For the 6-month period ended 31 December 2008 · pasaran yang gerunkan ketidakpastian dalam apa-apa...

For the 6-month period ended 31 December 2008

PRUglobal leaders fund

Inte

rim R

epor

t

Interim Report

--------------------------------------------------------------------------------- 1Customer Service :

03-2332 1000


INTERIM REPORTFor the 6-month period ended

31 December 2008

Customer Service :

03-2332 10002 -------------------------------------------------------------------------------------------------------

A Note from PRU 4

Fund Information 5

Fund Performance 7

Manager’s Report 8

Rebates And Soft Commissions 10

Nota daripada PRU 11

Maklumat Dana 12

Prestasi Dana 14

Laporan Pengurus 15

Rebat dan Komisen Ringan 17

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Statement By Manager 24

Trustee’s Report To The Unitholders

Of Prudential Global Leaders Fund 25

Unaudited Income Statement 26

Unaudited Statement Of Assets

And Liabilities 27

Unaudited Statement Of Changes

In Net Asset Value 28

Unaudited Cash Flow Statement 29

Summary Of Significant

Accounting Policies 30

Notes To The Unaudited Financial

Statements 35

Corporate Directory 47

18

19

20

21

23

保诚之声

基金资料

基金表现经理人报告

回扣与软性佣金

PRUglobal leaders fund Interim Report

Customer Service :

03-2332 10004 -------------------------------------------------------------------------------------------------------

A Note From PRU

The PRUglobal leaders posted a negative return of 41.10% behind the 31.25% loss from the benchmark

for the financial period ended 31 December 2008. This relative underperformance occurred in what has

been an exceptional time in the history of global stock markets.

The Fund feeds into the M&G Global Leaders Fund, which employs a bottom up investment process to

identify undervalued companies implementing self help strategies to improve their returns bias – in short,

it looks for cheap companies with plans for improvement. This process of internal change, usually involving

management and corporate restructuring, creates a degree of uncertainty around the short-term operating

performance of a company. This in turn often gives rise to a market mis-pricing that the fund seeks to

exploit for long term gain. However, in a market terrified of any sort of uncertainty, this approach faced

an intense headwind in the latter part of 2008.

Despite the obvious doom and gloom, as investors, we need to look forward. We believe that there are

opportunities hidden in any market condition. Ironically, the real opportunities, would lie where investors

most fear to tread – equities. Whilst the losses can be severe during periods of stress like what we are

witnessing presently, stocks would provide opportunity for greater capital appreciation during periods of

economic growth and especially during periods of recovery. Right now with stock prices having come off

significantly, a lot of bad news has already been priced in and values are definitely emerging. If there’s any

time that investors should put their faith in stocks, it would be periods like now.

Having said all this, there are investment strategies that you, as an individual investor, can employ to

weather through these turbulent times. First, is to re-evaluate the risk and return of your portfolio. Do

the funds that you hold still meet your overall financial objectives? You should also consider diversifying

your portfolio – build a balanced asset allocation, and instead of timing the market, dollar cost average.

Although these principles seem all too worn out and clichéd, it still holds true. You can’t hold a portfolio

that’s all equities because the risk of losses is high and you can’t hold a portfolio that’s all fixed income

because it won’t give you the growth that you need to hedge against inflation – especially if your objective

is to invest for your retirement. The challenge is to find a ratio that suites your risk tolerance. And, because

one can’t really time the market and predict when the market would bottom out, dollar cost averaging

is the logical solution.


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Fund Information


Feeder/ Growth

The Fund seeks to maximise long term total return (the combination of income

and growth of capital) by investing in the M&G Global Leaders Fund (Target Fund),

which in turn invests in a wide range of global equities that are considered to be

leading in their field.

FTSE World Index

(obtainable from www.ftse.com)

Incidental, on a best effort basis only

As at 31 December 2008, the size of PRUglobal leaders fund stood at 240.083

million units.

Name of Fund

Fund Category/Type

Fund Objective

Fund Benchmark

Fund Income

Distribution Policy

Breakdown of unit

holding by size

300

250

200

150

100

50

0

Fund Size

Uni

ts (M

illio

n)

Jul2008

Aug2008

Sep2008

Oct2008

Nov2008

Dec2008

Customer Service :

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Fund Information

Breakdown of unit

holding by sizeUnitholdings

5,000 units and below

5,001 to 10,000 units

10,001 to 50,000 units

50,001 to 500,000 units

500,001 units and above

Total

No. of

Unitholders

80

580

2,985

768

22

4,435

No. of Units*

(‘000)

251

5,430

68,364

83,169

80,344

237,558

%

1.80

13.08

67.30

17.32

0.50

100.00

%

0.11

2.29

28.78

35.01

33.82

100.01

* Exclude units held by the Manager


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Fund Performance

The following information is for the financial year ended

30 June 2008

%

98.85 -

98.85 1.71

100.00

118,403 252,776 0.4684 0.5778 0.4268

(15.60)-

(15.60)- -

0.130.24

(15.60)2.32 0.00

Category

Collective investment schemeUnquoted fixed income securities

Cash And Liquid AssetsTotal Net Asset Value (RM’000)Units In Circulation (Units ‘000)Net Asset Value Per Unit (RM)Manager’s Highest NAV (RM)Manager’s Lowest NAV (RM)Total Return (%) - Capital Growth - Income DistributionsAverage Annual Return (%) - One Year (Annualised)Gross Distribution Per Unit (RM)Net Distribution Per Unit (RM)Management Expense Ratio (%)*Portfolio Turnover Ratio (times)* Average Annual ReturnPeriodOne yearTwo yearsThree years

30 June 2007

%

98.29-

98.29 1.70 100.00

214,610 386,695 0.5550 0.5560 0.4278

20.23 -

20.23 - -

0.33 1.00

20.23 0.00 0.00

* The Fund chartered lower MER and PTR in 2008 when compared to 2007. This is due to the calculation of 2007

was made based on 15 months period, i.e. from the Fund’s commencement date on 23 March 2006 to 30 June

2007.

The unit prices of the Fund may go down as well as up and past performance figures shown are not

indicative of future performance.

Customer Service :

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PRUglobal leaders fund posted a return of -41.10% (NAV per unit to NAV per

unit) during the financial period under review (1 July -31 December 2008), the

benchmark return was -31.25%. For the longer term since inception, the Fund

registered a negative return of 42.06%, underperformed the benchmark’s

negative return of 34.43%.

Source: Lipper Hindsight 5 and M&G, 31 December 2008

Past performance is no indication of the future performance of the Fund.

Manager’s Report

Fund

Performance

30

20

10

0

(10)

(20)

(30)

(40)

(50)

30

20

10

0

(10)

(20)

(30)

(40)

(50)

PRUglobal leaders fund FTSE World Index (FTWI01)

SI %

Cha

nge

Performance ChartPRUglobal leaders fund Vs FTSE World Index (FTWI01)

Apr2006

Jun2006

Aug2006

Oct2006

Jan2007

Mar2007

May2007

Jul2007

Apr2008

Sep2007

Jun2008

Nov2007

Aug2008

Feb2008

Oct2008

Dec2008


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For the period from 1 July to 31 December 2008

* Capital return components:1) Collective Investment Scheme2) Cash and cash equivalents

No distributions or additional units were declared for the financial period ended 31 December 2008.

The Target Fund continued to invest in leading companies worldwide. It is managed on a purely bottom-up stock-picking basis, with no top-down sector, country or currency views imposed or reference made to a benchmark. The Target Fund manager sought out companies undergoing positive internal change leading to improvements in return on capital, such as a new focus on shareholder value creation or efficiency of capital allocation.

There have been no significant changes to the asset allocation since the Fund’s last report.

There have been neither significant change to the state of affairs of the Fund nor any circumstances that materially affect any interests of the unit holders during the period under review (1 July – 31 December 2008).

Asset Allocation

Collective Investment SchemeCash and cash equivalents

30 June 2008

(%)

982

31 December 2008

(%)

991

Changes (%)

1(1)

IncomeReturn

(%)

0.00

Capital Return*

(%)

(41.10)

Total Return(%)

(41.10)

Total Return of Benchmark

(%)

(31.25)

Analysis of Fund Performance

Distribution/unit splits

Investment Strategy During Period Under Review

Asset Allocation

State of Affairs of the Fund

Customer Service :

03-2332 100010 -------------------------------------------------------------------------------------------------------

This report is replicated from M&G’s

report which does not contain the market

report.

