fund performance report 2010...and after hints of a second dose of us’ qe. the klci reached a new...

Fund PerformanceReport 2010

ContentsNotes from Chief Executive Officer 2

Market Review 4 • EquityMarket • BondMarket • ReviewofAsiaTriMaxFundand AsiaJadeFund

Market Outlook 7 • EquityMarket • BondMarket

Asia Jade Fund 9

• FundObjective

• FundPerformance

• DetailsofInvestmentasat 31December2010

• ComparativePerformanceTable

AsiaPartner Enterprise Fund 16

• FundObjective

• FundPerformance

• InvestmentbyAssetClass



Asia Jade Fund

Asia Orient Fund

Asia TriMax Fund

AsiaPartner Enterprise Fund

AsiaPartner Bond Fund

AsiaPartner Managed Fund

Asia Orient Fund 11

• FundObjective

• FundPerformance




AsiaPartner Bond Fund 21

• FundObjective

• FundPerformance


• DetailsofInvestmentasat 31December2010• ComparativePerformanceTable

StatementofAssetsandLiabilities 28

StatementofIncomeand 34Expenditure

StatementofChangesinNet 40AssetValue

CashFlowStatement 43

Asia TriMax Fund 14

• FundObjective

• FundPerformance



AsiaPartner Managed Fund 25

• FundObjective

• FundPerformance




NotestotheFinancialStatements 49

StatementbyManager 65

IndependentAuditors’Report 66

2 FundPer formanceRepor t 2010

Notes from

Chief Executive Officer

Dear Policyholders, Beyond expectations, 2010 saw a surge of positive growth in both local and regional markets. Improved sentiments spurred by a confluence of factors resulted in unprecedented growth in the equity market. The KLCI reached a new high of 1,532 points on 10 Nov, 7 points above the previous record of 1,525 on 14 Jan 2008.

Amidst this dynamic ascent, the challenge was to stay alert to new growth possibilities and we are pleased to have recorded distinctive success in doing so.

The Equity Market

The KLCI registered a strong gain of 19.3% in 2010,resulting in a corresponding increase in Bursa’s marketvalue by RM257 billion to RM1,257 trillion (+25.7%).This was achieved on the back of the strong inflows ofliquidity that flooded the region with the weakening USdollar. Commodity and energy prices also headed northas investors sought refuge in alternative asset classes.The key drivers of the buoyant equity market were thecontinued earnings upgrade in the large cap sectors aswellasthereleaseofaseriesofpositivenewsflowsfromPrimeMinisterNajib’svariouspolicyinitiativessuchastheGovernmentTransformationProgramme,the10thMalaysiaPlanandthe2011Budgetthroughouttheyear.

After a slow start, foreign funds turned net buyers ofMalaysia in June and this has sustained into December.Fortheyear,therewasatotalofRM15.2billionofforeigninflows,raisingtheforeignequityownershipto22.1%asofendNovember2010-thehighestsinceJuly2008.

Sector wise, domestic demand driven sectors likeconstruction and property did well in 2010, andincreasingly towards end 2010, the plantation and Oil& Gas sectors as well. News flow on new landbankingand three major property developers’ M&A proposalshadalsohelpedinre-ratingthesector.

The Bond Market

The Malaysian Government Securities (“MGS”) yieldcurve experienced a parallel downward shift in 2010even though Bank Negara Malaysia raised the OPR by75bps to2.75%during theyear.Thiswasdrivenmainlybythestrongforeignfundflowsintotheemergingmarkets,

including Malaysia, amid the depressed interest rateenvironment in G3 countries. With the opportunities toinvestinhigheryieldingassetsandtorideonthestrongerRinggit, foreign funds were attracted to increase theirinvestmentsinRinggit-denominatedbonds.

The MGS market experienced a bullish trend fromMarch until September 2010 and performed well for thewholeof2010ingeneral.Theyieldsofbenchmark3,5and10-yearMGSfellby12.1bps,40.4bpsand24.8bpsto3.119%,3.387%and4.038%respectively (Source:BankNegaraMalaysia).

The year 2010 saw the dominance of government-guaranteed and AAA rated bonds in an otherwise quietprimary corporate bond market as a result of the shiftaway from bond market funding towards the corporateloans market. However, corporate bond liquidity wasbuoyant in the secondary market during the year, withtrading interests concentratedmainly on the safe heavensegments such as government-related enterprises andAAA-rated bonds. The corporate bond market performedwell during the year on the back of the return ofinvestors’riskappetiteandimprovingcreditfundamentals,underpinnedbytheeconomicrecovery.

Tokio Marine life funds performance review

In tandemwith thegeneraluptrendof theequitymarketsin theAsia ex Japan region, most of our funds reportedpositivereturns:

- The AsiaPartner Enterprise Fund’s NAV increased by20.2%fromRM1.5866attheendof2009toRM1.9076attheendof2010.

3Tok io Mar ine L i fe InsuranceMalays ia Bhd.

- TheNAVofAsiaPartnerBondFundrosefromRM1.3123at the end of 2009 to RM1.3952 at the end of 2010,registeringagrowthof6.3%fortheyear.

- The AsiaPartner Managed Fund closed at RM1.7371fromRM1.4901attheendof2009,registering+16.6%fortheyear.

- The Asia Orient Fund’s NAV increased by 4.5% fromRM1.0836attheendof2009toRM1.1328attheendof2010.

- The Asia TriMax Fund’s NAV has increased fromRM0.9823toRM1.0072forcalendaryear2010.

- TheAsiaJadeFund’sNAVincreasedfromRM0.9637toRM0.9924forcalendaryear2010.

Market Outlook

Domestically, we expect to see a sustainable momentumin market sentiments with a stronger Ringgit, low foreignownershipandhealthymacrobackdropdrivenbyreasonablevaluations plus election news flow. Globally, we noticeda sharp liquidity built-up in this region as a result of anuneven economic growth and the highly accommodativeG3monetarypolicy.Thoughwecannotdiscounttheriskofareversalinfundflowshappeningwhenglobalriskappetitefallsorcostofliquidityrises,thegeneralconsensusisthatjudging from the still patchy macro environment in theUS and hence expectations of continued policy stimulus,liquidity inflows insearchofcarry,growthandmomentumwilllikelysustainintofirsthalfof2011.

The International Monetary Fund projected a global GDPgrowthofabout4.4%in2011.WhiletheEurozonecontinuesto focus on deficit reduction to restore its credibility, theUSandJapanarefocusingonpoliciestorevivetheirgrowth.WeexpectinterestratesintheDevelopedworldtostayathistoricallowlevels,withequitiescontinuingtorallyonthebackofstrong liquidity,soundcorporateearningsgrowth,aswellasrelativelyattractiveequityvaluation.

In the bond market, though the supply concern ofgovernment bonds arising from deficit financing and thepossibility of interest rate normalization in 2H2011 mightcast a shadow on the market as a whole, we expectthe continued inflows of foreign funds into emergingAsia, including Malaysia, on the back of the low interest

rate environment in G3 countries and the strong localcurrency, to partially cushion the negative impact of theafore-mentionedconcerns.

Investment Strategy

On a whole, we expect the KLCI to gain further, thoughvolatility will remain high, as capital flows are highlysusceptible to a change in investor risk assessments.Hence,ourstrategy is tosearch forgoodcompanies thathaveproventheirresilienceduringthevolatilemarket.

We remain positive on the Asian market outlook on theback of robust corporate earnings growth, strong foreignportfolio inflows, relatively attractive valuations aswell asstrongcorporatebalancesheets.Wewillcontinuetolookforopportunities incorporationswithsoundearningsgrowth,at compelling valuations and proven resilience duringvolatilemarkets.

For the corporate bond market, after a relatively quietyear, we foresee a higher supply pipeline in 2011 withthe implementation of the various projects which wereannounced during 10th Malaysia Plan, Budget 2011 andthe Economic Transformation Programme. Despite thegreatersupplyandthepossibilityofratenormalizationsin2H2011,weexpectdemandforcorporatebondstoremainwellsupportedgiventhebetterriskappetiteandimprovingcreditfundamentals.

Going forward, we will continue to search for corporatebonds with attractive yields without compromising oncreditquality.

Welcomingthestartofanewchallengingyear, I takethisopportunitytothankyouforchoosingTokioMarineLifeasyourinvestmentpartner.Wishingyouanotheryearofhealth,happinessandprosperity!

Mr. Kenneth Wong ChiefExecutiveOfficerTokioMarineLifeInsuranceMalaysiaBhd.


Market Review

Malaysia - Equity Market

KLCI gained 19.3% in 2010 while Bursa’s marketvalue rose RM257 billion to RM1,257 trillion (+25.7%),making 2010 a year of strong returns. What had beenanticipatedtobeahardclimbforMalaysianequitiesamidglobal uncertainties, turns out to be a steeper ascent, asliquidity flooded the region with the weakening US dollarand after hints of a second dose of US’ QE. The KLCIreachedanewhighof1,532pointson10Nov,7pointsabove the previous record of 1,525 on 14 Jan 2008.Commodity and energy prices also headed north asinvestorssoughtrefugeinalternativeassetclasses.

Alsosupportiveofthere-ratingprocesswasaconfluenceof domestic factors that have helped to spur sentiment.Amongstthekeydriverswerecontinuedearningsupgradeunderpinned by large cap sectors as well as positivenewsflow-PrimeMinisterNajib’svariouspolicy initiatives(GovernmentTransformationProgrammerolloutinJanuary,releaseof10thMalaysiaPlan inJune, soft launchof theEconomic Transformation Programme in September andtablingofthe2011BudgetinOctober)andcorporateM&As(RM77 billion: highest since 2007). Foreign funds turnednet buyers of Malaysia in June and this has sustainedintoDecember.For theyear, therewasa totalofRM15.2billionofforeigninflows,raisingtheforeignequityownershipto 22.1% as of end November 2010 - the highest sinceJuly2008.

Notwithstandingthebumpyride,Malaysiahasdonewellin2010-5thbestperformingmarketinAsiaexJapanafterTIP(Thailand,IndonesiaandPhilippines)marketsandKorea,up+19% in2010 (+30%onUS$adjustedbasis)on thebackof2009’s+45%gain.Despitethestrongreboundin2009,TIPmarketspostedanotheryearofstrongrecovery.Infact,theyhadevensurgedpastthelate2007-early2008pre-crisishighs.

Sector wise, 2010 saw the focus shifted into domesticdemand driven sectors like construction and property,and increasingly towards end 2010 into plantation andO&G.Banksgainedstrengthafter the lastofBNM’sthreeroundsofearlyOPRhikesinJuly.Propertystockscreptupunsuspectingly as investors shrugged off concerns overBNM’scapontheloans-to-valueratioandgaveweighttothe strong property sales momentum. Newsflow on newlandbanking and three major property developers’ M&Aproposalshadalsohelpedinre-ratingthesector.

Malaysia - Bond Market

Despite75bpsof ratehikesbyBankNegaraMalaysia in2010,theMGSyieldcurveasatend-December2010waslower than it was at the start of the year. The flatteningyield curve was driven mainly by the strong foreign fundflowsintotheemergingmarkets,includingMalaysia,amidthe depressed interest rate environment in G3 countries.Lured by the prospects of higher yielding assets and thechance to benefit from the continued appreciation of theRinggit against the USD, foreign funds were attracted toincrease their investments inRinggit-denominatedbonds,inparticulartheMalaysianGovernmentSecurities(“MGS”).

TheMGSmarketenjoyedabullishtrendfromMarchuntilSeptember2010on thebackofstrongoffshoredemand.Though profit taking activities, rising risk appetite andthe release of the 2011 government bond auctioncalendarwhichpointedtomoreMGSauctions,haltedtheuptrend in4Q2010, theMGSmarketgenerallyperformedwell for thewholeof2010,withyieldsof thebenchmark3,5and10-yearMGSfallingby12.1bps,40.4bpsand24.8 bps to 3.119%, 3.387% and 4.038% respectively(Source:BankNegaraMalaysia).


The year 2010 has been relatively quiet for the primarycorporatebondmarket.Theshiftaway frombondmarketfundingtowardscorporateloanscouldhavecontributedtothe lethargic environment in the primary corporate bondmarket.Government-GuaranteedandAAAbondscontinuedto dominate the primary market. However, corporatebondliquiditywasbuoyantinthesecondarymarketduringthe year, with trading interests concentrated mainly onthe safe heaven segments such as government-relatedenterprises and AAA-rated bonds. The corporate bondyieldcurveexperiencedadownwardshiftduringtheyear,resulting in an increase in bond prices. The gains wereachievedonthebackofthereturnofinvestors’riskappetiteand improving credit fundamentals, underpinned by theeconomicrecovery.

