PRULINK INVESTMENTS - cws.prudential.com.sg · The group’s investment operations offer expertise in equities, bonds, real estate and venture capital. It is among the world’s largest

PRULINK INVESTMENTSReport and statement of the managers for the period 1 January 2011 to 30 June 2011

Nurturing your investments to your advantage.

GENERAL DISCLAIMERS:

The contents of this PRUlink Fund Report is strictly for information purposes only and shall not be deemed as any form of other type of advice or recommendation whatsoever, from Prudential Assurance Company Singapore (Pte) Ltd.

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 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 0 333.

1

CONTENTS

Page

CEO Letter ...........................................................................................................................................2

About Prudential’s Fund Managers .......................................................................................................3

Table of Fund Performance ...................................................................................................................4

Changes to PruLink Funds 2011 ...........................................................................................................6

Market Review & Outlook ....................................................................................................................7

PruLink Singapore Managed Fund ......................................................................................................10

PruLink Asian Equity Fund ..................................................................................................................11

PruLink Global Equity Fund ................................................................................................................12

PruLink Global Bond Fund ..................................................................................................................13

PruLink Global Managed Fund ...........................................................................................................14

PruLink Global Technology Fund .........................................................................................................15

PruLink Pan European Fund ................................................................................................................16

PruLink Protected Global Titans Fund .................................................................................................17

PruLink Asian Reach Managed Fund ...................................................................................................18

PruLink China-India Fund ...................................................................................................................19

PruLink Emerging Markets Fund .........................................................................................................20

PruLink America Fund ........................................................................................................................21

PruLink Adapt 2015 Fund ..................................................................................................................22



PruLink Global Basics Fund .................................................................................................................25

PruLink Currency Income Fund ...........................................................................................................26

PruLink Global Property Securities Fund ..............................................................................................27

PruLink Global Leaders Fund ..............................................................................................................28

PruLink Asian Infrastructure Equity Fund ............................................................................................29

PruLink Global Market Navigator Fund ...............................................................................................30

PruLink Asian Income Fund ...............................................................................................................31

PruLink Emerging Market Income Bond Fund .....................................................................................32

PruLink Greater China Fund ...............................................................................................................33

PruLink GEMM Resources Fund ..........................................................................................................34

PruLink Singapore Growth Fund .........................................................................................................35

PruLink Oriental Opportunities Fund ...................................................................................................36

PruLink Singapore Dynamic Bond Fund ..............................................................................................37

Schedule of Investments ....................................................................................................................38

Statement of Assets and Liabilities ...................................................................................................102

Capital and Income Account ............................................................................................................107

Notes to the Financial Statements ....................................................................................................112

2

CEO Letter

Dear PruLink PolicyholderThe first half of 2011 presented an investment environment which was similar in many respects to that of 2010. With a focus on macro issues, investors reacted in lockstep across both markets and asset classes. The result was the continuation of volatile trading around a broadly flat trend.

The macro issues dominating sentiment need little introduction. The slower economy coincided with the final stages of the US Federal Reserve Board’s quantitative easing programme. This led to speculation that the Board would embark on a third easing program, a possibility that remained as of this report.

Europe’s debt issues intensified as fears spread that a Greek bond default could ripple into other European banks and beyond. This invoked the spectre of another global banking crisis and sharp swings in the Euro. Closer to home, rising inflation led Asian central banks to tighten their monetary policies either by raising interest rates or allowing their currencies to strengthen, or both.

With the focus on the macro picture, many investors seem to have overlooked a generally better corporate picture. Companies are reporting profits, with the consensus forecasts being generally respectable. Equity valuations in the developed markets, for example, appear low. Valuations in the emerging markets are higher, but still seem attractive-to-fair being backed, generally, by better economic fundamentals.

Corporate bonds still seem to be discounting default rates that are unlikely to eventuate at a time when balance sheets generally appear solid. While the macro issues remain unresolved, there seems little likelihood that investors will price out the value apparent in many equity and corporate bond markets.

While we ended last year anticipating a precarious 2011, the market volatility in the first half of this year was not as high as expected. Nevertheless, it may be too early to conclude that this risk has faded. What remains at the core of a balanced portfolio is to have a sensible long-term savings plan that can take advantage of the value apparent now.

Today, Prudential remains a key life insurer managing one of Singapore’s largest investment-linked funds with over S$8.1 billion funds managed under PruLink funds (as of 30 June 2011). Due to the investment expertise of our fund managers and the strength of our funds, we have immense potential for continued success.

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 HolmgrenChief Executive Officer

3

ABOUT PRUDENTIAL’S FUND MANAGERS

Prudential plc is an international retail financial services group with significant operations in Asia, the US and the UK. The group’s investment operations offer expertise in equities, bonds, real estate and venture capital. It is among the world’s largest fund managers in the world, managing a total of over £349.5 billion (S$689.3 billion) as at 30 June 20111.

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

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

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

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

As at 30 June 2011, Prudential has S$103.5 billion1 of funds under management in Asia. In Singapore, Prudential Asset Management (Singapore) Limited has approximately S$68.50 billion2 of funds under management, of which approximately S$51.78 billion are discretionary funds. The PruLink family of funds amounts to S$8.1 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 30 June 2011 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 Unaudited as at 30 June 20112 Contracted Funds Under Management as at 30 June 2011

4

3–Month 6–Month

Fund %

Benchmark%

Fund%

Benchmark%

PruLink Singapore Managed Fund -0.20 0.03 -1.44 -0.96

PruLink Asian Equity Fund -3.92 -2.53 -6.40 -2.92

PruLink Global Equity Fund -0.64 -1.95 0.30 1.21

PruLink Global Bond Fund 0.71 0.63 -0.30 -0.34

PruLink Global Managed Fund -0.10 -0.88 0.23 0.70

PruLink Global Technology Fund -4.71 -3.91 -0.98 -3.15

PruLink Pan European Fund 0.00 0.12 -0.10 5.18

PruLink Protected Global Titans Fund 0.06 0.62 0.12 1.23

PruLink Asian Reach Managed Fund -2.30 -1.42 -3.50 -1.94

PruLink China–India Fund -7.49 -5.13 -8.86 -7.63

PruLink Emerging Markets Fund -3.19 -3.63 -4.86 -3.33

PruLink America Fund -4.63 -2.51 -1.30 1.60

PruLink Adapt 2015 Fund 0.90 0.34 1.01 1.00

PruLink Adapt 2025 Fund 0.10 -0.60 0.13 0.29

PruLink Adapt 2035 Fund -0.54 -1.19 -0.68 -0.19

Prulink Global Basics Fund -4.44 -1.74 -3.36 1.45

PruLink Currency Income Fund -1.11 0.11 -1.11 0.21

PruLink Global Property Securities Fund 1.20 1.71 4.34 5.57

Prulink Global Leaders Fund -5.58 -2.06 -4.81 0.83

Prulink Asian Infrastructure Equity Fund -4.14 -2.75 -4.61 -0.99

Prulink Global Market Navigator Fund -1.97 NA -1.05 NA

Prulink Asian Income Fund -1.44 -2.66 -1.14 -2.22

Prulink Emerging Market Income Bond Fund 0.41 -2.53 -0.01 -4.02

Prulink Greater China Fund -2.48 -3.13 -7.23 -4.75

Prulink GEMM Resources Fund -9.66 -7.30 -11.70 -6.23

Prulink Singapore Growth Fund 0.43 1.74 -2.84 -0.66

PruLink Oriental Opportunities Fund -2.45 -2.62 -1.45 -4.86

PruLink Singapore Dynamic Bond Fund NA NA NA NA

PruLink Singapore Cash Fund* 0.15 0.02 0.33 0.03

TABLE OF FUND PERFORMANCEAs at 30 June 2011

* 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.

5

1–Year 3–Year^ 5–Year^ 10–Year^ Since Inception^

Fund%

Benchmark%

Fund%

Benchmark%

Fund%

Benchmark%

Fund%

Benchmark%

Fund%

Benchmark%

7.43 8.03 4.08 4.88 6.80 7.84 7.71 7.85 7.08 6.07

9.81 10.81 0.71 4.26 3.28 6.04 8.25 9.27 4.83 2.67

12.00 15.36 -2.29 -2.31 -4.57 -2.23 -0.62 0.40 -0.48 0.26

-2.47 -2.81 1.85 2.28 1.88 2.04 3.52 3.74 2.78 3.09

6.18 7.97 1.09 1.19 -0.58 0.75 2.02 2.69 1.60 2.23

12.66 9.17 1.99 -0.62 -1.32 -0.78 -4.46 -3.38 -5.46 -4.49

17.39 20.82 -8.92 -4.45 -4.58 -2.21 0.42 2.52 -0.23 1.75

-0.02 2.50 0.62 2.50 2.47 2.50 NA NA 1.52 2.50

1.85 1.88 3.43 5.22 3.25 4.52 NA NA 6.90 7.41

-2.01 -2.59 5.90 5.57 8.84 10.40 NA NA 12.92 16.29

8.73 12.70 0.32 1.06 2.26 6.23 NA NA 5.21 7.97

11.71 14.92 -0.56 -0.10 -2.99 -2.14 NA NA -2.48 -1.21

5.56 5.39 2.13 3.84 2.62 4.26 NA NA 2.91 4.46

8.28 8.27 0.58 3.14 1.23 3.31 NA NA 2.18 4.13

9.52 9.94 -0.99 2.20 -0.04 2.39 NA NA 1.34 3.62

20.02 20.11 -5.62 -1.17 1.17 1.76 NA NA 1.15 1.85

-0.81 0.45 -6.40 0.54 NA NA NA NA -3.75 0.62

18.44 22.25 -5.12 -0.07 NA NA NA NA -13.64 -9.50

10.92 15.46 NA NA NA NA NA NA -6.33 -0.85

4.68 13.69 NA NA NA NA NA NA 7.89 8.74

2.45 NA NA NA NA NA NA NA -1.86 NA

13.50 14.16 NA NA NA NA NA NA 15.91 18.83

0.33 -11.73 NA NA NA NA NA NA 3.03 7.86

4.63 7.43 NA NA NA NA NA NA -2.55 0.92

20.18 16.40 NA NA NA NA NA NA 10.22 8.65

NA NA NA NA NA NA NA NA 2.42 7.47



0.62 0.08 1.07 0.25 1.84 1.08 1.66 1.19 1.89 1.84

^ Annualised

6

CHANGES TO PRULINK FUNDS 2011

Changes to PruLink America Fund

The benchmark for the PruLink America Fund was changed from Standard & Poor’s 500 Total Return Gross Index to Standard & Poor’s 500 Total Return Net Index with effect from 31 March 2011.

The reason for the change is that the Standard & Poor’s 500 Total Return Net Index calculates performance net of withholding tax, which is consistent with the calculation of the performance of the PruLink America Fund which is also net of withholding tax.

Changes to PruLink International Bond Fund

The PruLink International Bond Fund was restructured on 6 May 2011 (the “Effective Date”).

The Underlying Fund was changed from Fidelity Fund- International Bond Fund II to PruLink Global Bond Fund.

With this change, there were the following subsequent changes:

Before the Effective Date With effect from the Effective Date

Underlying FundFidelity Funds – International Bond Fund II

PruLink Global Bond Fund

Investment Manager of Underlying Fund

Fidelity Fund Management Limited

Prudential Asset Management (Singapore) Limited

Benchmark for the Underlying Fund

Barclays Capital Global Aggregate G5 ex-MBS Index

Citigroup World Government Bond Index All Maturities

Subsequently, the PruLink International Bond Fund was terminated on 31 May 2011.

7

Market Review & Outlook

Singapore Equities

Singapore equities began 2011 on a positive note, riding on 2010’s 10.1% overall gain and impressive economic numbers. A record 14.5% growth in 2010 made the city state the fastest-growing economy in the world, according to International Monetary Fund estimates. Nonetheless the positive momentum did not last. Sentiment soured from late January to mid March on a series of external developments: political unrest in the Middle East and North Africa (MENA), a surge in oil prices past $100 a barrel and the nuclear crisis triggered by the earthquake in eastern Japan served to intensify risk aversion.

Market confidence was subsequently restored on positive corporate earnings news. Several blue chip companies such as Keppel Corporation, Singapore Press Holdings and Singapore Airlines reported year-end and quarter results that exceeded analysts’ expectations. Positive first quarter growth estimates released in April also underpinned market sentiment. On the domestic front, investors focussed on the outcome of April’s monetary policy meeting and May’s general elections.

The Monetary Authority of Singapore re-centered the exchange rate policy band below the prevailing level of the nominal effective exchange rate, for further appreciation of the Singapore dollar to slow inflation. The Singapore dollar strengthened 2.95% against the US dollar in April, making it the best performing currency in the region ex-Japan for the month.

The general elections in early May turned out to be one of the most contested in Singapore’s history with opposition parties scoring their biggest gains ever by winning 6 out of the 87 parliamentary seats. A broad based rally boosted the market post the results as the outcome was widely expected and more importantly seen as benign. As June drew to a close, stock markets were once again hit by Eurozone sovereign debt concerns, triggered by Greek default fears. Investors too fretted over the imminent end of US’ quantitative easing programme and its impact on the financial markets. The Singapore stock market lost ground; the FTSE Straits Times Index (FSSTI) dropped 1.25% in June in local currency terms.

Looking ahead, Singapore’s economy is projected to expand at more moderate pace of between 5-7% this year compared to the strong levels seen in 2010. Growth will likely be supported by a broad-based expansion across a range of industries barring a potential slowdown in developed economies and an escalation of inflationary pressures. Downside risks coupled with valuations that are not compelling versus the region, imply a cautious near term outlook for Singapore equities.

8

Global Equities Markets

Returns in Singapore dollars for the period under review:

Stock Market Currencies (In SGD) (Against SGD)

MSCI World -1.1%MSCI North America +0.3% USD -4.4%MSCI UK -0.4% GBP -1.0%MSCI Europe ex-UK +4.1% EUR +3.6%MSCI Japan -9.3% JPY -3.2%MSCI AC Far East ex-Japan -3.2% – –MSCI Australia -2.4% AUD +0.8%MSCI New Zealand +9.1% NZD +2.0%MSCI AC Asia ex-Japan 0.0%MSCI China -5.1% CNY -2.2%MSCI Hong Kong -7.0% HKD -4.5%MSCI India -12.8% INR -4.3%MSCI Indonesia +5.8% IDR +0.3%MSCI Korea +1.8% KRW +0.7%MSCI Malaysia +1.4% MYR -2.8%MSCI Philippines -6.7% PHP -3.7%MSCI Singapore -4.4% –MSCI Taiwan -7.9% TWD -2.8%MSCI Thailand -4.4% THB -7.0%

Source: Bloomberg

In Singapore dollar terms, global equities ended the first half in negative territory, a contrast to last year end’s gain of 0.9%. Encouraging economic news at the start of the year coupled with solid corporate earnings boosted markets in the first quarter of the year.

But as the half year mark drew close, signs of an economic slowdown in the US, fears that Greece and the peripheral European nations would default and rising inflationary pressures in emerging markets dented sentiment.

Among the markets listed above, India and Japan were the worst laggards. The consistently-high inflation and a series of rate hikes impacted Indian market performance adversely while the March 11th devastating earthquake and tsunami threatened to impede Japan’s economic recovery. Many Japanese companies were forced to halt production in the wake of the disaster which crippled the global supply chain process.

In contrast to 2010, developed markets such as the US and Europe outperformed their Asian counterparts over the first half of 2011. The MSCI Asia ex-Japan recorded a flat performance compared to the 6.6% gain in 2010. While greater confidence in the growth of developed economies benefited markets of export-reliant economies such as Korea, others like India and China continued to face rising inflation. The anti-inflation measures by Asia’s central banks heightened risk aversion in the region.

