Funds GreatLink - Great Eastern Life

MICA (P) 100/02/2006 

Statement and Report 

for the Period 1 January 2006 – 30 June 2006 

GreatLink 

Funds

c o n t e n t s 

contents 

CEO’s Message 1 

Announcements 2 

Lead Stories 4 

Greatlink Lifestyle Portfolios 6 

Global Balanced 12 

Global Equities 15 

Regional Equities 24 

Non-Equities 33 

Others 37 

Portfolio Statement 42 

Expense & Turnover Ratios 84 

Soft Dollar Commissions 85 

Top 10 Investments 86 

Capital Account 94 

Statement Of Assets & Liabilities 96 

Notes To The Accounts 98

CEO’S MESSAGE 

Dear Valued Policyholders 

The first half of this year has been rather bumpy for investments. After 

months of steady climb, global stock prices experienced a sharp drop in May and June. 

GreatLink Funds, like most investments, are not immune to market volatility. But 

our experienced fund managers have managed to achieve fairly satisfactory results. 

Our GreatLink Enhancer Fund, GreatLink Asean Growth Fund and GreatLink 

Singapore Equities Fund gained 7.3%, 9.5% and 7.9% respectively for the first 6 

months of this year. 

In the lead article that follows, we will share with you the reasons behind the 

recent stock market tumble and how investors should deal with such volatility. 

This year, we launched several new products. One of them is the GreatLink 

Dynamic Saver that can help you attain your financial goals even faster through 

a high allocation rate and extra bonus units. Give your Life Planner a call to find 

out how this dynamic plan can benefit you. 

Here’s wishing you a Great Life, always! 

Yours sincerely 

Tan Beng Lee 

Director & Group CEO 

August 2006 

1

ANNOUNCEMENTS 

Change of Fund Managers 

for GreatLink Global Technology Fund 

Great Eastern continually reviews your investments and implement changes that 

we believe can benefit the performance of the investments. As such, we are going 

to implement a change of fund managers for GreatLink Global Technology Fund. 

The existing fund manager, Schroder Investment Management, will be replaced 

by Lion Capital Management (Lion Capital) and sub manager, Wellington International 

Management Company (“Wellington”), as of 1 November 2006. 

The table below is a summary of the change that will take place: 

Fund Manager 

Sub Manager 

Fund Structure 

Fund Objective 

Fund Name 

Existing 

Schroder Investment Management 

N.A. 

A dedicated (stand-alone) fund 

To achieve long-term capital growth 

through investment in global technology 

stocks. The Fund offers exposure to the 

rapidly growing adoption of technology 

across economies worldwide. Specifically, 

it aims to achieve high returns by investing 

in technology companies as well as in a 

range of industries where the growth 

opportunities have been impacted by 

technological developments. 

GreatLink Global Technology Fund 

From 1 November 2006 

Lion Capital Management Ltd 

Wellington International Management 

No Change 

No Change 

No Change 

2 

Why is Lion Capital selected 

as the Fund Manager? 

We believe that you can gain from Lion 

Capital’s expertise and proven track 

record in managing funds. With about 

S$28 billion assets under management 

as at 30 June 2006, Lion Capital is one 

of the largest asset management 

companies in Singapore with staff 

strength of about 120. It is 70% owned 

by Great Eastern Holdings Limited and 

30% owned by Orient Holdings Private 

Limited, a wholly-owned subsidiary of 

OCBC Bank. 

Lion Capital is headed by Chief Executive 

Officer and Chief Investment Officer, 

Mr Daniel Chan, who has over 27 years 

in the fund management business. Lion 

Capital has an experienced team 

dedicated to regional and global equities 

and global fixed income markets. The

ANNOUNCEMENTS 

team heads each have more than 10 

years of investment experience. Lion 

Capital's investment capabilities are 

greatly enhanced by its specialized teams 

of experienced analysts and investment 

managers. The firm's investment 

approach will be team-based and 

research-intensive, combining in-depth 

market insights with comprehensive 

sector knowledge. 

As a testimony of their capabilities, they 

have garnered a total of 11 fund related 

awards from the S&P Investment 2006 

Singapore Fund Awards and the Edge- 

Lipper Singapore Fund Awards 2006. 

Why is Wellington selected 

as the Sub Manager? 


Company is one of America's oldest and 

largest independent investment 

management firms, tracing its origin to 

1928. As of 30 June 2006, Wellington 

had client assets under management 

totaling over US$529 billion. 

There are 6 professionals in the 

investment team, each with an average 

of 10 to 25 years of investment 

experience, and of which 3 members 

have worked together since 1994. Their 

strong performance can be seen during 

the technology bubble in the early 2000s, 

where they have managed to outperform 

the technology indices. Their investment 

process is mainly through bottom-up 

research and stocks selection. The team 

members’ deep experience and 

specialization in each sub-sector in the 

technology universe are expected to 

result in good judgment and insight. 

There is also an established long-term 

relationship between team members, 

seamless communication and portfolio 

construction through consensus 

discussion. 

Wellington’s strong historical track 

record is a reflection of the team’s depth 

of experience and the skills of the 

portfolio managers to be nimble where 

investments into technology are 

concerned. As such, we believe that 

policyholders who have invested in 

GreatLink Global Technology Fund will 

benefit from having Wellington 

Management as the sub fund manager. 

If you prefer to switch out of 

the fund, what should you do? 

If you wish to switch from GreatLink 

Global Technology Fund to another 

GreatLink Fund, you may: 

i. Contact your Great Eastern Life 

Planner for assistance OR 

ii. Log on to eConnect at 

www.lifeisgreat.com.sg to submit 

your switch request. 

We will waive the cost of the first switch 

if the switch is done between 1 

September 2006 and 31 October 2006. 

This privilege is applicable only to 

policyholders with existing unit holdings 

in the GreatLink Global Technology Fund 

as at 31 August 2006. 

3

LEAD STORIES 

How to handle an 

Emotional Stock Market? 

The first half of 2006 was nothing short of a roller coaster ride. The year started 

off with the stock markets climbing and global economies growing at a blazing 

pace. In the first quarter, the US dashed ahead with a 5.6% growth, the highest 

in 2 1 /2 years. Locally, our economy sizzled with 10.7% growth year-on-year. And 

the STI reached an all-time high. Unlike the rally in year 2000, this round of stock 

market rise was supported by solid fundamentals and a global trade boom. 

The roller coaster plunge took place in 

May when anxious investors decided to 

sell off their stock holdings. Stock 

markets around the world nose-dived, 

leaving investors shell-shocked and 

triggering more sell-offs that led to even 

lower stock prices. 

Why did stock markets dive? 

There was no repeat of a terrorist attack 

as shattering as September 11. There 

was neither a financial crisis similar to 

the 1997 Asian Financial Crisis. The 

plunge came when investors became 

nervous over the possibility that 

economic growth will be derailed as a 

result of higher US interest rates and 

rising inflation. 

In short, the trigger for the sell-off was 

the investors’ sentiments. Many 

economists believed that investors were 

over-reacting to groundless fears. They 

reiterated that economic and corporate 

fundamentals remain strong and that 

the outlook is positive. 

Economies are still going strong 

Despite higher interest rates plus oil 

prices hitting fresh highs time and again, 

world economies have held up 

exceedingly well. Contrary to previous 

dire predictions, economies did not 

slump into recession nor were they 

crippled. The fear of higher interest rates 

derailing growth appears unsubstantiated. 

The worry of high oil prices driving up 

inflation also seemed unfounded. Inflation 

in most countries is well-contained and 

global economic growth has been healthy. 

Economic growth is currently supported 

by solid economic fundamentals, active 

global trade and backed by rising 

company profits. This is seen through 

healthy second quarter economic data. 

Amid the sell-off in May and June, 

economic growth in second quarter 

remained on track. Singapore’s economy 

posted 7.5% growth. China grew by 11%. 

Data for US has yet to be released, but 

growth is likely to be softer at around 

3% and is likely to remain at this relatively 

stable level for the rest of the year. 

4

LEAD STORIES 

Amid the growth, market volatility may 

increase due to uncertainties and fears 

over energy prices, Iran’s and North 

Korea’s nuclear ambition, escalating 

Middle East tensions, US hurricane 

season and tightening global monetary 

policies. 

Handling an emotional stock 

market 

Reacting to stock market volatility is 

often a costly affair. When emotions 

rule, investors end up investing when 

share prices are rising and selling their 

investments when prices are falling! 

This buy high, sell low phenomenon may 

wipe away all your gains! And when the 

rebound comes about, you are not in 

the market to reap the returns. 

Know your risk appetite, investment 

objectives and timeframe 

Great Eastern always advocates the tried 

and tested approach towards investing. 

That is, to select investments that are 

compatible with your risk appetite, hold 

for the medium to long term, and then 

reap the rewards in due course. One should 

not panic and react to market volatility. 

Hold your investments long enough, and 

as they recover, you'll also gain. 

Also, instead of timing the sale of your 

investments according to what is 

happening in the market, time it 

according to your financial and lifestyle 

needs. For instance, if your investment 

goal is to build sufficient funds for your 

retirement, you should hold on to your 

investments till then. When you have a 

clear investment objective and timeframe, 

you can avoid the pitfalls of timing 

the market. 

One possible investment that helps you 

to invest according to your lifestyle 

needs is our GreatLink Lifestyle 

Portfolios. There are various portfolios 

to suit different investors with a different 

stomach for risk. The portfolios offer 

an auto-balancing feature so that the 

risk is always maintained at a level that 

you are able to take. 

Benefit from dollar cost averaging 

You can also consider the dollar cost 

averaging approach to investing. Dollar 

cost averaging works when you invest 

a fixed amount of money into the same 

stock or fund at regular intervals 

regardless of market condition. The 

recurring nature of your investment 

allows you to purchase more units when 

the price is low and fewer units when 

the price is high. As a result, your average 

cost of investment is likely to be lower, 

the volatility of the market is ironed out 

and your investment returns in a 

fluctuating market are likely to increase 

over the medium to long term. It is a 

simple yet powerful approach to 

investing. 

Start your review and planning now! 

Of course, there is no single solution 

that is applicable to everyone. Hence, 

we urge you to speak to your Life 

Planner today. He can review your 

existing investments and advise you on 

the investment that best suits you. 

5

GREATLINK LIFESTYLE PORTFOLIOS report as at 30 June 2006 

FUND FACTS 

Inception Date 25 March 2002 

Fund Manager 

Lion Capital Management 

(wef 26 Sep 2005) 

Currency of Fund 

Singapore Dollar 

Valuation Frequency 

Daily 

Bid-Offer Spread 5% 

Fund Management Fee* Dynamic 1.3875% p.a. 

Progressive 1.2575% p.a. 

Balanced 1.1475% p.a. 

Steady 

1.0375% p.a. 

Secure 

0.8725% p.a. 

* These are weighted average fund management charge which could be used as an indicative 

fund management charge for the Lifestyle Funds 

INVESTMENT STRATEGY 

A separate portfolio account is maintained for each Lifestyle 

Portfolio which is invested in accordance with the investment objective 

applicable to the Lifestyle Portfolio to which such portfolio relates. 

The investment objectives of the 5 Lifestyle Portfolios are to 

achieve medium to long term capital appreciation for the investor. 

The investment policies for the GreatLink Lifestyle Secure 

Portfolio, GreatLink Lifestyle Steady Portfolio, GreatLink Lifestyle 

Balanced Portfolio, and GreatLink Lifestyle Progressive Portfolio 

are to invest the assets of each of these Lifestyle Portfolios in 

equities and bonds (or in one or more different mutual fund(s) 

and unit trust(s) reflecting an underlying investment in such equities 

and bonds) in the proportion of approximately 20:80, 40:60, 60:40, 

80:20 respectively. The investment policy for GreatLink Lifestyle 

Dynamic Portfolio is to invest the assets only in equities (or in 

one or more different mutual fund(s) and unit trust(s) reflecting 

an underlying investment in equities). 

GREATLINK LIFESTYLE PORTFOLIOS (ASSET ALLOCATION) 

GreatLink Constituent Funds Secure Steady Balanced Progressive Dynamic 

GreatLink Stable Bond Fund 20% 10% 5% 0% 0% 

GreatLink Global Bond Fund 60% 50% 35% 20% 0% 

GreatLink Global Intersection Fund 5% 15% 20% 25% 35% 

GreatLink Global Value Equity Fund 5% 15% 20% 25% 35% 

GreatLink Far East Ex Japan Equities Fund 5% 5% 10% 15% 15% 

GreatLink Singapore Equities Fund 5% 5% 10% 15% 15% 

6 

NOTE: This factsheet is compiled by Great Eastern Life. The information presented is for informational use only. The performance of the Fund is not guaranteed and the value may increase or 

decrease in accordance with the future experience of the Fund. Past returns are not necessarily a guide to future performance.


DYNAMIC 

FUND FACTS 

Offer Price S$ 1.216 

Bid Price S$ 1.156 

Fund Size 

S$ 12.72 mil 

CPF Included 

CPFIS – OA 

Risk Category 

Higher Risk / Broadly Diversified 

Benchmark 

Composite of Underlying Funds’ 

Benchmarks 

S&P Fund Stars ★★★★ (as at 31 Mar 2006) 

PORTFOLIO WEIGHTINGS 

Global Equities 

(Value) 

34% 

Singapore 

Equities 

16% 

FUND PERFORMANCE SINCE INCEPTION 

Price Indexed 

148 

140 

132 

124 

116 

108 

100 

92 

84 

76 

68 

60 


(Growth) 

34% 

Far East ex 

Japan Equities 

16% 

Performance Review (Mar 2002 to Jun 2006) 

+31.23 

+21.68 

03 04 05 06 

48 

40 

32 

24 

15 

8 

0 

-8 

-16 

-24 

-32 

-40 

––––– Greatlink Lifestyle Dynamic Portfolio ––––– Benchmark Index 

Benchmark: Composite of underlying funds’ benchmarks. Off-bid uses actual prices. Curr-chg 

uses bid-bid adjusted for current spread. The values of your units may go down as well as up. 

Past performance is not necessarily a guide to the future. 

Source: S&P Micropal 

For Top 10 Investments refer to page 87. 