REBATES AND SOFT COMMISIONS

The Manager, our delegates and the Trustee are

not entitled to any rebates or to share in any

commission from any broker in consideration

for direct dealings in the investments of the

Funds. Accordingly, any rebates and shared

commissions are directed to the account of

the relevant Funds.

Notwithstanding the aforesaid, the Manager

may receive goods or services by way of soft

commissions provided always that the goods

or services are of demonstrable benefit to the

Funds and that the execution of a transaction is

consistent with the best execution standards.

During the period under review, the Manager

and the Trustee have received soft commissions

from stockbrokers in the form of computer

hardware and software which are incidental

to the investment management of the Fund.

The Manager, our delegates and the Trustee

have not received any rebates or shared any

commissions from any brokers during the same

period under review (1 July – 31 December

2008).

In case of discrepancy between the English, Chinese

and Bahasa Malaysia version of this report, the English

version shall prevail.


03-2332 1000

PRUglobal leaders fundInterim Report

Nota daripada PRU

Para pelabur yang dihargai,

Dana PRUglobal leaders mencatatkan pulangan negatif sebanyak 41.10%, iaitu lebih rendah berbanding pulangan negatif penanda aras 31.25% bagi tahun kewangan berakhir 31 Disember 2008. Prestasi yang lebih rendah ini terjadi pada masa luar biasa dalam sejarah pasaran saham global.

Dana ini merupakan dana perantara kepada Dana M&G Global Leaders yang menggunakan proses pelaburan dari bawah ke atas bagi mengenal pasti syarikat di bawah nilai yang melaksanakan strategi bantu diri untuk memperbaiki pengaruh pulangan mereka – pendek kata, Dana ini mencari syarikat murah yang mempunyai pelan untuk kemajuan. Proses perubahan dalaman ini, yang biasanya melibatkan penstrukturan semula pengurusan dan korporat , mewujudkan ketidakpastian dalam prestasi kendalian jangka pendek sesebuah syarikat. Ini selalunya menimbulkan salah harga dalam pasaran yang dicari oleh Dana ini untuk dieksploitasi bagi keuntungan jangka masa panjang. Walau bagaimanapun, dalam pasaran yang gerunkan ketidakpastian dalam apa-apa bentuk sekalipun, pendekatan ini menghadapi rintangan hebat dalam bulan-bulan terakhir tahun 2008.

Walau pun keadaan amat sukar dan suram, sebagai pelabur, kita seharusnya memandang ke hadapan. Kami percaya peluang tetap wujud dalam mana-mana keadaan pasaran. Ironiknya, peluang sebenar terkandung dalam ekuiti, yang sangat takut didekati oleh para pelabur. Sungguhpun kerugian boleh menjadi teruk semasa tempoh tertekan seperti yang sedang kita alami, saham mampu memberi peluang tambah nilai modal yang lebih tinggi semasa tempoh pertumbuhan ekonomi dan khususnya semasa tempoh pemulihan. Pada masa ini dengan harga saham yang jatuh mendadak, banyak berita buruk telah diambil kira dan nilai sememangnya kian muncul. Inilah masanya para pelabur patut meletakkan kepercayaan mereka dalam saham.

Dengan tersusunnya kata-kata tersebut, anda sebagai pelabur individu, boleh mengguna pakai strategi pelaburan yang ada untuk menempuhi masa yang bergelora ini. Pertama, menilai semula risiko dan pulangan portfolio anda. Adakah dana-dana dalam pegangan memenuhi objektif kewangan keseluruhan anda? Anda juga harus mempertimbangkan kepelbagaian portfolio anda – membentuk peruntukan aset yang seimbang, dan pemurataan kos ringgit adalah lebih baik daripada menentukan masa yang bersesuaian untuk melabur dalam pasaran. Walaupun prinsip-prinsip ini kelihatan terlalu lusuh dan basi, namun ia tetap berguna. Anda tidak boleh memegang satu portfolio yang kesemuanya ekuiti kerana risiko kerugian adalah tinggi dan anda tidak boleh memegang satu portfolio yang kesemuanya pendapatan tetap kerana ia tidak akan memberikan anda pertumbuhan yang anda perlu untuk melindungi nilai terhadap inflasi – khususnya objektif anda adalah melabur untuk persaraan. Cabaran di sini ialah untuk mencari satu nisbah yang sesuai untuk toleransi risiko anda. Dan, disebabkan kesukaran menentukan masa yang tepat untuk melabur dalam pasaran dan menjangka bila pasaran akan memantul dari paras terendah, pemurataan kos ringgit adalah penyelesaian yang munasabah.

Customer Service :

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Maklumat Dana

Dana PRUglobal leaders

Dana Perantara / Pertumbuhan

Dana ini bermatlamat memaksimakan jumlah pulangan jangka panjang

(kombinasi pendapatan dan pertumbuhan modal) dengan melabur ke dalam

Dana M&G Global Leaders (Dana Sasaran) yang mana, ia akan melabur ke dalam

ekuiti global

yang boleh diklasifikasikan sebagai ekuiti yang utama di dalam bidangnya.

Indeks FTSE World

(boleh diperolehi dari www.ftse.com)

Sampingan, berdasarkan prestasi Dana.

Pada 31 Disember 2008, saiz Dana PRUglobal leaders ialah sebanyak 240.083 juta

unit.

Nama Dana

Kategori / Jenis

Dana

Objektif Dana

Tanda Aras Dana

Polisi Pengagihan

Pendapatan Dana

Huraian Pegangan

Unit Mengikut Saiz

DanaSaiz Dana

Uni

t (J

uta)

300

250

200

150

100

50

0Jul

2008Ogos2008

Sep2008

Okt2008

Nov2008

Dis2008


03-2332 1000


Maklumat Dana

Huraian Pegangan

Unit Mengikut Saiz

DanaPegangan Unit

5,000 unit dan ke bawah

5,001 hingga 10,000 unit

10,001 hingga 50,000 unit

50,001 hingga 500,000 unit

500,001 unit dan ke atas

Jumlah

Jumlah

Pemegang Unit

80

580

2,985

768

22

4,435

Jumlah Unit *

(‘000)

251

5,430

68,364

83,169

80,344

237,558

%

1.80

13.08

67.30

17.32

0.50

100.00

%

0.11

2.29

28.78

35.01

33.82

100.01

* tidak termasuk unit yang dipegang oleh Pengurus.

Customer Service :

03-2332 100014 -------------------------------------------------------------------------------------------------------

* Dana telah mencatatkan Nisbah Perbelanjaan Pengurusan dan Nisbah Pusing Ganti Portfolio yang

lebih rendah pada 2008 berbanding 2007. Ini adaah disebabkan pengiraan tahun 2007 adalah

berdasarkan tempoh 15 bulan, iaitu pada 23 Mac 2006 berikutan tarikh pelancaran Dana sehingga

30 Jun 2007.

Harga unit Dana boleh naik atau turun dan prestasi masa lalu bukanlah petunjuk prestasi

masa depan.