Concerns over a US slowdown, fears of a banking crisis in Europe, and worries of using inflation will likely dictate market movements for the remainder of 2011. While these are valid risks, equity valuations on the other hand suggest these risks have been discounted. In the US, equities remain attractive, backed by rising corporate profits. Should corporate earnings continue to be encouraging, company fundamentals will likely displace the macro issues as the key market driver.

Valuations in Europe look very attractive, yet investors will likely be distracted by the ongoing debt crisis. Over in Japan, general market expectations remain low, and company projections continue to be conservative. With equities trading well below their fair value any positive news is likely to surprise to the upside. Within Asia, Thailand is trading at a slight valuation discount to other Asian equity markets while Taiwan’s valuations appear reasonable relative to history and the region.

Volatility may be on the cards but given these valuations, further market sell-offs should selectively offer buying opportunities, we think.

9

Global Fixed Income

Returns in Singapore dollars for the period under review:

Stock Market Currencies (In SGD) (Against SGD)

Citigroup World Government Bond Index -0.5%Citigroup US Government Bond Index -2.2% USD -4.4%Citigroup EMU Government Bond Index +3.9% EUR +3.6%Citigroup Japan Government Bond Index -3.0% JPY -3.2%

Source: Bloomberg

Against a backdrop of stronger risk sentiment and higher inflation expectations, government bonds sold off at the start of the year. Geopolitical unrest in North Africa and the Middle East, and the problems facing Japan in the wake of the devastating earthquake subsequently triggered bouts of safe haven buying. Nonetheless government bond yields resumed their upward trend towards the end of the first quarter. The gains reflected ongoing concerns about high commodity prices and subsequent inflationary pressures.

Risky assets were also underpinned by a generally positive set of corporate earnings results in the US and Europe. The positive corporate earnings corroborated with signs of continued expansion of economic activity globally, backed by continued growth in the US and Chinese manufacturing sectors.

In contrast, government bond yields fell steadily for most of the second quarter. Concerns over the US fiscal health returned to the forefront, triggered by S&P’s downgrade of the US debt outlook from stable to negative for the first time in 70 years.

In the Eurozone, the persistent uncertainties arising from the sovereign debt problems continued to weigh on investor sentiment. Market speculation on possible restructuring of Greek, Irish and Portuguese sovereign debts also generated market unease. Additionally the prospect of the US quantitative easing (QE2) coming to an end in June contributed to investor uncertainty.

But government bond yields did rise in the last four days of the June quarter, following a parliamentary approval of the Greek austerity package and agreement from the French and German financial institutions to roll over their Greek sovereign debt holdings.

Despite the slew of negative events that triggered bouts of risk aversion, the appetite for corporate bonds globally has been relatively resilient, amidst the low interest rate environment. Stronger corporate fundamentals as evidenced by declining leverage, increased cash on balance sheets, and lower default rates have also underpinned the corporate bond markets.

Going forward, government bonds will likely face pressure given the concerns about the US’ fiscal health and peripheral European nation’s financial health. On the other hand, corporate bonds will likely remain attractive amidst slowing bond issuance. At the same time, many governments will continue to issue bonds to finance their budget deficits and the shrinking supply of corporate bonds makes them comparatively more attractive than government bonds.

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

10

PRULINK FUNDSReport and Statements of the Managers for the period from 1 January 2011 to 30 June 2011

PruLink Singapore Managed Fund

FUND OBJECTIVE

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

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

Fund Details

PruLink Singapore Managed Fund

Launch Date 24 Sep 1992

Bid Price (as at 30 Jun 2011) $3.41Offer Price (as at 30 Jun 2011) $3.59

Risk ClassificationNarrowly Focused – Medium to High Risk

Net Investment Return (for period under review – 1 Jan 2011 to 30 Jun 2011)PruLink Singapore Managed Fund -1.44%70% MSCI Singapore Free Index + 30% UOB Singapore Government Bond Index (All) -0.96%

Net Investment Return (since inception of the fund)PruLink Singapore Managed Fund 7.08%70% MSCI Singapore Free Index + 30% UOB Singapore Government Bond Index (All) 6.07%

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

60

100

140

180

220

260

300

340

380

420

Nov

-92

Nov

-94

Nov

-96

Nov

-98

Nov

-00

Nov

-02

Nov

-04

Nov

-06

Nov

-08

Nov

-10

Price IndexedPrulink Singapore Managed FundBenchmark

11

PruLink Asian Equity Fund

FUND OBJECTIVE

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

Fund Details

PruLink Asian Equity Fund

Launch Date 1 Oct 1995

Bid Price (as at 30 Jun 2011) $1.99

Offer Price (as at 30 Jun 2011) $2.10

Risk Classification

Narrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 Jan 2011 to 30 Jun 2011)

PruLink Asian Equity Fund -6.40%

MSCI AC Asia Ex-Japan Index -2.92%

Net Investment Return (since inception of the fund)

PruLink Asian Equity Fund 4.83%

MSCI AC Asia Ex-Japan Index 2.67%

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

25

50

75

100

125

150

175

200

225

250

275

300

325

350

Nov

-95

Nov

-96

Nov

-97

Nov

-98

Nov

-99

Nov

-00

Nov

-01

Nov

-02

Nov

-03

Nov

-04

Nov

-05

Nov

-06

Nov

-07

Nov

-08

Nov

-09

Nov

-10

Price Indexed Benchmark

Prulink Asian Equity Fund

12

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”).

Fund Details

PruLink Global Equity Fund




Risk Classification

Broadly Diversified – Higher Risk


PruLink Global Equity Fund 0.30%

MSCI World (Total Return Net) Index 1.22%


PruLink Global Equity Fund -0.48%

MSCI World (Total Return Net) Index 0.63%

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

40

50

60

70

80

90

100

110

120

130

140

150

Jan-

99

Jan-

00

Jan-

01

Jan-

02

Jan-

03

Jan-

04

Jan-

05

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Price Indexed

Prulink Global Equity FundBenchmark

Jan-

11

13


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.

Fund Details





Risk Classification

Broadly Diversified – Low to Medium Risk


PruLink Global Bond Fund -0.30%

Citigroup World Government Bond Index All Maturities -0.34%


PruLink Global Bond Fund 2.78%

Citigroup World Government Bond Index All Maturities 3.09%

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

80

90

100

110

120

130

140

150

160

170

180

Feb-

99

Feb-

00

Feb-

01

Feb-

02

Feb-

03

Feb-

04

Feb-

05

Feb-

06

Feb-

07

Feb-

08

Feb-

09

Feb-

10

Price Indexed

Prulink Global Bond FundBenchmark

Feb-

11

14

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.

Fund Details

PruLink Global Managed Fund



Risk ClassificationBroadly Diversified – Medium to High Risk

Net Investment Return (for period under review – 1 Jan 2011 to 30 Jun 2011)PruLink Global Managed Bond Fund 0.23%60% MSCI World Free Index + 40% Citigroup World Government Bond* 0.43%

Net Investment Return (since inception of the fund)PruLink Global Managed Bond Fund 1.60%60% MSCI World Free Index + 40% Citigroup World Government Bond* 2.28%

* 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.

70

90

80

100

110

120

130

140

150

Feb

-99

Feb

-00

May

-08

Price Indexed

Prulink Global Managed FundBenchmark

Jun

-11

Mar

-09

Mar

-02

Sep-0

3

Apr-

05

Oct

-06

15

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.

Fund Details

PruLink Global Technology Fund

Launch Date 1 Apr 2001



Risk Classification



PruLink Global Technology Fund -0.98%

MSCI AC World IT Index -3.15%


PruLink Global Technology Fund -5.46%

MSCI AC World IT Index -4.49%

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

20

40

60

80

100

120

May

-01

Mar

-02

Jan-

03

Nov

-03

Sep-

04

Jul-0

5

May

-06

Mar

-07

Jan-

08

Nov

-08

Sep-

09

May

-11

Jul-1

0

Price Indexed

Prulink Global Technology FundBenchmark

16

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.

Fund Details

PruLink Pan European Fund




Risk Classification



PruLink Pan European Fund -0.10%

FTSE World Europe (including UK) Index 5.18%


PruLink Pan European Fund -0.23%

FTSE World Europe (including UK) Index 1.75%

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

40

60

80

100

120

140

160

180

200

Apr

-01

Apr

-02

Apr

-03

Apr

-04

Apr

-05

Apr

-06

Apr

-07

Apr

-08

Apr

-09

Apr

-10

Oct

-10

Price IndexedPrulink Pan European FundBenchmark

Jun-

11

17

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.

Fund Details

PruLink Protected Global Titans Fund

Launch Date 16 Jan 2002



Risk Classification

Broadly Diversified – Low to Medium Risk


PruLink Protected Global Titans Fund 0.12%

CPF – Ordinary Account Interest Rate 1.23%


PruLink Protected Global Titans Fund 1.52%

CPF – Ordinary Account Interest Rate 2.50%

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

90

95

100

105

110

115

120

125

130

Jan-

02

Aug

-02

Mar

-03

Oct

-03

May

-04

Dec

-04

Jul-0

5

Feb-

06

Sep-

06

Apr

-07

Nov

-07

Jun-

08

Jan-

09

Aug

-09

Mar

-10

May

-11

Oct

-10

Price IndexedPrulink Protected Global Titans FundBenchmark

18

PruLink Asian Reach Managed Fund

FUND OBJECTIVE

The investment objective of the PruLink Asian Reach Managed Fund (the “Fund”) is to maximise total return in the medium to long term by investing in a portfolio comprising equities of companies in the Asian ex-Japan region, and quality corporate bonds and other fixed income securities issued in the United States market. The Manager intends to achieve this investment objective by investing all or substantially all of the assets of the PruLink Asian Reach Managed Fund into the PRU Asian Balanced Fund which shares the same investment objective.

Fund Details

PruLink Asian Reach Managed Fund




Risk ClassificationNarrowly Focused – Medium to High Risk

Net Investment Return (for period under review – 1 Jan 2011 to 30 Jun 2011)PruLink Asian Reach Managed Fund -3.50%50% MSCI AC Asia ex Japan Index, 30% The BofA Merrill Lynch U.S. Corporates, -1.94% 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 6.90%50% MSCI AC Asia ex Japan Index, 30% The BofA Merrill Lynch U.S. Corporates, 7.41% A2 Rated and above Index, 20% The BofA Merrill Lynch U.S. Corporates, BBB3-A3 Rated Index

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

90

100

110

120

130

140

150

160

170

180

190

200

Feb-

03

Feb-

04

Feb-

05

Feb-

06

Feb-

07

Feb-

08

Feb-

09

Feb-

10

Oct

-10

Jun-

11


Prulink Asian Reach Managed Fund

19

PruLink China-India Fund

FUND OBJECTIVE

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

Fund Details

PruLink China-India Fund

Launch Date 21 Jun 2004



Risk Classification



PruLink China-India Fund -8.86%

50% MSCI China Index and 50% MSCI India Index -7.63%


PruLink China-India Fund 12.92%

50% MSCI China Index and 50% MSCI India Index 16.29%

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

90

130

170

210

250

290

330

370

410430

Price IndexedPruLink China-India Fund

Benchmark

Aug-0

4

Feb

-05

Aug-0

5

Feb

-06

Aug-0

6

Feb

-07

Aug-0

7

Feb

-08

Aug-0

8

Feb

-09

Aug-0

9

Feb

-10

Aug-1

0

Feb

-10

Aug-1

0

Feb

-11

Jun

-11

20

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.

Fund Details


Launch Date 19 May 2005



Risk Classification



PruLink Emerging Markets Fund -4.86%

MSCI Emerging Markets Total Return Net -3.33%


PruLink Emerging Markets Fund 5.21%

MSCI Emerging Markets Total Return Net 7.97%

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


Benchmark

May

-05

May

-06

May

-07

May

-08

May

-09

May

-10

200

225

125

150

175

100

75

50

Price Indexed

May

-11

21

PruLink America Fund

FUND OBJECTIVE

The investment objective of 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.

Fund Details





Risk Classification



PruLink America Fund -1.30%

Standard & Poor’s 500 Index 1.60%


PruLink America Fund -2.48%

Standard & Poor’s 500 Index -1.20%

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

Jun-

11

40

60

80

100

120

140

Price Indexed


Benchmark

May

-05

May

-08

May

-07

May

-06

May

-09

May

-10

22

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.

Fund Details





Net Investment Return (for period under review – 1 Jan 2011 to 30 Jun 2011)PruLink Adapt 2015 Fund 1.01%Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, 1.44% 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 2.91%Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, 4.57% MSCI AC Asia ex-Japan Index, MSCI Emerging Market, UOB Singapore Government Bond Index (All), Barclays Capital Global Aggregate Index (hedged to S$), JACI Composite Index (hedged to S$), JPM EMBI+Composite Index, FTSE NAREIT Developed RE Index, Gold Bullion Spot (hedged to S$), 3-month SIBOR

The above information on the PruLink Adapt 2015 Fund is provided by Schroder Investment Management (Singapore) Limited.

60

70

80

90

100

110

120

130

140

May

-05

Nov

-05

May

-06

Nov

-06

May

-07

Nov

-07

May

-08

Nov

-08

May

-09

Nov

-09

May

-10

Nov

-10


Prulink Adapt 2015 Fund

May

-11

23


FUND OBJECTIVE


Fund Details





Net Investment Return (for period under review – 1 Jan 2011 to 30 Jun 2011)PruLink Adapt 2025 Fund 0.13%Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, 0.73% 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 2.18%Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, 4.25% 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


Nov

-10

70

80

90

100

110

120

130

140

May

-05

Nov

-05

May

-06

Nov

-06

May

-07

Nov

-07

May

-08

Nov

-08

May

-09

Nov

-09

May

-10



May

-11

Nov

-10

70

80

90

100

110

120

130

140

May

-05

Nov

-05

May

-06

Nov

-06

May

-07

Nov

-07

May

-08

Nov

-08

May

-09

Nov

-09

May

-10



May

-11

24


FUND OBJECTIVE


Fund Details




Risk ClassificationBroadly Diversified – Higher Risk


PruLink Adapt 2035 Fund -0.68%

Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, 0.25% 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 1.34%

Composite benchmark comprising the MSCI Singapore Free Index, MSCI World, 3.73% 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


60

70

80

90

100

110

120

130

140

150

May

-05

Nov

-05

May

-06

Nov

-06

May

-07

Nov

-07

May

-08

Nov

-08

May

-09

Nov

-09

May

-10

Nov

-10



May

-11

25

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.

Fund Details

PruLink Global Basics Fund




Risk Classification



PruLink Global Basics Fund -3.36%

FTSE Global Basics Composite Index 1.45%


PruLink Global Basics Fund 1.15%

FTSE Global Basics Composite Index 1.85%

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

40

50

60

70

80

90

100

110

120

130

140

150

May

-06

Nov

-06

May

-07

Nov

-07

May

-08

Nov

-08

May

-09

Nov

-09

May

-10

Jun-

11

Nov

-10

Price Indexed

Prulink Global Basics FundBenchmark

26

PruLink Currency Income Fund

FUND OBJECTIVE

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

Fund Details





Risk Classification

Medium to High Risk


PruLink Currency Income Fund -1.11%

12 Month S$ Fixed Deposit Rate p.a. 0.21%


PruLink Currency Income Fund -3.75%

12 Month S$ Fixed Deposit Rate p.a. 0.62%

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

60

70

80

90

100

110

120

Mar

-07

Jul-0

7

Nov

-07

Mar

-08

Jul-0

8

Nov

-08

Mar

-09

Jul-0

9

Nov

-09

Mar

-10

Nov

-10

Mar

-11

Jun-

11

Jul-1

0



27

PruLink Global Property Securities Fund

FUND OBJECTIVE

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

Fund Details

PruLink Global Property Securities Fund

Launch Date 26 Mar 2007



Risk Classification



PruLink Global Property Securities Fund 4.34%

UBS Warburg Global Real Estate Investors Index 5.57%


PruLink Global Property Securities Fund -13.64%

UBS Warburg Global Real Estate Investors Index -9.50%

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

May-

07

Dec-

07

Au

g-0

8

Ap

r-0

9

Jun

-11

Dec-

09

Au

g-1

0

100

80

60

40

20

Price Indexed

PruLink Global Property Securities FundBenchmark

28

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.