Percent Change 

Manager Commentary 

Market Review – Since Jan this year, global bond markets 

continued to sell off as investors were increasingly concerned 

about the prospects of rising inflationary pressures as well as a 

slow-down in the housing sector. On the back of these concerns, 

the Fed Funds rate was raised 4 times from 4.25% at the beginning 

of this year to 5.25% on 29 June 06. In Euroland, growth has picked 

up, supported by exports, capital spending and domestic 

consumption. Since the beginning of the year, the European Central 

Bank (ECB) has already raised interest rates twice by 25bp each 

time from 2.25% to the current 2.75%. In Japan, economic growth 

continued to pick up on the back of business and consumer 

confidence, as well as private capital expenditure. 

Global equities performed well in the first four months of this 

year, until the sharp market correction in May due to inflationary 

concerns brought by soaring commodity prices, which brought most 

equity indices close to levels seen at the beginning of this year. 

For the first half of 2006, GreatLink Lifestyle Secure had the 

best performance and outperformed its benchmark by 0.2%. However, 

the remaining funds did not fare well, with GreatLink Lifestyle 

Progressive, Balance and Steady underperforming by 0.4%, while 

GreatLink Dynamic was impacted with a 0.9% underperformance. 

Market Outlook – For 2H 06, we expect inflation-vigilant central 

banks to continue to tighten. There is enough variability in the US 

data such that it is going to be more and more of a judgment call 

by the Fed to decide when and how much pressure to apply when 

stepping on the brakes. As for Europe, upside surprises to growth 

and employment in Europe are expected, with the ECB likely to 

hike policy rates at least once a quarter. Further strength in the 

Euro currency will take some of the pressure off interest rates. 

For Japan, with a new forward-looking framework in place, continued 

economic growth and firmer prices are setting the stage for the 

BoJ to abandon its zero interest-rate policy, although a decisive 

turning point has yet to be reached. 

Despite the recent sharp correction in global equities market, 

global economies continue to be resilient. With US economic 

growth moderating, we expect global equities to remain range 

bound and supported by reasonable valuations. Relatively low level 

of real interest rates, gains in productivity and a largely healthy 

corporate sector should cushion the slowdown. As the probability 

of hard landing/recession seems low at this stage, the Fed is expected 

to tighten by another 25 – 50bp. However in the case of Japan and 

Europe, both the ECB and the BOJ remain in the midst of the 

monetary tightening cycle. The key risks to the global equity markets 

are high energy prices arising from supply disruptions in the Middle 

East, the US hurricane season in the third quarter and the possibility 

of tighter than expected global monetary policies. 

Data source – Bloomberg and Lion Capital Management Limited 

PERFORMANCE ON BID-BID BASIS (%) 

3mths 6 mths 1 year 3 years 3 years Since Inception Since Inception 

(annualised) 

(annualised) 

Greatlink Lifestyle Dynamic Portfolio -3.51 0.96 9.99 45.59 13.34 21.68 4.71 

Benchmark Index -2.65 1.83 11.22 53.62 15.38 31.23 6.58 


decrease in accordance with the future experience of the Fund. Past returns are not necessarily a guide to future performance. 

7


PROGRESSIVE 

FUND FACTS 



Fund Size 

S$ 20.27 mil 

CPF Included 

CPFIS – OA 

Risk Category 


Benchmark 


Benchmarks 

S&P Fund Stars ★★★★★ (as at 31 Mar 2006) 



Price Indexed 

145.0 

137.5 

130.0 

122.5 

115.0 

107.5 

100.0 

92.5 

85.0 

77.5 

70.0 


(Growth) 

25% 


(Value) 

25% 

Far East ex 


17% 

Global Bonds 

16% 


03 04 05 06 

Singapore 

Equities 

17% 

+31.17 

+27.07 

45.0 

37.5 

30.0 

22.5 

15.0 

7.5 

0.0 

-7.5 

-15.0 

-22.5 

-30.0 

––––– Greatlink Lifestyle Progressive Portfolio ––––– Benchmark Index 























































8 



(annualised) 

(annualised) 

Greatlink Lifestyle Progressive Portfolio -3.05 0.92 7.86 39.22 11.66 27.07 5.77 





BALANCED 

FUND FACTS 



Fund Size 

S$ 175.96 mil 

CPF Included 

CPFIS – OA & SA 

Risk Category 

Medium to High Risk / Broadly Diversified 

Benchmark 


Benchmarks 




Price Indexed 

136 

130 

124 

118 

112 

106 

100 

94 

88 

82 

76 


(Growth) 

20% 

Far East ex 


11% 


(Value) 

20% 

Singapore 

Equities 

11% 

Short-Term 

Bonds 

5% 


Global Bonds 

33% 

+27.15 

+24.32 

03 04 05 06 

36 

30 

24 

18 

12 

6 

0 

-6 

-12 

-18 

-24 

––––– Greatlink Lifestyle Balanced Portfolio ––––– Benchmark Index 

























































(annualised) 

(annualised) 

Greatlink Lifestyle Balanced Portfolio -2.32 0.17 4.98 28.93 8.84 24.32 5.24 




9


STEADY 



Price Indexed 

FUND FACTS 



Fund Size 

S$ 21.18 mil 

CPF Included 


Risk Category 

Medium to High Risk /Broadly Diversified 

Benchmark 


Benchmarks 

S&P Fund Stars ★ (as at 31 Mar 2006) 

130 

125 

120 

115 

110 

105 

100 

95 

90 

85 


(Growth) 

15% 


(Value) 

15% 

Far East ex 


5% 

Singapore 

Equities 

6% 

Short-Term 

Bonds 

9% 

Global Bonds 

50% 


+22.85 

+21.37 

03 04 05 06 

––––– Greatlink Lifestyle Steady Portfolio ––––– Benchmark Index 






30 

25 

20 

15 

10 

5 

0 

-5 

-10 

-15 


















































10 



(annualised) 

(annualised) 

Greatlink Lifestyle Steady Portfolio -1.71 -0.52 1.86 18.87 5.93 21.37 4.64 

Benchmark Index -1.05 -0.16 2.67 21.19 6.61 22.85 4.94 




SECURE 

FUND FACTS 



Fund Size 

S$ 17.71 mil 

CPF Included 


Risk Category 


Benchmark 


Benchmarks 

S&P Fund Stars ★★ (as at 31 Mar 2006) 



(Growth) 

Global Equities 6% 

(Value) 

5% 

Far East ex 


5% 

Singapore 

Equities 

5% 

Short-Term 

Bonds 

19% 

Global Bonds 

60% 
























Price Indexed 

124 

121 

118 

115 

112 

109 

106 

103 

100 

97 

94 

91 


24 

+20.14 

21 

18 

+19.89 

15 

12 

9 

6 

3 

0 

-3 

-6 

-9 

03 04 05 06 

––––– Greatlink Lifestyle Secure Portfolio ––––– Benchmark Index 

Benchmark: Composite of underlying funds’ benchmarks. Off-bid actual prices. Curr-chg uses 

bid-bid adjusted for current spread. The values of your units may go down as well as up. Past 

performance is not necessarily a guide to the future. 
































(annualised) 

(annualised) 

Greatlink Lifestyle Secure Portfolio -0.96 -0.18 0.26 12.11 3.88 19.89 4.35 

Benchmark Index -0.44 -0.40 0.66 13.57 4.33 20.14 4.40 



11

GREATLINK GLOBAL SUPREME FUND report as at 30 June 2006 

FUND OBJECTIVE & INVESTMENT STRATEGY 

The Fund Objective is to maximize total returns in Singapore 

Dollar terms over the longer term by investing in a balanced but 

diversified portfolio of equities and debt securities of the major 

stock markets and bond markets around the world. The Fund shall 

invest in a broad mix of global equities and bonds in a wide range 

of industries and companies in various countries. The allocation 

for each asset class will be actively managed and altered constantly 

in such a way that seeks to maximize the overall risk-adjusted 

performance of the Fund. 


JPY FI 

13% 

Other 

currencies FI 

5% 

USD FI 

9% 

FUND FACTS 

Inception Date 1 July 1999 



Fund Size 

S$ 518.09 mil 

Fund Manager 


Sub Manager (Equity) Capital International Inc. 

Sub Manager (Fixed Income) State Street Global Advisors 


Fund Management Fee 1.00% p.a. 

Valuation Frequency Daily 



CPF Included 


Risk Category 


Benchmark 

50% MSCI World Net & 50% Citigroup 

World Gov Bond Index (unhedged) 

S&P Fund Stars ★★ (as at 31 Dec 2005) 

Cash 

8% 

UK Eq 

6% Euro FI Other Eq 

13% 1% 

Asia Pacific ex 

Japan Eq 

3% 

North America Eq 

21% 

Europe 

ex UK Eq 

12% 

Japan Eq 

9% 


Price Indexed 

135 

130 

125 

120 

115 

110 

105 

100 

95 

90 

85 

Performance Review (Jul 1999 to June 2006) 

+26.48 

+22.74 

00 01 02 03 04 05 06 

35 

30 

25 

20 

15 

10 

5 

0 

-5 

-10 

-15 

––––– Greatlink Global Supreme Fund ––––– Benchmark Index 

Benchmark data source: Datastream. Off-bid uses actual prices. Curr-chg uses bid-bid adjusted 

for current spread. The value of your units may go down as well as up. Past performance is 

not necessarily a guide to the future. 



MARKET REVIEW 

For the first half of 2006, Global Supreme fund underperformed 

the benchmark by 1.4%. This is attributed to the poorer performance 

of equities compared to bonds. 

Equity 

Stocks advanced in the first four months of the year, then 

tumbled from mid-May to mid-June, when concerns about rising 

inflation and interest rates precipitated the sell-off as central banks 

moved toward tighter monetary policies. The U.S. dollar fell against 

other major currencies, mitigating losses for dollar-based investors. 

Technology stocks had the largest decline. Nevertheless, global 

equities ended in a positive territory year-to-date. 

U.S. markets reacted negatively to rising core inflation figures 

and the Federal Reserve's increasingly hawkish tone (though 

comments by the Fed after its June 29 rate-setting meeting were 

more accommodating and suggested that a pause in the tightening 

cycle was possible). The Fed raised short-term interest rates twice 

during the period and long-term interest rates also trended higher. 

Even though the S&P 500 Index rose above 1,300 for the first 

time in five years, investors acknowledged that earnings growth 

could slow if economic growth moderated as expected. 

Europe produced the best results as sentiment and leading 

indicators showed that the economic environment in the eurozone 

improved. Reports showed that economic growth doubled in the 

first quarter, on target with the European Central Bank's forecast. 

The Ifo survey of German business confidence soared to another 

new high. The data also showed increased inflationary pressure 

and led the ECB to raise its main interest rate 25 basis points to 

2.75% in June. Merger and acquisition activity flourished, with 


12 


3mths 6 mths 1 year 3 years 3 years 5 years 5 years Since Inception Since Inception 

(annualised) (annualised) (annualised) 

Greatlink Global Supreme Fund -2.43 -2.10 1.39 19.47 6.11 14.88 2.81 22.74 2.97 

Benchmark Index -0.96 -0.67 1.31 21.16 6.61 24.31 4.45 26.48 3.41 



GREATLINK GLOBAL SUPREME FUND report as at 30 June 2006 

major transactions announced in the communications equipment 

and steel industries; M&A deals were on track to reach a record 

$1,930 billion for the year to date through June 30. 

Japan lost more than 3% after hitting a multi-year peak in 

April. A number of recent events, including securities fraud 

investigation into the Japanese Internet company Livedoor, earnings 

disappointments from Intel and Yahoo!, and a warning from Google 

that growth would slow, compounded by the Murakami Fund 

scandal and disappointing guidance from some companies, 

exacerbated the exodus. Japan's economic data remained upbeat, 

however, with unemployment falling to its lowest point in almost 

eight years, a big upward revision to first-quarter GDP, rising 

producer and consumer prices, and growth in machinery orders. 

Fixed Income 

Total Return on the Citigroup World Government Bond 

Index was -0.59% in the second quarter, in local currency terms. 

Local market returns in all the Government Bond markets included 

in the index, with the exception of Singapore, were negative over 

the quarter. 

In the US, the first quarter total return on the Citigroup US 

Government Bond Index was down by -1.20% (LCT). The Fed 

continued its policy of gradually raising the short term Fed Funds 

interest rate, increasing from 4.25% at the beginning of the quarter 

to 4.50% on the 31 January to 4.75% on 28 March. In the second 

quarter, the total return on the Citigroup US Government Bond 

Index was -0.6% (LCT). Fed Funds rate was raised twice over the 

quarter, from 4.75% to end the quarter at 5.25%. In the US, we 

think that higher interest rates expectations as well as the lower 

growth expectations is likely to result in a fall in investors’ risk 

appetites, which may have bearish implications for all risky asset 

classes, including longer term bonds, which currently yield less 

than cash. 

From Europe, the total return on the Citigroup Euro 

Government Bond Index was -2.11% over the Q1 in Euro terms. 

Government bond yields increased across the curve by 40-55 

basis points over the quarter. The ECB raised its shorter term 

reference rate from 2.25% at the beginning of the quarter to 2.50% 

on March 2nd, on the back of a more positive growth outlook for 

the Eurozone. Total return on the Citigroup Euro Government 

Bond Index was down by -0.81% (LCT) over the 2nd quarter. 

Bond yields were fairly volatile but traded higher towards the end 

of the quarter, with yields rising 0.20-0.30% across the curve. The 

outlook for the Eurozone economy remains positive, with growth 

driven by exports and high corporate profitability. Job creation 

though slow is in positive territory. Despite a healthy corporate 

sector and job creation, the consumer segment continues to lag 

but this is unlikely to hold the ECB back from hiking rates. Overall, 

economic outlook combined with the risk of global re-flation is 

expected to keep the ECB firmly on its hiking path. 

In Japan, the total return on the Citigroup Japanese 

Government Bond index was -1.29% (LCT) over the first quarter. 

In March the BOJ decided to cut the cash provided to lenders by 

as much as 82%, effectively restricting money supply after over a 

decade of fighting deflation with expansionary monetary policy. 