Prestasi Dana

Maklumat berikutan adalah untuk tahun kewangan berakhir

Kategori

Skim Pelaburan KolektifSekuriti pendapatan tetap tidak tersenarai

Tunai dan Aset CairJumlah

Nilai Aset Bersih (RM’000)Unit Dalam Edaran (‘000 Unit)Nilai Aset Bersih Seunit (RM)NAB Tertinggi bagi Pengurus (RM)NAB Terendah bagi Pengurus (RM)Jumlah Pulangan (%) - Pertumbuhan Modal - Agihan PendapatanPulangan Purata Tahunan (%) - Satu Tahun (Tahunan)Agihan Kasar Seunit (RM)Agihan Bersih Seunit (RM)Nisbah Perbelanjaan Pengurusan (%)*Nisbah Pusing Ganti Portfolio (kali)* Purata Pulangan TahunanTempohSatu TahunDua TahunTiga Tahun

30 June 2008

%

98.85 -

98.85 1.71

100.00

118,403 252,776 0.4684 0.5778 0.4268

(15.60)-

(15.60)- -

0.130.24

(15.60)2.32 0.00

30 June 2007

%

98.29-

98.29 1.70 100.00

214,610 386,695 0.5550 0.5560 0.4278

20.23 -

20.23 - -

0.33 1.00

20.23 0.00 0.00


03-2332 1000


Dana PRUglobal leaders telah mencatat pulangan -41.10% (pada asas NAB seunit

ke NAB seunit) bagi tempoh tinjauan (1 Julai – 31 Disember 2008), sementara

pulangan penanda aras ialah -31.25%. Bagi tempoh yang lebih panjang iaitu

sejak dilancarkan, Dana telah mencatat pulangan negatif sebanyak 42.06%,

dengan itu membelakangi prestasi penanda arasnya yang mencatat pulangan

negatif sebanyak 34.43%.

Sumber: Lipper Hindsight 5 and M&G, 31 Disember 2008

Prestasi masa lalu Dana ini tidak mencerminkan prestasi masa depannya.

Bagi tempoh dari 1 Julai hingga 31 Disember 2008

*Komponen Pulangan Modal:

1) Skim Kolektif Pelaburan

2) Tunai dan kesetaraan tunai

Laporan Pengurus

Prestasi Dana

Analisis Prestasi Dana

Dana PRUglobal leaders FTSE World Index (FTWI01)

SI %

Cha

nge

Carta PrestasiDana PRUglobal leaders berbanding FTSE World Index (FTWI01)

Apr2006

Jun2006

Ogos2006

Okt2006

Jan2007

Mac2007

Mei2007

Jul2007

Apr2008

Sep2007

Jun2008

Nov2007

Ogos2008

Feb2008

Okt2008

Dis2008

30

20

10

0

(10)

(20)

(30)

(40)

(50)

30

20

10

0

(10)

(20)

(30)

(40)

(50)

Pulangan Pendapatan

(%)

0.00

Pulangan Modal*

(%)

(41.10)

Jumlah Pulangan

(%)

(41.10)

Jumlah Pulangan Tanda Aras

(%)

(31.25)

Customer Service :

03-2332 100016 -------------------------------------------------------------------------------------------------------

Tiada pengagihan pendapatan atau pecahan unit yang diisytiharkan bagi tempoh

dalam tinjauan berakhir 31 Disember 2008.

Dana Sasaran terus melabur dalam syarikat-syarikat utama di seluruh dunia. Ia

diurus dengan dasar pemilihan saham semata-mata berlandaskan pendekatan

bawah-atas (bottom-up), tanpa tinjauan atas-bawah (top-down) sektor

berkenaan, negara atau mata wang, mahupun rujukan kepada satu penanda

aras. Pengurus Dana Sasaran memilih syarikat-syarikat yang menjalani perubahan

dalaman yang positif yang menuju ke arah peningkatan pulangan modal,

contohnya jika ia memberi satu fokus baru ke atas pewujudan nilai pemegang

saham atau kecekapan dalam peruntukan modal.

Tiada perubahan ketara dalam peruntukan aset sejak laporan yang lepas.

Tiada perubahan ketara pada kedudukan hal-ehwal Dana ini mahupun sebarang

keadaan yang memberikan kesan yang ketara kepada kepentingan pemegang

unit dalam tempoh tinjauan (1 Julai – 31 Disember 2008).

Peruntukan Aset

Skim Kolektif Pelaburan

Tunai dan kesetaraan tunai

30 Jun

2008

(%)

98

2

31 Disember

2008

(%)

99

1

Perubahan

(%)

1

(1)

Pengagihan /

Pecahan Unit

Strategi

Pelaburan

Semasa

Tempoh Di

Bawah Kajian

Peruntukan

Aset

Kedudukan

Hal-Ehwal Dana


03-2332 1000


Laporan ini adalah replikasi daripada

l a p o r a n M & G y a n g m a n a t i d a k

mengandungi laporan pasaran.

REBAT DAN KOMISEN RINGAN

Pengurus dan Pemegang Amanah tidak berhak

menerima sebarang rebat atau berkongsi

sebarang komisen daripada mana-mana broker

sebagai balasan untuk urus niaga langsung

dalam pelaburan Dana-dana. Sehubungan itu,

sebarang rebat dan komisen yang dikongsi itu

akan dimasukkan ke dalam akaun Dana-dana

yang berkaitan. Walau bagaimanapun, Pengurus

boleh menerima barangan atau perkhidmatan

dalam bentuk komisen ringan selagi barangan

dan perkhidmatan itu ternyata bermanfaat

kepada Dana-dana dan pelaksanaan sesuatu

urus niaga itu adalah selaras dengan piawai

pelaksanaan terbaik.

Semasa tempoh di bawah tinjauan (1 Julai – 31

Disember 2008), pengurus telah menerima

komisen ringan daripada syarikat broker saham

dalam bentuk perisian dan perkakasan komputer

yang berkaitan dengan pengurusan pelaburan

Dana. Pengurus, delegasi dan Pemegang

Amanah kami tidak menerima sebarang rebat

atau berkongsi sebarang komisen daripada

mana-mana broker sepanjang tempoh yang

sama di bawah tinjauan.

Laporan kewangan ini adalah terjemahan dari

versi Bahasa Inggeris kepada Bahasa Malaysia.

Jika terdapat percanggahan antara versi

Bahasa Inggeris dan terjemahan versi Bahasa

Malaysia, maka versi Bahasa Inggeris akan

diterima pakai.

Customer Service :

03-2332 100018 -------------------------------------------------------------------------------------------------------

保诚之声

亲爱的投资者，

在截至2008年12月31日的财政期间，保诚全球领导基金报以41.10%的负回酬，表现低于报

31.25%负回酬的基准。低於基准的表现乃因为全球股市陷入史无前例的困境。

本基金联接至M&G全球领导基金，后者采用了自下而上的投资方式以确认运用内部策略改善

回酬偏差的价值低估公司，意即它所寻找的是备有改善计划但估值廉宜的公司。这种内部改革

一般上涉及管理层与公司的重组，在某程度上会对公司的短期营运表现造成影响，从而导致市

场错价的现象；本基金将会投资于这类公司，并在长期内赚利。无论如何，在充斥着不明朗因

素的市场内，有关策略在2008年杪受到严重的冲击。

尽管环境阴霾密布，身为投资者，我们必须向前看。我们相信无论市况如何，其间都会藏有良

机。讽刺的是，真正的良机却在于投资者目前最不想涉足的股票市场。眼前股市的损失无疑惨

重，但在经济复苏及成长的阶段，股票将得以提供更大的资本增值机会。现在的股价大幅滑

跌，而且许多负面因素的影响也已计算在内，其价值因之相当具吸引力。现在是投资者应该对

股票有信心的时刻。

即使如此，身为散户投资者的你，其实可以采用一些投资策略以度过这些艰辛的时段。你必须

先重新评估你投资组合中的风险与回酬。你所持有的基金是否依旧达致你的整体财务目标？你

也应该考虑分散投资 – 作出平衡的资产分配，而且与其臆测市场的时机，不如采用平均成本

法定期定额的投资。也许这些原则看来全过时了，但其内含的真理不变。你不可以将资金全投

资于股票，因为损失的风险很大；你也不可以全投资于固定收益证券，因为其收入成长将无法

在通膨时代产生保值的作用，如果你的投资目标是为退休作准备则这将是个问题。你的挑战是

寻求一个符合你的风险承受度的投资比例。此外，由于我们难以臆测市场的时机，而且也难以

预料市场何时达致谷底，平均成本法乃是最合逻辑的解决方案。


03-2332 1000


300

250

200

150

100

50

0

基金资料

保诚全球领导基金

积资汇注/ 成长

本基金通过投资在M&G全球领导基金（目标基金），以取得最高的

长期回酬（结合收益与资本成长）。M&G全球领导基金广泛地投资在

全球股市，并专注于各行各业的领导业者。

金融时报全球指数（FTSE World Index）(资料摘自www.ftse.com)

