NA         NA        9.70      8.26
-1.90      0.48      -18.96       1.79      NA          NA        NA         NA       -14.27     2.48
9.44       12.70     -31.39      -19.26     NA          NA         NA        NA       -47.85    -37.47
2.08       2.87       NA          NA        NA          NA        NA         NA       -13.32     -3.29
7.53       11.79      NA          NA        NA          NA        NA         NA       29.57      27.60
-2.11       NA        NA          NA        NA          NA        NA         NA       -4.02       NA
6.79       8.05       NA          NA        NA          NA        NA         NA       38.45      47.59
0.75       -8.44      NA          NA        NA          NA        NA         NA        5.91     -10.98
2.41       3.33       NA          NA        NA          NA        NA         NA        3.51       5.08
 NA         NA        NA          NA        NA          NA        NA         NA       29.29      19.33
 NA         NA        NA          NA        NA          NA        NA         NA        5.41       8.18
0.71       0.12       3.97        1.28     10.63        7.20     18.41      13.75     33.69      33.10




                                                                                                         5
CHANGES TO PRULINK FUNDS 2010

Changes to PruLink Emerging Markets Fund
We restructured the PruLink Emerging Markets Fund with effect from 8 March 2010.
With effect from 8 March 2010, the Investment Manager of the Underlying Fund was changed from
Templeton Asset Management Limited to JPMorgan Asset Management (UK) Limited.
With this change, there were the following subsequent changes:

                           Before 8 March 2010                   From 8 March 2010

Underlying Fund            Franklin Templeton Investment Funds   JPMorgan Funds
                           – Templeton Emerging Markets Fund     – Emerging Markets Equity Fund

Investment Manager         Templeton Asset Management            JPMorgan Asset Management
                           Limited                               (UK) Limited

Benchmark for the          MSCI Emerging Markets Index           MSCI Emerging Markets Total
Underlying Fund                                                  Return Net


Changes to PruLink Global Equity Fund
We restructured the PruLink Global Equity Fund with effect from 8 June 2010.
With effect from 8 June 2010, the PruLink Global Equity Fund will now feed 100% into the Aberdeen
Global Opportunities Fund.
With this change, there were the following subsequent changes:

                           Before 8 June 2010                    From 8 June 2010

Underlying Fund            International Opportunities Funds     Aberdeen Global Opportunities
                           – World Value Equity                  Fund

Sub-Manager /          M&G Investment Management                 Aberdeen Asset Management
Investment Manager     Limited                                   Asia Limited
of the Underlying Fund


Changes to PruLink Global Managed Fund
We restructured the PruLink Global Managed Fund with effect from 8 June 2010.
With effect from 8 June 2010, the PruLink Global Managed Fund will now feed 100% into the Schroder
Multi-Asset Revolution.




6
With this change, there were the following subsequent changes:

                              Before 8 June 2010*                      From 8 June 2010*
Underlying Fund(s)            50% PruLink Global Bond Fund and Schroder Multi-Asset Revolution
                              50% PruLink Global Equity Fund
Investment Manager            Prudential Asset Management              Schroder Investment Management
of Underlying Fund(s)         (Singapore) Limited                      (Singapore) Ltd
Benchmark for the             50% MSCI World Index and 50%             60% MSCI World Index and 40%
Underlying Fund               Citigroup World Government               Citigroup World Government
                              Bond Index                               Bond Index
* The Fund started restructuring from 2 June 2010 and with effect from 8 June 2010, the Fund feeds 100% into the
Schroder Multi-Asset Revolution.

Changes to PruLink Global Market Navigator Fund
The benchmark for the PruLink Global Market Navigator Fund was removed on 24 June 2010 as there is
currently no suitable benchmark for this Fund.
Prior to 24 June 2010, the benchmark for the PruLink Global Market Navigator Fund was USD 3-month
LIBOR + 3% per annum. The high market volatility experienced in recent years showed that financial
market returns are not normally distributed as assumed in almost all financial models, which has
underestimated risk. Given that this Fund is largely invested in risky assets, the Investment Manager is
of the view that a cash-plus benchmark no longer reflects the PruLink Global Market Navigator Fund’s
investment objective, focus and approach over a short period of time.

Changes to PruLink Protected Global Titans Fund
The PruLink Protected Global Titans Fund ceased offering the Fund with effect from 13 August 2010.
This follows a regional review of all funds on offer from Prudential Asset Management (Singapore), the
Investment Manager of the Prudential Unit Trusts – Protected Global Titans Fund (S$) which the PruLink
Protected Global Titans Fund feeds 100% into.
With the cessation of offer, we will no longer accept subscription, including switching and top-ups, into
the PruLink Protected Global Titans Fund on or after 13 August 2010.

Changes to PruLink Asian Infrastructure Equity Fund
The benchmark for the PruLink Asian Infrastructure Equity Fund was changed to the MSCI AC Asia ex-
Japan Selected Sectors Index with effect from 1 December 2010. This is a customised benchmark which
is derived by combining the MSCI sector indices for Energy, Industrials, Materials, Telecommunication
Services & Utilities in the MSCI AC Asia ex-Japan Index. The country coverage for the MSCI AC Asia ex-
Japan Selected Sectors Index remains the same as that for MSCI AC Asia ex-Japan Index.
Prior to 1 December 2010, the benchmark for PruLink Asian Infrastructure Equity Fund was MSCI AC
Asia ex-Japan Index.

Changes to PruLink International Bond Fund
The PruLink International Bond Fund has ceased taking in new CPF monies with effect from 6 December 2010.
This follows the direction from the Underlying Fund, Fidelity Funds – International Bond Fund II, which
the PruLink International Bond Fund feeds 100% into as the Underlying Fund is no longer available for
further subscription under the CPF Investment Scheme (“CPFIS”).
With the cessation of offer under the CPFIS, we will no longer accept subscription, including switching and
top-ups using CPF monies, into the PruLink International Bond Fund with effect from 6 December 2010.
                                                                                                              7
Changes to PruLink Singapore Managed Fund
With effect from 6 December 2010, the following changes were made to the PruLink Singapore Managed Fund:
    1. Change in the investment objective
    2. Change in the investment mandate
    3. Cessation of future subscription

                  Before 6 December 2010            From 6 December 2010
Investment        The Fund aims to maximize         The Fund aims to maximise total return in the
objective         total return in the medium        medium to long term by investing primarily in a
                  to long term by investing         portfolio comprising equities and equity-related
                  primarily in a portfolio          securities of companies listed or to be listed on
                  comprising equities and           the Singapore Stock Exchange, and in a diversified
                  equity-related securities of      portfolio of debt securities.
                  companies listed or to be
                                                    The Fund has a strategic asset allocation mix
                  listed on the Singapore Stock
                                                    of 70% equities and 30% in fixed income. The
                  Exchange, and in a diversified
                                                    Fund may in addition, at the Manager’s absolute
                  portfolio of debt securities.
                                                    discretion, invest up to 20% of its assets in equity
                                                    and equity-related securities of companies, which
                                                    are incorporated, listed in or have their area of
                                                    primary activity in Asia Pacific including Australia
                                                    and New Zealand excluding Japan, and up to 10%
                                                    in fixed income/debt securities issued by Asian
                                                    entities or their subsidiaries that are denominated
                                                    in US dollars as well as the various Asian currencies.
Investment        70% of the Fund’s assets are      70% of the Fund’s assets are invested in equity or
mandate           invested in equities listed on    equity related securities, of which:
                  the Singapore Stock Exchange      (i) Between 50-70% of the Fund’s assets are to
                  (“Singapore Equity”).                 be invested in Singapore Equity; and
                                                    (ii) Up to 20% of the Fund’s assets can be
                                                         invested in equity and equity-related securities
                                                         of companies, which are incorporated, listed
                                                         in or have their area of primary activity in Asia
                                                         Pacific including Australia and New Zealand
                                                         excluding Japan.
                  30% of the Fund’s assets are      30% of the Fund’s assets are invested in fixed
                  invested in local and overseas    income/debt securities, of which:
                  fixed income instruments.         (i) Between 20-30% of the Fund’s assets are
                                                        invested in local and overseas fixed income
                                                        instruments.
                                                    (ii) Up to 10% of the Fund’s assets can be
                                                         invested in fixed income/debt securities issued
                                                         by Asian entities or their subsidiaries that
                                                         are denominated in US dollars as well as the
                                                         various Asian currencies.

With effect from 6 December 2010, the PruLink Singapore Managed Fund will no longer accept new
subscriptions including switching and top-ups. Only existing regular premium plans and recurrent single
premium plans (if applicable) may continue to buy units into this Fund.

8
Changes to PruLink Adapt Funds
We restructured the PruLink Adapt Funds with effect from 14 December 2010.
With effect from 14 December 2010, the fund manager was changed from Prudential Asset Management
(Singapore) Ltd to Schroder Investment Management (Singapore) Ltd.
With this change, there were the following subsequent changes:

                     Before 14 December 2010               From 14 December 2010
Underlying           International Opportunities Funds     Schroder International Selection Fund
Fund(s)              – Asian Equity                        Global Equity Alpha
                     International Opportunities Funds     Schroder International Selection Fund
                     – Pan European                        Global Smaller Companies
                     PruLink Singapore Bond Fund           Schroder International Selection Fund
                     PruLink Singapore Equity Fund         Emerging Markets
                     Russell Investment Company Plc        Schroder International Selection Fund
                     – The Continental European            Global Emerging Market Opportunities
                     Equity Fund                           Schroder International Selection Fund
                     Russell Investment Company Plc        Pacific Equity
                     – The Global Bond Fund                Schroder Asian Growth Fund
                     Russell Investment Company Plc        Schroder International Selection Fund
                     – The Japan Equity Fund               Greater China
                     Russell Investment Company Plc        Schroder International Selection Fund
                     – The U.K. Equity Fund                Japanese Equity
                     Russell Investment Company Plc        Schroder Singapore Trust
                     – The U.S. Equity Fund                Schroder International Selection Fund
                     iShares MSCI Emerging Markets         Global Bond
                     Index Fund                            Schroder International Selection Fund
                                                           Global Inflation Linked Bond
                                                           Schroder International Selection Fund
                                                           Asian Bond Absolute Return
                                                           Schroder International Selection Fund
                                                           Emerging Markets Debt Absolute Return
                                                           Schroder International Selection Fund
                                                           EURO Corporate Bond
                                                           Schroder Singapore Fixed Income Fund
                                                           Schroder International Selection Fund
                                                           Global Property Securities
                                                           SPDR Gold Trust
Fund Manager         Prudential Asset Management           Schroder Investment Management
                     (Singapore) Ltd                       (Singapore) Ltd
Sub-Manager          M&G Investment Management             Not applicable
/ Investment         Limited
Adviser of the       Russell Investments Ireland Limited
Underlying Fund      BlackRock Fund Advisers



                                                                                                   9
                     Before 1 January 2011               From 1 January 2011
Benchmark for        Composite benchmark                 Composite benchmark comprising
the Underlying       comprising the MSCI Singapore       the MSCI Singapore Free Index, MSCI
Fund                 Free Index, MSCI Japan Index,       World, MSCI AC Asia ex-Japan Index,
                     FTSE World Europe Index,            MSCI Emerging Market, UOB Singapore
                     S&P500 Index, MSCI AC Asia          Government Bond Index (All), Barclays
                     ex Japan Index, UOB Singapore       Capital Global Aggregate Index (hedged
                     Government Bond Index (All),        to S$), JACI Composite (hedged to
                     Return on Long Dated Portfolio      S$), JPM EMBI+ Composite Index, FTSE
                     and Barclays Capital Global         NAREIT Developed RE Index, Gold Bullion
                     Aggregate Index (hedged to S$)      Spot (hedged to S$), 3-month SIBOR



                    Investment Objective of the PruLink Adapt Funds
Before           The investment objective of the PruLink Adapt Funds is to seek to maximise the
14 December 2010 Fund’s total value at the end of the investment horizon, subject to limiting the
                 downside risks. Beyond the investment horizon, the objective is to balance the
                 goals of capital stability and providing income. The investment horizon would
                 centre around the applicable year of 2015 / 2025 / 2035.
From             The investment objective of the PruLink Adapt Funds is to generate capital growth
14 December 2010 at a controlled risk level consistent with the investment horizon of the portfolio
                 to accumulate assets and provide wealth for investors at maturity. Beyond the
                 investment horizon, which would centre around the applicable year of 2015 /
                 2025 / 2035, the objective is to maintain capital stability in the portfolio.




10
Market Review & Outlook
Singapore Equities
After a lacklustre first half restrained by sovereign risk issues in Europe and tightening measures in China,
the Singapore market fared better in the second half, driven by strong liquidity inflows, impressive
economic data and improved global investor sentiment.

The Singapore economy grew by 12.5% in Q4 2010, bringing full year GDP growth to 14.7%1 and a
strong rebound from the 1.3% contraction in 2009. The main impetus came from increased exports
and public sector spending, together with a marked boost in the tourist related service sectors with the
opening of the two integrated gaming resorts. The improving economy has led to positive revisions of
earnings and net asset values.

The government is forecasting growth in 2011 to moderate from 4% to 6%, with growth coming
mainly from the services sector. Inflation is set to potentially rise to 3.2% this year due to higher wages,
capacity constraints and rising asset, commodity and food prices. The bias on the MAS exchange rate is
generally towards more tightening.

Singapore issues had a mixed performance in 2010. Healthcare was the best performer, driven mainly
by corporate developments within the industry. Industrials were next, with the offshore and marine
related stocks in the limelight on stronger order books. Consumer services also outperformed, boosted
by hospitality related stocks on the back of the opening of the two integrated resorts whilst higher
commodity prices boosted crude palm oil related stocks in the consumer discretionary sector. Real Estate
Investment Trusts (“REITS”) performed better than Real Estate as investors switched to the former after
the government introduced anti-speculative measures aimed at the residential sector in August.

The case to buy Asian ex-Japan equities may be compelling in an environment of low interest rates
and high liquidity levels. The countries have good growth prospects, generally prudent fiscal policies
and lower debt risk. However, Singapore’s market valuations, although mostly in line with its historical
average, are not compelling versus the region. Near term, the Singapore market outlook is likely to be
cautious, given rising costs from inflation, as well as increasing pro-active government measures to curb
asset price inflation.




1
    Ministry of Trade and Industry, Singapore.

                                                                                                          11
Regional Equities Markets

Returns in Singapore dollars for the period under review:
                                                        Stock Market                       Currencies
                                                          (In SGD)                       (Against SGD)
MSCI AC Asia Ex-Japan                                       +17.0%
MSCI China                                                   -6.5%                       CNY      -5.7%
MSCI Hong Kong                                              +9.3%                        HKD      -9.6%
MSCI India                                                  +9.1%                        INR      -5.1%
MSCI Indonesia                                              +21.3%                       IDR      -4.6%
MSCI Korea                                                  +15.5%                       KRW      -5.3%
MSCI Malaysia                                               +22.3%                       MYR      +1.6%
MSCI Philippines                                            +19.5%                       PHP      +3.3%
MSCI Singapore                                              +8.1%                        –             –
MSCI Taiwan                                                 +8.1%                        TWD      +0.4%
MSCI Thailand                                               +38.6%                       THB      +1.6%
Source: Bloomberg

Asian markets ex-China and Japan rallied in the second half, and outperformed the developed nations at
end 2010. The MSCI AC Asia Ex-Japan gained 17% (in local currency terms), and with emerging markets
in this region leading global growth. Some of the best performing regional markets were Thailand,
Malaysia and Indonesia. China lagged most as it sought to curb inflation.

Investor sentiment was muted in the first half of 2010 on concerns that China’s tightening measures
could result in a serious slowdown in the world’s second largest economy. The European debt crises
surfaced in April followed by mid-year fears of a double-dip US recession. Investors turned optimistic
after the US reported encouraging growth numbers and companies posted better-than-expected
earnings. Asian markets and currencies enjoyed strong liquidity inflows, thanks to quantitative easing
and fiscal measures worldwide. The anticipation of further asset purchases by the US Fed fuelled the
rally, but year-end headwinds came in the form of escalating North-South Korea tension, Ireland’s debt
crisis and further monetary tightening from China.

On the economic front, growth across the region was robust, reflecting a full recovery from a dismal
2009. Growth was generally driven by a pick-up in exports and domestic consumption, alongside
resumption in investment spending and inventory rebuilding. Although most countries lost momentum
in the second half, others such as Singapore reported its strongest ever quarterly growth of 12.5%2 in
the fourth quarter. China’s full year GDP was a reported 10.3%3, confirming it remains one of the world’s
fastest growing economies. The region’s economic growth should continue to benefit from growing
domestic demand and regional trade, although managing inflation is increasingly the main priority.

India, Indonesia, and Thailand were among Asia’s top performing 2010 markets, all being backed by
strong domestic economies. There seem few grounds for believing that a similar trend will not continue
into 2011; with Thailand still offering potentially good value. It is likely that China, long in the cold,
may swing back into favour. The valuation for the China market remains attractive, underpinned by
continued economic growth and corporate earnings. However, the authorities cannot afford policy
errors managing inflation. India is one of the markets that had run ahead of fundamentals but has pulled
back. There are a new set of challenges in India, but along with Indonesia, it potentially offers some of
the best long term opportunities for investors.

2
    Ministry of Trade and Industry, Singapore
3
    National Bureau of Statistics of China.

12
Global Equities

Returns in Singapore dollars for the period under review:
                                                          Stock Market                        Currencies
                                                            (In SGD)                        (Against SGD)
MSCI World                                                   +0.9%
MSCI North America                                           +3.8%                          USD      -9.3%
MSCI UK                                                      -4.3%                          GBP     -14.0%
MSCI Europe ex-UK                                            -9.7%                          EUR      +7.2%
MSCI Japan                                                   +2.4%                          JPY      +3.8%
MSCI AC Far East ex-Japan                                    +6.6%                          –             –
MSCI Australia                                               +0.5%                          AUD      +3.3%
MSCI New Zealand                                             -5.8%                          NZD      -2.4%
Source: Bloomberg

Against a backdrop of continued global economic recovery, benign inflation and strong liquidity, various
macro developments resulted in uncertainty and volatility for equity markets worldwide in 2010. Global
equities started the year on an encouraging note underpinned by favourable economic data. However,
investors’ worries about a double dip recession in the US on renewed housing sector weakness and
expiration of various stimulus measures gained momentum as the year progressed. In Europe, there
were grave concerns that the fiscal woes of Greece could ignite a contagion throughout Europe. The
downgrading of sovereign credit ratings of Greece, Portugal and Spain by rating agency Standard &
Poor’s (S&P) highlighted the extent of the problems in the region. Tighter US bank regulation proposals
and China’s earlier-than-expected move to tighten monetary policy too weighed heavily on equities.
Asia, while fundamentally stronger, was not immune to the market weakness in the first half of the year.

The second half of 2010 saw markets higher, driven by improving economic data and expectations that
the US Federal Reserve would re-start its ‘quantitative easing’ programme. However, while concerns of
a double dip recession in the US showed signs of receding, fiscal challenges continued to trouble the
peripheral European Union economies. In contrast to the ongoing fiscal and growth concerns evident
in the developed world, emerging countries’ growth remains robust, reflected by rising inflation and
continued tightening of monetary policies. In Singapore dollar terms, developed markets lagged in 2010.
The Asian markets ex-Japan gained 6.6% against a 0.9% increase in the MSCI World Index. In contrast,
European countries dealing with sovereign debt issues were some of the worst performers.

We enter 2011 expecting a cautious US recovery and moderate global economic growth. Thanks to
stronger domestic demand, growth in emerging countries will potentially outpace that of developed
nations. The environment for global equities is favourable backed by accommodative liquidity conditions,
low interest rates, and a generally profitable and cash-rich corporate sector. Asian and emerging markets
are likely to remain outperformers; many have good prospects backed by strong growth economies,
generally prudent fiscal policies and lower debt risk. The unresolved European sovereign fiscal crisis, fears
of China over-tightening given inflationary pressures and geopolitical uncertainty may bring volatility, but
these should be viewed as temporary pullbacks that may provide buying opportunities for the longer
term investor.




                                                                                                          13
Global Fixed Income

Returns in Singapore dollars for the period under review:
                                                            Stock Market                     Currencies
                                                              (In SGD)                     (Against SGD)
Citigroup World Government Bond Index                           -3.9%
Citigroup US Government Bond Index                              -3.3%                      USD      -9.3%
Citigroup EMU Government Bond Index                            -13.9%                      EUR      +7.2%
Citigroup Japan Government Bond Index                          +7.3%                       JPY      +3.8%
Source: Bloomberg

2010 proved to be an eventful year for bonds, and in particular government bonds. Europe’s sovereign
debt crises, worries over a double dip recession in the US and the pursuit of easier monetary policy
amongst the G3 countries were key influences in the credit markets.

At the start of the year, optimism over the global recovery caused G7 bond yields to be pushed higher
in anticipation of monetary policy tightening. In the US, encouraging economic data and buoyant
corporate results led to a sell-off in US Treasuries. Subsequently, financial markets experienced an
escalation in risk aversion, triggered by Europe’s sovereign debt crisis. European bond prices were
significantly affected with Spain, Turkey, Portugal, Italy, and Ireland receiving considerable rating
downgrades during 2010. The US housing starts refused to recover, raising concerns over the US
economic recovery. The fight to safety led to a surge in demand for Treasuries in the second to third
quarter – with yields close to two-year lows. With policy rates near zero, the US and Japan resorted
to further quantitative easing to prop up their slowing economies, thereby capping rises in bond
yields. Treasuries were again sold off in the last few months post the massive quantitative easing
November announcement, and after the US data suggested stronger-than-expected economic growth
and easing deflation risk. In contrast, Japanese government bonds gained in 2010, underpinned by
plans to reduce fiscal deficit and to restrict bond sales.

The corporate bond space fared better in 2010 as investors sought to enhance investment returns amidst
the low interest rate environment. In addition, strengthened corporate fundamentals as evidenced by
declining leverage, increased cash on balance sheets, and lower default rates underpinned the corporate
bond markets.

