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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 Prudentials 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

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 Europes 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 equitymarketsdisplayed remarkablysimilartrading 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 Singapores 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

ABOUT PRUDENTIALS FUND MANAGERS

Prudential plc is an international retail financial services group with significant operations in Asia, the US and the UK. The groups investment operations offer expertise in equities, bonds, real estate and venture capital. It is among the worlds 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 UKs largest retail mutual fund managers, but also specialized in investment management for more than 70 years. Established in 1931, M&G introduced Britains first ever unit trust. M&Gs 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, Prudentials fund management business independently manages assets on behalf of a wide range of retail and institutional investors across the region. Prudentials 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 Prudentials 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 2

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

As at 31 December 2010

TABLE OF FUND PERFORMANCE

PruLink Singapore Managed Fund PruLink Asian Equity Fund PruLink Global Equity Fund PruLink Global Bond Fund PruLink Global Managed Fund PruLink Global Technology Fund PruLink Pan European Fund PruLink Protected Global Titans Fund PruLink Asian Reach Managed Fund PruLink ChinaIndia Fund PruLink Emerging Markets Fund PruLink America Fund PruLink International Bond Fund PruLink Adapt 2015 Fund PruLink Adapt 2025 Fund PruLink Adapt 2035 Fund Prulink Global Basics Fund PruLink Currency Income Fund PruLink Global Property Securities Fund Prulink Global Leaders Fund Prulink Asian Infrastructure Equity Fund Prulink Global Market Navigator Fund Prulink Asian Income Fund Prulink Emerging Market Income Bond Fund Prulink Greater China Fund Prulink GEMM Resources Fund Prulink Singapore Growth Fund PruLink Singapore Cash Fund*

3Month Fund % 2.03 6.30 5.63 -4.55 1.43 5.57 2.33 -0.54 0.81 -0.08 1.90 9.85 -3.84 -0.17 2.11 3.54 11.74 -0.16 3.24 6.13 1.56 0.93 5.18 -1.31 2.76 16.63 2.59 0.15 Benchmark % 2.01 3.93 6.22 -4.33 1.86 7.86 1.89 0.62 -0.20 -1.07 4.54 7.87 -4.32 0.18 2.27 3.64 8.34 0.11 4.35 6.15 4.12 NA 4.71 -2.54 3.55 13.14 3.47 0.02

6Month Fund % 9.00 17.32 11.67 -2.18 5.94 13.77 17.51 -0.14 5.54 7.52 14.28 13.17 -0.91 4.51 8.13 10.27 24.19 0.31 13.51 16.53 9.74 3.55 14.80 0.33 12.79 36.10 NA 0.30 Benchmark % 9.08 14.15 13.97 -2.49 7.13 12.72 14.87 1.25 3.90 5.45 16.25 13.11 -2.58 4.34 7.96 10.15 18.39 0.23 15.79 14.51 14.83 NA 16.75 -8.09 12.53 24.07 NA 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.

1Year Fund % 8.27 8.85 1.62 -3.77 0.98 3.05 -6.16 -2.88 4.24 5.76 5.51 2.29 -1.91 4.59 4.76 4.15 12.86 -1.90 9.44 2.08 7.53 -2.11 6.79 0.75 2.41 NA NA 0.71 Benchmark % 9.01 9.43 2.50 -4.05 0.47 1.11 -4.71 2.50 4.73 3.19 8.25 4.99 -4.27 4.69 5.45 5.36 7.04 0.48 12.70 2.87 11.79 NA 8.05 -8.44 3.33 NA NA 0.12 Fund % 1.53

3Year Benchmark % 5.34 -9.86 -21.98 6.42 -6.19 -16.30 -31.06 7.70 1.54 -20.39 -16.13 -18.41 4.81 3.31 -1.59 -5.38 -13.89 1.79 -19.26 NA NA NA NA NA NA NA NA 1.28 Fund %

5Year Benchmark % 53.75 41.24 -10.72 8.46 1.58 -8.28 -7.65 13.16 24.86 97.87 28.00 -13.72 6.38 22.80 18.16 13.64 NA NA NA NA NA NA NA NA NA NA NA 7.20

10Year Fund % 96.61 138.20 -6.76 42.88 22.02 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 18.41 Benchmark % 91.89 144.76 -2.47 45.38 25.03 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 13.75

Since Inception Fund % 264.04 123.91 -6.07 40.92 21.51 -42.90 -2.17 15.16 80.95 154.10 43.13 -13.05 -2.21 17.92 13.84 9.16 9.70 -14.27 -47.85 -13.32 29.57 -4.02 38.45 5.91 3.51 29.29 5.41 33.69 Benchmark % 203.39 55.63 6.80 46.46 31.75 -35.26 13.36 24.70 85.21 207.36 65.00 -8.60 3.08 29.11 27.52 24.39 8.26 2.48 -37.47 -3.29 27.60 NA 47.59 -10.98 5.08 19.33 8.18 33.10

47.09 27.00 -20.06 7.30 -3.45 -12.67 -12.04 14.82 19.50 81.66 18.01 -19.24 1.83 14.24 7.58 1.65 NA NA NA NA NA NA NA NA NA NA NA 10.63

-16.08 -25.61 5.66 -7.98 -13.67 -33.07 2.34 -1.81 -18.18 -15.66 -17.62 4.15 -2.91 -9.50 -14.65 -11.69 -18.96 -31.39 NA NA NA NA NA NA NA NA 3.97

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 Underlying Fund Investment Manager Benchmark for the Underlying Fund Franklin Templeton Investment Funds Templeton Emerging Markets Fund Templeton Asset Management Limited MSCI Emerging Markets Index From 8 March 2010 JPMorgan Funds Emerging Markets Equity Fund JPMorgan Asset Management (UK) Limited MSCI Emerging Markets Total 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 Underlying Fund International Opportunities Funds World Value Equity From 8 June 2010 Aberdeen Global Opportunities Fund Aberdeen Asset Management Asia Limited

M&G Investment Management Sub-Manager / Limited Investment Manager 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.

With this change, there were the following subsequent changes: Before 8 June 2010* Underlying Fund(s) Investment Manager of Underlying Fund(s) Benchmark for the Underlying Fund From 8 June 2010*

50% PruLink Global Bond Fund and Schroder Multi-Asset Revolution 50% PruLink Global Equity Fund Prudential Asset Management (Singapore) Limited 50% MSCI World Index and 50% Citigroup World Government Bond Index Schroder Investment Management (Singapore) Ltd 60% MSCI World Index and 40% Citigroup World Government 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 Funds 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 exJapan 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 exJapan 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 Investment objective The Fund aims to maximize 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. From 6 December 2010 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 Managers 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 the various Asian currencies. 70% of the Funds assets are invested in equity or equity related securities, of which: (i) Between 50-70% of the Funds assets are to be invested in Singapore Equity; and (ii) Up to 20% of the Funds 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 Funds assets are invested in local and overseas fixed income instruments. 30% of the Funds assets are invested in fixed income/debt securities, of which: (i) Between 20-30% of the Funds assets are invested in local and overseas fixed income instruments. (ii) Up to 10% of the Funds 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

Investment mandate

70% of the Funds assets are invested in equities listed on the Singapore Stock Exchange (Singapore Equity).

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

Before 1 January 2011 Benchmark for the Underlying Fund Composite benchmark comprising the MSCI Singapore Free Index, MSCI Japan Index, FTSE World Europe Index, S&P500 Index, MSCI AC Asia ex Japan Index, UOB Singapore Government Bond Index (All), Return on Long Dated Portfolio and Barclays Capital Global Aggregate Index (hedged to S$)

From 1 January 2011 Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$), JACI Composite (hedged to S$), JPM EMBI+ Composite Index, FTSE NAREIT Developed RE Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR

Investment Objective of the PruLink Adapt Funds The investment objective of the PruLink Adapt Funds is to seek to maximise the Before 14 December 2010 Funds 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. The investment objective of the PruLink Adapt Funds is to generate capital growth From 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.

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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, Singapores 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.

Ministry of Trade and Industry, Singapore.

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Regional Equities Markets


Returns in Singapore dollars for the period under review: Stock Market (In SGD) MSCI AC Asia Ex-Japan MSCI China MSCI Hong Kong MSCI India MSCI Indonesia MSCI Korea MSCI Malaysia MSCI Philippines MSCI Singapore MSCI Taiwan MSCI Thailand
Source: Bloomberg

Currencies (Against SGD) CNY HKD INR IDR KRW MYR PHP TWD THB -5.7% -9.6% -5.1% -4.6% -5.3% +1.6% +3.3% +0.4% +1.6%

+17.0% -6.5% +9.3% +9.1% +21.3% +15.5% +22.3% +19.5% +8.1% +8.1% +38.6%

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 Chinas tightening measures could result in a serious slowdown in the worlds 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, Irelands 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. Chinas full year GDP was a reported 10.3%3, confirming it remains one of the worlds fastest growing economies. The regions 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 Asias 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 3

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

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Global Equities
Returns in Singapore dollars for the period under review: Stock Market (In SGD) +0.9% +3.8% -4.3% -9.7% +2.4% +6.6% +0.5% -5.8% Currencies (Against SGD) USD GBP EUR JPY AUD NZD -9.3% -14.0% +7.2% +3.8% +3.3% -2.4%

MSCI World MSCI North America MSCI UK MSCI Europe ex-UK MSCI Japan MSCI AC Far East ex-Japan MSCI Australia MSCI New Zealand
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 & Poors (S&P) highlighted the extent of the problems in the region. Tighter US bank regulation proposals and Chinas 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 (In SGD) Citigroup World Government Bond Index Citigroup US Government Bond Index Citigroup EMU Government Bond Index Citigroup Japan Government Bond Index
Source: Bloomberg

Currencies (Against SGD) USD EUR JPY -9.3% +7.2% +3.8%

-3.9% -3.3% -13.9% +7.3%

2010 proved to be an eventful year for bonds, and in particular government bonds. Europes 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 Europes 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 publicsector 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 Managers 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
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 Benchmark Prulink Singapore Managed Fund

Fund Details
PruLink Singapore Managed Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 70% MSCI Singapore Free Index + 30% UOB Singapore Government Bond Index (All) Net Investment Return (since inception of the fund) PruLink Singapore Managed Fund 70% MSCI Singapore Free Index + 30% UOB Singapore Government Bond Index (All) 8.27% 9.01% 264.04% 203.39% 24 Sep 1992 $3.458 $3.640

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, Peoples 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 350 325 300 275 250 225 200 175 150 125 100 75 50 25 Nov-95 Nov-96 Nov-97 Nov-98 Benchmark Prulink Asian Equity Fund

Nov-99

Nov-00

Nov-01

Nov-02

Nov-03

Nov-04

Nov-05

Nov-06

Nov-07

Nov-08

Nov-09

Fund Details
PruLink Asian Equity Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Asian Equity Fund MSCI AC Asia Ex-Japan Index Net Investment Return (since inception of the fund) PruLink Asian Equity Fund MSCI AC Asia Ex-Japan Index 123.91% 55.63% 8.85% 9.43% 1 Oct 1995 $2.127 $2.239

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

16

Nov-10

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

150 140 130 120 110 100 90 80 70 60 50 40

Benchmark Prulink Global Equity Fund

Fund Details
PruLink Global Equity Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Broadly Diversified Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Global Equity Fund MSCI World (Total Return Net) Index Net Investment Return (since inception of the fund) PruLink Global Equity Fund MSCI World (Total Return Net) Index -6.07% 6.80% 1.62% 2.50% 5 Oct 1998 $0.890 $0.937

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

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

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
180 170 160 150 140 130 120 110 100 90 80

Benchmark Prulink Global Bond Fund

Fund Details
PruLink Global Bond Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 Citigroup World Government Bond Index All Maturities Net Investment Return (since inception of the fund) PruLink Global Bond Fund Citigroup World Government Bond Index All Maturities 40.92% 46.46% -3.77% -4.05% 5 Oct 1998 $1.339 $1.409

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

18

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

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

150 140 130 120 110 100 90 80 70

Benchmark Prulink Global Managed Fund

Oct-06

Fund Details
PruLink Global Managed Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 60% MSCI World Free Index + 40% Citigroup World Government Bond* Net Investment Return (since inception of the fund) PruLink Global Managed Bond Fund 60% MSCI World Free Index + 40% Citigroup World Government Bond* 0.98% 0.47% 21.51% 31.75% 5 Oct 1998 $1.153 $1.214

* 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.