不定，视基金的最佳表现

截至2008年12月31日，保诚全球领导基金的规模企于2亿4千零83万单位。

基金名称

基金种类/类型

基金目标

基金基准指标

基金收益分配政策

单位持有人分析（根据基金规模）

持有单位

5,000单位及以下

5,001至10,000单位

10,001至50,000单位

50,001至500,000单位

500,001单位及以上

总数

持有人数

80

580

2,985

768

22

4,435

%

1.80

13.08

67.30

17.32

0.50

100.00

单位数目

(‘000)

251

5,430

68,364

83,169

80,344

237,558

%

0.11

2.29

28.78

35.01

33.82

100.01

* 不包括经理人所持有的单位

*

2008年7月

2008年8月

2008年9月

2008年10月

2008年11月

2008年12月

单位(百

万)

基金规模

Customer Service :

03-2332 100020 -------------------------------------------------------------------------------------------------------

基金表现

截至以下财政年度

种类

集资投资计划

无挂牌固定收益证券

现金与流动性资产总额

净资产值 (RM’000) 流通单位数目 (‘000)每单位净资产值 (RM)经理人的最高净资产值 (RM)经理人的最低净资产值 (RM)总回酬 (%)- 资本成长

- 收益分配

常年平均回酬 (%)- 1年 (常年化)每单位总分配 (RM)每单位净分配 (RM)管理开支比率 (%) *投资组合交易比率 (次数) *

常年平均回酬期限1年2年3年

* 与2007年相比，本基金2008年的管理开支比率及投资组合交易比率较底，因为有关比率自

本基金的生效日(2006年3月23日)开始计算，至2007年6月30日，为期15个月，因此难以

作出比较。

本基金的单位价格会扬升也会走低，而且上述的过往表现数据不可视为未来表现的指标。

2008年6月30日

%

98.85 -

98.85 1.71

100.00

118,403 252,776 0.4684 0.5778 0.4268

(15.60)-

(15.60)- -

0.130.24

(15.60)2.32 0.00

2007年6月30日

%

98.29-

98.29 1.70 100.00

214,610 386,695 0.5550 0.5560 0.4278

20.23 -

20.23 - -

0.33 1.00

20.23 0.00 0.00


03-2332 1000


30

20

10

0

(10)

(20)

(30)

(40)

(50)

30

20

10

0

(10)

(20)

(30)

(40)

(50)

在检讨期间(2008年7月1日至12月31日)，保诚全球领导基金报以-41.10%

的回酬（每单位净资产值对每单位净资产值），低於报-31.25%的基准指

标回酬。自推介的较长期内，本基金报以42.06%的负回酬，表现低於基准

的-34.43%。

资料来源: Lipper Hindsight 5及M&G，2008年12月31日

基金以往表现不可视为未来表现的指标。

2008年7月1日至2008年12月31日

*资本回酬包括:

1) 集资投资计划

2) 现金与现金等值项目

经理人报告

基金表现

基金表现分析

收益回酬(%)

0.00

资本回酬*(%)

(41.10)

总回酬(%)

(41.40)

基准总回酬 (%)

(31.25)

2006年4月

2006年6月

2006年8月

2006年10月

2007年1月

2007年3月

2007年5月

2007年7月

2008年4月

2008年12月

2007年9月

2008年6月

2007年11月

2008年8月

2008年2月

2008年10月

截至今日的年度％变动

表现图表保诚全球领导基金对基准指标

保诚全球领导基金基准指标

Customer Service :

03-2332 100022 -------------------------------------------------------------------------------------------------------

截至2008年12月31日的检讨期间,本基金并没有任何收益分配或单位分拆。

目标基金将继续投资于全球的领先公司。它采用了纯自下而上的股票遴选方

式，不加入自上而下的货币、领域或国家观点，亦不以任何基准作参考。目

标基金的经理人所选择的公司一般有着正面的内部改革，其资本报酬率因之

而得以改善，如股东价值创造方面的新焦点，或资本分配的效率。

资产配置 2008年 2008年

12月31日 6月30日波幅

(%) (%) (%)

集资投资计划 99 98 1

现金与现金等值项目 1 2 (1)

自从本基金提呈上个报告以来，资产配置没有显著变动。

检讨期间（2008年7月1日至2008年12月31日）本基金状况无任何重大改

变，也未出现任何严重情况足以影响单位持有人利益。

分配/单位分拆

检讨期间的投资

策略

资产配置

基金状况


03-2332 1000


此报告乃复制M&G报告，因此不含市场汇

报。

回扣与软性佣金

经理人和信托人在直接交易投资并不享有任

何回扣，或分享任何一位经纪商的佣金。有

鉴于此，任何回扣和佣金分享是直接进入相

关基金的帐户。

除此以外，经理人可接受以软性佣金方式发

给的商品与服务，只要有关商品或服务是证

明对基金有益，且交易的执行是依循最好的

执行标准。

检讨期间(2008年7月1日至12月31日)，经理人

接获经纪商以电脑软硬件的形式所支付的软性

佣金。就本基金投资管理方面而言，此属偶发

性质。同期内，经理人与信托人并未接获任何

经纪商所发给的回扣或佣金分享。

此年度报告是从英文版所翻译，如有任何差

别，一切将以英文版为准。

Customer Service :

03-2332 100024 -------------------------------------------------------------------------------------------------------

We, Dato’ Tharmaratnam s/o Kanagaratnam and Mark Toh Chin Hian, two of the Directors of

Prudential Fund Management Berhad, do hereby state that, in the opinion of the Manager, the

financial statements set out on pages 26 to 46 are drawn up in accordance with the provisions of

the Deeds and give a true and fair view of the state of affairs of the Fund as at 31 December 2008

and of its results, changes in net assets attributable to unitholders and cash flows of the Fund for the

6-month financial period ended on that date in accordance with the Financial Reporting Standards,

the MASB Approved Accounting Standards in Malaysia for Entities Other than Private Entities and

the Securities Commission’s Guidelines on Unit Trust Funds.

For and on behalf of the Manager,

PRUDENTIAL FUND MANAGEMENT BERHAD

DATO’ THARMARATNAM S/O KANAGARATNAM

DIRECTOR

MARK TOH CHIN HIAN

DIRECTOR

Kuala Lumpur

Date: 26 February 2009

STATEMENT BY MANAGER


03-2332 1000


We have acted as Trustee of Prudential Global Leaders Fund (the “Fund”) for the financial period from

01 July 2008 to 31 December 2008. To the best of our knowledge, Prudential Fund Management

Berhad (“the Manager”), has operated and managed the Fund in accordance with the following:

(a) limitations imposed on the investment powers of the management company and the trustee

under the Deed, the securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets

and Services Act 2007, and other applicable laws;

(b) valuation/pricing is carried out in accordance with the Deed and any regulatory requirements;

and

(c) creation and cancellation of units are carried out in accordance with the Deed and any regulatory

requirements.

For HSBC (Malaysia) Trustee Berhad

(Company No. : 001281-T)

MAZIAH YONG

Head, Unit trust

Kuala Lumpur

Date: 26 February 2009

TRUSTEE’S REPORT TO THE UNIT HOLDERS OF PRUDENTIAL GLOBAL LEADERS FUND

Customer Service :

03-2332 100026 -------------------------------------------------------------------------------------------------------

01.07.2008 01.07.2007 to to 31.12.2008 31.12.2007 Note RM RM

INVESTMENT INCOMERealised (losses)/gains on sale of investments (1,391,572) 4,996,668Net realised gain on foreign currency exchange 490,999 3,692,259Net unrealised losses on foreign currency exchange (8,828,899) (8,861,646)Interest from deposits with licensed financial institutions 22,149 61,174 (9,707,323) (111,545)EXPENSESManagement fee 4 (11,382) (23,778)Trustee’s fee 5 (31,271) (60,966)Auditors’ remuneration (3,176) (3,016)Tax agent’s fee (5,011) (1,408)Administration expenses (17,491) (20,195) (68,331) (109,363) NET LOSS BEFORE TAXATION (9,775,654) (220,908)

TAXATION 6 - -

DECREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (9,775,654) (220,908)

Net loss after taxation is made up of the following: Realised amount (946,755) 8,640,738 Unrealised amount (8,828,899) (8,861,646) (9,775,654) (220,908)

UNAUDITED INCOME STATEMENT

FOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008

The accompanying summary of significant accounting policies and notes to the financial statements

form an integral part of these financial statements.