Asia - Equity Market

TheAsiaex-Japanregionmadefurtherstrides inequitiesduring 2010 on the back of improving fundamentals.In2010,theMSCIFarEastEx-JapanIndexgained19.8%(in USD terms). Asian equities had continued to rally,especiallyfrom2H2010asinvestors’confidenceimprovedfrom the positive US economic data notwithstanding thelingeringconcernsofinflation,tighteningmeasuresinChinaandincreasedEuropesovereigndebtrisk.

During the period, US President Obama announced acomprehensive tax cut package. The additional payrollandbusinesstaxcutsintheUSarelikelytoboostitsGDPgrowthby0.6-0.8%in2011.Inaddition,theUSFederalReserve announced its second quantitative easing (QE2)programme to purchase a further USD600 billion oflonger-termTreasurysecuritiesby theendof2Q2011,orabout USD75 billion per month.Thismove, togetherwiththe Bank of Japan’s QE programme (JPY30 trillion orUSD375 billion) will provide an additional USD1 trillionof liquidity injection into the global financial system. TheEuropeancrisiswhicheruptedmid-2010testedtheresolveof the European Commission and resulted in severalEuropeannationscurrentlyfocusedondeficitreductiontorestorethecredibilityoftheEurozone.

On the flip side, several Asia ex-Japan economiesexperienced strong annual GDP recoveries, accompaniedwith increasing inflationary pressures. China, notably,raiseditsinterestratesforthesecondtimein4Q2010forboth its deposit and lending rates, having commenced inOctober.TheChineseauthoritieshadtoannounceapackageof measures to counter inflation, from the possibility ofpricecaps for“dailynecessities” to sellingstate reservesinNovember.

Review of Asia TriMax Fund and Asia Jade Fund

TheAsiaTriMaxFund’sNAVhasincreasedfromRM0.9823to RM1.0072 for calendar year 2010. The World Cupbasket was the best performing basket in Year 1 with a1.09% returnwhichwas retainedasYear1performanceforfinalpayoutcalculation.InYear2,whiletheAgriculturebasket showed improvement in performance, and is thebetterperformingbasketcomparedtotheFinancialbasket,the averageAgriculture performance over 8 quarters stillreturned about -6%, which would be locked in as Year2 performance.The Financial basket showed an averageperformance of approximately -14% after 8 quarters,largelyduetoCitibankInc.andNomuraHoldingsInc.Thisis the final remaining basket and its average quarterlyperformance from start to maturity (total 12 quarters)willbeused for theYear3 lock-inperformance.Assuch,itwillbechallengingforthisbaskettoreversethenegativeperformance recorded earlier. However, investors oughtto bear in mind that the Fund’s Final Interest Payment(ifany)atmaturity,willbecalculated fromtheaverageoftheYear1,2and3locked-inperformances,i.e.WorldCup(fourquarters),Agribusiness(eightquarters)andFinancialBaskets (12quarters)according to thepayoff formula,asdetermined by the Calculation Agent. Nevertheless, theprincipal of the Fund is fully protected at the maturity ofthe investment, thus preserving the investment capital ofinvestors compared to direct equity investment into theunderlyingshares.


Market Review (cont’d)

Incalendaryear2010,theNAVofAsiaJadeFundIncalendaryear 2010, the NAV of Asia Jade Fund increased fromRM0.9637toRM0.9924.Atmaturity,investorswillreceivethe principal amounts invested, with the final potentialinvestment returns based on the actual performances ofthe shares as per respective quarterly observations andpayoff formula, as determined by the Calculation Agent.The investment comes with a Head Start Coupon whereas long as the worst performing Share on anyValuationDateneverdropsbelowitsinitiallevel,theproductpaysaminimumof25%couponatmaturity.Otherwise,thenegativeperformanceof theworstperformingsharewillerode the25%HeadStartcoupon.SinceinceptioninJuly2009,themost laggardperformancewasobserved inJuly2010onChina Railway Group with performance of approximately-16%,whichwillerodetheHeadStartcouponatmaturity,provided future observations are no worse than that. Inaddition, thisFundalsoreturnsapotentialBonusCouponof 10% if all Shares close above their respective initiallevels on the Last Valuation Date. The outlook for Chinainfrastructuresectorremainswellsupportedwithcontinuouseconomicgrowthexpected,albeitatmoremoderatedpace.

For China Railway Group, new orders should continue tobe strong on the back of robust railway spending in the12th Five-Year Plan (2011-2015) of RMB 3-4 trillion.ThoughtheCompanyexperiencedsomemarginpressureswith rising raw material and labour costs, margins havealreadybottomedoutwhilenewordersremainstrong,hencelimiting the potential downside risk (source: HSBC GlobalResearch9December2010).CNOOC’sgrowthprospectsremainpositivewithpotentialearningsupsidefromstrongoilprices.TheCompanyalsohasamplefinancialresourceswithcashgenerationcapacityofUSD15billionp.a.,andanexistingcashbalanceofUSD3billion(source:HSBCGlobalResearch 27 January 2011). China Mobile meanwhile isthestrongestoperatorintheChinaspaceandisoneofthemostdominantwirelessoperatorsintheworld,controlling80% of cash flows based on a subscriber base of 500million customers. The Company is also best-positionedofthethreeChinatelcosinwirelesscontent,reflectingitsstrongbrand,significantnetcashstockpileanddominanceofthehigh-endcontractcustomersegment(source:HSBCGlobalResearch12November2010).Thepositiveoutlookprovideslimiteddownsideriskstotheirshareprices.


Market Outlook

Malaysia - Equity Market

The highly accommodative G3 monetary policy coupledwithanunevenglobaleconomicgrowth,haveledtoasharpliquidity built-up in this region. Market is well positionedon this carry trade and GDP growth differential play.Therisk is this isnotaone-waytrade.Areversal- thatcouldbeequallymassiveandfastcanhappenwhenglobalriskappetitefallsorcostofliquidityrises.However,judgingfromthe still patchy macro environment in the US and henceexpectationsofcontinuedpolicystimulus, liquidity inflowsinsearchofcarry,growthandmomentumwilllikelysustaininto1H2011.This isageneralconsensusviewtoo.Whilesome would be a bit uneasy on this, the bigger worry istakinganearlycontrarianviewnow.

Domestically-astrongerRinggit,lowforeignownershipandhealthy macro backdrop with reasonable valuations pluselection newsfloware key drivers. Expectations of furtherRinggitappreciationandanunder-ownedmarketbyforeigninvestorswillleadtosomerotationalinterestintoMalaysia.As evident in TIP markets in 2010, the impact of evenmarginal inflows on smallish markets could be quitesignificant. The risk is that bulk of the inflow continuesto move into MGS rather than equities. However, foreignbuying-whichhasseeneightconsecutivemonthsofnetinflowintoBursahasgainedstrength.

Execution of Prime Minister Najib’s reforms agenda is akey market re-rating catalyst. Catalysts to watch wouldbe Prime Minister’s execution of his reform agenda.Regardlessofwhethertherewillbeasnapgeneralelectionin 2011, expectations are that there will be continuedpositive newsflow and execution of the transformationprogrammes leading up to the 13th general election,therebysustainingmarketsentiment.Anytangibleresults,ofwhichexpectationsaregenerallylow,willhaveroomtosurpriseinvestors.Fundamentally,thereformswillcascadeintohigherdomesticdemandgrowthand thiswill lead topositiveearningsrevisions.Onawhole,theKLCIwilllikelygainfurther,butvolatilitywillremainhigh,ascapitalflowsarehighlysusceptibletoachangeininvestorriskassessments.Hence,ourstrategy is tosearch forgoodcompanies thathaveproventheirresilienceduringthevolatilemarket.

Malaysia - Bond Market

With inflation expected to be kept in check at betweenthe 2.0-3.0% level in 2011 and the uncertain externaleconomic environment, Bank Negara is likely to holdthe Overnight Policy Rate (“OPR”) at its current level of2.75% at least in 1H2011. However, should there be aclearer indication that the domestic economic growthmomentum can be sustained, we expect the centralbank to resume the normalization of OPR, albeit at ameasured pace in 2H2011. This may have a negativeimpactontheshort-endoftheyieldcurveastheshorttermyieldsmayrise.

We foresee two main themes that will affect thedemand and supply dynamics of government bonds in2011, namely the supply concern arising from deficitfinancing;and thecontinued inflowsof foreign funds intoemerging Asia, including Malaysia, on the back of thelow interest rate environment in G3 countries and thestronglocalcurrencies.

Based on Bank Negara’s 2011 auction calendar forgovernment securities, therewill bea total of21 tendersand 8 private placements compared to 17 tenders and2 private placements that took place in 2010.The 2011auction calendar also points to a higher number oflonger-datedbondissuancesin1H2011.This,coupledwiththeexpectationsof interestratenormalization in2H2011,might result in an upward shift in the yield curve, thusreducingthebondprices.

On a more positive note however, in view of the interestrate differentials and the impact of the QuantitativeEasing 2 programme which entails bond purchase bythe US government worth USD600 billion through toJune 2011, we expect foreign funds to continue makingtheirwayintoemergingAsiain2011tosearchforhigheryielding assets amid the low G3 interest rates, thoughtherateof inflowsmaybeslower thanthat in2010.Thismaymitigatethesteepeningoftheyieldcurvetoacertainextent.Overall,wethinktheupwardshiftintheyieldcurvewouldputpressureonbondprices.


Market Outlook (cont’d)

After going through a relatively slow year in theprimary corporate bond market, we expect a greatersupply of corporate bonds in 2011. This is premisedon the many projects which were announced during10th Malaysia Plan, Budget 2011 and the EconomicTransformation Programme, which are expected to belargely debt-funded due to their large scale nature.Nevertheless, given the time-lag factor, we may onlysee more issuances taking place in 2H2011. Despitethe greater supply of corporate bonds in 2011 and thepossibility of rate normalizations in 2H2011, we expectthe demand to remain well supported by investors onthe back of the search for yield enhancement, betterriskappetiteandimprovingcreditfundamentals.

Going forward, we will continue to search for corporatebonds with attractive yields without compromising oncreditquality.

Asia - Equity Market

The International Monetary Fund expects the global GDPgrowthtogrowatabout4.4%in2011,inpartduetotheaggressive US tax reduction package - this is still abovethe trend growth rate of 3.0% p.a. for global GDP from1980 to 2003.The fiscal tightening in Europe to reduceitshugefiscaldeficitby2013willslowitsgrowthoutlooktill2013.WhiletheEurozonecontinuestofocusondeficitreduction to restore its credibility, the US and Japan arefocusing on policies to revive growth. The US real GDPis expected to grow 3.0% in 2011 from 2.8% last yeardue to the aggressive stimulatory measures. This, takenin context with the Japan’s QE programme, will providenearly USD1 trillion of additional liquidity globally. Weexpect interest rates in the Developed world to stay athistoricallowlevels,withequitiescontinuingtorallyonthebackofstrong liquidity,soundcorporateearningsgrowth,aswellasrelativelyattractiveequityvaluation.

The Asia ex-Japan region is expected to grow about7.0% p.a. between 2011 to 2013, driven largely byinternal demand. Most Asia ex-Japan countries, exceptIndia, have sound fiscal balance sheet with room forfiscal stimulus in the event of external shocks fromthe advanced economies. Corporate earnings in Asiaex-Japan is likely toachieveabout40%growth in2010,supported by strong top-line growth as well as marginexpansions due to the higher utilization rate. In 2011,weexpectAsiaex-Japanearnings togrowbetween10%to15%,supportedbyabout10%toplinegrowthandlowercapital cost, whilst input material cost will be the swingfactorforprofitmargins.

ThePrice-Earnings ratio forAsianmarkets isnowaround13times (using2011EPS),which is24%lower thanthehistorical average of 17 times for the last twenty years.In addition, the yield gap between theAsian equity yield(12-month forward-looking) and the current US 10-yeartreasuryyieldis4.3%vis-a-vistheaverageofabout2.0%overthepasttwentyyears.Thus,equityasanassetclassislikelytoremainattractiveascomparedwithbonds.

We remain positive on the Asian market outlook on theback of robust corporate earnings growth, strong foreignportfolio inflows, relatively attractive valuations aswell asstrongcorporatebalancesheets.Wewill continue to lookfor opportunities in corporations with sound earningsgrowth, at compelling valuations and proven resilienceduringvolatilemarkets.


Asia Jade Fund

Fund ObjectiveTheFundprovidesthepotentialtoparticipateinpositivemovementsintheunderlyingshares,whichprovidesthepolicyholderwiththeopportunitytoenhancethereturnoninvestmentwiththeaddedbenefitofprincipalprotectionifthepolicyisheldtomaturity.