Fund Details

PruLink Global Leaders Fund

Launch Date 4 Jun 2008



Risk Classification

Broadly Diversified – Higher Risk


PruLink Global Leaders Fund -4.81%

FTSE World Index 0.83%


PruLink Global Leaders Fund -6.33%

FTSE World Index -0.85%

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

0

20

40

60

80

100

120

Jul-0

8

Nov

-08

Mar

-09

Jul-0

9

Nov

-09

Mar

-10

Jul-1

0

Nov

-10

Dec

-10

Price IndexedPrulink Global Leaders FundBenchmark

29

PruLink Asian Infrastructure Equity Fund

FUND OBJECTIVE

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

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.

Fund Details


Launch Date 4 Aug 2008



Risk ClassificationNarrowly Focused – Higher Risk

Net Investment Return (for period under review – 1 Jan 2011 to 30 Jun 2011)PruLink Asian Infrastructure Equity Fund -4.61%MSCI AC Asia ex-Japan Selected Sectors Index -0.99%

Net Investment Return (since inception of the fund)PruLink Asian Infrastructure Equity Fund 7.89%MSCI AC Asia ex-Japan Selected Sectors Index 8.74%

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

40

50

60

70

80

90

100

110

120

130

140

Aug

-08

Oct

-08

Dec

-08

Feb-

09

Apr

-09

Jun-

09

Aug

-09

Oct

-09

Dec

-09

Feb-

10

Apr

-10

Jun-

10

Aug

-10

Oct

-10

Feb-

11

Apr

-11

Dec

-10

Price Indexed


Benchmark

Jun-

11

30

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 including cash, equities, bonds and currencies. Exposure to each of the asset classes will be primarily through exchange traded funds (“ETF”), index futures, direct equity and bonds, swaps, options and foreign exchange forwards, each of which may be traded through recognized exchanges or via the over-the-counter markets.

Fund Details

PruLink Global Market Navigator Fund

Launch Date 18 Aug 2008



Risk ClassificationBroadly Diversified – Higher Risk

Net Investment Return (for period under review – 1 Jan 2011 to 30 Jun 2011)PruLink Global Market Navigator Fund -1.05%

Net Investment Return (since inception of the fund)PruLink Global Market Navigator Fund -1.86%

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

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

40

50

60

70

80

90

100

110

120

130

140

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Apr

-11

Jun-

11

Dec

-10

Price IndexedPrulink Global Market Navigator FundBenchmark

31

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.

Fund Details

PruLink Asian Income Fund




Risk Classification



PruLink Asian Income Fund -1.14%

MSCI AC Asia Ex-Japan Index -2.22%


PruLink Asian Income Fund 15.91%

MSCI AC Asia Ex-Japan Index 18.83%

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

Dec

-10

80

90

100

110

120

130

140

150

160

Apr

-09

Jun-

09

Aug

-09

Oct

-09

Dec

-09

Feb-

10

Apr

-10

Jun-

10

Aug

-10

Oct

-10

Feb-

11

Apr

-11

Price Indexed

Prulink Asian Income FundBenchmark

Jun-

11

32

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.

Fund Details


Launch Date 2 Jul 2009



Risk Classification

Narrowly Focused – Low to Medium Risk


PruLink Emerging Market Income Bond Fund -0.01%

USD 3M Libor (SGD) -4.02%


PruLink Emerging Market Income Bond Fund 3.03%

USD 3M Libor (SGD) -7.86%

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


Benchmark

Price Indexed

Jul-

09

Mar

-11

Jun-

11

Spe-

10

Dec

-10

Apr

-10

Jul-

10

30

40

50

60

70

80

90

100

110

Oct

-09

Jan-

10

33

PruLink Greater China Fund

FUND OBJECTIVE

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

Fund Details

PruLink Greater China Fund

Launch Date 6 Nov 2009



Risk Classification



PruLink Greater China Fund -7.23%

MSCI Golden Dragon -4.86%


PruLink Greater China Fund -2.55%

MSCI Golden Dragon -0.02%

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

Price Indexed

Dec

-09

Feb-1

0

85

90

105

95

100

Apr-

10

Jun-1

0

Aug-1

0

Oct

-10

Dec

-10

Feb-1

1

Apr-

11

Jun-1

1

PruLink Greater China FundBenchmark

110

34

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.

Fund Details





Risk Classification



PruLink GEMM Resources Fund -11.70%

HSBC Gold, Mining & Energy Total Return Net -6.23%


PruLink GEMM Resources Fund 10.22%

HSBC Gold, Mining & Energy Total Return Net 8.61%

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


BenchmarkPrice Indexed

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

90

95

100

105

115

110

120

125

130

Jun-

11

Apr

-11

Feb-

11

35

PruLink Singapore Growth Fund

FUND OBJECTIVE

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

Fund Details

PruLink Singapore Growth Fund

Launch Date 5 Jul 2010



Risk Classification



PruLink Singapore Growth Fund -2.84%

Straits Times Index (STI) -0.80%


PruLink Singapore Growth Fund 2.42%

Straits Times Index (STI) 7.32%

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

Price IndexedPrulink Singapore Growth FundBenchmark

90

92

96

94

98

100

102

Aug

-10

104

106

108

110

Sep-

10

Oct

-10

Nov

-10

Feb-

11

Dec

-10

Jan-

11

Mar

-11

May

-11

Apr

-11

Jun-

11

36

PruLink Oriental Opportunities Fund

FUND OBJECTIVE

The investment objective of the PruLink Oriental Opportunities Fund (the “Fund”) is geared towards capital growth in the long term by investing into the Allianz Global Investors Fund – Allianz RCM Oriental Income Fund (SGD Share Class) (the “Underlying Fund”) which in turn invests its assets in equity and fixed income markets across the Asia Pacific region.

Price IndexedPrulink Oriental Opportunities FundBenchmark

90

92

96

94

98

100

102

Oct

-10

104

106

108

110

Nov

-10

Dec

-10

Jan-

11

Feb-

11

Mar

-11

Apr

-11

May

-11

Jun-

11

Fund Details

PruLink Oriental Opportunities Fund




Risk Classification



PruLink Oriental Opportunities Fund -1.45%

MSCI AC Asia Pacific -4.86%


PruLink Oriental Opportunities Fund 1.88%

MSCI AC Asia Pacific 0.47%

The above information on PruLink Oriental Opportunities Fund is provided by RCM Asia Pacific Limited.

37

PruLink Singapore Dynamic Bond Fund

FUND OBJECTIVE

The PruLink Singapore Dynamic Bond Fund (the “Fund”) aims to maximise total returns over time by investing primarily in Singapore dollar denominated debt securities and foreign currency debt securities which will be hedged back into Singapore dollars.

Fund Details

PruLink Singapore Dynamic Bond Fund

Launch Date 14 Mar 2011



Risk Classification

Narrowly Focused – Low to Medium Risk


PruLink Singapore Dynamic Bond Fund N.A.

HSBC Singapore Local Currency Bond Index N.A.


PruLink Singapore Dynamic Bond Fund 1.72%

HSBC Singapore Local Currency Bond Index 1.59%

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

38

SCHEDULE OF INVESTMENTSAs at 30 June 2011

PRULINK SINGAPORE MANAGED FUND

Investments classified by CountryMarket Value

SGD% of Net

AssetsAustralia 2,009,982 0.06 Bermuda 77,491,578 2.38 Cayman Islands 9,876,916 0.30 Hong Kong 987,625 0.03 India 2,324,216 0.07 Isle Of Man 99,021,738 3.04 Luxembourg 403,442,115 12.37 Malaysia 4,042,480 0.12 Mauritius 37,117,384 1.14 Netherlands 630,000 0.02 Singapore 2,485,198,852 76.23 South Korea 2,291,125 0.07 Thailand 3,505,168 0.11 United States 3,284,687 0.10

Investments classified by IndustryMarket Value

SGD% of Net

AssetsAgriculture 135,635,324 4.16 Airlines 61,368,204 1.88 Banks 679,342,873 20.84 Beverages 52,817,820 1.62 Bond Funds 241,241,363 7.40 Distribution & Wholesale 39,634,777 1.22 Engineering & Construction 77,989,550 2.39 Financial Services 75,484,360 2.32 Food 50,810,804 1.56 Holding Companies 217,632,963 6.68 Investment Companies 42,576,944 1.31 Lodging 148,954,662 4.57 Media 53,268,245 1.63 Open Ended Funds 157,178,492 4.82 Real Estate 265,544,036 8.14 Shipbuilding 84,202,706 2.58 Sovereign Govt. Obligations 445,488,620 13.66 Telecommunications 227,054,433 6.96 Transportation 38,028,264 1.17 Others 36,969,426 1.13

Investments classified by Asset ClassMarket Value

SGD% of Net

AssetsEquity Securities 2,034,140,410 62.39 Debt Securities 636,382,471 19.52 Investments in Funds 460,700,985 14.13 Other Net Assets 128,989,255 3.96

39

Investments by Credit Rating of Debt Securities(by Moody’s or equivalents)

Market Value SGD

% of Net Assets

Aaa 410,012,154 12.57 Aa1 7,119,887 0.22 Aa2 9,333,711 0.29 A1 11,950,734 0.37 A3 31,203,754 0.96 Baa1 7,245,250 0.22 Baa2 9,296,789 0.28 Baa3 5,615,033 0.17 Ba1 1,245,613 0.04 Not rated 143,359,546 4.40

Top 10 Holdings as at 30 June 2011Market Value

SGD% of Net

AssetsIOF – Asia Bond 241,241,363 7.40 DBS Group Holdings Ltd 216,672,366 6.65 United Overseas Bank Ltd 212,665,642 6.52 Singapore Telecommunications Ltd 212,516,383 6.52 Oversea-Chinese Banking Corporation Ltd 200,923,389 6.16 IOF – Asian Pacific Equity Fund 157,178,492 4.82 Keppel Corporation Ltd 134,633,811 4.13 Genting Singapore PLC 99,021,738 3.04 Wilmar International Ltd 89,684,740 2.75 Noble Group Ltd 62,263,759 1.91


SGD% of Net

AssetsUnited Overseas Bank Ltd 249,871,569 7.93 Singapore Telecommunications Ltd 249,453,341 7.91 DBS Group Holdings Ltd 238,262,289 7.56 Oversea-Chinese Banking Corporation Ltd 228,502,305 7.25 Keppel Corporation Ltd 112,162,311 3.56 Capitaland Ltd 97,847,950 3.10 Singapore Government Bond 3.75% 01/09/2016 90,026,042 2.86 Singapore Government Bond 3.25% 01/09/2020 80,026,193 2.54 Wilmar International Ltd 79,966,300 2.54 Genting Singapore PLC 79,337,232 2.52

Exposure to DerivativesMarket Value

SGD% of Net

Assets(i) Market value of derivatives

Forward Contracts 14,160,063 0.43(ii) Net gain/(loss) on derivatives realised

Forward Contracts 2,588,462 (iii) Net gain/(loss) on outstanding derivatives

Forward Contracts 14,160,063

40

Investments in Collective Investment SchemesMarket Value

SGD% of Net

AssetsAscendas Real Estate Investment Trust 31,169,160 0.96CapitaCommercial Trust 514,750 0.01CapitaMall Trust 30,597,220 0.94IOF – Asia Bond 241,241,363 7.40IOF – Asian Pacific Equity Fund 157,178,492 4.82

BorrowingsNot applicable

Total Subscriptions and Redemptions for the period ended 30 June 2011Subscriptions Redemptions

SGD 17,576,930 123,187,794

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

Annualised Expense Ratio*2011: 1.32% 2010: 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 Ratio2011: 38.55% 2010: 35.94%

Any other material information that will adversely impact the valuation of the fundNil

Soft Dollar CommissionNot applicable

41

PRULINK ASIAN EQUITY FUND


SGD% of Net

AssetsBermuda 15,104,256 1.55Cayman Islands 108,626,611 11.17China 94,500,046 9.71Hong Kong 114,599,317 11.78India 105,660,274 10.86Indonesia 57,085,373 5.87Malaysia 27,693,890 2.85Philippines 7,408,115 0.76Singapore 62,345,953 6.41South Korea 200,429,574 20.60Taiwan 133,073,820 13.68Thailand 26,201,052 2.69


SGD% of Net

AssetsApparel 7,149,397 0.73 Auto Manufactures 11,672,655 1.20 Auto Parts & Equipment 9,695,066 0.99 Banks 155,438,080 15.98 Building Material 27,586,403 2.83 Chemicals 26,373,232 2.71 Coal 12,481,976 1.28 Commercial Services 6,993,125 0.72 Computers 39,179,856 4.03 Electric Companies 30,232,472 3.11 Electronics 54,572,598 5.61 Engineering & Construction 59,296,774 6.10 Financial Services 31,732,384 3.26 Healthcare Products 20,150,844 2.07 Holding Companies 39,697,581 4.08 Insurance 62,794,229 6.45 Iron & Steel 25,794,697 2.65 Lodging 7,651,072 0.79 Mining 22,138,757 2.28 Miscellaneous Machinery 10,782,755 1.11 Multi Industry 21,384,753 2.20 Oil & Gas Producers 51,800,483 5.32 Pharmaceuticals 15,818,064 1.63 Real Estate 46,752,033 4.81 Retail 18,643,009 1.92 Semiconductors 62,224,708 6.40 Software 25,534,797 2.62 Telecommunications 45,159,057 4.64 Others 3,997,424 0.41


42


SGD% of Net

AssetsEquity Securities 952,728,281 97.93 Other Net Assets 20,134,876 2.07

Investments by Credit Rating of Debt SecuritiesNot applicable


SGD% of Net

AssetsSamsung Electronics Co Ltd 37,978,471 3.99 Hon Hai Precision Industry 30,124,403 3.16 CNOOC Ltd 29,578,597 3.10 Bank of China Ltd 28,715,077 3.01 Hyundai Engineering & Construction 27,924,444 2.93 China Pacific Insurance Group 26,101,141 2.74 Samsung Fire & Marine Insurance 25,691,763 2.70 AAC Acoustic Technologies 24,448,196 2.57 Taiwan Semiconductor Manufacturer 24,246,237 2.54 Korea Electric Power Corporation 23,834,122 2.50


SGD% of Net

AssetsSamsung Electronics Co Ltd 33,839,743 3.78Bank Of China Ltd 32,280,665 3.61China Unicom Hong Kong Ltd 26,870,425 3.00Samsung Fire & Marine Insurance 26,054,690 2.91Taiwan Semiconductor Manufacturer 24,376,088 2.72Hutchison Whampoa Ltd 23,116,790 2.58Shinsegae Co Ltd 22,947,878 2.56Bangkok Bank 22,807,644 2.55Henderson Land Development 19,712,782 2.20China Petroleum & Chemical 19,697,695 2.20


SGD% of Net

Assets

(i) Market value of derivatives Forward Contracts Nil –

(ii) Net gain/(loss) on derivatives realised Forward Contracts

6,475

(iii) Net gain/(loss) on outstanding derivatives Forward Contracts Nil

43

Investments in Collective Investment SchemesNot applicable




SGD 30,747,841 35,957,800



Turnover Ratio2011: 24.70% 2010: 30.41%



44


PRULINK GLOBAL EQUITY FUND

Number of Shares

Investment Funds Market Value SGD

% of Net Assets

Singapore

40,277,442 Aberdeen Fund – Global Opportunities Fund SGD Share Class

33,087,919 100.12

Exposure to DerivativesNot applicable

Investments in Collective Investment SchemesPruLink Global Equity Fund invests SGD 33,087,919, equivalent to 100.12% of its net asset value, in Aberdeen Fund – Global Opportunities Fund SGD Share Class.