03-2332 1000


2008 2007 Note RM RM INVESTMENTS Collective investment scheme – foreign 7 65,443,842 141,722,033

OTHER ASSETSReceivables 8 8,039 960,072Deposits with licensed financial institutions 9 770,000 2,160,000Cash and bank balances 9 25,858 18,273 803,897 3,138,345TOTAL ASSETS 66,247,739 144,860,378

LIABILITIESPayables 10 12,536 210,048

LIABILITIES (EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS) 12,536 210,048

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 66,235,203 144,650,330

REPRESENTED BYFair value of outstanding units 11 66,235,203 144,650,330

NUMBER OF UNITS IN CIRCULATION 11 240,083,000 279,937,000

NET ASSET VALUE PER UNIT 0.2759 0.5167

UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2008



Customer Service :

03-2332 100028 -------------------------------------------------------------------------------------------------------

01.07.2008 01.07.2007 to to 31.12.2008 to 31.12.2007 Note RM RM

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AT THE BEGINNING OF THE FINANCIAL PERIOD 118,402,564 214,620,257

Movement due to units created and released during the financial period: Creation of units 354,745 339,914 Release of units (5,029,847) (59,078,611) (4,675,102) (58,738,697)Net decrease in net assets attributable to unitholders during the financial periodNet loss after taxation (9,775,654) (220,908)Net change in fair value reserve (37,716,605) (11,010,322) (47,492,259) (11,231,230)NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AT THE END OF THE FINANCIAL PERIOD 11 66,235,203 144,650,330

UNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUEFOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008




03-2332 1000


01.07.2008 01.07.2007 to to 31.12.2008 to 31.12.2007 Note RM RM

CASH FLOWS FROM OPERATING AND INVESTING ACTIVITIESProceeds from sale of investments 4,147,155 60,086,549Purchase of investments - -Interest received from deposits with licensed financial institutions 22,166 61,092Management fees paid (15,529) (25,011)Trustee’ fees paid (42,117) (79,624)Payment for other fees and expenses (30,191) (26,190)Net cash generated from operating and investing activities 4,081,484 60,016,816

CASH FLOWS FROM FINANCING ACTIVITIESProceeds from creation of units 346,775 213,115Payments for release of units (6,059,410) (62,202,335)Net cash used in financing activities (5,712,635) (61,989,220)

NET DECREASE IN CASH AND CASH EQUIVALENTS (1,631,151) (1,972,404)

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL PERIOD 2,427,009 4,150,677

CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD 9 795,858 2,178,273

UNAUDITED CASH FLOW STATEMENT

FOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008

The accompanying summary of significant accounting policies and notes to the financial statements form an integral part of these financial statements.

Customer Service :

03-2332 100030 -------------------------------------------------------------------------------------------------------

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008

The following accounting policies have

been used in dealing with items which are

considered material in relation to the financial

statements.

A BASIS OF PREPARATION OF THE

FINANCIAL STATEMENTS

The financial statements of the Fund

have been prepared under the historical

cost convention in accordance with the

Financial Reporting Standards (“FRS”), the

Malaysian Accounting Standards Board

(“MASB”) Approved Accounting Standards

in Malaysia for Entities Other than Private

Entities and the SC Guidelines on Unit Trust

Funds.

(a) Standards that are effective

During the financial year, the Fund adapted

the following revised FRS issued by MASB

that are relevant and effective for financial

periods beginning 1 January 2008:

• FRS107 CashFlowsStatements

• FRS112 IncomeTaxes

• FRS118 Revenue

• FRS121 TheEffectsofChangesin

Foreign Exchange Rates

• FRS134 InterimFinancialReporting

• FRS137 Provisions,Contingent

Liabilities and Contingent

Assets

The adoption of the above revised FRS does

not have any significant financial impact on

the results of the Fund.

(b) Standards that are not yet effective and

have not been early adopted are as

follows:

The new accounting standards that are

effective for financial periods beginning 1

January 2009 or later periods, but which

the Fund has not early adopted, are as

follows:

• AmendmenttoFRS101:Presentationof

Financial Statements-Capital Disclosures

(effective for accounting periods beginning

on or after 1 january 2009). The amendment

introduces disclosures about the level of

an entity’s capital and how the capital is

managed.

• FRS139FinancialInstruments:Recognition

and Measurement (effective for accounting

periods beginning on or after 1 January

2010). FRS 139 establishes principles for

recognising and measuring financial assets,

financial liabilities and some contracts to

buy and sell non-financial items. Hedge

accounting is permitted only under strict

circumstances. The Fund will apply this

standards when effective;


03-2332 1000


B INCOME RECOGNITION

Interest income from short term deposits

is recognised on the accrual basis.

Dividend income from the Underlying Fund

is recognised on the ex-dividend date.

Realised gains and losses on sales of

listed investments are accounted for as

the difference between the net disposal

proceeds and the carrying amount of

investments, determined on a weighted

average cost basis for equities.

C FINANCE COST

Proposed distributions to unitholders

are recognised in the income statement

upon approval by the Board of Directors

of the Manager. The distribution to the

unitholders is recognised as finance cost

in the income statement.

D TAXATION

Current tax expense is determined

according to the Malaysian tax laws of the

jurisdiction in which the Fund operates and

includes all taxes based upon the taxable

profits. Dividend income from foreign

quoted investments is based on the tax

regime of the respective countries that the

Fund invested in.

E PRESENTATION AND FUNCTIONAL CURRENCY

The financial statements are presented

in Ringgit Malaysia, which is the Fund’s

presentation and functional currency.

F INVESTMENTS

Investments are initially recorded at cost,

which include transaction costs, and

subsequently revalued to their fair values

as at the date of the statement of assets

and liabilities.

Valuation of the Underlying Fund shall be

based at the most recent price if a single

price for buying and selling units is quoted.

If separate buying and selling prices are

quoted, valuation shall be at the average

of the two prices provided the buying price

has been reduced by any initial charge

included therein and the selling prices

excludes any exit or redemption charge

attributable thereto. If in the opinion of

the fund manager of M&G Global Leaders

Fund, the price obtained is unreliable or

no recent traded price is available or no

recent price exists, valuation shall be at a

value which, in the opinion of the said fund

manager, is fair and reasonable.

Unrealised gains or losses are transferred

to the fair value reserve included in the net

assets attributable to unitholders and are

not distributable.

Customer Service :

03-2332 100032 -------------------------------------------------------------------------------------------------------

G FOREIGN CURRENCY TRANSLATION

Foreign currency transactions in the Fund

are translated into the functional currency

using the exchange rates prevailing at the

transaction dates. Foreign exchange gains

and losses resulting from the settlement of

such transactions and from the translation

at year-end exchange rates of monetary

assets and liabilities denominated in foreign

currencies are recognised in the income

statement.

The principal closing rates used in the

translation of foreign currencies were as

follows:

Foreign currency 2008 2007

RM RM

1 EURO Dollar 4.8214 4.8207

H CASH AND CASH EQUIVALENTS

For the purpose of the cash flow statement,

cash and cash equivalents comprise cash

and bank balances and deposits that are

readily convertible to known amounts

of cash and which are subject to an

insignificant risk of changes in value.

I CREATION AND CANCELLATION OF UNITS

The Fund issues cancellable units, which

are cancelled at the unitholder’s option

and are classified as financial liability.

Cancellable units can be put back to

the Fund at any time for cash equal to a

proportionate share of the Fund’s net asset

value. The outstanding units is carried at

the redemption amount that is payable

at the balance sheet date if the holder

exercises the right to put the unit back to

the Fund.

Units are created and cancelled at the

holder’s option at prices based on the

Fund’s net asset value per unit at the time

of creation or cancellation. The Fund’s net

asset value is calculated by dividing the

net assets attributable to unitholders with

the total number of outstanding units.

In accordance with the SC Guidelines on

Unit Trust Funds, investment positions are

valued based on the last traded market

price for the purpose of determining the

net asset value per unit for creations and

cancellations.