Fund Performance NAV12/31/2010 0.992412/31/2009 0.9637Performance 2.98%

Asat31December2010,theNetAssetValueperunitofAsiaJadeFund(ASJF)increasedtoRM0.9924fromRM0.9637attheendof31December2009,registeringagainof2.98%fortheperiod.

Sinceitsinceptionon06July2009,ASJFregisteringalossof0.76%.

Performance Record 01 Jan 2010 - 31 Dec 2010 Unit PricesFund Highest Price Lowest Price RM RM

AsiaJadeFund 1.0072 0.9643

Historical Performance Unit Prices RM 31-Dec-10 31-Dec-09

AsiaJadeFund 0.9924 0.9637

06/0

7/09

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

06/0

8/09

06/0

9/09

06/1

0/09

06/1

1/09

06/1

2/09

06/0

1/10

06/0

2/10

06/0

3/10

06/0

4/10

06/0

5/10

06/0

6/10

06/0

7/10

06/0

8/10

06/0

9/10

06/1

0/10

06/1

1/10

06/1

2/10

Asia Jade Fund Performance (since inception)


Details of Investment as at 31 December 2010

Maturity Unit Market % MV Funds as at 31 December 2010 Date Holdings Cost Value of NAV

HSBCBankMalaysiaBerhad3.75yearsPrincipalProtectedStructured Investment-linked 11.04.2013 38,086,620 38,086,620 37,770,501 99.93%

Grand Total 38,086,620 38,086,620 37,770,501 99.93%

Comparative Performance Table

31-Dec-10 31-Dec-09

Funds HSBCBankMalaysiaBerhad 37,770,501 36,827,822

Total Investment-Linked Fund 37,770,501 36,827,822

Total Net Asset 37,795,803 36,948,984

TotalNumberUnit 38,086,620 38,342,345NAVperunit 0.9924 0.9637TheHighestNAVperunitduringthefinancialyear 1.0072 1.0000TheLowestNAVperunitduringthefinancialyear 0.9643 0.9435TotalAnnualReturn:a) Capitalgrowth 2.98 (3.63)b) Incomedistributions Nil NilAverageAnnualReturn:a) Oneyear 2.98 Nilb) Threeyears Nil Nilc) Fiveyears Nil Nil

Performanceofrelevantbenchmarkindices N/A N/A

Asia Jade Fund (cont’d)

11Tokio Mar ine L i fe InsuranceMalays ia Bhd.

Asia Orient Fund

Fund ObjectiveAimstoachievemediumtolongtermcapitalappreciationbyinvestinginasinglecollectiveinvestmentschemethatinvestsselectivelyinsecuritiessuchasequitiesandlinkedbonds,eitherlistedortobelisted,fromAsian(non-Japanese)equitiesmarkets.


Asat31December2010,theNetAssetValueperunitofAsiaOrientFund(AOF)increasedtoRM1.1328fromRM1.0836attheendof31December2009,registeringagainof4.54%fortheperiod.

Sinceitsinceptionon02November2009,AOFregisteringagainof13.28%.


AsiaOrientFund 1.1488 0.9489

Historical Performance Unit Prices RM 31-Dec-10 31-Dec-09

AsiaOrientFund 1.1328 1.0836

02/1

1/09

02/1

2/09

02/0

1/10

02/0

2/10

02/0

3/10

02/0

4/10

02/0

5/10

02/0

6/10

02/0

7/10

02/0

8/10

02/0

9/10

02/1

0/10

02/1

1/10

02/1

2/10

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%Asia Orient Fund Performance (since inception)


Asia Orient Fund’s Portfolio Composition as at 31 December 2010

Investment by Asset Class

Net Cash 3.79%

Tokio Marine Fund96.21%

China26.30%

Cash5.00%

Taiwan17.40%

Thailand2.30%

Indonesia2.90%

Korea23.00%

Malaysia4.20%

Philippines0.60%

Hong Kong11.00%

Singapore7.30%

Energy7.05%

Cash4.96%

Materials7.33%

Industrials12.14%

ConsumerDiscretionary11.83%

Consumer Staples4.39%

Financials29.98%

InformationTechnology

16.35%

Telecom. Services4.40%

Utilities1.57%

Tokio Marine Fund’s Asset Allocation By Country as at 31 December 2010

Tokio Marine Fund’s Asset Allocation By Sector as at 31 December 2010

Asia Orient Fund (cont’d)



Unit Market % MV Funds as at 31 December 2010 Holdings Cost Value of NAV

Unquoted Unit TrustTokioMarineFund 8,618.8736 13,640,469 15,054,422 96.21%

Grand Total 8,618.8736 13,640,469 15,054,422 96.21%


31-Dec-10 31-Dec-09

Funds TokioMarineFund 15,054,422 5,397,164

Total Collective Investment Scheme 15,054,422 5,397,164

Total Net Asset 15,647,665 6,039,144

TotalNumberUnit 13,813,299 5,573,405NAVperunit 1.1328 1.0836TheHighestNAVperunitduringthefinancialyear 1.1488 1.0836TheLowestNAVperunitduringthefinancialyear 0.9489 0.9998TotalAnnualReturn:a) Capitalgrowth 4.54 8.36b) Incomedistributions Nil NilAverageAnnualReturn:a) Oneyear 4.54 Nilb) Threeyears Nil Nilc) Fiveyears Nil Nil

MSCIAllCountryFarEastex-Japanindex 7.61 8.09


Asia TriMax Fund

Fund ObjectiveAimstopreservetheinvestor’scapitalandprovidepotentialforenhancedreturnsbyparticipatinginpositivemovementsoftheunderlyingsharesinthe3SectorBaskets,whichprovidesaperformancelock-infeatureannually.


Asat31December2010,theNetAssetValueperunitofAsiaTriMaxFund(ATMF)increasedtoRM1.0072fromRM0.9823attheendof31December2009,registeringagainof2.53%fortheyear.

Sinceitsinceptionon04November2008,ATMFregisteringagainof0.72%.


AsiaTriMaxFund 1.0072 0.9842

Historical Performance Unit Prices RM 31-Dec-10 31-Dec-09 31-Dec-08

AsiaTriMaxFund 1.0072 0.9823 0.9660

04/1

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2.0%Asia TriMax Fund Performance (since inception)



Maturity Unit Market % MV Funds as at 31 December 2010 Date Holdings Cost Value of NAV

HSBCBankMalaysiaBerhad3yearsPrincipalProtectedStructured Investment-Linked 10.11.2011 40,100,575 40,100,575 40,413,359 100.06%

Grand Total 40,100,575 40,100,575 40,413,359 100.06%


31-Dec-10 31-Dec-09 31-Dec-08

Funds HSBCBankMalaysiaBerhad 40,413,359 39,875,812 39,653,947

Total Investment-Linked Fund 40,413,359 39,875,812 39,653,947

Total Net Asset 40,388,367 39,938,276 39,775,832

TotalNumberUnit 40,100,575 40,656,415 41,177,515NAVperunit 1.0072 0.9823 0.9660TheHighestNAVperunitduringthefinancialyear 1.0072 0.9849 1.0000TheLowestNAVperunitduringthefinancialyear 0.9842 0.9652 0.9637TotalAnnualReturn:a) Capitalgrowth 2.53 1.69 (3.40)b) Incomedistributions Nil Nil NilAverageAnnualReturn:a) Oneyear 2.53 1.69 Nilb) Threeyears Nil Nil Nilc) Fiveyears Nil Nil Nil

Performanceofrelevantbenchmarkindices N/A N/A N/A


AsiaPartner Enterprise Fund

Fund ObjectiveAims to maximize returns over medium to long term by investing in quality shares listed on Bursa Malaysia and foreignstockexchanges.


Asat31December2010,theNetAssetValueperunitofAsiaPartnerEnterpriseFund(APEF)increasedtoRM1.9076fromRM1.5866attheendof2009,registeringagainof20.23%fortheyear.

Sinceitsinceptionon06January2004,APEFregisteringagainof90.76%.


AsiaPartnerEnterpriseFund 1.9125 1.5362

Historical Performance Unit Prices RM 31-Dec-10 31-Dec-09 31-Dec-08 31-Dec-07 31-Dec-06

AsiaPartnerEnterpriseFund 1.9076 1.5866 1.1676 1.7109 1.2645

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100.0%AsiaPartner Enterprise Fund Performance (since inception)


AsiaPartner Enterprise Fund Portfolio as at 31 December 2010

Tradings & Services36.26%

Finance32.78%

Consumer Products3.67%

Construction7.22%

Warrants0.76%

Properties3.26%

Plantation9.38%

Infrastructure4.01%

Industrial Products2.66%



AsiaPartner Enterprise Fund (cont’d)


Unit Market % MV Equities as at 31 December 2010 Holdings Cost Value of NAV

Quoted ConstructionGamudaBerhad 160,000 419,285 609,600 1.34%IJMCorporationBhd 145,000 521,171 936,700 2.06%MalaysianResourcesCorporationBhd 150,000 245,405 307,500 0.68%SunwayHoldingsBerhad 180,000 273,186 401,400 0.88%WCTBhd 100,000 267,937 319,000 0.70%YTLCorporationBhd 85,160 562,616 715,344 1.57%

820,160 2,289,600 3,289,544 7.23%

Quoted Consumer ProductsBritishAmericanTobacco(M)Bhd 10,000 464,764 449,400 0.99%PPBGroupBhd 50,000 420,954 863,000 1.90%UMWHoldingsBhd 51,000 286,063 358,020 0.78%

111,000 1,171,781 1,670,420 3.67%

Quoted FinanceAllianceFinancialGroupBhd 180,000 536,283 547,200 1.20%AMMBHoldingsBhd 180,000 563,844 1,258,200 2.77%CIMBGroupHoldingsBhd 475,000 1,898,386 4,032,750 8.87%HongLeongBankBhd 55,000 315,129 506,000 1.11%MalayanBankingBhd 475,000 3,158,192 4,032,750 8.87%PublicBankBhd 310,000 2,559,320 4,023,800 8.84%RHBCapitalBhd 61,000 264,792 527,650 1.16%

1,736,000 9,295,946 14,928,350 32.82%

Quoted Industrial ProductsPetronasChemicalsGroupBhd 200,000 1,080,260 1,102,000 2.42%PetronasGasBhd 10,000 100,999 111,000 0.25%

210,000 1,181,259 1,213,000 2.67%

Quoted InfrastructureDigi.ComBhd 48,000 996,244 1,180,800 2.60%YTLPowerInternationalBhd 265,000 526,500 646,600 1.42%

313,000 1,522,744 1,827,400 4.02%


Details of Investment as at 31 December 2010 (cont’d)

Unit Market % MV Equities as at 31 December 2010 Holdings Cost Value of NAV

Quoted PlantationIJMPlantationsBhd 170,000 290,634 501,500 1.10%IOICorporationBhd 460,000 1,863,277 2,668,000 5.87%KualaLumpurKepongBhd 50,000 426,250 1,104,000 2.43%

680,000 2,580,161 4,273,500 9.40%

Quoted PropertiesIJMLandBhd 200,000 194,393 646,000 1.42%KSLHoldingsBhd 127,500 196,862 229,500 0.50%NaimHoldingsBhd 75,000 217,260 252,000 0.55%SPSetiaBerhad 60,000 267,384 357,000 0.79%

462,500 875,898 1,484,500 3.26%

Quoted Trading & ServicesAxiataGroupBhd 540,000 1,690,225 2,543,400 5.59%GentingMalaysiaBhd 90,000 216,192 305,100 0.67%GentingBhd 225,000 1,191,542 2,502,000 5.50%KencanaPetroleumBhd 200,000 312,720 480,000 1.06%MaxisBhd 180,000 935,448 954,000 2.10%MalaysiaMarineAndHeavyEngineeringHoldingsBhd 120,000 448,924 708,000 1.56%MISCBhd 155,000 1,221,038 1,291,150 2.84%MMCCorporationBhd 150,000 369,560 417,000 0.92%PetronasDaganganBhd 20,000 161,802 234,000 0.51%PLUSExpresswaysBhd 40,000 112,000 180,800 0.40%SimeDarbyBhd 400,000 2,908,980 3,520,000 7.74%TelekomMalaysiaBhd 320,000 1,057,350 1,123,200 2.47%TenagaNasionalBhd 270,000 2,257,699 2,257,200 4.96%

2,710,000 12,883,482 16,515,850 36.32%

Quoted WarrantsGamudaBhd-Warrant‘D’ 200,000 186,621 318,000 0.70%IJMPlantationsBhd-Warrant 23,125 3,931 28,906 0.06%

223,125 190,552 346,906 0.76%

Grand Total 7,265,785 31,991,423 45,549,470 100.15%


AsiaPartner Enterprise Fund (cont’d)