Total Return on the Citigroup Japanese Government Bond index 

was -0.47% (LCT) in June. After a steep decline in May, the Nikkei 

stock index recovered to a level above the 15,500 mark in June. 

For Japan, an end to May’s equity market decline combined with 

continued strong economic data should allow the Bank of Japan 

more room to raise interest rates in the near future. 

MARKET OUTLOOK 

Equity 

We believe the recent sell-off represents a healthy correction 

for markets that had recently hit multi-year highs and not the 

beginning of a bear market. Stocks should be supported by global 

economic growth, with the resurgence of economies in Europe 

and Japan adding to continued healthy expansions in the U.S. and 

many emerging markets. Equity valuations appear attractive, especially 

when compared to bonds, even after the recent rise in yields. 

Despite the stock market’s recent decline, our secular thesis 

on Japan remains intact. Economic growth is widening to embrace 

the consumer and private investment markets, and improved 

economic fundamentals, such as the rising employment rate, are 

good signs. These elements help to create a much stronger backdrop 

to the market, unlike previous declines between 1993 and 2003, 

and underpin our belief in a sustainable recovery. 

Fixed Income 

Halfway through the year, there is still no clear sign of an end 

to the series of US interest rate rises. On the contrary, persistently 

high commodity prices have caused more uncertainty, as they 

boost broad inflation measures and also, more worryingly, 

expectations of future inflation. To add to the confusion, rentals 

in the US, which account for around a third of the broad consumer 

price index (CPI), have also risen during the second quarter. This 

may reflect the current unattractive level of house prices, as the 

average ratio of US house prices to rental rates is at an all-time 

high. Ben Bernanke, the Federal Reserve’s new chairman, will not 

want to jeopardize the central bank’s reputation for being tough 

on inflation. However, as US monetary policy becomes more 

restrictive, the chance of a recession grows; and as the Fed continues 

to raise interest rates, bond markets may increasingly price in a 

reversal of monetary-policy direction next year. 

In Europe, the picture is clearer. The European Central Bank’s 

(ECB’s) accommodative monetary policy has supported confidence 

and hence the economy, which is in a classic expansion phase. 

Europe’s export-led recovery has broadened, and companies 

enjoying high profit margins with low financial risk, as a result of 

de-gearing, have greater confidence in the future. The ECB may 

have to normalize interest rates soon, as further delays is likely 

to threaten the bank’s credibility as the guardian of price stability. 

Bond yields already reflect expectations for higher rates, with the 

10-year bund yielding almost 4.25%. 

In Japan, the situation is also clear. Monetary policy has been 

deliberately accommodative, with nominal interest rates of zero, 

in order to prevent a return of deflation. This strategy has been 

successful, with the economy expanding faster than its long-term 

potential of 2% p.a., and inflation has been increasing year-on-year. 

We think the Bank of Japan is likely to raise interest rates this 

year, ending its zero interest rate policy. We are expecting the 

central bank to tolerate some minor overshooting of inflation. As 

such we favour inflation-linked bonds. 

Data source – Bloomberg, Citigroup, MSCI and Lehman 



13

GREATLINK GLOBAL OPTIMUM FUND report as at 30 June 2006 


The Fund’s objective is to provide long-term total return in 

excess of the custom benchmark (40% MSCI World and 60% 

Citigroup Global Govt Bond Index) while managing the overall 

risk of the portfolio. 


FUND FACTS 

Inception Date 23 May 2001 



Fund Size 

S$ 95.63 mil 

Fund Manager 


Sub Manager 







CPF Included 

CFPIS – OA & SA 

Risk Category 


Benchmark 

40% MSCI World Gross & 60% Citigroup 

World Government Bond Index (unhedged) 


North American 

Equities 

20% 


Price Indexed 


4% 

Asia Pac ex 


1% 

Europe 

Equities 

15% UK Bonds 

5% 

Others 

5% 

Europe 

Bonds 

24% 

Dollar Bloc Bonds 

14% 

Japan Bonds 

13% 

Performance Review (May 2001 to Jun 2006) 

135.0 

+25.65 

130.0 

125.0 

120.0 

115.0 

+16.56 

110.0 

105.0 

100.0 

95.0 

90.0 

May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep 

01 01 02 02 02 03 03 03 04 04 04 05 05 05 06 06 06 

––––– Greatlink Global Optimum Fund ––––– Benchmark Index 


MARKET REVIEW 

Global equities rose 3.2% in local currency terms for the 

first half of 2006. In the US, the S&P 500 rose 2.7% for the yearto-date. 

Recent economic releases were generally positive with 

activity in the manufacturing and service sectors continuing to 

expand, albeit at a slower pace. First-quarter productivity and 

GDP growth were revised upward, and US consumer confidence 

rose. However, other releases pointed to a slowing economy. 

Industrial production slipped and the Leading Economic Indicators 

Index fell sharply. On the inflation front, producer and consumer 

prices both rose, forewarning investors that the Federal Reserve 

would certainly raise short-term interest rates at its June 29th 

meeting, which it did by 25 bps to 5.25%. Outside the US, all 

major developed markets except Japan (-1.3%), produced positive 

returns with Pacific Basin ex Japan (+8.1%) leading advancers. 

Emerging market equities (+7.3%) underperformed developed 

markets (+10.5%) in US dollar terms. 

Bond market performance was mixed during the period, with 

hedged global bonds declining 1% (2.8% unhedged) in US dollar 

terms. Emerging market debt also declined -0.5% while high yield 

bonds rose 3.1%. During the period, the US dollar depreciated 

versus all major currencies, with greatest losses realized against 

the euro (8.0%), the British pound (7.5%) and the Swiss franc (7.4%). 

The Greatlink Global Optimum Fund underperformed its 

benchmark during the period, due to weak performance from the fixed 

income subportfolio and asset allocation strategies. The outperformance 

of the equity subportfolio was insufficient to offset this. 


We enter the second half of 2006 with a modest overweight 

position to global equities relative to cash and bonds. While this 

is similar to our positioning as of the end of the first quarter, it 

masks some tactical moves undertaken during the correction. At 

present, we view the equity overweight as tactical; we believe that 

the correction that began in mid-May has yet to fully run its course. 

It is likely that we will move to a neutral or underweight global 

equity position at some point in the third quarter. Despite this 

outlook, our core theme of a transition to an economic steady 

state remains. As this intermediate-term view is positive for global 

equity markets, and given the fact that equity market valuations 

have contracted substantially, we refrain from moving to an outright 

defensive posture at this stage. 

We maintain a substantial overweight position to emerging 

market equity, as the structural attractiveness remains intact despite 

recent volatility. We are using bonds as a source of funds for the 

equity overweight, as inflation concerns and the thus-far absence 

of a meaningful economic slowdown have put upward pressure 

on bond yields. We view the US dollar as largely range-bound in 

the near term, though it will continue to be impacted by shifting 

perceptions of when the Fed tightening cycle may see a pause. We 

maintain our cautious longer-term outlook. 

14 


3mths 6 mths 1 year 3 years 3 years 5 years 5 years Since Inception* Since Inception* 


Greatlink Global Optimum Fund -1.53 -2.85 -3.11 12.47 4.00 17.19 3.22 16.56 3.06 

Benchmark Index -0.52 -0.86 -0.11 17.75 5.60 27.03 4.90 25.65 4.59 

* Measured since earlier available date 31 May 2001 



GREATLINK GLOBAL TECHNOLOGY FUND report as at 30 June 2006 

FUND FACTS 

Inception Date 15 January 2001 



Fund Size 

S$ 109.40 mil 

Fund Manager 







CPF Included 

CPFIS – OA 

Risk Category 

Higher Risk / Narrowly Focused 

Benchmark MSCI AC World IT (Gross) Index # 



The Fund objective is to achieve long-term capital growth 

through investment in global technology stocks. The Fund offers 

exposure to the rapidly growing adoption of technology across 

economies worldwide. Specifically, it aims to achieve high returns 

by investing in technology companies as well as in a range of 

industries where the growth opportunities have been impacted 

by technological developments. 


Semiconductors 

& Semiconductor 

Equipment 

23% 


Price Indexed 

100 

90 

80 

70 

60 

50 

Other 

3% 

Software 

15% 

Office IT Services 

Electronics 6% 

2% 

Cash 

7% 

Internet 

Software & 

Services 

8% 

Performance Review (Jan 2001 to Jun 2006) 

Communications 

Equipment 

16% 

Electronic 

Equipment & 

Instruments 

7% 

Computers 

& Peripherals 

13% 

-47.10 

40 

-59.20 

30 

Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr 

01 01 01 01 02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 

––––– Greatlink Global Technology Fund ––––– Benchmark Index 

# 

Benchmark index: MSCI World IT Index from launch till 28 Feb 2003, MSCI AC World IT 

Gross Index wef 1 Mar 2003 

Source: Standard & Poor’s Micropal, SGD, bid-to-bid, net dividends reinvested 


MARKET REVIEW 

Global technology stocks continued on a broadly positive 

trend in the first quarter. Communications equipment was the best 

performing sector, boosted by confirmation of the intended takeover 

of Lucent by Alcatel. Software was strong as licence growth continued 

to show strength, particularly at SAP. Internet services were the 

weakest sector, following disappointing earnings from Yahoo! and 

spreading doubt that Google can sustain early growth rates. 

Liquidity and economic weakness led to a decline over the 

second quarter, however. Concerns over continued Central Bank 

tightening around the globe, as well as slowing real estate demand 

in the US, resulted in the MSCI World IT Index to fail for a second 

time to reach new highs in early May. Subsequently, the Technology 

sector declined precipitously over the second quarter, falling 

further than the overall market. 

The Greatlink Global Technology Fund fell by 7.7% over the 

period from 31 Dec 2005 to 30 Jun 2006, outperforming its 

benchmark MSCI AC World IT (Gross) Index which fell by 8.5% 

over the same period 1 . 

The Fund outperformed its benchmark index over the first 

quarter. Stock selection in internet services was among the key 

contributors, where we are underweight Yahoo! and Google but 

benefited from a strong position in Sify, a leading Indian portal. Returns 

in consulting services were mixed. Cognizant was successful, with 

the stock rising on news of a near doubling in demand for its Indian 

servers, while Patni, also in India, suffered from a dip in earnings. 

Over the second quarter, stock selection within Internet 

Software and Services helped performance, but this was offset by 

poor stock selection in Software and Services. Owning Electronic 

Arts and Windriver, both focused on consumer related goods, 

also detracted from performance. 


Technology shares have pulled back since late May, sparked 

by a combination of fears of interest rates increases, energy price 

rises and economic slowdown. Moreover, some incremental 

consumer weakness can not be denied. That said, we continue to 

see strong credit trends in the US, and we expect we will continue 

to do so given tight labour markets and rising wages. As a result 

we continue to believe, that this is a temporary slowdown. 

We continue to hold relatively high levels of cash as technology 

stocks begin to reach valuations not seen since early 2005 and, 

in some cases, since late 2002 and early 2003. We have added to 

positions as the deceleration in PC’s is discounted. We expect to 

do the same with wireless stocks as the temporary pause in 

wireless handset and equipment spending abates. 

1 

Source: Standard & Poor’s, SGD, bid-to-bid, net dividends reinvested. 


3mths 6 mths 1 year 3 years 3 years 5 years 5 years Since Inception* Since Inception* 


Greatlink Global Technology Fund -11.50 -7.70 -0.80 3.00 1.00 -48.80 -12.50 -59.60 -15.30 

Benchmark Index -10.10 -8.50 1.20 20.30 6.40 -24.90 -5.60 -47.00 -11.00 

* Measured since earlier available date 19 Jan 2001 



15

GREATLINK GLOBAL EQUITY FUND report as at 30 June 2006 


The Fund objective is to seek long-term capital appreciation by 

investing primarily in a diversified portfolio of common stocks globally. 


FUND FACTS 

Inception Date 1 August 2000 



Fund Size 

S$ 102.49 mil 

Fund Manager 


Sub Manager 

Goldman Sachs Asset Management 






CPF Included 

CPFIS – OA 

Risk Category 


Benchmark 

MSCI World Index, Net 



Price Indexed 

112 

106 

100 

94 

88 

82 

76 

70 

64 

58 

52 

46 

40 

UK 

8% 

Europe 

28% 

Japan 

12% 

Asia ex-Japan 

3% 

US 

49% 

Performance Review (Aug 2000 To Jun 2006) 

12 

6 

-1.20 

0 

-6 

-12 

-18 

-24 

-30 

-24.11 -36 

-42 

-48 

-54 

-60 

01 02 03 04 05 06 

––––– Greatlink Global Equity Fund ––––– Benchmark Index 




MARKET REVIEW 

The MSCI World Unhedged Index gained 0.86% (SGD) for 

the period January 2006 – June 2006, with Norway and France 

leading the pack. Norway also contributed the most (weight times 

performance) to Index gains for the period. 

Seven of the 10 sectors in the Index experienced positive 

results, with the Energy and Telecommunication Services sectors 

posting the strongest absolute returns. The Energy sector was 

also the biggest contributor to the Index gain for the period. 

In managing the fund, we take minimal size and sector bets. 

We hope to add value versus each Fund’s respective index through 

individual stock selection. Our quantitative process seeks out stocks 

with good momentum that also appear to be good values. We prefer 

stocks about which fundamental research analysts are becoming 

more positive, and companies with strong profit margins, sustainable 

earnings and who use their capital to enhance shareholder value. 

The Fund outperformed its benchmark, by 69 bps on a bid 

to bid basis during the first half of the year, returning +1.55%. 

Stock selection contributed approximately 125 bps to relative 

performance for the period. Returns to the CORE themes were 

positive, with Management Impact and Profitability contributing 

the most to relative performance. Momentum, Valuation and Analyst 

Sentiment also added value, albeit to a lesser extent, while Earnings 

Quality was relatively flat for the period. 

During the first half of 2006, the Equity Country Selection 

Strategy contributed positively to relative performance by 

approximately 51 bps, while the Currency Selection Strategy 

detracted approximately 16 bps from relative performance. 

Within the Equity Country Selection Strategy, the top 

contributors to performance were overweight positions in Norway 

(120 bps) and Hong Kong (22 bps). The biggest detractors from 

performance were underweight positions in France (-23 bps) and 

Australia (-22 bps). 