J PROCEEDS AND PAYMENTS ON CREATION AND CANCELLATION OF UNITS

The net asset value per unit is computed

for each dealing day. The price at which


03-2332 1000


units are created or cancelled is calculated

by reference to the net asset value per unit

as at the close of business on the relevant

dealing day. Units in the Fund are classified

as financial liability in the statement of net

assets and liabilities and are stated at fair

value representating the price at which

unitholders can redeem the units from the

Fund.

K AMOUNT DUE FROM/(TO) STOCKBROKERS

Amount due from/(to) stockbrokers is

carried at approved transaction amount

as stated in the contract notes.

L SEGMENTAL INFORMATION

A business segment is a group of assets and

operations engaged in providing products

or services that are subject to risks and

returns that are different from those of

other business segments. A geographical

segment is engaged in providing products

or services within a particular economic

environment that are subject to risks and

returns that are different from those of

segments operating in other economic

environments. In the opinion of the

Manager, all activities of the Fund are

in the single business of investment

activities conducted mainly in England

and Wales. Consequently, no segmental

reporting is provided in the Fund’s financial

statements.

M FINANCIAL INSTRUMENTS

Financial instruments comprise financial

assets and financial liabilities. Fair value is

the amount at which a financial asset could

be exchanged or a financial liability settled,

between knowledgeable and willing

parties in an arm’s length transaction. The

information presented herein represents

the estimates of fair values as at the

statement of assets and liabilities date.

Where available, quoted and observable

market prices are used as the measure

of fair values. Where such quoted and

observable market prices are not available,

fair values are estimated based on a

range of methodologies and assumptions

regarding risk characteristics of various

financial instruments, discount rates,

estimates of future cash flows and other

factors. Changes in the uncertainties and

assumptions could materially affect these

estimates and the resulting fair value

estimates.

A range of methodologies and assumptions

had been used in deriving the fair values of

the Fund’s financial instruments as at the

statement of assets and liabilities date. The

total fair value of each financial instrument

is not materially different from the total

carrying value.

Customer Service :

03-2332 100034 -------------------------------------------------------------------------------------------------------

The fair values are based on the following

methodologies and assumptions:

(a) Short term deposits

For deposits and placements with financial

institutions with maturities of less than three

months, the carrying value is a reasonable

estimate of fair value. For deposits and

placements with maturities three months

and above, estimated fair value is based

on discounted cash flows using prevailing

money market interest rates at which

similar deposits and placements would

be made with financial institutions of

similar credit risk and remaining period to

maturity.

(b) Collective investment scheme

The valuation of each unit or share in

any collective investment scheme will be

based on the last published NAV per unit

or share of such collective investment

scheme or, if unavailable, on the average

of the last published buying price and the

last published selling price of such unit or

share (excluding any sales charge included

in such selling price).

(c) Other short term financial instruments

Other short term financial instruments

comprise interest receivable, dividends

receivable, receivables, payables and

accruals.

The carrying value of these assets and

liabilities are assumed to approximate their

fair value due to short tenure of less than

one year.

N CRITICAL ACCOUNTING ESTIMATES

AND JUDGEMENTS

The preparation of financial statements in

conformity with the Financial Reporting

Standards and the SC Guidelines on

Unit Trust Funds requires the use of

estimates and assumptions that affect the

reported amounts of assets and liabilities

at the date of the financial statements

and the reported amounts of revenues

and expenses during the financial year.

Although these estimates are based on

the Manager’s best knowledge of current

events and actions, actual results could

differ from those estimates.

Estimates and judgments are continually

evaluated by the Manager and the Trustee

and are based on historical experience

and other factors, including expectations

of future events that are believed to be

reasonable under the circumstances.


03-2332 1000


NOTES TO THE UNAUDITED FINANCIAL STATEMENTSFOR THE 6-MONTH FINANCIAL PERIOD ENDED 31 DECEMBER 2008

1 INFORMATION ON THE FUND

Prudential Global Leaders Fund (“the

Fund”) was constituted pursuant to the

execution of a Master Deed (“the Deed”)

dated 6 March 2006 between HSBC

(Malaysia) Trustees Bhd (“the Trustee”)

and Prudential Fund Management Berhad

(formerly known as Prudential Unit Trusts

Berhad) (“the Manager”).

The Fund commenced operations on

23 March 2006 and will continue its

operations until terminated by the Trustee

as provided under Part 12 of the Deed.

The main objective of the Fund is to seek

to maximise long term total return (the

combination of income and growth of

capital) by investing in the M&G Global

Leaders Fund, which in turn invests in

a wide range of global equities that are

considered to be leading in their field.

All investments will be subject to the SC

Guidelines, the SC requirements, the Deed,

except where exemptions or variations

have been approved by the SC, internal

policies and procedures and the Fund’s

objective.

The Manager is a company incorporated

in Malaysia and is related to Prudential

Plc., a public listed company in the

United Kingdom. The principal activity

of the Manager is the establishment,

management and distribution of unit trust

funds.

2 FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

The Fund is exposed to a variety of risks

which include market risk, stock/issuer risk,

liquidity risk, interest rate risk and credit/

default risk.

Financial risk management is carried out

through internal control processes adopted

by the Manager and adherence to the

investment restrictions as stipulated by the

SC Guidelines on Unit Trust Funds.

Market risk

This risk refers to changes and developments

in regulations, politics and the economy of

the country. The very nature of a unit trust

fund, however, helps mitigate this risk. The

Underlying Fund that is the M&G Global

Leaders Fund would generally hold a well-

diversified portfolio of securities from

different market sectors that the collapse of

Customer Service :

03-2332 100036 -------------------------------------------------------------------------------------------------------

any one security or any one market sector

would not impact too greatly on the value

of the M&G Global Leaders Fund.

Single security risk

The fund essentially invests in a single

security, which is the M&G Global Leaders.

The feeder fund mitigates single securities

risk by investing in a diversified portfolio of

equities.

This risk is associated with a feeder fund

that essentially invests in a single security,

which is the M&G Global Leaders Fund in

this case. The M&G Global Leaders Fund,

by investing in a diversified portfolio of

equities helps to mitigate this single

security risk.

Foreign exchange/currency risk

As the Underlying Fund, M&G Global

Leaders Fund may invest its assets in

securities denominated in a wide range

of currencies other than Ringgit Malaysia,

the NAV of the M&G Global Leaders

Fund expressed in Euro may be affected

favourably or unfavourably by exchange

control regulations or changes in the

exchange rates between Euro and such

other currencies. This risk is minimized

through investing in a wide range of

foreign currencies denominated assets and

thus, diversifying the risk of single currency

exposure. It also minimizes the foreign

exchange/currency risk between Ringgit

Malaysia (the Fund) and Euro (the M&G

Global Leaders Fund).

In the normal course of investment, the

M&G Global Leaders Fund will usually

not hedge foreign currency exposure.

The M&G Global Leaders Fund may

however depending on prevailing market

circumstances at a particular point in time,

choose to use forward or option contracts

for hedging and risk reduction purposes.

Similarly, the Fund shall not hedge foreign

currency exposure.

Country risk

The NAV of the M&G Global Leaders Fund

may be affected by uncertainties such as

currency fluctuations, international political

developments, restrictions on foreign

investment and currency repatriation,

changes in governmental policies, changes

in taxation and other developments in


03-2332 1000


the laws and regulations of countries

in which investment may be made. In

addition, the reduced availability of public

information, the legal infrastructure and

the lack of uniform accounting, auditing

and financial reporting standards or other

regulatory practices and requirements may

reduce the degree of investor protection

afforded. Some of the securities may

also be subjected to government taxes

or incur higher custodian expenses which

may reduce the yield on such securities.

Investing into various markets will however

mitigate the country risk of the portfolio.

Liquidity risk

The Fund maintains sufficient level of

liquid assets, after consultation with the

Trustee, to meet anticipated payments and

cancellations of units by unitholders. Liquid

assets comprise cash, deposits with licensed

financial institutions and other instruments

which are capable of being converted into

cash within 7 days. The Fund has a policy

of maintaining a minimum level of one

percent (1%) of liquid assets to reduce the

liquidity risk.