31-Dec-10 31-Dec-09 31-Dec-08 31-Dec-07 31-Dec-06 31-Dec-05

Quoted Equity Construction 3,289,544 3,717,439 1,838,060 4,518,266 4,173,420 396,000ConsumerProducts 1,670,420 2,175,300 2,445,900 2,238,300 1,255,100 2,447,450Finance 14,928,350 18,304,517 8,016,549 12,697,825 8,488,442 5,118,000IndustrialProducts 1,213,000 1,243,620 1,830,518 2,638,560 875,233 974,000Infrastructure 1,827,400 1,340,240 2,509,400 1,260,339 1,299,600 546,000Plantation 4,273,500 5,364,956 3,022,670 4,939,588 3,578,550 1,244,800Properties 1,484,500 1,041,050 535,500 1,503,580 765,900 2,155,876Trading&Services 16,515,850 20,659,193 12,326,507 18,809,565 14,247,575 9,760,770Hotel – – – – – 309,000Reits – – – – 7,200 432,500Warrants 346,906 15,956 – – – –QuotedMesdaq – – – 222,053 – –

Total Quoted Equity 45,549,470 53,862,271 32,525,104 48,828,076 34,691,020 23,384,396

Unquoted Equity Warrants – – – 6,720 – –

Total Unquoted Equity – – – 6 ,720 – –

Total Net Asset 45,479,473 55,220,041 41,602,211 50,620,727 36,624,165 32,917,753

TotalNumberUnit 23,840,773 34,803,860 35,631,209 29,587,859 28,963,501 31,201,130NAVperunit 1.9076 1.5866 1.1676 1.7109 1.2645 1.0550TheHighestNAVperunit

duringthefinancialyear 1.9125 1.5910 1.7994 1.7128 1.2651 1.1031TheLowestNAVperunit

duringthefinancialyear 1.5362 1.1416 1.0990 1.2797 1.0521 1.0348TotalAnnualReturn:a) Capitalgrowth 20.23 35.89 (31.76) 35.30 19.86 (2.22)b) Incomedistributions Nil Nil Nil Nil Nil NilAverageAnnualReturn:a) Oneyear 20.23 35.89 (31.76) 35.30 19.86 (2.22)b) Threeyears 11.50 25.47 10.67 58.56 26.45 Nilc) Fiveyears 80.82 47.04 Nil Nil Nil Nil

KLCI/FBM100Oneyearindices 21.76 45.64 (39.33) 31.82 21.83 (0.84)


AsiaPartner Bond Fund

Fund ObjectiveAimstoprovidemediumtolong-termaccumulationofcapitalbyinvestinginqualityfixedincomesecurities.


As at 31 December 2010, the NetAssetValue per unit ofAsiaPartner Bond Fund (APBF) increased to RM1.3952 fromRM1.3123attheendof2009,registeringagainof6.32%fortheyear.

Sinceitsinceptionon06January2004,APBFregisteringagainof39.52%.


AsiaPartnerBondFund 1.4011 1.3043


AsiaPartnerBondFund 1.3952 1.3123 1.2385 1.2054 1.1621

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AsiaPartner Bond Fund Performance (since inception)


AsiaPartner Bond Fund Portfolio as at 31 December 2010

Net Cash 9.05%

Fixed IncomeSecurities90.95%


Fixed Income Securities Maturity Unit Market % MV as at 31 December 2010 Date Holdings Cost Value of NAV

FinanceBankMuamalatMalaysiaBhd 6.25%Bal’BithamanAjilIslamic DebtSecurities 05.09.2016 1,000,000 1,008,520 1,011,600 7.50%

MalayanBankingBhd 6.30%SubordinatedBonds 25.09.2068 1,000,000 1,000,000 1,048,500 7.78%

OCBCBank(Malaysia)Bhd 6.75%SubordinatedBonds 15.04.2039 1,000,000 1,000,000 1,089,900 8.08%

CIMBGroupHoldingsBhd 5.30%SubordinatedBonds 05.04.2060 1,000,000 1,000,000 1,022,800 7.59%

4,000,000 4,008,520 4,172,800 30.95%


AsiaPartner Bond Fund (cont’d)


Details of Investment as at 31 December 2010 (cont’d)

Fixed Income Securities Maturity Unit Market % MV as at 31 December 2010 Date Holdings Cost Value of NAV

PowerTenagaNasionalBhd 6.30%UnsecuredFixedRate SerialBonds 19.09.2011 1,000,000 1,053,900 1,021,800 7.58%

MalakoffCorporationBhd 5.883%Medium-TermNotes 30.04.2014 1,000,000 1,010,440 1,036,000 7.68%

MukahPowerGenerationSdnBhd 7.60%SeniorSukukMudharabah 27.06.2016 1,000,000 1,178,600 1,113,400 8.26%

3 ,000,000 3,242,940 3,171,200 23.52%

TelecommunicationBinariangGSMSdnBhd 5.55%IslamicMedium-TermNotes 27.12.2013 680,530 685,702 706,118 5.24%

BinariangGSMSdnBhd 5.65%IslamicMedium-TermNotes 26.12.2014 501,000 510,469 524,046 3.88%

1,181,530 1,196,171 1,230,164 9.12%

Toll RoadLebuhrayaKajang-SerembanSdnBhd 5.10%SeniorIstisna 12.06.2014 1,000,000 1,011,700 928,200 6.88%

SeafieldCapitalBhd 6.40%IslamicMedium-TermNotes 27.05.2021 1,000,000 1,000,000 1,103,900 8.19%

ProjekLebuhrayaUtara-SelatanBhd ZeroCouponSukukMusyarakah Medium-TermNotes 27.05.2022 1,000,000 440,200 583,400 4.33%

MajuExpresswaySdnBhd 6.10%IslamicMedium-TermNotes 15.06.2018 1,000,000 1,000,000 1,074,200 7.96%

4,000,000 3,451,900 3,689,700 27.36%

Grand Total 12,181,530 11,899,531 12,263,864 90.95%


AsiaPartner Bond Fund (cont’d)



Fixed Income Securities CommercialPaper – – – 1,297,790 – –Construction – – – 912,690 1,615,600 –Finance 4,172,800 4,987,300 5,906,540 2,990,120 2,048,620 813,520IndustrialProducts – – – 822,720 826,960 824,800OilandGas – – – – 998,200 809,120Power 3,171,200 4,190,800 4,168,500 3,288,100 1,089,000 1,924,440Properties – 400,160 397,520 1,900,960 2,698,170 1,614,560Telecommunication 1,230,164 1,030,600 1,008,600 1,014,000 – –TollRoad 3,689,700 2,553,500 1,457,600 1,016,400 814,080 838,000

Total Fixed Income Securities 12,263,864 13,162,360 12,938,760 13,242,780 10,090,630 6,824,440

Total Net Asset 13,484,063 14,693,606 14,890,593 14,354,893 11,515,630 9,357,228



duringthefinancialyear 1.3043 1.2388 1.1965 1.1625 1.1047 1.0578TotalAnnualReturn:a) Capitalgrowth 6.32 5.96 2.75 3.73 5.22 4.43b) Incomedistributions Nil Nil Nil Nil Nil NilAverageAnnualReturn:a) Oneyear 6.32 5.96 2.75 3.73 5.22 4.43b) Threeyears 15.75 12.92 12.14 13.98 16.21 Nilc) Fiveyears 26.33 24.08 Nil Nil Nil Nil

Benchmark(Maybank12MonthFixedDeposit-weightedaverage) 2.76 2.62 3.68 3.70 3.70 3.70


AsiaPartner Managed Fund

Fund ObjectiveAnactivelymanagedfundthatseekstomaximizereturnsovermedimtolong-term.ThisisachievedbyinvestinginsharesandfixedincomesecuritiesthroughAsiaPartnerEnterpriseFundandAsiaPartnerBondFundandinanyotherAsiaPartnerorthirdpartyfundsthatmaybecomeavailableinthefuture.


Asat31December2010,theNetAssetValueperunitofAsiaPartnerManagedFund(APMF)increasedtoRM1.7371fromRM1.4901attheendof2009,registeringagainof16.58%fortheyear.

Sinceitsinceptionon06January2004,APMFregisteringagainof73.71%.


AsiaPartnerManagedFund 1.7421 1.4548


AsiaPartnerManagedFund 1.7371 1.4901 1.1795 1.5441 1.2215

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80.0%AsiaPartner Managed Fund Performance (since inception)


AsiaPartner Managed Fund Portfolio as at 31 December 2010

APEF77.21%

APBF22.79%

Details of Investment as at 31 December 2010 Unit Market % MV Funds as at 31 December 2010 Holdings Cost Value of NAV

AsiaPartnerBondFund 2,119,739.84743 2,436,773 2,957,461 22.79%AsiaPartnerEnterpriseFund 5,251,992.96967 6,544,374 10,018,702 77.21%

Grand Total 7,371,732.81710 8,981,147 12,976,163 100.00%


AsiaPartner Managed Fund (cont’d)




Funds AsiaPartnerBondFund 2,957,461 3,892,770 3,602,898 3,112,601 2,853,392 2,350,951AsiaPartnerEnterpriseFund 10,018,702 10,731,906 7,697,530 10,138,073 7,265,941 5,252,931

Total Investment Linked Funds 12,976,163 14,624,676 11,300,428 13,250,674 10,119,333 7,603,882

Total Net Asset 12,976,344 14,624,866 11,300,761 13,250,916 10,119,489 7,606,210



duringthefinancialyear 1.4548 1.1653 1.1278 1.2328 1.0574 1.0391TotalAnnualReturn:a) Capitalgrowth 16.58 26.33 (23.61) 26.41 15.31 (0.56)b) Incomedistributions Nil Nil Nil Nil Nil NilAverageAnnualReturn:a) Oneyear 16.58 26.33 (23.61) 26.41 15.31 (0.56)b) Threeyears 12.50 21.99 11.35 44.95 22.15 Nilc) Fiveyears 63.99 39.88 Nil Nil Nil Nil

Benchmark(Maybank12MonthFixedDeposit-weightedaverage) 2.76 2.62 3.68 3.70 3.70 3.70


Statement of Assets and Liabilities asat31December2010

AJF 2010 2009 Asia Jade Fund Note RM RM

Held-for-tradingfinancialassets 3 37,770,501 36,827,822Interestanddividendreceivable 0 0Outstandingproceedsfromdisposalofheld-for-tradingfinancialassets 0 0Amountduefromlifeoperatingfund 0 0Currenttaxrecoverable 12 0Deferredtaxassets 4 25,290 121,162Cashintransit 0 0Cashandcashequivalents 0 0

Totalassets 37,795,803 36,948,984

Outstandingpaymentforpurchaseofheld-for-tradingfinancialassets 0 0Amountduetolifeoperatingfund 0 0Otherpayables 0 0Currenttaxliabilities 0 0Deferredtaxliabilities 4 0 0

Totalliabilities 0 0

Netassetvalueoffund 37,795,803 36,948,984

Represented by: Policyholders’capital 5 38,090,302 38,342,345Undistributed(loss)/incomecarriedforward (294,499) (1,393,361)

37,795,803 36,948,984

Unitsincirculation 5 38,086,620 38,342,345

Netassetvalueperunit 0.9924 0.9637

Theaccompanyingnotesformanintegralpartofthesefinancialstatements.