Within the Currency Selection Strategy, the largest contributors 

to performance were our overweight positions in the Norwegian 

krone (75 bps) and the Japanese yen (3 bps). On the other hand, 

the biggest detractors from performance were underweight positions 

in the UK pound sterling (-26 bps) and the euro (-20 bps). 


Looking ahead, we continue to believe that cheaper stocks 

should outpace more expensive ones and good momentum stocks 

should do better than poor momentum stocks. We also prefer 

names about which fundamental research analysts are becoming 

more positive and companies that are profitable, have sustainable 

earnings and use their capital to enhance shareholder value. As 

such, we anticipate remaining fully invested and expect that the 

value we add over time will be due to stock selection, as opposed 

to sector or size allocations. 

Data source – Goldman Sachs Asset Management, MSCI, Lion Capital Management Limited 

16 




Greatlink Global Equity Fund -3.35 1.55 10.92 34.26 10.32 5.10 1.00 -24.11 -4.57 

Benchmark Index -2.77 0.86 9.59 43.29 12.74 14.63 2.77 -1.20 -0.20 



GREATLINK GLOBAL VALUE EQUITY FUND report as at 30 June 2006 


The fund objective is to achieve capital appreciation through 

the continuous management of a diversified portfolio of transferable 

securities consisting primarily of common stocks, researched and 

selected on a world-wide basis. 


Pacific ex 

Japan 

4% 

Europe 

32% 

Japan 

16% 

Emerging Markets 

2% 

Cash 

5% 


Price Indexed 

FUND FACTS 




Fund Size 

S$ 51.34 mil 

Fund Manager 


Sub Fund Manager 

Capital International, Inc. 






CPF Included 

CPFIS – OA 

Risk Category 


Benchmark 

MSCI World Index with Net Dividends 

Reinvested 

S&P Fund Stars ★★★ (as at 31 Mar 2006) 

North 

America 

41% 


135 

130 

+22.97 

125 

120 

115 

110 

105 

+12.58 

100 

95 

90 

85 

80 

75 

70 

65 

60 

Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun 

02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 

––––– Greatlink Global Value Equity Fund ––––– Benchmark Index 

Source: Northern Trust prior to 1 November 2004. Bank of New York thereafter, S$ bid to bid 

performance. 


MARKET REVIEW 

Stocks advanced in the first four months of the year, then 

tumbled from mid-May to mid-June, when concerns about rising 

inflation and interest rates precipitated the sell-off as central banks 

moved toward tighter monetary policies. The U.S. dollar fell against 

other major currencies, mitigating losses for dollar-based investors. 

Technology stocks had the largest decline. Nevertheless, global 

equities ended in a positive territory year-to-date. 

U.S. markets reacted negatively to rising core inflation figures 

and the Federal Reserve's increasingly hawkish tone (though 

comments by the Fed after its June 29 rate-setting meeting were 

more accommodating and suggested that a pause in the tightening 

cycle was possible). The Fed raised short-term interest rates twice 

during the period and long-term interest rates also trended higher. 

Even though the S&P 500 Index rose above 1,300 for the first 

time in five years, investors acknowledged that earnings growth 

could slow if economic growth moderated as expected. 

Europe produced the best results as sentiment and leading 

indicators showed that the economic environment in the eurozone 

improved. Reports showed that economic growth doubled in the 

first quarter, on target with the European Central Bank's forecast. 

The Ifo survey of German business confidence soared to another 

new high. The data also showed increased inflationary pressure 

and led the ECB to raise its main interest rate 25 basis points to 

2.75% in June. Merger and acquisition activity flourished, with 

major transactions announced in the communications equipment 

and steel industries; M&A deals were on track to reach a record 

$1,930 billion for the year to date through June 30. 

Japan lost more than 3% after hitting a multi-year peak in 

April. A number of recent events, including securities fraud 

investigation into the Japanese Internet company Livedoor, earnings 

disappointments from Intel and Yahoo!, and a warning from Google 

that growth would slow, compounded by the Murakami Fund 

scandal and disappointing guidance from some companies, 

exacerbated the exodus. Japan's economic data remained upbeat, 

however, with unemployment falling to its lowest point in almost 

eight years, a big upward revision to first-quarter GDP, rising 

producer and consumer prices, and growth in machinery orders. 


We believe the recent sell-off represents a healthy correction 

for markets that had recently hit multi-year highs and not the 

beginning of a bear market. Stocks should be supported by global 

economic growth, with the resurgence of economies in Europe 

and Japan adding to continued healthy expansions in the U.S. and 

many emerging markets. Equity valuations appear attractive, especially 

when compared to bonds, even after the recent rise in yields. 

Despite the stock market’s recent decline, our secular thesis 

on Japan remains intact. Economic growth is widening to embrace 

the consumer and private investment markets, and improved 

economic fundamentals, such as the rising employment rate, are 

good signs. These elements help to create a much stronger backdrop 

to the market, unlike previous declines between 1993 and 2003, 

and underpin our belief in a sustainable recovery. 



(annualised) 

(annualised) 

Greatlink Global Value Equity Fund -4.83 -1.66 10.02 37.07 11.08 12.58 2.82 




17

GREATLINK GLOBAL INTERSECTION FUND report as at 30 June 2006 


The Fund’s objective is to provide long-term total returns 

consistently in excess of the MSCI World Index while controlling 

the tracking risk relative to benchmark. 


Asia Pacific ex Japan 

4.9% 

North America 

50.8% 

Japan 

13.8% 

FUND PERFORMANCE SINCE INCEPTION** 

Price Indexed 

FUND FACTS 




Fund Size 

S$ 71.61 mil 

Fund Manager 


Sub Manager 







CPF Included 

CPFIS – OA 

Risk Category 

Benchmark 


MSCI World Index (Gross Dividends 

Reinvested) 


Europe 

30.6% 


130 

125 

120 

+23.95 

115 

110 

+11.34 

105 

100 

95 

90 

85 

80 

75 

70 


02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 

––––– Greatlink Global Intersection Fund ––––– Benchmark Index 


MARKET REVIEW 

Global equities rose 3.2% in local currency terms for the 

first half of 2006. In the US, the S&P 500 rose 2.7% for the yearto-date. 

Recent economic releases were generally positive with 

activity in the manufacturing and service sectors continuing to 

expand, albeit at a slower pace. First-quarter productivity and 

GDP growth were revised upward, and US consumer confidence 

rose. However, other releases pointed to a slowing economy. 

Industrial production slipped and the Leading Economic Indicators 

Index fell sharply. On the inflation front, producer and consumer 

prices both rose, forewarning investors that the Federal Reserve 

would certainly raise short-term interest rates at its June 29th 

meeting, which it did by 25 bps to 5.25%. 

Outside the US, all major developed markets except Japan 

(-1.3%), produced positive returns with Pacific Basin ex Japan 

(+8.1%) leading advancers. Emerging market equities (+7.3%) 

underperformed developed markets (+10.5%) in US dollar terms. 

The Greatlink Global Intersection Fund underperformed its 

benchmark during the period with Financials, Consumer Discretionary 

and Telecommunication Services being the key detractors. 


In the wake of the second quarter’s correction, which hit 

traditionally cyclical and “risky asset” markets the hardest, the 

natural question to ask is whether or not the negative equity 

market environment is behind us. Our conclusion is that while 

the longer-term outlook for global economic growth remains a 

benign steady state, the transition to that steady state is likely to 

keep equities under pressure. 

The global equity correction was driven in large part by a 

US event, as expectations for the Fed’s endpoint were revised 

higher as US inflation data broke above recent ranges. This created 

global ripple effects, as it worsened concerns about global liquidity 

withdrawal from other major central banks such as the Bank of 

Japan and the European Central Bank. Interestingly, macroeconomic 

data showed little deterioration globally, with the notable exception 

of the US housing market. This is relevant to the progression of 

the correction; assuming that the second half economic slowdown 

is realized, equity markets will have much more negative data to 

contend with. If the second half slowdown is not realized and the 

links among US housing, US consumption, and global economic 

growth are weaker than the consensus currently presumes, then 

long bond yields and the federal funds rate are likely to rise. Both 

of these scenarios are challenging for equity markets, making us 

cautious in the near term. 

18 


3mths 6 mths 1 year 3 years 3 years Since Inception* Since Inception* 

(annualised) 

(annualised) 

Greatlink Global Intersection Fund** -2.46 -1.11 5.94 34.09 10.27 11.34 2.56 


* Measured since earlier available date 31 Mar 2002 

** Performance net of fees 



GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO report as at 30 June 2006 

FUND FACTS 

Inception Date 15 August 2001 



Fund Size 

S$ 21.17 mil 

(Underlying Fund Size) US$4,779.64mil 

Underlying Fund 

Luxembourg Global Growth Trend Portfolio 

Fund Manager 

AllianceBernstein (Singapore) Ltd. 






CPF Included 

CFPIS – OA 

Risk Category 


Benchmark 




The Portfolio is designed for non-U.S investors seeking longterm 

growth of capital by investing principally in a global portfolio 

of equity securities. The portfolio currently consists of six 

subportfolios: Communications & Information Technology, Health 

Care, Capital Goods/ Infrastructure, Energy & Natural Resources, 

Consumer Growth and Finance. Greatlink Global Growth Trends 

Portfolio invests all or substantially all of its assets into Luxembourgregistered 

ACM Global Investments – Global Growth Trends 

Portfolio (“Luxembourg GGTP”). 

PORTFOLIO WEIGHTINGS BY COUNTRY ALLOCATION* 

France 

4% 

Other 

12% 

PORTFOLIO WEIGHTINGS BY SECTOR ALLOCATION* 

Cash 

Equivalents 

2% 

Communication 

& Info 

Technology 

14% 

Japan 

10% 

Brazil 

3% 

Switzerland 

10% 

United Kingdom 

8% 

Financial Services 

25% 

Infrastructure 

14% 

Cash Equivalents 

2% 

Health Care 

12% 

United States 

51% 

Consumer Growth 

13% 

Energy & Natural 

Resources 

20% 


Price Indexed 

156 

148 

140 

132 

124 

116 

108 

100 

Performance Review (Aug 2001 to Jun 2006) 

+35.05 

+22.28 

92 

-8 

84 

-16 

76 

-24 

68 

-32 

60 

02 03 04 05 06 

-40 

––––– Greatlink Global Growth Trends Portfolio ––––– Benchmark Index 

Off-bid actual prices. Curr-chg uses bid-bid adjusted for current spread. The values of your units 

may go down as well as up. Past performance is not necessarily a guide to the future. 


MARKET REVIEW* 

Volatility returned to global equity markets during the first six 

months of 2006, as the MSCI World Index rose 6.06%. Global equities, 

which rose strongly during the first quarter, were dragged down in 

the second quarter by investors’ intensifying risk aversion, driven 

largely by concerns over rising interest rates around the world. 

Central banks in Europe, Japan and the U.S. are now on a 

synchronized tightening path, significantly reducing global liquidity 

and leading to fears of a hard economic landing for the global 

economy. A particular area of concern was higher U.S. inflation, 

and the risk that the Federal Reserve might tighten monetary 

policy excessively in response. Emerging-market stocks dropped 

to six-month lows as investors unloaded riskier assets on concerns 

that inflation will lead to higher U.S. interest rates. 

Energy and commodities stocks were the top performers for 

the period, while technology stocks declined, dragged down by poor 

performance from the Internet software and semiconductor space. 

Luxembourg GGTP advanced during the first six months of 

2006, however it underperformed the MSCI World Index, with 

detractors scattered among sectors. In finance, insurer American 

International Group and Turkey’s Isbank fell. Isbank detracted from 

general emerging market volatility during the period, particularly 

in Turkey. However, we continue to see very attractive growth 

prospects at appealing valuations. European defense firm, EADS, 

also detracted. EADS, the parent company of Airbus, fell on news 

that Airbus was experiencing problems in wiring the new A380 

56 

48 

40 

32 

24 

16 

8 

0 




(annualised) 

(annualised) 

Greatlink Global Growth Trends Portfolio -6.14 -2.14 11.18 43.67 12.84 35.05 6.39 


* Information refers to ACM Global Investments – Global Growth Trends Portfolio (“Luxembourg GGTP”). Greatlink Growth Trends Portfolio invests all or substantially 

all of its assets into class I shares of Luxembourg GGTP. 

Note: AllianceBernstein - Global Growth Trends Portfolio ("Luxembourg GGTP"), the underlying Fund of GreatLink Global Growth Trends Portfolio, due to regulatory requirements has been converted 

from Undertaking for Collective Investment in Transferable Securities (UCITS) I Scheme to UCITS III Scheme with effect from 30 September 2005. This change has NO significant impact to 

the fund other than potentially extending the range of investible assets permitted under UCITS I. It also sets out more stringent requirements in relation to exposure limits, risk management 

processes and disclosures to investors. 



19

GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO report as at 30 June 2006 

super jumbo to meet client specific specifications which will delay 

deliveries of the new aircraft, significantly reducing expected profits 

for the next four years. 

In health care, UnitedHealth Group and Alcon underperformed. 

Although UnitedHealth Group reported 24% earnings per share 

(eps) growth in the first quarter, before stock option expense, 

ahead of expectations and raised guidance for full year earnings, 

the stock weakened significantly due to allegations that the CEO 

backdated option grants in previous years. The firm filed a 10-Q 

which indicates the investigations into its stock option programs 

may result in a restatement of 2003, 2004 and 2005 eps by 3-4%, 

downward. There will be no impact on 2006 or forward eps. 

Although backdating of options has been the focus of the 

investigations (both internal and external) the company has not 

admitted to backdating and has not forced any management 

changes. If backdating has not occurred, the stock will rebound, 

dramatically. Given the strong fundamentals of the company, we 

see little downside for the stock even if Bill McGuire, the CEO, 

is forced to leave the company. Contrarily, the upside is significant. 

Alcon reported first quarter results ahead of eps expectations 

and raised sales and earnings guidance for the full year, however, 

the stock fell sharply due to disappointing revenues of Restor, the 

new intraocular lens. We continue to expect eps results ahead of 

management’s conservative guidance. 