Interest Rate Risk

The Fund is exposed to interest rate

risk. To the extent the Fund invests in

the Underlying Fund, it is exposed to

the risk of interest rate changes. If the

markets’ interest change, the price of

these securities may be deeply affected

and this applies to a greater degree if the

Underlying Fund holds securities with high

correlation to the interest rates. Changes

in interest rates will affect the value of the

investments and its returns. To manage

the risk, investments will be concentrated

in investment grade issues by financial

institutions and companies determined by

the Manager.

Interest rate risk is a general economic

indicator that will have an impact on the

management of the fund. The reason for

this is because a high level of interest rates

will inevitably affect corporate profits and

this will have an impact on the value of

investments.

As at the date of the statement of assets

and liabilities, the net asset value of the

Fund can be analysed into interest and

non-interest bearing balances, as follows:

Customer Service :

03-2332 100038 -------------------------------------------------------------------------------------------------------

TotalRM

65,443,842

770,00025,858

-

7,97069

-65,247,739

(7,387)

(1,325)

(3,824)(12,536)

As at 31 December 2008

AssetsCollective Investment Scheme-ForeignDeposits with licensed institutionsCash and bankAmount due from stockbrokersAmount due from ManagerOther receivablesTax recoverable

LiabilitiesOther payables and accrualsAmount due to managerAmount due to trustee

Total interest sensitivity gap

Up to1 year

RM

-

770,000-

-

---

770,000

-

-

--

770,000

1 year but not

morethan

2 yearsRM

-

--

-

----

-

-

--

-

2 years but not

morethan

3 yearsRM

-

--

-

----

-

-

--

-

3 years but not

morethan

4 yearsRM

-

--

-

----

-

-

--

-

Interest rate risk (continued)

4 years but not

more than

5 yearsRM

-

--

-

----

-

-

--

-

More than

5 yearsRM

-

--

-

----

-

-

--

-

Non-interestbearing

RM

65,443,842

-25,858

-

7,97069

-65,477,739

(7,387)

(1,325)

(3,824)(12,536)

65,465,203


03-2332 1000


TotalRM

141,722,033

2,160,00018,273

833,075

126,799198

-144,860,378

(7,223)

(194,083)

(8,742)(210,048)


AssetsCollective Investment Scheme-ForeignDeposits with licensed financial institutionsCash and bank Amount due from stockbrokersAmount due from ManagerInterest receivablesTax recoverable

LiabilitiesOther payables and accrualsAmount due to managerAmount due to trustee

Total interest sensitivity gap

Up to1 year

RM

-

2,160,000-

-

---

2,160,000

-

-

--

2,160,000

1 year but not

morethan

2 yearsRM

-

--

-

----

-

-

--

-

2 years but not

morethan

3 yearsRM

-

--

-

----

-

-

--

-

3 years but not

morethan

4 yearsRM

-

--

-

----

-

-

--

-

Interest rate risk (continued)

4 years but not

more than

5 yearsRM

-

--

-

----

-

-

--

-

More than

5 yearsRM

-

--

-

----

-

-

--

-

Non-interestbearing

RM

141,722,033

-18,273

833,075

126,799198

-142,700,378

(7,223)

(194,083)

(8,742)(210,048)

142,490,330

Customer Service :

03-2332 100040 -------------------------------------------------------------------------------------------------------

2 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) The weighted average interest rate of deposits placement with licensed banks per annum at the

date of statement of assests and liabilities are as follows:

2008 2007 %p.a %p.a

Deposits with licensed banks 3.27 3.35

The deposits have an average maturity of less than 1 year.

Credit risk

Credit risk refers to the ability of an issuer or a counter party to make timely payments of interest, principlas and proceeds from realisation of investments.

The credits risk arising from placements of deposits in licensed financial institutions is managed by ensuring that the Fund will only place deposits in reputable licensed financial institutions. For amount due from stockbrokers, the settlement terms are governed by the relevant rules and regulations as prescribed by Bursa Securities. The settlement terms of the proceeds from the creation of units receivable from the Manager are governed by the Securities Commission’s

Guidelines on Unit Trust Funds.


Trust

Others


Trust

Others

Cashbalance

anddeposits

RM

-795,858795,858

-2,178,2732,178,273

Amountdue from

stockbrokersRM

---

-833,075833,075

Collectiveinvestment

schemeRM

65,443,842-

65,443,842

141,722,033-

141,722,033

Other assets

RM

- 8,0398,039

-126,997126,997

Total

RM

65,443,842

803,897

66,247,739

141,722,033

3,138,345

144,860,378


03-2332 1000


3 NET ASSETS ATTRIBUTBALE TO UNITHOLDERS

In accordance with the provisions of the Fund’s Deed, quoted investments are stated at the last traded price on the valuation date for the purpose of determining the net asset value per unit for creations and cancellations and for various fee calculation. Net assets attributable to unitholders represent a liability in the balance sheet, carried at the redemption amount that would be payable at the balance sheet date if the unitholder exercised the right to redeem unit of the Fund.

4 MANAGEMENT FEE

In accordance with the Deed, the Manager is entitled to a management fee at a rate of 1.75% (2007: 1.75%) per annum on the net asset value of the Fund accrued on a daily basis for the financial period.

Rebates of management fee relate to the rebate for investing in M&G Global Leaders Fund .The rebates is 1.75% per annum calculated on net asset value of M&G Global Leaders Fund on a daily basis.

5 TRUSTEE’S FEE

In accordance with the Deed, the Trustee is entitled to a fee at a rate of 0.07% per annum on the net asset value of the Fund accrued on a daily basis for the financial period subject to a minimum fee of RM18,000 per annum.

6 TAXATION 01.07.2008 01.07.2007 to to 31.12.2008 to 31.12.2007 RM RM

Current taxation - -

The numerical reconciliation between net income before taxation multiplied by the Malaysian statutory tax rate and tax expense of the Fund is as follows:

Net loss before taxation (9,775,654) (220,908)

Tax at Malaysia statutory rate of 26% (2007: 27%) (2,541,670) (59,645) Tax effects of: Income not subject to tax (5,759) 30,117 Net realised loss on sale of investments not subject to tax 2,529,663 - Expenses not deductible for tax purposes 17,766 29,528 Tax expense - -

Customer Service :

03-2332 100042 -------------------------------------------------------------------------------------------------------

7 COLLECTIVE INVESTMENT SCHEME - FOREIGN

Market value as at 31.12.2008 expressed as Market percentage Aggregate value as at of value of Name of counter Quantity cost 31.12.2008 Fund RM RM %

M & G Global Leaders Fund 1,783,655 111,153,196 65,443,842 98.81

Market value as at 31.12.2007 expressed as Market percentage Aggregate value as at of value of Name of counter Quantity cost 31.12.2007 Fund RM RM %

M & G Global Leaders Fund 2,044,426 127,395,955 141,722,033 97.98


03-2332 1000


8 OTHER RECEIVABLES

2008 2007 RM RM

Amount due from Brokers - 833,075 Amount due from Manager: - creation 7,970 126,799 Interest receivable from deposits with licensed financial institutions 69 198 8,039 960,072

9 CASH AND CASH EQUIVALENTS

2008 2007 RM RM

Cash and bank balances - local 25,858 18,273 Deposit with licensed bank 770,000 2,160,000 795,858 2,178,273

10 PAYABLES

2008 2007 RM RM

Amount due to Manager: - management fee 1,325 3,569 - release of units - 190,514 Amount due to Trustee 3,824 8,742 Auditors’ remuneration 3,176 3,016 Tax agent’s fee 4,211 4,207 12,536 210,048

Customer Service :

03-2332 100044 -------------------------------------------------------------------------------------------------------

11 NUMBER OF UNITS IN CIRCULATION AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS

Financial period ended Financial period ended

31.12.2008 to 31.12.2007

Units RM Units RM

As at the beginning of the

financial period 252,776,000 118,402,564 386,695,000 214,620,257

Creation during the

financial period 1,139,000 354,745 636,000 339,914

Release during the

financial period (13,832,000) (5,029,847) (107,394,000) (59,078,611)

Net decrease in net assets

attributable to unitholders - (9,775,654) - (220,908)

Net charge in fair value

reserve - (37,716,605) - (11,010,322)

As at the end of the

financial period 240,083,000 66,235,203 279,937,000 144,650,330

Approved size of Fund 1,050,000,000 1,050,000,000

In accordance with the Deed, the Manager may increase the size of the Fund from time to time

with the approval of the Trustee and the SC. The maximum number of units that can be issued

out for circulation by the Fund is 1,050,000,000. As at 31 December 2008, the number of units

not yet issued by the Fund is 809,917,000 (2007: 770,063,000).