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.


SGD 1,563,316 725,270



Turnover Ratio2011: 2.90% 2010: 46.95%



45

ABERDEEN FUND – GLOBAL OPPORTUNITIES FUND SGD SHARE CLASS

Top 10 Holdings as at 31 March 2011Market Value

SGD% of Net

AssetsVodafone Group PLC 140,074,661 4.00Philip Morris International 135,182,486 3.90Zurich Financial Services 132,521,900 3.80ENI 129,565,344 3.70Taiwan Semiconductor Manufactuing Co 118,975,092 3.40Roche Holdings 118,246,271 3.40British American Tobacco 110,584,495 3.20QBE Insurance Group Limited 107,884,656 3.10Tenaris ADR 103,180,964 3.00Johnson & Johnson 101,665,323 2.90

Top 10 Holdings as at 31 March 2010Market Value

SGD% of Net

AssetsVodafone Group PLC 99,351,027 3.70Zurich Financial Services 95,804,031 3.60ENI 89,548,365 3.30Intel 83,851,551 3.10E.ON 83,187,396 3.10QBE Insurance Group Limited 80,897,628 3.00Tenaris ADR 80,764,896 3.00Johnson & Johnson 79,986,724 3.00Roche Holdings 77,131,923 2.90Adidas 73,721,928 2.70


* 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#

2011: 2.28% 2010: 1.89%

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

46

PRULINK GLOBAL BOND FUND


SGD% of Net

AssetsAustralia 820,393 0.70 Austria 971,104 0.83 Bermuda 244,942 0.21 Canada 1,655,121 1.42 Cayman Islands 666,787 0.57 France 5,358,705 4.59 Germany 21,301,465 18.23 Hong Kong 1,787,930 1.53 India 1,562,540 1.34 Italy 2,785,456 2.38 Japan 31,429,124 26.90 Malaysia 1,831,475 1.57 Netherlands 447,888 0.38 Poland 302,211 0.26 Portugal 825,052 0.71 Singapore 6,890,363 5.90 South Korea 5,374,314 4.60 Spain 4,407,979 3.77 Thailand 350,517 0.30 United Kingdom 7,014,952 6.01 United States 15,090,402 12.92 US Virgin Islands 1,257,290 1.08


SGD% of Net

AssetsBanks 10,571,895 9.05 Financial Services 3,299,943 2.82 Gas 1,405,232 1.20 Oil & Gas Producers 1,326,165 1.14 Real Estate 666,787 0.57 Sovereign Govt. Obligations 94,861,046 81.21 Others 244,942 0.21


SGD% of Net

AssetsDebt Securities 112,376,010 96.20 Other Net Assets 4,440,675 3.80


47

Investments by Credit Rating of Debt Securities (by Moody’s or equivalents)

Market Value SGD

% of Net Assets

Aaa 39,376,079 33.71 Aa2 41,438,191 35.47 Aa3 1,391,360 1.19 A1 9,044,989 7.74 A2 1,372,460 1.18 A3 1,242,586 1.06 Baa1 1,330,362 1.14 Baa2 2,196,977 1.88 Baa3 622,852 0.54 Not rated 14,360,154 12.29


SGD% of Net

AssetsDeutschland Rep 4.75% 04/07/2028 4,251,462 3.64 Deutschland Rep 4% 04/01/2018 2,794,156 2.39 Bayerische Lndbk 1.4% 22/04/2013 2,570,182 2.20 Japan Govt 30-Yr 2.5% 20/03/2038 2,464,001 2.11 Deutschland Rep 6% 20/06/2016 2,429,597 2.08 Japan Govt 10-Yr 1.9% 20/06/2017 2,389,642 2.05 Korea Highway 4.375% 27/09/2016 2,133,637 1.83 Japan Govt 10-Yr 1.7% 20/03/2017 2,117,511 1.81 Japan Govt 20-Yr 2.3% 20/06/2027 1,904,700 1.63 Deutschland Rep 3.75% 04/07/2013 1,890,543 1.62


SGD% of Net

AssetsDeutschland Rep 4.75% 04/07/2028 4,362,344 5.15 Pfand OST L-HYPO 1.6% 15/02/2011 3,473,053 4.10 Deutschland Rep 4% 04/01/2018 3,077,124 3.64 Spanish Govt 6.15% 31/01/2013 2,851,133 3.37 Bayerische Lndbk 1.4% 22/04/2013 2,651,780 3.13 Japan Govt 2.5% 20/03/2038 2,591,695 3.06 Japan Govt 1.9% 20/06/2017 2,484,928 2.94 Deutschland Rep 6% 20/06/2016 2,468,170 2.92 Deutschland Rep 6.25% 04/01/2024 2,352,892 2.78 Japan Govt 1.7% 20/03/2017 2,199,991 2.60


SGD% of Net

Assets

(i) Market value of derivatives Forward Contracts (100,724) -0.09


(327,979)

(iii) Net gain/(loss) on outstanding derivatives Forward Contracts (100,724)

48





SGD 37,507,133 6,904,013



Turnover Ratio2011: 9.99% 2010: 25.34%



49


PRULINK GLOBAL MANAGED FUND

Number of Shares


% of Net Assets

Singapore

87,531,142 Schroder Multi-Asset Revolution Class A SGD Fund

101,886,250 99.84


Investments in Collective Investment SchemesPruLink Global Managed Fund invests SGD 101,886,250, equivalent to 99.84% of its net asset value, in Schroder Multi-Asset Revolution Class A SGD Fund.





SGD 11,443,097 2,646,551



Turnover Ratio2011: 1.11% 2010: 105.16%



50

SCHRODER MULTI-ASSET REVOLUTION CLASS A SGD FUND


SGD% of Net

Assets

Schroder International Selection Fund – Global Bond Class I Shares (Accumulation units) 16,205,601 11.87

Schroder International Selection Fund – Global Property Securities Class I (Accumulation units) 12,057,726 8.83

Schroder International Selection Fund – Emerging Markets Debt Absolute Return Class I Shares (Accumulation units) 10,951,425 8.03

Schroder International Selection Fund – Global Equity Alpha Class I Shares (Accumulation units) 10,896,273 7.99

Schroder International Selection Fund – Global Smaller Companies Class I Shares (Accumulation units) 10,628,689 7.79 Schroder Singapore Fixed Income Fund Class I Shares 9,677,509 7.10

Schroder International Selection Fund – Global Inflation Linked Bond Class I Shares (Accumulation units) 8,290,569 6.08

Schroder International Selection Fund – Asian Bond Class I Shares (Accumulation units) 8,108,318 5.95 Schroder Singapore Trust Class I 7,125,488 5.22

Schroder International Selection Fund – Japan Equity Class I Shares (Accumulation units) 7,006,741 5.14


SGD% of Net

Assets

Schroder International Selection Fund – Global Bond Class I Shares (Accumulation units) 11,391,978 9.57

Schroder International Selection Fund – Asian Bond Class I Shares (Accumulation units) 11,181,236 9.39

Schroder International Selection Fund – Emerging Markets Debt Absolute Return Class I Shares (Accumulation units) 10,822,724 9.09

Schroder International Selection Fund – Global Inflation Linked Bond Class I Shares (Accumulation units) 9,396,773 7.89 Schroder Singapore Fixed Income Fund Class I Shares 8,680,419 7.29

Schroder International Selection Fund – Pacific Equity Class I Shares (Accumulation units) 8,300,982 6.97

Schroder International Selection Fund – Global Equity Alpha Class I Shares (Accumulation units) 7,963,176 6.69

Schroder International Selection Fund – EURO Corporate Bond Class I Shares (Accumulation units) 7,738,933 6.50

Schroder International Selection Fund – Global Smaller Companies Class I Shares (Accumulation units) 7,005,755 5.88 SPDR Gold Trust 5,978,703 5.02

51



Turnover Ratio**2011: 23.08% 2010: 63.31%

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

52


PRULINK SINGAPORE CASH FUND


SGD% of Net

AssetsChina 4,000,680 2.83France 4,999,880 3.54Singapore 72,700,702 51.49South Korea 25,531,735 18.08United States 8,035,801 5.69


SGD% of Net

AssetsBanks 58,125,285 41.16Financial Institutions (Non EC) 4,000,680 2.84Financial Services 13,810,496 9.78Real Estate 3,308,417 2.34Sovereign Govt. Obligations 28,988,920 20.53Water 7,035,000 4.98


SGD% of Net

AssetsDebt Securities 115,268,798 81.63Other Net Assets 25,942,974 18.37

Investments by Credit Rating of Debt Securities / Money Market Instruments (by Moody’s or equivalents)

Market Value SGD

% of Net Assets

Aa2 13,035,681 9.23A1 20,609,755 14.60A2 18,516,210 13.11A3 1,709,129 1.21Not rated 61,398,023 43.48

Investment by Maturity of Money Market InstrumentsMarket Value

SGD% of Net

Assets0 – 30 days 32,498,790 23.02 31 – 60 days 6,000,017 4.25 61 – 90 days 37,619,710 26.64 91 – 120 days 8,269,084 5.86 121 – 180 days 3,999,408 2.83 181 – 240 days 1,599,288 1.13 241 – 300 days 7,993,276 5.66 More than 301 days 17,289,225 12.24

53


SGD% of Net

AssetsSingapore T-Bills 15/09/2011 16,990,480 12.03 MAS Bills 08/07/2011 13,999,440 9.91 Oversea-Chinese Banking Corporation 5% 06/09/2011 13,594,230 9.63 Singapore T-Bills 21/07/2011 11,998,440 8.50 Public Utilities Ltd 3.595% 31/08/2011 7,035,000 4.98 National Agricultural Co 1.5% 20/07/2011 6,500,910 4.60 BNP Paribas 0.81% 23/08/2011 4,999,880 3.54 General Elec Cap Corp 3.485% 08/03/2012 4,983,962 3.53 Kim Eng Holdings 2.2% 21/10/2011 4,262,644 3.02 Export-Import Bank Korea 1.25% 18/10/2011 4,006,440 2.84


SGD% of Net

AssetsSingapore T-Bill 02/09/2010 17,759,827 9.42PSA Corp Ltd 4.91% 15/08/2010 17,589,250 9.33HK Land Treasury 3.01% 04/10/2010 13,310,460 7.06Oversea-Chinese Banking Corporation Limited 5% 06/09/2011 10,361,380 5.49BNZ International Funding 3.24% 28/07/2010 7,511,003 3.98NACF 3.3% 18/08/2010 7,018,200 3.72Housing & Development Board 2.82% 06/10/2010 6,038,160 3.20General Elec Cap Corp 3.08% 15/11/2010 5,036,000 2.67Korea Development Bank 1.18% 19/05/2011 4,494,600 2.38Export-Import Bank Korea 1.55% 09/12/2010 4,004,624 2.12






SGD 26,183,345 24,088,337

54



Turnover Ratio2011: 61.15% 2010: 68.32%



55


PRULINK GLOBAL TECHNOLOGY FUND

Number of Shares


% of Net Assets

Singapore

150,368,918 PRU Global Technology Fund 76,237,041 100.04


Investments in Collective Investment SchemesPruLink Global Technology Fund invests SGD 76,237,041 equivalent to 100.04% of its net asset value, in PRU Global Technology Fund.



(i) PruLink Global Technology Fund invests SGD 76,237,041 equivalent to 100.04% 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.


SGD 1,104,141 3,651,723



Turnover Ratio2011: 2.22% 2010: 4.23%



56

PRU GLOBAL TECHNOLOGY FUND

PRU Global Technology Fund is a feeder fund which feeds into the Luxembourg-domiciled International Opportunities Funds – Global Technology Fund.



Turnover Ratio2011: 3.36% 2010: 5.63%

INTERNATIONAL OPPORTUNITIES FUNDS – GLOBAL TECHNOLOGY FUND


USD% of Net

AssetsApple Computer Inc 6,729,915 9.59 Microsoft Corporation 4,698,386 6.69 International Business Machines Corporation 3,722,495 5.30 Oracle Corporation 3,393,779 4.84 Google Inc 3,008,574 4.29 Qualcomm Inc 2,301,008 3.28 Samsung Electronics Company Limited 2,020,031 2.88 Accenture PLC 1,513,980 2.16 SAP 1,368,587 1.95 Priceline Computer Inc 1,357,738 1.93


USD% of Net

AssetsApple Computer Inc 5,461,870 9.37 Cisco Systems Inc 5,235,620 8.98 Microsoft Corporation 3,743,057 6.42 Hewlett-Packard Development Company 2,945,897 5.05 Intel Corporation 2,792,066 4.79 Google Inc 2,715,619 4.66 International Business Machines Corporation 2,348,123 4.03 Oracle Corporation 2,305,516 3.95 Netapp Inc 1,689,686 2.90 Taiwan Semiconductor Manufacturing 1,111,173 1.91

57


PRULINK PAN EUROPEAN FUND

Number of Shares


% of Net Assets

Singapore

38,651,292 PRU Pan European Fund 35,791,096 100.14


Investments in Collective Investment Schemes

PruLink Pan European Fund invests SGD 35,791,096, equivalent to 100.14% of its net asset value, in PRU Pan European Fund.



(i) PruLink Pan European Fund invests SGD 35,791,096, equivalent to 100.14% of its net asset value, in PRU Pan European Fund.



SGD Nil 1,436,194



Turnover Ratio2011: 2.18% 2010: 1.55%



58

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

Annualised Expense Ratio*

2011: 1.73% 2010: 1.73%


Turnover Ratio2011: 2.77% 2010: 1.73%

INTERNATIONAL OPPORTUNITIES FUNDS – PAN EUROPEAN FUND


USD% of Net

AssetsNestle SA 1,839,276 3.45Unilever NV 1,401,508 2.63Ericsson LM – B Shares 1,378,006 2.59Total SA 1,355,355 2.54Glaxosmithkline Plc 1,348,793 2.53Novartis AG 1,335,160 2.51Roche Holding AG 1,269,515 2.38Zurich Financial Services 1,256,915 2.36Bayerische Motoren Werke 1,175,296 2.21Eads NV 1,158,897 2.17


USD% of Net

AssetsSAP 3,732,579 4.69 Siemens AG 3,681,783 4.63 Sabmiller 3,418,666 4.29 Sportingbet 3,326,746 4.18 Sportingbet PLC 2,989,720 3.76 Vallourec 2,974,143 3.74 Public Power Corporation 2,966,409 3.73 DCC PLC 2,925,901 3.68 Bayer AG 2,389,123 3.00 Storebrand 2,335,555 2.93

59


PRULINK PROTECTED GLOBAL TITANS FUND

Number of Shares


% of Net Assets

Singapore

9,338,365 PRU Protected Global Titans Fund (S$) 10,785,812 100.02


Investments in Collective Investment SchemesPruLink Protected Global Titans Fund invests SGD 10,785,812, equivalent to 100.02% of its net asset value, in PRU Protected Global Titans Fund (S$).