AOF 2010 2009 Asia Orient Fund Note RM RM

Held-for-tradingfinancialassets 3 15,054,422 5,397,164Interestanddividendreceivable 0 0Outstandingproceedsfromdisposalofheld-for-tradingfinancialassets 0 0Amountduefromlifeoperatingfund 299,762 357,494Currenttaxrecoverable 0 0Deferredtaxassets 4 0 0Cashintransit 407,017 286,256Cashandcashequivalents 19,881 19,880

Totalassets 15,781,082 6,060,794

Outstandingpaymentforpurchaseofheld-for-tradingfinancialassets 0 0Amountduetolifeoperatingfund 0 0Otherpayables 37 154Currenttaxliabilities 20,264 1,056Deferredtaxliabilities 4 113,116 20,440

Totalliabilities 133,417 21,650


Represented by: Policyholders’capital 5 14,283,292 5,802,143Undistributed(loss)/incomecarriedforward 1,364,373 237,001

15,647,665 6,039,144





Statement of Assets and Liabilities (cont’d) asat31December2010

ATMF 2010 2009 Asia TriMax Fund Note RM RM

Held-for-tradingfinancialassets 3 40,413,359 39,875,812Interestanddividendreceivable 0 0Outstandingproceedsfromdisposalofheld-for-tradingfinancialassets 0 0Amountduefromlifeoperatingfund 0 0Currenttaxrecoverable 31 16Deferredtaxassets 4 0 62,448Cashintransit 0 0Cashandcashequivalents 0 0

Totalassets 40,413,390 39,938,276

Outstandingpaymentforpurchaseofheld-for-tradingfinancialassets 0 0Amountduetolifeoperatingfund 0 0Otherpayables 0 0Currenttaxliabilities 0 0Deferredtaxliabilities 4 25,023 0

Totalliabilities 25,023 0


Represented by: Policyholders’capital 5 40,112,900 40,664,716Undistributed(loss)/incomecarriedforward 275,467 (726,440)

40,388,367 39,938,276





APEF 2010 2009 AsiaPartner Enterprise Fund Note RM RM

Held-for-tradingfinancialassets 3 45,549,470 53,862,271Interestanddividendreceivable 31,252 31,725Outstandingproceedsfromdisposalofheld-for-tradingfinancialassets 0 128,808Amountduefromlifeoperatingfund 620,586 0Currenttaxrecoverable 0 617,444Deferredtaxassets 4 0 0Cashintransit 0 0Cashandcashequivalents 730,951 1,897,767

Totalassets 46,932,259 56,538,015

Outstandingpaymentforpurchaseofheld-for-tradingfinancialassets 0 450,834Amountduetolifeoperatingfund 0 35,013Otherpayables 25 11Currenttaxliabilities 368,117 0Deferredtaxliabilities 4 1,084,644 832,115

Totalliabilities 1,452,786 1,317,973


Represented by: Policyholders’capital 5 17,973,282 37,376,536Undistributed(loss)/incomecarriedforward 27,506,191 17,843,506

45,479,473 55,220,042





Statement of Assets and Liabilities (cont’d) asat31December2010

APBF 2010 2009 AsiaPartner Bond Fund Note RM RM

Held-for-tradingfinancialassets 3 12,263,864 13,162,360Interestanddividendreceivable 103,240 136,467Outstandingproceedsfromdisposalofheld-for-tradingfinancialassets 0 0Amountduefromlifeoperatingfund 2,325 0Currenttaxrecoverable 0 0Deferredtaxassets 4 0 0Cashintransit 0 0Cashandcashequivalents 1,144,127 1,411,870

Totalassets 13,513,556 14,710,697

Outstandingpaymentforpurchaseofheld-for-tradingfinancialassets 0 0Amountduetolifeoperatingfund 0 5,664Otherpayables 32 14Currenttaxliabilities 314 170Deferredtaxliabilities 4 29,147 11,243

Totalliabilities 29,493 17,091



13,484,063 14,693,606





APMF 2010 2009 AsiaPartner Managed Fund Note RM RM

Held-for-tradingfinancialassets 3 12,976,163 14,624,675Interestanddividendreceivable 0 0Outstandingproceedsfromdisposalofheld-for-tradingfinancialassets 0 0Amountduefromlifeoperatingfund 0 0Currenttaxrecoverable 0 0Deferredtaxassets 4 0 0Cashintransit 0 0Cashandcashequivalents 204 202

Totalassets 12,976,367 14,624,877

Outstandingpaymentforpurchaseofheld-for-tradingfinancialassets 0 0Amountduetolifeoperatingfund 0 0Otherpayables 23 11Currenttaxliabilities 0 0Deferredtaxliabilities 4 0 0

Totalliabilities 23 11



12,976,344 14,624,866





Statement of Income and Expenditure forthefinancialyearended31December2010

AJF 2010 2009 Asia Jade Fund Note RM RM

Investmentincome: - interestincomefromunquotedcorporatedebtsecurities 0 0 - interestincomefromMalaysianGovernmentsecurities 0 0 - interestincomefromequitysecurities 0 0 - interestincomefromfixedandcalldeposits 0 0 - dividendincome 0 0Gainondisposalofheld-for-tradingfinancialassets: -quotedequitysecurities 0 0 -unquotedcorporatedebtsecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 -investment-linkedfunds 0 0Unrealisedcapitalgainonheld-for-tradingfinancialassets 1,198,404 0Realisedgainonforeignexchange 0 0

Totalincome 1,198,404 0

Lossondisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 - unquotedstructuredinvestment (3,989) 0 - unquotedcollectiveinvestmentschemes 0 0Unrealisedcapitallossonheld-for-tradingfinancialassets 0 (1,514,523)Managementfees 0 0Auditfees 0 0Brokeragefees-purchase 0 0Brokeragefees-sales 0 0Realisedlossonforeignexchange 0 0Otherexpenses 0 0

Totalexpenses (3,989) (1,514,523)

Net(loss)/incomebeforetaxation 1,194,415 (1,514,523)Taxation 6 (95,553) 121,162

Net(loss)/incomeaftertaxation 1,098,862 (1,393,361)Undistributedincomebroughtforward (1,393,361) 0

Undistributed(loss)/incomecarriedforward (294,499) (1,393,361)



AOF 2010 2009 Asia Orient Fund Note RM RM

Investmentincome: - interestincomefromunquotedcorporatedebtsecurities 0 0 - interestincomefromMalaysianGovernmentsecurities 0 0 - interestincomefromequitysecurities 0 0 - interestincomefromfixedandcalldeposits 0 0 - dividendincome 0 0Gainondisposalofheld-for-tradingfinancialassets: -quotedequitysecurities 0 0 -unquotedcorporatedebtsecurities 0 0 -unquotedcollectiveinvestmentschemes 455,972 15,541 -investment-linkedfunds 0 0Unrealisedcapitalgainonheld-for-tradingfinancialassets 1,158,456 255,497Realisedgainonforeignexchange 4,805 2,808

Totalincome 1,619,233 273,846

Lossondisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 - unquotedstructuredinvestment 0 0 - unquotedcollectiveinvestmentschemes 0 (333)Unrealisedcapitallossonheld-for-tradingfinancialassets 0 0Managementfees (143,734) (4,722)Auditfees (3,000) (3,000)Brokeragefees-purchase 0 0Brokeragefees-sales 0 0Realisedlossonforeignexchange (220,674) (4,813)Otherexpenses (12,569) (2,481)

Totalexpenses (379,977) (15,349)

Net(loss)/incomebeforetaxation 1,239,256 258,497Taxation 6 (111,884) (21,496)

Net(loss)/incomeaftertaxation 1,127,372 237,001Undistributedincomebroughtforward 237,001 0

Undistributed(loss)/incomecarriedforward 1,364,373 237,001



ATMF 2010 2009 Asia TriMax Fund Note RM RM

Investmentincome: - interestincomefromunquotedcorporatedebtsecurities 0 0 - interestincomefromMalaysianGovernmentsecurities 0 0 - interestincomefromequitysecurities 0 0 - interestincomefromfixedandcalldeposits 0 0 - dividendincome 0 0Gainondisposalofheld-for-tradingfinancialassets: -quotedequitysecurities 0 0 -unquotedcorporatedebtsecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 -investment-linkedfunds 0 0Unrealisedcapitalgainonheld-for-tradingfinancialassets 1,093,388 742,965Realisedgainonforeignexchange 0 0

Totalincome 1,093,388 742,965

Lossondisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 - unquotedstructuredinvestment (4,358) (9,005) - unquotedcollectiveinvestmentschemes 0 0Unrealisedcapitallossonheld-for-tradingfinancialassets 0 0Managementfees 0 0Auditfees 0 0Brokeragefees-purchase 0 0Brokeragefees-sales 0 0Realisedlossonforeignexchange 0 0Otherexpenses 0 0


Net(loss)/incomebeforetaxation 1,089,030 733,960Taxation 6 (87,123) (58,717)

Net(loss)/incomeaftertaxation 1,001,907 675,243Undistributedincomebroughtforward (726,440) (1,401,683)

Undistributed(loss)/incomecarriedforward 275,467 (726,440)


Statement of Income and Expenditure (cont’d) forthefinancialyearended31December2010


APEF 2010 2009 AsiaPartner Enterprise Fund Note RM RM

Investmentincome: - interestincomefromunquotedcorporatedebtsecurities 0 0 - interestincomefromMalaysianGovernmentsecurities 0 0 - interestincomefromequitysecurities 0 188 - interestincomefromfixedandcalldeposits 36,639 128,224 - dividendincome 1,712,072 1,370,557Gainondisposalofheld-for-tradingfinancialassets: -quotedequitysecurities 6,887,350 1,637,169 -unquotedcorporatedebtsecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 -investment-linkedfunds 0 0Unrealisedcapitalgainonheld-for-tradingfinancialassets 3,156,607 15,205,504Realisedgainonforeignexchange 0 0

Totalincome 11,792,668 18,341,642

Lossondisposalofheld-for-tradingfinancialassets: - quotedequitysecurities (286,500) (748,383) - unquotedstructuredinvestment 0 0 - unquotedcollectiveinvestmentschemes 0 0Unrealisedcapitallossonheld-for-tradingfinancialassets 0 0Managementfees (847,009) (812,615)Auditfees (3,000) (3,000)Brokeragefees-purchase (50,636) 0Brokeragefees-sales (97,309) 0Realisedlossonforeignexchange 0 0Otherexpenses (1,319) (700)

Totalexpenses (1,285,773) (1,564,698)

Net(loss)/incomebeforetaxation 10,506,895 16,776,944Taxation 6 (844,210) (1,362,556)

Net(loss)/incomeaftertaxation 9,662,685 15,414,388Undistributedincomebroughtforward 17,843,506 2,429,118

Undistributed(loss)/incomecarriedforward 27,506,191 17,843,506



APBF 2010 2009 AsiaPartner Bond Fund Note RM RM

Investmentincome: - interestincomefromunquotedcorporatedebtsecurities 772,669 790,554 - interestincomefromMalaysianGovernmentsecurities 0 5,038 - interestincomefromequitysecurities 0 0 - interestincomefromfixedandcalldeposits 17,312 19,572 - dividendincome 0 0Gainondisposalofheld-for-tradingfinancialassets: -quotedequitysecurities 0 0 -unquotedcorporatedebtsecurities 73,263 31,600 -unquotedcollectiveinvestmentschemes 0 0 -investment-linkedfunds 0 0Unrealisedcapitalgainonheld-for-tradingfinancialassets 223,793 223,600Realisedgainonforeignexchange 0 0

Totalincome 1,087,037 1,070,364

Lossondisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 - unquotedstructuredinvestment 0 0 - unquotedcollectiveinvestmentschemes 0 0Unrealisedcapitallossonheld-for-tradingfinancialassets 0 0Managementfees (89,839) (94,531)Auditfees (3,000) (3,000)Brokeragefees-purchase 0 0Brokeragefees-sales 0 0Realisedlossonforeignexchange 0 0Otherexpenses (48) (12)


Net(loss)/incomebeforetaxation 994,150 972,821Taxation 6 (86,963) (85,628)

Net(loss)/incomeaftertaxation 907,187 887,193Undistributedincomebroughtforward 2,986,522 2,099,329



Statement of Income and Expenditure (cont’d) forthefinancialyearended31December2010


APMF 2010 2009 AsiaPartner Managed Fund Note RM RM

Investmentincome: - interestincomefromunquotedcorporatedebtsecurities 0 0 - interestincomefromMalaysianGovernmentsecurities 0 0 - interestincomefromequitysecurities 0 0 - interestincomefromfixedandcalldeposits 0 0 - dividendincome 0 0Gainondisposalofheld-for-tradingfinancialassets: -quotedequitysecurities 0 0 -unquotedcorporatedebtsecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 -investment-linkedfunds 1,218,789 126,160Unrealisedcapitalgainonheld-for-tradingfinancialassets 1,015,474 2,971,268Realisedgainonforeignexchange 0 0

Totalincome 2,234,263 3,097,428

Lossondisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 - unquotedstructuredinvestment 0 0 - unquotedcollectiveinvestmentschemes 0 0Unrealisedcapitallossonheld-for-tradingfinancialassets 0 (2,765)Managementfees 0 0Auditfees (3,000) (3,000)Brokeragefees-purchase 0 0Brokeragefees-sales 0 0Realisedlossonforeignexchange 0 0Otherexpenses (10) (141)


Net(loss)/incomebeforetaxation 2,231,253 3,091,522Taxation 6 0 0

Net(loss)/incomeaftertaxation 2,231,253 3,091,522Undistributedincomebroughtforward 3,902,880 811,358




Statement of Changes in Net Asset Value forthefinancialyearended31December2010

AJF 2010 2009 Asia Jade Fund RM RM

Netassetvalueatbeginningofthefinancialyear 36,948,984 0Movementduetounitscreatedandcancelledduringthefinancialyear: Netcreationofunits 0 38,342,345 Netcancellationofunits (252,043) 0