Aug-10

Feb-99

Jan-00

Dec-02

Nov-04

Sep-08

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 120 100 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

Benchmark Prulink Global Technology Fund

Fund Details
PruLink Global Technology Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Global Technology Fund MSCI AC World IT Index Net Investment Return (since inception of the fund) PruLink Global Technology Fund MSCI AC World IT Index -42.90% -35.26% 3.05% 1.11% 1 Apr 2001 $0.542 $0.571

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 200 180 160 140 120 100 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

Benchmark Prulink Pan European Fund

Fund Details
PruLink Pan European Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Pan European Fund FTSE World Europe (including UK) Index Net Investment Return (since inception of the fund) PruLink Pan European Fund FTSE World Europe (including UK) Index -2.17% 13.36% -6.16% -4.71% 1 Apr 2001 $0.929 $0.978

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
130 125 120 115 110 105 100 95 90 May-04 Aug-02 Nov-07 Dec-04 Aug-09 Mar-03 Mar-10 Sep-06 Oct-03 Apr-07 Oct-10 Feb-06 Jun-08 Jan-02 Jan-09 Jul-05 Benchmark Prulink Protected Global Titans Fund

Fund Details
Protected Global Titans Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 CPF Ordinary Account Interest Rate Net Investment Return (since inception of the fund) PruLink Protected Global Titans Fund CPF Ordinary Account Interest Rate 15.16% 24.70% -2.88% 2.50% 16 Jan 2002 $1.152 $1.212

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 200 190 180 170 160 150 140 130 120 110 100 90 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Oct-10 Benchmark Prulink Asian Reach Managed Fund

Fund Details
PruLink Asian Reach Managed Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 50% MSCI AC Asia ex Japan Index, 30% The BofA Merrill Lynch U.S. Corporates, 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 50% MSCI AC Asia ex Japan Index, 30% The BofA Merrill Lynch U.S. Corporates, A2 Rated and above Index, 20% The BofA Merrill Lynch U.S. Corporates, BBB3-A3 Rated Index 80.95% 85.21% 4.24% 4.73% 13 Jan 2003 $1.719 $1.809

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 Peoples Republic of China (PRC) and the Republic of India (India).
Price Indexed 430 410 370 330 290 250 210 170 130 90 Aug-10 Oct-10 Aug-04 Feb-05 Aug-05 Feb-06 Aug-06 Feb-07 Aug-07 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Benchmark PruLink China-India Fund

Fund Details
PruLink China-India Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink China-India Fund 50% MSCI China Index and 50% MSCI India Index Net Investment Return (since inception of the fund) PruLink China-India Fund 50% MSCI China Index and 50% MSCI India Index 154.10% 207.36% 5.76% 3.19% 21 Jun 2004 $2.414 $2.541

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 225 200 175 150 125 100 75 50 Benchmark PruLink Emerging Markets Fund

May-05

May-06

May-07

May-08

May-09

Fund Details
PruLink Emerging Markets Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Emerging Markets Fund MSCI Emerging Markets Total Return Net Net Investment Return (since inception of the fund) PruLink Emerging Markets Fund MSCI Emerging Markets Total Return Net 43.13% 65.00% 5.51% 8.25% 19 May 2005 $1.360 $1.431

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

May-10

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 140 120 100 80 60 40 May-05

Benchmark PruLink America Fund

Fund Details
PruLink America Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink America Fund Standard & Poors 500 Index Net Investment Return (since inception of the fund) PruLink America Fund Standard & Poors 500 Index -13.05% -8.60% 2.29% 4.99% 19 Apr 2005 $0.826 $0.869

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

26

May-09

May-10

May-06

May-07

May-08

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 120

Benchmark PruLink International Bond Fund

110

100

90

80
May-05 May-06 May-07 May-08 May-09 May-10

Fund Details
PruLink International Bond Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 Barclays Capital Global Aggregate G5 ex MBS Index Net Investment Return (since inception of the fund) PruLink International Bond Fund Barclays Capital Global Aggregate G5 ex MBS Index -2.12% 3.08% -1.91% -4.27% 19 Apr 2005 $0.929 $0.978

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 140 130 120 110 100 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 Benchmark Prulink Adapt 2015 Fund

Fund Details
PruLink Adapt 2015 Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, 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$), 3-month SIBOR Net Investment Return (since inception of the fund) PruLink Adapt 2015 Fund Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$), JACI Composite Index (hedged to S$), JPM EMBI+Composite Index, FTSE NAREIT Developed RE Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR 4.59% 4.69% 19 Apr 2005 $1.120 $1.179

17.92% 29.11%

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 140 130 120 110 100 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 Benchmark Prulink Adapt 2025 Fund

Fund Details
Launch Date

PruLink Adapt 2025 Fund


19 Apr 2005 $1.081 $1.138 Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Broadly Diversified Medium to High Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Adapt 2025 Fund Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$), 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 Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, 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 4.76% 5.45%

13.84% 27.52%

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 150 140 130 120 110 100 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 Benchmark Prulink Adapt 2035 Fund

Fund Details
Launch Date

PruLink Adapt 2035 Fund


19 Apr 2005 $1.037 $1.092 Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Broadly Diversified Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Adapt 2035 Fund Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$), 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 Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, 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 4.15% 5.36%

9.16% 24.39%

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 150 140 130 120 110 100 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 Benchmark Prulink Global Basics Fund

Fund Details
PruLink Global Basics Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Global Basics Fund FTSE Global Basics Composite Index Net Investment Return (since inception of the fund) PruLink Global Basics Fund FTSE Global Basics Composite Index 9.70% 8.26% 12.86% 7.04% 18 Apr 2006 $1.042 $1.097

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, cashequivalent, high quality bonds and other fixed income securities rated BBB (BBB Minus) and above by Standard & Poors (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
120 110 100 90 80 70 60 Jul-07 Jul-08 Jul-09 Mar-07 Mar-08 Mar-09 Mar-10 Nov-07 Nov-08 Nov-09 Jul-10 Benchmark

PruLink Currency Income Fund

Fund Details
PruLink Currency Income Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Medium to High Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Currency Income Fund 12 Month S$ Fixed Deposit Rate p.a. Net Investment Return (since inception of the fund) PruLink Currency Income Fund 12 Month S$ Fixed Deposit Rate p.a. -14.27% 2.48% -1.90% 0.48% 23 Jan 2007 $0.664 $0.699

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 longterm 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 100 Benchmark PruLink Global Property Securities Fund

80

60

40

20
Dec-07 Aug-08 May-07 Apr-09 Aug-10 Dec-09

Fund Details
PruLink Global Property Securities Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 UBS Warburg Global Real Estate Investors Index Net Investment Return (since inception of the fund) PruLink Global Property Securities Fund UBS Warburg Global Real Estate Investors Index -47.85% -37.47% 9.44% 12.70% 26 Mar 2007 $0.495 $0.522

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

120 100 80 60 40 20 0

Benchmark Prulink Global Leaders Fund

Mar-09

Mar-10

Nov-08

Nov-09

Fund Details
PruLink Global Leaders Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Broadly Diversified Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Global Leaders Fund FTSE World Index Net Investment Return (since inception of the fund) PruLink Global Leaders Fund FTSE World Index -13.32% -3.29% 2.08% 2.87% 4 Jun 2008 $0.823 $0.867

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

34

Nov-10 Dec-10

Jul-08

Jul-09

Jul-10

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 140 130 120 110 100 90 80 70 60 50 40 Apr-09 Apr-10 Oct-08 Oct-09 Aug-08 Dec-08 Feb-09 Aug-09 Dec-09 Feb-10 Aug-10 Oct-10 Jun-09 Jun-10 Dec-10 Benchmark PruLink Asian Infrastructure Equity Fund

Fund Details
PruLink Asian Infrastructure Equity Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 MSCI AC Asia ex-Japan Selected Sectors Index Net Investment Return (since inception of the fund) PruLink Asian Infrastructure Equity Fund MSCI AC Asia ex-Japan Selected Sectors Index 29.57% 27.60% 7.53% 11.79% 4 Aug 2008 $1.231 $1.296

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 140 130 120 110 100 90 80 70 60 50 40 Apr-09 Apr-10 Dec-08 Dec-09 Aug-08 Aug-09 Aug-10 Dec-10 Benchmark Prulink Global Market Navigator Fund

Fund Details
PruLink Global Market Navigator Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 Net Investment Return (since inception of the fund) PruLink Global Market Navigator Fund -4.02% -2.11% 18 Aug 2008 $0.912 $0.960

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 Funds 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 160 150 140 130 120 110 100 90 80 Aug-09 Aug-10 Apr-09 Apr-10 Jun-09 Dec-09 Jun-10 Dec-10 Oct-09 Oct-10 Feb-10 Benchmark Prulink Asian Income Fund

Fund Details
PruLink Asian Income Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Asian Income Fund MSCI AC Asia Ex-Japan Index Net Investment Return (since inception of the fund) PruLink Asian Income Fund MSCI AC Asia Ex-Japan Index 38.45% 47.59% 6.79% 8.05% 2 Apr 2009 $1.237 $1.302

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 Price Indexed 110 100 90 80 70 60 50 40 30 PruLink Emerging Market Income Bond Fund

Nov-09

Fund Details
PruLink Emerging Market Income Bond Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) 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 USD 3M Libor (SGD) Net Investment Return (since inception of the fund) PruLink Emerging Market Income Bond Fund USD 3M Libor (SGD) 5.91% -10.98% 0.75% -8.44% 2 Jul 2009 $0.921 $0.970