(i) PruLink Protected Global Titans Fund invests SGD 10,785,812, equivalent to 100.02% of its net asset value, in PRU Protected Global Titans Fund (S$).



SGD Nil 895,008



Turnover Ratio2011: Nil 2010: 19.35%



60

PRU PROTECTED GLOBAL TITANS FUND (S$)


SGD% of Net

AssetsGeneral Electric Cap Corp GMTN 3.485% 08/03/2012 1,328,184 8.90 City Developments Limited Series MTN 3.38% 25/04/2012 1,019,761 6.84 Export-Import Bank of Korea EMTN 2.8% 04/05/2012 1,015,369 6.81 MAS Bills Ser 28 0% 22/07/2011 999,852 6.70 Singapore Treasury Bill Ser 91 18/08/2011 999,627 6.70 Singapore Treasury Bill Ser 91 25/08/2011 999,512 6.70 Singapore Treasury Bill Ser 91 08/09/2011 999,426 6.70 Singapore Treasury Bill Ser 91 22/09/2011 999,309 6.70 Midpoint Properties Series MTN 3.75% 04/07/2011 763,893 5.12 Capitamalls Asia Treasur 1% 21/01/2012 751,974 5.05


SGD% of Net

AssetsGeneral Electric Cap Corp GMTN 3.485% 08/03/2012 1,342,575 6.33 Sunshine Assets Limited MTN 2.78% 11/02/2011 1,265,529 5.96 Westfield Capital Corporation Series 4.375% 15/11/2010 1,063,231 5.01 City Developments Limited Series MTN 3.38% 25/04/2012 1,032,139 4.86 Ascendas Real Estate Investment MTN 4.75% 29/04/2011 1,029,355 4.85 CCT MTN Pte Limited Series MTN 3.85% 20/08/2010 1,017,144 4.79 Export-Import Bank of Korea EMTN 2.8% 04/05/2012 1,016,629 4.79 National Agricultural Company GMTN 3.3% 18/08/2010 1,012,195 4.77 Kookmin Bank Series GMTN 2.05% 18/10/2010 1,005,665 4.74 Midpoint Properties Series MTN 3.75% 04/07/2011 769,850 3.63



Turnover Ratio2011: 58.36% 2010: 22.40%

61

PRULINK ASIAN REACH MANAGED FUND

Number of Shares


% of Net Assets

Singapore

447,057,258 PRU Asian Balanced Fund 744,797,391 99.89



PruLink Asian Reach Managed Fund invests SGD 744,797,391, equivalent to 99.89% of its net asset value, in PRU Asian Balanced Fund.



(i) PruLink Asian Reach Managed Fund invests SGD 744,797,391, equivalent to 99.89% of its net asset value, in PRU Asian Balanced Fund.



SGD 52,781,257 31,812,035



Turnover Ratio2011: 0.52% 2010: 0.98%


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.


62

Soft dollar arrangements have been undertaken by the Investment Manager in respect of the Fund. The soft dollar arrangements relate essentially to the use of analytical tool provided by broker for the purpose of assessing and monitoring the efficiency of trade execution. The tool is used for the benefit of all the funds managed by PAM Singapore. PAM Singapore confirms that trades were executed at the best available terms, taking into account the relevant market at the time for transactions of the kind and size concerned, and there was no churning of trades. The said broker has also executed trades for other schemes managed by the Investment Manager.

Soft-dollar commissions/arrangements shall not include travel, accommodation, entertainment, general administrative goods and services, general office equipment or premises, membership fees, employees’ salaries or direct money payment.

PRU ASIAN BALANCED FUNDPRU Asian Balanced Fund is a feeder fund which feeds into the Luxembourg-domiciled International Opportunities Funds – Asian Equity for its equity participation and International Opportunities Funds – US High Investment Grade Bond and International Opportunities Funds – US Investment Grade Bond for its bond participation.



Turnover Ratio2011: 13.92% 2010: 10.28%

INTERNATIONAL OPPORTUNITIES FUNDS – ASIAN EQUITY


USD% of Net

AssetsSamsung Electronic Co Limited 34,386,944 3.90 Hon Hai Precision Industry 26,971,949 3.06 CNOOC Ltd 26,646,119 3.03 Bank of China Limited 26,027,635 2.96 Hyundai Engineering & Construction 25,281,376 2.87 China Pacific Insurance 23,512,228 2.67 Samsung Fire & Marine Insurance 23,137,994 2.63 AAC Acoustic Technologies 21,895,802 2.49 Korea Electric Power Corporation 21,340,899 2.42 DBS Group Holdings Limited 21,315,930 2.42


USD% of Net

AssetsSamsung Electronic Co Limited 30,164,695 3.78 Bank of China Limited 29,021,560 3.63 China Unicom (Hong Kong) 24,157,503 3.03 Samsung Fire & Marine Insurance 23,148,695 2.90 Taiwan Semiconductor Manufacturing 21,903,640 2.74 Hutchinson Whampoa Limited 20,784,209 2.60 Bangkok Bank 20,513,971 2.57 Shinsegae 20,455,818 2.56 Henderson Land Development Company Limited 17,721,557 2.22 China Petroleum And Chemical 17,709,467 2.22

63

INTERNATIONAL OPPORTUNITIES FUNDS – US HIGH INVESTMENT GRADE BOND


USD% of Net

AssetsBank of America Corp. 5.75% 01/12/2017 4,247,968 1.76 Wells Far 3.68% 15/06/2016 3,766,324 1.56 BNYmellon Liquidity B Fund 3,182,544 1.32 Novartis Capital Corporation 2.9% 24/04/2015 3,128,598 1.30 Credit Suisse New York 5.5% 01/05/2014 2,967,273 1.23 Westpac B 3% 04/08/2015 2,938,973 1.22 Cisco Sys 1.63% 14/03/2014 2,927,486 1.21 JPMorgan 3.45% 01/03/2016 2,796,123 1.16 Roche Holding Inc 6% 01/03/2019 2,773,956 1.15 JPMorgan Chase & Co. 6.3% 23/04/2019 2,629,084 1.09


USD% of Net

AssetsBank of New York Mellon Liquidity 5,835,852 2.57 Bank of America Corp. 5.75% 01/12/2017 4,137,248 1.82 Franklin Resources Inc 2% 20/05/2013 4,060,804 1.79 AT&T Inc 5.8% 15/02/2019 3,665,974 1.61 Merrill Lynch & Co 6.05% 15/08/2012 3,297,873 1.45 Morgan Stanley 5.75% 31/08/2012 3,145,242 1.38 Novartis Capital Corporation 2.9% 24/04/2015 3,087,282 1.36 Credit Suisse New York 5.5% 01/05/2014 2,953,052 1.30 General Electric Capital Corp 6.875% 10/01/2039 2,805,960 1.23 Roche Holding Inc 6% 01/03/2019 2,790,384 1.23

INTERNATIONAL OPPORTUNITIES FUNDS – US INVESTMENT GRADE BOND


USD% of Net

AssetsBNYmellon Liquidity B Fund 6,608,155 1.64 Citigroup Inc 5% 15/09/2014 4,044,885 1.00 Dominion 2.25% 01/09/2015 3,999,948 0.99 American 2.75% 15/09/2015 3,834,502 0.95 Petrobras International Finance 5.75% 20/01/2020 3,320,018 0.82 Commonwea 4% 01/08/2020 3,313,352 0.82 Bank of America Corporation 6.1% 15/06/2017 3,217,137 0.80 Capital One Bank 8.8% 15/07/2019 3,194,812 0.79 TD Ameritrade Holding Corporation 4.15% 01/12/2014 3,178,620 0.79 Teck Reso 10.75% 15/05/2019 3,164,000 0.78


USD% of Net

AssetsBank of New York Mellon Liquidity 6,290,160 1.52 WBCMT 2006-C27 5.765% 15/07/2045 4,786,727 1.16 Simon Property Group Inc 6.75% 15/05/2014 3,935,134 0.95 Citigroup Inc 5% 15/09/2014 3,866,320 0.94 Anheuser-Busch Inbev Wor 4.125% 15/01/2015 3,664,241 0.89 Xstrata Finance Canada 7.25% 15/07/2012 3,581,814 0.87 Capital One Bank 8.8% 15/07/2019 3,214,757 0.78 TD Ameritrade Holding Corporation 4.15% 01/12/2014 3,113,568 0.75 Petrobras International Finance 5.75% 20/01/2020 3,108,563 0.75 Bank of America Corporation 6.1% 15/06/2017 3,097,656 0.75

64

PRULINK CHINA–INDIA FUND

Number of Shares


% of Net Assets

Singapore

460,566,375 PRU Dragon Peacock Fund 1,110,886,096 100.00


Investments in Collective Investment SchemesPruLink China-India Fund invests SGD 1,110,886,096, equivalent to 100.00% of its net asset value, in PRU Dragon Peacock Fund.



(i) PruLink China-India Fund invests SGD 1,110,886,096, equivalent to 100.00% of its net asset value, in PRU Dragon Peacock Fund.



SGD 41,920,619 77,082,978



Turnover Ratio2011: 1.47% 2010: 3.62%


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.


65

Soft dollar arrangements have been undertaken by the Investment Manager in respect of the Fund. The soft dollar arrangements relate essentially to the use of analytical tool provided by broker for the purpose of assessing and monitoring the efficiency of trade execution. The tool is used for the benefit of all the funds managed by PAM Singapore. PAM Singapore confirms that trades were executed at the best available terms, taking into account the relevant market at the time for transactions of the kind and size concerned, and there was no churning of trades. The said broker has also executed trades for other schemes managed by the Investment Manager.

Soft-dollar commissions/arrangements shall not include travel, accommodation, entertainment, general administrative goods and services, general office equipment or premises, membership fees, employees’ salaries or direct money payment.

PRU DRAGON PEACOCK FUND


SGD% of Net

AssetsBank of China Limited 91,518,577 7.79 Infosys Technologies Limited 65,657,506 5.59 Reliance Industries Limited 53,661,556 4.57 ICICI Bank Limited 52,131,342 4.44 Industrial and Commercial Bank of China Company Limited 51,370,123 4.37 China Unicom (Hong Kong) Limited 48,965,128 4.17 Focus Media Holding Limited 44,186,965 3.76 CNOOC Limited 43,582,250 3.71 Dr Reddy’s Laboratories Limited 34,725,945 2.96 Evergrande Real Estate Group 34,460,332 2.93


SGD% of Net

AssetsBank of China Limited 101,533,507 7.86 Reliance Industries Limited 76,386,373 5.91 Infosys Technologies Limited 67,246,123 5.21 Industrial and Commercial Bank of China Company Limited 59,989,563 4.64 Axis Bank Limited 51,602,305 3.99 China Mobile Limited 46,495,069 3.60 CNOOC Limited 36,490,549 2.82 ICICI Bank Limited 35,205,082 2.73 Rural Electrification Corporation Limited 32,987,003 2.55 Focus Media Holding Limited 32,623,364 2.53



Turnover Ratio2011: 1.35% 2010: 8.85%

66

PRULINK EMERGING MARKETS FUND

Number of Shares


% of Net Assets

Luxembourg

7,946,122 JPMorgan Funds – Emerging Markets Equity Fund C (Acc) USD Share Class

247,364,222 99.94



PruLink Emerging Markets Fund invests SGD 247,364,222, equivalent to 99.94% of its net asset value, in JPMorgan Funds – Emerging Markets Equity Fund C (Acc) USD Share Class.


Related Party TransactionsFund 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.


SGD 22,816,345 15,773,521



Turnover Ratio2011: 1.96% 2010: 106.37%




67

JPMORGAN FUNDS – EMERGING MARKETS EQUITY FUND C (ACC) USD SHARE CLASS


USD% of Net

AssetsHousing Development Finance 386,561,590 4.30 Vale 368,922,131 4.10 Samsung Electronics 312,960,438 3.50 Hyundai Mobis 301,794,246 3.30 Petrobras 300,350,725 3.30 Taiwan Semiconductor Manufacturing Company 298,540,219 3.30 CNOOC 252,700,726 2.80 Infosys Technologies 243,546,941 2.70 Ping An Insurance 217,443,898 2.40 Turkiye Garanti Bankasi 213,745,062 2.40

Top 10 Holdings as at 30 June 2010

Market Value USD

% of Net Assets

Housing Development Finance 282,480,480 4.35 Petrobras 258,664,944 3.99 Vale 248,717,184 3.83 China Merchants Bank 209,140,016 3.22 Taiwan Semiconductor Manufacturing Company 203,366,056 3.14 Infosys Technologies 201,992,112 3.11 Samsung Electronics 189,897,648 2.93 Turkiye Garanti Bankasi 179,958,336 2.77 Li & Fung 147,106,272 2.27 Itau Unibanco 146,169,120 2.25



Turnover Ratio**2011: Nil 2010: 10.86%

** Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy and is calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association as outlined below:

(Total securities’ purchase and sales – total subscriptions and redemptions of Sub-Fund shares)/Average net Sub-Fund assets in Sub-Fund currency

The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value is published.

68

PRULINK AMERICA FUND

Number of Shares


% of Net Assets

Luxembourg

1,713,825 Fidelity Funds – America Fund 10,967,201 100.01



PruLink America Fund invests SGD 10,967,201, equivalent to 100.01% of its net asset value, in Fidelity Funds – America Fund.




SGD 4,408,323 960,447



Turnover Ratio2011: 26.23% 2010: 10.37%




69

FIDELITY FUNDS – AMERICA FUND

Top 10 Holdings as at 30 April 2011Market Value

USD% of Net

AssetsChevron 73,804,783 2.49 Apple 70,706,176 2.39 Coca-Cola 62,089,248 2.10 Pfizer 60,650,877 2.05 Wells Fargo 60,502,049 2.04 Philip Morris International 60,237,381 2.03 Oracle 58,570,170 1.98 Google A 53,956,586 1.82 Ebay 52,392,036 1.77 Citigroup 52,255,335 1.76

Top 10 Holdings as at 30 April 2010Market Value

USD% of Net

AssetsMicrosoft 48,998,915 2.70Wells Fargo 47,184,140 2.60Cisco Systems 43,554,591 2.40Chevron 41,739,817 2.30Pfizer 34,480,718 1.90Hewlett-Packard 30,851,169 1.70Stanley Black & Decker 29,036,394 1.60JP Morgan Chase 29,036,394 1.60Ebay 25,406,845 1.40Fidelity National Information Services 25,406,845 1.40



Turnover Ratio2011: 104.20% 2010: 102.36%

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

70


PRULINK ADAPT 2015 FUND

Number of Shares


% of Net Assets

Luxembourg 49,776 Schroder Investment Management

– ISF Global Inflation Linked Bond 2,450,982 5.17

282,299 Schroder Investment Management – ISF Asian Bond Absolute Return

5,021,728 10.60

68,027 Schroder Investment Management – ISF Emerging Markets

1,412,357 2.98

10,285 Schroder Investment Management – ISF Global Equity Alpha

1,863,723 3.93

15,479 Schroder Investment Management – ISF Global Property Securities

2,596,564 5.48

164,993 Schroder Investment Management – ISF Pacific Equity

2,999,866 6.33

96,299 Schroder Investment Management – ISF Emerging Markets Debt Absolute Return

3,811,718 8.04

5,252 Schroder Investment Management – ISF Global Smaller Companies

928,468 1.96

50,485 Schroder Investment Management – ISF Global Bond

8,235,121 17.38

Singapore991,636 Schroder Investment Management

– Singapore Trust 1,919,807 4.05

9,821,813 Schroder Investment Management – Singapore Fixed Income Fund

12,218,335 25.78

United States10,960 SPDR Gold Trust 1,978,452 4.17

Total Investments 45,437,121 95.87


SGD% of Net


Forward Contracts 31,816 0.07


929,139

(iii) Net gain/(loss) on outstanding derivatives Forward Contracts

31,816

71


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.