Energy stocks were the top performers for the period, as rising 

oil prices continued. As such, both our overweight in the sector and 

our holdings in Schlumberger, Halliburton, Petrobras, China Shenhua 

Energy and Lukoil were Luxembourg GGTP’s top performers. Energy 

prices started the period at USD61.00 and ended at USD73.90, 

driven by supply disruptions in multiple global locations, the conversion 

of the U.S. to ethanol as an oxygenate additive and strong demand 

from Asia. We continue to expect a gradual decrease in composite 

oil prices in the foreseeable future due to the expected addition of 

new supply in multiple global locations. 

During June, we slightly reduced the technology sector 

overweight, in order to fund stock-specific additions in the finance 

and healthcare sleeves. At our annual research conference, our 

analyst team focused on concerns about consumer softening in 

the U.S., coupled with risk of negative estimate revisions, particularly 

for semiconductor companies. 

MARKET OUTLOOK* 

The new Chairman of the U.S. Federal Reserve (the “Fed”) 

seems anxious to establish his credentials as an inflation “vigilante”. 

And this may mean interest rates rising marginally further than 

they might have under the old regime. But the Fed is likely well 

aware that any serious inflation pressure is tenuous at best. We 

see the chances of a possible policy misforcast that could herald 

a hard landing in the U.S. as very remote. 

Instead, we continue to expect growth to moderate slightly 

in most regions of the world, with the exception of Europe, where 

we forecast a modest recovery. In the US, we expect a fairly typical 

late-cycle ‘hand-over’ from consumers to the corporate sector. 

While consumers have continued to spend at a surprising rate in 

recent years, corporate America has been much more circumspect. 

Capital expenditure remains well below its long-term average but, 

crucially, is beginning to pick up. With corporate balance sheets 

still in very good shape, we would expect business spending to 

drive moderate economic growth even in the event of a consumer 

slowdown. Supporting this expectation, the latest Chicago Purchasing 

Managers Index suggests that the business environment remains 

healthy. The index came in at 56.5 in June, with a level of 50 

indicating expansion. In fact, it could be argued that this is the 

perfect time for the U.S. economy to face its long-overdue 

downward adjustment in consumer spending. 

In the end, we expect the global economy to continue to 

expand at a slightly lower rate through 2007. This kind of 

environment tends to be good for growth stocks. Without a rising 

tide to raise all boats, investors typically look for the kinds of 

stocks that can continue providing strong earnings growth in a 

moderating economy. 

These are the types of companies that we’ve been investing 

in, and we do not anticipate change in our strategy, irrespective 

of a recent price reversal that we expect to prove short term. 

20 

* Information refers to ACM Global Investments – Global Growth Trends Portfolio (“Luxembourg GGTP”). Greatlink Growth Trends Portfolio invests all or substantially 

all of its assets into class I shares of Luxembourg GGTP. 

Note: AllianceBernstein - Global Growth Trends Portfolio ("Luxembourg GGTP"), the underlying Fund of GreatLink Global Growth Trends Portfolio, due to regulatory requirements has been converted 

from Undertaking for Collective Investment in Transferable Securities (UCITS) I Scheme to UCITS III Scheme with effect from 30 September 2005. This change has NO significant impact to 

the fund other than potentially extending the range of investible assets permitted under UCITS I. It also sets out more stringent requirements in relation to exposure limits, risk management 

processes and disclosures to investors. 



GREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 30 June 2006 

FUND FACTS 

Inception Date 8 June 2005 



Fund Size 

S$ 70.68 mil 

Fund Manager 


Sub Manager 

Pramerica Investment Management 


Fund Management Fee 1.40% p.a 


Currency of Fund Singapore Dollar 

CPF Included 

CPFIS – OA 

Risk Category 


Benchmark 

S&P Citigroup BMI World Property Index, Net 

S&P Fund Stars N.A (as at 31 Mar 2006) 


The Fund objective is to provide investors with medium to 

long term capital appreciation and to make regular income 

distributions by investing globally in (a) equity securities of companies 

that derive a substantial part of their revenue from the ownership, 

management and/or development of real estate and (b) Real Estate 

Investment Trusts (REITs) listed or traded in a regulated market. 



Price Indexed 

Hong Kong 

7% 

122 

120 

118 

116 

114 

112 

110 

108 

106 

104 

102 

100 

98 

Australia 

8% 

Japan 

10% 

Europe 

19% 

Cash & Cash Equivalents 

3% 

By Asset Reits – 61% # 

Equities – 36% # 

Cash – 3% 

Canada 

2% 

ASEAN 

4% 

Performance Review (Jun 2005 To Jun 2006) 

Jul Oct 06 Apr 

United States 

America 

47% 

#Source: BONY 

+16.27 

+14.11 

22 

20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

-2 

––––– Greatlink Global Real Estate Securities Fund ––––– Benchmark Index 




MARKET REVIEW 

For the half year ended 30 Jun 06, the fund rose 5.65% 

underperforming the benchmark which rose 6.58% in Singapore 

dollar terms. 

US & Europe 

In the first half of the year, Continental Europe (24.5% BMI 

Property Europe ex. UK Index) out-performed both North America 

(12.6% BMI Property North America Index) and the United 

Kingdom (21.0% BMI Property UK Index) on a dollar basis. First 

half themes in Europe have focused on emerging clarity regarding 

REIT legislation in the U.K and Germany, signs of an economic 

recovery in Germany, continued strength in the U.K. and France 

urban commercial property markets and increased foreign appetite 

for European listed shares. The good news in Europe has been 

balanced by Central Bank interest rate increases and concerns 

centered on a global economic slowdown. In North America, the 

first half showed continued improvement in commercial real estate 

fundamentals particularly in the multi-family, hotel and office 

sectors. In addition, strong private investor appetite for commercial 

real estate continued as evidenced by over $30 Billion of M&A 

activity for U.S. real estate securities, much of which were privatized. 

Real estate in the United States continues to trade cheaper in the 

public markets than the private markets. Multi-family, Office and 

Hotel companies were the top first half performers. The good 

news in North America was tempered by continued interest rate 

increases by the Federal Reserve and growing concerns of an 

economic slowdown coupled with inflation. 

Asia 

The performance of the fund benefited from its tilt towards 

Singapore property stocks early in the year on account of domestic 

policies, higher transaction prices in the luxury market and 

expectations surrounding the integrated casino resorts. Not being 

overly weighted in Australia also helped as a weak Australian dollar 

and a preference for non-property stocks meant that the property 

sector underperformed. Japanese developer stocks held by the 

fund also did well in 1Q as investors became more confident of 

a sustained recovery in the property market. However, in late 

2Q06, a dislike for risk as global growth appeared to slow while 

interest rates looked to go higher took sentiments to the other 

extreme and saw a total reversal of performance with Australian 

property stocks and Japanese REITs doing well which detracted 

performance from the fund. 

In Japan, Japanese developers and JREITs did well in the start 

to the year, despite a hiccup caused by the Livedoor insider trading 

debacle. Japanese property majors also revised their FY2006 


3mths 6 mths 1 year Since Inception* Since Inception* 

(annualised) 

Greatlink Global Real Estate Securities Fund -3.56 5.65 13.87 14.11 13.26 

Benchmark Index -3.21 6.58 15.92 16.27 15.82 

* Performance since 20 June 2005 



21


earnings upwards, offering further evidence of a sustained recovery 

in the property sector. Thereafter, a number of negative factors, 

fears of a slowdown in the U.S. economy, sluggish earnings from 

retailers and a strengthening yen, all worked against the broader 

Japanese stock market. Towards the end of the 2nd half of 06, Orix 

JREIT and its management company was censured for failing to 

examine properties properly before purchase, sending the overall 

JREIT sector into a pull-back mode. 

Singapore property stocks were lifted higher at the start of 

the year, as greater clarity about global interest rates emerged. 

A multi-year bull market ensued, backed by fiscal stimulus, general 

elections, rising office rentals, record setting high-end housing 

prices and collective sales of residential projects and capped by 

details about the bids for the integrated casino resorts. The Marina 

Bay Integrated Resort project went solely to Las Vegas Sands. 

A number of Singapore property stocks which were bid up 

on speculation that they may win, saw very dramatic falls as a 

result. The record prices achieved by City Development’s luxury 

property launch provided a reason to sell, particularly since the 

outlook has been clouded by possibly higher global interest rates 

happening at a time that global growth might be slowing. Higher 

potential issuance of new SREITs dragged down the performance 

of the sector. 

Hong Kong property stocks had a promising start to the 

year supported by strong fund inflows and diminishing threat of 

rising interest rates. Strong China GDP data for the first quarter, 

and news that Chinese companies and individuals will be allowed 

to hold more foreign currency and qualified financial institutions 

to invest abroad brought the Hang Seng Index to a five-year high 

in May. The impressive rally proved unsustainable once the twin 

assumptions of solid global economic growth and tame inflation 

were discarded as the spectre of inflation, driven by global demand 

for commodities and energy, doused expectations the U.S. Fed 

will pause in raising interest rates. News of fresh anti-speculation 

measures for the property sector in China also depressed the 

broader market performance, leading to a cancellation of a number 

of REITs issuances. 

Contrary to other stock markets in the region, Australian 

REITs had a soft start with a number of REITs giving up some of 

the strong gains made in December. In Australia, the focus was on 

office stocks on stronger outlook despite soft results while the 

broader market had a key preference for cyclical stocks, particularly 

commodity-related ones. The Australian LPT market is concerned 

about rising interest rates and currency losses in offshore vehicles, 

affecting the valuation of the sector. At the same time, cyclical 

stocks remain in favour at the expense of more defensive ones. 

By mid-May, the surprise interest rate hike by the Reserve Bank 

of Australia would have negatively impacted LPT sector performance 

if not for the fact that the market went into a defensive mood, 

preferring low beta plays, a total turnaround from the beginning 

of the year. The sector’s cum dividend status in late June also 

helped boost its performance. 


US & Europe 

As we move to the second half of the year, we anticipate that 

real estate investors are likely to shift their focus to earnings 

guidance for the remainder of 2006. In addition, we believe 

investors will increasingly look to assess and emphasize 2007 

earnings in their valuation models. We expect second half 2006 

earnings growth of approximately 5.0% for the group. We think 

that hotels, regional malls and apartments may achieve above 

average earnings growth and that there is the possibility for earnings 

surprises in the apartment, hotel and office sectors. As we shift 

to 2007 earnings, we anticipate that the office sector will show 

accelerated earnings growth as supply and demand fundamentals 

remain attractive and leasing spreads begin to turn favorable. 

Asia 

Equity markets are intensely focused on the direction of 

interest rates in an environment where global economic growth 

is expected to soften. Broadly across the region, expectations of 

rate hikes is expected to dampen volumes and price momentum 

over the next half year. 

The primary market transactions of residential property in 

Hong Kong dropped to an historical low. Developers have been 

reluctant to launch new projects into a weak market while 

consumers have stayed on the sidelines, hoping for interest rates 

to peak before committing. However, developers appear to be 

increasingly receptive in cutting prices for existing projects on 

hand to stimulate demand meaning any upward price momentum 

will possibly be suppressed in the near term. However, rising rental 

yields, should serve as good support for residential prices, leaving 

the outlook for the residential sub-sector as neutral. The office 

market continues to be strong, driven by a lack of supply and good 

broad-based demand. A tight labour market on the back of 

consistent GDP growth is a key reason behind this demand. At 

the same time retail sales growth continues to track well compared 

to last year and should underpin retail property prices. 

China’s monetary policy measures to quell speculation in 

property investments appear to have worked as investor sentiment 

turned cautious until clarity in the policy outlook emerges. In the 

near term, policy changes should pause as transactions have 

declined and price movements are more muted. However, still 

strong economic growth, rising consumer confidence, urbanisation, 

infrastructure improvements, the lack of investment alternatives, 

all act to boost demand in the long term. 

While the Singapore REIT sector has experienced significant 

share price correction towards the end of June 2006, the 

fundamentals remain strong and they offer lower inherent risks 

than equities in general. The Singapore office market is also well 

positioned, with historically low levels of new supply, overwhelmed 

by high levels of net absorption, leading to higher rental rates. 

The retail sector is also strong, with prime mall space fully occupied 

22 




while growth is underpinned by robust tourist arrivals. The 

integrated resort casino will be an added boost, bringing in more 

convention tourists. Hotels will be entering a period of exceptional 

growth driven by a structural change in the industry when the 

casinos and their affiliated hotels open. These new players will 

attract higher spending tourists and they will provide price 

leadership for hotel rates in Singapore which are currently among 

the most reasonable in the world. 

Australia residential property prices have started showing 

signs of a rebound in 4Q05 and 1Q06 after peaking in 2003. While 

the May 2006 interest rate hike may arrest the rebound, economic 

conditions are robust, corporate earnings are staying strong, 

suggesting that unemployment and thus softening residential property 

prices should not be a key concern. As a consequence, rents in 

the retail sub-sector, while working through a period of slight 

weakness, should hold up well. Industrials rents may see some 

upside, a consequence of cost-push being experienced by the 

economy. Overall valuations are seen as expensive on pure REITs 

and the preference sits with securities with alternative growth 

options which include wholesale property funds management 

businesses. 

The outlook for the Japanese real estate market for the 

office, commercial and condominiums sub-sectors is positive. 

Growth in special purpose companies to fund real estate 

development projects of the regional banks and corporates is 

underpinning overall property demand. At the same time, inflow 

of foreign capital and domestic funds searching for higher yields 

are generating demand for income-generating quality office-cumcommercial 

buildings. As a result, vacancy rates should continue 

to decline while rental rates rise, suggesting that conditions for 

the real estate developers should remain conducive. The condo 

market in Tokyo is also firm with projects selling well upon launch. 

However, the outlook for detached housing (single homes) is 

generally less optimistic with a preference for well located condos 

with amenities. Over the medium term, the current concerns 

about the end of a period of very low interest rates will prove to 

be misguided as the economy continues to recover, driving the 

need for the property sector to grow. 