Going forward, the credit markets will have to contend with European economies facing years of public-
sector austerity while the US props itself up on quantitative easing. A rising trend in yields as the global
economic recovery continues may likely result in poor returns from government bonds. Corporate
debt potentially remains far more attractive with spreads and absolute yields offering potentially better
relative value and superior total return opportunities.




The above information is provided by Prudential Asset Management (Singapore) Ltd.

14
PRULINK FUNDS
Report and Statements of the Managers
for the period from 1 January 2010 to 31 December 2010


PruLink Singapore Managed Fund

FUND OBjECTIvE

The PruLink Singapore Managed Fund (the “Fund”) aims to maximise total return in the medium to
long-term by investing primarily in a portfolio comprising equities and equity-related securities of companies
listed or to be listed on the Singapore Stock Exchange, and in a diversified portfolio of debt securities.

The Fund has a strategic asset allocation mix of 70% equities and 30% in fixed income. The Fund may
in addition, at the Manager’s absolute discretion, invest up to 20% of its assets in equity and equity
related securities of companies, which are incorporated, listed in or have their area of primary activity
in Asia Pacific including Australia and New Zealand, excluding Japan, and up to 10% in fixed income/
debt securities issued by Asian entities or their subsidiaries that are denominated in US dollars as well as
various Asian currencies.
                    Price Indexed               Benchmark
                                                Prulink Singapore Managed Fund
                        420

                        380

                        340

                        300

                        260

                        220

                        180

                        140

                        100

                         60
                              Nov-92



                                       Nov-94



                                                 Nov-96



                                                          Nov-98



                                                                   Nov-00



                                                                            Nov-02



                                                                                     Nov-04



                                                                                              Nov-06



                                                                                                       Nov-08



                                                                                                                Nov-10




Fund Details
PruLink Singapore Managed Fund
Launch Date                                                                                                              24 Sep 1992
Bid Price (as at 31 Dec 2010)                                                                                                $3.458
Offer Price (as at 31 Dec 2010)                                                                                              $3.640
Risk Classification
Narrowly Focused – Medium to High Risk
Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Singapore Managed Fund                                                                                                8.27%
70% MSCI Singapore Free Index + 30% UOB Singapore Government Bond Index (All)                                                 9.01%
Net Investment Return (since inception of the fund)
PruLink Singapore Managed Fund                                                                                             264.04%
70% MSCI Singapore Free Index + 30% UOB Singapore Government Bond Index (All)                                              203.39%

The above information on the PruLink Singapore Managed Fund is provided by Prudential Asset Management
(Singapore) Ltd.
                                                                                                                                 15
PruLink Asian Equity Fund

FUND OBjECTIvE

The PruLink Asian Equity Fund (the “Fund”) aims to maximise long-term total return by investing in
equity and equity-related securities of companies, which are incorporated, or have their primary activity,
in Asia ex-Japan. The Asia ex-Japan region includes but is not limited to the following countries: Korea,
Taiwan, Hong Kong, Philippines, Thailand, Malaysia, Singapore, Indonesia, People’s Republic of China,
India and Pakistan. The Fund may also invest in depository receipts [including American Depository
Receipts (ADRs) and Global Depository Receipts (GDRs)], debt securities convertible into common shares,
preference shares and warrants.
                         Price Indexed                                Benchmark
                           350                                        Prulink Asian Equity Fund
                           325
                           300
                           275
                           250
                           225
                           200
                           175
                           150
                           125
                           100
                            75
                            50
                            25
                                 Nov-95

                                          Nov-96

                                                   Nov-97

                                                            Nov-98

                                                                     Nov-99

                                                                              Nov-00

                                                                                       Nov-01

                                                                                                Nov-02

                                                                                                         Nov-03

                                                                                                                  Nov-04

                                                                                                                           Nov-05

                                                                                                                                    Nov-06

                                                                                                                                             Nov-07

                                                                                                                                                      Nov-08

                                                                                                                                                               Nov-09

                                                                                                                                                                        Nov-10




Fund Details
PruLink Asian Equity Fund
Launch Date                                                                                                                                                                      1 Oct 1995

Bid Price (as at 31 Dec 2010)                                                                                                                                                       $2.127
Offer Price (as at 31 Dec 2010)                                                                                                                                                     $2.239

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Asian Equity Fund                                                                                                                                                           8.85%
MSCI AC Asia Ex-Japan Index                                                                                                                                                         9.43%

Net Investment Return (since inception of the fund)
PruLink Asian Equity Fund                                                                                                                                                         123.91%
MSCI AC Asia Ex-Japan Index                                                                                                                                                        55.63%

The above information on the PruLink Asian Equity Fund is provided by Prudential Asset Management (Singapore) Ltd.

16
PruLink Global Equity Fund

FUND OBjECTIvE

The PruLink Global Equity Fund (the “Fund”) aims to provide long-term return from an internationally
diversified portfolio of securities through investing all or substantially all of its assets in the Aberdeen Global
Opportunies Fund (“Underlying Fund”).


                   Price Indexed                       Benchmark
                      150                              Prulink Global Equity Fund
                      140
                      130
                      120
                      110
                      100
                       90
                       80
                       70
                       60
                       50
                       40



                                                                                                                                         Aug-10
                            Feb-99


                                     Feb-00


                                              Feb-01


                                                        Feb-02


                                                                 Feb-03


                                                                          Feb-04


                                                                                   Feb-05


                                                                                            Feb-06


                                                                                                     Feb-07


                                                                                                              Feb-08


                                                                                                                       Feb-09


                                                                                                                                Feb-10




Fund Details
PruLink Global Equity Fund
Launch Date                                                                                                                                       5 Oct 1998

Bid Price (as at 31 Dec 2010)                                                                                                                        $0.890
Offer Price (as at 31 Dec 2010)                                                                                                                      $0.937

Risk Classification
Broadly Diversified – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Global Equity Fund                                                                                                                           1.62%
MSCI World (Total Return Net) Index                                                                                                                  2.50%

Net Investment Return (since inception of the fund)
PruLink Global Equity Fund                                                                                                                           -6.07%
MSCI World (Total Return Net) Index                                                                                                                  6.80%


The above information on the PruLink Global Equity Fund is provided by Aberdeen Asset Management Asia Limited.


                                                                                                                                                         17
PruLink Global Bond Fund

FUND OBjECTIvE

The PruLink Global Bond Fund (the “Fund”) aims to maximise total return through investment in a
diversified portfolio of debt securities denominated in any currency. While the manager has power to
hedge currency risk, the Fund will seek to invest primarily in securities so as to give exposure to major
developed market currencies.

                   Price Indexed                       Benchmark
                      180                              Prulink Global Bond Fund
                      170

                      160

                      150

                      140

                      130

                      120

                      110

                      100

                      90

                      80


                                                                                                                                        Aug-10
                            Feb-99


                                     Feb-00


                                              Feb-01


                                                       Feb-02


                                                                Feb-03


                                                                         Feb-04


                                                                                  Feb-05


                                                                                           Feb-06


                                                                                                    Feb-07


                                                                                                             Feb-08


                                                                                                                      Feb-09


                                                                                                                               Feb-10




Fund Details
PruLink Global Bond Fund
Launch Date                                                                                                                                      5 Oct 1998

Bid Price (as at 31 Dec 2010)                                                                                                                       $1.339
Offer Price (as at 31 Dec 2010)                                                                                                                     $1.409

Risk Classification
Broadly Diversified – Low to Medium Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Global Bond Fund                                                                                                                            -3.77%
Citigroup World Government Bond Index All Maturities                                                                                                -4.05%

Net Investment Return (since inception of the fund)
PruLink Global Bond Fund                                                                                                                           40.92%
Citigroup World Government Bond Index All Maturities                                                                                               46.46%

The above information on the PruLink Global Bond Fund is provided by Prudential Asset Management (Singapore) Ltd.

18
PruLink Global Managed Fund

FUND OBjECTIvE

The PruLink Global Managed Fund (the “Fund”) aims to achieve long-term capital appreciation through
investment directly or indirectly in quoted equities, bonds and other fixed income securities in global
markets. The Fund will feed into the Schroder Multi-Asset Revolution (“Underlying Fund”), which will
invest in multiple asset classes and will be comprised of an activity managed basket of equities, fixed
income, property and commodities related securities.
                        Price Indexed              Benchmark
                           150                     Prulink Global Managed Fund

                           140

                           130

                           120

                           110

                           100

                            90

                            80

                            70
                                                                            Oct-06




                                                                                              Aug-10
                                 Feb-99




                                          Jan-00




                                                       Dec-02




                                                                  Nov-04




                                                                                     Sep-08




Fund Details
PruLink Global Managed Fund
Launch Date                                                                                            5 Oct 1998
Bid Price (as at 31 Dec 2010)                                                                             $1.153
Offer Price (as at 31 Dec 2010)                                                                           $1.214
Risk Classification
Broadly Diversified – Medium to High Risk
Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Global Managed Bond Fund                                                                          0.98%
60% MSCI World Free Index + 40% Citigroup World Government Bond*                                          0.47%
Net Investment Return (since inception of the fund)
PruLink Global Managed Bond Fund                                                                         21.51%
60% MSCI World Free Index + 40% Citigroup World Government Bond*                                         31.75%

* With effect from 8 June 2010, the benchmark has changed from 50% MSCI World Index and 50% Citigroup World
Government Bond to 60% MSCI World Free Index and 40% Citigroup World Government Bond.
Please note that the static benchmark is provided as a reference only. The Fund is managed with a dynamic approach
to asset allocation and is not managed against a benchmark.

The above information on the PruLink Global Managed Fund is provided by Schroder Investment Management
(Singapore) Limited.
                                                                                                               19
PruLink Global Technology Fund

FUND OBjECTIvE

The investment objective of the PruLink Global Technology Fund (the “Fund”) is to maximise long-term
returns through investment in equities and equity-related securities of companies around the world with
innovative products, processes or services. These investments include, but are not restricted to, those
companies whose provision or use of technology gives them a strategic advantage in the market.

                   Price Indexed                       Benchmark
                      120                              Prulink Global Technology Fund


                      100


                       80


                       60


                       40


                       20
                            May-01




                                                                                     May-06
                                     Mar-02




                                                                                              Mar-07
                                                          Nov-03




                                                                                                                Nov-08
                                                                   Sep-04




                                                                                                                         Sep-09
                                              Jan-03




                                                                                                       Jan-08
                                                                            Jul-05




                                                                                                                                  Jul-10

Fund Details
PruLink Global Technology Fund
Launch Date                                                                                                                                1 Apr 2001

Bid Price (as at 31 Dec 2010)                                                                                                                 $0.542
Offer Price (as at 31 Dec 2010)                                                                                                               $0.571

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Global Technology Fund                                                                                                                3.05%
MSCI AC World IT Index                                                                                                                        1.11%

Net Investment Return (since inception of the fund)
PruLink Global Technology Fund                                                                                                               -42.90%
MSCI AC World IT Index                                                                                                                       -35.26%


The above information on the PruLink Global Technology Fund is provided by Prudential Asset Management (Singapore) Ltd.

20
PruLink Pan European Fund

FUND OBjECTIvE

The investment objective of the PruLink Pan European Fund (the “Fund”) is to maximise long-term total
return by investing in equity and equity-related securities, which are incorporated, or have their area of
primary activity, in Europe (including United Kingdom). The Fund may also invest in depository receipts
[including American Depository Receipts (ADRs) and Global Depository Receipts (GDRS)], debt securities
convertible into common shares, preference shares and warrants.

                  Price Indexed                       Benchmark
                     200                              Prulink Pan European Fund

                     180

                     160

                     140

                     120

                     100

                      80

                      60

                      40
                           Apr-01


                                    Apr-02


                                             Apr-03


                                                          Apr-04


                                                                   Apr-05


                                                                            Apr-06


                                                                                     Apr-07


                                                                                              Apr-08


                                                                                                       Apr-09


                                                                                                                Apr-10
                                                                                                                         Oct-10
Fund Details
PruLink Pan European Fund
Launch Date                                                                                                                       1 Apr 2001

Bid Price (as at 31 Dec 2010)                                                                                                        $0.929
Offer Price (as at 31 Dec 2010)                                                                                                      $0.978

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Pan European Fund                                                                                                            -6.16%
FTSE World Europe (including UK) Index                                                                                               -4.71%

Net Investment Return (since inception of the fund)
PruLink Pan European Fund                                                                                                            -2.17%
FTSE World Europe (including UK) Index                                                                                              13.36%

The above information on the PruLink Pan European Fund is provided by Prudential Asset Management (Singapore) Ltd.

                                                                                                                                         21
PruLink Protected Global Titans Fund

FUND OBjECTIvE

The investment objective of the PruLink Protected Global Titans Fund (the “Fund”) is to achieve long-term
capital growth by gaining exposure to top global multinational companies through the Dow Jones
Global Titans 50 IndexSM while at the same time providing protection against the bid price of the Fund
falling below the floor level of 95% of its bid price as at the start of each floor period, such period to be
more than 12 months but less than 13 months.
                   Price Indexed                                Benchmark
                      130                                       Prulink Protected Global Titans Fund


                      125

                      120

                      115

                      110

                      105

                      100

                      95

                      90
                                                                                                                      Nov-07
                                                                May-04

                                                                         Dec-04
                                     Aug-02




                                                                                                                                                 Aug-09
                                              Mar-03




                                                                                                                                                          Mar-10
                                                       Oct-03




                                                                                                    Sep-06

                                                                                                             Apr-07




                                                                                                                                                                   Oct-10
                                                                                           Feb-06




                                                                                                                               Jun-08
                            Jan-02




                                                                                                                                        Jan-09
                                                                                  Jul-05




Fund Details
Protected Global Titans Fund
Launch Date                                                                                                                                                                 16 Jan 2002

Bid Price (as at 31 Dec 2010)                                                                                                                                                   $1.152
Offer Price (as at 31 Dec 2010)                                                                                                                                                 $1.212

Risk Classification
Broadly Diversified – Low to Medium Risk

Net Investment Return (for period under review – 1 january 2010 to 31 December 2010)
PruLink Protected Global Titans Fund                                                                                                                                            -2.88%
CPF – Ordinary Account Interest Rate                                                                                                                                            2.50%

Net Investment Return (since inception of the fund)
PruLink Protected Global Titans Fund                                                                                                                                           15.16%
CPF – Ordinary Account Interest Rate                                                                                                                                           24.70%

The above information on the PruLink Protected Global Titans Fund is provided by Prudential Asset Management
(Singapore) Ltd.

22
PruLink Asian Reach Managed Fund

FUND OBjECTIvE

The PruLink Asia Reach Managed Fund (the “Fund”) aims to maximise total return in the medium to
long-term by investing in a portfolio comprising equities of companies in the Asia ex-Japan region, and
quality corporate bonds and other fixed income securities issued in the United States market.

                 Price Indexed               Benchmark
                      200                    Prulink Asian Reach Managed Fund
                     190
                     180
                     170
                     160
                     150
                     140
                     130
                     120
                     110
                     100
                     90
                           Feb-03




                                    Feb-04




                                               Feb-05




                                                         Feb-06




                                                                  Feb-07




                                                                            Feb-08




                                                                                     Feb-09




                                                                                              Feb-10


                                                                                                       Oct-10
Fund Details
PruLink Asian Reach Managed Fund
Launch Date                                                                                                     13 Jan 2003

Bid Price (as at 31 Dec 2010)                                                                                       $1.719
Offer Price (as at 31 Dec 2010)                                                                                     $1.809

Risk Classification
Narrowly Focused – Medium to High Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Asian Reach Managed Fund                                                                                    4.24%
50% MSCI AC Asia ex Japan Index, 30% The BofA Merrill Lynch U.S. Corporates,                                        4.73%
A2 Rated and above Index, 20% The BofA Merrill Lynch U.S. Corporates,
BBB3-A3 Rated Index

Net Investment Return (since inception of the fund)
PruLink Asian Reach Managed Fund                                                                                   80.95%
50% MSCI AC Asia ex Japan Index, 30% The BofA Merrill Lynch U.S. Corporates,                                       85.21%
A2 Rated and above Index, 20% The BofA Merrill Lynch U.S. Corporates,
BBB3-A3 Rated Index

The above information on the PruLink Asian Reach Managed Fund is provided by Prudential Asset Management
(Singapore) Ltd.
                                                                                                                        23
PruLink China-India Fund

FUND OBjECTIvE

PruLink China-India Fund (the “Fund”) aims to maximise long-term total return by investing primarily
in equity and equity-related instruments of corporations, which are incorporated in, or listed in, or
operating principally from, or carrying on significant business in, or derive substantial revenue from,
or whose subsidiaries, related or associated corporations derive substantial revenue from, the People’s
Republic of China (PRC) and the Republic of India (India).
                    Price Indexed                       Benchmark

                       430                              PruLink China-India Fund
                       410

                      370

                      330

                      290

                      250

                      210

                      170

                      130

                       90
                                                                                                                                         Oct-10
                             Aug-04


                                      Feb-05

                                               Aug-05


                                                        Feb-06

                                                                 Aug-06


                                                                          Feb-07

                                                                                   Aug-07


                                                                                            Feb-08


                                                                                                     Aug-08


                                                                                                              Feb-09

                                                                                                                       Aug-09




                                                                                                                                         Aug-10
                                                                                                                                Feb-10




Fund Details
PruLink China-India Fund
Launch Date                                                                                                                                       21 Jun 2004

Bid Price (as at 31 Dec 2010)                                                                                                                         $2.414
Offer Price (as at 31 Dec 2010)                                                                                                                       $2.541

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink China-India Fund                                                                                                                              5.76%
50% MSCI China Index and 50% MSCI India Index                                                                                                         3.19%

Net Investment Return (since inception of the fund)
PruLink China-India Fund                                                                                                                            154.10%
50% MSCI China Index and 50% MSCI India Index                                                                                                       207.36%

The above information on the PruLink China-India Fund is provided by Prudential Asset Management (Singapore) Ltd.

24
PruLink Emerging Markets Fund

FUND OBjECTIvE

The investment objective of the PruLink Emerging Markets Fund (the “Fund”) is to provide long-term
capital growth by investing primarily in emerging markets companies.

                    Price Indexed              Benchmark
                      225                      PruLink Emerging Markets Fund

                      200

                      175

                      150

                      125

                      100

                       75

                       50
                            May-05




                                      May-06




                                                     May-07




                                                                 May-08




                                                                               May-09




                                                                                        May-10




Fund Details
PruLink Emerging Markets Fund
Launch Date                                                                                       19 May 2005

Bid Price (as at 31 Dec 2010)                                                                            $1.360
Offer Price (as at 31 Dec 2010)                                                                          $1.431

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Emerging Markets Fund                                                                            5.51%
MSCI Emerging Markets Total Return Net                                                                   8.25%

Net Investment Return (since inception of the fund)
PruLink Emerging Markets Fund                                                                           43.13%
MSCI Emerging Markets Total Return Net                                                                  65.00%


The above information on the PruLink Emerging Markets Fund is provided by JPMorgan Asset Management (UK) Limited.

                                                                                                              25
PruLink America Fund

FUND OBjECTIvE

The investment objective of the PruLink America Fund (the “Fund”) is to invest principally in US equity
securities. Currently, the Fund aims to produce capital growth by investing in a diversified portfolio of
primarily US companies.


                  Price Indexed               Benchmark
                      140                     PruLink America Fund

                      120


                      100


                      80

                      60


                      40
                                                                                  May-10
                            May-05




                                     May-06




                                                 May-07




                                                            May-08




                                                                       May-09




Fund Details
PruLink America Fund
Launch Date                                                                                     19 Apr 2005

Bid Price (as at 31 Dec 2010)                                                                       $0.826
Offer Price (as at 31 Dec 2010)                                                                     $0.869

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink America Fund                                                                                 2.29%
Standard & Poor’s 500 Index                                                                          4.99%

Net Investment Return (since inception of the fund)
PruLink America Fund                                                                               -13.05%
Standard & Poor’s 500 Index                                                                         -8.60%



The above information on the PruLink America Fund is provided by FIL Fund Management Limited.

26
PruLink International Bond Fund

FUND OBjECTIvE

The investment objective of the PruLink International Bond Fund (the “Fund”) is to aim to invest in
international markets to maiximize performance measured in US dollars.


                 Price Indexed              Benchmark
                   120                      PruLink International Bond Fund



                   110



                   100



                    90



                    80
                                                   May-07
                         May-05




                                   May-06




                                                                May-08




                                                                              May-09




                                                                                       May-10




Fund Details
PruLink International Bond Fund
Launch Date                                                                                       19 Apr 2005

Bid Price (as at 31 Dec 2010)                                                                              $0.929
Offer Price (as at 31 Dec 2010)                                                                            $0.978

Risk Classification
Broadly Diversified – Low to Medium Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink International Bond Fund                                                                            -1.91%
Barclays Capital Global Aggregate G5 ex MBS Index                                                          -4.27%

Net Investment Return (since inception of the fund)
PruLink International Bond Fund                                                                            -2.12%
Barclays Capital Global Aggregate G5 ex MBS Index                                                          3.08%


The above information on the PruLink International Bond Fund is provided by FIL Fund Management Limited.

                                                                                                              27
PruLink Adapt 2015 Fund

FUND OBjECTIvE

The investment objective of the PruLink Adapt 2015 Fund (the “Fund”) is to generate capital growth at
a controlled risk level consistent with the investment horizon of the portfolio to accumulate assets and
provide wealth for investors at maturity. Beyond the investment horizon, which would centre around
2015, the objective is to maintain capital stability in the portfolio.
                            Price Indexed                        Benchmark
                                140                              Prulink Adapt 2015 Fund

                                130

                                120

                                110

                                100

                                 90

                                 80

                                 70

                                 60
                                      May-05




                                                        May-06




                                                                            May-07




                                                                                              May-08




                                                                                                                May-09




                                                                                                                                  May-10
                                               Nov-05




                                                                   Nov-06




                                                                                     Nov-07




                                                                                                       Nov-08




                                                                                                                         Nov-09




                                                                                                                                           Nov-10
Fund Details
PruLink Adapt 2015 Fund
Launch Date                                                                                                                                         19 Apr 2005
Bid Price (as at 31 Dec 2010)                                                                                                                           $1.120
Offer Price (as at 31 Dec 2010)                                                                                                                         $1.179
Risk Classification
Broadly Diversified – Medium to High Risk
Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Adapt 2015 Fund                                                                                                                                  4.59%
Composite benchmark comprising the MSCI Singapore Free Index, MSCI World,                                                                                4.69%
MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government
Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$),
JACI Composite Index (hedged to S$), JPM EMBI+ Composite Index, FTSE NAREIT
Developed RE Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR
Net Investment Return (since inception of the fund)
PruLink Adapt 2015 Fund                                                                                                                                17.92%
Composite benchmark comprising the MSCI Singapore Free Index, MSCI World,                                                                              29.11%
MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government
Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$),
JACI Composite Index (hedged to S$), JPM EMBI+Composite Index, FTSE NAREIT
Developed RE Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR
The above information on the PruLink Adapt 2015 Fund is provided by Prudential Asset Management (Singapore) Ltd
and Schroder Investment Management (Singapore) Limited.