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

38

Aug-10

Dec-10

Jul-09

Apr-10

Sep-09

Oct-10

Jan-10

Jun-10

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 Peoples 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 Sep-10 Dec-10 Jun-10 Jui-10 Oct-10

Fund Details
PruLink Greater China Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Greater China Fund MSCI Golden Dragon Net Investment Return (since inception of the fund) PruLink Greater China Fund MSCI Golden Dragon 3.51% 5.08% 2.41% 3.33% 6 Nov 2009 $0.983 $1.035

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 130 125 120 115 110 105 100 95 90 Apr-10 Jun-10 Aug-10 Dec-10 Feb-10 Oct-10 Benchmark PruLink GEMM Resources Fund

Fund Details
PruLink GEMM Resources Fund
Launch Date Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink GEMM Resources Fund HSBC Gold, Mining & Energy Total Return Net Net Investment Return (since inception of the fund) PruLink GEMM Resources Fund HSBC Gold, Mining & Energy Total Return Net 29.29% 19.33% N/A N/A 20 Jan 2010 $1.228 $1.293

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 Bid Price (as at 31 Dec 2010) Offer Price (as at 31 Dec 2010) Risk Classification Narrowly Focused Higher Risk Net Investment Return (for period under review 1 jan 2010 to 31 Dec 2010) PruLink Singapore Growth Fund Straits Times Index (STI) Net Investment Return (since inception of the fund) PruLink Singapore Growth Fund Straits Times Index (STI) 5.41% 8.18% N/A N/A 5 Jul 2010 $1.001 $1.054

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 Australia Bermuda Cayman Islands Hong Kong India Isle Of Man Luxembourg Mauritius Netherlands New Zealand Singapore South Korea Thailand United Arab Emirates United Kingdom United States Investments classified by Industry Agriculture Airlines Banks Beverages Bond Funds Distribution & Wholesale Engineering & Construction Financial Services Food Holding Companies Lodging Media Multi Industry Real Estate Shipbuilding Sovereign Govt. Obligations Telecommunications Transportation Others Investments classified by Asset Class Equity Securities Debt Securities Investments in Funds Other Net Assets Market value SGD 2,299,790,814 959,722,224 138,354,789 17,067,696 % of Net Assets 67.35 28.10 4.05 0.50 Market value SGD 160,167,305 73,758,240 777,128,974 69,678,558 70,297,652 37,615,247 105,951,972 143,178,909 62,946,063 222,428,031 206,112,638 63,876,005 40,464,885 297,838,132 94,734,099 635,665,252 239,515,175 49,080,590 47,430,100 % of Net Assets 4.69 2.16 22.76 2.04 2.06 1.10 3.10 4.19 1.84 6.51 6.04 1.87 1.19 8.72 2.78 18.61 7.01 1.44 1.39 Market value SGD 2,047,683 78,563,507 14,008,718 8,903,614 4,206,943 133,313,184 77,358,452 50,234,710 630,000 2,763,475 2,962,915,490 17,084,767 2,199,308 5,905,356 3,539,300 34,193,320 % of Net Assets 0.06 2.31 0.41 0.26 0.12 3.90 2.28 1.47 0.02 0.08 86.76 0.50 0.06 0.17 0.10 1.00

42

Investments by Credit Rating of Debt Securities (by Moodys or equivalents) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Not rated Top 10 Holdings as at 31 December 2010 DBS Group Holdings Ltd OverseaChinese Banking Corporation Ltd Singapore Telecommunications Ltd United Overseas Bank Ltd Keppel Corporation Ltd Genting Singapore Plc Wilmar International Ltd CapitaLand Ltd Singapore Government Bond 3.15% 09/01/2020 Singapore Government Bond 3.75% 09/01/2016 Top 10 Holdings as at 31 December 2009 DBS Group Holdings Ltd Singapore Telecommunications Ltd United Overseas Bank Ltd OverseaChinese Banking Corporation Ltd CapitaLand Ltd Keppel Corporation Ltd Singapore Government Bond 4% 09/01/2018 Wilmar International Ltd Singapore Government Bond 3.75% 09/01/2016 Singapore Airlines Ltd Exposure to Derivatives (i) Market value of derivatives Forward Contracts (ii) Net gain/(loss) on derivatives realised Forward Contracts (iii) Net gain/(loss) on outstanding derivatives Forward Contracts

Market value SGD 620,500,584 13,375,304 12,311,640 4,522,246 32,880,342 15,657,336 54,837,359 8,699,738 14,327,911 10,623,374 2,532,183 169,454,207 Market value SGD 237,036,583 231,915,730 230,854,561 215,261,483 142,406,279 133,313,184 97,567,900 92,976,258 81,786,132 76,068,276 Market value SGD 278,075,244 257,377,442 255,793,133 246,748,793 111,598,141 108,620,034 99,630,000 85,621,880 82,657,455 80,269,632 Market value SGD 3,315,691 2,090,482 3,315,691

% of Net Assets 18.17 0.39 0.36 0.13 0.96 0.46 1.61 0.26 0.42 0.31 0.07 4.96 % of Net Assets 6.98 6.83 6.79 6.34 4.19 3.92 2.87 2.74 2.41 2.24 % of Net Assets 8.88 8.22 8.16 7.88 3.56 3.47 3.18 2.73 2.64 2.56 % of Net Assets 0.10%

43

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

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 Bermuda Cayman Islands China Hong Kong India Indonesia Malaysia Philippines Singapore South Korea Taiwan Thailand United States Investments classified by Industry Apparel Auto Manufactures Auto Parts & Equipment Banks Building Material Chemicals Coal Commercial Services Computers Electric Companies Electronics Engineering & Construction Financial Services Healthcare Products Holding Companies Insurance Internet Investment Companies Iron & Steel Lodging Mining Miscellaneous Machinery Multi Industry Oil & Gas Producers Pharmaceuticals Real Estate Retail Semiconductors Software Telecommunications Others Market value SGD 20,276,018 17,642,024 7,017,814 149,887,983 23,522,352 18,025,667 11,727,261 7,347,870 43,447,557 33,037,701 53,319,429 55,326,483 30,813,391 8,091,630 56,355,030 61,345,105 7,888,939 14,018,204 19,560,957 8,559,136 35,940,732 11,004,744 14,789,646 52,388,856 18,606,791 48,468,255 37,829,831 66,583,316 32,776,377 68,485,932 5,350,349 % of Net Assets 1.94 1.69 0.67 14.34 2.25 1.73 1.12 0.70 4.16 3.16 5.10 5.29 2.95 0.78 5.39 5.87 0.76 1.34 1.87 0.82 3.44 1.05 1.42 5.01 1.78 4.64 3.62 6.37 3.14 6.55 0.51 Market value SGD 13,526,950 86,916,644 105,289,209 165,795,888 130,801,634 33,146,693 34,408,871 9,219,652 52,538,587 219,575,983 149,286,382 31,039,948 7,888,939 % of Net Assets 1.30 8.32 10.07 15.86 12.52 3.17 3.29 0.88 5.03 21.01 14.28 2.97 0.76

45

Investments classified by Asset Class Equity Securities Other Net Assets Investments by Credit Rating of Debt Securities Not applicable Top 10 Holdings as at 31 December 2010 Samsung Electronics Co Ltd Hutchison Whampoa Ltd Bank of China Ltd Hon Hai Precision Industry Samsung Fire & Marine Insurance Shinsegae Co Ltd China Unicom Hong Kong Ltd Hyundai Engineering & Construction AAC Acoustic Technologies CNOOC Ltd Top 10 Holdings as at 31 December 2009 Hon Hai Precision Industry Bank of China Ltd Samsung Electronics Co Ltd China Mobile Ltd Henderson Land Development Wharf Holdings Ltd CNOOC Ltd Shinsegae Co Ltd AAC Acoustic Technologies ICICI Bank Ltd Exposure to Derivatives Market value SGD (i) Market value of derivatives Forward Contracts (ii) Net gain/(loss) on derivatives realised Forward Contracts (iii) Net gain/(loss) on outstanding derivatives Forward Contracts Nil (4,877) Nil % of Net Assets Market value SGD 31,373,404 28,052,893 27,633,909 27,438,508 25,200,125 25,165,932 25,062,736 24,571,805 24,542,647 23,917,965 % of Net Assets 3.27 2.92 2.88 2.86 2.63 2.62 2.61 2.56 2.56 2.49 Market value SGD 45,004,724 35,397,424 33,932,935 29,781,033 29,735,800 26,486,921 26,228,060 24,480,286 23,538,396 23,293,914 % of Net Assets 4.31 3.39 3.25 2.85 2.85 2.53 2.51 2.34 2.25 2.23 Market value SGD 1,039,435,380 5,644,359 % of Net Assets 99.46 0.54

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

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 Vodafone ENI Zurich Financial Services Philip Morris International TSMC Tenaris ADR QBE Insurance Group Roche Holdings Canon Novartis Market value USD 95,724,791 84,096,056 83,787,642 83,633,705 78,574,580 76,736,182 75,621,154 73,703,059 73,261,542 72,594,814 % of Net Assets 3.90 3.50 3.50 3.40 3.20 3.20 3.10 3.00 3.00 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 SanofiAventis 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%
# No

2009:

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 subfund is not available.