SGD 214,745 3,099,723



Turnover Ratio2011: 1.18% 2010: 10.46%



72


Number of Shares


% of Net Assets


– ISF Global Inflation Linked Bond 11,521,260 5.10

946,048 Schroder Investment Management – ISF Asian Bond Absolute Return

16,828,949 7.44


15,103,423 6.67


27,047,350 11.95


23,373,258 10.32

1,324,733 Schroder Investment Management – ISF Pacific Equity

24,086,019 10.64


13,406,127 5.92


13,602,362 6.01


28,358,397 12.53

Singapore8,818,636 Schroder Investment Management


19,126,766 Schroder Investment Management – Singapore Fixed Income Fund

23,793,697 10.51




SGD% of Net

Assets

(i) Market value of derivatives Forward Contracts 108,076 0.05


3,071,034


108,076


73


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.




SGD Nil 7,967,824



Turnover Ratio2011: 3.27% 2010: 9.48%



74


Number of Shares


% of Net Assets


– ISF Asian Bond Absolute Return 3,813,311 7.44


4,983,434 9.72


8,159,785 15.92


5,292,388 10.32

347,563 Schroder Investment Management – ISF Pacific Equity

6,319,315 12.33


3,032,845 5.92


4,629,483 9.03


6,425,510 12.53

Singapore2,167,183 Schroder Investment Management





SGD% of Net


Forward Contracts 30,452 0.06


755,668


30,452


75


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.




SGD 507,943 1,825,825



Turnover Ratio2011: 1.34% 2010: 7.71%



76

PRULINK GLOBAL BASICS FUND

Number of Shares


% of Net Assets

Singapore

254,506,698 PRU Global Basics Fund 307,189,585 100.04



PruLink Global Basics Fund invests SGD 307,189,585, equivalent to 100.04% of its net asset value, in PRU Global Basics Fund.



(i) PruLink Global Basics Fund invests SGD 307,189,585, equivalent to 100.04% of its net asset value, in PRU Global Basics Fund.



SGD 5,196,589 16,414,600



Turnover Ratio2011: 0.73% 2010: 0.76%




77

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.



Turnover Ratio2011: 2.65% 2010: 0.74%

M&G GLOBAL BASICS FUND NET ACCUMULATION SHARES IN STERLING CLASS A SHARES


GBP% of Net

AssetsIluka Resources 334,446,527 5.05 Chevron 301,950,960 4.56 Tullow Oil 276,854,500 4.18 Fraser and Neave 258,790,329 3.91 Symrise 247,477,972 3.74 Ansell 216,067,461 3.26 Unilever 214,524,817 3.24 K+S 201,752,947 3.05 Imerys 200,934,782 3.03 Eramet 185,828,273 2.81


GBP% of Net

AssetsFraser and Neave 213,774,514 5.02 Unilever 161,775,000 3.80 Colgate-Palmolive 150,519,031 3.53 Ansell 149,064,800 3.50 Tullow Oil 147,881,769 3.47 Imerys 138,626,578 3.25 Lonmin 136,158,044 3.20 Eramet 135,765,926 3.19 Sims 128,646,058 3.02 Hongkong & Shanghai Hotels 125,853,402 2.95

78

PRULINK CURRENCY INCOME FUND

Number of Shares


% of Net Assets

Singapore

134,975,190 PRU Income X Fund 80,445,213 100.25



PruLink Currency Income Fund invests SGD 80,445,213, equivalent to 100.25% of its net asset value, in PRU Income X Fund.



(i) PruLink Currency Income Fund invests SGD 80,445,213, equivalent to 100.25% of its net asset value, in PRU Income X Fund.



SGD Nil 4,714,699



Turnover Ratio2011: 2.85% 2010: 4.26%




79

PRU INCOME X FUND


SGD% of Net

AssetsSingapore Treasury Bill Series 91 25/08/2011 9,995,000 8.71 Singapore Treasury Bill Series 91 08/09/2011 9,994,000 8.71 Singapore Treasury Bill Series 91 21/07/2011 7,998,400 6.97 Capitamalls Asia Treasury 1% 21/01/2012 7,519,739 6.55 Oversea Chinese Banking 5% 06/09/2011 7,410,931 6.46 Singapore Airlines 4.15% 19/12/2011 6,862,091 5.98 National Agricultural Co EMTN 1.5% 20/07/2011 6,040,372 5.25 General Electric Cap Corporation GMTN 3.485% 08/03/2012 5,108,401 4.45 SMRT Corporation Limited Series DMTN 3.27% 14/12/2011 5,066,797 4.41 National Agricultural Co Series EMTN 1.1% 05/07/2012 5,000,000 4.36


SGD% of Net

AssetsANZ National (International) Limited EMTN 3.22% 08/07/2010 10,155,401 6.87HK Land Treasury SG 3.01% 04/10/2010 10,116,145 6.84BNZ International Funding Limited GMTN 3.24% 28/07/2010 8,117,921 5.49National Agricultural Co GMTN 3.3% 18/08/2010 6,326,219 4.28General Electric Cap Corporation GMTN 3.485% 08/03/2012 5,163,751 3.49SMRT Corporation Ltd Series DMTN 3.27% 14/12/2011 5,156,690 3.49Capitacommercial Trust MTN 3.15% 24/01/2011 5,104,048 3.45CCT MTN Pte Ltd Series MTN 3.85% 20/08/2010 5,085,719 3.44Hyundai Capital Services Inc Series GMTN 2.65% 26/02/2011 5,046,177 3.41Export-Import Bank of Korea EMTN 2% 14/06/2011 5,026,658 3.40



Turnover Ratio2011: 77.87% 2010: 32.20%

80

PRULINK GLOBAL PROPERTY SECURITIES FUND

Number of Shares


% of Net Assets

Singapore

3,024 Lasalle Investment Management Securities – Global Property Securities Fund

86,956,434 100.02



PruLink Global Property Securities Fund invests SGD 86,956,434, equivalent to 100.02% of its net asset value, in Lasalle Investment Management Securities – Global Property Securities Fund.




SGD 310,997 2,966,380



Turnover Ratio2011: 1.74% 2010: 0.82%




81

LASALLE INVESTMENT MANAGEMENT SECURITIES – GLOBAL PROPERTY SECURITIES


EUR% of Net

AssetsSimon Property 4,032,849 8.25Avalonbay Communities 2,509,656 5.13Public Storage 2,252,209 4.61Westfield Group 2,184,768 4.47Boston Properties 2,008,523 4.11Equity Residential 1,811,254 3.70Vornado Realty Trust 1,776,359 3.63Unibail-Rodamco 1,621,277 3.32Dexus Property Group 1,538,208 3.15Ventas Inc 1,389,352 2.84


EUR% of Net

AssetsSimon Property 3,262,086 6.73Unibail-Rodamco 2,175,802 4.49Avalonbay Communities 2,150,196 4.44Westfield Group 2,145,150 4.43Vornado Realty Trust 2,014,487 4.16Public Storage 1,940,542 4.00Ventas Inc 1,539,373 3.18Boston Properties 1,413,792 2.92Equity Residential 1,379,738 2.85Federal Realty 1,241,855 2.56



Turnover Ratio2011: 38.76% 2010: 29.16%

82


PRULINK GLOBAL LEADERS FUND

Number of Shares


% of Net Assets

Singapore

4,497,185 PRU Global Leaders Fund 3,701,183 99.96



PruLink Global Leaders Fund invests SGD 3,701,183, equivalent to 99.96% of its net asset value, in PRU Global Leaders Fund.



(i) PruLink Global Leaders Fund invests SGD 3,701,183, equivalent to 99.96% of its net asset value, in PRU Global Leaders Fund.



SGD 182,746 366,012



Turnover Ratio2011: 18.27% 2010: 9.98%



83

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.



Turnover Ratio2011: 16.50% 2010: 9.38%

M&G GLOBAL LEADERS FUND IN EURO CLASS A SHARES


GBP% of Net

AssetsPfizer 34,434,074 2.97 Sanofi-Aventis 29,138,955 2.51 Qualcomm 25,555,145 2.20 Heinz 25,123,226 2.17 Kerry Group 24,724,634 2.13 Astellas Pharmaceuticals 23,490,431 2.03 Marathon Oil 22,005,361 1.90 Ebay 21,679,203 1.87 Hitachi 21,447,264 1.85 CBS 20,768,993 1.79


GBP% of Net

AssetsMicrosoft 23,897,869 2.58 Pfizer 23,122,805 2.50 Merck 23,019,740 2.49 AstraZenera 22,676,720 2.45 JP Morgan Chase 22,359,796 2.42 Samsung Electronic Pref 21,850,118 2.36 Astellas Pharmaceuticals 21,587,719 2.33 Wells Fargo 21,421,410 2.31 Kerry Group 19,934,795 2.15 Citigroup 19,825,739 2.14

84


PRULINK ASIAN INFRASTRUCTURE EQUITY FUND

Number of Shares


% of Net Assets

Singapore

13,368,087 PRU Asian Infrastructure Equity Fund 12,659,578 99.49



PruLink Asian Infrastructure Equity Fund invests SGD 12,659,578, equivalent to 99.49% of its net asset value, in PRU Asian Infrastructure Equity Fund.



(i) PruLink Asian Infrastructure Equity Fund invests SGD 12,659,578, equivalent to 99.49% of its net asset value, in PRU Asian Infrastructure Equity Fund.



SGD 2,123,497 612,013



Turnover Ratio2011: 6.64% 2010: 5.13%



85

PRU ASIAN INFRASTRUCTURE EQUITY FUND

PRU Asian Infrastructure Equity Fund is a feeder fund which feeds into the Luxembourg-domiciled International Opportunities Funds – Asian Infrastructure Equity Fund Class C.



Turnover Ratio2011: 7.90% 2010: 12.17%

INTERNATIONAL OPPORTUNITIES FUNDS – ASIAN INFRASTRUCTURE EQUITY FUND CLASS C


USD% of Net

AssetsCNOOC 4,274,953 5.64 China Mobile Ltd 4,126,268 5.45 Posco 4,110,441 5.43 China Shenhua Energy 3,406,169 4.50 SembCorp Industries 3,068,176 4.05 China Petroleum & Chemical 3,046,546 4.02 China Steel Corp 2,664,209 3.52 Formosa Plastics Corp 2,443,054 3.23 Gail 2,374,541 3.13 Korea Electric Power Corp 2,368,585 3.13


USD% of Net

AssetsChina Mobile Ltd 5,387,514 5.77 Posco 4,772,027 5.11 Reliance Industries Ltd 4,108,624 4.40 China Shenhua Energy 3,588,429 3.84 China Petroleum & Chemical 3,328,577 3.56 CNOOC 3,147,701 3.37 Siam Cement 2,933,990 3.14 SembCorp Industries 2,896,563 3.10 Gail 2,815,088 3.01 Bharat Heavy Electricals 2,543,746 2.72

86

PRULINK GLOBAL MARKET NAVIGATOR FUND

Number of Shares


% of Net Assets

Singapore

1,906,960 PRU Global Positioning Strategy Fund 1,811,612 99.94



PruLink Global Market Navigator Fund invests SGD 1,811,612, equivalent to 99.94% of its net asset value, in PRU Global Positioning Strategy Fund.



(i) PruLink Global Market Navigator Fund invests SGD 1,811,612, equivalent to 99.94% of its net asset value, in PRU Global Positioning Strategy Fund.



SGD Nil 146,989



Turnover Ratio2011: 8.46% 2010: 5.72%




87

PRU GLOBAL POSITIONING STRATEGY FUND

PRU Global Positioning Strategy Fund is a feeder fund which feeds into the Luxembourg-domiciled International Opportunities Funds – Global Market Navigator.



Turnover Ratio2011: 5.28% 2010: 13.95%

INTERNATIONAL OPPORTUNITIES FUNDS – GLOBAL MARKET NAVIGATOR


USD% of Net

AssetsS&P 500 E-Mini Index Futures September 2011 4,259,938 21.49 Euro Stoxx 50 Index Futures September 2011 2,414,902 12.18 Dax Index Futures September 2011 2,130,153 10.75 iShares PLC-iShares FTSE 100 1,945,234 9.81 Mexico Government Bond 8.5% 31/05/2029 1,191,255 6.01 Topix Index Futures September 2011 1,159,583 5.85 iShares iBoxx $ High Yield Corporate Bond 1,008,657 5.09 Korea Monetary Stab Bond 0% 30/08/2011 1,000,633 5.05BK Negara Monetary Note 0% 19/07/2011 992,133 5.01Philippine Treasury Bill 0% 31/08/2011 985,583 4.97


USD% of Net

AssetsUnited State Disc 29/07/2010 2,999,783 13.85 iShares iBoxx $ Investment Grade Corporate Bond 2,813,980 12.99 iShares FTSE 100 2,171,512 10.02 Philippine Government Bond 8.5% 03/03/2011 1,322,532 6.10 Mexico Government Bond 8.5% 31/05/2029 1,286,586 5.94 iShares MSCI Korea 1,129,764 5.21 Russia Eurobond 12.75% 24/06/2028 1,007,040 4.65 Topix Index Future September 2010 (49,994) -0.23Dax Index Future September 2010 (98,315) -0.45Euro Stoxx 50 Future 17/09/2010 (121,353) -0.56

88


PRULINK ASIAN INCOME FUND

Number of Shares


% of Net Assets

Singapore

1,074,914 International Opportunities Funds – Asian Equity Income Fund Class Dd

20,859,110 99.58


Investments in Collective Investment SchemesPruLink Asian Income Fund invests SGD 20,859,110, equivalent to 99.58% of its net asset value, in International Opportunities Funds – Asian Equity Income Fund Class Dd.



(i) PruLink Asian Income Fund invests SGD 20,859,110, equivalent to 99.58% of its net asset value, in International Opportunities Funds – Asian Equity Income Fund Class Dd. Some directors of the International Opportunities Funds, an open-ended investment company registered in Luxembourg, are also directors of Prudential Assurance Company Singapore (Pte) Ltd.



SGD 8,242,060 548,277



Turnover Ratio2011: 7.74% 2010: 15.98%



89

INTERNATIONAL OPPORTUNITIES FUNDS – ASIAN EQUITY INCOME FUND CLASS DD

Top 10 Holdings as at 30 June 2011 Market Value

USD% of Net

AssetsNational Australia Bank 475,236 2.80Origin Energy Ltd 394,651 2.33CNOOC Ltd 385,026 2.27Crown Ltd 381,383 2.25Industrial and Commercial Bank of China 376,308 2.22Formosa Plastics Corp 371,142 2.19Telstra Corp Ltd 371,104 2.19Singapore Press Holdings Ltd 365,254 2.15Bank of China Ltd 364,617 2.15China Resources Power Holdings 362,806 2.14

Top 10 Holdings as at 30 June 2010 Market Value

USD% of Net

AssetsTaiwan Semiconductor Manufacturing 277,234 4.09 Bank of China Ltd 242,666 3.58 Industrial and Commercial Bank of China 234,314 3.46 China Mobile Ltd 205,860 3.04 National Australia Bank 178,733 2.64 Woolworths Limited 170,378 2.52 Australia and New Zealand Banking Group 167,504 2.47 China Petroleum & Chemical 164,716 2.43 Hang Seng Bank Ltd 163,872 2.42 Suncorp-Metway Ltd 151,132 2.23



Turnover Ratio2011: 57.89% 2010: 36.94%

90


PRULINK EMERGING MARKET INCOME BOND FUND

Number of Shares


% of Net Assets

Luxembourg

7,528,907 Schroder ISF Emerging Market Debt – Absolute Return SGD Hedged A Dis

67,609,584 97.75



PruLink Emerging Market Income Bond Fund invests SGD 67,609,584, equivalent to 97.75% of its net asset value, in Schroder ISF Emerging Market Debt – Absolute Return SGD Hedged A Dis.