(252,043) 38,342,345

Net(loss)/incomeforthefinancialyear: Netrealisedincome/(loss) (3,670) 0 Unrealisedcapital(loss)/gainoninvestments,netoftax 1,102,532 (1,393,361)

1,098,862 (1,393,361)

Netassetvalueatendofthefinancialyear 37,795,803 36,948,984

AOF 2010 2009 Asia Orient Fund RM RM

Netassetvalueatbeginningofthefinancialyear 6,039,144 0Movementduetounitscreatedandcancelledduringthefinancialyear: Netcreationofunits 16,229,324 6,921,063 Netcancellationofunits (7,748,175) (1,118,920)

8,481,149 5,802,143

Net(loss)/incomeforthefinancialyear: Netrealisedincome/(loss) 61,592 1,944 Unrealisedcapital(loss)/gainoninvestments,netoftax 1,065,780 235,057

1,127,372 237,001




ATMF 2010 2009 Asia TriMax Fund RM RM

Netassetvalueatbeginningofthefinancialyear 39,938,276 39,775,832Movementduetounitscreatedandcancelledduringthefinancialyear: Netcreationofunits 0 0 Netcancellationofunits (551,816) (512,799)

(551,816) (512,799)

Net(loss)/incomeforthefinancialyear: Netrealisedincome/(loss) (4,010) (8,285) Unrealisedcapital(loss)/gainoninvestments,netoftax 1,005,917 683,528

1,001,907 675,243


APEF 2010 2009 AsiaPartner Enterprise Fund RM RM

Netassetvalueatbeginningofthefinancialyear 55,220,042 41,602,211Movementduetounitscreatedandcancelledduringthefinancialyear: Netcreationofunits 6,404,415 9,279,418 Netcancellationofunits (25,807,669) (11,075,975)

(19,403,254) (1,796,557)

Net(loss)/incomeforthefinancialyear: Netrealisedincome/(loss) 6,758,606 1,425,324 Unrealisedcapital(loss)/gainoninvestments,netoftax 2,904,079 13,989,064

9,662,685 15,414,388




Statement of Changes in Net Asset Value (cont’d) forthefinancialyearended31December2010

APBF 2010 2009 AsiaPartner Bond Fund RM RM


(2,116,730) (1,084,181)

Net(loss)/incomeforthefinancialyear: Netrealisedincome/(loss) 701,298 681,481 Unrealisedcapital(loss)/gainoninvestments,netoftax 205,889 205,712

907,187 887,193


APMF 2010 2009 AsiaPartner Managed Fund RM RM


(3,879,775) 232,583

Net(loss)/incomeforthefinancialyear: Netrealisedincome/(loss) 1,215,779 120,254 Unrealisedcapital(loss)/gainoninvestments,netoftax 1,015,474 2,971,268

2,231,253 3,091,522





Cash Flow Statement forthefinancialyearended31December2010


CASH FLOWS FROM OPERATING ACTIVITIES Proceedsfromdisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 - unquotedcorporatedebtsecurities 0 0 - MalaysianGovernmentsecurities 0 0 - unquotedstructuredinvestment 251,736 0 - investment-linkedfunds 0 0Purchaseofheld-for-tradingfinancialassets: -quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 -unquotedcorporatedebtsecurities 0 0 -MalaysianGovernmentsecurities 0 0 -unquotedstructuredinvestment 0 (38,342,345) -investment-linkedfunds 0 0Interestincomereceived 0 0Dividendincomereceived 0 0Realisedgainonforeignexchange 0 0Realisedlossonforeignexchange 0 0Paymentoffundexpenses 0 0Taxrefunded 307 0

Netcash(outflow)/inflowfromoperatingactivities 252,043 (38,342,345)

CASH FLOWS FROM FINANCING ACTIVITIES Cashproceedsfromunitscreated 0 38,342,345Cashpaidonunitscancelled (252,043) 0

Netcashinflow/(outflow)fromfinancingactivities (252,043) 38,342,345

Netincreaseincashandcashequivalents 0 0Cashandcashequivalentsatbeginningofthefinancialyear 0 0

Cashandcashequivalentsatendofthefinancialyear 0 0

Cashandcashequivalentscomprise: Cashandbankbalances 0 0 Fixedandcalldepositwithmaturityoflessthanthreemonths 0 0

0 0


Cash Flow Statement (cont’d) forthefinancialyearended31December2010


CASH FLOWS FROM OPERATING ACTIVITIES Proceedsfromdisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes 3,904,027 442,695 - unquotedcorporatedebtsecurities 0 0 - MalaysianGovernmentsecurities 0 0 - unquotedstructuredinvestment 0 0 - investment-linkedfunds 0 0Purchaseofheld-for-tradingfinancialassets: -quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes (12,273,589) (5,859,044) -unquotedcorporatedebtsecurities 0 0 -MalaysianGovernmentsecurities 0 0 -unquotedstructuredinvestment 0 0 -investment-linkedfunds 0 0Interestincomereceived 0 0Dividendincomereceived 0 0Realisedgainonforeignexchange 4,805 2,284Realisedlossonforeignexchange (14,702) (656)Paymentoffundexpenses (101,689) (367,542)Taxrefunded 0 0

Netcash(outflow)/inflowfromoperatingactivities (8,481,148) (5,782,263)

CASH FLOWS FROM FINANCING ACTIVITIES Cashproceedsfromunitscreated 16,229,324 6,921,063Cashpaidonunitscancelled (7,748,175) (1,118,920)

Netcashinflow/(outflow)fromfinancingactivities 8,481,149 5,802,143

Netincreaseincashandcashequivalents 1 19,880Cashandcashequivalentsatbeginningofthefinancialyear 19,880 0

Cashandcashequivalentsatendofthefinancialyear 19,881 19,880

Cashandcashequivalentscomprise: Cashandbankbalances 19,881 19,880 Fixedandcalldepositwithmaturityoflessthanthreemonths 0 0

19,881 19,880




CASH FLOWS FROM OPERATING ACTIVITIES Proceedsfromdisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 - unquotedcorporatedebtsecurities 0 0 - MalaysianGovernmentsecurities 0 0 - unquotedstructuredinvestment 551,482 512,095 - investment-linkedfunds 0 0Purchaseofheld-for-tradingfinancialassets: -quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 -unquotedcorporatedebtsecurities 0 0 -MalaysianGovernmentsecurities 0 0 -unquotedstructuredinvestment 0 0 -investment-linkedfunds 0 0Interestincomereceived 0 0Dividendincomereceived 0 0Realisedgainonforeignexchange 0 0Realisedlossonforeignexchange 0 0Paymentoffundexpenses 0 0Taxrefunded 334 704

Netcash(outflow)/inflowfromoperatingactivities 551,816 512,799

CASH FLOWS FROM FINANCING ACTIVITIES Cashproceedsfromunitscreated 0 0Cashpaidonunitscancelled (551,816) (512,799)

Netcashinflow/(outflow)fromfinancingactivities (551,816) (512,799)

Netincreaseincashandcashequivalents 0 0Cashandcashequivalentsatbeginningofthefinancialyear 0 0



0 0





CASH FLOWS FROM OPERATING ACTIVITIES Proceedsfromdisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 33,134,675 15,756,722 -unquotedcollectiveinvestmentschemes 0 0 - unquotedcorporatedebtsecurities 0 0 - MalaysianGovernmentsecurities 0 0 - unquotedstructuredinvestment 0 0 - investment-linkedfunds 0 0Purchaseofheld-for-tradingfinancialassets: -quotedequitysecurities (15,386,442) (21,244,118) -unquotedcollectiveinvestmentschemes 0 0 -unquotedcorporatedebtsecurities 0 0 -MalaysianGovernmentsecurities 0 0 -unquotedstructuredinvestment 0 0 -investment-linkedfunds 0 0Interestincomereceived 36,590 130,453Dividendincomereceived 1,712,593 1,494,942Realisedgainonforeignexchange 0 0Realisedlossonforeignexchange 0 0Paymentoffundexpenses (1,654,860) (763,938)Taxrefunded/(Taxpaid) 393,882 (192,426)

Netcash(outflow)/inflowfromoperatingactivities 18,236,438 (4,818,365)


Netcashinflow/(outflow)fromfinancingactivities (19,403,254) (1,796,557)

Netincreaseincashandcashequivalents (1,166,816) (6,614,922)Cashandcashequivalentsatbeginningofthefinancialyear 1,897,767 8,512,689

Cashandcashequivalentsatendofthefinancialyear 730,951 1,897,767

Cashandcashequivalentscomprise: Cashandbankbalances 60,951 107,767 Fixedandcalldepositwithmaturityoflessthanthreemonths 670,000 1,790,000

730,951 1,897,767




CASH FLOWS FROM OPERATING ACTIVITIES Proceedsfromdisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 - unquotedcorporatedebtsecurities 3,706,021 2,020,400 - MalaysianGovernmentsecurities 0 1,069,000 - unquotedstructuredinvestment 0 0 - investment-linkedfunds 0 0Purchaseofheld-for-tradingfinancialassets: -quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 -unquotedcorporatedebtsecurities (2,510,469) (2,000,000) -MalaysianGovernmentsecurities 0 (1,057,800) -unquotedstructuredinvestment 0 0 -investment-linkedfunds 0 0Interestincomereceived 823,208 814,175Dividendincomereceived 0 0Realisedgainonforeignexchange 0 0Realisedlossonforeignexchange 0 0Paymentoffundexpenses (100,858) (87,302)Taxpaid (68,915) (68,414)

Netcash(outflow)/inflowfromoperatingactivities 1,848,987 690,059


Netcashinflow/(outflow)fromfinancingactivities (2,116,730) (1,084,181)

Netincreaseincashandcashequivalents (267,743) (394,122)Cashandcashequivalentsatbeginningofthefinancialyear 1,411,870 1,805,992

Cashandcashequivalentsatendofthefinancialyear 1,144,127 1,411,870

Cashandcashequivalentscomprise: Cashandbankbalances 44,127 6,870 Fixedandcalldepositwithmaturityoflessthanthreemonths 1,100,000 1,405,000

1,144,127 1,411,870





CASH FLOWS FROM OPERATING ACTIVITIES Proceedsfromdisposalofheld-for-tradingfinancialassets: - quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 - unquotedcorporatedebtsecurities 0 0 - MalaysianGovernmentsecurities 0 0 - unquotedstructuredinvestment 0 0 - investment-linkedfunds 4,591,801 869,878Purchaseofheld-for-tradingfinancialassetss: -quotedequitysecurities 0 0 -unquotedcollectiveinvestmentschemes 0 0 -unquotedcorporatedebtsecurities 0 0 -MalaysianGovernmentsecurities 0 0 -unquotedstructuredinvestment 0 0 -investment-linkedfunds (709,026) (1,099,461)Interestincomereceived 0 0Dividendincomereceived 0 0Realisedgainonforeignexchange 0 0Realisedlossonforeignexchange 0 0Paymentoffundexpenses (2,998) (3,147)Taxrefunded 0 0

Netcash(outflow)/inflowfromoperatingactivities 3,879,777 (232,730)


Netcashinflow/(outflow)fromfinancingactivities (3,879,775) 232,583

Netincreaseincashandcashequivalents 2 (147)Cashandcashequivalentsatbeginningofthefinancialyear 202 349



204 202



Notes to the Financial Statements 31December2010

1 PRINCIPAL ACTIVITIES AND GENERAL INFORMATION

The principal activities ofAsia Jade Fund (“AJF”),Asia Orient Fund (“AOF”),AsiaTriMax Fund (“ATMF”),AsiaPartnerEnterpriseFund(“APEF”),AsiaPartnerBondFund(“APBF”)andAsiaPartnerManagedFund(“APMF”)(hereinafterreferredtocollectivelyas“theFunds”)aretoinvestinauthorisedinvestments.

AJFwasestablishedon6July2009andthesaleoftheinvestment-linkedproductwasavailableforalimitedperiodof8June2009to30June2009.Thismaturityofthefundison11April2013.ThisFundaimstopreservetheinvestor’scapital and provide potential for enhanced returns by participating in positive movements in 3 underlying shares inChinai.e.ChinaMobileLtd.,ChinaRailwayGroupLtd.andChinaNationalOffshoreOilCorporationLtd.

AOFwasestablishedon2November2009.This Fundaims to providemedium to long-termcapital appreciationbyinvestinginasinglecollectiveinvestmentschemethatinvestsselectivelyinsecuritiessuchasequitiesandlinkedbonds,eitherlistedortobelisted,fromAsian(non-Japanese)equitymarkets.