49

SCHEDULE OF INvESTMENTS
As at 31 December 2010

PRULINK GLOBAL BOND FUND


Investments classified by Country Australia Austria Bermuda Canada Cayman Islands France Germany Hong Kong India Italy Japan Malaysia Netherlands Poland Portugal Singapore South Korea Spain Switzerland Thailand United Kingdom United States US Virgin Islands Investments classified by Industry Banks Financial Services Oil & Gas Producers Real Estate Sovereign Govt. Obligations Telecommunications Others Investments classified by Asset Class Debt Securities Other Net Assets Market value SGD 85,176,239 1,479,870 % of Net Assets 98.29 1.71 Market value SGD 13,206,970 6,314,003 1,380,762 681,390 62,005,900 890,488 696,726 % of Net Assets 15.24 7.29 1.59 0.79 71.55 1.03 0.80 Market value SGD 642,186 3,472,363 245,475 1,655,161 681,390 551,554 17,809,575 1,864,767 1,472,962 2,684,624 18,627,253 1,380,762 444,552 292,469 998,867 4,435,843 6,363,006 4,753,538 1,588,289 369,947 4,109,234 9,386,972 1,345,450 % of Net Assets 0.74 4.01 0.28 1.91 0.79 0.64 20.55 2.15 1.70 3.10 21.50 1.59 0.51 0.34 1.15 5.12 7.34 5.49 1.83 0.43 4.74 10.83 1.55

50

Investments by Credit Rating of Debt Securities (by Moodys or equivalents) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa2 Baa3 Not rated Top 10 Holdings as at 31 December 2010 Deutschland Rep 4.75% 04/07/2028 Pfand Ost LHypo 1.6% 15/02/2011 Deutschland Rep 4% 04/01/2018 Bayerische Lndbk 1.4% 22/04/2013 Japan Govt 30Yr 2.5% 20/03/2038 Japan Govt 10Yr 1.9% 20/06/2017 Deutschland Rep 6% 20/06/2016 Spanish Govt 6.15% 31/01/2013 Japan Govt 10Yr 1.7% 20/03/2017 Korea Highway 4.375% 27/09/2016 Top 10 Holdings as at 31 December 2009 Japan Govt 10Yr 1.6% 20/03/2016 Spanish Govt 4.1% 30/07/2018 Japan Govt 10Yr 1.7% 20/03/2017 Japan Govt 10Yr 1.7% 20/12/2016 Spanish Govt 6.15% 31/01/2013 Deutschland Rep DBR 4% 04/01/2018 Pfand Ost LHypo 1.6% 15/02/2011 Japan Govt 10Yr 1.4% 20/03/2018 Deutschland Rep DBR 6% 20/06/2016 Deutschland Rep DBR 3.75% 04/01/2015 Exposure to Derivatives Market value SGD (i) Market value of derivatives Forward Contracts (ii) Net gain/(loss) on derivatives realised Forward Contracts (iii) Net gain/(loss) on outstanding derivatives Forward Contracts 104,174 152,645 104,174 51 % of Net Assets 0.12% Market value SGD 7,217,281 6,207,730 4,750,778 4,156,425 3,485,819 3,417,146 3,359,844 3,284,577 3,267,866 3,138,084 % of Net Assets 5.41 4.65 3.56 3.12 2.61 2.56 2.52 2.46 2.45 2.35 Market value SGD 4,199,043 3,472,363 3,001,993 2,655,265 2,572,435 2,473,450 2,398,612 2,249,543 2,191,317 2,063,390 % of Net Assets 4.93 4.08 3.52 3.12 3.02 2.90 2.82 2.64 2.57 2.42 Market value SGD 28,684,625 4,753,538 24,958,906 1,977,775 10,163,843 2,031,848 1,605,235 2,305,007 513,405 8,182,057 % of Net Assets 33.10 5.49 28.80 2.28 11.73 2.35 1.85 2.66 0.59 9.44

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 Shares 79,172,733 Investment Funds Singapore Schroder MultiAsset Revolution Class A SGD Fund Market value SGD 93,107,133 % of Net Assets 100.03

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 MultiAsset 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 MULTIASSET REvOLUTION CLASS A SGD FUND Top 10 Holdings as at 31 December 2010*** Market value SGD 12,247,044 11,483,233 11,304,109 11,249,182 9,631,155 9,294,077 9,137,740 8,723,809 7,762,403 7,527,150 % of Net Assets 9.40 8.82 8.68 8.64 7.39 7.14 7.02 6.70 5.96 5.78

Schroder International Selection Fund Global Equity Alpha Class I Shares (Accumulation units) Schroder International Selection Fund Asian Bond Class I Shares (Accumulation units) Schroder International Selection Fund Emerging Markets Debt Absolute Return Class I Shares (Accumulation units) Schroder International Selection Fund Global Bond Class I Shares (Accumulation units) Schroder International Selection Fund Global Smaller Companies Class I Shares (Accumulation units) Schroder International Selection Fund EURO Corporate Bond Class I Shares (Accumulation units) Schroder International Selection Fund Global Property Securities Class I Shares Schroder Singapore Fixed Income Fund Class I Shares Schroder International Selection Fund Global Inflation Linked Bond Class I Shares (Accumulation units) Schroder International Selection Fund Pacific Equity Class I Shares (Accumulation units) 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 subfunds 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 Cayman Islands France Germany Singapore South Korea United States Investments classified by Industry Banks Financial Services Insurance Sovereign Govt. Obligations Investments classified by Asset Class Debt Securities Other Net Assets Market value SGD 82,729,727 55,930,784 % of Net Assets 59.66 40.34 Market value SGD 38,772,021 15,960,001 5,015,875 22,981,830 % of Net Assets 27.96 11.51 3.62 16.57 Market value SGD 5,015,875 5,002,145 3,006,408 40,486,502 23,755,237 5,463,560 % of Net Assets 3.61 3.61 2.17 29.20 17.13 3.94

Investments by Credit Rating of Debt Securities / Money Market Instruments (by Moodys or equivalents) Market value SGD Aaa 3,006,408 Aa2 8,457,015 A1 22,515,374 A2 19,764,932 Not rated 28,985,998 Investment by Maturity of Money Market Instruments 0 30 days 61 90 days 91 120 days 121 180 days 181 240 days 241 300 days More than 301 days Market value SGD 4,001,868 33,012,803 2,751,738 7,510,193 11,503,107 17,502,048 6,447,970

% of Net Assets 2.17 6.10 16.24 14.25 20.90

% of Net Assets 2.89 23.81 1.98 5.41 8.30 12.62 4.65

55

Top 10 Holdings as at 31 December 2010 Singapore TBills 17/03/2011 OverseaChinese Banking Corporation 5% 06/09/2011 National Agricultural Co 1.5% 20/07/2011 Jackson Nat Fund 3.92% 08/03/2011 BNP Paribas 0.81% 23/08/2011 Korea Dev Bank 1.18% 19/05/2011 Kim Eng Holdings 2.3% 28/01/2011 ExportImport Bank Korea 1.25% 18/10/2011 KFW 1.9% 17/03/2011 Shinhan Bank 1.5% 02/06/2011 Top 10 Holdings as at 31 December 2009 Singapore TBills 18/02/2010 Ascott Capital 3.09% 27/04/2010 CMT MTN Pte Ltd 3.25% 01/04/2010 BNZ International Funding 3.24% 28/07/2010 Singapore TBills 25/02/2010 NACF 3.30% 18/08/2010 Housing & Development Board 2.82% 10/06/2010 Ascendas 3.66% 14/05/2010 Standard Chartered 2.48% 07/04/2010 Korea Dev Bank 5.55% 22/01/2010 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 Market value SGD 29,981,700 8,284,237 7,778,417 7,564,395 7,294,890 7,034,300 6,094,350 6,049,350 5,508,861 5,008,075 % of Net Assets 16.57 8.29 4.69 3.62 3.61 3.25 2.84 2.88 2.17 2.17 Market value SGD 22,981,830 11,500,504 6,500,962 5,015,875 5,002,145 4,504,298 4,001,868 3,999,244 3,006,408 3,005,895 % of Net Assets 16.57 8.29 4.69 3.62 3.61 3.25 2.89 2.88 2.17 2.17

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 Shares 155,262,641 Investment Funds Singapore PRU Global Technology Fund Market value SGD 79,494,472 % of Net Assets 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 Luxembourgdomiciled 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 Apple Computer Inc Microsoft Corporation Google Inc International Business Machines Corporation Oracle Corporation HewlettPackard Development Company Qualcomm Inc Samsung Electronics Co Ltd HTC Corp Priceline.Com Inc Top 10 Holdings as at 31 December 2009 Apple Computer Inc Microsoft Corporation Cisco Systems Inc Google Inc International Business Machines Corporation HewlettPackard Development Company Intel Corporation Oracle Corporation Qualcomm Inc Netapp Inc Market value USD 4,833,895 4,314,511 4,226,827 3,991,374 3,411,712 2,674,156 2,414,070 2,355,440 1,601,209 1,342,803 % of Net Assets 7.65 6.83 -6.69 6.32 5.40 4.23 3.82 3.73 2.53 2.13 Market value USD 6,564,174 5,102,103 4,330,579 4,324,856 3,883,727 2,322,788 2,241,536 1,532,749 1,365,904 1,261,205 % of Net Assets 9.67 7.52 6.38 6.37 5.72 3.42 3.30 2.26 2.01 1.86

59

SCHEDULE OF INvESTMENTS
As at 31 December 2010

PRULINK PAN EUROPEAN FUND


Number of Shares 40,182,682 Investment Funds Singapore PRU Pan European Fund Market value SGD 37,249,346 % of Net Assets 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 Luxembourgdomiciled 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 DCC PLC Grpe Euro Tunnel SA Sportingbet PLC Amadeus It Holding SA Vallourec Compass Group PLC Hugo Boss PFD Valeo SA Storebrand ASA GAM Holding AG Top 10 Holdings as at 31 December 2009 Tullow Oil PLC Sportingbet PLC Partygaming PLC Grpe Euro Tunnel SA Vallourec Storebrand ASA AXA SA Credit Suisse Group AgRe Fortum Oyj Grifols SA Market value USD 5,631,640 4,500,762 4,432,927 4,258,880 4,086,916 3,990,992 3,832,041 3,043,806 2,887,382 2,884,443 % of Net Assets 5.44 4.35 4.28 4.11 3.95 3.86 3.70 2.94 2.79 2.79 Market value USD 2,898,271 2,766,775 2,502,220 2,412,800 2,257,103 2,217,155 1,971,307 1,963,548 1,924,245 1,862,705 % of Net Assets 3.94 3.76 3.40 3.28 3.07 3.02 2.68 2.67 2.62 2.53

61

SCHEDULE OF INvESTMENTS
As at 31 December 2010

PRULINK PROTECTED GLOBAL TITANS FUND


Number of Shares 10,129,786 Investment Funds Singapore PRU Protected Global Titans Fund (S$) Market value SGD 11,679,643 % of Net Assets 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 General Elec Cap 3.485% 08/03/2012 Sunshine Assets Limited MTN 2.78% 11/02/2011 City Developments Limited Series MTN 3.38% 25/04/2012 ExportImport Bank of Korea EMTN 2.8% 04/05/2012 Ascendas Real Estate Investment MTN 4.75% 29/04/2011 Midpoint Properties Series MTN 3.75% 04/07/2011 Shinsegae Company Limited 6.125% 27/06/2011 Ascott Capital Pte Limited Series MTN 4.7% 07/07/2011 Capitaland Commercial Limited MTN 4.4% 03/03/2011 Bank of America Corporation 4% 09/03/2011 Top 10 Holdings as at 31 December 2009 Sunshine Assets Limited MTN 2.78% 11/02/2011 Westfield Capital Corporation Series 4.375% 15/11/2010 Ascendas Real Estate Investment MTN 4.75% 29/04/2011 CCT MTN Pte Limited Series MTN 3.85% 20/08/2010 National Agricultural Company GMTN 3.3% 18/08/2010 ExportImport Bank of Korea EMTN 4.85% 28/04/2010 Mapletreelog Treasury Company MTN 3.8% 12/03/2010 Kookmin Bank Series GMTN 2.05% 18/10/2010 Midpoint Properties Series MTN 3.75% 04/07/2011 Ascott Capital Pte Limited MTN 3.1% 05/03/2010 Annualised Expense Ratio* 2010: 0.66% Market value SGD 1,262,739 1,078,824 1,028,725 1,023,837 1,018,776 1,016,997 1,012,832 1,006,051 774,422 759,039 % of Net Assets 5.12 4.38 4.17 4.15 4.13 4.13 4.11 4.08 3.14 3.08 Market value SGD 1,334,580 1,264,014 1,029,518 1,018,049 1,017,790 767,775 676,468 518,450 509,361 508,642 % of Net Assets 8.03 7.61 6.20 6.13 6.12 4.62 4.07 3.12 3.06 3.06