SGD 16,708,066 2,681,948



Turnover Ratio2011: 3.87% 2010: 5.97%



91

SCHRODER ISF EMERGING MARKET DEBT – ABSOLUTE RETURN SGD HEDGED A DIS


USD% of Net

AssetsUnited States Treasury Bills 0% 20/10/2011 394,051,411 4.69Poland Government Bond 4.75% 25/04/2012 346,160,301 4.12Mexican Cetes 0% 17/11/2011 342,799,522 4.08United States Treasury Bills 0% 17/11/2011 301,629,971 3.59United States Treasury Bills 0% 04/08/2011 251,218,277 2.99United States Treasury Bills 0% 15/08/2011 245,336,913 2.92South Africa Government Bond 7.5% 15/01/2014 243,656,523 2.90Singapore Government Bond 2.50% 01/10/2012 236,934,963 2.82Singapore Government Bond 3.625% 01/07/2011 236,934,963 2.82United States Treasury Bills 0% 21/07/2011 231,053,599 2.75


USD% of Net

AssetsUS Treasury Bill 4.625% 15/02/2040 481,228,001 6.29 US Treasury Bill 4.375% 15/11/2039 452,155,403 5.91 US Treasury 0% 18/11/2010 397,835,549 5.20 US Treasury 0% 07/10/2010 298,376,662 3.90 US Treasury 0% 14/10/2010 273,894,474 3.58 US Treasury 0% 21/10/2010 248,647,218 3.25 US Treasury Bill 2.125% 31/05/2015 223,399,962 2.92 Singapore Government Bond 3.625% 01/07/2011 212,689,005 2.78 US Treasury 0% 30/09/2010 198,917,775 2.60 US Treasury 0% 05/08/2010 198,152,706 2.59



Turnover Ratio2011: 78.13% 2010: 70.11%

92

PRULINK GREATER CHINA FUND

Number of Shares


% of Net Assets

Luxembourg

2,280,207 Schroder International Selection Fund – Greater China C Acc USD

115,662,958 100.16



PruLink Greater China Fund invests SGD 115,662,958, equivalent to 100.16% of its net asset value, in Schroder International Selection Fund – Greater China C Acc USD.




SGD Nil 11,952,777



Turnover Ratio2011: 0.92% 2010: 5.88%




93

SCHRODER INTERNATIONAL SELECTION FUND – GREATER CHINA C ACC USD


USD% of Net

AssetsChina Mobile (Hong Kong) Ltd 81,252,273 5.17 Taiwan Semiconductor Manufacturing Co Ltd 73,394,220 4.67 Hon Hai Precision Industry Co Ltd 66,479,133 4.23 Industrial & Commercial Bank of China (Asia) Ltd 59,249,724 3.77 CNOOC Ltd 50,920,187 3.24 Jardine Matheson Holdings Ltd 46,676,838 2.97 China Construction Bank 39,604,590 2.52 Chunghwa Telecom Co Ltd 38,504,462 2.45 Tencent 38,347,301 2.44 Cheung Kong (Holdings) Ltd 33,789,630 2.15


USD% of Net

AssetsChina Mobile (Hong Kong) Ltd 91,975,125 6.58 Taiwan Semiconductor Manufacturing Co Ltd 58,707,527 4.20 Hon Hai Precision Ind Co Ltd 55,352,811 3.96 Industrial & Commercial Bank of China (Asia) Ltd 47,525,141 3.40 China Life Insurance Co Ltd 45,009,104 3.22 CNOOC Ltd 35,084,736 2.51 PetroChina Co Ltd 32,988,039 2.36 BOC Hong Kong (Holding) Ltd 31,450,461 2.25 Chunghwa Telecom Co Ltd 30,052,662 2.15 Jardine Matheson Holding Ltd 28,654,864 2.05



Turnover Ratio**2011: 79.88% 2010: 62.76%

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

94

PRULINK GEMM RESOURCES FUND

Number of Shares


% of Net Assets

Luxembourg

2,265,162 JPMorgan Funds – Global Natural Resources Equity C (Acc) USD Share Class

44,718,801 99.32



PruLink GEMM Resources Fund invests SGD 44,718,801, equivalent to 99.32% of its net asset value, in JPMorgan Funds – Global Natural Resources Equity C (Acc) USD Share Class.




SGD 24,176,846 3,679,675



Turnover Ratio2011: 21.30% 2010: 24.81%




95

JPMORGAN FUNDS – GLOBAL NATURAL RESOURCES EQUITY C (ACC) USD SHARE CLASS


USD% of Net

AssetsRio Tinto 168,981,139 3.80 Xstrata 106,572,315 2.40 Kinross Gold 102,208,405 2.30 Anglo American 95,405,920 2.10 Pacific Rubiales Energy 82,488,676 1.90 BHP Billiton 74,808,346 1.70 Freeport-Mcmoran Copper 72,786,329 1.60 First Quantum Minerals 62,604,444 1.40 Canadian Natural Resources 59,512,999 1.30 CNOOC 57,893,457 1.30


USD% of Net

AssetsRio Tinto 82,308,652 3.54 Pacific Rubiales Energy 63,678,214 2.74 Red Back Mining 49,423,123 2.13 Petropavlovsk 49,001,838 2.11 Xstrata 45,811,818 1.97 Anglo American 45,061,404 1.94 Semafo 40,717,049 1.75 Barrick Gold 39,812,892 1.71 BHP Billiton 34,308,970 1.48 CNOOC 33,944,924 1.46



Turnover Ratio**2011: Nil 2010: Nil

** Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy and is calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association as outlined below:

(Total securities’ purchase and sales – total subscriptions and redemptions of Sub–Fund shares)/Average net Sub–Fund assets in Sub–Fund currency

The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value is published.

96

PRULINK SINGAPORE GROWTH FUND

Number of Shares


% of Net Assets

Singapore

43,609,158 Aberdeen Fund – Singapore Equity Fund SGD Share Class

182,896,808 99.39



PruLink Singapore Growth Fund invests SGD 182,896,808, equivalent to 99.39% of its net asset value, in Aberdeen Fund – Singapore Equity Fund SGD Share Class.




SGD 91,803,284 19,971,634

Annualised Expense Ratio*2011: 1.68% 2010: –


Turnover Ratio2011: 2.52% 2010: –




97

ABERDEEN FUND – SINGAPORE EQUITY FUND SGD SHARE CLASS

Top 10 Holdings as at 31 March 2011**Market Value

SGD% of Net

AssetsOversea-Chinese Banking Corporation Ltd 33,990,188 9.10Jardine Strategic Holdings Ltd 32,978,221 8.80United Overseas Bank Ltd 28,601,433 7.60Fraser & Neave Ltd 26,334,000 7.00Keppel Corporation Ltd 19,148,740 5.10City Developments Ltd 18,827,200 5.00Singapore Telecommunications Ltd 18,767,971 5.00Singapore Technologies Engineering Ltd 15,193,750 4.10Hong Leong Finance Ltd 14,204,006 3.80Wheelock Properties (S) Ltd 14,039,960 3.80



Turnover Ratio2011: 0.69% 2010: –

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


98

PRULINK ORIENTAL OPPORTUNITIES FUND

Number of Shares


% of Net Assets

Luxembourg

786,509 Allianz Global Investors Fund – RCM Oriental Income-AT SGD Share Class

8,022,391 100.00



PruLink Oriental Opportunities Fund invests SGD 8,022,391, equivalent to 100.00% of its net asset value, in Allianz Global Investors Fund – RCM Oriental Income-AT SGD Share Class.




SGD 2,969,040 186,289



Turnover Ratio2011: 35.97% 2010: –




99

ALLIANZ GLOBAL INVESTORS FUND – RCM ORIENTAL INCOME-AT SGD SHARE CLASS

Top 10 Holdings as at 31 March 2011**Market Value

USD% of Net

AssetsMitsui & Co Ltd 33,532,639 6.12 Hitachi Ltd 28,353,993 5.17 Keppel Corp Ltd 23,648,252 4.32 Newcrest Mining Ltd 23,055,520 4.21 China Oilfield Services 22,917,421 4.18 Petronas Chemicals Group 19,504,382 3.56 CNOOC Ltd 16,023,123 2.93 Kuala Lumpur Kepong BHD 12,954,427 2.36 Cheung Kong Infrastructure Holdings 11,811,301 2.16 7% Petronas Capital USD Notes February 2012 11,691,845 2.14



Turnover Ratio2011: 196.93% 2010: –

** Fund was launched on 4 October 2010 hence no comparative figures are presented.


100

PRULINK SINGAPORE DYNAMIC BOND FUND

Number of Shares


% of Net Assets

Singapore

12,423,641 PRU Singapore Select Bond Fund 12,622,420 99.53



PruLink Singapore Dynamic Bond Fund invests SGD 12,622,420, equivalent to 99.53% of its net asset value, in PRU Singapore Select Bond Fund.


Related Party Transactions(i) PruLink Singapore Dynamic Bond Fund invests SGD 12,622,420, equivalent to 99.53% of its net

asset value, in PRU Singapore Select Bond Fund.



SGD 12,747,353 120,340



Turnover Ratio2011: 1.45% 2010: –




101

PRU SINGAPORE SELECT BOND FUND

Top 10 Holdings as at 30 June 2011**Market Value

SGD% of Net

AssetsGovernment of Singapore 2.25% 01/06/2021 4,490,330 7.10 Government of Singapore 3.25% 01/09/2020 3,672,202 5.80 Government of Singapore 3.125% 01/09/2022 3,103,547 4.90 Oversea-Chinese Banking Corporation Limited EMTN 15/11/2022 2,606,361 4.12 United Overseas Bank Limited EMTN 01/04/2021 2,558,278 4.04 Government of Singapore 3% 01/09/2024 2,448,675 3.87 Westpac Capital Trust III (Regs) Var Perp 2,420,187 3.82 Government of Singapore 4% 01/09/2018 2,381,840 3.76 Government of Singapore 3.5% 01/03/2027 2,177,282 3.44 Mapletree Treasury Services MTN 4.45% 07/03/2018 2,142,747 3.39



Turnover Ratio2011: 29.80% 2010: –

** Fund was launched on 14 March 2011 hence no comparative figures are presented.

102

STATEMENT OF ASSETS AND LIABILITIESAs at 30 June 2011

Singapore Managed Fund

Asian Equity Fund

Singapore Cash Fund

$ % $ % $ %

Equity Securities 2,034,140,410 62.39 952,728,281 97.93 – 0.00Debt Securities 636,382,471 19.52 – 0.00 115,268,798 81.63Investments in Funds 460,700,985 14.13 – 0.00 – 0.00

Value of Investments 3,131,223,866 96.04 952,728,281 97.93 115,268,798 81.63

OTHER ASSETSInterest bearing deposits and bank balances 105,425,306 3.23 17,369,795 1.79 31,823,907 22.54Accrued and outstanding interest and dividends 11,040,262 0.34 2,349,810 0.24 649,819 0.46Other assets 41,502,075 1.27 4,889,858 0.50 – 0.00

Total Assets 3,289,191,509 100.88 977,337,744 100.46 147,742,524 104.63

LIABILITIESOther liabilities (28,978,388) –0.88 (4,474,587) –0.46 (6,530,752) –4.63

Value of Fund as at 30 June 2011 3,260,213,121 100.00 972,863,157 100.00 141,211,772 100.00

Global Equity Fund

Global Bond Fund

Global Managed Fund

$ % $ % $ %

Debt Securities – 0.00 112,376,010 96.20 – 0.00Investments in Funds 33,087,919 100.12 – 0.00 101,886,250 99.84

Value of Investments 33,087,919 100.12 112,376,010 96.20 101,886,250 99.84

OTHER ASSETSInterest bearing deposits and bank balances 54,723 0.17 4,761,250 4.08 264,940 0.26Accrued and outstanding interest and dividends – 0.00 1,401,266 1.20 – 0.00Other assets 2,933 0.00 – 0.00 53,349 0.05

Total Assets 33,145,575 100.29 118,538,526 101.48 102,204,539 100.15

LIABILITIESOther liabilities (96,287) –0.29 (1,721,841) –1.48 (150,183) –0.15

Value of Fund as at 30 June 2011 33,049,288 100.00 116,816,685 100.00 102,054,356 100.00

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

103


Global TechnologyFund

Pan EuropeanFund

Protected Global TitansFund

$ % $ % $ %

Investments in Funds 76,237,041 100.04 35,791,096 100.14 10,785,812 100.02


OTHER ASSETSInterest bearing deposits and bank balances – 0.00 49,419 0.14 1,510 0.01Accrued and outstanding interest and dividends – 0.00 – 0.00 – 0.00Other assets 107,614 0.14 34,774 0.09 51,924 0.48

Total Assets 76,344,655 100.18 35,875,289 100.37 10,839,246 100.51

LIABILITIESOther liabilities (141,612) –0.18 (134,868) –0.37 (55,102) –0.51


Asian Reach ManagedFund

China–IndiaFund

Emerging MarketsFund

$ % $ % $ %

Investments in Funds 744,797,391 99.89 1,110,886,096 100.00 247,364,222 99.94

Value of Investments 744,797,391 99.89 1,110,886,096 100.00 247,364,222 99.94

OTHER ASSETSInterest bearing deposits and bank balances 1,681,456 0.23 1,825,900 0.16 370,705 0.16Accrued and outstanding interest and dividends – 0.00 – 0.00 – 0.00Other assets 340,682 0.05 597,876 0.05 172,243 0.06

Total Assets 746,819,529 100.17 1,113,309,872 100.21 247,907,170 100.16

LIABILITIESOther liabilities (1,183,052) –0.17 (2,371,305) –0.21 (385,841) –0.16

Value of Fund as at 30 June 2011 745,636,477 100.00 1,110,938,567 100.00 247,521,329 100.00


104

AmericaFund

Adapt 2015Fund

Adapt 2025Fund

$ % $ % $ %



OTHER ASSETSInterest bearing deposits and bank balances 250,000 2.28 2,004,032 4.23 3,156,345 1.39Accrued and outstanding interest and dividends – 0.00 375 0.00 – 0.00Other assets 56,290 0.51 39,038 0.08 134,436 0.05

Total Assets 11,273,491 102.80 47,480,566 100.18 226,797,309 100.18



Adapt 2035Fund

Global BasicsFund

Currency IncomeFund

$ % $ % $ %



OTHER ASSETSInterest bearing deposits and bank balances 2,369,709 4.62 231,377 0.08 61,831 0.08Accrued and outstanding interest and dividends – 0.00 – 0.00 – 0.00Other assets 31,058 0.06 237,718 0.08 170,777 0.21

Total Assets 51,351,902 100.16 307,658,680 100.20 80,677,821 100.54





105


Global Property SecuritiesFund

Global LeadersFund

Asian Infrastructure EquityFund

$ % $ % $ %



OTHER ASSETSInterest bearing deposits and bank balances 35,510 0.04 47,513 1.28 87,431 0.69Accrued and outstanding interest and dividends – 0.00 – 0.00 – 0.00Other assets 109,280 0.13 836 0.03 17,711 0.14