28
PruLink Adapt 2025 Fund

FUND OBjECTIvE

The investment objective of the PruLink Adapt 2025 Fund (the “Fund”) is to generate capital growth at
a controlled risk level consistent with the investment horizon of the portfolio to accumulate assets and
provide wealth for investors at maturity. Beyond the investment horizon, which would centre around
2025, the objective is to maintain capital stability in the portfolio.
                        Price Indexed                       Benchmark
                          140                               Prulink Adapt 2025 Fund

                          130

                          120

                          110

                          100

                            90

                            80

                            70

                            60
                                 May-05




                                                   May-06




                                                                      May-07




                                                                                        May-08




                                                                                                          May-09




                                                                                                                            May-10
                                          Nov-05




                                                             Nov-06




                                                                               Nov-07




                                                                                                 Nov-08




                                                                                                                   Nov-09




Fund Details                                                                                                                         Nov-10


PruLink Adapt 2025 Fund
Launch Date                                                                                                                                   19 Apr 2005
Bid Price (as at 31 Dec 2010)                                                                                                                     $1.081
Offer Price (as at 31 Dec 2010)                                                                                                                   $1.138
Risk Classification
Broadly Diversified – Medium to High Risk
Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Adapt 2025 Fund                                                                                                                            4.76%
Composite benchmark comprising the MSCI Singapore Free Index, MSCI World,                                                                          5.45%
MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government
Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$),
JACI Composite Index (hedged to S$), JPM EMBI+ Composite Index, FTSE NAREIT
Developed RE Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR
Net Investment Return (since inception of the fund)
PruLink Adapt 2025 Fund                                                                                                                          13.84%
Composite benchmark comprising the MSCI Singapore Free Index, MSCI World,                                                                        27.52%
MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government
Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$),
JACI Composite Index (hedged to S$), JPM EMBI+Composite Index, FTSE NAREIT
Developed RE Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR
The above information on the PruLink Adapt 2025 Fund is provided by Prudential Asset Management (Singapore) Ltd
and Schroder Investment Management (Singapore) Limited.

                                                                                                                                                      29
PruLink Adapt 2035 Fund

FUND OBjECTIvE

The investment objective of the PruLink Adapt 2035 Fund (the “Fund”) is to generate capital growth at
a controlled risk level consistent with the investment horizon of the portfolio to accumulate assets and
provide wealth for investors at maturity. Beyond the investment horizon, which would centre around
2035, the objective is to maintain capital stability in the portfolio.

                         Price Indexed                           Benchmark
                            150                                  Prulink Adapt 2035 Fund
                            140

                            130

                            120
                            110

                            100

                             90

                             80

                             70
                             60                                                                           May-09




                                                                                                                            May-10
                                  May-05




                                                    May-06




                                                                      May-07




                                                                                        May-08


                                                                                                 Nov-08




                                                                                                                   Nov-09




                                                                                                                                     Nov-10
                                           Nov-05




                                                             Nov-06




                                                                               Nov-07




Fund Details
PruLink Adapt 2035 Fund
Launch Date                                                                                                                                   19 Apr 2005
Bid Price (as at 31 Dec 2010)                                                                                                                     $1.037
Offer Price (as at 31 Dec 2010)                                                                                                                   $1.092
Risk Classification
Broadly Diversified – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Adapt 2035 Fund                                                                                                                            4.15%
Composite benchmark comprising the MSCI Singapore Free Index, MSCI World,                                                                          5.36%
MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government
Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$),
JACI Composite Index (hedged to S$), JPM EMBI+Composite Index, FTSE NAREIT
Developed RE Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR
Net Investment Return (since inception of the fund)
PruLink Adapt 2035 Fund                                                                                                                            9.16%
Composite benchmark comprising the MSCI Singapore Free Index, MSCI World,                                                                        24.39%
MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government
Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$),
JACI Composite Index (hedged to S$), JPM EMBI+Composite Index, FTSE NAREIT
Developed RE Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR

The above information on the PruLink Adapt 2035 Fund is provided by Prudential Asset Management (Singapore) Ltd
and Schroder Investment Management (Singapore) Limited.

30
PruLink Global Basics Fund

FUND OBjECTIvE

The investment objective of the PruLink Global Basics Fund (the “Fund”) is to invest wholly or mainly in
companies operating in basic industries (“primary” and “secondary” industries) and also in companies
that service these industries. The Fund may also invest in other global equities. The sole aim of the
PruLink Global Basics Fund is long-term capital growth.

                  Price Indexed              Benchmark
                      150                    Prulink Global Basics Fund
                     140
                     130
                     120
                     110
                     100
                      90
                      80
                      70
                      60
                      50
                      40
                           May-06




                                              May-07




                                                                May-08




                                                                                   May-09




                                                                                                     May-10
                                    Nov-06




                                                       Nov-07




                                                                          Nov-08




                                                                                            Nov-09




                                                                                                              Nov-10
Fund Details
PruLink Global Basics Fund
Launch Date                                                                                                            18 Apr 2006

Bid Price (as at 31 Dec 2010)                                                                                              $1.042
Offer Price (as at 31 Dec 2010)                                                                                            $1.097

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Global Basics Fund                                                                                                12.86%
FTSE Global Basics Composite Index                                                                                          7.04%

Net Investment Return (since inception of the fund)
PruLink Global Basics Fund                                                                                                  9.70%
FTSE Global Basics Composite Index                                                                                          8.26%


The above information on the PruLink Global Basics Fund is provided by Prudential Asset Management (Singapore) Ltd.

                                                                                                                               31
PruLink Currency Income Fund

FUND OBjECTIvE

The investment objective of the PruLink Currency Income Fund (the “Fund”) is to seek to provide regular
income payouts, capital growth and optimum risk-adjusted total return by investing in cash, cash-
equivalent, high quality bonds and other fixed income securities rated BBB – (BBB Minus) and above
by Standard & Poor’s (or equivalent ratings of other credit rating agencies), and entering into derivative
transactions linking to indices which employ pre-defined multi-currency interest arbitrage strategies.
                   Price Indexed                      Benchmark
                     120                              PruLink Currency Income Fund


                     110


                     100


                      90


                      80


                      70


                      60
                                    Jul-07




                                                                  Jul-08




                                                                                             Jul-09




                                                                                                                        Jul-10
                           Mar-07




                                                         Mar-08




                                                                                    Mar-09




                                                                                                               Mar-10
                                             Nov-07




                                                                           Nov-08




                                                                                                      Nov-09




Fund Details
PruLink Currency Income Fund
Launch Date                                                                                                                      23 Jan 2007

Bid Price (as at 31 Dec 2010)                                                                                                        $0.664
Offer Price (as at 31 Dec 2010)                                                                                                      $0.699

Risk Classification
Medium to High Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Currency Income Fund                                                                                                         -1.90%
12 Month S$ Fixed Deposit Rate p.a.                                                                                                  0.48%

Net Investment Return (since inception of the fund)
PruLink Currency Income Fund                                                                                                        -14.27%
12 Month S$ Fixed Deposit Rate p.a.                                                                                                  2.48%

The above information on the PruLink Currency Income Fund is provided by Prudential Asset Management (Singapore) Ltd.

32
PruLink Global Property Securities Fund

FUND OBjECTIvE

The investment objective of the PruLink Global Property Securities Fund (the “Fund”) is to achieve long-
term growth through capital appreciation of the underlying equity portfolio. It will achieve this objective
by principally investing worldwide across regions, countries and sectors in shares of companies active in
the real estate business (property companies).
              Price Indexed                  Benchmark
                  100                        PruLink Global Property Securities Fund


                   80


                   60


                   40


                   20




                                                                                                Aug-10
                                    Dec-07




                                                                                       Dec-09
                                                        Aug-08
                        May-07




                                                                        Apr-09




Fund Details
PruLink Global Property Securities Fund
Launch Date                                                                                              26 Mar 2007

Bid Price (as at 31 Dec 2010)                                                                                 $0.495
Offer Price (as at 31 Dec 2010)                                                                               $0.522

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Global Property Securities Fund                                                                       9.44%
UBS Warburg Global Real Estate Investors Index                                                               12.70%

Net Investment Return (since inception of the fund)
PruLink Global Property Securities Fund                                                                     -47.85%
UBS Warburg Global Real Estate Investors Index                                                              -37.47%


The above information on the PruLink Global Property Securities Fund is provided by LaSalle Investment Management
Securities BV.
                                                                                                                 33
PruLink Global Leaders Fund

FUND OBjECTIvE

The investment objective of the PruLink Global Leaders Fund (the “Fund”) is to maximise long-term total
return (the combination of income and growth of capital) by investing in a wide range of global equities
that the fund manager considers to be leading in their field.

             Price Indexed                Benchmark
                 120                      Prulink Global Leaders Fund


                 100


                  80


                  60


                  40


                  20


                    0
                                                Mar-09




                                                                                 Mar-10
                                 Nov-08




                                                                        Nov-09




                                                                                                   Nov-10
                                                                                                   Dec-10
                        Jul-08




                                                           Jul-09




                                                                                          Jul-10




Fund Details
PruLink Global Leaders Fund
Launch Date                                                                                                 4 Jun 2008

Bid Price (as at 31 Dec 2010)                                                                                  $0.823
Offer Price (as at 31 Dec 2010)                                                                                $0.867

Risk Classification
Broadly Diversified – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Global Leaders Fund                                                                                    2.08%
FTSE World Index                                                                                               2.87%

Net Investment Return (since inception of the fund)
PruLink Global Leaders Fund                                                                                  -13.32%
FTSE World Index                                                                                               -3.29%



The above information on the PruLink Global Leaders Fund is provided by Prudential Asset Management (Singapore) Ltd.

34
PruLink Asian Infrastructure Equity Fund

FUND OBjECTIvE

The PruLink Asian Infrastructure Equity Fund (the “Fund”) aims to maximise long-term capital appreciation
by investing primarily in equity and equity-related securities of corporations deriving substantial revenue
from, or whose subsidiaries, related or associated corporations are engaged in, infrastructure or related
businesses and are incorporated in, or listed in, or operating principally from the Asia ex-Japan region.

                  Price Indexed                          Benchmark
                    140                                  PruLink Asian Infrastructure Equity Fund
                    130
                    120
                    110
                    100
                     90
                     80
                     70
                     60
                     50
                     40
                                                              Apr-09




                                                                                                                    Apr-10
                          Aug-08

                                   Oct-08

                                            Dec-08

                                                     Feb-09




                                                                       Jun-09

                                                                                Aug-09

                                                                                         Oct-09

                                                                                                  Dec-09

                                                                                                           Feb-10




                                                                                                                             Jun-10

                                                                                                                                      Aug-10

                                                                                                                                               Oct-10

                                                                                                                                                        Dec-10
Fund Details
PruLink Asian Infrastructure Equity Fund
Launch Date                                                                                                                                                      4 Aug 2008

Bid Price (as at 31 Dec 2010)                                                                                                                                        $1.231
Offer Price (as at 31 Dec 2010)                                                                                                                                      $1.296

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Asian Infrastructure Equity Fund                                                                                                                             7.53%
MSCI AC Asia ex-Japan Selected Sectors Index                                                                                                                        11.79%

Net Investment Return (since inception of the fund)
PruLink Asian Infrastructure Equity Fund                                                                                                                            29.57%
MSCI AC Asia ex-Japan Selected Sectors Index                                                                                                                        27.60%

The above information on the PruLink Asian Infrastructure Equity Fund is provided by Prudential Asset Management
(Singapore) Ltd.


                                                                                                                                                                        35
PruLink Global Market Navigator Fund

FUND OBjECTIvE

The investment objective of the PruLink Global Market Navigator Fund (the “Fund”) is to achieve positive
absolute returns over the medium term through the implementation of an actively managed asset
allocation strategy in a diversified range of global assets through exchange traded funds (“ETF”), index
futures, direct equity and bonds, swaps, options and foreign exchange forwards, each of which may be
traded through recognised exchanges or via the over-the-counter markets.
                   Price Indexed              Benchmark
                      140                     Prulink Global Market Navigator Fund

                      130
                      120
                      110
                      100
                       90
                       80
                       70
                       60
                       50
                       40
                                                Apr-09




                                                                                Apr-10
                                                                      Dec-09




                                                                                                  Dec-10
                                     Dec-08




                                                           Aug-09




                                                                                         Aug-10
                            Aug-08




Fund Details
PruLink Global Market Navigator Fund
Launch Date                                                                                                18 Aug 2008
Bid Price (as at 31 Dec 2010)                                                                                   $0.912
Offer Price (as at 31 Dec 2010)                                                                                 $0.960
Risk Classification
Broadly Diversified – Higher Risk
Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Global Market Navigator Fund                                                                           -2.11%
Net Investment Return (since inception of the fund)
PruLink Global Market Navigator Fund                                                                           -4.02%

There is currently no suitable benchmark for this Fund. Prior to 24 June 2010, the benchmark for the Fund was USD
3-month LIBOR plus 3% per annum. The high market volatility experienced in recent years showed that financial market
returns are not normally distributed as assumed in almost all financial models, which has underestimated risk. Given
that the Fund is largely invested in risky assets, the fund manager is of the view that a cash-plus benchmark no longer
reflects the Fund’s investment objective, focus and approach over a short period of time.

The above information on the PruLink Global Market Navigator Fund is provided by Prudential Asset Management
(Singapore) Ltd.

36
PruLink Asian Income Fund

FUND OBjECTIvE

The investment objective of the PruLink Asian Income Fund (the “Fund”) is to maximise income by
investing primarily in equity and equity-related securities of companies, which are incorporated, listed
in or have their areas of primary activity, in Asia Pacific, including Australia and New Zealand excluding
Japan. The Fund may also invest in depository receipts including American Depository Receipts (“ADRs”)
and Global Depository Receipts (“GDRS”), debt securities convertible into common shares, preference
shares and warrants.
                      Price Indexed                       Benchmark
                         160                              Prulink Asian Income Fund

                         150

                         140

                         130

                         120

                         110

                         100

                          90

                          80
                                                 Aug-09




                                                                                                          Aug-10
                               Apr-09




                                                                                        Apr-10
                                        Jun-09




                                                                                                 Jun-10
                                                                      Dec-09




                                                                                                                            Dec-10
                                                             Oct-09




                                                                                                                   Oct-10
                                                                               Feb-10




Fund Details
PruLink Asian Income Fund
Launch Date                                                                                                                          2 Apr 2009

Bid Price (as at 31 Dec 2010)                                                                                                           $1.237
Offer Price (as at 31 Dec 2010)                                                                                                         $1.302

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Asian Income Fund                                                                                                               6.79%
MSCI AC Asia Ex-Japan Index                                                                                                             8.05%

Net Investment Return (since inception of the fund)
PruLink Asian Income Fund                                                                                                              38.45%
MSCI AC Asia Ex-Japan Index                                                                                                            47.59%


The above information on the PruLink Asian Income Fund is provided by Prudential Asset Management (Singapore) Ltd.

                                                                                                                                            37
PruLink Emerging Market Income Bond Fund

FUND OBjECTIvE

The investment objective of the PruLink Emerging Market Income Bond Fund (the “Fund”) is to provide
an absolute return of capital growth and income primarily through investment in a portfolio of bonds
and other fixed and floating rate securities issued by governments, government agencies, supra-national
and corporate issuers in emerging markets.
                                                       Benchmark
                                                       PruLink Emerging Market Income Bond Fund
                   Price Indexed
                      110

                      100

                      90

                      80

                      70

                      60

                      50

                      40

                      30
                                                                                                       Dec-10
                            Jul-09



                                     Sep-09



                                              Nov-09



                                                          Jan-10



                                                                   Apr-10



                                                                            Jun-10



                                                                                     Aug-10



                                                                                              Oct-10




Fund Details
PruLink Emerging Market Income Bond Fund
Launch Date                                                                                                     2 Jul 2009

Bid Price (as at 31 Dec 2010)                                                                                      $0.921
Offer Price (as at 31 Dec 2010)                                                                                    $0.970

Risk Classification
Narrowly Focused – Low to Medium Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Emerging Market Income Bond Fund                                                                           0.75%
USD 3M Libor (SGD)                                                                                                -8.44%

Net Investment Return (since inception of the fund)
PruLink Emerging Market Income Bond Fund                                                                           5.91%
USD 3M Libor (SGD)                                                                                               -10.98%


The above information on the PruLink Emerging Market Income Bond Fund is provided by Schroder Investment
Management (Singapore) Ltd.


38
PruLink Greater China Fund

FUND OBjECTIvE

The investment objective of the PruLink Greater China Fund (the “Fund”) is to provide capital growth
primarily through investment in equity securities of the People’s Republic of China, Hong Kong SAR and
Taiwan companies.

               Price Indexed              Benchmark
                                          PruLink Greater China Fund
                  105



                  100



                   95



                   90



                   85
                        Dec-09



                                 Jan-10



                                          Mar-10



                                                   Apr-10



                                                             Jun-10



                                                                       Jui-10



                                                                                Sep-10



                                                                                         Oct-10



                                                                                                  Dec-10
Fund Details
PruLink Greater China Fund
Launch Date                                                                                                6 Nov 2009

Bid Price (as at 31 Dec 2010)                                                                                 $0.983
Offer Price (as at 31 Dec 2010)                                                                               $1.035

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Greater China Fund                                                                                     2.41%
MSCI Golden Dragon                                                                                             3.33%

Net Investment Return (since inception of the fund)
PruLink Greater China Fund                                                                                     3.51%
MSCI Golden Dragon                                                                                             5.08%


The above information on the PruLink Greater China Fund is provided by Schroder Investment Management
(Singapore) Ltd.

                                                                                                                  39
PruLink GEMM Resources Fund

FUND OBjECTIvE

The investment objective of the PruLink GEMM Resources Fund (the “Fund”) is to provide long-term
capital growth by investing primarily in natural resources companies globally, many of which are in the
early stages of exploration.

          Price Indexed            Benchmark
                                  PruLink GEMM Resources Fund
                  130

                  125
                  120

                  115
                  110
                  105
                 100
                   95

                   90
                                    Apr-10




                                                   Jun-10




                                                                 Aug-10




                                                                                               Dec-10
                        Feb-10




                                                                                Oct-10




Fund Details
PruLink GEMM Resources Fund
Launch Date                                                                                         20 Jan 2010

Bid Price (as at 31 Dec 2010)                                                                           $1.228
Offer Price (as at 31 Dec 2010)                                                                         $1.293

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink GEMM Resources Fund                                                                                N/A
HSBC Gold, Mining & Energy Total Return Net                                                                N/A

Net Investment Return (since inception of the fund)
PruLink GEMM Resources Fund                                                                             29.29%
HSBC Gold, Mining & Energy Total Return Net                                                             19.33%


The above information on the PruLink GEMM Resources Fund is provided by JPMorgan Asset Management (UK) Limited.

40
PruLink Singapore Growth Fund

FUND OBjECTIvE

The PruLink Singapore Growth Fund (the “Fund”) aims to provide policyholders with medium to long-term
capital growth from a portfolio of Singapore equities.


Fund Details
PruLink Singapore Growth Fund
Launch Date                                                                                          5 Jul 2010

Bid Price (as at 31 Dec 2010)                                                                            $1.001
Offer Price (as at 31 Dec 2010)                                                                          $1.054

Risk Classification
Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 jan 2010 to 31 Dec 2010)
PruLink Singapore Growth Fund                                                                               N/A
Straits Times Index (STI)                                                                                   N/A

Net Investment Return (since inception of the fund)
PruLink Singapore Growth Fund                                                                            5.41%
Straits Times Index (STI)                                                                                8.18%




The above information on the PruLink Singapore Growth Fund is provided by Aberdeen Asset Management Asia Limited.