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 Shares 435,044,725 Investment Funds Singapore PRU Asian Balanced Fund Market value SGD 750,887,195 % of Net Assets 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. Softdollar 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 Luxembourgdomiciled 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 Samsung Electronics Co Ltd Hutchison Whampoa Ltd Bank Of China Ltd Hon Hai Precision Industry Samsung Fire & Marine Insurance China Unicom Hong Kong Ltd Shinsegae Co Ltd Hyundai Engineering and Construction AAC Acoustic Technologies CNOOC Ltd Top 10 Holdings as at 31 December 2009 Hon Hai Precision Industry Bank Of China Ltd Samsung Electronics Co Ltd China Mobile Ltd Henderson Land Development Wharf Holdings Limited CNOOC Ltd AAC Acoustic Technologies Shinsegae Co Ltd ICICI Bank Ltd Market value USD 26,973,637 24,124,469 23,610,972 23,595,585 21,668,095 21,638,862 21,553,446 21,020,268 20,994,405 20,561,590 % of Net Assets 3.27 2.92 2.86 2.86 2.63 2.62 2.61 2.55 2.54 2.49 65 Market value USD 40,347,341 32,234,029 30,812,325 27,017,991 26,659,396 23,796,604 23,745,769 22,182,320 21,414,286 21,139,281 % of Net Assets 4.25 3.40 3.25 2.85 2.81 2.51 2.50 2.34 2.26 2.23

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

INTERNATIONAL OPPORTUNITIES FUNDS US INvESTMENT GRADE BOND Top 10 Holdings as at 31 December 2010 BNYMellon Liquidity B Fund Georgia P 1.3% 15/09/2013 Wachovia VAR 01/07/2045 Goldman Sachs Group Inc 6.75% 01/10/2037 Citigroup Inc 5% 15/09/2014 Dominion 2.25% 01/09/2015 American 2.75% 15/09/2015 AnheuserBusch Inbev Wor 4.125% 15/01/2015 Xstrata Finance Canada 7.25% 15/07/2012 NBC Unive 2.88% 01/04/2016 Top 10 Holdings as at 31 December 2009 Market value USD 7,490,133 5,999,334 4,905,199 4,554,695 3,994,924 3,932,324 3,728,494 3,678,185 3,545,938 3,360,569 % of Net Assets 1.37 1.09 0.90 0.83 0.73 0.72 0.68 0.67 0.65 0.61 % of Net Assets 1.24 1.15 1.13 1.00 0.97 0.92 0.90 0.90 0.86 0.86

Market value USD Chase Issuance Trust 2007A15 4.96% 17/09/2012 5,151,961 Diageo Finance BV 3.25% 15/01/2015 4,783,339 Walot 2007-1 5.29% 20/04/2012 4,690,766 Wachovia Bank Commercial Mortgage T 2006C27 5.765% 15/07/2045 4,155,686 Barclays Bank PLC 2.5% 23/01/2013 4,003,636 Goldman Sachs Group Inc 6.75% 01/10/2037 3,825,929 Citigroup Inc 5% 15/09/2014 3,741,353 Simon Property Group Inc 6.75% 15/05/2014 3,739,890 Xstrata Finance Canada 7.25% 15/07/2012 3,571,330 AnheuserBusch Inbev Wor 4.125% 15/01/2015 3,564,946

66

SCHEDULE OF INvESTMENTS
As at 31 December 2010

PRULINK CHINAINDIA FUND


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

Exposure to Derivatives Not applicable Investments in Collective Investment Schemes PruLink ChinaIndia 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 ChinaIndia 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. Softdollar 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 Bank of China Limited Infosys Technologies Limited Reliance Industries Limited Industrial and Commercial Bank of China Company Limited ICICI Bank Limited CNOOC Limited Dr Reddys Laboratories Limited Focus Media Holding Limited Evergrande Real Estate Group Hindalco Industries Limited Top 10 Holdings as at 31 December 2009 Industrial and Commercial Bank of China Company Limited Bank of China Limited Reliance Industries Limited ICICI Bank Limited Infosys Technologies Limited Axis Bank Limited China Mobile Limited Sterlite Industries (India) Limited BYD Company Limited CNOOC Limited Annualised Expense Ratio* 2010: 1.62% Market value SGD 75,874,361 71,013,470 68,752,735 58,319,264 58,247,748 47,161,047 43,853,797 38,499,210 36,347,323 33,547,227 % of Net Assets 5.76 5.39 5.22 4.43 4.42 3.58 3.33 2.92 2.76 2.55 Market value SGD 105,505,433 76,423,159 68,720,039 52,476,878 50,710,864 46,025,664 39,439,017 38,656,555 38,531,115 37,632,504 % of Net Assets 7.90 5.72 5.15 3.93 3.80 3.45 2.95 2.89 2.88 2.82

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 Shares 7,746,278 Investment Funds Luxembourg JPMorgan Funds Emerging Markets Equity Fund C (Acc) USD Share Class Market value SGD 252,498,100 % of Net Assets 99.91

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 Housing Development Finance Vale Petrobras Taiwan Semiconductor Manufacturing Company Infosys Technologies Samsung Electronics Turkiye Garanti Bankasi China Merchants Bank CNOOC Hyundai Mobis Market value USD 409,657,408 403,618,496 334,788,480 294,459,144 287,285,720 282,952,128 239,849,760 234,239,296 221,709,824 219,075,776 % of Net Assets 4.31 4.25 3.52 3.10 3.03 2.98 2.53 2.47 2.33 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 SubFund shares)/Average net SubFund assets in SubFund 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 Shares 1,213,062 Investment Funds Luxembourg Fidelity Funds America Fund Market value SGD 7,819,546 % of Net Assets 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 Chevron CocaCola Google A Philip Morris International Apple Cisco Systems Pfizer Ebay Citigroup Oracle Top 10 Holdings as at 31 October 2009 Pfizer JPMorgan Chase Cisco Systems Chevron Microsoft Wells Fargo Procter & Gamble Bank Of America CVS Caremark HewlettPackard Annualised Expense Ratio* 2010: 1.91% Market value USD 40,012,000 35,725,000 31,438,000 31,438,000 30,009,000 28,580,000 27,151,000 27,151,000 25,722,000 24,293,000 % of Net Assets 2.80 2.50 2.20 2.20 2.10 2.00 1.90 1.90 1.80 1.70 Market value USD 47,531,977 42,250,646 42,250,646 42,250,646 40,490,202 36,969,315 36,969,315 35,208,871 33,448,428 33,448,428 % of Net Assets 2.70 2.40 2.40 2.40 2.30 2.10 2.10 2.00 1.90 1.90

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 subfund is not available.

72

SCHEDULE OF INvESTMENTS
As at 31 December 2010

PRULINK INTERNATIONAL BOND FUND


Number of Shares 18,487,668 Investment Funds Luxembourg Fidelity Funds International Bond Fund II Market value SGD 17,156,556 % of Net Assets 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 Germany 4% 04/07/2016 Germany 1.75% 09/10/2015 Japan 1.9% 20/03/2029 France Oat 2.5% 25/10/2020 Canada 3.75% 01/06/2012 Germany 3% 04/07/2020 UK Gilt 2.75% 22/01/2015 BA Covered Bond 4.125% 05/04/2012 Japan 1.1% 10/12/2016 Germany 2.25% 04/09/2020 Top 10 Holdings as at 31 October 2009 Finland 3.875% 15/09/2017 Germany 2.5% 10/10/2014 Germany 4.75% 04/07/2040 Canada 3.75% 01/06/2012 UK Gilt 2.75% 22/01/2015 Germany 3.75% 04/01/2015 BA Covered Bond 4.125% 05/04/2012 Germany 1.25% 16/09/2011 KFW 2.05% 16/02/2026 Australia 6.25% 15/04/2015 Annualised Expense Ratio* 2010: 1.15% Market value SGD 3,186,000 2,538,000 2,160,000 1,404,000 1,350,000 1,350,000 1,188,000 1,026,000 972,000 918,000 % of Net Assets 5.90 4.70 4.00 2.60 2.50 2.50 2.20 1.90 1.80 1.70 Market value SGD 2,716,473 1,873,430 1,826,594 1,639,251 1,358,237 1,311,401 1,077,222 1,030,386 889,879 796,208 % of Net Assets 5.80 4.00 3.90 3.50 2.90 2.80 2.30 2.20 1.90 1.70

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 subfund 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 Shares 54,892 268,525 68,027 10,285 15,479 164,993 96,299 5,252 49,873 Investment Funds Luxembourg Schroder Investment Management ISF Global Inflation Linked Bond Schroder Investment Management ISF Asian Bond Absolute Return Schroder Investment Management ISF Emerging Markets Schroder Investment Management ISF Global Equity Alpha Schroder Investment Management ISF Global Property Securities Schroder Investment Management ISF Pacific Equity Schroder Investment Management ISF Emerging Markets Debt Absolute Return Schroder Investment Management ISF Global Smaller Companies Schroder Investment Management ISF Global Bond Singapore Schroder Investment Management Singapore Trust Schroder Investment Management Singapore Fixed Income Fund United States SPDR Gold Trust Total Investments Exposure to Derivatives (i) Market value of derivatives Forward Contracts (ii) Net gain/(loss) on derivatives realised Forward Contracts (iii) Net gain/(loss) on outstanding derivatives Forward Contracts Market value SGD 352,848 1,054,515 352,848 % of Net Assets 0.71% Market value SGD 2,491,035 4,920,469 1,441,933 1,930,307 2,519,137 2,987,372 3,935,426 912,830 8,337,403 % of Net Assets 5.00 9.88 2.90 3.88 5.06 6.00 7.91 1.83 16.75

1,289,990 10,376,027

2,536,120 12,500,000

5.09 25.11

13,990

2,466,663 46,978,695

4.96 94.37

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 Shares 257,366 880,621 781,602 185,630 142,063 1,292,231 338,690 80,796 162,322 Investment Funds Luxembourg Schroder Investment Management ISF Global Inflation Linked Bond Schroder Investment Management ISF Asian Bond Absolute Return Schroder Investment Management ISF Emerging Markets Schroder Investment Management ISF Global Equity Alpha Schroder Investment Management ISF Global Property Securities Schroder Investment Management ISF Pacific Equity Schroder Investment Management ISF Emerging Markets Debt Absolute Return Schroder Investment Management ISF Global Smaller Companies Schroder Investment Management ISF Global Bond Singapore Schroder Investment Management Singapore Trust Schroder Investment Management Singapore Fixed Income Fund United States SPDR Gold Trust Total Investments Exposure to Derivatives Market value SGD 11,679,536 16,136,560 16,567,158 34,840,902 23,120,726 23,397,224 13,841,217 14,043,645 27,135,972 % of Net Assets 4.99 6.89 7.08 14.88 9.88 10.00 5.91 6.00 11.59