Total Assets 87,101,224 100.19 3,749,532 101.27 12,764,720 100.32



Global Market NavigatorFund

Asian IncomeFund

Emerging Market IncomeBond Fund

$ % $ % $ %



OTHER ASSETSInterest bearing deposits and bank balances 3,808 0.21 365,297 1.74 478,994 0.69Accrued and outstanding interest and dividends – 0.00 – 0.00 1,195,363 1.73Other assets 4,091 0.23 90,043 0.43 357,742 0.52

Total Assets 1,819,511 100.38 21,314,450 101.75 69,641,683 100.69




106

Greater ChinaFund

GEMM ResourcesFund

Singapore GrowthFund

$ % $ % $ %



OTHER ASSETSInterest bearing deposits and bank balances 249,796 0.22 426,196 0.95 3,107,068 1.69Accrued and outstanding interest and dividends – 0.00 – 0.00 – 0.00Other assets 260,378 0.23 133,158 0.30 685,846 0.37

Total Assets 116,173,132 100.61 45,278,155 100.57 186,689,722 101.45

LIABILITIESOther liabilities (690,372) –0.61 (252,411) –0.57 (2,661,805) –1.45


Oriental Opportunities

Fund* Singapore Dynamic

Bond Fund** $ % $ %

Investments in Funds 8,022,391 100.00 12,622,420 99.53

Value of Investments 8,022,391 100.00 12,622,420 99.53

OTHER ASSETSInterest bearing deposits and bank balances 16,565 0.21 308,859 2.44Accrued and outstanding interest and dividends – 0.00 – 0.00Other assets 55,512 0.68 27,371 0.22

Total Assets 8,094,468 100.89 12,958,650 102.19

LIABILITIESOther liabilities (71,757) –0.89 (277,042) –2.19

Value of Fund as at 30 June 2011 8,022,711 100.00 12,681,608 100.00

* Fund was launched on 4 October 2010

** Fund was launched on 14 March 2011



107

CAPITAL AND INCOME ACCOUNTFrom 1 January 2011 to 30 June 2011

Singapore ManagedFund

$

Asian EquityFund

$

Singapore CashFund

$

Value of Fund as at 1 January 2011 3,414,935,523 1,045,079,739 138,660,511

Amounts received by the Fund for creation of units 17,576,930 30,747,841 26,183,345 Amounts paid by the Fund for liquidation of units (123,187,794) (35,957,800) (24,088,337)

Net cash into/ (out of) the Fund (105,610,864) (5,209,959) 2,095,008

Investment income– Dividend income 35,493,774 13,663,731 – – Interest income 12,924,940 772 858,874 – Other income – – –

48,418,714 13,664,503 858,874 Fund expenses– Management fees (21,566,986) (7,626,401) (212,743)– Other expenses (3,975,366) (2,981,307) (187)

(25,542,352) (10,607,708) (212,930)Net gains/ (losses) on investmentsExchange gain/ (loss) (929,921) (1,047,027) – Net realised gain/ (loss) on sale of investments 107,363,991 31,474,633 (18,360)Unrealised appreciation/ (depreciation) in value of investments during the year (178,421,970) (100,491,024) (171,331)

(71,987,900) (70,063,418) (189,691)

Increase/ (decrease) in net asset value for the period (154,722,402) (72,216,582) 2,551,261

Value of Fund as at 30 June 2011 3,260,213,121 972,863,157 141,211,772

Global Equity Fund

$

Global Bond Fund

$

Global Managed Fund

$

Value of Fund as at 1 January 2011 32,131,753 86,656,109 93,078,942

Amounts received by the Fund for creation of units 1,563,316 37,507,133 11,443,097 Amounts paid by the Fund for liquidation of units (725,270) (6,904,013) (2,646,551)

Net cash into/ (out of) the Fund 838,046 30,603,120 8,796,546

Investment income– Dividend income – – 1,203,161 – Interest income – 1,649,585 – – Other income 4,432 – –

4,432 1,649,585 1,203,161 Fund expenses– Management fees (125,218) (359,374) (367,082)– Other expenses – (42) –

(125,218) (359,416) (367,082)Net gains/ (losses) on investmentsExchange gain/ (loss) – 135,675 – Net realised gain/ (loss) on sale of investments 227,478 (302,090) 388,500 Unrealised appreciation/ (depreciation) in value of investments during the year (27,203) (1,566,298) (1,045,711)

200,275 (1,732,713) (657,211)

Increase/ (decrease) in net asset value for the period 917,535 30,160,576 8,975,414

Value of Fund as at 30 June 2011 33,049,288 116,816,685 102,054,356


108


Global Technology Fund

$

Pan European Fund

$

Protected Global Titans Fund

$


Amounts received by the Fund for creation of units 1,104,141 – – Amounts paid by the Fund for liquidation of units (3,651,723) (1,436,194) (895,008)

Net cash into/ (out of) the Fund (2,547,582) (1,436,194) (895,008)

Investment income– Dividend income – – – – Interest income – – – – Other income – – –

– – – Fund expenses– Management fees (613,895) (277,255) (31,543)– Other expenses – – –

(613,895) (277,255) (31,543)Net gains/ (losses) on investmentsExchange gain/ (loss) – – – Net realised gain/ (loss) on sale of investments 1,131,501 (174,355) 98,169 Unrealised appreciation/ (depreciation) in value of investments during the year (1,246,458) 401,972 (53,465)

(114,957) 227,617 44,704

Increase/ (decrease) in net asset value for the period (3,276,434) (1,485,832) (881,847)


Asian Reach Managed Fund

$

China–India Fund

$

Emerging MarketsFund

$

Value of Fund as at 1 January 2011 751,363,819 1,256,081,673 252,718,647

Amounts received by the Fund for creation of units 52,781,257 41,920,619 22,816,345 Amounts paid by the Fund for liquidation of units (31,812,035) (77,082,978) (15,773,521)

Net cash into/ (out of) the Fund 20,969,222 (35,162,359) 7,042,824


– – – Fund expenses– Management fees (4,890,494) (8,903,952) (1,036,026)– Other expenses – – –

(4,890,494) (8,903,952) (1,036,026)Net gains/ (losses) on investmentsExchange gain/ (loss) – – – Net realised gain/ (loss) on sale of investments 5,417,283 20,473,836 275,982 Unrealised appreciation/ (depreciation) in value of investments during the year (27,223,353) (121,550,631) (11,480,098)

(21,806,070) (101,076,795) (11,204,116)

Increase/ (decrease) in net asset value for the period (5,727,342) (145,143,106) (5,197,318)

Value of Fund as at 30 June 2011 745,636,477 1,110,938,567 247,521,329


109


America Fund

$

Adapt 2015 Fund

$

Adapt 2025 Fund

$


Amounts received by the Fund for creation of units 4,408,323 214,745 – Amounts paid by the Fund for liquidation of units (960,447) (3,099,723) (7,967,824)

Net cash into/ (out of) the Fund 3,447,876 (2,884,978) (7,967,824)

Investment income– Dividend income – – – – Interest income – 567 867 – Other income – – –

– 567 867 Fund expenses– Management fees (34,388) (364,191) (1,764,409)– Other expenses – (410) (1,924)

(34,388) (364,601) (1,766,333)Net gains/ (losses) on investmentsExchange gain/ (loss) – 68,553 286,820 Net realised gain/ (loss) on sale of investments 62,750 964,402 3,004,631 Unrealised appreciation/ (depreciation) in value of investments during the year (344,393) (178,605) (1,234,839)

(281,643) 854,350 2,056,612

Increase/ (decrease) in net asset value for the period 3,131,845 (2,394,662) (7,676,678)


Adapt 2035 Fund

$

Global Basics Fund

$

Currency Income Fund

$


Amounts received by the Fund for creation of units 507,943 5,196,589 – Amounts paid by the Fund for liquidation of units (1,825,825) (16,414,600) (4,714,699)

Net cash into/ (out of) the Fund (1,317,882) (11,218,011) (4,714,699)

Investment income– Dividend income – – 1,989,023 – Interest income 137 – – – Other income – – –

137 – 1,989,023 Fund expenses– Management fees (413,642) (2,434,303) (655,592)– Other expenses (438) – –

(414,080) (2,434,303) (655,592)Net gains/ (losses) on investmentsExchange gain/ (loss) 64,885 – – Net realised gain/ (loss) on sale of investments 688,492 2,801,702 (2,127,717)Unrealised appreciation/ (depreciation) in value of investments during the year (693,100) (11,196,835) (4,768,968)

60,277 (8,395,133) (6,896,685)

Increase/ (decrease) in net asset value for the period (1,671,548) (22,047,447) (10,277,953)



110


Global Property Securities Fund

$

Global Leaders Fund

$

Asian Infrastructure Equity Fund

$


Amounts received by the Fund for creation of units 310,997 182,746 2,123,497 Amounts paid by the Fund for liquidation of units (2,966,380) (366,012) (612,013)

Net cash into/ (out of) the Fund (2,655,383) (183,266) 1,511,484


– – – Fund expenses– Management fees (414,134) (30,040) (91,762)– Other expenses – – –

(414,134) (30,040) (91,762)Net gains/ (losses) on investmentsExchange gain/ (loss) – – – Net realised gain/ (loss) on sale of investments (3,046,177) 4,897 178,911 Unrealised appreciation/ (depreciation) in value of investments during the year 7,130,137 (182,379) (655,752)

4,083,960 (177,482) (476,841)

Increase/ (decrease) in net asset value for the period 1,014,443 (390,788) 942,881


Global Market Navigator Fund

$

Asian Income Fund

$

Emerging Market Income Bond Fund

$


Amounts received by the Fund for creation of units – 8,242,060 16,708,066 Amounts paid by the Fund for liquidation of units (146,989) (548,277) (2,681,948)

Net cash into/ (out of) the Fund (146,989) 7,693,783 14,026,118

Investment income– Dividend income – 179,343 641,795 – Interest income – – – – Other income – – –

– 179,343 641,795 Fund expenses– Management fees (15,301) (127,559) (269,427)– Other expenses – – –

(15,301) (127,559) (269,427)Net gains/ (losses) on investmentsExchange gain/ (loss) – (1,985) – Net realised gain/ (loss) on sale of investments 15,614 27,690 147,004 Unrealised appreciation/ (depreciation) in value of investments during the year (19,432) (401,525) (2,137,298)

(3,818) (375,820) (1,990,294)

Increase/ (decrease) in net asset value for the period (166,108) 7,369,747 12,408,192



111

Greater China Fund

$

GEMM Resources Fund

$

Singapore Growth Fund

$


Amounts received by the Fund for creation of units – 24,176,846 91,803,284 Amounts paid by the Fund for liquidation of units (11,952,777) (3,679,675) (19,971,634)

Net cash into/ (out of) the Fund (11,952,777) 20,497,171 71,831,650 Investment income– Dividend income – – – – Interest income – – – – Other income – – –

– – – Fund expenses– Management fees (575,768) (150,403) (449,592)– Other expenses – – (45)

(575,768) (150,403) (449,637)Net gains/ (losses) on investmentsExchange gain/ (loss) – – – Net realised gain/ (loss) on sale of investments 356,419 322,023 567,741 Unrealised appreciation/ (depreciation) in value of investments during the year (9,196,797) (5,603,955) (3,881,555)

(8,840,378) (5,281,932) (3,313,814)

Increase/ (decrease) in net asset value for the period (21,368,923) 15,064,836 68,068,199


Oriental Opportunities Fund

$

Singapore Dynamic Bond Fund*

$

Value of Fund as at 1 January 2011 5,382,397 –

Amounts received by the Fund for creation of units 2,969,040 12,747,353 Amounts paid by the Fund for liquidation of units (186,289) (120,340)

Net cash into/ (out of) the Fund 2,782,751 12,627,013

Investment income– Dividend income – – – Interest income – – – Other income – –

– – Fund expenses– Management fees (31,605) (4,096)– Other expenses – –

(31,605) (4,096)Net gains/ (losses) on investmentsExchange gain/ (loss) – – Net realised gain/ (loss) on sale of investments 28,710 4,914 Unrealised appreciation/ (depreciation) in value of investments during the year (139,542) 53,777

(110,832) 58,691

Increase/ (decrease) in net asset value for the period 2,640,314 12,681,608

Value of Fund as at 30 June 2011 8,022,711 12,681,608

* Capital and Income Account from 14 March 2011 to 30 June 2011



112

NOTES TO THE FINANCIAL STATEMENTS

These notes form an integral part of the financial statements.

1 Units in Issue and Net Asset Value

The Units in Issue and the Net Asset Value (which is the bid price) per unit of the PruLink Funds (“the Funds”) as at 30 June 2011:

Funds Units in Issue Net Asset Value per unit

Singapore Managed Fund 956,445,114 S$3.40867Asian Equity Fund 488,635,880 S$1.99097Singapore Cash Fund 105,281,155 S$1.34128Global Equity Fund 37,006,192 S$0.89307Global Bond Fund 87,519,916 S$1.33474Global Managed Fund 88,303,250 S$1.15572Global Technology Fund 141,878,667 S$0.53710Pan European Fund 38,493,759 S$0.92847Protected Global Titans Fund 9,353,534 S$1.15294Asian Reach Managed Fund 449,491,567 S$1.65884China-India Fund 504,956,521 S$2.20006Emerging Markets Fund 191,324,736 S$1.29372America Fund 13,450,386 S$0.81526Adapt 2015 Fund 41,885,151 S$1.13147Adapt 2025 Fund 209,059,323 S$1.08291Adapt 2035 Fund 49,773,012 S$1.03003Global Basics Fund 304,913,814 S$1.00710Currency Income Fund 132,212,188 S$0.60692Global Property Securities Fund 168,164,977 S$0.51696Global Leaders Fund 4,724,103 S$0.78379Asian Infrastructure Equity Fund 10,836,098 S$1.17422Global Market Navigator Fund 2,009,058 S$0.90223Asian Income Fund 17,476,817 S$1.19858Emerging Market Income Bond Fund 77,784,435 S$0.88915Greater China Fund 126,596,589 S$0.91221GEMM Resources Fund 41,516,004 S$1.08453Singapore Growth Fund 189,143,157 S$0.97295Oriental Opportunities Fund* 8,289,355 S$0.96783Singapore Dynamic Bond Fund** 13,123,179 S$0.96635

* Oriental Opportunities Fund was launched on 4 October 2010

** Singapore Dynamic Bond Fund was launched on 14 March 2011

113

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2 Summary of Significant Accounting Policies

2.1 Basis of preparation

The financial statements of the Funds are presented in Singapore dollars. The financial statements have been prepared on the historical cost basis, except for investments and derivatives which are carried 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 recorded at fair value and the unrealised gains or losses on re-measurement to fair value are taken to the Capital and Income Account. The fair value is determined by using open market valuation at the year-end date. All investments of the Funds are valued at the last known transacted prices on 30 June 2011. Unquoted debt securities are valued at the prevailing prices quoted by banks or brokers.

2.3 Derivative financial instruments

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

2.4 Amounts received by the Funds for creation of units

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

2.5 Amounts paid by the Funds for liquidation of units

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

2.6 Gains/losses from sale of investments

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

114

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2.7 Income and expenses recognition

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

2.8 Foreign currencies

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

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Prudential Assurance Company Singapore (Pte) Limited(Registration No. 199002477Z)

30 Cecil Street #30-01 Prudential Tower Singapore 049712Tel: 1800 333 0333 Fax: 6734 9555 Website: www.prudential.com.sg

Part of Prudential plc

Established in 1848 in the United Kingdom, Prudential plc is now one of the world’s leading

retail financial products and services companies. Prudential Singapore was set up in 1931,

and is an indirect 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 Prudential Financial Consultant or call our PruCustomer Line at

1800 333 0 333 today. Alternatively, you can visit our website at www.prudential.com.sg.

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