Data source – Bloomberg, SNL and Prudential Real Estate Invest 



23

GREATLINK EUROPEAN EQUITY FUND report as at 30 June 2006 

FUND FACTS 




Fund Size 

S$ 36.06 mil 

(Underlying Fund Size) S$ 905.33 mil 

Underlying Fund Capital International Fund – European Equity Fund 

Fund Manager 


Sub Manager 

Capital International, Inc. 





CPF Included 

CPFIS – OA 

Risk Category 


Benchmark 

MSCI Europe Index, Net 



To achieve long term capital growth through investment in 

stocks in the European markets. The portfolio of the Fund will be 

broadly diversified with no specific industry or sectoral emphasis. 

This fund invests substantially all of its assets into the Capital 

International Fund – European Equity Fund. 

PORTFOLIO WEIGHTINGS* 

Norway 

3% 

Spain 

7% 

Germany 

7% 

Sweden 

4% 

Switzerland 

11% 

Others 

10% 

Cash & Equivalents 

1% 

Netherlands 

9% 


33% 

France 

15% 


Performance Review (Jul 2000 to Jun 2006) 

130.0 

30.0 

122.5 

+17.63 22.5 

115.0 

15.0 

107.5 

7.5 

100.0 

0.0 

92.5 

-7.5 

85.0 

-15.0 

-4.11 

77.5 

-22.5 

70.0 

-30.0 

62.5 

-37.5 

55.0 

-45.0 

47.5 

-52.5 

40.0 

01 02 03 04 05 06 

-60.0 

––––– Greatlink European Equity Fund ––––– Benchmark Index 



Price Indexed 



Europe provided the strongest regional equity market returns 

over the period. European equity markets reached a three-year 

high in May and subsequently fell 12% 1 from their peak before 

recovering some ground in June. Fears of greater-than-expected 

interest-rate tightening by central banks and worries over rising 

inflation heightened investors aversion to risk and prompted the 

correction in markets. 

With the sell-off in equity markets, the telecommunications 

and technology sectors was the hardest hit, while the more 

defensively oriented utilities held up the most. Materials stocks 

continued their cyclical upswing with rising expectations for global 

economic growth and high commodity prices. Corporate activity 

continued at a good pace, with significant deals in many sectors, 

including steel, infrastructure and finance. 

Economic activity continued to gain traction in the eurozone. 

First quarter GDP growth was confirmed at 0.6% 2 ; double that of 

the fourth quarter. It was lifted by an increase in household spending 

and exports. Business sentiment also strengthened, reaching new 

highs in Germany and Belgium. Unemployment fell in Germany, 

France, Italy and the eurozone. Signs of inflation led the European 

Central Bank to raise interest rates 25 basis points to 2.75% 3 . The 

Swedish, Danish and Swiss monetary authorities also increased 

rates during the quarter. The Bank of England maintained interest 

rates at 4.5% 3 , leaving them unchanged for the tenth month in 

succession. In the U.K., inflation increased to 2.2% 3 , above the 

government’s 2% 3 target and unemployment reached a six-year 

high in the three months to April. 


We believe the improving economic environment will support 

European equities. Lower unemployment, limited signs of inflation 

and rising confidence levels bode well for future economic growth. 

Solid corporate profits, the ongoing high levels of merger-andacquisition 

activity and willingness to return cash to shareholders 

should also help stock prices. Factors that could jeopardize this 

scenario include the possibility of higher interest rates that may 

choke economic activity, currency appreciation that may reduce 

exports or geopolitical events that increase investors’ risk awareness. 

1 

Source: MSCI, Rimes 

2 

Source: Bloomberg 

3 

Source: Lehman 

24 




Greatlink European Equity Fund -3.29 3.17 12.19 52.85 15.19 22.28 4.10 -4.11 -0.70 

Benchmark Index 0.21 8.01 16.92 68.72 19.04 42.64 7.36 17.63 2.76 

* Information relates to Capital International Fund – European Equity Fund 

Note: Capital International Fund - European Equity Fund, the underlying fund of GreatLink European Equity Fund, due to regulatory requirements has been converted from Undertaking for 

Collective Investment in Transferable Securities (UCITS) I Scheme to UCITS III Scheme as of 31st December 2005. This change has NO significant impact to the fund other than extending the 

range of investible assets permitted under UCITS I. It also sets out more stringent requirements in relation to exposure limits, risk management processes and disclosures to investors. 



GREATLINK ENHANCER FUND report as at 30 June 2006 


The Fund objective is to achieve long term capital appreciation 

by investing primarily in the equity markets of the Asian Pacific 

region. The Fund shall invest in the Singapore market as well as 

most markets in the Asia Pacific region, including Australia, China, 

Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, 

South Korea, Taiwan and Thailand. 


Taiwan 

Singapore 11% 

7% 

Malaysia 

2% 

Korea 

19% 

Thailand 

2% 

Indonesia 

2% 

FUND FACTS 

Inception Date 26 April 1996 



Fund Size 

S$ 333.85 mil 

Fund Manager 






CPF Included 

CPFIS – OA 

Risk Category 


Benchmark 

MSCI All Countries Asia Pacific ex Japan, Net 


Cash & Cash Equivalents 

4% 

India 

7% 

Hong Kong 

7% 


Price Indexed 

205 

190 

175 

160 

145 

130 

115 

100 

85 

70 

55 

40 

25 

Australia 

28% 

China 

11% 

Performance Review (Apr 1996 to Jun 2006) 

105 

90 

+75.79 

75 

60 

45 

30 

15 

+39.55 0 

-15 

-30 

-45 

-60 

-75 

97 98 99 00 01 02 03 04 05 06 

––––– Greatlink Enhancer Fund ––––– Benchmark Index 

The values of your units may go down as well as up. Past performance is not necessarily a 

guide to the future. 




MARKET REVIEW 

For the half year ended 30 June 2006, the fund appreciated 

7.33%, outperforming the benchmark MSCI All Countries Asia Pacific 

Free ex Japan Index which rose 2.72% in Singapore dollar terms. 

The Asia Pacific markets, especially the ASEAN markets, did 

well in the first quarter of 2006, aided further by currency gains 

against the US dollar. The second quarter however, was a roller 

coaster period for the Asia Pacific markets. 

Funds fled the emerging markets from mid-May, mainly due 

to fears of a combination of further rate tightening on higher core 

Consumer Price Index and a peaking of economic growth. This 

was further compounded by fears of synchronised tightening as 

the Bank of Japan contracted its monetary base while China also 

introduced further measures to slow its economy. However, the 

Federal Open Market Committee policy statement on 29 June 

reversed the downward trajectory as it indicated that the future 

course will “depend on the evolution of the outlook for both 

inflation and economic growth”. The financial markets interpreted 

the non-committal statement as a strong indication that the U.S. 

Federal Reserve (“Fed”) is likely to take a pause. Notwithstanding 

a 25 basis point hike to 5.25% on 29 June, Asian markets rebounded 

with a vengeance, recouping more than 7% losses from the low 

in mid June. The benchmark MSCI Asia Pacific ex-Japan index 

ended the first half down 1.8%. 

Given the increased uncertainty on the interest rate front, 

it was not surprising that markets with sustainable valuations held 

up relatively better. These include China (18%) and India (15%). 

Korea was the main market that bore the brunt of selling throughout 

the year (-4%) on concerns of earnings outlook in the face of a 

strong Won and high oil prices. For the first half year, energy, 

materials and consumer staples were the standout performers 

with gains of 20%, 14% and 12% respectively. On the other end 

of the spectrum were IT and consumer discretionary which lost 

5.5% and 5% respectively. 

The contribution to the Fund’s performance came almost 

entirely from stock selection in most markets. In particular the 

major bet on the materials sector at the expense of being deeply 

underweight the technology and telecommunications sector bode 

well for the Fund. At the country level, our overweight calls on 

Singapore and China while being under-invested in Taiwan also 

added to the Fund’s outperformance. 


We expect market volatility to trend higher in the months 

ahead. The signal from the Fed of a pause in its tightening cycle 

adds to the uncertainty in our view, as inflation uptick becomes 

more palpable given rising commodity and oil prices. The technology 

sector has yet to show signs of impending strong pickup. Near 


3mths 6 mths 1 year 3 years 3 years 5 years 5 years 10 years 10 years Since Inception Since Inception 

(annualised) (annualised) (annualised) (annualised) 

Greatlink Enhancer Fund -2.11 7.33 25.75 91.51 24.18 92.84 14.03 79.96 6.05 75.79 5.70 

Benchmark Index -2.29 2.72 15.19 84.78 22.71 95.31 14.32 42.31 3.59 39.55 3.33 



25

GREATLINK ENHANCER FUND report as at 30 June 2006 

term, we are circumspect in our view but regard any market 

pullback as buying opportunities. 

Against a backdrop of inflationary fears in the US, inflation 

in Asia however remains benign, generally hovering at the low end 

of its own history. Excessive savings and income growth continue 

to keep inflation outlook in check. The recovery of Japan and the 

continued acceleration of the India and China economies will 

continue to provide the engine of growth for the region. 

We remain structurally positive on the region as the 

fundamentals of higher growth and lower interest rate differentials 

remain in place. Post the correction in May, regional equities have 

been trading at about 12X forward earnings, about 14% return 

on equity and with approximately 3.5% dividend yield. This compares 

favourably against historical numbers as well as other regions. The 

structural case for optimism in Asia remains intact: robust growth, 

undervalued currencies and healthy balance sheets. Synchronised 

global growth (above trend albeit moderating) also provide 

supportive investment backdrop for investors. 

In general, the low inventory-to-sales ratios, coupled with 

high utilization should provide Asian corporates some buffer should 

global demand decelerates. By most indicators, the real economy 

continue to suggest resilience, with real rates being slightly positive. 

The risk is for higher interest rates should oil and commodity 

prices spiral out of hand. 

Despite higher cyclicality, we are predisposed to North Asia. 

Korea remains supportive for corporate earnings. We believe 

major earnings revisions that pulled down 2006 Korean market 

EPS growth could be attributed to the faster-than-expected Won 

appreciation and concerns over the demand/supply dynamics for 

the IT sector during a seasonally weaker period. Valuations on a 

longer-term historical basis remain attractive as the market is 

trading at only 9.7x PE on flattish EPS growth for 2006 and 

expanding 16.6% in 2007. In Taiwan, our view over the longer-term 

is positive given the market’s valuation which is trading near its 

historical low, coupled with high dividend yield of above 4%. We 

would be selective buyers into any sell-off, seeking out companies 

that have strong balance sheets with superior products and growth. 

Within the financial sector, we continue to favour the insurance 

companies as they are the key beneficiaries of rising interest rate 

and asset reflation. 

China is our key overweight market on a bottom-up basis. 

Although risk of monetary and policy tightening exist, structural 

changes in its economy including capital market reforms, to one 

that is driven by domestic consumption auger well for the market 

in the long run. The market is trading on 13x this year’s earnings. 

In South East Asia, Singapore is our major call as we believe 

the risk-reward ratio is favourable, currently trading on 15x P/E 

on 2006 earnings growth of 6.8%. Dividend yield is attractive at 

4%, offering investor shelter as global interest rate outlook remains 

uncertain. We continue to favour India on a long term basis, but 

is cognizant of it being a prime target as funds flee emerging 

markets in the near term. 

We are neutral on Australia as it currently trades within its 

historical valuation of 15x earnings. We are focused on capital 

equipment sector related to mining and the infrastructure sectors 

which continue to register strong growth. 

Overall, our strategy will be to focus on quality, supported 

by sustainable earnings against a backdrop of moderating growth 

in the global economy. This leads us to continue to favour the 

domestic demand theme as regional growth remains buoyant, 

particularly in India and China. Elsewhere, the energy and materials 

sector continue to be supported by a favourable demand and 

supply dynamics. Rising geo-political tensions will continue to keep 

a firm oil price outlook. At the market level, we are unlikely to 

take significant bets as markets with greater foreign participation 

are likely to be at risk in the event of global liquidity contraction. 

Selective stock-picking based on price and quality will be key to 

our approach. 

Data source – Bloomberg, Lion Capital Management and MSCI 

26 



GREATLINK ASEAN GROWTH FUND report as at 30 June 2006 


The Fund objective is to achieve long term capital appreciation 

by investing in equities in the economies of the ASEAN region. 



Price Indexed 

Singapore 

51% 

Thailand 

7% 

FUND FACTS 




Fund Size 

S$ 129.95 mil 

Fund Manager 







CPF Included 

CPFIS – OA 

Risk Category 


Benchmark 

Composite of MSCI Singapore/Malaysia/ 

Philippines/Thailand/Indonesia, Net 


Cash & Cash 

Equivalents 

3% 

Indonesia 

19% 

Philippines 

3% 

Malaysia 

17% 

Performance Review (Apr 1996 To Jun 2006) 

200 

180 

+56.74 

160 

140 

120 

100 

80 

60 

40 

-25.55 

20 

0 

97 98 99 00 01 02 03 04 05 06 

100 

80 

60 

40 

20 

0 

-20 

-40 

-60 

-80 

-100 

––––– Greatlink ASEAN Growth Fund ––––– Benchmark Index 






MARKET REVIEW 

ASEAN markets started the year on a strong footing, aided 

by currency gains against the USD, expectation of a pause in the 

USD interest rate hike and positive corporate earning revision. 

Stronger currencies were usually associated with bullish stock 

market because it signaled foreign fund flows into the region. 

Lackluster US retail and housing indicators earlier in the year also 

raised investors’ expectation that the Fed would opt for a pause 

in rate hike. This view was reversed in May when stronger than 

expected inflation data caused the Fed to turn more hawkish on 

interest rates. It started a major correction in emerging equity 

and commodities markets for the rest of the period under review. 

Within the region, Indonesia was the best performing market with 

a 16.9% gain (SGD terms), while Thailand turned in the worst 

performance with a -2.7 % (SGD terms) loss in six-month period. 

Singapore, Malaysia and Philippines returned 5.9%, 1.9% and -1.4% 

respectively over the same period in SGD terms. 

Strong 1Q06 GDP growth of 10.6% in Singapore prompted 

upward revisions in corporate earnings. The award of Marina Bay 

Integrated Resort added further fuel to the property sector, which 

is already seeing healthy gains in the high-end residential and 

commercial properties. Malaysia stock market had a good start 

to the year. Construction companies rallied ahead of the 

announcement of the 9th Malaysia Plan, during which development 

expenditure would be increased by 18% to RM$200 billion. 