8,462,332 19,506,931

16,636,945 23,500,000

7.11 10.04

65,820

11,605,131 232,505,016

4.96 99.33

Market value SGD 1,231,690 4,274,409 1,231,690

% of Net Assets 0.53%

(i) Market value of derivatives Forward Contracts (ii) Net gain/(loss) on derivatives realised Forward Contracts (iii) Net gain/(loss) on outstanding derivatives Forward Contracts

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 Shares 199,216 252,628 55,651 32,155 347,563 76,621 30,180 36,737 Investment Funds Luxembourg Schroder Investment Management ISF Asian Bond Absolute Return Schroder Investment Management ISF Emerging Markets Schroder Investment Management ISF Global Equity Alpha Schroder Investment Management ISF Global Property Securities Schroder Investment Management ISF Pacific Equity Schroder Investment Management ISF Emerging Markets Debt Absolute Return Schroder Investment Management ISF Global Smaller Companies Schroder Investment Management ISF Global Bond Singapore Schroder Investment Management Singapore Trust United States SPDR Gold Trust Total Investments Exposure to Derivatives (i) Market value of derivatives Forward Contracts (ii) Net gain/(loss) on derivatives realised Forward Contracts (iii) Net gain/(loss) on outstanding derivatives Forward Contracts Market value SGD 236,567 613,426 236,567 % of Net Assets 0.45% Market value SGD 3,650,442 5,354,813 10,445,197 5,233,181 6,292,995 3,131,275 5,245,725 6,141,437 % of Net Assets 6.89 10.12 19.73 9.89 11.89 5.91 9.91 11.60

2,167,183

4,260,681

8.05

14,870

2,621,822 52,377,568

4.95 98.94

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 Shares 263,509,460 Investment Funds Singapore PRU Global Basics Fund Market value SGD 329,123,316 % of Net Assets 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 Fraser and Neave Illuka Resources Unilever Tullow Oil Lonmin K&S Imerys Eramet AMMB Noble Top 10 Holdings as at 31 December 2009 Lonmin Tullow Oil Unilever Sims Eramet Imerys Johnson Matthey Fraser and Neave ColgatePalmolive Constellation Brands Market value GBP 180,161,216 177,586,500 169,589,250 161,284,689 156,165,915 146,065,070 131,962,844 128,584,664 125,332,654 121,439,289 % of Net Assets 4.57 4.51 4.30 4.09 3.96 3.71 3.35 3.26 3.18 3.08 Market value GBP 280,081,362 218,354,441 200,158,000 186,381,046 184,631,016 184,543,671 179,248,164 178,808,963 176,761,904 170,016,574 % of Net Assets 4.46 3.46 3.21 3.04 3.00 2.97 2.91 2.88 2.84 2.82

82

SCHEDULE OF INvESTMENTS
As at 31 December 2010

PRULINK CURRENCY INCOME FUND


Number of Shares 138,642,872 Investment Funds Singapore PRU Income X Fund Market value SGD 90,533,796 % of Net Assets 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 Singapore Treasury Bill Series 91 06/01/2011 Singapore Treasury Bill Series 91 27/01/2011 National Agricultural Co EMTN 1.5% 20/07/2011 Singapore Treasury Bill Series 90 02/02/2011 General Electric Cap Corporation GMTN 3.485% 08/03/2012 SMRT Corporation Limited Series DMTN 3.27% 14/12/2011 Capitacommercial Trust MTN 3.15% 24/01/2011 Hyundai Capital Services Inc Series GMTN 2.65% 26/02/2011 ExportImport Bank of Korea EMTN 2% 14/06/2011 SP Powerassets Limited EMTN FRN 27/04/2012 Top 10 Holdings as at 31 December 2009 Singapore Treasury Bill Series 91 04/02/2010 CMT MTN Pte Ltd MTN 3.25% 01/04/2010 BNP Paribas EMTN 4.88% 22/03/2010 ANZ National (International) Limited EMTN 3.22% 08/07/2010 HK Land Treasury SG 3.01% 04/10/2010 CCT MTN Pte Ltd Series MTN 3.05% 17/03/2010 BNZ International Funding Limited GMTN 3.24% 28/07/2010 National Agricultural Co GMTN 3.3% 18/08/2010 CCT MTN Pte Ltd Series MTN 3.85% 20/08/2010 Shinhan Bank EMTN 3.78% 17/06/2010 Annualised Expense Ratio* 2010: 1.65% Market value SGD 19,990,691 12,134,138 10,194,136 10,176,448 10,166,465 10,112,745 8,166,052 6,367,371 5,119,185 5,036,317 % of Net Assets 12.16 7.38 6.20 6.19 6.19 6.15 4.97 3.87 3.11 3.06 Market value SGD 12,000,000 9,998,000 6,542,132 5,798,260 5,133,001 5,120,999 5,073,227 5,047,616 5,012,082 4,733,637 % of Net Assets 9.00 7.50 4.90 4.35 3.85 3.84 3.80 3.78 3.76 3.55

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 Shares 3,131 Investment Funds Singapore Lasalle Investment Management Securities Global Property Securities Fund Market value SGD 85,990,531 % of Net Assets 100.08

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 Simon Property Westfield Group Avalonbay Communities Public Storage Vornado Realty UnibailRodamco Boston Properties Equity Residential Ventas Inc GPT Group Top 10 Holdings as at 31 December 2009 Westfield Group Simon Property UnibailRodamco Avalonbay Communities Vornado Realty Trust Public Storage Stockland Ventas Inc Dexus Property Equity Residential Annualised Expense Ratio* 2010: 1.24% Market value EUR 3,043,873 2,791,261 2,353,147 1,789,336 1,596,574 1,502,618 1,462,881 1,332,924 1,151,637 1,131,665 % of Net Assets 6.83 6.26 5.28 4.02 3.58 3.37 3.28 2.99 2.58 2.54 Market value EUR 3,621,969 2,696,889 2,191,998 2,073,496 1,857,901 1,691,196 1,555,775 1,545,160 1,539,505 1,387,494 % of Net Assets 6.90 5.14 4.18 3.95 3.54 3.22 2.96 2.94 2.93 2.64

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 Shares 4,665,265 Investment Funds Singapore PRU Global Leaders Fund Market value SGD 4,035,454 % of Net Assets 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 Microsoft Samsung Electronic eBay Citigroup Pfizer Anadarko Petroleum Hutchison Whampoa Kon DSM Qualcomm Astellas Pharmaceuticals Top 10 Holdings as at 31 December 2009 Microsoft Pfizer HSBC Holdings JP Morgan Chase Merck Wells Fargo Vodafone Group Samsung Electronic Pref Astellas Pharmaceuticals Kon DSM Market value GBP 27,898,505 23,531,228 23,174,542 22,806,818 22,789,217 21,766,669 21,637,814 20,916,746 20,717,926 20,101,575 % of Net Assets 2.84 2.39 2.36 2.32 2.32 2.21 2.20 2.13 2.11 2.04 Market value GBP 30,777,662 28,871,153 27,866,443 27,253,969 27,057,471 26,269,953 25,398,099 25,234,064 24,146,916 23,930,779 % of Net Assets 2.68 2.67 2.46 2.41 2.39 2.31 2.28 2.22 2.21 2.06

88

SCHEDULE OF INvESTMENTS
As at 31 December 2010

PRULINK ASIAN INFRASTRUCTURE EQUITY FUND


Number of Shares 11,690,387 Investment Funds Singapore PRU Asian Infrastructure Equity Fund Market value SGD 11,596,864 % of Net Assets 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 Luxembourgdomiciled 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 China Mobile Ltd POSCO CNOOC Ltd Reliance Industries Ltd China Petroleum & Chemical China Shenhua Energy Co Gail Ind Ltd Sembcorp China Steel Corp Korea Electric Power Corp Top 10 Holdings as at 31 December 2009 China Mobile Ltd China Petroleum & Chemica Reliance Industries Ltd POSCO Korea Electric Power Corp China Railway Group Ltd China Shenhua Energy Co CNOOC Ltd Jiangsu Express Co Ltd Sinotruk Hong Kong Ltd Market value USD 4,420,355 3,637,635 3,594,422 3,360,463 3,273,611 3,248,187 2,908,522 2,882,394 2,825,433 2,680,373 % of Net Assets 4.47 3.68 3.63 3.40 3.31 3.28 2.94 2.91 2.85 2.71 Market value USD 5,328,315 4,391,110 4,345,995 4,145,608 3,907,048 3,694,846 3,207,767 3,030,265 2,541,197 2,373,636 % of Net Assets 5.77 4.75 4.70 4.49 4.23 4.00 3.47 3.28 2.75 2.57

90

SCHEDULE OF INvESTMENTS
As at 31 December 2010

PRULINK GLOBAL MARKET NAvIGATOR FUND


Number of Shares 2,029,809 Investment Funds Singapore PRU Global Positioning Strategy Fund Market value SGD 1,948,617 % of Net Assets 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 Luxembourgdomiciled 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 Ishares Iboxx $ Investment Grade Corporate Bond Fund Ishares FTSE 100 IShares Barclays 20+ Year Credit Bond Fund Philippine 8.5% 03/03/2011 Mexco ST 8.5% 31/05/2029 Russian 12.75% 24/06/2028 Ishare IBX Citigroup S&P 500 Emini Tokyo Price Index SPI 200 Top 10 Holdings as at 31 December 2009 Ishares Iboxx $ Investment Grade Corporate Bond Fund IShares Barclays 1-3 Year Credit Bond Fund Korea Treasury Bond 5.5% 10/06/2011 Philippine Government 8.5% 03/03/2011 Mexico Government Bond 8.5% 31/05/2029 Ishares FTSE 100 Indonesia Gov Bond 10% 15/09/2024 Brazil Nota Do Tesouro Nacional 10% 01/01/2017 Russia Eurobond 12.75% 24/06/2028 Hellenic Republic Government 6% 19/07/2019 Market value USD 4,266,870 2,232,130 1,757,685 1,350,069 1,290,627 1,180,031 1,114,015 1,040,683 1,017,000 726,354 % of Net Assets 18.75 9.81 7.72 5.93 5.67 5.18 4.89 4.57 4.47 3.19 Market value USD 2,190,402 2,184,834 1,942,074 1,309,018 1,136,559 868,750 423,150 52,313 14,846 (3,970) % of Net Assets 10.37 10.35 9.20 6.20 5.38 4.11 2.00 0.25 0.07 -0.02