                                                                                                              41
SCHEDULE OF INVESTMENTS
As at 31 December 2010


PRULINK SINGAPORE MANAGED FUND

Investments classified by Country
                                        Market value    % of Net
                                                 SGD      Assets
Australia                                   2,047,683       0.06
Bermuda                                    78,563,507       2.31
Cayman Islands                             14,008,718       0.41
Hong Kong                                   8,903,614       0.26
India                                       4,206,943       0.12
Isle Of Man                               133,313,184       3.90
Luxembourg                                 77,358,452       2.28
Mauritius                                  50,234,710       1.47
Netherlands                                   630,000       0.02
New Zealand                                 2,763,475       0.08
Singapore                               2,962,915,490      86.76
South Korea                                17,084,767       0.50
Thailand                                    2,199,308       0.06
United Arab Emirates                        5,905,356       0.17
United Kingdom                              3,539,300       0.10
United States                              34,193,320       1.00

Investments classified by Industry
                                        Market value    % of Net
                                                SGD       Assets
Agriculture                              160,167,305        4.69
Airlines                                  73,758,240        2.16
Banks                                    777,128,974       22.76
Beverages                                 69,678,558        2.04
Bond Funds                                70,297,652        2.06
Distribution & Wholesale                  37,615,247        1.10
Engineering & Construction               105,951,972        3.10
Financial Services                       143,178,909        4.19
Food                                      62,946,063        1.84
Holding Companies                        222,428,031        6.51
Lodging                                  206,112,638        6.04
Media                                     63,876,005        1.87
Multi Industry                            40,464,885        1.19
Real Estate                              297,838,132        8.72
Shipbuilding                              94,734,099        2.78
Sovereign Govt. Obligations              635,665,252       18.61
Telecommunications                       239,515,175        7.01
Transportation                            49,080,590        1.44
Others                                    47,430,100        1.39

Investments classified by Asset Class
                                        Market value    % of Net
                                                 SGD      Assets
Equity Securities                       2,299,790,814      67.35
Debt Securities                           959,722,224      28.10
Investments in Funds                      138,354,789       4.05
Other Net Assets                           17,067,696       0.50



42
Investments by Credit Rating of Debt Securities
(by Moody’s or equivalents)
                                                   Market value   % of Net
                                                           SGD      Assets
Aaa                                                 620,500,584      18.17
Aa1                                                  13,375,304       0.39
Aa2                                                  12,311,640       0.36
Aa3                                                   4,522,246       0.13
A1                                                   32,880,342       0.96
A2                                                   15,657,336       0.46
A3                                                   54,837,359       1.61
Baa1                                                  8,699,738       0.26
Baa2                                                 14,327,911       0.42
Baa3                                                 10,623,374       0.31
Ba1                                                   2,532,183       0.07
Not rated                                           169,454,207       4.96

Top 10 Holdings as at 31 December 2010
                                                   Market value   % of Net
                                                           SGD      Assets
DBS Group Holdings Ltd                              237,036,583       6.98
Oversea–Chinese Banking Corporation Ltd             231,915,730       6.83
Singapore Telecommunications Ltd                    230,854,561       6.79
United Overseas Bank Ltd                            215,261,483       6.34
Keppel Corporation Ltd                              142,406,279       4.19
Genting Singapore Plc                               133,313,184       3.92
Wilmar International Ltd                             97,567,900       2.87
CapitaLand Ltd                                       92,976,258       2.74
Singapore Government Bond 3.15% 09/01/2020           81,786,132       2.41
Singapore Government Bond 3.75% 09/01/2016           76,068,276       2.24

Top 10 Holdings as at 31 December 2009
                                                   Market value   % of Net
                                                           SGD      Assets
DBS Group Holdings Ltd                              278,075,244       8.88
Singapore Telecommunications Ltd                    257,377,442       8.22
United Overseas Bank Ltd                            255,793,133       8.16
Oversea–Chinese Banking Corporation Ltd             246,748,793       7.88
CapitaLand Ltd                                      111,598,141       3.56
Keppel Corporation Ltd                              108,620,034       3.47
Singapore Government Bond 4% 09/01/2018              99,630,000       3.18
Wilmar International Ltd                             85,621,880       2.73
Singapore Government Bond 3.75% 09/01/2016           82,657,455       2.64
Singapore Airlines Ltd                               80,269,632       2.56

Exposure to Derivatives
                                                   Market value   % of Net
                                                           SGD      Assets
(i) Market value of derivatives
      Forward Contracts                               3,315,691     0.10%
(ii) Net gain/(loss) on derivatives realised
      Forward Contracts                               2,090,482
(iii) Net gain/(loss) on outstanding derivatives
      Forward Contracts                               3,315,691

                                                                       43
Investments in Collective Investment Schemes
                                                                        Market value         % of Net
                                                                                SGD            Assets
Ascendas REIT                                                             25,425,810             0.74
Cache Logistics Trust                                                      2,255,205             0.07
CapitaMall Trust                                                          37,561,192             1.10
IOF – Asia Bond                                                           70,297,652             2.06
MapleTree Industrial Trust                                                 1,010,430             0.03
Suntec REIT                                                                1,804,500             0.05

Borrowings
Not applicable

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD          252,707,617          234,939,645

Related Party Transactions
Fund management charge of 1.3% per annum paid to Prudential Assurance Company Singapore (Pte) Ltd.

Annualised Expense Ratio*
2010: 1.31%                      2009:   1.32%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 60.92%                     2009:   89.50%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




44
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK ASIAN EQUITY FUND

Investments classified by Country
                                     Market value   % of Net
                                             SGD      Assets
Bermuda                                13,526,950       1.30
Cayman Islands                         86,916,644       8.32
China                                 105,289,209      10.07
Hong Kong                             165,795,888      15.86
India                                 130,801,634      12.52
Indonesia                              33,146,693       3.17
Malaysia                               34,408,871       3.29
Philippines                             9,219,652       0.88
Singapore                              52,538,587       5.03
South Korea                           219,575,983      21.01
Taiwan                                149,286,382      14.28
Thailand                               31,039,948       2.97
United States                           7,888,939       0.76

Investments classified by Industry
                                     Market value   % of Net
                                             SGD      Assets
Apparel                                20,276,018       1.94
Auto Manufactures                      17,642,024       1.69
Auto Parts & Equipment                  7,017,814       0.67
Banks                                 149,887,983      14.34
Building Material                      23,522,352       2.25
Chemicals                              18,025,667       1.73
Coal                                   11,727,261       1.12
Commercial Services                     7,347,870       0.70
Computers                              43,447,557       4.16
Electric Companies                     33,037,701       3.16
Electronics                            53,319,429       5.10
Engineering & Construction             55,326,483       5.29
Financial Services                     30,813,391       2.95
Healthcare Products                     8,091,630       0.78
Holding Companies                      56,355,030       5.39
Insurance                              61,345,105       5.87
Internet                                7,888,939       0.76
Investment Companies                   14,018,204       1.34
Iron & Steel                           19,560,957       1.87
Lodging                                 8,559,136       0.82
Mining                                 35,940,732       3.44
Miscellaneous Machinery                11,004,744       1.05
Multi Industry                         14,789,646       1.42
Oil & Gas Producers                    52,388,856       5.01
Pharmaceuticals                        18,606,791       1.78
Real Estate                            48,468,255       4.64
Retail                                 37,829,831       3.62
Semiconductors                         66,583,316       6.37
Software                               32,776,377       3.14
Telecommunications                     68,485,932       6.55
Others                                  5,350,349       0.51



                                                         45
Investments classified by Asset Class
                                                   Market value    % of Net
                                                            SGD      Assets
Equity Securities                                  1,039,435,380      99.46
Other Net Assets                                       5,644,359       0.54

Investments by Credit Rating of Debt Securities
Not applicable

Top 10 Holdings as at 31 December 2010
                                                   Market value    % of Net
                                                           SGD       Assets
Samsung Electronics Co Ltd                           45,004,724        4.31
Hutchison Whampoa Ltd                                35,397,424        3.39
Bank of China Ltd                                    33,932,935        3.25
Hon Hai Precision Industry                           29,781,033        2.85
Samsung Fire & Marine Insurance                      29,735,800        2.85
Shinsegae Co Ltd                                     26,486,921        2.53
China Unicom Hong Kong Ltd                           26,228,060        2.51
Hyundai Engineering & Construction                   24,480,286        2.34
AAC Acoustic Technologies                            23,538,396        2.25
CNOOC Ltd                                            23,293,914        2.23

Top 10 Holdings as at 31 December 2009
                                                   Market value    % of Net
                                                           SGD       Assets
Hon Hai Precision Industry                           31,373,404        3.27
Bank of China Ltd                                    28,052,893        2.92
Samsung Electronics Co Ltd                           27,633,909        2.88
China Mobile Ltd                                     27,438,508        2.86
Henderson Land Development                           25,200,125        2.63
Wharf Holdings Ltd                                   25,165,932        2.62
CNOOC Ltd                                            25,062,736        2.61
Shinsegae Co Ltd                                     24,571,805        2.56
AAC Acoustic Technologies                            24,542,647        2.56
ICICI Bank Ltd                                       23,917,965        2.49

Exposure to Derivatives
                                                   Market value    % of Net
                                                           SGD       Assets
(i) Market value of derivatives
    Forward Contracts                                        Nil          –
(ii) Net gain/(loss) on derivatives realised
     Forward Contracts                                   (4,877)
(iii) Net gain/(loss) on outstanding derivatives
      Forward Contracts                                      Nil




46
Investments in Collective Investment Schemes
Not applicable

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore (Pte) Ltd.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           67,503,399          67,446,580

Annualised Expense Ratio*
2010: 1.56%                      2009:   1.55%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 46.64%                     2009:   52.28%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     47
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK GLOBAL EQUITY FUND
Number of             Investment Funds                                  Market value          % of Net
Shares                                                                          SGD             Assets
                      Singapore
39,212,375            Aberdeen Fund                                        32,118,856             99.96
                      – Global Opportunities Fund SGD Share Class

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Global Equity Fund invests SGD 32,118,856, equivalent to 99.96% of its net asset value, in
Aberdeen Fund – Global Opportunities Fund SGD Share Class.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           6,372,262           49,885,790

Annualised Expense Ratio*
2010: 1.79%                      2009:   1.59%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 70.52%                     2009:   15.95%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




48
ABERDEEN FUND – GLOBAL OPPORTUNITIES FUND SGD SHARE CLASS

Top 10 Holdings as at 30 September 2010
                                                                        Market value            % of Net
                                                                                USD               Assets
Vodafone                                                                  95,724,791                3.90
ENI                                                                       84,096,056                3.50
Zurich Financial Services                                                 83,787,642                3.50
Philip Morris International                                               83,633,705                3.40
TSMC                                                                      78,574,580                3.20
Tenaris ADR                                                               76,736,182                3.20
QBE Insurance Group                                                       75,621,154                3.10
Roche Holdings                                                            73,703,059                3.00
Canon                                                                     73,261,542                3.00
Novartis                                                                  72,594,814                3.00

Top 10 Holdings as at 31 December 2009
(Previously held by underlying investment International Opportunities Funds – World Value Equity)
                                                                        Market value        % of Net
                                                                                 USD           Assets
Total S.A.                                                                  5,887,969             1.88
BP PLC                                                                      5,873,420             1.87
Sanofi–Aventis                                                              5,594,162             1.78
Exxon Mobil Corporation                                                     5,571,570             1.78
Microsoft Corp                                                              4,812,687             1.53
TNT NV                                                                      4,432,613             1.41
HSBC Holdings PLC                                                           4,361,644             1.39
Vodafone Group PLC                                                          4,323,061             1.38
International Business Machines Corp                                        4,228,026             1.35
Procter & Gamble Co                                                         4,196,995             1.34

Annualised Expense Ratio*#
2010: 1.78%                       2009:   –
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio#
2010: 10.31%                      2009:   –

# No   comparative ratios are presented as the Fund changed its underlying fund in 2010.

Note: Information for the same reporting period as that of the ILP sub–fund is not available.




                                                                                                     49
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK GLOBAL BOND FUND

Investments classified by Country
                                        Market value   % of Net
                                                SGD      Assets
Australia                                    642,186       0.74
Austria                                    3,472,363       4.01
Bermuda                                      245,475       0.28
Canada                                     1,655,161       1.91
Cayman Islands                               681,390       0.79
France                                       551,554       0.64
Germany                                   17,809,575      20.55
Hong Kong                                  1,864,767       2.15
India                                      1,472,962       1.70
Italy                                      2,684,624       3.10
Japan                                     18,627,253      21.50
Malaysia                                   1,380,762       1.59
Netherlands                                  444,552       0.51
Poland                                       292,469       0.34
Portugal                                     998,867       1.15
Singapore                                  4,435,843       5.12
South Korea                                6,363,006       7.34
Spain                                      4,753,538       5.49
Switzerland                                1,588,289       1.83
Thailand                                     369,947       0.43
United Kingdom                             4,109,234       4.74
United States                              9,386,972      10.83
US Virgin Islands                          1,345,450       1.55


Investments classified by Industry
                                        Market value   % of Net
                                                SGD      Assets
Banks                                     13,206,970      15.24
Financial Services                         6,314,003       7.29
Oil & Gas Producers                        1,380,762       1.59
Real Estate                                  681,390       0.79
Sovereign Govt. Obligations               62,005,900      71.55
Telecommunications                           890,488       1.03
Others                                       696,726       0.80

Investments classified by Asset Class
                                        Market value   % of Net
                                                SGD      Assets
Debt Securities                           85,176,239      98.29
Other Net Assets                           1,479,870       1.71




50
Investments by Credit Rating of Debt Securities
(by Moody’s or equivalents)
                                                   Market value   % of Net
                                                           SGD      Assets
Aaa                                                  28,684,625      33.10
Aa1                                                   4,753,538       5.49
Aa2                                                  24,958,906      28.80
Aa3                                                   1,977,775       2.28
A1                                                   10,163,843      11.73
A2                                                    2,031,848       2.35
A3                                                    1,605,235       1.85
Baa2                                                  2,305,007       2.66
Baa3                                                    513,405       0.59
Not rated                                             8,182,057       9.44

Top 10 Holdings as at 31 December 2010
                                                   Market value   % of Net
                                                           SGD      Assets
Deutschland Rep 4.75% 04/07/2028                      4,199,043       4.93
Pfand Ost L–Hypo 1.6% 15/02/2011                      3,472,363       4.08
Deutschland Rep 4% 04/01/2018                         3,001,993       3.52
Bayerische Lndbk 1.4% 22/04/2013                      2,655,265       3.12
Japan Govt 30–Yr 2.5% 20/03/2038                      2,572,435       3.02
Japan Govt 10–Yr 1.9% 20/06/2017                      2,473,450       2.90
Deutschland Rep 6% 20/06/2016                         2,398,612       2.82
Spanish Govt 6.15% 31/01/2013                         2,249,543       2.64
Japan Govt 10–Yr 1.7% 20/03/2017                      2,191,317       2.57
Korea Highway 4.375% 27/09/2016                       2,063,390       2.42

Top 10 Holdings as at 31 December 2009
                                                   Market value   % of Net
                                                           SGD      Assets
Japan Govt 10–Yr 1.6% 20/03/2016                      7,217,281       5.41
Spanish Govt 4.1% 30/07/2018                          6,207,730       4.65
Japan Govt 10–Yr 1.7% 20/03/2017                      4,750,778       3.56
Japan Govt 10–Yr 1.7% 20/12/2016                      4,156,425       3.12
Spanish Govt 6.15% 31/01/2013                         3,485,819       2.61
Deutschland Rep DBR 4% 04/01/2018                     3,417,146       2.56
Pfand Ost L–Hypo 1.6% 15/02/2011                      3,359,844       2.52
Japan Govt 10–Yr 1.4% 20/03/2018                      3,284,577       2.46
Deutschland Rep DBR 6% 20/06/2016                     3,267,866       2.45
Deutschland Rep DBR 3.75% 04/01/2015                  3,138,084       2.35

Exposure to Derivatives
                                                   Market value   % of Net
                                                           SGD      Assets

(i) Market value of derivatives
    Forward Contracts                                   104,174     0.12%
(ii) Net gain/(loss) on derivatives realised
     Forward Contracts                                  152,645
(iii) Net gain/(loss) on outstanding derivatives
      Forward Contracts                                 104,174

                                                                       51
Investments in Collective Investment Schemes
Not applicable

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 0.75% per annum paid to Prudential Assurance Company Singapore (Pte) Ltd.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           16,052,637          57,919,528

Annualised Expense Ratio*
2010: 0.77%                      2009:   0.77%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 48.97%                     2009:   33.29%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




52
SCHEDULE OF INvESTMENTS
As at 31 December 2010



PRULINK GLOBAL MANAGED FUND
Number of             Investment Funds                                  Market value          % of Net
Shares                                                                          SGD             Assets
                      Singapore
79,172,733            Schroder Multi–Asset Revolution                      93,107,133           100.03
                      Class A SGD Fund

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Global Managed Fund invests SGD 93,107,133, equivalent to 100.03% of its net asset value, in
Schroder Multi–Asset Revolution Class A SGD Fund.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.3% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           3,745,638            4,633,657

Annualised Expense Ratio*
2010: 1.56%                      2009:   1.37%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 108.08%                    2009:   25.25%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     53
SCHRODER MULTI–ASSET REvOLUTION CLASS A SGD FUND
Top 10 Holdings as at 31 December 2010***
                                                                        Market value       % of Net
                                                                                SGD          Assets

Schroder International Selection Fund – Global Equity Alpha Class I
Shares (Accumulation units)                                                12,247,044           9.40
Schroder International Selection Fund – Asian Bond Class I Shares
(Accumulation units)                                                       11,483,233           8.82
Schroder International Selection Fund – Emerging Markets Debt
Absolute Return Class I Shares (Accumulation units)                        11,304,109           8.68
Schroder International Selection Fund – Global Bond Class I Shares
(Accumulation units)                                                       11,249,182           8.64
Schroder International Selection Fund – Global Smaller Companies
Class I Shares (Accumulation units)                                         9,631,155           7.39
Schroder International Selection Fund – EURO Corporate Bond Class I
Shares (Accumulation units)                                                 9,294,077           7.14
Schroder International Selection Fund – Global Property Securities
Class I Shares                                                              9,137,740           7.02
Schroder Singapore Fixed Income Fund Class I Shares                         8,723,809           6.70
Schroder International Selection Fund – Global Inflation Linked Bond
Class I Shares (Accumulation units)                                         7,762,403           5.96
Schroder International Selection Fund – Pacific Equity Class I Shares
(Accumulation units)                                                        7,527,150           5.78

Annualised Expense Ratio*#
2010: 1.55%                       2009:   –

* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio**#
2010: 39.80%                      2009:   –

** The turnover ratio is calculated in accordance with the formulae stated in the “Code on Collective
Investment Schemes”.


*** No comparative figures are presented as previously information on underlying sub–funds are
presented in PruLink Global Equity Fund and PruLink Global Bond Fund.

# No   comparative ratios are presented as the Fund changed its underlying fund in 2010.




54
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK SINGAPORE CASH FUND

Investments classified by Country
                                                               Market value     % of Net
                                                                       SGD        Assets
Cayman Islands                                                    5,015,875         3.61
France                                                            5,002,145         3.61
Germany                                                           3,006,408         2.17
Singapore                                                        40,486,502        29.20
South Korea                                                      23,755,237        17.13
United States                                                     5,463,560         3.94


Investments classified by Industry
                                                               Market value     % of Net
                                                                       SGD        Assets
Banks                                                            38,772,021        27.96
Financial Services                                               15,960,001        11.51
Insurance                                                         5,015,875         3.62
Sovereign Govt. Obligations                                      22,981,830        16.57

Investments classified by Asset Class
                                                               Market value     % of Net
                                                                       SGD        Assets
Debt Securities                                                  82,729,727        59.66
Other Net Assets                                                 55,930,784        40.34

Investments by Credit Rating of Debt Securities / Money Market Instruments
(by Moody’s or equivalents)
                                                                Market value    % of Net
                                                                         SGD      Assets
Aaa                                                                 3,006,408       2.17
Aa2                                                                 8,457,015       6.10
A1                                                                22,515,374       16.24
A2                                                                19,764,932       14.25
Not rated                                                         28,985,998       20.90

Investment by Maturity of Money Market Instruments
                                                               Market value     % of Net
                                                                       SGD        Assets
0 – 30 days                                                       4,001,868         2.89
61 – 90 days                                                     33,012,803        23.81
91 – 120 days                                                     2,751,738         1.98
121 – 180 days                                                    7,510,193         5.41
181 – 240 days                                                   11,503,107         8.30
241 – 300 days                                                   17,502,048        12.62
More than 301 days                                                6,447,970         4.65




                                                                                     55
Top 10 Holdings as at 31 December 2010
                                                                    Market value         % of Net
                                                                            SGD            Assets
Singapore T–Bills 17/03/2011                                          22,981,830            16.57
Oversea–Chinese Banking Corporation 5% 06/09/2011                     11,500,504             8.29
National Agricultural Co 1.5% 20/07/2011                               6,500,962             4.69
Jackson Nat Fund 3.92% 08/03/2011                                      5,015,875             3.62
BNP Paribas 0.81% 23/08/2011                                           5,002,145             3.61
Korea Dev Bank 1.18% 19/05/2011                                        4,504,298             3.25
Kim Eng Holdings 2.3% 28/01/2011                                       4,001,868             2.89
Export–Import Bank Korea 1.25% 18/10/2011                              3,999,244             2.88
KFW 1.9% 17/03/2011                                                    3,006,408             2.17
Shinhan Bank 1.5% 02/06/2011                                           3,005,895             2.17

Top 10 Holdings as at 31 December 2009
                                                                    Market value         % of Net
                                                                            SGD            Assets
Singapore T–Bills 18/02/2010                                          29,981,700            16.57
Ascott Capital 3.09% 27/04/2010                                        8,284,237             8.29
CMT MTN Pte Ltd 3.25% 01/04/2010                                       7,778,417             4.69
BNZ International Funding 3.24% 28/07/2010                             7,564,395             3.62
Singapore T–Bills 25/02/2010                                           7,294,890             3.61
NACF 3.30% 18/08/2010                                                  7,034,300             3.25
Housing & Development Board 2.82% 10/06/2010                           6,094,350             2.84
Ascendas 3.66% 14/05/2010                                              6,049,350             2.88
Standard Chartered 2.48% 07/04/2010                                    5,508,861             2.17
Korea Dev Bank 5.55% 22/01/2010                                        5,008,075             2.17

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
Not applicable

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 0.3% per annum paid to Prudential Assurance Company Singapore (Pte) Ltd.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           3,346,462           45,720,236




56
Annualised Expense Ratio*
2010: 0.31%                      2009:   0.32%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 122.99%                    2009:   111.23%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     57
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK GLOBAL TECHNOLOGY FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
155,262,641              PRU Global Technology Fund                        79,494,472           100.02

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Global Technology Fund invests SGD 79,494,472 equivalent to 100.02% of its net asset value,
in PRU Global Technology Fund.

Borrowings
Not applicable

Related Party Transactions
(i) PruLink Global Technology Fund invests SGD 79,494,472 equivalent to 100.02% of its net asset
    value, in PRU Global Technology Fund.
(ii) Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           2,610,367            6,382,550

Annualised Expense Ratio*
2010: 1.72%                      2009:   1.83%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 6.25%                      2009:   3.81%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




58
PRU GLOBAL TECHNOLOGY FUND
PRU Global Technology Fund is a feeder fund which feeds into the Luxembourg–domiciled International
Opportunities Funds – Global Technology Fund.