However, their rally was interrupted by trading restrictions put 

in place on speculative stocks by the Securities Commission. The 

public spat between PM Badawi and his predecessor also kept 

sentiment weak. 

The sterling performance in Indonesia market was premised 

upon expectations that interest rates would decline sharply later 

in the year when the effects of removing fuel subsidy on inflation 

worn off. The settlement of the oil concession in Cebu between 

ExxonMobile and Pertamina boosted the energy sector, leading 

to anticipation that FDI would flow into that sector. Foreign 

investors put their faith in the rekindling of a new investment 

cycle. The Thailand market started the year on a strong footing, 

but gave way to political uncertainty, which became increasingly 

more complicated. Mass protests in Bangkok forced the government 

to announced snap election in April, which was boycotted by the 

key opposition parties. A new date for another election hanged 

in limbo due to potential dissolution of key political parties on 

breaching election laws. Spurred by continued improvement in 

its fiscal position and strong overseas workers’ remittances, the 

Philippines market started the year on a strong footing. Market 

rally, however, was checked by renewed political crisis when 

President Arroyo declared a state of emergency after an attempted 

coup from a faction in the military. 




Greatlink ASEAN Growth Fund -4.06 9.49 13.75 66.00 18.40 101.76 15.06 63.27 5.02 56.74 4.51 

Benchmark Index -3.69 4.63 11.22 69.02 19.11 86.83 13.31 -23.12 -2.59 -25.55 -2.86 



27

GREATLINK ASEAN GROWTH FUND report as at 30 June 2006 


The US Federal Reserve raised its federal funds rate for the 

17th-consecutive time by a quarter percentage point to bring the 

rate to 5.25% on 29 Jun 06, but stepped back from its precommitment 

to further rate increases, suggesting the extent and 

timing of any additional firming will depend on the outlook for 

both inflation and economic growth, as implied by incoming 

information. ASEAN’s economic fundamentals is expected to 

remain strong if USD interest rates stay at around current levels. 

The recent correction brought valuations to more attractive levels. 

We will focus on companies with the high earnings visibility 

which is less vulnerable to possible slowdown of the global 

economy. We also like companies with active capital management 

strategy and high yield companies with potential to increase their 

yield further. 

In Singapore, GDP expansion has been strong and broadbased. 

Unemployment is low at 2.6% while inflation is just 1%. 

Property market activities — offices, prime residential and hotels 

— continue to record rising momentum. We are beginning to feel 

the impact of the major capital expenditure related to integrated 

resorts translating into domestic demand and loan growth. While 

the Malaysia market faces some headwinds from its macro 

environment, it should hold up well against slower global growth. 

Furthermore, it has also underperformed the region in the past 

few years and hence very little foreign money is in the system. 

However, the planned introduction of regulated short selling 

sometime in the third-quarter may increase the volatility of the 

market. We remain positive that implementation of the 9th Malaysia 

Plan may accelerate ahead of the federal budget on 1st September. 

This could benefit companies in the construction and building 

materials sectors. Due to falling inflation numbers, real interest 

rates in Indonesia are expected to rise sharply by the end of the 

year. This allows the central bank more flexibility in cutting rates 

further. Furthermore, trade balance trend remains encouraging 

and should ensure a stable Rupiah. We think its economy is gradually 

recovering from the impact of high inflation environment and that 

it is perhaps relatively less affected by any potential slowdown in 

external economies. We like energy, commodities and consumer 

stocks. Thailand market valuation is attractive, and could have 

discounted most of the bad news such as slowing global economy, 

an expected rise in the USD interest rates, disappointing economic 

numbers for 2Q - 4Q06 and ongoing political problems. However, 

an upswing appears to be sustainable only upon easing of domestic 

political uncertainty. We would focus on companies that are less 

sensitive to public spending and companies with sustainable demand 

for products and services and stable profit margins. We believe 

fiscal targets in Philippines are intact. Inflation shows signs of 

slowing and should keep the central bank on hold throughout the 

year. Overseas workers’ remittances should support a healthy 

balance of payments surplus, suggesting that the domestic economy 

is in a relatively strong position to weather a potential economic 

slowdown in the developed markets. 

Data source – Bloomberg, Lion Capital Management, MSCI and Ministry of Trade and Industry 

28 



GREATLINK FAR EAST EX JAPAN EQUITIES FUND report as at 30 June 2006 


The Fund objective is to maximize capital growth through 

investing primarily in equities of companies based in China, Hong 

Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, 

Taiwan and Thailand, and also in other Asia Pacific regions. 


China 

16% 

ASEAN 

20% 

Hong Kong 

9% 

Taiwan 

16% 


Price Indexed 

180 

170 

160 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

Cash 

7% 

FUND FACTS 




Fund Size 

S$ 60.49 mil 

Fund Manager 






CPF Included 

CPFIS – OA 

Risk Category 

Higher Risk / Narrowly Focused (Regional – Asia) 

Benchmark 

MSCI AC Far East Ex Japan Index, Net 

S&P Fund Stars ★★★ (as at 31 Mar 2006) 


Korea 

32% 

03 04 05 06 

+55.43 

+51.05 

80 

70 

60 

50 

40 

30 

20 

10 

0 

-10 

-20 

-30 

-40 

––––– Greatlink Far East ex Japan Equities Fund ––––– Benchmark Index 




MARKET REVIEW 

For the half year ended 30 June 2006, the fund rose 3.99% (in SGD 

terms), outperforming the benchmark which rose 2.06% (in SGD terms). 

Though fears of rising inflation was already a prevalent theme across 

the region at the start of the year, Asian markets in general managed to 

retain their positive bias in the first quarter of 2006, comforted by robust 

global growth and continued strength in corporate profitability. However, 

markets’ volatility increased significantly in the final two months of the 

reporting period as investors started to fret over slowing global growth 

and the risk of monetary over-tightening. Stronger than expected US inflation 

data in the second quarter triggered the turn in sentiments, as renewed 

inflationary fears sparked off hawkish inflation statements by US Fed Chairman 

Ben Bernanke and several Fed members, and declining consumer confidence 

as reflected in retail sales and housing numbers pointed to a softening trend 

ahead for the global economies. As concerns grew over the increased 

potential for stagflation, global investors reduced risk appetite and funds 

fled from the emerging markets from mid-May. China’s introduction of 

further measures to slow its economy in May further compounded fears 

of synchronized tightening at a time when global economic growth was 

already exhibiting signs of peaking. While the 25 basis point hike in US Fed 

fund rates on 29 June was largely expected, instead equity markets reacted 

positively, recouping more than 7% losses from the lows in mid-June as 

investors were soothed by the Federal Open Market Committee policy 

statement that indicated the Fed recognized that economic growth was 

moderating and that the extent of further tightening will be data dependent. 

The fund outperformed its benchmark mostly on the back of positive 

stock selections; as mixed impact was registered from allocation among the 

different countries and the resulting contribution muted. While our positive 

stance on Korea given the recovery in the domestic economy and attractive 

valuations did not pan out as a macro key as Korea was the key laggard during 

the reporting period, positive stock selections within the market managed 

to achieve and contribute to excess return. Meanwhile, our focus on domesticoriented 

stocks within Singapore, in particular the property sector on potential 

positive newsflow from the integrated resorts bidding and recovering physical 

market, as well as stock selections in Hong Kong also added value. 


We expect market volatility to trend higher in the months ahead. The 

signal from the Fed on further rate hikes being data dependent adds to 

market uncertainty as investors may attempt to dissect and react to economic 

releases, even as inflation pressure builds up on rising commodity and higher 

oil prices. Near term, we are cautious in our stance, but regard any market 

pullback as buying opportunities as our base case outlook for the Asia Pacific 

region remains constructive, supported by improving macro fundamentals 

i.e. resilient growth, undervalued currencies and healthy balance sheets. 

Although global growth is moderating, we expect relatively low level of real 

interest rates and a largely healthy corporate sector will cushion the slowdown. 

In the aftermath of the shake-up in May and June 2006, valuations for the 

region have fallen to 12x 2007 earnings, coupled with attractive dividend yield 

of over 3% and ROE of about 16%. Valuations will be the key to stock selection 

given the uncertainty over interest rate hikes, though we expect global liquidity 

flows to determine performance in the near term. In terms of strategy, the 

stance will continue to be tilted towards domestic plays as macro and income 

growth remain buoyant in Asia, against the backdrop of a weaker US dollar 

ahead. With geo-political tensions likely to keep oil prices firm, we expect the 

energy sector to remain supported as well. We will focus on stock selection, 

seeking companies that have strong balance sheet with superior growth. 

Data source – Bloomberg, Lion Capital Management and MSCI. 



(annualised) 

(annualised) 

Greatlink Far East ex Japan Equities Fund -2.97 3.99 13.53 75.64 20.65 51.05 10.15 




29

GREATLINK SINGAPORE EQUITIES FUND report as at 30 June 2006 


The Fund objective is to maximize capital growth through 

investing primarily in Singapore equities. 



Price Indexed 

Industrials 

23% 

160 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

Health Care 

2% 

Telecomm Services 

10% 

FUND FACTS 




Fund Size 

S$ 61.45mil 

Fund Manager 







CPF Included 

CPFIS – OA 

Risk Category 


(Singapore Centred) 

Benchmark 

MSCI Singapore Free Index, Net 


Financials 

48% 

Cash 

8% 


03 04 05 06 

Consumer 

Discretionary 

8% 

Consumer 

Staples 

1% 

+44.47 

+36.63 

60 

50 

40 

30 

20 

10 

0 

-10 

-20 

-30 

-40 

––––– Greatlink Singapore Equities Fund ––––– Benchmark Index 




MARKET REVIEW 

For the half year ended 30 June 2006, the fund rose 7.90% 

outperforming the benchmark which rose 5.89% 

Our overweight in property, conglomerates and healthcare 

in addition to an underweight in the financials and technology 

sectors bode well for the fund. We took a neutral view in telecom, 

media and selective financial stocks. 

During the first half of 2006, the Singapore market saw a 

steady 10% rise up to early May, before giving up its gains amid 

the regional markets’ correction in May and June. Following a 

people-friendly budget announced in February, the elections held 

in early May resulted in the broad market rallying after the Prime 

Minister secured his strong personal mandate as PAP returned to 

power after winning 82 out of 84 seats. 

Singapore's economic activity continued its strong momentum 

with a 10.6% growth in the first quarter. Manufacturing and services 

producing industries provided much of the impetus to the growth. 

The 2Q saw a slower trend in manufacturing and non-oil domestic 

exports, confirming that growth is slowing after a strong first 

quarter. Going forward, the strength in the services sector and an 

impending recovery in construction activity could help to offset 

any slowdown in the more volatile manufacturing segment. 

The Singapore dollar firmed to an eight-year high versus the 

US dollar, ending at around S$1.58/US$ during the period. The 

MAS maintained its current policy of a modest and gradual 

appreciation of the S$ nominal effective exchange rate policy band. 

Transactions by Temasek continued to lead the newsflow, 

with the purchase of a 49.6% stake in Shin Corp and a 12% stake 

in Standard Chartered Bank, whilst raising up to S$2.5bn in 

divestments of stakes in SingTel, Olam International and LMA. 

The property sector continued its recovery trend since 2005, 

driven by foreign interest, more positive consumer sentiment amid 

a strong economic growth and job creation environment. The 

1Q06 URA private residential price index rose by 4.7% YoY, which 

bodes well for prospects of a sustained recovery. In addition, 

tightening supply and buoyant demand pushed average Grade A 

prime office rental value up 13.1% QoQ in 2Q06. Property 

purchases by foreigners in 1Q06 were down 24% QoQ, after 

climbing to a 10-year high. 

CapitaLand and Hong Kong’s Sun Hung Kai Properties emerged 

as the joint winners of the Orchard Turn site, with a bid of 

S$1,020psf or a total of S$1.38bn. Subsequently, Far East Organisation 

topped the bid for Glutton Square at S$1,085 psf per GFA, 6% 

higher than at the Orchard Turn site. 

Newsflow on the integrated resorts (IR) continued as Las 

Vegas Sands Corp beat three competitors, MGM Mirage-CapitaLand, 

Harrah’s Entertainment-Keppel Land and Genting-Star Cruises, 

with a bid valued at more than S$5 billion (US$3.2 billion) to build 

30 



(annualised) 

(annualised) 

Greatlink Singapore Equities Fund -342 7.90 14.66 64.30 18.00 36.63 7.59 




GREATLINK SINGAPORE EQUITIES FUND report as at 30 June 2006 

Singapore's first casino resort. The tender for the second IR at 

Sentosa will close in October and the results announced in Dec 

2006. 

In the financial sector, UOB announced the divestment of its 

remaining non-core asset, Hotel Negara. The 54.5% stake was sold 

for S$73m and it will book a gain of approximately S$34.5m. 

Together with the recent sale of OUE, the bank has now monetized 

about S$1bn of non-core assets. 


We believe Singapore’s economy would remain healthy over 

the next one to two years, helped by a stronger currency, higher 

tourist arrivals and business activities generated by the integrated 

resorts’ implementation. 

We maintain our positive stance on Singapore, on favorable 

risk-reward view. Market valuations are fair at 15X P/E on EPS 

growth of 6-8% for 2006. The market P/B of 1.7X is in-line with 

long-term average, while ROE improves to 12% and dividend yield 

is attractive at 4%. 

In the near to medium term, reflation remains a key theme 

although growth could taper off in second half of 2006. Over the 

longer term, the economic restructuring could start to bear fruit 

and the multiplier effect of IR is likely to add about 1% to GDP 

by 2015. 

At the portfolio level, we remain largely invested in financials, 

property developers, REITs, conglomerates and healthcare. 

The strengthening office cycle bodes well for rental reversion 

prospects over the medium term. We are also positive on the 

healthcare sector which we believe is poised to benefit from 

medical tourism and the structural growth trend driven by an 

ageing population. 

We prefer defensive stocks that offer high dividend yield. 

With interest rates now at a reasonably high level compared to 

the past, we believe REITs offer good risk-reward investments for 

the portfolio. 