92

SCHEDULE OF INvESTMENTS
As at 31 December 2010

PRULINK ASIAN INCOME FUND


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

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 openended 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 National Australia Bank BHP Billiton Ltd Bank of China Ltd Industrial and Commercial Bank of China Taiwan Semiconductor Manufacturing CNOOC Ltd Macquarie Group Ltd Telstra Corp Ltd China Mobile Ltd Indo Tambangraya Megah PT Top 10 Holdings as at 31 December 2009 Taiwan Semiconductor Manufacturing Australia and New Zealand Banking Group Bank of China Ltd Industrial and Commercial Bank of China QBE Insurance Group Ltd China Mobile Ltd Commonwealth Bank of Australia Westpac Banking Corp China Petroleum & Chemica Macquarie Group Ltd Annualised Expense Ratio* 2010: 0.28% Market value USD 231,897 228,754 206,910 192,682 173,474 169,110 167,997 152,869 144,365 139,642 % of Net Assets 3.81 3.76 3.40 3.17 2.85 2.78 2.76 2.51 2.37 2.30 Market value USD 392,746 392,505 383,830 373,572 357,955 334,490 299,404 297,991 273,120 270,366 % of Net Assets 2.87 2.87 2.80 2.73 2.61 2.44 2.19 2.18 1.99 1.97

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 Shares 5,962,132 Investment Funds Luxembourg Schroder ISF Emerging Market Debt Absolute Return SGD Hedged A Dis Market value SGD 55,447,829 % of Net Assets 97.70

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 Poland Government Bond 4.75% 25/04/2012 Mexican Cetes 0% 17/11/2011 Mexico Government Bond 0% 28/07/2011 South Africa Government Bond 7.5% 15/01/2014 United States Treasury Bills 0% 07/04/2011 Czech Government Bond 4.1% 11/04/2011 Singapore Government Bond 3.625% 01/07/2011 United States Treasury Bills 0% 06/01/2011 United States Treasury Bills 0% 03/02/2011 United States Treasury Bills 0% 10/02/2011 Top 10 Holdings as at 31 December 2009 U.S. Treasury 0% 22/04/2010 Poland Government Bond 6% 24/11/2010 U.S. Treasury 0% 29/04/2010 U.S. Treasury 0% 11/03/2010 Singapore Government Bond 3.625% 01/07/2011 U.S. Treasury 0% 10/06/2010 U.S. Treasury 0% 27/05/2010 U.S. Treasury 0% 17/06/2010 U.S. Treasury 0% 15/04/2010 U.S. Treasury 0% 20/05/2010 Annualised Expense Ratio* 2010: 2.02% Market value USD 441,635,002 272,460,304 259,401,204 254,058,845 216,068,737 203,009,638 176,297,843 155,522,003 150,773,240 150,773,240 % of Net Assets 7.44 4.59 4.37 4.28 3.64 3.42 2.97 2.62 2.54 2.54 Market value USD 329,143,508 326,377,596 292,264,684 252,619,947 242,478,271 233,258,565 231,414,623 212,053,241 201,911,564 201,911,564 % of Net Assets 3.57 3.54 3.17 2.74 2.63 2.53 2.51 2.30 2.19 2.19

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

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 *** China Mobile (Hong Kong) Ltd Taiwan Semiconductor Manufacturing Co Ltd Hon Hai Precision Ind Co Ltd Industrial & Commercial Bank of China (Asia) Ltd CNOOC Ltd China Construction Bank Chunghwa Telecom Co Ltd Swire Pacific Jardine Matheson Holding Ltd Cheung Kong (Holdings) Ltd Annualised Expense Ratio* 2010: 1.34% Market value USD 101,065,934 81,471,518 69,439,859 54,829,988 48,470,397 41,423,282 38,501,308 37,126,261 35,923,095 35,579,334 % of Net Assets 5.88 4.74 4.04 3.19 2.82 2.41 2.24 2.16 2.09 2.07

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 Shares 1,309,258 Investment Funds Luxembourg JPMorgan Funds Global Natural Resources Equity C (Acc) USD Share Class Market value SGD 29,245,766 % of Net Assets 97.61

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 *** Rio Tinto Kinross Gold Pacific Rubiales Energy Xstrata Anglo American BHP Billiton FreeportMcmoran Copper Silver Wheaton Barrick Gold Semafo Annualised Expense Ratio* 2010: 1.05% Market value USD 169,577,785 117,671,515 115,958,835 114,837,234 101,177,219 82,528,679 77,578,142 67,787,892 61,465,535 61,287,921 % of Net Assets 3.60 2.50 2.46 2.44 2.15 1.75 1.65 1.44 1.30 1.30

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 SubFund shares)/Average net SubFund assets in SubFund 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 Shares 25,520,516 Investment Funds Luxembourg Aberdeen Fund Singapore Equity Fund SGD Share Class Market value SGD 110,284,358 % of Net Assets 95.11

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** OverseaChinese Banking Corporation Jardine Strategic Holdings Fraser & Neave United Overseas Bank City Developments Singapore Telecommunications Ltd Keppel Corporation Hong Leong Finance Wheelock Properties Singapore Technologies Engineering Annualised Expense Ratio* 2010: 1.65% Market value SGD 25,405,498 23,779,680 16,846,030 16,464,501 13,672,800 13,328,636 12,525,500 10,973,696 10,530,000 10,497,200 % of Net Assets 9.60 9.00 6.40 6.20 5.20 5.00 4.70 4.20 4.00 4.00

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 subfund is not available.

102

STATEMENT OF ASSETS AND LIABILITIES


As at 31 December 2010
Singapore Managed Fund $ % Equity Securities Debt Securities Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 2,299,790,814 959,722,224 138,354,789 3,397,867,827 67.35 28.10 4.05 99.50 Asian Equity Fund $ % 1,039,435,380 1,039,435,380 99.46 0.00 0.00 99.46 Singapore Cash Fund $ % 82,729,727 82,729,727 0.00 59.66 0.00 59.66

4,698,294 15,066,609 23,740,055 3,441,372,785

0.14 0.44 0.70 100.78

5,186,397 29,722 788,865 1,045,440,364

0.50 0.01 0.07 100.03

56,729,517 524,316 9,136 139,992,696

40.91 0.38 0.01 100.96

(26,437,262) 3,414,935,523

-0.78 100.00

(360,625) 1,045,079,739

-0.03 100.00

(1,332,185) 138,660,511

-0.96 100.00

Global Equity Fund $ % Debt Securities Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 32,118,856 32,118,856 0.00 99.96 99.96

Global Bond Fund $ % 85,176,239 85,176,239 98.29 0.00 98.29

Global Managed Fund $ % 93,107,133 93,107,133 0.00 100.03 100.03

56,880 18,259 32,193,995

0.18 0.00 0.05 100.19

694,492 1,117,949 355,783 87,344,463

0.80 1.29 0.41 100.79

44,609 54,326 93,206,068

0.05 0.00 0.06 100.14

(62,242) 32,131,753

-0.19 100.00

(688,354) 86,656,109

-0.79 100.00

(127,126) 93,078,942

-0.14 100.00

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

103

STATEMENT OF ASSETS AND LIABILITIES


As at 31 December 2010

Global Technology Fund $ % Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 79,494,472 79,494,472 100.02 100.02

Pan European Fund $ % 37,249,346 37,249,346 100.06 100.06

Protected Global Titans Fund $ % 11,679,643 11,679,643 100.12 100.12

44,214 763 79,539,449

0.06 0.00 0.00 100.08

54,393 64,842 37,368,581

0.15 0.00 0.17 100.37

308 10,551 11,690,502

0.00 0.00 0.09 100.21

(59,972) 79,479,477

-0.08 100.00

(142,328) 37,226,253

-0.37 100.00

(24,511) 11,665,991

-0.21 100.00

Asian Reach Managed Fund $ % Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 750,887,195 750,887,195 99.94 99.94

ChinaIndia Fund $ % 1,254,982,077 1,254,982,077 99.91 99.91

Emerging Markets Fund $ % 252,498,100 252,498,100 99.91 99.91

982,495 327,585 752,197,275

0.13 0.00 0.04 100.11

1,838,549 622,948 1,257,443,574

0.15 0.00 0.05 100.11

467,934 289,879 253,255,913

0.20 0.00 0.10 100.21

(833,456) 751,363,819

-0.11 100.00

(1,361,901) 1,256,081,673

-0.11 100.00

(537,266) 252,718,647

-0.21 100.00

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

104

STATEMENT OF ASSETS AND LIABILITIES


As at 31 December 2010

America Fund $ % Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 7,819,546 7,819,546 99.82 99.82

International Bond Fund $ % 17,156,556 17,156,556 100.00 100.00

Adapt 2015 Fund $ % 46,978,695 46,978,695 94.37 94.37

9,434 117,246 7,946,226

0.12 0.00 1.49 101.43

50,729 31,410 17,238,695

0.31 0.00 0.17 100.48

2,567,616 362,555 49,908,866

5.16 0.00 0.72 100.25

(112,384) 7,833,842

-1.43 100.00

(81,594) 17,157,101

-0.48 100.00

(122,123) 49,786,743

-0.25 100.00

Adapt 2025 Fund $ % Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 232,505,016 232,505,016 99.33 99.33

Adapt 2035 Fund $ % 52,377,568 52,377,568 98.94 98.94

Global Basics Fund $ % 329,123,316 329,123,316 100.00 100.00

535,176 1,349,269 234,389,461

0.23 0.00 0.58 100.14

473,579 245,284 53,096,431

0.89 0.00 0.47 100.30

389,822 329,513,138

0.00 0.00 0.12 100.12

(319,789) 234,069,672

-0.14 100.00

(157,144) 52,939,287

-0.30 100.00

(384,473) 329,128,665

-0.12 100.00

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

105

STATEMENT OF ASSETS AND LIABILITIES


As at 31 December 2010

Currency Income Fund $ % Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 90,533,796 90,533,796 100.01 100.01

Global Property Securities Fund $ % 85,990,531 85,990,531 100.08 100.08

Global Leaders Fund $ % 4,035,454 4,035,454 98.58 98.58

135,797 254,235 90,923,828

0.15 0.00 0.28 100.44

21,678 364,407 86,376,616

0.03 0.00 0.42 100.53

83,457 25,645 4,144,556

2.04 0.00 0.63 101.25

(402,434) 90,521,394

-0.44 100.00

(456,206) 85,920,410

-0.53 100.00

(51,028) 4,093,528

-1.25 100.00

Asian Infrastructure Equity Fund $ % Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 11,596,864 11,596,864 98.44 98.44