Annualised Expense Ratio*
2010: 1.71%                     2009:   1.82%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 9.34%                     2009:   5.62%

INTERNATIONAL OPPORTUNITIES FUNDS – GLOBAL TECHNOLOGY FUND
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                             USD            Assets
Apple Computer Inc                                                      6,564,174             9.67
Microsoft Corporation                                                   5,102,103             7.52
Google Inc                                                              4,330,579             6.38
International Business Machines Corporation                             4,324,856             6.37
Oracle Corporation                                                      3,883,727             5.72
Hewlett–Packard Development Company                                     2,322,788             3.42
Qualcomm Inc                                                            2,241,536             3.30
Samsung Electronics Co Ltd                                              1,532,749             2.26
HTC Corp                                                                1,365,904             2.01
Priceline.Com Inc                                                       1,261,205             1.86

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             USD            Assets
Apple Computer Inc                                                      4,833,895             7.65
Microsoft Corporation                                                   4,314,511             6.83
Cisco Systems Inc                                                       4,226,827            -6.69
Google Inc                                                              3,991,374             6.32
International Business Machines Corporation                             3,411,712             5.40
Hewlett–Packard Development Company                                     2,674,156             4.23
Intel Corporation                                                       2,414,070             3.82
Oracle Corporation                                                      2,355,440             3.73
Qualcomm Inc                                                            1,601,209             2.53
Netapp Inc                                                              1,342,803             2.13




                                                                                                 59
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK PAN EUROPEAN FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
40,182,682               PRU Pan European Fund                             37,249,346           100.06

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Pan European Fund invests SGD 37,249,346, equivalent to 100.06% of its net asset value, in
PRU Pan European Fund.

Borrowings
Not applicable

Related Party Transactions
(i) PruLink Pan European Fund invests SGD 37,249,346, equivalent to 100.06% of its net asset value,
    in PRU Pan European Fund.
(ii) Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD               Nil              4,013,868

Annualised Expense Ratio*
2010: 1.74%                      2009:   1.78%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 4.45%                      2009:   4.73%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




60
PRU PAN EUROPEAN FUND
PRU Pan European Fund is a feeder fund which feeds into the Luxembourg–domiciled International
Opportunities Funds – Pan European Fund.

Annualised Expense Ratio*
2010:   1.73%                   2009: 1.77%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 4.24%                     2009:   3.96%

INTERNATIONAL OPPORTUNITIES FUNDS – PAN EUROPEAN FUND
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                             USD            Assets
DCC PLC                                                                 2,898,271             3.94
Grpe Euro Tunnel SA                                                     2,766,775             3.76
Sportingbet PLC                                                         2,502,220             3.40
Amadeus It Holding SA                                                   2,412,800             3.28
Vallourec                                                               2,257,103             3.07
Compass Group PLC                                                       2,217,155             3.02
Hugo Boss PFD                                                           1,971,307             2.68
Valeo SA                                                                1,963,548             2.67
Storebrand ASA                                                          1,924,245             2.62
GAM Holding AG                                                          1,862,705             2.53

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             USD            Assets
Tullow Oil PLC                                                          5,631,640             5.44
Sportingbet PLC                                                         4,500,762             4.35
Partygaming PLC                                                         4,432,927             4.28
Grpe Euro Tunnel SA                                                     4,258,880             4.11
Vallourec                                                               4,086,916             3.95
Storebrand ASA                                                          3,990,992             3.86
AXA SA                                                                  3,832,041             3.70
Credit Suisse Group Ag–Re                                               3,043,806             2.94
Fortum Oyj                                                              2,887,382             2.79
Grifols SA                                                              2,884,443             2.79




                                                                                                 61
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK PROTECTED GLOBAL TITANS FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
10,129,786               PRU Protected Global Titans Fund (S$)             11,679,643           100.12

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Protected Global Titans Fund invests SGD 11,679,643, equivalent to 100.12% of its net asset
value, in PRU Protected Global Titans Fund (S$).

Borrowings
Not applicable

Related Party Transactions
(i) PruLink Protected Global Titans Fund invests SGD 11,679,643, equivalent to 100.12% of its net
    asset value, in PRU Protected Global Titans Fund (S$).
(ii) Fund management charge of 0.55% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           1,879,474            4,739,332

Annualised Expense Ratio*
2010: 0.75%                      2009:   0.82%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 22.52%                     2009:   15.33%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




62
PRU PROTECTED GLOBAL TITANS FUND (S$)
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                             SGD            Assets
General Elec Cap 3.485% 08/03/2012                                      1,334,580             8.03
Sunshine Assets Limited MTN 2.78% 11/02/2011                            1,264,014             7.61
City Developments Limited Series MTN 3.38% 25/04/2012                   1,029,518             6.20
Export–Import Bank of Korea EMTN 2.8% 04/05/2012                        1,018,049             6.13
Ascendas Real Estate Investment MTN 4.75% 29/04/2011                    1,017,790             6.12
Midpoint Properties Series MTN 3.75% 04/07/2011                           767,775             4.62
Shinsegae Company Limited 6.125% 27/06/2011                               676,468             4.07
Ascott Capital Pte Limited Series MTN 4.7% 07/07/2011                     518,450             3.12
Capitaland Commercial Limited MTN 4.4% 03/03/2011                         509,361             3.06
Bank of America Corporation 4% 09/03/2011                                 508,642             3.06

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             SGD            Assets
Sunshine Assets Limited MTN 2.78% 11/02/2011                            1,262,739             5.12
Westfield Capital Corporation Series 4.375% 15/11/2010                  1,078,824             4.38
Ascendas Real Estate Investment MTN 4.75% 29/04/2011                    1,028,725             4.17
CCT MTN Pte Limited Series MTN 3.85% 20/08/2010                         1,023,837             4.15
National Agricultural Company GMTN 3.3% 18/08/2010                      1,018,776             4.13
Export–Import Bank of Korea EMTN 4.85% 28/04/2010                       1,016,997             4.13
Mapletreelog Treasury Company MTN 3.8% 12/03/2010                       1,012,832             4.11
Kookmin Bank Series GMTN 2.05% 18/10/2010                               1,006,051             4.08
Midpoint Properties Series MTN 3.75% 04/07/2011                           774,422             3.14
Ascott Capital Pte Limited MTN 3.1% 05/03/2010                            759,039             3.08

Annualised Expense Ratio*
2010: 0.66%                     2009:   0.70%

* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 25.53%                    2009:   82.37%




                                                                                                 63
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK ASIAN REACH MANAGED FUND
Number of                Investment Funds                                Market value          % of Net
Shares                                                                           SGD             Assets
                         Singapore
435,044,725              PRU Asian Balanced Fund                           750,887,195             99.94

Exposure to Derivatives
Not applicable
Investments in Collective Investment Schemes
PruLink Asian Reach Managed Fund invests SGD 750,887,195, equivalent to 99.94% of its net asset
value, in PRU Asian Balanced Fund.

Borrowings
Not applicable
Related Party Transactions
(i) PruLink Asian Reach Managed Fund invests SGD 750,887,195, equivalent to 99.94% of its net asset
     value, in PRU Asian Balanced Fund.
(ii) Fund management charge of 1.3% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.
Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           53,667,546          50,396,191

Annualised Expense Ratio*
2010: 1.46%                       2009:   1.50%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.
Turnover Ratio
2010: 2.38%                       2009:   1.40%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
The soft dollar arrangements may include specific advice as to the advisability of dealing in, or as to
the value of any investments, research and advisory services, economic and political analyses, portfolio
analyses including valuation and performance measurements, market analyses data and quotation services,
computer hardware and software or any other information facilities to the extend that they are used to
support the investment decision making process, the giving of advice, the conduct of research or analysis,
or analysis of trade execution, and custodial service in relation to the investments managed for clients.




64
Soft dollar arrangements have been undertaken by the Investment Manager in respect of the Fund. The soft dollar
arrangements relate essentially to the use of analytical tool provided by broker for the purpose of assessing and
monitoring the efficiency of trade execution. The tool is used for the benefit of all the funds managed by PAM
Singapore. PAM Singapore confirms that trades were executed at the best available terms, taking into account the
relevant market at the time for transactions of the kind and size concerned, and there was no churning of trades.
The said broker has also executed trades for other schemes managed by the Investment Manager.
Soft–dollar commissions/arrangements shall not include travel, accommodation, entertainment, general
administrative goods and services, general office equipment or premises, membership fees, employees’
salaries or direct money payment.
PRU ASIAN BALANCED FUND
PRU Asian Balanced Fund is a feeder fund which feeds into the Luxembourg–domiciled International
Opportunities Funds – Asian Equity for its equity participation and International Opportunities Funds –
US High Investment Grade Bond and International Opportunities Funds – US Investment Grade Bond for
its bond participation.
Annualised Expense Ratio*
2010: 1.42%                         2009: 1.44%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.
Turnover Ratio
2010: 15.36%                        2009:    32.54%
INTERNATIONAL OPPORTUNITIES FUNDS – ASIAN EQUITY
Top 10 Holdings as at 31 December 2010
                                                                              Market value            % of Net
                                                                                      USD               Assets
Samsung Electronics Co Ltd                                                      40,347,341                4.25
Hutchison Whampoa Ltd                                                           32,234,029                3.40
Bank Of China Ltd                                                               30,812,325                3.25
Hon Hai Precision Industry                                                      27,017,991                2.85
Samsung Fire & Marine Insurance                                                 26,659,396                2.81
China Unicom Hong Kong Ltd                                                      23,796,604                2.51
Shinsegae Co Ltd                                                                23,745,769                2.50
Hyundai Engineering and Construction                                            22,182,320                2.34
AAC Acoustic Technologies                                                       21,414,286                2.26
CNOOC Ltd                                                                       21,139,281                2.23

Top 10 Holdings as at 31 December 2009
                                                                              Market value            % of Net
                                                                                      USD               Assets
Hon Hai Precision Industry                                                      26,973,637                3.27
Bank Of China Ltd                                                               24,124,469                2.92
Samsung Electronics Co Ltd                                                      23,610,972                2.86
China Mobile Ltd                                                                23,595,585                2.86
Henderson Land Development                                                      21,668,095                2.63
Wharf Holdings Limited                                                          21,638,862                2.62
CNOOC Ltd                                                                       21,553,446                2.61
AAC Acoustic Technologies                                                       21,020,268                2.55
Shinsegae Co Ltd                                                                20,994,405                2.54
ICICI Bank Ltd                                                                  20,561,590                2.49

                                                                                                              65
INTERNATIONAL OPPORTUNITIES FUNDS – US HIGH INvESTMENT GRADE BOND
Top 10 Holdings as at 31 December 2010
                                                              Market value    % of Net
                                                                      USD       Assets
BNYMellon Liquidity B Fund                                       5,750,373        2.40
Bank of America Corp 5.75% 01/12/2017                            4,148,208        1.73
General Elec Cap Corp 2.25% 09/11/2015                           3,831,280        1.60
Morgan Stanley 5.75% 31/08/2012                                  3,206,076        1.34
Novartis 2.9% 24/04/2015                                         3,074,817        1.28
Credit Suisse New York 5.5% 01/05/2014                           2,955,933        1.23
Westpac Bank 3% 04/08/2015                                       2,907,627        1.21
Roche Holding Inc 6% 01/03/2019                                  2,778,101        1.16
JPMorgan Chase & Co 6.3% 23/04/2019                              2,662,715        1.11
General Elec Cap Corp 6.88% 10/01/2039                           2,624,038        1.09
Top 10 Holdings as at 31 December 2009
                                                              Market value    % of Net
                                                                      USD       Assets
Wells Fargo & Co 5.625% 11/12/2017                               5,168,518        2.37
JPMorgan Chase & Co 6.3% 23/04/2019                              3,480,148        1.60
Merrill Lynch & Co 6.05% 15/08/2012                              3,325,916        1.53
Morgan Stanley 5.75% 31/08/2012                                  3,222,867        1.48
Bank Of America Corp 5.75% 01/12/2017                            3,083,718        1.41
IBM Corp 2.1% 06/05/2013                                         3,001,281        1.38
Credit Suisse New York 5.5% 01/05/2014                           2,938,056        1.35
General Elec Cap Corp 5.25% 19/10/2012                           2,665,120        1.22
Roche Holding Inc 6% 01/03/2019                                  2,648,592        1.21
General Elec Cap Corp 6.875% 10/01/2039                          2,641,361        1.21

INTERNATIONAL OPPORTUNITIES FUNDS – US INvESTMENT GRADE BOND
Top 10 Holdings as at 31 December 2010
                                                              Market value    % of Net
                                                                      USD       Assets
BNYMellon Liquidity B Fund                                       7,490,133        1.37
Georgia P 1.3% 15/09/2013                                        5,999,334        1.09
Wachovia VAR 01/07/2045                                          4,905,199        0.90
Goldman Sachs Group Inc 6.75% 01/10/2037                         4,554,695        0.83
Citigroup Inc 5% 15/09/2014                                      3,994,924        0.73
Dominion 2.25% 01/09/2015                                        3,932,324        0.72
American 2.75% 15/09/2015                                        3,728,494        0.68
Anheuser–Busch Inbev Wor 4.125% 15/01/2015                       3,678,185        0.67
Xstrata Finance Canada 7.25% 15/07/2012                          3,545,938        0.65
NBC Unive 2.88% 01/04/2016                                       3,360,569        0.61
Top 10 Holdings as at 31 December 2009
                                                               Market value   % of Net
                                                                       USD      Assets
Chase Issuance Trust 2007–A15 4.96% 17/09/2012                    5,151,961       1.24
Diageo Finance BV 3.25% 15/01/2015                                4,783,339       1.15
Walot 2007-1 5.29% 20/04/2012                                     4,690,766       1.13
Wachovia Bank Commercial Mortgage T 2006–C27 5.765% 15/07/2045    4,155,686       1.00
Barclays Bank PLC 2.5% 23/01/2013                                 4,003,636       0.97
Goldman Sachs Group Inc 6.75% 01/10/2037                          3,825,929       0.92
Citigroup Inc 5% 15/09/2014                                       3,741,353       0.90
Simon Property Group Inc 6.75% 15/05/2014                         3,739,890       0.90
Xstrata Finance Canada 7.25% 15/07/2012                           3,571,330       0.86
Anheuser–Busch Inbev Wor 4.125% 15/01/2015                        3,564,946       0.86


66
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK CHINA–INDIA FUND
Number of                Investment Funds                                Market value          % of Net
Shares                                                                           SGD             Assets
                         Singapore
474,294,058              PRU Dragon Peacock Fund                         1,254,982,077             99.91

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink China–India Fund invests SGD 1,254,982,077, equivalent to 99.91% of its net asset value, in
PRU Dragon Peacock Fund.

Borrowings
Not applicable

Related Party Transactions
(i) PruLink China–India Fund invests SGD 1,254,982,077, equivalent to 99.91% of its net asset value,
    in PRU Dragon Peacock Fund.
(ii) Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD          143,154,652          156,175,971

Annualised Expense Ratio*
2010: 1.63%                       2009:   1.72%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 5.45%                       2009:   7.07%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
The soft dollar arrangements may include specific advice as to the advisability of dealing in, or as to
the value of any investments, research and advisory services, economic and political analyses, portfolio
analyses including valuation and performance measurements, market analyses data and quotation services,
computer hardware and software or any other information facilities to the extend that they are used to
support the investment decision making process, the giving of advice, the conduct of research or analysis,
or analysis of trade execution, and custodial service in relation to the investments managed for clients.


                                                                                                       67
Soft dollar arrangements have been undertaken by the Investment Manager in respect of the Fund.
The soft dollar arrangements relate essentially to the use of analytical tool provided by broker for the
purpose of assessing and monitoring the efficiency of trade execution. The tool is used for the benefit
of all the funds managed by PAM Singapore. PAM Singapore confirms that trades were executed at the
best available terms, taking into account the relevant market at the time for transactions of the kind and
size concerned, and there was no churning of trades. The said broker has also executed trades for other
schemes managed by the Investment Manager.
Soft–dollar commissions/arrangements shall not include travel, accommodation, entertainment, general
administrative goods and services, general office equipment or premises, membership fees, employees’
salaries or direct money payment.

PRU DRAGON PEACOCK FUND
Top 10 Holdings as at 31 December 2010
                                                                         Market value          % of Net
                                                                                 SGD             Assets
Bank of China Limited                                                     105,505,433              7.90
Infosys Technologies Limited                                               76,423,159              5.72
Reliance Industries Limited                                                68,720,039              5.15
Industrial and Commercial Bank of China Company Limited                    52,476,878              3.93
ICICI Bank Limited                                                         50,710,864              3.80
CNOOC Limited                                                              46,025,664              3.45
Dr Reddy’s Laboratories Limited                                            39,439,017              2.95
Focus Media Holding Limited                                                38,656,555              2.89
Evergrande Real Estate Group                                               38,531,115              2.88
Hindalco Industries Limited                                                37,632,504              2.82

Top 10 Holdings as at 31 December 2009
                                                                         Market value          % of Net
                                                                                 SGD             Assets
Industrial and Commercial Bank of China Company Limited                    75,874,361              5.76
Bank of China Limited                                                      71,013,470              5.39
Reliance Industries Limited                                                68,752,735              5.22
ICICI Bank Limited                                                         58,319,264              4.43
Infosys Technologies Limited                                               58,247,748              4.42
Axis Bank Limited                                                          47,161,047              3.58
China Mobile Limited                                                       43,853,797              3.33
Sterlite Industries (India) Limited                                        38,499,210              2.92
BYD Company Limited                                                        36,347,323              2.76
CNOOC Limited                                                              33,547,227              2.55

Annualised Expense Ratio*
2010: 1.62%                       2009: 1.71%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 16.78%                      2009: 27.07%



68
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK EMERGING MARKETS FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Luxembourg
7,746,278                JPMorgan Funds                                   252,498,100             99.91
                         – Emerging Markets Equity Fund C (Acc)
                         USD Share Class
Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Emerging Markets Fund invests SGD 252,498,100, equivalent to 99.91% of its net asset value,
in JPMorgan Funds – Emerging Markets Equity Fund C (Acc) USD Share Class.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.6% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           22,811,953          26,114,145

Annualised Expense Ratio*
2010: 1.81%                      2009:   1.91%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 104.44%                    2009:   2.58%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     69
jPMORGAN FUNDS – EMERGING MARKETS EQUITY FUND C (ACC) USD SHARE CLASS
Top 10 Holdings as at 31 December 2010
                                                                        Market value         % of Net
                                                                                USD            Assets
Housing Development Finance                                              409,657,408             4.31
Vale                                                                     403,618,496             4.25
Petrobras                                                                334,788,480             3.52
Taiwan Semiconductor Manufacturing Company                               294,459,144             3.10
Infosys Technologies                                                     287,285,720             3.03
Samsung Electronics                                                      282,952,128             2.98
Turkiye Garanti Bankasi                                                  239,849,760             2.53
China Merchants Bank                                                     234,239,296             2.47
CNOOC                                                                    221,709,824             2.33
Hyundai Mobis                                                            219,075,776             2.31

Top 10 Holdings as at 31 December 2009
(Previously held by underlying investment Franklin Templeton Investment Funds – Templeton Emerging
Markets Fund)
                                                                      Market value       % of Net
                                                                               USD          Assets
Vale SA                                                                  64,629,473           4.85
Petroleo Brasileiro SA                                                   60,098,747           4.51
PetroChina Co Ltd                                                        50,770,782           3.81
Gazprom/OAO                                                              47,306,109           3.55
Tata Consultancy Services Ltd                                            44,907,490           3.37
Sesa Goa Ltd                                                             42,375,613           3.18
Lukoil Holdings                                                          38,777,684           2.91
Itau Unibanco Holding SA                                                 38,644,427           2.90
OTP Bank                                                                 32,114,852           2.41
Anglo American PLC                                                       31,182,055           2.34

Annualised Expense Ratio*#
2010: 1.10%                       2009:   –
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio**#
2010: Nil                         2009:   –

** Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund
when buying and selling investments according to its investment policy and is calculated in accordance
with the guidelines dated 16 May 2008 issued by the Swiss Fund Association as outlined below:
(Total securities’ purchase and sales – total subscriptions and redemptions of Sub–Fund shares)/Average
net Sub–Fund assets in Sub–Fund currency
The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation
is negative, a zero value is published.

# No   comparative ratios are presented as the Fund changed its underlying fund in 2010.



70
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK AMERICA FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Luxembourg
1,213,062                Fidelity Funds – America Fund                      7,819,546             99.82

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink America Fund invests SGD 7,819,546, equivalent to 99.82% of its net asset value, in Fidelity
Funds – America Fund.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           2,340,438             768,384

Annualised Expense Ratio*
2010: 1.94%                      2009:   1.94%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 23.33%                     2009:   34.43%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     71
FIDELITY FUNDS – AMERICA FUND
Top 10 Holdings as at 31 October 2010
                                                                        Market value            % of Net
                                                                                USD               Assets
Chevron                                                                   47,531,977                2.70
Coca–Cola                                                                 42,250,646                2.40
Google A                                                                  42,250,646                2.40
Philip Morris International                                               42,250,646                2.40
Apple                                                                     40,490,202                2.30
Cisco Systems                                                             36,969,315                2.10
Pfizer                                                                    36,969,315                2.10
Ebay                                                                      35,208,871                2.00
Citigroup                                                                 33,448,428                1.90
Oracle                                                                    33,448,428                1.90

Top 10 Holdings as at 31 October 2009
                                                                        Market value            % of Net
                                                                                USD               Assets
Pfizer                                                                    40,012,000                2.80
JPMorgan Chase                                                            35,725,000                2.50
Cisco Systems                                                             31,438,000                2.20
Chevron                                                                   31,438,000                2.20
Microsoft                                                                 30,009,000                2.10
Wells Fargo                                                               28,580,000                2.00
Procter & Gamble                                                          27,151,000                1.90
Bank Of America                                                           27,151,000                1.90
CVS Caremark                                                              25,722,000                1.80
Hewlett–Packard                                                           24,293,000                1.70

Annualised Expense Ratio*
2010: 1.91%                      2009:    1.95%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 120.89%                    2009:    122.30%

Note: Information for the same reporting period as that of the ILP sub–fund is not available.