03-2332 1000


12 TRANSACTIONS WITH BROKERS/DEALERS

Details of transactions with all brokers/dealers are as follows:

Value Percentage

of trade of total trades

Name of brokers/dealers RM %

Financial period ended 31 December 2008

M & G International Investment Limited 4,160,380 100.00

4,160,380 100.00

Financial period ended 31 December 2007

M & G International Investment Limited 58,025,321 100.00

58,025,321 100.00

The brokers/dealers highlighted above are not related to the Manager.

There are no brokerage fees charged by the brokers/dealers.

Customer Service :

03-2332 100046 -------------------------------------------------------------------------------------------------------

13 UNITS HELD BY THE MANAGER AND PARTIES RELATED TO THE MANAGER

The related parties of and their relationship with the Fund are as follows:

Related parties Relationship

Prudential Fund Management Berhad The Manager

2008 2007 Units RM Units RM

Manager - Prudential Fund Management Berhad. 2,524,361 696,471 2,452,506 1,267,210

Director of the manager - Mark Toh Chin Hian 428,432 118,204 428,432 221,371

The above units were transacted at the prevailing market price.

No units held by the Director of the Manager.

14 SEGMENT INFORMATION

Segmental information has been provided by virtue of disclosing the investments undertaken

by the Fund by industry sector and country as disclosed in Note 7 to the financial statements.


03-2332 1000


THE MANAGER

NAME

PRUDENTIAL FUND MANAGEMENT BERHAD

COMPANY NO.

531241-U

REGISTERED OFFICE

18th Floor, Wisma Sime Darby,

Jalan Raja Laut,

50350 Kuala Lumpur

HEAD OFFICE

Level 12, Menara Prudential

10, Jalan Sultan Ismail

50250 Kuala Lumpur

TELEPHONE NO.

03-2052 3388

FAX NO.

03-2170 0399

EMAIL

[email protected]

WEBSITE

www.prudential.com.my

THE TRUSTEE

NAME

HSBC (MALAYSIA) TRUSTEE BERHAD

COMPANY NO.

001281-T

REGISTERED OFFICE/

HEAD OFFICE

Suite 901

9th Floor, Wisma Hamzah-Kwong Hing

No.1 Leboh Ampang

50100 Kuala Lumpur

TELEPHONE NO.

03-2074 3200

FAX NO.

03-2078 0145

THE TRUSTEE’S DELEGATE (Local)

NAME

THE HONGKONG AND SHANGHAI BANKING

CORPORATION LIMITED (as Custodian)

and assets held through HSBC NOMINEES

(TEMPATAN) SDN BHD

COMPANY NO.

258854-D

REGISTERED OFFICE / HEAD OFFICE

No. 2 Leboh Ampang

50100 Kuala Lumpur

Corporate Directory

Customer Service :

03-2332 100048 -------------------------------------------------------------------------------------------------------

TELEPHONE NO.

03 – 2070 0744

FAX NO.

03 – 2070 6944

THE TRUSTEE’S DELEGATE (Foreign)

NAME

HSBC INSTITUTIONAL TRUST SERVICES (ASIA)

LIMITED

REGISTERED OFFICE / HEAD OFFICE

6th Floor, Tower One

HSBC Centre

1 Sham Mong Road

Kowloon, Hong Kong

TELEPHONE NO.

852 – 2533 6333

FAX NO.

852 – 2533 6120

BOARD OF DIRECTORS

1. Dato’ Tharmaratnam a/l Kanagaratnam

(independent)

2. Ho Yik (independent)

3. Tan Sri Datuk Abdul Rahim bin Haji Din

(non-independent)

4. Mark Toh Chin Hian (non-independent)

5. Julian Christopher Vivian Pull

(non-independent)

INVESTMENT COMMITTEE


2. Robert Yap Yen Choon (independent)

3. Mark Toh Chin Hian (non-independent)

4. Tan Sri Datuk Abdul Rahim bin Haji Din

(non-independent)

AUDIT & COMPLIANCE COMMITTEE

1. Dato’ Tharmaratnam a/l Kanagaratnam

(independent)


COMPANY SECRETARIES

NAME

JENNIFER CHEONG NGEI FAAN (BC/C/049)

CHEONG CHOOI KEAT (MAICSA 7036394)

ADDRESS

RDL Corporate Services Sdn Bhd

18th Floor, Wisma Sime Darby

Jalan Raja Laut

50350 Kuala Lumpur

TELEPHONE NO.

03 - 2694 9999

AUDITORS FOR THE MANAGER

NAME

KPMG

ADDRESS

Level 10, KPMG Tower

8 First Avenue, Bandar Utama

47800 Petaling Jaya

Selangor


03-2332 1000


TELEPHONE NO.

03-7721 3388

AUDITORS & REPORTING ACCOUNTANTS FOR THE FUND

NAME

PRICEWATERHOUSECOOPERS

ADDRESS

Level 10, 1 Sentral

Jalan Travers

Kuala Lumpur Sentral

P O Box 10192

50706 Kuala Lumpur

TELEPHONE NO.

03- 2173 1188

TAXATION ADVISER FOR THE FUND

NAME

PRICEWATERHOUSECOOPERS TAXATION

SERVICES SDN BHD

ADDRESS

Level 10, 1 Sentral

Jalan Travers

Kuala Lumpur Sentral

P O Box 10192

50706 Kuala Lumpur

TELEPHONE NO.

03- 2173 1188

SOLICITORS

NAME

RAJA, DARRYL & LOH

ADDRESS

18th Floor, Wisma Sime Darby

Jalan Raja Laut

50350 Kuala Lumpur

TELEPHONE NO.

03 - 2694 9999

PRINCIPAL BANKERS

NAME

MALAYAN BANKING BERHAD

ADDRESS

100, Jalan Tun Perak

50050 Kuala Lumpur

TELEPHONE NO.

03 - 2070 8833

NAME

STANDARD CHARTERED BANK MALAYSIA

BERHAD

ADDRESS

No. 2, Jalan Ampang

50450 Kuala Lumpur

TELEPHONE NO.

03 - 2074 4309

Customer Service :

03-2332 100050 -------------------------------------------------------------------------------------------------------

NAME

HSBC BANK MALAYSIA BERHAD

ADDRESS

No. 2, Leboh Ampang

50100 Kuala Lumpur

TELEPHONE NO.

03 - 2070 0744

SALE & PURCHASE OF UNITS

Prudential Fund Management Berhad

Level 12, Menara Prudential

10, Jalan Sultan Ismail

50250 Kuala Lumpur

GENERAL TEL NO.

03-2052 3388

GENERAL FAX NO.

03-2070 6129

BRANCHES

BRANCH

Bandar Sri Damansara

No. 9-2, Jalan Damar SD15/1

Bandar Sri Damansara

52200 Kuala Lumpur

TELEPHONE NO.

03-6279 5888

BRANCH

Kota Kinabalu

Suite E3, 9th Floor

CPS Tower, Centre Point Sabah

No. 1, Jalan Centre Point

88000 Kota Kinabalu, Sabah

TELEPHONE NO.

088-238613

ENQUIRIES

CUSTOMER SERVICE

03-2332 1000


03-2332 1000


This page is intentionally left blank.

Customer Service :

03-2332 100052 -------------------------------------------------------------------------------------------------------

This page is intentionally left blank.

Prudential Fund Management Berhad (531241-U) Level 12, Menara Prudential, 10 Jalan Sultan Ismail, 50250 Kuala Lumpur.

General Tel No.: 03-2052 3388 General Fax No.: 03-2070 6129 Customer Service: 603-2332 1000 Customer Service Fax No.: 603-2026 5577

Email: [email protected]

website: www.prudential.com.my

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