ATMF aims to preserve the investor’s capital and provide potential for enhanced returns by participating in positivemovementsoftheunderlyingsharesinthe3sectorbasketsofthe3-Year-Equitylinkedstructuredproductwhichprovidesaperformancelock-infeatureannually.Thisclosedendedfundwasestablishedon4November2008.Thismaturityofthisfundison4November2011.

APEFaimstomaximisereturnsover themediumto long-termby investing inqualityshares listedonBursaMalaysiaSecuritiesBerhadandforeignstockexchange.Thisfundwasestablishedon1January2004.

APBF aims to provide medium to long-term accumulation of capital, by investing in quality fixed income securities.Thisfundwasestablishedon1January2004.

APMFseekstomaximisereturnsoverthemediumtolong-term.ThisisachievedbyinvestinginsharesandfixedincomesecuritiesthroughAPEFandAPBFandinanyotherAsiaPartnerorthirdpartyfundsthatmaybecomeavailableinthefuture.Thisfundwasestablishedon1January2004.

TheManagerofAJF,AOF,ATMF,APEF,APBFandAPMFisTokioMarineLifeInsuranceMalaysiaBhd(formerlyknownasTMASIALIFEMALAYSIABHD.).,acompanyincorporatedinMalaysia,whoseprincipalactivityisthatofconductinglifeinsurancebusiness,includinginvestment-linkedlifebusiness.

2 SIGNIFICANT ACCOUNTING POLICIES

Thefollowingaccountingpolicieshavebeenusedconsistently indealingwith itemswhichareconsideredmaterial inrelationtothefinancialstatements.

(a) Basis of preparation

Thefinancial statementsarepreparedunder thehistorical cost conventionexceptasdisclosed in this summary ofsignificantaccountingpolicies.ThefinancialstatementscomplywithFinancialReportingStandards(“FRS”),beingthe MalaysianAccountingStandardsBoard(“MASB”)ApprovedAccountingStandardsinMalaysiaforEntitiesOtherThan PrivateEntities,modifiedbytheGuidelineonInvestment-LinkedInsurance/TakafulBusinessissuedbyBankNegara Malaysiainallmaterialaspects.

ThepreparationoffinancialstatementsinconformitywiththeFRSrequirestheuseofestimatesandassumptions thataffectthereportedamountofassetsandliabilitiesanddisclosureofcontingentassetsandliabilitiesatthedate ofthefinancialstatements,andthereportedamountsofrevenuesandexpensesduringthereportedyear.Although theseestimatesarebasedontheDirectors’bestknowledgeofcurrenteventsandactions,actualresultsmaydiffer fromthoseestimates.


Notes to the Financial Statements (cont’d) 31December2010

2 SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation (cont’d)

(i) ChangesinAccountingPoliciesandEffectsArisingfromAdoptionofNewFRSsandBNMGuidelines

The Funds have adopted the following FRSs mandatory for financial periods beginning on or after 1January2010:

• FRS7 FinancialInstruments:Disclosures • FRS139 FinancialInstruments:RecognitionandMeasurement • FRS101(R) PresentationofFinancialStatements

ThemainprinciplesofFRS139inrelationtothevaluationofassetshavebeenaddressedbyPartD:Valuationof Assets and Liabilities prescribed under the RBC Framework, which the Funds had applied in the previous financialyear.

Other thanenhancedandadditionaldisclosures in thefinancial statements, therearenosignificant impact to the financial result and changes to the accounting policies following the implementation of FRS 7 and FRS101(R).

(ii) Standards,amendmentstopublishedstandardsandinterpretationsthatareissuedbutnotyeteffective

Standards,amendments topublishedstandardsand interpretations thatareapplicable to theFunds,which theFundshavenotearlyadopted,areasfollows:

Effectivedate

AmendmentstoFRS132,FinancialInstruments: Presentation-ClassificationofRightIssues 1March2010 AmendmentstoFRS139,FinancialInstruments: RecognitionandMeasurement 1July2010 AmendmentstoFRS7,FinancialInstruments:Disclosure -ImprovingDisclosuresaboutFinancialInstruments 1January2011 ImprovementstoFRSs 1January2011

Theadoptionof theabove revisedstandards,amendmentsand interpretations isnotexpected tohaveany significantfinancialimpacttothefinancialstatementsoftheFunds.

(b) Held-for-trading financial assets

TheFundsclassifyitsinvestmentportfoliointoheld-for-trading(“HFT”)financialassets.Financialassetsareclassifiedasheld-for-tradingif it isacquiredorincurredprincipallyforthepurposeofsellingorrepurchasingit intheneartermoritispartofaportfolioofidentifiedsecuritiesthataremanagedtogetherandforwhichthereisevidenceofarecentactualpatternofshorttermprofittaking.Theseinvestmentsareinitiallyrecordedatfairvalue.Subsequenttoinitialrecognition,theseinvestmentsareremeasurredatfairvalue.Fairvalueadjustmentsandrealisedgainsandlossesarerecognisedinstatementofincomeandexpenditure.


2 SIGNIFICANT ACCOUNTING POLICIES (cont’d)

(c) Fair value of financial instruments

The fair value of financial instruments that are actively traded in organised financial markets is determined byreferencetoquotedmarketbidpricesforassetsandofferpricesforliabilities,atthecloseofbusinessonthebalancesheetdate.

Forinvestmentsinunitandrealestateinvestmenttrusts,fairvalueisdeterminedbyreferencetopublishedbidvalues.

For financial instruments where there is not an active market, the fair value is determined by using valuationtechniques.Suchtechniquesincludeusingrecentarm’slengthtransactions,referencetothecurrentmarketvalueofanotherinstrumentwhichissubstantiallythesame,discountedcashflowanalysisand/oroptionpricingmodelsmakingmaximumuseofmarketinputsandrelyingaslittleaspossibleonentity-specificinputs.Fordiscountedcashflowtechniques,estimatedfuturecashflowsarebasedonmanagement’sbestestimatesandthediscountrateusedisamarketrelatedrateforasimilarinstrument.

Certainfinancialinstrumentsarevaluedusingpricingmodelsthatconsider,amongotherfactors,contractualandmarketprices,co-relation,timevalueofmoney,creditrisk,yieldcurvevolatilityfactorsand/orprepaymentratesoftheunderlyingpositions.Theuseofdifferentpricingmodelsandassumptionscouldproducemateriallydifferentestimatesoffairvalues.

Thefairvalueoffloatingrateandover-nightdepositswithfinancialinstitutionsistheircarryingvalue.Thecarryingvalueisthecostofthedeposit/placementandaccruedinterest/profit.Thefairvalueoffixedinterest/yield-bearingdepositsisestimatedusingdiscountedcashflowtechniques.Expectedcashflowsarediscountedatcurrentmarketratesforsimilarinstrumentsatthebalancesheetdate.

Ifthefairvaluecannotbemeasuredreliably,thesefinancialinstrumentsaremeasuredatcost,beingthefairvalueoftheconsiderationpaidfortheacquisitionoftheinstrumentortheamountreceivedonissuingthefinancialliability.Alltransactioncostsdirectlyattributabletotheacquisitionarealsoincludedinthecostoftheinvestment.

Investment-linkedfundsareinvestmentsinAPEFandAPBFvaluedattheNetAssetsValuepriceasatthedateofthestatementofassetsandliabilities.

The carrying values of financial assets and financial liabilities with a maturity period of less than one year areassumedtoapproximatetheirfairvalues.

(d) Net creation of units

Net creation of units represents premiums paid by policyholders as payment for new contract or subsequentpaymentstoincreasetheamountofthatcontract.Netcreationofunitsisrecognisedonareceiptbasis.

(e) Net cancellation of units

Netcancellationofunitsrepresentscancellationofunitsarisingfromsurrendersandwithdrawalsbypolicyholders.Cancellationisrecogniseduponsurrenderingoftherelatedinsurancecontract.

(f) Income recognition

Interestincome,includingtheamountofamortisationofpremiumsandaccretionofdiscounts,isrecognisedonatimeproportionbasisthattakesintoaccounttheeffectiveyieldoftheasset.

Dividendincomeisrecognisedwhentherighttoreceivepaymentisestablished.

Gainsorlossesarisingfromdisposalofinvestmentsarecreditedorchargedtothestatementofincomeandexpenditure.



2 SIGNIFICANT ACCOUNTING POLICIES (cont’d)

(g) Foreign currencies

ThefinancialstatementsarepresentedinRinggitMalaysia,whichistheFund’sfunctionalandpresentationcurrency.

ForeigncurrencytransactionsoftheCompanyaretranslatedintothefunctionalcurrencyusingtheexchangeratesprevailing at the transaction dates. Foreign currency monetary assets and liabilities are translated at exchangeratesprevailingat thebalancesheetdate.Exchangedifferencesarising from thesettlementof foreigncurrencytransactionsandfromthetranslationofforeigncurrencymonetaryassetsandliabilitiesareincludedinthestatementofincomeandexpenditure.

(h) Income taxes

CurrenttaxexpenseisdeterminedaccordingtothetaxlawsofthejurisdictioninwhichtheFundsoperateandincludealltaxesbaseduponthetaxableprofits.

Deferredtaxisrecognisedinfull,usingtheliabilitymethod,ontemporarydifferencesarisingbetweentheamountsattributedtoassetsandliabilitiesfortaxpurposeandtheircarryingamountsinthefinancialstatements.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be availableagainstwhich thedeductible temporarydifferencesorunused tax lossescanbeutilised. However,deferred taxisnotaccountedforifitarisesfrominitialrecognitionofanassetorliabilityinatransactionotherthanabusinesscombinationthatatthetimeofthetransactionaffectsneitheraccountingnortaxableprofitorloss.

Deferredtaxisdeterminedusingtaxrates(andtaxlaws)thathavebeenenactedorsubstantiallyenactedbythedateofthestatementofassetsandliabilities,andareexpectedtoapplywhentherelateddeferredtaxassetsisrealisedorthedeferredtaxliabilityissettled.

(i) Cash and cash equivalents

Cashandcashequivalentsconsistofcashandbankbalances,fixedandcalldepositswithmaturityofthreemonthsorless.

(j) Receivables

Receivables are recognisedwhendueandmeasuredon initial recognition at the fair value of the considerationreceived or receivable. Subsequent to initial recognition, receivables are measured at amortised cost, using theeffectiveyieldmethod.

Ifthereisobjectiveevidencethatthereceivableisimpaired,theFundsreducethecarryingamountofthereceivableaccordinglyandrecognisesthatimpairmentlossinthestatementofincomeandexpenditure.

(k) Payables

Payablesarerecognisedwhendueandmeasuredoninitialrecognitionatthefairvalueoftheconsiderationreceivedlessdirectlyattributabletransactioncosts.Subsequenttoinitialrecognition,theyaremeasuredatamortisedcostusingtheeffectiveyieldmethod.

(l) Management fee

Managementfeeiscalculatedinaccordancewiththeprovisionofthepolicydocument.


3 HELD-FOR-TRADING FINANCIAL ASSETS AJF 2010 2009 Asia Jade Fund RM RM

At fair value: Quotedequitysecurities 0 0 Unquotedcollectiveinvestmentschemes 0 0 Unquotedcorporatedebtsecurities 0 0 Unquotedstructuredinvestment 37,770,501 36,827,822 Investment-linkedfunds 0 0

37,770,501 36,827,822

Thematuritystructureofunquotedcorporatedebtsecuritiesisasfollows: 2010 2009 RM RM

Investmentsmaturingwithin12months 0 0 Investmentsmaturingafter12months 0 0

0 0


At fair value: Quotedequitysecurities 0 0 Unquotedcollectiveinvestmentschemes 15,054,422 5,397,164 Unquotedcorporatedebtsecurities 0 0 Unquotedstructuredinvestment 0 0 Investment-linkedfunds 0 0

15,054,422 5,397,164



0 0



3 HELD-FOR-TRADING FINANCIAL ASSETS (cont’d)


At fair value: Quotedequitysecurities 0 0 Unquotedcollectiveinvestmentschemes 0 0 Unquotedcorporatedebtsecurities 0 0 Unquotedstructuredinvestment 40,413,359 39,875,812 Investment-linkedfunds 0 0

40,413,359 39,875,812



0 0


At fair value: Quotedequitysecurities 45,549,470 53,862,271 Unquotedcollectiveinvestmentschemes 0 0 Unquotedcorporatedebtsecurities 0 0 Unquotedstructuredinvestment 0 0 Investment-linkedfunds 0 0

45,549,470 53,862,271



0 0


3 HELD-FOR-TRADING FINANCIAL ASSETS (cont’d)


At fair value: Quotedequitysecurities 0 0 Unquotedcollectiveinvestmentschemes 0 0 Unquotedcorporatedebtsecurities 12,263,864 13,162,360 Unquotedstructuredinvestment 0 0 Investment-linkedfunds 0 0

12,263,864 13,162,360


Investmentsmaturingwithin12months 1,021,800 400,160 Investmentsmaturingafter12months 11,242,064 12,762,200

12,263,864 13,162,360


At fair value: Quotedequitysecurities 0 0 Unquotedcollectiveinvestmentschemes 0 0 Unquotedcorporatedebtsecurities 0 0 Unquotedstructuredinvestment 0 0 Investment-linkedfunds 12,976,163 14,624,675

12,976,163 14,624,675



0 0



4 DEFERRED TAX ASSETS/(LIABILITIES)

Deferredtaxassetsandliabilitiesareoffsetwhenthereisalegallyenforceablerighttosetoffcurrenttaxassetsagainst currenttaxliabilitiesandwhenthedeferredtaxesrelatetothesametaxauthority.