72
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK INTERNATIONAL BOND FUND
Number of                Investment Funds                                 Market value          % of Net
Shares                                                                            SGD             Assets
                         Luxembourg
18,487,668               Fidelity Funds – International Bond Fund II         17,156,556            100.00

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink International Bond Fund invests SGD 17,156,556, equivalent to 100.00% of its net asset value,
in Fidelity Funds – International Bond Fund II.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 0.75% per annum paid to Prudential Assurance Company Singapore
(Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           1,654,089            3,059,784

Annualised Expense Ratio*
2010: 1.17%                       2009:    1.15%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 27.48%                      2009:    29.20%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                        73
FIDELITY FUNDS – INTERNATIONAL BOND FUND II
Top 10 Holdings as at 31 October 2010
                                                                        Market value            % of Net
                                                                                SGD               Assets
Germany 4% 04/07/2016                                                      2,716,473                5.80
Germany 1.75% 09/10/2015                                                   1,873,430                4.00
Japan 1.9% 20/03/2029                                                      1,826,594                3.90
France Oat 2.5% 25/10/2020                                                 1,639,251                3.50
Canada 3.75% 01/06/2012                                                    1,358,237                2.90
Germany 3% 04/07/2020                                                      1,311,401                2.80
UK Gilt 2.75% 22/01/2015                                                   1,077,222                2.30
BA Covered Bond 4.125% 05/04/2012                                          1,030,386                2.20
Japan 1.1% 10/12/2016                                                        889,879                1.90
Germany 2.25% 04/09/2020                                                     796,208                1.70

Top 10 Holdings as at 31 October 2009
                                                                        Market value            % of Net
                                                                                SGD               Assets
Finland 3.875% 15/09/2017                                                  3,186,000                5.90
Germany 2.5% 10/10/2014                                                    2,538,000                4.70
Germany 4.75% 04/07/2040                                                   2,160,000                4.00
Canada 3.75% 01/06/2012                                                    1,404,000                2.60
UK Gilt 2.75% 22/01/2015                                                   1,350,000                2.50
Germany 3.75% 04/01/2015                                                   1,350,000                2.50
BA Covered Bond 4.125% 05/04/2012                                          1,188,000                2.20
Germany 1.25% 16/09/2011                                                   1,026,000                1.90
KFW 2.05% 16/02/2026                                                         972,000                1.80
Australia 6.25% 15/04/2015                                                   918,000                1.70

Annualised Expense Ratio*
2010: 1.15%                      2009:    1.15%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 163.91%                    2009:    231.83%

Note: Information for the same reporting period as that of the ILP sub–fund is not available.




74
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK ADAPT 2015 FUND
Effective 14 December 2010, PruLink Adapt 2015 Fund feeds into various Schroder funds.
Number of               Investment Funds                              Market value       % of Net
Shares                                                                        SGD          Assets
                        Luxembourg
54,892                  Schroder Investment Management                   2,491,035           5.00
                        – ISF Global Inflation Linked Bond
268,525                 Schroder Investment Management                   4,920,469           9.88
                        – ISF Asian Bond Absolute Return
68,027                  Schroder Investment Management                   1,441,933           2.90
                        – ISF Emerging Markets
10,285                  Schroder Investment Management                   1,930,307           3.88
                        – ISF Global Equity Alpha
15,479                  Schroder Investment Management                   2,519,137           5.06
                        – ISF Global Property Securities
164,993                 Schroder Investment Management                   2,987,372           6.00
                        – ISF Pacific Equity
96,299                  Schroder Investment Management                   3,935,426           7.91
                        – ISF Emerging Markets Debt Absolute Return
5,252                   Schroder Investment Management                     912,830           1.83
                        – ISF Global Smaller Companies
49,873                  Schroder Investment Management                   8,337,403          16.75
                        – ISF Global Bond
                        Singapore
1,289,990               Schroder Investment Management                   2,536,120           5.09
                        – Singapore Trust
10,376,027              Schroder Investment Management                  12,500,000          25.11
                        – Singapore Fixed Income Fund

                        United States
13,990                  SPDR Gold Trust                                  2,466,663           4.96

                        Total Investments                               46,978,695          94.37


Exposure to Derivatives
                                                                      Market value       % of Net
                                                                              SGD          Assets
(i) Market value of derivatives
    Forward Contracts                                                      352,848         0.71%
(ii) Net gain/(loss) on derivatives realised
     Forward Contracts                                                   1,054,515
(iii) Net gain/(loss) on outstanding derivatives
      Forward Contracts                                                    352,848



                                                                                               75
Investments in Collective Investment Schemes
PruLink Adapt 2015 Fund is a feeder fund which feeds into the Schroder Investment Management
(“SIM”) – ISF Emerging Markets, SIM – ISF Global Equity Alpha, SIM – ISF Pacific Equity, SIM – ISF Global
Smaller Companies and SIM – Singapore Trust for its equity participation; SIM – ISF Global Inflation
Linked Bond, SIM – ISF Asian Bond Absolute Return, SIM – ISF Emerging Markets Debt Absolute Return,
SIM – ISF Global Bond and SIM – Singapore Fixed Income Fund for its bond participation; and SIM – ISF
Global Property Securities and SPDR Gold Trust for its alternatives participation.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD             573,157            5,204,435

Annualised Expense Ratio*
2010: 1.65%                      2009:    1.58%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 103.42%                    2009:    15.69%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




76
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK ADAPT 2025 FUND
Effective 14 December 2010, PruLink Adapt 2025 Fund feeds into various Schroder funds.
Number of               Investment Funds                              Market value       % of Net
Shares                                                                        SGD          Assets
                        Luxembourg
257,366                 Schroder Investment Management                  11,679,536           4.99
                        – ISF Global Inflation Linked Bond
880,621                 Schroder Investment Management                  16,136,560           6.89
                        – ISF Asian Bond Absolute Return
781,602                 Schroder Investment Management                  16,567,158           7.08
                        – ISF Emerging Markets
185,630                 Schroder Investment Management                  34,840,902          14.88
                        – ISF Global Equity Alpha
142,063                 Schroder Investment Management                  23,120,726           9.88
                        – ISF Global Property Securities
1,292,231               Schroder Investment Management                  23,397,224          10.00
                        – ISF Pacific Equity
338,690                 Schroder Investment Management                  13,841,217           5.91
                        – ISF Emerging Markets Debt Absolute Return
80,796                  Schroder Investment Management                  14,043,645           6.00
                        – ISF Global Smaller Companies
162,322                 Schroder Investment Management                  27,135,972          11.59
                        – ISF Global Bond
                        Singapore
8,462,332               Schroder Investment Management                  16,636,945           7.11
                        – Singapore Trust
19,506,931              Schroder Investment Management                  23,500,000          10.04
                        – Singapore Fixed Income Fund
                        United States
65,820                  SPDR Gold Trust                                 11,605,131           4.96

                        Total Investments                              232,505,016          99.33


Exposure to Derivatives
                                                                      Market value       % of Net
                                                                              SGD          Assets
(i) Market value of derivatives
    Forward Contracts                                                    1,231,690         0.53%
(ii) Net gain/(loss) on derivatives realised
     Forward Contracts                                                   4,274,409
(iii) Net gain/(loss) on outstanding derivatives
      Forward Contracts                                                  1,231,690



                                                                                               77
Investments in Collective Investment Schemes
PruLink Adapt 2025 Fund is a feeder fund which feeds into the Schroder Investment Management
(“SIM”) – ISF Emerging Markets, SIM – ISF Global Equity Alpha, SIM – ISF Pacific Equity, SIM – ISF Global
Smaller Companies and SIM – Singapore Trust for its equity participation; SIM – ISF Global Inflation
Linked Bond, SIM – ISF Asian Bond Absolute Return, SIM – ISF Emerging Markets Debt Absolute Return,
SIM – ISF Global Bond and SIM – Singapore Fixed Income Fund for its bond participation; and SIM – ISF
Global Property Securities and SPDR Gold Trust for its alternatives participation.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.55% per annum paid to Prudential Assurance Company Singapore
(Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD               Nil             17,020,270

Annualised Expense Ratio*
2010: 1.71%                       2009:    1.65%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 108.52%                     2009:    16.43%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




78
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK ADAPT 2035 FUND
Effective 14 December 2010, PruLink Adapt 2035 Fund feeds into various Schroder funds.
Number of               Investment Funds                              Market value       % of Net
Shares                                                                        SGD          Assets
                        Luxembourg
199,216                 Schroder Investment Management                  3,650,442           6.89
                        – ISF Asian Bond Absolute Return
252,628                 Schroder Investment Management                  5,354,813          10.12
                        – ISF Emerging Markets
55,651                  Schroder Investment Management                 10,445,197          19.73
                        – ISF Global Equity Alpha
32,155                  Schroder Investment Management                  5,233,181           9.89
                        – ISF Global Property Securities
347,563                 Schroder Investment Management                  6,292,995          11.89
                        – ISF Pacific Equity
76,621                  Schroder Investment Management                  3,131,275           5.91
                        – ISF Emerging Markets Debt Absolute Return
30,180                  Schroder Investment Management                  5,245,725           9.91
                        – ISF Global Smaller Companies
36,737                  Schroder Investment Management                  6,141,437          11.60
                        – ISF Global Bond
                        Singapore
2,167,183               Schroder Investment Management                  4,260,681           8.05
                        – Singapore Trust
                        United States
14,870                  SPDR Gold Trust                                 2,621,822           4.95

                        Total Investments                              52,377,568          98.94


Exposure to Derivatives
                                                                      Market value       % of Net
                                                                              SGD          Assets
(i) Market value of derivatives
    Forward Contracts                                                      236,567         0.45%
(ii) Net gain/(loss) on derivatives realised
     Forward Contracts                                                     613,426
(iii) Net gain/(loss) on outstanding derivatives
      Forward Contracts                                                    236,567




                                                                                               79
Investments in Collective Investment Schemes
PruLink Adapt 2035 Fund is a feeder fund which feeds into the Schroder Investment Management
(“SIM”) – ISF Emerging Markets, SIM – ISF Global Equity Alpha, SIM – ISF Pacific Equity, SIM – ISF
Global Smaller Companies and SIM – Singapore Trust for its equity participation; SIM – ISF Asian Bond
Absolute Return, SIM – ISF Emerging Markets Debt Absolute Return and SIM – ISF Global Bond for its
bond participation; and SIM – ISF Global Property Securities and SPDR Gold Trust for its alternatives
participation.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.6% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD               Nil              3,310,595

Annualised Expense Ratio*
2010: 1.77%                      2009:   1.71%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 106.98%                    2009:   15.85%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




80
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK GLOBAL BASICS FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
263,509,460              PRU Global Basics Fund                           329,123,316           100.00

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Global Basics Fund invests SGD 329,123,316, equivalent to 100.00% of its net asset value, in
PRU Global Basics Fund.

Borrowings
Not applicable

Related Party Transactions
(i) PruLink Global Basics Fund invests SGD 329,123,316, equivalent to 100.00% of its net asset value,
    in PRU Global Basics Fund.
(ii) Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD               Nil             33,170,999

Annualised Expense Ratio*
2010: 1.77%                      2009:   1.78%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 1.09%                      2009:   3.56%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     81
PRU GLOBAL BASICS FUND
PRU Global Basics Fund is a feeder fund, which feeds into Sterling Class A shares of the M&G Investment
Funds – M&G Global Basics Fund, domiciled in the United Kingdom.

Annualised Expense Ratio*
2010: 1.75%                      2009:   1.77%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 0.82%                      2009:   3.07%

M&G GLOBAL BASICS FUND NET ACCUMULATION SHARES IN STERLING CLASS A SHARES
Top 10 Holdings as at 31 December 2010
                                                                       Market value          % of Net
                                                                               GBP             Assets
Fraser and Neave                                                        280,081,362              4.46
Illuka Resources                                                        218,354,441              3.46
Unilever                                                                200,158,000              3.21
Tullow Oil                                                              186,381,046              3.04
Lonmin                                                                  184,631,016              3.00
K&S                                                                     184,543,671              2.97
Imerys                                                                  179,248,164              2.91
Eramet                                                                  178,808,963              2.88
AMMB                                                                    176,761,904              2.84
Noble                                                                   170,016,574              2.82

Top 10 Holdings as at 31 December 2009
                                                                       Market value          % of Net
                                                                               GBP             Assets
Lonmin                                                                  180,161,216              4.57
Tullow Oil                                                              177,586,500              4.51
Unilever                                                                169,589,250              4.30
Sims                                                                    161,284,689              4.09
Eramet                                                                  156,165,915              3.96
Imerys                                                                  146,065,070              3.71
Johnson Matthey                                                         131,962,844              3.35
Fraser and Neave                                                        128,584,664              3.26
Colgate–Palmolive                                                       125,332,654              3.18
Constellation Brands                                                    121,439,289              3.08




82
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK CURRENCY INCOME FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
138,642,872              PRU Income X Fund                                 90,533,796           100.01

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Currency Income Fund invests SGD 90,533,796, equivalent to 100.01% of its net asset value,
in PRU Income X Fund.

Borrowings
Not applicable

Related Party Transactions
(i) PruLink Currency Income Fund invests SGD 90,533,796, equivalent to 100.01% of its net asset
    value, in PRU Income X Fund.
(ii) Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD               Nil             10,940,827

Annualised Expense Ratio*
2010: 1.65%                      2009:   1.69%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 5.15%                      2009:   6.07%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     83
PRU INCOME X FUND
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                             SGD            Assets
Singapore Treasury Bill Series 91 06/01/2011                           12,000,000             9.00
Singapore Treasury Bill Series 91 27/01/2011                            9,998,000             7.50
National Agricultural Co EMTN 1.5% 20/07/2011                           6,542,132             4.90
Singapore Treasury Bill Series 90 02/02/2011                            5,798,260             4.35
General Electric Cap Corporation GMTN 3.485% 08/03/2012                 5,133,001             3.85
SMRT Corporation Limited Series DMTN 3.27% 14/12/2011                   5,120,999             3.84
Capitacommercial Trust MTN 3.15% 24/01/2011                             5,073,227             3.80
Hyundai Capital Services Inc Series GMTN 2.65% 26/02/2011               5,047,616             3.78
Export–Import Bank of Korea EMTN 2% 14/06/2011                          5,012,082             3.76
SP Powerassets Limited EMTN FRN 27/04/2012                              4,733,637             3.55

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             SGD            Assets
Singapore Treasury Bill Series 91 04/02/2010                           19,990,691            12.16
CMT MTN Pte Ltd MTN 3.25% 01/04/2010                                   12,134,138             7.38
BNP Paribas EMTN 4.88% 22/03/2010                                      10,194,136             6.20
ANZ National (International) Limited EMTN 3.22% 08/07/2010             10,176,448             6.19
HK Land Treasury SG 3.01% 04/10/2010                                   10,166,465             6.19
CCT MTN Pte Ltd Series MTN 3.05% 17/03/2010                            10,112,745             6.15
BNZ International Funding Limited GMTN 3.24% 28/07/2010                 8,166,052             4.97
National Agricultural Co GMTN 3.3% 18/08/2010                           6,367,371             3.87
CCT MTN Pte Ltd Series MTN 3.85% 20/08/2010                             5,119,185             3.11
Shinhan Bank EMTN 3.78% 17/06/2010                                      5,036,317             3.06

Annualised Expense Ratio*
2010: 1.65%                     2009:   1.69%

* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 56.86%                    2009:   31.65%




84
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK GLOBAL PROPERTY SECURITIES FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
3,131                    Lasalle Investment Management Securities          85,990,531           100.08
                         – Global Property Securities Fund

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Global Property Securities Fund invests SGD 85,990,531, equivalent to 100.08% of its net asset
value, in Lasalle Investment Management Securities – Global Property Securities Fund.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD               Nil              7,954,136

Annualised Expense Ratio*
2010: 1.93%                      2009:   1.92%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 2.63%                      2009:   5.88%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     85
LASALLE INvESTMENT MANAGEMENT SECURITIES – GLOBAL PROPERTY SECURITIES
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                             EUR            Assets
Simon Property                                                          3,621,969             6.90
Westfield Group                                                         2,696,889             5.14
Avalonbay Communities                                                   2,191,998             4.18
Public Storage                                                          2,073,496             3.95
Vornado Realty                                                          1,857,901             3.54
Unibail–Rodamco                                                         1,691,196             3.22
Boston Properties                                                       1,555,775             2.96
Equity Residential                                                      1,545,160             2.94
Ventas Inc                                                              1,539,505             2.93
GPT Group                                                               1,387,494             2.64

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             EUR            Assets
Westfield Group                                                         3,043,873             6.83
Simon Property                                                          2,791,261             6.26
Unibail–Rodamco                                                         2,353,147             5.28
Avalonbay Communities                                                   1,789,336             4.02
Vornado Realty Trust                                                    1,596,574             3.58
Public Storage                                                          1,502,618             3.37
Stockland                                                               1,462,881             3.28
Ventas Inc                                                              1,332,924             2.99
Dexus Property                                                          1,151,637             2.58
Equity Residential                                                      1,131,665             2.54

Annualised Expense Ratio*
2010: 1.24%                     2009:   1.25%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 59.32%                    2009:   67.96%




86
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK GLOBAL LEADERS FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
4,665,265                PRU Global Leaders Fund                            4,035,454             98.58

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Global Leaders Fund invests SGD 4,035,454, equivalent to 98.58% of its net asset value, in PRU
Global Leaders Fund.

Borrowings
Not applicable

Related Party Transactions
(i) PruLink Global Leaders Fund invests SGD 4,035,454, equivalent to 98.58% of its net asset value, in
    PRU Global Leaders Fund.
(ii) Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD             358,984             344,203

Annualised Expense Ratio*
2010: 1.95%                      2009:   1.95%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 22.63%                     2009:   29.34%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     87
PRU GLOBAL LEADERS FUND
PRU Global Leaders Fund is a feeder fund, which feeds into Euro Class A shares of the M&G Investment
Funds – M&G Global Leaders Fund, domiciled in the United Kingdom.

Annualised Expense Ratio*
2010: 1.95%                     2009:   1.95%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 23.12%                    2009:   29.08%

M&G GLOBAL LEADERS FUND IN EURO CLASS A SHARES
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                             GBP            Assets
Microsoft                                                              30,777,662             2.68
Samsung Electronic                                                     28,871,153             2.67
eBay                                                                   27,866,443             2.46
Citigroup                                                              27,253,969             2.41
Pfizer                                                                 27,057,471             2.39
Anadarko Petroleum                                                     26,269,953             2.31
Hutchison Whampoa                                                      25,398,099             2.28
Kon DSM                                                                25,234,064             2.22
Qualcomm                                                               24,146,916             2.21
Astellas Pharmaceuticals                                               23,930,779             2.06

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             GBP            Assets
Microsoft                                                              27,898,505             2.84
Pfizer                                                                 23,531,228             2.39
HSBC Holdings                                                          23,174,542             2.36
JP Morgan Chase                                                        22,806,818             2.32
Merck                                                                  22,789,217             2.32
Wells Fargo                                                            21,766,669             2.21
Vodafone Group                                                         21,637,814             2.20
Samsung Electronic Pref                                                20,916,746             2.13
Astellas Pharmaceuticals                                               20,717,926             2.11
Kon DSM                                                                20,101,575             2.04




88
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK ASIAN INFRASTRUCTURE EQUITY FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
11,690,387               PRU Asian Infrastructure Equity Fund              11,596,864             98.44

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Asian Infrastructure Equity Fund invests SGD 11,596,864, equivalent to 98.44% of its net asset
value, in PRU Asian Infrastructure Equity Fund.

Borrowings
Not applicable

Related Party Transactions
(i) PruLink Asian Infrastructure Equity Fund invests SGD 11,596,864, equivalent to 98.44% of its net
    asset value, in PRU Asian Infrastructure Equity Fund.
(ii) Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           4,038,807            1,081,144

Annualised Expense Ratio*
2010: 1.85%                      2009:   2.03%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 10.15%                     2009:   26.00%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     89
PRU ASIAN INFRASTRUCTURE EQUITY FUND
PRU Asian Infrastructure Equity Fund is a feeder fund which feeds into the Luxembourg–domiciled
International Opportunities Funds – Asian Infrastructure Equity Fund Class C.

Annualised Expense Ratio*
2010: 1.87%                     2009:   2.00%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 27.11%                    2009:   26.07%

INTERNATIONAL OPPORTUNITIES FUNDS – ASIAN INFRASTRUCTURE EQUITY FUND CLASS C
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                             USD            Assets
China Mobile Ltd                                                        5,328,315             5.77
POSCO                                                                   4,391,110             4.75
CNOOC Ltd                                                               4,345,995             4.70
Reliance Industries Ltd                                                 4,145,608             4.49
China Petroleum & Chemical                                              3,907,048             4.23
China Shenhua Energy Co                                                 3,694,846             4.00
Gail Ind Ltd                                                            3,207,767             3.47
Sembcorp                                                                3,030,265             3.28
China Steel Corp                                                        2,541,197             2.75
Korea Electric Power Corp                                               2,373,636             2.57

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             USD            Assets
China Mobile Ltd                                                        4,420,355             4.47
China Petroleum & Chemica                                               3,637,635             3.68
Reliance Industries Ltd                                                 3,594,422             3.63
POSCO                                                                   3,360,463             3.40
Korea Electric Power Corp                                               3,273,611             3.31
China Railway Group Ltd                                                 3,248,187             3.28
China Shenhua Energy Co                                                 2,908,522             2.94
CNOOC Ltd                                                               2,882,394             2.91
Jiangsu Express Co Ltd                                                  2,825,433             2.85
Sinotruk Hong Kong Ltd                                                  2,680,373             2.71




90
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK GLOBAL MARKET NAvIGATOR FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
2,029,809                PRU Global Positioning Strategy Fund               1,948,617             98.48

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Global Market Navigator Fund invests SGD 1,948,617, equivalent to 98.48% of its net asset
value, in PRU Global Positioning Strategy Fund.

Borrowings
Not applicable

Related Party Transactions
(i) PruLink Global Market Navigator Fund invests SGD 1,948,617, equivalent to 98.48% of its net asset
    value, in PRU Global Positioning Strategy Fund.
(ii) Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD               Nil               360,611

Annualised Expense Ratio*
2010: 2.63%                      2009:   2.48%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 12.57%                     2009:   29.54%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     91
PRU GLOBAL POSITIONING STRATEGY FUND
PRU Global Positioning Strategy Fund is a feeder fund which feeds into the Luxembourg–domiciled
International Opportunities Funds – Global Market Navigator.