Global Market Navigator Fund $ % 1,948,617 1,948,617 98.48 98.48

Asian Income Fund $ % 13,085,215 13,085,215 96.37 96.37

323,615 54,126 11,974,605

2.75 0.00 0.45 101.64

35,063 10,997 1,994,677

1.77 0.00 0.56 100.81

1,000,743 495,713 14,581,671

7.37 0.00 3.65 107.39

(193,506) 11,781,099

-1.64 100.00

(15,932) 1,978,745

-0.81 100.00

(1,003,972) 13,577,699

-7.39 100.00

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 Bond Fund $ % Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 55,447,829 55,447,829 97.70 97.70

Greater China Fund $ % 136,782,518 136,782,518 99.95 99.95

GEMM Resources Fund* $ % 29,245,766 29,245,766 97.61 97.61

828,710 970,680 335,988 57,583,207

1.46 1.71 0.59 101.46

184,605 484,672 137,451,795

0.13 0.00 0.36 100.44

2,265,150 351,729 31,862,645

7.56 0.00 1.18 106.35

(828,710) 56,754,497

-1.46 100.00

(600,112) 136,851,683

-0.44 100.00

(1,901,737) 29,960,908

-6.35 100.00

Singapore Growth Fund** $ % Investments in Funds Value of Investments OTHER ASSETS Interest bearing deposits and bank balances Accrued and outstanding interest and dividends Other assets Total Assets LIABILITIES Other liabilities value of Fund as at 31 December 2010 110,284,358 110,284,358 95.11 95.11

12,288,318 2,201,314 124,773,990

10.60 0.00 1.89 107.60

(8,814,272) 115,959,718

-7.60 100.00

* 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

From 1 January 2010 to 31 December 2010

CAPITAL AND INCOME ACCOUNT

Value of Fund as at 1 January 2010 Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010

Singapore Managed Fund $ 3,133,016,025 252,707,617 (234,939,645) 17,767,972 67,848,039 30,714,100 98,562,139 (41,432,019) (4,373,397) (45,805,416) 695,524 231,083,780 (20,384,501) 211,394,803 281,919,498 3,414,935,523 Global Equity Fund $ 78,596,775 6,372,262 (49,885,790) (43,513,528) 8,936 8,936

Asian Equity Fund $ 959,896,439 67,503,399 (67,446,580) 56,819 19,608,289 4,782 19,613,071 (14,366,097) (3,679,175) (18,045,271) (884,581) 77,597,245 6,846,017 83,558,681 85,183,300 1,045,079,739 Global Bond Fund $ 133,359,640 16,052,637 (57,919,528) (41,866,891) 3,673,340 3,673,340 (801,351) (3,589) (804,940) (1,196) (2,622,904) (5,080,940) (7,705,040) (46,703,531) 86,656,109

Singapore Cash Fund $ 179,793,200 3,346,462 (45,720,236) (42,373,774) 3,170,546 3,170,546 (515,465) (440) (515,905) (924,015) (489,541) (1,413,556) (41,132,689) 138,660,511 Global Managed Fund $ 93,060,531 3,745,638 (4,633,657) (888,019) 1,177,268 1,177,268 (468,178) (468,178) 3,571,973 (3,374,633) 197,340 18,411 93,078,942

Value of Fund as at 1 January 2010 Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010

(619,089) (619,089) 26,123 (7,178,443) 4,810,979 (2,341,341) (46,465,022) 32,131,753

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

108

CAPITAL AND INCOME ACCOUNT


From 1 January 2010 to 31 December 2010

Value of Fund as at 1 January 2010 Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010

Global Technology Fund $ 80,971,825 2,610,367 (6,382,550) (3,772,183) (1,156,621) (1,156,621) 1,654,344 1,782,112 3,436,456 (1,492,348) 79,479,477 Asian Reach Managed Fund $

Pan European Fund $ 43,892,788 (4,013,868) (4,013,868) (575,585) (575,585) (706,385) (1,370,697) (2,077,082) (6,666,535) 37,226,253 ChinaIndia Fund $ 1,200,932,289 143,154,652 (156,175,971) (13,021,319) (18,209,859) (18,209,859) 36,821,230 49,559,332 86,380,562 55,149,384 1,256,081,673

Protected Global Titans Fund $ 14,964,059 1,879,474 (4,739,332) (2,859,858) (79,549) (79,549) 586,057 (944,718) (358,661) (3,298,068) 11,665,991 Emerging Markets Fund $ 242,676,886 22,811,953 (26,114,145) (3,302,192) (1,993,862) (1,993,862) (562) (44,178,345) 59,516,722 15,337,815 10,041,761 252,718,647

Value of Fund as at 1 January 2010 Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010

717,703,936 53,667,546 (50,396,191) 3,271,355 (9,379,024) (9,379,024) 12,109,121 27,658,431 39,767,552 33,659,883 751,363,819

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

109

CAPITAL AND INCOME ACCOUNT


From 1 January 2010 to 31 December 2010

Value of Fund as at 1 January 2010 Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010

America Fund $ 6,144,382 2,340,438 (768,384) 1,572,054 (52,439) (52,439) 24,356 145,489 169,845 1,689,460 7,833,842 Adapt 2025 Fund $ 240,147,107 (17,020,270) (17,020,270) 852,000 852,000

International Bond Fund $ 18,891,144 1,654,089 (3,059,784) (1,405,695) 571,580 571,580 (71,115) (71,115) (12,515) (816,298) (828,813) (1,734,043) 17,157,101 Adapt 2035 Fund $ 54,084,603 (3,310,595) (3,310,595) 103,467 103,467 (629,356) (2,104) (631,460) (275,699) 916,605 2,052,366 2,693,272 (1,145,316) 52,939,287

Adapt 2015 Fund $ 52,118,511 573,157 (5,204,435) (4,631,278) 136,826 136,826 (632,822) (2,047) (634,869) (240,847) 6,534,734 (3,496,334) 2,797,553 (2,331,768) 49,786,743 Global Basics Fund $ 324,508,359 (33,170,999) (33,170,999) (4,638,585) (4,638,585) 1,922,799 40,507,091 42,429,890 4,620,306 329,128,665

Value of Fund as at 1 January 2010 Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010

(2,792,457) (7,313) (2,799,770) (1,028,540) 12,133,896 1,785,249 12,890,605 (6,077,435) 234,069,672

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 Fund $ Value of Fund as at 1 January 2010 Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010 108,284,941 (10,940,827) (10,940,827) 2,370,648 2,370,648 (1,518,738) (1,518,738) (4,970,144) (2,704,486) (7,674,630) (17,763,547) 90,521,394 Asian Infrastructure Equity Fund $ Value of Fund as at 1 January 2010 Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010 8,133,690 4,038,807 (1,081,144) 2,957,663 (139,092) (139,092) 263,096 565,742 828,838 3,647,409 11,781,099

Global Property Securities Fund $ 86,249,106 (7,954,136) (7,954,136) (799,228) 13,772 (785,456) (9,088,457) 17,499,353 8,410,896 (328,696) 85,920,410 Global Market Navigator Fund $ 2,391,588 (360,611) (360,611) (34,300) (34,300) 29,652 (47,584) (17,932) (412,843) 1,978,745

Global Leaders Fund $ 3,992,406 358,984 (344,203) 14,781 (61,407) (61,407) (14,451) 162,199 147,748 101,122 4,093,528 Asian Income Fund $ 4,068,698 9,387,210 (301,779) 9,085,431 134,641 134,641 (96,660) (96,660) (3,515) (6,243) 395,347 385,589 9,509,001 13,577,699

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

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CAPITAL AND INCOME ACCOUNT


From 1 January 2010 to 31 December 2010

Value of Fund as at 1 January 2010

Emerging Market Income Bond Fund $ 21,584,425 39,079,783 (2,246,985) 36,832,798 1,144,775 1,144,775

Greater China Fund $ 109,162,711 47,369,040 (23,573,940) 23,795,100 (1,190,676) (1,190,676) 199,949 4,884,599 5,084,548 27,688,972 136,851,683

GEMM Resources Fund* $ 27,925,213 (1,272,229) 26,652,984 (76,319) (76,319) (118,198) 3,502,441 3,384,243 29,960,908 29,960,908

Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010

(306,897) (306,897) 267,349 (2,767,953) (2,500,604) 35,170,072 56,754,497

Value of Fund as at 1 January 2010 Amounts received by the Fund for creation of units Amounts paid by the Fund for liquidation of units Net cash into/ (out of) the Fund Investment income Dividend Income Interest Income Other Income Fund expenses Management fees Other expenses Net gains/ (losses) on investments Exchange gain/ (loss) Net realised gain/ (loss) on sale of investments Unrealised appreciation/ (depreciation) in value of investments during the year Increase/ (decrease) in net asset value for the period value of Fund as at 31 December 2010 * 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.

Singapore Growth Fund** $ 114,911,792 (1,407,987) 113,503,805 (11,108) (11,108) 45,447 2,421,574 2,467,021 115,959,718 115,959,718

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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: Funds Singapore Managed Fund Asian Equity Fund Singapore Cash Fund Global Equity Fund Global Bond Fund Global Managed Fund Global Technology Fund Pan European Fund Protected Global Titans Fund Asian Reach Managed Fund ChinaIndia Fund Emerging Markets Fund America Fund International Bond Fund Adapt 2015 Fund Adapt 2025 Fund Adapt 2035 Fund Global Basics Fund Currency Income Fund Global Property Securities Fund Global Leaders Fund Asian Infrastructure Equity Fund Global Market Navigator Fund Asian Income Fund Emerging Market Income Bond Fund Greater China Fund GEMM Resources Fund* Singapore Growth Fund**
* GEMM Resources Fund was launched on 20 January 2010 ** Singapore Growth Fund was launched on 5 July 2010

Units in Issue 987,436,803 491,309,317 103,718,155 36,084,949 64,727,639 80,720,059 146,524,557 40,055,118 10,130,201 437,088,270 520,335,537 185,854,760 9,484,209 18,468,559 44,444,036 216,430,717 51,048,867 315,816,105 136,314,418 173,421,496 4,971,400 9,570,595 2,170,010 10,976,044 61,614,496 139,173,192 24,392,694 115,796,340

Net Asset Value per unit S$3.45838 S$2.12713 S$1.33689 S$0.89044 S$1.33878 S$1.15310 S$0.54243 S$0.92937 S$1.15160 S$1.71902 S$2.41398 S$1.35976 S$0.82598 S$0.92898 S$1.12021 S$1.08149 S$1.03703 S$1.04215 S$0.66406 S$0.49544 S$0.82341 S$1.23096 S$0.91185 S$1.23703 S$0.92112 S$0.98331 S$1.22827 S$1.00141

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)


2 2.1 Summary of Significant Accounting Policies 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 remeasurement to fair value are taken to the Capital and Income Account. The fair value is determined by using open market valuation at the yearend 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 bidoffer 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 weightedaverage cost basis. Realised gains/losses from the sale of investments are taken to the Capital and Income Account.

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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.

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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).

Managements 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 auditors 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 entitys 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 entitys 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.

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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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Established in 1848 in the United Kingdom, Prudential plc is now one of the worlds 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