Thefollowingamounts,determinedafterappropriateoffsetting,areshowninthestatementofassetsandliabilities:


Subjecttoincometax(before/afteroffsetting): Deferredtaxassets/(liabilities)arisingfrom: - HFTfinancialassets 25,290 121,162

Deferredtaxassets/(liabilities): Atbeginningofthefinancialyear 121,162 0 Credited/(charged)tostatementofincomeandexpenditure(Note6): - HFTfinancialassets (95,872) 121,162

Atendofthefinancialyear 25,290 121,162


Subjecttoincometax(before/afteroffsetting): Deferredtaxassets/(liabilities)arisingfrom: - HFTfinancialassets (113,116) (20,440)

Deferredtaxassets/(liabilities): Atbeginningofthefinancialyear (20,440) 0 Credited/(charged)tostatementofincomeandexpenditure(Note6): - HFTfinancialassets (92,676) (20,440)

Atendofthefinancialyear (113,116) (20,440)


4 DEFERRED TAX ASSETS/(LIABILITIES) (cont’d)


Subjecttoincometax(before/afteroffsetting): Deferredtaxassets/(liabilities)arisingfrom: - HFTfinancialassets (25,023) 62,448

Deferredtaxassets/(liabilities): Atbeginningofthefinancialyear 62,448 121,885 Credited/(charged)tostatementofincomeandexpenditure(Note6): - HFTfinancialassets (87,471) (59,437)

Atendofthefinancialyear (25,023) 62,448


Subjecttoincometax(before/afteroffsetting): Deferredtaxassets/(liabilities)arisingfrom: - HFTfinancialassets (1,084,644) (832,115)

Deferredtaxassets/(liabilities): Atbeginningofthefinancialyear (832,115) 384,325 Credited/(charged)tostatementofincomeandexpenditure(Note6): - HFTfinancialassets (252,529) (1,216,440)

Atendofthefinancialyear (1,084,644) (832,115)



4 DEFERRED TAX ASSETS/(LIABILITIES) (cont’d)


Subjecttoincometax(before/afteroffsetting): Deferredtaxassets/(liabilities)arisingfrom: - HFTfinancialassets (29,147) (11,243)

Deferredtaxassets/(liabilities): Atbeginningofthefinancialyear (11,243) 6,645 Credited/(charged)tostatementofincomeandexpenditure(Note6): - HFTfinancialassets (17,904) (17,888)

Atendofthefinancialyear (29,147) (11,243)


Subjecttoincometax(before/afteroffsetting): Deferredtaxassets/(liabilities)arisingfrom: - HFTfinancialassets 0 0

Deferredtaxassets/(liabilities): Atbeginningofthefinancialyear 0 0 Credited/(charged)tostatementofincomeandexpenditure(Note6): - HFTfinancialassets 0 0

Atendofthefinancialyear 0 0


5 POLICYHOLDERS’ CAPITAL AJF Asia Jade Fund RM Units

2010 Atbeginningofthefinancialyear 38,342,345 38,342,345 Netcreationofunits 0 0 Netcancellationofunits (252,043) (255,725)

Atendofthefinancialyear 38,090,302 38,086,620

2009 Atbeginningofthefinancialyear 0 0 Netcreationofunits 38,342,345 38,342,345 Netcancellationofunits 0 0


AOF Asia Orient Fund RM Units

2010 Atbeginningofthefinancialyear 5,802,143 5,573,405 Netcreationofunits 16,229,324 15,571,579 Netcancellationofunits (7,748,175) (7,331,685)


2009 Atbeginningofthefinancialyear 0 0 Netcreationofunits 6,921,063 6,655,409 Netcancellationofunits (1,118,920) (1,082,004)




5 POLICYHOLDERS’ CAPITAL (cont’d)

ATMF Asia TriMax Fund RM Units





APEF AsiaPartner Enterprise Fund RM Units






5 POLICYHOLDERS’ CAPITAL (cont’d)

APBF AsiaPartner Bond Fund RM Units





APMF AsiaPartner Managed Fund RM Units







6 TAXATION AJF 2010 2009 Asia Jade Fund RM RM

Currenttaxexpense/(income)forthefinancialyear (319) 0 Deferredtax(Note4) 95,872 (121,162)

Taxation 95,553 (121,162)

Netincome/(loss)beforetaxation 1,194,415 (1,514,523)

TaxcalculatedattheMalaysiantaxrateof8%(2009:8%) 95,553 (121,162) Taxeffectsof: - expensesnotdeductiblefortaxpurposes 0 0 - incomenotsubjecttotax 0 0

Taxation 95,553 (121,162)


Currenttaxexpense/(income)forthefinancialyear 19,208 1,056 Deferredtax(Note4) 92,676 20,440

Taxation 111,884 21,496

Netincome/(loss)beforetaxation 1,239,256 258,497

TaxcalculatedattheMalaysiantaxrateof8%(2009:8%) 99,141 20,680 Taxeffectsof: - expensesnotdeductiblefortaxpurposes 12,744 816 - incomenotsubjecttotax 0 0

Taxation 111,885 21,496


6 TAXATION (cont’d)

ATMF RM RM Asia TriMax Fund 2010 2009

Currenttaxexpense/(income)forthefinancialyear (348) (720) Deferredtax(Note4) 87,471 59,437

Taxation 87,123 58,717

Netincome/(loss)beforetaxation 1,089,030 733,960

TaxcalculatedattheMalaysiantaxrateof8%(2009:8%) 87,123 58,717 Taxeffectsof: - expensesnotdeductiblefortaxpurposes 0 0 - incomenotsubjecttotax 0 0

Taxation 87,123 58,717

APEF RM RM AsiaPartner Enterprise Fund 2010 2009

Currenttaxexpense/(income)forthefinancialyear 591,681 146,116 Deferredtax(Note4) 252,529 1,216,440

Taxation 844,210 1,362,556

Netincome/(loss)beforetaxation 10,506,895 16,776,944

TaxcalculatedattheMalaysiantaxrateof8%(2009:8%) 840,552 1,342,156 Taxeffectsof: - expensesnotdeductiblefortaxpurposes 68,108 65,304 - incomenotsubjecttotax (64,450) (44,904)

Taxation 844,210 1,362,556


6 TAXATION (cont’d)

APBF RM RM AsiaPartner Bond Fund 2010 2009

Currenttaxexpense/(income)forthefinancialyear 69,059 67,740 Deferredtax(Note4) 17,904 17,888

Taxation 86,963 85,628

Netincome/(loss)beforetaxation 994,150 972,821

TaxcalculatedattheMalaysiantaxrateof8%(2009:8%) 79,532 77,825 Taxeffectsof: - expensesnotdeductiblefortaxpurposes 7,431 7,803 - incomenotsubjecttotax 0 0

Taxation 86,963 85,628

APMF RM RM AsiaPartner Managed Fund 2010 2009

Currenttaxexpense/(income)forthefinancialyear 0 0 Deferredtax(Note4) 0 0

Taxation 0 0

Netincome/(loss)beforetaxation 2,231,253 3,091,522

TaxcalculatedattheMalaysiantaxrateof8%(2009:8%) 178,500 247,322 Taxeffectsof: - expensesnotdeductiblefortaxpurposes 241 251 - incomenotsubjecttotax (178,741) (247,573)

Taxation 0 0



Statement by Manager

ASIA JADE FUND (“AJF”) ASIA ORIENT FUND (“AOF”)ASIA TRIMAX FUND (“ATMF”) ASIAPARTNER ENTERPRISE FUND (“APEF”)ASIAPARTNER BOND FUND (“APBF”) ASIAPARTNER MANAGED FUND (“APMF”) (HEREINAFTER REFERRED TO COLLECTIVELY AS “THE FUNDS”)

We,Yip JianLeeandYeohChongKeng, twoof theDirectorsofTokioMarineLife InsuranceMalaysiaBhd., state that, intheopinionof theManager of theaboveFunds, theaccompanyingfinancial statements set out onpages28 to64havebeenproperlydrawnupinaccordancewithFinancialReportingStandards,beingtheMalaysianAccountingStandardsBoard(“MASB”)ApprovedAccountingStandardsinMalaysiaforOtherEntitiesOtherThanPrivateEntities,modifiedbytheGuidelinesonInvestment-LinkedInsurance/TakafulBusinessissuedbyBankNegaraMalaysiasoastogiveatrueandfairviewofthefinancialpositionoftheFundsasat31December2010andoftheirfinancialperformance,changesinnetassetvalueandcashflowsforthefinancialyearthenended.

OnbehalfoftheManager

Yip Jian Lee Yeoh Chong KengDirector Director

24March2011


Independent Auditors’ Report tothePolicyholdersofTokioMarineLifeInsuranceMalaysiaBhd.(formerlyknownasTMAsiaLifeMalaysiaBhd.)

Investment-linkedfunds(IncorporatedinMalaysia)(CompanyNo.457556-X)

ASIA JADE FUND (“AJF”) ASIA ORIENT FUND (“AOF”)ASIA TRIMAX FUND (“ATMF”) ASIAPARTNER ENTERPRISE FUND (“APEF”)ASIAPARTNER BOND FUND (“APBF”) ASIAPARTNER MANAGED FUND (“APMF”) (HEREINAFTER REFERRED TO COLLECTIVELY AS “THE FUNDS”)

REPORT ON THE FINANCIAL STATEMENTSWehaveauditedthefinancialstatementsofTokioMarineLifeInsuranceMalaysiaBhd.Investment-LinkedFunds,consistingofAsiaJadeFund,AsiaOrientFund,AsiaTriMaxFund,AsiaPartnerEnterpriseFund,AsiaPartnerBondFundAndAsiaPartnerManaged Fund (“the Funds”), which comprise the statement of assets and liabilities as at 31 December 2010, and thestatementofincomeandexpenditure,statementofchangesinnetassetvalueandcashflowstatementforthefinancialyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatorynotes,assetoutonpages28to64.

Manager’s Responsibility for the Financial StatementsTheManageroftheFundsareresponsibleforthepreparationoffinancialstatementsthatgiveatrueandfairviewinaccordancewithFinancialReportingStandards,beingtheMalaysianAccountingStandardBoard(“MASB”)ApprovedAccountingStandardsinMalaysiaforEntitiesOtherThanPrivateEntities,modifiedbytheGuidelinesonInvestment-LinkedInsurance/TakafulBusinessissuedbyBankNegaraMalaysia,andforsuchinternalcontrolsastheManagerofthefundsdeterminearenecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.

Auditors’ ResponsibilityOurresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewithapprovedstandardsonauditinginMalaysia.Thosestandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassurancewhetherthefinancialstatementsarefreefrommaterialmisstatement.

Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialstatements.Theproceduresselecteddependonourjudgement,includingtheassessmentofrisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,weconsiderinternalcontrolrelevanttotheFunds’preparationandfairpresentationofthefinancialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheFunds’internalcontrol.AnauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebytheManager,aswellasevaluatingtheoverallpresentationofthefinancialstatements.

Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.

OpinionInouropinion,thefinancialstatementshavebeenproperlydrawnupinaccordancewithFinancialReportingStandards,beingtheMalaysianAccountingStandardBoard(“MASB”)ApprovedAccountingStandardsinMalaysiaforEntitiesOtherThanPrivateEntities,modifiedbytheGuidelinesonInvestment-LinkedInsurance/TakafulBusinessissuedbyBankNegaraMalaysiasoastogiveatrueandfairviewofthefinancialpositionoftheFundsasof31December2010andoftheirfinancialperformanceandcashflowsforthefinancialyearthenended.

OTHER MATTERSThisreportismadesolelytothepolicyholdersoftheFundsandfornootherpurpose.Wedonotassumeresponsibilitytoanyotherpersonforthecontentofthisreport.

PRICEWATERHOUSECOOPERS (No.AF:1146)CharteredAccountants

KualaLumpur24March2011

fund performance report 2010...and after hints of a second dose of us’ qe. the klci reached a new...

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