Annualised Expense Ratio*
2010: 2.62%                     2009:   2.40%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 36.03%                    2009:   36.61%

INTERNATIONAL OPPORTUNITIES FUNDS – GLOBAL MARKET NAvIGATOR
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                              USD           Assets
Ishares Iboxx $ Investment Grade Corporate Bond Fund                    2,190,402            10.37
Ishares FTSE 100                                                        2,184,834            10.35
I–Shares Barclays 20+ Year Credit Bond Fund                             1,942,074             9.20
Philippine 8.5% 03/03/2011                                              1,309,018             6.20
Mexco ST 8.5% 31/05/2029                                                1,136,559             5.38
Russian 12.75% 24/06/2028                                                 868,750             4.11
I–share IBX Citigroup                                                     423,150             2.00
S&P 500 Emini                                                              52,313             0.25
Tokyo Price Index                                                          14,846             0.07
SPI 200                                                                    (3,970)           -0.02

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             USD            Assets
Ishares Iboxx $ Investment Grade Corporate Bond Fund                    4,266,870            18.75
I–Shares Barclays 1-3 Year Credit Bond Fund                             2,232,130             9.81
Korea Treasury Bond 5.5% 10/06/2011                                     1,757,685             7.72
Philippine Government 8.5% 03/03/2011                                   1,350,069             5.93
Mexico Government Bond 8.5% 31/05/2029                                  1,290,627             5.67
Ishares FTSE 100                                                        1,180,031             5.18
Indonesia Gov Bond 10% 15/09/2024                                       1,114,015             4.89
Brazil Nota Do Tesouro Nacional 10% 01/01/2017                          1,040,683             4.57
Russia Eurobond 12.75% 24/06/2028                                       1,017,000             4.47
Hellenic Republic Government 6% 19/07/2019                                726,354             3.19




92
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK ASIAN INCOME FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Singapore
659,503                  International Opportunities Funds                 13,085,215             96.37
                         – Asian Equity Income Fund Class Dd

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Asian Income Fund invests SGD 13,085,215, equivalent to 96.37% of its net asset value, in
International Opportunities Funds – Asian Equity Income Fund Class Dd.

Borrowings
Not applicable

Related Party Transactions
(i) PruLink Asian Income Fund invests SGD 13,085,215, equivalent to 96.37% of its net asset value,
    in International Opportunities Funds – Asian Equity Income Fund Class Dd. Some directors of the
    International Opportunities Funds, an open–ended investment company registered in Luxembourg,
    are also directors of Prudential Assurance Company Singapore (Pte) Ltd.
(ii) Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore
     (Pte) Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of
     underlying investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           9,387,210             301,779

Annualised Expense Ratio*
2010: 1.80%                      2009: 1.88%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 14.35%                     2009: 12.70%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     93
INTERNATIONAL OPPORTUNITIES FUNDS – ASIAN EQUITY INCOME FUND CLASS DD
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                             USD            Assets
National Australia Bank                                                  392,746              2.87
BHP Billiton Ltd                                                         392,505              2.87
Bank of China Ltd                                                        383,830              2.80
Industrial and Commercial Bank of China                                  373,572              2.73
Taiwan Semiconductor Manufacturing                                       357,955              2.61
CNOOC Ltd                                                                334,490              2.44
Macquarie Group Ltd                                                      299,404              2.19
Telstra Corp Ltd                                                         297,991              2.18
China Mobile Ltd                                                         273,120              1.99
Indo Tambangraya Megah PT                                                270,366              1.97

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             USD            Assets
Taiwan Semiconductor Manufacturing                                       231,897              3.81
Australia and New Zealand Banking Group                                  228,754              3.76
Bank of China Ltd                                                        206,910              3.40
Industrial and Commercial Bank of China                                  192,682              3.17
QBE Insurance Group Ltd                                                  173,474              2.85
China Mobile Ltd                                                         169,110              2.78
Commonwealth Bank of Australia                                           167,997              2.76
Westpac Banking Corp                                                     152,869              2.51
China Petroleum & Chemica                                                144,365              2.37
Macquarie Group Ltd                                                      139,642              2.30

Annualised Expense Ratio*
2010: 0.28%                     2009:     0.71%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 37.92%                    2009: 47.23%




94
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK EMERGING MARKET INCOME BOND FUND
Number of                 Investment Funds                                 Market value          % of Net
Shares                                                                             SGD             Assets
                          Luxembourg
5,962,132                 Schroder ISF Emerging Market Debt                   55,447,829             97.70
                          – Absolute Return SGD Hedged A Dis

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Emerging Market Income Bond Fund invests SGD 55,447,829, equivalent to 97.70% of its net
asset value, in Schroder ISF Emerging Market Debt – Absolute Return SGD Hedged A Dis.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore (Pte) Ltd.
This charge is included as part of unrealised appreciation/(depreciation) in value of underlying investments
as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           39,079,783           2,246,985

Annualised Expense Ratio*
2010: 1.99%                       2009:    1.88%
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 5.38%                       2009: 1.00%

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                         95
SCHRODER ISF EMERGING MARKET DEBT – ABSOLUTE RETURN SGD HEDGED A DIS
Top 10 Holdings as at 31 December 2010
                                                                     Market value         % of Net
                                                                             USD            Assets
Poland Government Bond 4.75% 25/04/2012                               329,143,508             3.57
Mexican Cetes 0% 17/11/2011                                           326,377,596             3.54
Mexico Government Bond 0% 28/07/2011                                  292,264,684             3.17
South Africa Government Bond 7.5% 15/01/2014                          252,619,947             2.74
United States Treasury Bills 0% 07/04/2011                            242,478,271             2.63
Czech Government Bond 4.1% 11/04/2011                                 233,258,565             2.53
Singapore Government Bond 3.625% 01/07/2011                           231,414,623             2.51
United States Treasury Bills 0% 06/01/2011                            212,053,241             2.30
United States Treasury Bills 0% 03/02/2011                            201,911,564             2.19
United States Treasury Bills 0% 10/02/2011                            201,911,564             2.19

Top 10 Holdings as at 31 December 2009
                                                                     Market value         % of Net
                                                                             USD            Assets
U.S. Treasury 0% 22/04/2010                                           441,635,002             7.44
Poland Government Bond 6% 24/11/2010                                  272,460,304             4.59
U.S. Treasury 0% 29/04/2010                                           259,401,204             4.37
U.S. Treasury 0% 11/03/2010                                           254,058,845             4.28
Singapore Government Bond 3.625% 01/07/2011                           216,068,737             3.64
U.S. Treasury 0% 10/06/2010                                           203,009,638             3.42
U.S. Treasury 0% 27/05/2010                                           176,297,843             2.97
U.S. Treasury 0% 17/06/2010                                           155,522,003             2.62
U.S. Treasury 0% 15/04/2010                                           150,773,240             2.54
U.S. Treasury 0% 20/05/2010                                           150,773,240             2.54

Annualised Expense Ratio*
2010: 2.02%                     2009: 2.03%
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 105.20%                   2009: 63.01%




96
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK GREATER CHINA FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Luxembourg
2,510,466                Schroder International Selection Fund            136,782,518             99.95
                         – Greater China C Acc USD

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Greater China Fund invests SGD 136,782,518, equivalent to 99.95% of its net asset value, in
Schroder International Selection Fund – Greater China C Acc USD.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           47,369,040          23,573,940

Annualised Expense Ratio*
2010: 1.86%                      2009:   –
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 15.89%                     2009:   –

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     97
SCHRODER INTERNATIONAL SELECTION FUND – GREATER CHINA C ACC USD
Top 10 Holdings as at 31 December 2010 ***
                                                                       Market value          % of Net
                                                                               USD             Assets
China Mobile (Hong Kong) Ltd                                            101,065,934              5.88
Taiwan Semiconductor Manufacturing Co Ltd                                81,471,518              4.74
Hon Hai Precision Ind Co Ltd                                             69,439,859              4.04
Industrial & Commercial Bank of China (Asia) Ltd                         54,829,988              3.19
CNOOC Ltd                                                                48,470,397              2.82
China Construction Bank                                                  41,423,282              2.41
Chunghwa Telecom Co Ltd                                                  38,501,308              2.24
Swire Pacific                                                            37,126,261              2.16
Jardine Matheson Holding Ltd                                             35,923,095              2.09
Cheung Kong (Holdings) Ltd                                               35,579,334              2.07

Annualised Expense Ratio*
2010: 1.34%                      2009:   –
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio**
2010: 74.64%                     2009:   –

** The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage
over average net asset value.

*** Fund was launched on 5 November 2009 hence no comparative figures are presented.




98
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK GEMM RESOURCES FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Luxembourg
1,309,258                JPMorgan Funds                                    29,245,766             97.61
                         – Global Natural Resources Equity C (Acc)
                         USD Share Class
Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink GEMM Resources Fund invests SGD 29,245,766, equivalent to 97.61% of its net asset value, in
JPMorgan Funds – Global Natural Resources Equity C (Acc) USD Share Class.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.5% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD           27,925,213           1,272,229

Annualised Expense Ratio*
2010: 1.81%                      2009:   –
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: 22.98%                     2009:   –

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                     99
jPMORGAN FUNDS – GLOBAL NATURAL RESOURCES EQUITY C (ACC) USD SHARE CLASS
Top 10 Holdings as at 31 December 2010 ***
                                                                        Market value         % of Net
                                                                                USD            Assets
Rio Tinto                                                                169,577,785             3.60
Kinross Gold                                                             117,671,515             2.50
Pacific Rubiales Energy                                                  115,958,835             2.46
Xstrata                                                                  114,837,234             2.44
Anglo American                                                           101,177,219             2.15
BHP Billiton                                                              82,528,679             1.75
Freeport–Mcmoran Copper                                                   77,578,142             1.65
Silver Wheaton                                                            67,787,892             1.44
Barrick Gold                                                              61,465,535             1.30
Semafo                                                                    61,287,921             1.30

Annualised Expense Ratio*
2010: 1.05%                      2009:   –
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio**
2010: Nil                        2009:   –
** Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund
when buying and selling investments according to its investment policy and is calculated in accordance
with the guidelines dated 16 May 2008 issued by the Swiss Fund Association as outlined below:
(Total securities’ purchase and sales – total subscriptions and redemptions of Sub–Fund shares)/Average
net Sub–Fund assets in Sub–Fund currency.
The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation
is negative, a zero value is published.

*** Fund was launched on 20 January 2010 hence no comparative figures are presented.




100
SCHEDULE OF INvESTMENTS
As at 31 December 2010


PRULINK SINGAPORE GROWTH FUND
Number of                Investment Funds                               Market value          % of Net
Shares                                                                          SGD             Assets
                         Luxembourg
25,520,516               Aberdeen Fund                                    110,284,358             95.11
                         – Singapore Equity Fund SGD Share Class

Exposure to Derivatives
Not applicable

Investments in Collective Investment Schemes
PruLink Singapore Growth Fund invests SGD 110,284,358, equivalent to 95.11% of its net asset value,
in Aberdeen Fund – Singapore Equity Fund SGD Share Class.

Borrowings
Not applicable

Related Party Transactions
Fund management charge of 1.3% per annum paid to Prudential Assurance Company Singapore (Pte)
Ltd. This charge is included as part of unrealised appreciation/(depreciation) in value of underlying
investments as shown in the Capital and Income Account.

Total Subscriptions and Redemptions for the year ended 31 December 2010
             Subscriptions        Redemptions
SGD          114,911,792           1,407,987

Annualised Expense Ratio*
2010: 1.58%                      2009:   –
* The expense ratio does not include (where applicable) charges for insurance coverage, brokerage
and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads
arising from the purchase or sale of collective investment schemes and tax deducted at source or arising
out of income received.

Turnover Ratio
2010: Nil                        2009:   –

Any other material information that will adversely impact the valuation of the fund
Nil

Soft Dollar Commission
Not applicable




                                                                                                   101
ABERDEEN FUND – SINGAPORE EQUITY FUND SGD SHARE CLASS
Top 10 Holdings as at 30 September 2010**
                                                                        Market value            % of Net
                                                                                SGD               Assets
Oversea–Chinese Banking Corporation                                       25,405,498                9.60
Jardine Strategic Holdings                                                23,779,680                9.00
Fraser & Neave                                                            16,846,030                6.40
United Overseas Bank                                                      16,464,501                6.20
City Developments                                                         13,672,800                5.20
Singapore Telecommunications Ltd                                          13,328,636                5.00
Keppel Corporation                                                        12,525,500                4.70
Hong Leong Finance                                                        10,973,696                4.20
Wheelock Properties                                                       10,530,000                4.00
Singapore Technologies Engineering                                        10,497,200                4.00

Annualised Expense Ratio*
2010: 1.65%                      2009: –
* The expense ratio does not include (where applicable) brokerage and other transaction costs,
performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or
sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio
2010: 4.85%                      2009:    –

** Fund was launched on 5 July 2010 hence no comparative figures are presented.

Note: Information for the same reporting period as that of the ILP sub–fund is not available.




102
STATEMENT OF ASSETS AND LIABILITIES
As at 31 December 2010


                                Singapore Managed                       Asian Equity        Singapore Cash
                                             Fund                              Fund                   Fund
                                        $      %                         $        %              $      %
Equity Securities            2,299,790,814       67.35      1,039,435,380      99.46             –      0.00
Debt Securities                959,722,224       28.10                  –       0.00    82,729,727     59.66
Investments in Funds           138,354,789        4.05                  –       0.00             –      0.00
Value of Investments         3,397,867,827       99.50      1,039,435,380      99.46    82,729,727     59.66

OTHER ASSETS
Interest bearing deposits
  and bank balances              4,698,294        0.14          5,186,397       0.50    56,729,517     40.91
Accrued and outstanding
 interest and dividends         15,066,609        0.44             29,722       0.01       524,316      0.38
Other assets                    23,740,055        0.70            788,865       0.07         9,136      0.01
Total Assets                 3,441,372,785     100.78       1,045,440,364     100.03   139,992,696    100.96

LIABILITIES
Other liabilities              (26,437,262)      -0.78           (360,625)     -0.03    (1,332,185)    -0.96
value of Fund as at
 31 December 2010            3,414,935,523     100.00       1,045,079,739     100.00   138,660,511    100.00




                                        Global Equity                   Global Bond        Global Managed
                                                Fund                           Fund                  Fund
                                          $        %                     $       %               $     %
Debt Securities                          –        0.00         85,176,239      98.29             –      0.00
Investments in Funds            32,118,856       99.96                  –       0.00    93,107,133    100.03
Value of Investments            32,118,856       99.96         85,176,239      98.29    93,107,133    100.03

OTHER ASSETS
Interest bearing deposits
  and bank balances                  56,880       0.18            694,492       0.80        44,609      0.05
Accrued and outstanding
 interest and dividends                   –       0.00          1,117,949       1.29             –      0.00
Other assets                         18,259       0.05            355,783       0.41        54,326      0.06
Total Assets                    32,193,995     100.19          87,344,463     100.79    93,206,068    100.14

LIABILITIES
Other liabilities                  (62,242)      -0.19           (688,354)     -0.79     (127,126)     -0.14
value of Fund as at
 31 December 2010               32,131,753     100.00          86,656,109     100.00    93,078,942    100.00




The accompanying notes form an integral part of these financial statements.




                                                                                                        103
STATEMENT OF ASSETS AND LIABILITIES
As at 31 December 2010


                                  Global Technology                   Pan European     Protected Global Titans
                                               Fund                           Fund                       Fund
                                         $       %                      $       %                   $       %
Investments in Funds            79,494,472     100.02          37,249,346     100.06      11,679,643    100.12
Value of Investments            79,494,472     100.02          37,249,346     100.06      11,679,643    100.12

OTHER ASSETS
Interest bearing deposits
  and bank balances                  44,214       0.06             54,393       0.15             308      0.00
Accrued and outstanding
 interest and dividends                   –       0.00                  –       0.00               –      0.00
Other assets                            763       0.00             64,842       0.17          10,551      0.09
Total Assets                    79,539,449     100.08          37,368,581     100.37      11,690,502    100.21

LIABILITIES
Other liabilities                  (59,972)      -0.08           (142,328)     -0.37         (24,511)    -0.21
value of Fund as at
 31 December 2010               79,479,477     100.00          37,226,253     100.00      11,665,991    100.00




                              Asian Reach Managed                       China–India        Emerging Markets
                                             Fund                             Fund                    Fund
                                        $      %                        $        %                $      %
Investments in Funds           750,887,195       99.94      1,254,982,077      99.91     252,498,100     99.91
Value of Investments           750,887,195       99.94      1,254,982,077      99.91     252,498,100     99.91

OTHER ASSETS
Interest bearing deposits
  and bank balances                982,495        0.13          1,838,549       0.15         467,934      0.20
Accrued and outstanding
 interest and dividends                  –        0.00                  –       0.00               –      0.00
Other assets                       327,585        0.04            622,948       0.05         289,879      0.10
Total Assets                   752,197,275     100.11       1,257,443,574     100.11     253,255,913    100.21

LIABILITIES
Other liabilities                 (833,456)      -0.11         (1,361,901)     -0.11        (537,266)    -0.21
value of Fund as at
 31 December 2010              751,363,819     100.00       1,256,081,673     100.00     252,718,647    100.00




The accompanying notes form an integral part of these financial statements.




104
STATEMENT OF ASSETS AND LIABILITIES
As at 31 December 2010


                                            America              International Bond            Adapt 2015
                                              Fund                             Fund                  Fund
                                          $      %                       $       %              $      %
Investments in Funds             7,819,546       99.82         17,156,556     100.00    46,978,695    94.37
Value of Investments             7,819,546       99.82         17,156,556     100.00    46,978,695    94.37

OTHER ASSETS
Interest bearing deposits
  and bank balances                   9,434       0.12             50,729       0.31     2,567,616     5.16
Accrued and outstanding
 interest and dividends                  –        0.00                  –       0.00            –      0.00
Other assets                       117,246        1.49             31,410       0.17      362,555      0.72
Total Assets                     7,946,226     101.43          17,238,695     100.48    49,908,866   100.25

LIABILITIES
Other liabilities                 (112,384)      -1.43            (81,594)     -0.48     (122,123)    -0.25
value of Fund as at
 31 December 2010                7,833,842     100.00          17,157,101     100.00    49,786,743   100.00




                                          Adapt 2025                     Adapt 2035           Global Basics
                                                Fund                           Fund                   Fund
                                          $       %                      $       %              $        %
Investments in Funds           232,505,016       99.33         52,377,568      98.94   329,123,316   100.00
Value of Investments           232,505,016       99.33         52,377,568      98.94   329,123,316   100.00

OTHER ASSETS
Interest bearing deposits
  and bank balances                535,176        0.23            473,579       0.89             –     0.00
Accrued and outstanding
 interest and dividends                  –        0.00                  –       0.00            –      0.00
Other assets                     1,349,269        0.58            245,284       0.47      389,822      0.12
Total Assets                   234,389,461     100.14          53,096,431     100.30   329,513,138   100.12

LIABILITIES
Other liabilities                 (319,789)      -0.14           (157,144)     -0.30     (384,473)    -0.12
value of Fund as at
 31 December 2010              234,069,672     100.00          52,939,287     100.00   329,128,665   100.00




The accompanying notes form an integral part of these financial statements.




                                                                                                       105
STATEMENT OF ASSETS AND LIABILITIES
As at 31 December 2010


                                    Currency Income        Global Property Securities        Global Leaders
                                               Fund                            Fund                   Fund
                                         $       %                      $          %             $       %
Investments in Funds            90,533,796     100.01          85,990,531     100.08     4,035,454     98.58
Value of Investments            90,533,796     100.01          85,990,531     100.08     4,035,454     98.58

OTHER ASSETS
Interest bearing deposits
  and bank balances                135,797        0.15             21,678       0.03        83,457      2.04
Accrued and outstanding
 interest and dividends                  –        0.00                  –       0.00             –      0.00
Other assets                       254,235        0.28            364,407       0.42        25,645      0.63
Total Assets                    90,923,828     100.44          86,376,616     100.53     4,144,556    101.25

LIABILITIES
Other liabilities                 (402,434)      -0.44           (456,206)     -0.53       (51,028)    -1.25
value of Fund as at
 31 December 2010               90,521,394     100.00          85,920,410     100.00     4,093,528    100.00




                                 Asian Infrastructure                Global Market            Asian Income
                                         Equity Fund                Navigator Fund                    Fund
                                          $        %                    $       %                $      %
Investments in Funds            11,596,864       98.44          1,948,617      98.48    13,085,215     96.37
Value of Investments            11,596,864       98.44          1,948,617      98.48    13,085,215     96.37

OTHER ASSETS
Interest bearing deposits
  and bank balances                323,615        2.75             35,063       1.77     1,000,743      7.37
Accrued and outstanding
 interest and dividends                   –       0.00                  –       0.00             –      0.00
Other assets                         54,126       0.45             10,997       0.56       495,713      3.65
Total Assets                    11,974,605     101.64           1,994,677     100.81    14,581,671    107.39

LIABILITIES
Other liabilities                 (193,506)      -1.64            (15,932)     -0.81    (1,003,972)    -7.39
value of Fund as at
 31 December 2010               11,781,099     100.00           1,978,745     100.00    13,577,699    100.00




The accompanying notes form an integral part of these financial statements.




106
STATEMENT OF ASSETS AND LIABILITIES
As at 31 December 2010


                            Emerging Market Income                    Greater China       GEMM Resources
                                        Bond Fund                              Fund               Fund*
                                       $        %                       $        %            $       %
Investments in Funds            55,447,829       97.70        136,782,518      99.95    29,245,766     97.61
Value of Investments            55,447,829       97.70        136,782,518      99.95    29,245,766     97.61

OTHER ASSETS
Interest bearing deposits
  and bank balances                828,710        1.46            184,605       0.13     2,265,150      7.56
Accrued and outstanding
 interest and dividends            970,680        1.71                  –       0.00             –      0.00
Other assets                       335,988        0.59            484,672       0.36       351,729      1.18
Total Assets                    57,583,207     101.46         137,451,795     100.44    31,862,645    106.35

LIABILITIES
Other liabilities                 (828,710)      -1.46           (600,112)     -0.44    (1,901,737)    -6.35
value of Fund as at
 31 December 2010               56,754,497     100.00         136,851,683     100.00    29,960,908    100.00




                                                                                         Singapore Growth
                                                                                                   Fund**
                                                                                                $      %
Investments in Funds                                                                   110,284,358     95.11
Value of Investments                                                                   110,284,358     95.11

OTHER ASSETS
Interest bearing deposits
  and bank balances                                                                     12,288,318     10.60
Accrued and outstanding
 interest and dividends                                                                          –      0.00
Other assets                                                                             2,201,314      1.89
Total Assets                                                                           124,773,990    107.60

LIABILITIES
Other liabilities                                                                       (8,814,272)    -7.60
value of Fund as at
 31 December 2010                                                                      115,959,718    100.00


* Fund was launched on 20 January 2010

** Fund was launched on 5 July 2010




The accompanying notes form an integral part of these financial statements.




                                                                                                        107
CAPITAL AND INCOME ACCOUNT
From 1 January 2010 to 31 December 2010


                                                         Singapore Managed           Asian Equity          Singapore Cash
                                                                       Fund                 Fund                     Fund
                                                                           $                    $                       $
Value of Fund as at 1 January 2010                             3,133,016,025         959,896,439              179,793,200

Amounts received by the Fund for creation of units               252,707,617           67,503,399                3,346,462
Amounts paid by the Fund for liquidation of units               (234,939,645)         (67,446,580)             (45,720,236)
Net cash into/ (out of) the Fund                                  17,767,972               56,819              (42,373,774)

Investment income
– Dividend Income                                                 67,848,039           19,608,289                        –
– Interest Income                                                 30,714,100                4,782                3,170,546
– Other Income                                                             –                    –                        –
                                                                  98,562,139           19,613,071                3,170,546
Fund expenses
– Management fees                                                (41,432,019)         (14,366,097)               (515,465)
– Other expenses                                                   (4,373,397)          (3,679,175)                  (440)
                                                                 (45,805,416)         (18,045,271)               (515,905)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                                695,524             (884,581)                       –
Net realised gain/ (loss) on sale of investments                 231,083,780           77,597,245                (924,015)
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                     (20,384,501)           6,846,017                (489,541)
                                                                 211,394,803           83,558,681               (1,413,556)
Increase/ (decrease) in net asset value for the period           281,919,498           85,183,300              (41,132,689)

value of Fund as at 31 December 2010                           3,414,935,523         1,045,079,739             138,660,511

                                                               Global Equity         Global Bond          Global Managed
                                                                       Fund                 Fund                     Fund
                                                                           $                    $                        $
Value of Fund as at 1 January 2010                                78,596,775          133,359,640               93,060,531

Amounts received by the Fund for creation of units                 6,372,262           16,052,637                3,745,638
Amounts paid by the Fund for liquidation of units                (49,885,790)         (57,919,528)              (4,633,657)
Net cash into/ (out of) the Fund                                 (43,513,528)         (41,866,891)                (888,019)

Investment income
– Dividend Income                                                           –                   –                1,177,268
– Interest Income                                                           –           3,673,340                        –
– Other Income                                                          8,936                   –                        –
                                                                        8,936           3,673,340                1,177,268
Fund expenses
– Management fees                                                   (619,089)            (801,351)               (468,178)
– Other expenses                                                            –               (3,589)                      –
                                                                    (619,089)            (804,940)               (468,178)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                                 26,123                (1,196)                      –
Net realised gain/ (loss) on sale of investments                  (7,178,443)          (2,622,904)               3,571,973
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                       4,810,979           (5,080,940)              (3,374,633)
                                                                  (2,341,341)          (7,705,040)                 197,340
Increase/ (decrease) in net asset value for the period           (46,465,022)         (46,703,531)                  18,411

value of Fund as at 31 December 2010                              32,131,753           86,656,109               93,078,942

The accompanying notes form an integral part of these financial statements.

108
CAPITAL AND INCOME ACCOUNT
From 1 January 2010 to 31 December 2010


                                                         Global Technology         Pan European         Protected Global
                                                                      Fund                 Fund              Titans Fund
                                                                          $                    $                        $
Value of Fund as at 1 January 2010                               80,971,825           43,892,788               14,964,059

Amounts received by the Fund for creation of units                2,610,367                     –              1,879,474
Amounts paid by the Fund for liquidation of units                (6,382,550)          (4,013,868)             (4,739,332)
Net cash into/ (out of) the Fund                                 (3,772,183)          (4,013,868)             (2,859,858)

Investment income
– Dividend Income                                                         –                    –                       –
– Interest Income                                                         –                    –                       –
– Other Income                                                            –                    –                       –
                                                                          –                    –                       –
Fund expenses
– Management fees                                                (1,156,621)            (575,585)                (79,549)
– Other expenses                                                           –                    –                       –
                                                                 (1,156,621)            (575,585)                (79,549)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                                     –                     –                      –
Net realised gain/ (loss) on sale of investments                  1,654,344             (706,385)                586,057
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                      1,782,112           (1,370,697)               (944,718)
                                                                  3,436,456           (2,077,082)               (358,661)
Increase/ (decrease) in net asset value for the period           (1,492,348)          (6,666,535)             (3,298,068)

value of Fund as at 31 December 2010                             79,479,477           37,226,253              11,665,991

                                                      Asian Reach Managed           China–India         Emerging Markets
                                                                     Fund                 Fund                     Fund
                                                                        $                     $                        $
Value of Fund as at 1 January 2010                              717,703,936        1,200,932,289             242,676,886

Amounts received by the Fund for creation of units               53,667,546          143,154,652              22,811,953
Amounts paid by the Fund for liquidation of units               (50,396,191)        (156,175,971)            (26,114,145)
Net cash into/ (out of) the Fund                                  3,271,355          (13,021,319)             (3,302,192)

Investment income
– Dividend Income                                                         –                    –                       –
– Interest Income                                                         –                    –                       –
– Other Income                                                            –                    –                       –
                                                                          –                    –                       –
Fund expenses
– Management fees                                                (9,379,024)         (18,209,859)             (1,993,862)
– Other expenses                                                           –                    –                       –
                                                                 (9,379,024)         (18,209,859)             (1,993,862)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                                     –                    –                    (562)
Net realised gain/ (loss) on sale of investments                 12,109,121           36,821,230             (44,178,345)
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                     27,658,431           49,559,332              59,516,722
                                                                 39,767,552           86,380,562              15,337,815
Increase/ (decrease) in net asset value for the period           33,659,883           55,149,384              10,041,761

value of Fund as at 31 December 2010                            751,363,819        1,256,081,673             252,718,647


The accompanying notes form an integral part of these financial statements.

                                                                                                                     109
CAPITAL AND INCOME ACCOUNT
From 1 January 2010 to 31 December 2010


                                                            America              International             Adapt 2015
                                                               Fund                Bond Fund                     Fund
                                                                   $                         $                       $
Value of Fund as at 1 January 2010                         6,144,382                18,891,144              52,118,511

Amounts received by the Fund for creation of units         2,340,438                 1,654,089                  573,157
Amounts paid by the Fund for liquidation of units           (768,384)               (3,059,784)              (5,204,435)
Net cash into/ (out of) the Fund                           1,572,054                (1,405,695)              (4,631,278)

Investment income
– Dividend Income                                                  –                  571,580                         –
– Interest Income                                                  –                        –                   136,826
– Other Income                                                     –                        –                         –
                                                                   –                  571,580                   136,826
Fund expenses
– Management fees                                            (52,439)                  (71,115)               (632,822)
– Other expenses                                                    –                         –                  (2,047)
                                                             (52,439)                  (71,115)               (634,869)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                              –                          –                (240,847)
Net realised gain/ (loss) on sale of investments              24,356                   (12,515)               6,534,734
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                 145,489                 (816,298)               (3,496,334)
                                                             169,845                 (828,813)                2,797,553
Increase/ (decrease) in net asset value for the period     1,689,460               (1,734,043)               (2,331,768)

value of Fund as at 31 December 2010                       7,833,842               17,157,101                49,786,743


                                                         Adapt 2025                Adapt 2035              Global Basics
                                                               Fund                      Fund                      Fund
                                                                   $                         $                         $
Value of Fund as at 1 January 2010                       240,147,107                54,084,603              324,508,359

Amounts received by the Fund for creation of units                  –                         –                        –
Amounts paid by the Fund for liquidation of units        (17,020,270)               (3,310,595)             (33,170,999)
Net cash into/ (out of) the Fund                         (17,020,270)               (3,310,595)             (33,170,999)

Investment income
– Dividend Income                                                  –                         –                         –
– Interest Income                                            852,000                   103,467                         –
– Other Income                                                     –                         –                         –
                                                             852,000                   103,467                         –
Fund expenses
– Management fees                                         (2,792,457)                 (629,356)              (4,638,585)
– Other expenses                                               (7,313)                   (2,104)                       –
                                                          (2,799,770)                 (631,460)              (4,638,585)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                     (1,028,540)                 (275,699)                        –
Net realised gain/ (loss) on sale of investments          12,133,896                   916,605                 1,922,799
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                1,785,249                2,052,366               40,507,091
                                                          12,890,605                 2,693,272               42,429,890
Increase/ (decrease) in net asset value for the period    (6,077,435)               (1,145,316)                4,620,306

value of Fund as at 31 December 2010                     234,069,672                52,939,287              329,128,665


The accompanying notes form an integral part of these financial statements.

110
CAPITAL AND INCOME ACCOUNT
From 1 January 2010 to 31 December 2010


                                                            Currency Income         Global Property        Global Leaders
                                                                       Fund         Securities Fund                 Fund
                                                                          $                       $                     $
Value of Fund as at 1 January 2010                               108,284,941             86,249,106             3,992,406

Amounts received by the Fund for creation of units                          –                      –              358,984
Amounts paid by the Fund for liquidation of units                (10,940,827)            (7,954,136)             (344,203)
Net cash into/ (out of) the Fund                                 (10,940,827)            (7,954,136)               14,781

Investment income
– Dividend Income                                                  2,370,648                      –                     –
– Interest Income                                                          –                      –                     –
– Other Income                                                             –                      –                     –
                                                                   2,370,648                      –                     –
Fund expenses
– Management fees                                                 (1,518,738)             (799,228)               (61,407)
– Other expenses                                                            –               13,772                       –
                                                                  (1,518,738)             (785,456)               (61,407)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                                       –                      –                     –
Net realised gain/ (loss) on sale of investments                  (4,970,144)            (9,088,457)              (14,451)
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                      (2,704,486)            17,499,353               162,199
                                                                  (7,674,630)             8,410,896               147,748
Increase/ (decrease) in net asset value for the period           (17,763,547)             (328,696)               101,122

value of Fund as at 31 December 2010                              90,521,394             85,920,410             4,093,528

                                                         Asian Infrastructure        Global Market          Asian Income
                                                                 Equity Fund        Navigator Fund                  Fund
                                                                            $                    $                     $
Value of Fund as at 1 January 2010                                 8,133,690              2,391,588             4,068,698

Amounts received by the Fund for creation of units                 4,038,807                      –             9,387,210
Amounts paid by the Fund for liquidation of units                 (1,081,144)             (360,611)              (301,779)
Net cash into/ (out of) the Fund                                   2,957,663              (360,611)             9,085,431

Investment income
– Dividend Income                                                          –                      –               134,641
– Interest Income                                                          –                      –                     –
– Other Income                                                             –                      –                     –
                                                                           –                      –               134,641
Fund expenses
– Management fees                                                   (139,092)               (34,300)              (96,660)
– Other expenses                                                            –                      –                     –
                                                                    (139,092)               (34,300)              (96,660)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                                      –                      –                (3,515)
Net realised gain/ (loss) on sale of investments                     263,096                 29,652                (6,243)
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                         565,742                (47,584)              395,347
                                                                     828,838                (17,932)              385,589
Increase/ (decrease) in net asset value for the period             3,647,409              (412,843)             9,509,001

value of Fund as at 31 December 2010                              11,781,099              1,978,745            13,577,699


The accompanying notes form an integral part of these financial statements.

                                                                                                                     111
CAPITAL AND INCOME ACCOUNT
From 1 January 2010 to 31 December 2010


                                                  Emerging Market Income         Greater China        GEMM Resources
                                                              Bond Fund                   Fund                Fund*
                                                                        $                    $                     $
Value of Fund as at 1 January 2010                             21,584,425          109,162,711                     –

Amounts received by the Fund for creation of units             39,079,783           47,369,040              27,925,213
Amounts paid by the Fund for liquidation of units              (2,246,985)         (23,573,940)             (1,272,229)
Net cash into/ (out of) the Fund                               36,832,798           23,795,100              26,652,984
Investment income
– Dividend Income                                               1,144,775                    –                       –
– Interest Income                                                       –                    –                       –
– Other Income                                                          –                    –                       –
                                                                1,144,775                    –                       –
Fund expenses
– Management fees                                               (306,897)           (1,190,676)                (76,319)
– Other expenses                                                        –                     –                       –
                                                                (306,897)           (1,190,676)                (76,319)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                                  –                     –                        –
Net realised gain/ (loss) on sale of investments                 267,349               199,949                (118,198)
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                   (2,767,953)           4,884,599               3,502,441
                                                               (2,500,604)           5,084,548               3,384,243
Increase/ (decrease) in net asset value for the period         35,170,072           27,688,972              29,960,908
value of Fund as at 31 December 2010                           56,754,497          136,851,683              29,960,908

                                                                                                      Singapore Growth
                                                                                                                Fund**
                                                                                                                     $
Value of Fund as at 1 January 2010                                                                                   –

Amounts received by the Fund for creation of units                                                         114,911,792
Amounts paid by the Fund for liquidation of units                                                           (1,407,987)
Net cash into/ (out of) the Fund                                                                           113,503,805
Investment income
– Dividend Income                                                                                                    –
– Interest Income                                                                                                    –
– Other Income                                                                                                       –
                                                                                                                     –
Fund expenses
– Management fees                                                                                              (11,108)
– Other expenses                                                                                                      –
                                                                                                               (11,108)
Net gains/ (losses) on investments
Exchange gain/ (loss)                                                                                                –
Net realised gain/ (loss) on sale of investments                                                                45,447
Unrealised appreciation/ (depreciation) in value of
 investments during the year                                                                                 2,421,574
                                                                                                             2,467,021
Increase/ (decrease) in net asset value for the period                                                     115,959,718
value of Fund as at 31 December 2010                                                                       115,959,718

* Capital and Income Account from 20 January 2010 to 31 December 2010
** Capital and Income Account from 5 July 2010 to 31 December 2010

The accompanying notes form an integral part of these financial statements.
112
NOTES TO THE FINANCIAL STATEMENTS



These notes form an integral part of the financial statements.

1     Units in Issue and Net Asset value

      The Units in Issue and the Net Asset Value (which is the bid price) per unit of the PruLink Funds
      (“the funds”) as at 31 December 2010:

                                                                                           Net Asset
      Funds                                             Units in Issue                 Value per unit
      Singapore Managed Fund                             987,436,803                       S$3.45838
      Asian Equity Fund                                  491,309,317                       S$2.12713
      Singapore Cash Fund                                103,718,155                       S$1.33689
      Global Equity Fund                                  36,084,949                       S$0.89044
      Global Bond Fund                                    64,727,639                       S$1.33878
      Global Managed Fund                                 80,720,059                       S$1.15310
      Global Technology Fund                             146,524,557                       S$0.54243
      Pan European Fund                                   40,055,118                       S$0.92937
      Protected Global Titans Fund                        10,130,201                       S$1.15160
      Asian Reach Managed Fund                           437,088,270                       S$1.71902
      China–India Fund                                   520,335,537                       S$2.41398
      Emerging Markets Fund                              185,854,760                       S$1.35976
      America Fund                                         9,484,209                       S$0.82598
      International Bond Fund                             18,468,559                       S$0.92898
      Adapt 2015 Fund                                     44,444,036                       S$1.12021
      Adapt 2025 Fund                                    216,430,717                       S$1.08149
      Adapt 2035 Fund                                     51,048,867                       S$1.03703
      Global Basics Fund                                 315,816,105                       S$1.04215
      Currency Income Fund                               136,314,418                       S$0.66406
      Global Property Securities Fund                    173,421,496                       S$0.49544
      Global Leaders Fund                                  4,971,400                       S$0.82341
      Asian Infrastructure Equity Fund                     9,570,595                       S$1.23096
      Global Market Navigator Fund                         2,170,010                       S$0.91185
      Asian Income Fund                                   10,976,044                       S$1.23703
      Emerging Market Income Bond Fund                    61,614,496                       S$0.92112
      Greater China Fund                                 139,173,192                       S$0.98331
      GEMM Resources Fund*                                24,392,694                       S$1.22827
      Singapore Growth Fund**                            115,796,340                       S$1.00141

* GEMM Resources Fund was launched on 20 January 2010
** Singapore Growth Fund was launched on 5 July 2010




                                                                                                   113
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)


2     Summary of Significant Accounting Policies

2.1   Basis of preparation

      The financial statements of the Funds are presented in Singapore dollars. The financial statements
      have been prepared on the historical cost basis, except for investments and derivatives which are
      measured at fair value.

2.2   Investments

      All purchases of investments, which include investment in funds, quoted equities and bonds are
      recognised on their trade dates, i.e. the date the commitment exists to purchase the investments.
      The investments are initially recorded at cost, being fair value of the consideration given. The
      attributable transaction costs are recognised in the Capital and Income Account when incurred.
      After initial recognition, the investments are subsequently measured at fair value and the
      unrealised gains or losses on re–measurement to fair value are taken to the Capital and Income
      Account. The fair value is determined by using open market valuation at the year–end date. All
      investments of the Funds are valued at the last known transacted prices on 31 December 2010.
      Unquoted debt securities are valued at the prevailing prices quoted by banks or brokers.

2.3   Derivative financial instruments

      Derivative financial instruments are measured at fair value. Changes in fair value are recognised
      in the Capital and Income Account. Transaction costs incurred in buying and selling derivative
      instruments are recognised in the Capital and Income Account when incurred. The fair value of
      derivative financial instruments is determined based on their listed market price, if available, or
      broker quotes.

2.4   Amounts received by the Funds for creation of units

      The amounts received by the Funds comprise the gross premiums received by the Company (after
      deducting charges which include bid–offer spread) and switches by the policyholders from other
      funds.

2.5   Amounts paid by the Funds for liquidation of units

      The amounts paid by the Funds for liquidation of units comprise of the sale of units in the
      Funds for the payment of death claims or surrenders and for switches by the policyholders to
      the other funds.

2.6   Gains/losses from sale of investments

      All sales of investments are recognised on their trade date, the date the Fund commits to sell the
      investments. The cost of disposal of investments is determined on the weighted–average cost basis.
      Realised gains/losses from the sale of investments are taken to the Capital and Income Account.




114
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)


2.7   Income and expenses recognition

      Income and expenses are accounted for on an accrual basis. Dividend income is recognised in the
      Capital and Income Account when the right to receive payment is established. Interest income
      from investments is recognised on an accrual basis, using the effective interest method.

2.8   Foreign currencies

      Transactions in foreign currencies are translated into Singapore dollars at the exchange rate at the
      date of the transaction. Financial assets and liabilities denominated in foreign currencies at the
      reporting date are retranslated into Singapore dollars at the exchange rate at the reporting date.
      Foreign currency differences arising on retranslation are recognised in the Capital and Income
      Account.




                                                                                                     115
INDEPENDENT AUDITORS’ REPORT
PRUDENTIAL ASSURANCE COMPANY SINGAPORE (PTE) LIMITED


We have audited the accompanying financial statements of the PruLink Funds of Prudential Assurance
Company Singapore (Pte) Limited (the Company) which comprise the Statements of Assets and Liabilities
as at 31 December 2010, Capital and Income Account for the period from 1 January 2010 (or date
of commencement of the respective PruLink Funds, whichever is later) to 31 December 2010, and a
summary of significant accounting policies and other explanatory information as set out on pages 103
to 115. The financial statements have been prepared by management based on the accounting policies
set out in Note 2 to the financial statements (the stated accounting policies).

Management’s responsibility for the financial statements
Management is responsible for the preparation of these financial statements in accordance with the
stated accounting policies, for determining the acceptability of the basis of accounting, and for such
internal control as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.

Opinion
In our opinion, the financial statements of the PruLink Funds of the Company for the period from 1
January 2010 (or commencement date of the respective PruLink Funds, whichever is later) to
31 December 2010 are prepared, in all material respects, in accordance with the stated accounting policies.

Basis of accounting and restriction on distribution and use
Without modifying our opinion, we draw attention to Note 2 to the financial statements of the PruLink
Funds, which describe the basis of accounting. The financial statements are prepared to assist the
Company to comply with MAS Notice 307 Investment-Linked Life Insurance Policies. As a result, the
financial statements of the PruLink Funds may not be suitable for another purpose.




116
Our report is intended solely for the use of the Company and our duties are owed solely to the Company.
We do not accept responsibility and we expressly disclaim liability for loss occasioned to any third party
acting or refraining from acting as a result of our report.

Other matters
This report relates solely to the financial statements of the PruLink Funds of the Company and does not
extend to the financial statements of the Company taken as a whole.




KPMG LLP
Public Accountants and
Certified Public Accountants

Singapore
11 March 2011




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118
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120
Established in 1848 in the United Kingdom, Prudential plc is now one of the world’s leading
retail financial products and services companies. Prudential Singapore was set up in 1931,
and is a wholly-owned subsidiary of Prudential plc. We offer a comprehensive range of life
insurance and investment-linked products to meet the needs of our customers. To find out
more, contact your Financial Consultant or call our PruCustomer Line at 1800 333 0333
today. Alternatively, you can visit our website at www.prudential.com.sg




                             Prudential Assurance Company Singapore (Pte) Limited
                                          (Registration No. 199002477Z)
                           30 Cecil Street #30-01 Prudential Tower Singapore 049712
                     Tel: 1800 333 0333 Fax: 6734 9555 Website: www.prudential.com.sg
                                               Part of Prudential plc

								
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