The key risks include sharp increase in oil price could dampen 

companies’ growth prospects. We would continue to watch out 

for divestments or IPOs by Temasek going forward as it could 

dampen the market if Temasek aggressively sells down its stakes 

in GLCs. A widespread bird flu situation could slow down the 

economic growth. 

Data source – Bloomberg, Lion Capital Management Limited, Ministry of Trade and Industry, 

MSCI and URA 



31

GREATLINK PAN ASIA FUND report as at 30 June 2006 

32 

FUND FACTS 




Fund Size 

S$ 69.73 mil 



Schroder Pan Asia Fund 

Fund Manager 







CPF Included 

CPFIS – OA 

Risk Category 


Benchmark MSCI AC Asia Pacific Index # 



The Fund objective is to achieve long term capital growth through 

investment in securities quoted on Asian stock markets including but 

not limited to Singapore, Malaysia, Thailand, Indonesia, Philippines, Hong 

Kong, Japan, Taiwan, China, South Korea, Australia, New Zealand and 

the Indian sub continent. This Fund shall invest all or substantially into 

the Schroder Pan Asia Fund. The portfolio of the Fund will be broadly 

diversified with no specific industry or sectoral emphasis. 


Indonesia 

Hong Kong 

4% 

3% 

Thailand 

Singapore 4% 

4% Taiwan 

4% 


Price Indexed 

India 

2% 

Korea 

9% Australia 

11% 

Malaysia 

2% Cash & Equivalents 

3% 

Japan 

54% 

Performance Review (Jul 2000 to Jun 2006) 

130 

+12.40 

120 

110 

100 

90 

-1.10 

80 

70 

60 

50 

Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr 

00 00 01 01 01 01 02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 

––––– Greatlink Pan Asia Fund ––––– Benchmark Index 

Source: Standard & Poor’s Micropal, SGD, bid-to-bid, net dividends reinvested 



Returns from Asian equity markets were good over the first 

quarter, in line with the positive trend in global markets. All markets 

in the region were positive, though with wide variations in 

performance. Higher risk markets had the best results, led by 

China and Indonesia, while returns from markets dependent on 

the dollar, and especially technology exports, tended to be more 

moderate. The Japanese equity market also delivered good returns 

despite considerable market volatility. Revelations regarding 

fraudulent accounting at internet company Livedoor had a negative 

impact on investor sentiment for part of the period. There was 

also a fair bit of investor speculation concerning monetary policy 

tightening by the Bank of Japan. 

However, increased aversion to risk among investors soon 

saw the region’s share prices fall back over the second quarter, 

with concerns over factors including US inflation and interest rates 

weighing on markets. The Japanese market also fell, against a 

background of weakness in global stock markets and disappointing 

company earnings forecasts at home. 

The Greatlink Pan Asia Fund fell by 0.8% over the period 

from 31 Dec 2005 to 30 Jun 2006, outperforming its benchmark 

MSCI AC Asia Pacific Index’s return of -1.7% over the same period 1 . 

The outperformance is attributed to the Fund’s good stock calls 

in India, Indonesia and Australia. However, detracting from 

performance was the Fund’s overweight position in Thailand. 


Despite the short-term market weakness we have seen 

recently, the long-term prospects for the region are excellent. 

Asian companies are significantly better run than they have been 

in the past, with much more discipline in terms of capital expenditure. 

The focus of management teams on shareholders’ interests has 

also improved. Moreover, the region’s companies are now paying 

out a higher proportion of their earnings in dividends. 

Meanwhile, with Japan's economy continuing its gradual 

improvement, deflation ending and the real estate market picking 

up, we believe the environment also looks relatively benign for 

Japanese equities. 

Investing in the Asian region also provides exposure to 

powerful long-term investment themes, such as the urbanisation 

of the two largest populations in the world – India and China – 

and the associated rapid economic growth. We believe that our 

detailed company-specific research combined with a high level of 

attention to share price valuations will enable us to make the 

most of the considerable investment potential available. 

1 Source: Standard & Poor’s, SGD, bid-to-bid, net dividends reinvested. 


3mths 6 mths 1 year 3 years 3 years 5 years 5 years Since Inception**Since Inception** 


Greatlink Pan Asia Fund -5.10 -0.80 21.30 67.70 18.80 41.90 7.30 12.40 2.00 

Benchmark Index -5.30 -1.70 20.00 70.20 19.40 33.00 5.90 -1.10 -0.20 

* Information relates to Schroder Pan Asia Fund 

** Measured since earlier available date 14 Jul 2000 

# MSCI AC Asia Pacific Index from launch till 31 Oct 2001, MSCI AC Asia Pacific Index (Free) wef 1 Nov 2001 (subsequently renamed MSCI AC Asia Pacific Index on 30 Jan 04) 



GREATLINK CASH FUND report as at 30 June 2006 


The GreatLink Cash Fund is a cash mandate and the objective 

is to generate a return comparable to S$ time deposits. 



Price Indexed 

Lehman Brothers 

City Developments 7% 

7% 

Red Orchid 

7% 

UMF 

7% 

Millenia Tower 

9% 

125.0 

122.5 

120.5 

117.5 

115.0 

112.5 

110.0 

107.5 

105.0 

102.5 

100.0 

International Factors 

9% 

FUND FACTS 




Fund Size 

S$ 86.57 mil 

Fund Manager 







CPF Included 


Risk Category 

Lower Risk / Broadly Diversified 

Benchmark 

1 mth SIBID 


Keppel Land Ltd 

10% 

OCBC Bank 

17% 

Northern Trust 

12% 

Performance Review (Apr 1996 to Jun 2006) 

+22.30 

+19.89 

97 98 99 00 01 02 03 04 05 06 

JP Morgan 

15% 

25.0 

22.5 

20.0 

17.5 

15.0 

12.5 

10.0 

7.5 

5.0 

2.5 

0.0 

––––– Greatlink Cash Fund ––––– Benchmark Index 






MARKET REVIEW 

For the half year ended 30 Jun 2006, the fund rose 1.15%, 

underperforming the benchmark which rose 1.47%. 

Singapore interest rate markets were pressured by rising 

global inflationary concerns as output gap turns positive and 

sustained high energy prices. The US Federal Reserve has hiked 

25bps for each meeting during this period, bringing the target rate 

to 5.25% from 4.25% in Dec 05. Local short-end swap offer rates 

rose 40-50bps from end last year and interbank rates were also 

pushing towards 3.5%. This is seen as playing catch-up to the US 

rates. The relatively strong SGD has helped to mitigate some 

upward pressure though. 

Of interest to note is that the spread between the Singapore 

Government T-Bill yields, deposit rates, interbank rates and swap 

offer rates have widened. Flight to quality and equity market selloff 

in May saw demand for government bonds, holding yields down 

whilst foreign outflows added to the tightened monetary conditions, 

and pushed the bank rates up. Interest rate hedging on the 

expectation of rising yields further pushed up the swap rates. 

For Singapore, 2005 GDP was revised upwards to 6.4% and 

1Q GDP was a strong 10.6% YOY. More importantly, growth was 

broad based, contributed by both manufacturing and services 

sector. 2006 GDP official forecast has been revised from 3-5% up 

to 4-6%. Consensus forecast is at the high end of this range. 

The fund underperformed the benchmark as the reinvestment 

cycle was not able to keep up with the rising short-term rates. 

The credit spreads on the corporate bonds have also thinned and 

therefore the yield carry was not sufficient to offset the rise in 

the SGD Inter-bank Bid Rates. 


The global economy has remained relatively resilient amidst 

the broadening of growth. Upside inflation surprises from higher 

commodity prices could prompt tighter than expected monetary 

policies. Significant changes in market expectations and the 

vulnerability of regional currencies to volatile short-term flows 

will contribute to the overall volatility of the interest rate markets. 

We do expect domestic economic growth to moderate in line 

with the global economy and inflationary pressures are likely to be 

contained under the existing gradual SGD appreciation policy stance. 

This will provide support to the fixed income market. However, 

until the US Fed pauses on his rate hike cycle, short end rates are 

not likely to ease very much soon. Hence, any gains may be limited. 

The strategy would be to progressively lengthen duration as 

we perceive the US rate hike cycle to end in 2H06. We prefer 

investments in corporate bonds that are priced over swap offer 

rates relative to the Variable Rate Notes that are priced over the 

inter-bank rates. The spread between 1 month swap offer and 

inter-bank rates has widened to about 60bps. 

Data source – Bloomberg, Lion Capital Management Limited and MSCI 




Greatlink Cash Fund 0.71 1.15 2.43 4.02 1.32 5.17 1.01 19.52 1.80 19.89 1.80 

Benchmark Index 0.74 1.47 2.47 4.21 1.38 5.93 1.16 21.82 1.99 22.30 2.00 



33

GREATLINK GLOBAL BOND FUND report as at 30 June 2006 

FUND FACTS 

Inception Date 15 January 2002 



Fund Size 

S$ 118.94 mil 

Fund Manager 


Sub Manager 

PIMCO 






CPF Included 


Risk Category 

Low to Medium Risk/ Broadly Diversified 

Benchmark Lehman Global Aggregate Bond Index 50% 

Hedged into SGD 



The Fund objective is to achieve excess return relative to the 

index while minimizing volatility of return relative to the index 

(Lehman Global Aggregate Bond Index, 50% hedged into Singapore Dollars). 


United States 

48% 


Price Indexed 

123 

118 

113 

108 

103 

Japan 

10% 

Performance Review (Jun 2002 To Jun 2006) 

Europe 

42% 

+19.11 

+18.10 

98 

Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun 

01 02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 

––––– Greatlink Global Bond Fund ––––– Benchmark Index 


MARKET REVIEW 

Bonds Struggle In First Half of 2006 as Interest Rates Rise 

Global growth remained firm in the first half of the year. 

Despite rising interest rates, record high fuel prices and a cooling 

housing market, the U.S. economy displayed resilience. Euroland 

growth also appeared to be gathering momentum on firmer 

exports and tentative signs of a pick up in domestic consumption. 

The U.K. continued to defy expectations of a slow down with 

house prices even gaining ground during the quarter. Economic 

activity in the Asia Pacific region remained brisk, with China’s 

growth accelerating on strong trade flows and expanding credit 

growth. Finally, Japan’s growth continue to sustain as capital spending, 

production and consumption all contributed to growth. 

Concerns about accelerating inflation and central banks 

tightening drove bond yields sharply higher across every major 

bond market. Yields reached multi-year highs in the U.S., Euroland 

and Japan in the first half of the year. Stronger than expected U.S. 

inflation data early in second quarter boosted investor expectations 

of future inflation, effectively challenging Fed Chairman Bernanke’s 

inflation fighting credentials. Fed officials responded with hawkish 

rhetoric, pledging to keep policy tight until inflation returned to 

their comfort zone and then delivered another rate hike near the 

second quarter’s end. The ECB retained its gradualist approach, 

raising rates by 25 basis points to 2.75%, despite advocacy by some 

of its council members for a half a percent hike. The Bank of Japan 

added to investor uncertainty indicating that the end of zero 

interest rates was imminent. 

Risk aversion was a more dominant theme during the second 

quarter. With central banks shifting from accommodating reflation 

through low rates to keeping a lid on inflationary pressures as 

growth sustained, investors began to sell risky assets and exit 

investment strategies that depended on low-cost financing. Emerging 

market equities and commodities endured steep corrections to 

their stellar year-to-date rallies. For example, from May 12th to 

June 14th, the price of gold plummeted by over 15% from its peak 

of $714 an ounce. But oil prices stayed stubbornly high, ending 

the second quarter close to record levels and adding further 

uncertainty to the outlook for global growth and inflation. 

U.S. and Dollar Bloc 

U.S. Treasuries posted -1.3% returns for the first six months, 

as investors remained concerned that tighter monetary policy 

around the globe would pressure bond yields higher. Yields drifted 

higher and the curve remained relatively flat as shorter and 

intermediate maturity yields rose by a comparable amount. While 

Fed officials retained a hawkish tone during much of the quarter, 

the June 29th FOMC statement acknowledged that upcoming data 

would determine “the extent and timing of any additional firming”. 

34 



(annualised) 

(annualised) 

Greatlink Global Bond Fund 0.02 -1.41 -2.99 4.43 2.06 19.11 3.96 

Benchmark Index -0.18 -2.03 -3.70 3.49 1.15 18.10 4.70 



GREATLINK GLOBAL BOND FUND report as at 30 June 2006 

Mortgage-backed securities underperformed like-duration Treasuries 

in the first half of the year. The Lehman Brothers Aggregate Bond 

Index, a widely used index of high-grade bonds, returned –0.72% 

for the first six months of the year as credit premiums widened 

amid a reduction in investor risk appetites. 

Euroland and the U.K. 

Euroland government bonds returned –2.7% during the first 

six months The yield curve steepened modestly, as the ECB retained 

a gradual approach to removing its monetary accommodation. 

Strong demand for the region’s exports continue to support 

business sentiment. More recently, consumer confidence has also 

risen, encouraging hopes that domestic consumption would finally 

pick up. Headline inflation in the region stayed above the central 

bank’s 2% target, pressured by higher energy prices, although core 

inflation remains subdued. The ECB’s sharp rhetoric and investor 

concerns that it might accelerate its tightening process lifted the 

Euro to a 8.0% gain vs. the U.S. dollar. 

U.K. Gilts posted –2.0% returns during the first six months, 

underperforming U.S. Treasuries. The gilt curve stayed flat between 

2-year and 10-year maturities but inverted further between 10- 

year and 30-year maturities. U.K. growth picked up during the 

second quarter with house prices rising modestly. The Bank of 

England, which has kept rates on hold since last August, has not 

indicated any urgency to move on rates given benign core inflation 

and subdued earnings and employment. However, expectations 

that the MPC would shift rates higher before year-end boosted 

the Pound Sterling, which gained over 7.0% vs. the U.S. dollar. 

Japan 

Japanese government bonds returned –1.8% during the first six 

months, underperforming U.S. Treasuries. The JGB curve steepened 

in an unwind of leveraged trades as a scandal affecting Bank of 

Japan (BOJ) Governor Fukui initially added uncertainty to the 

timing of central bank rate hikes. However, the economy’s 

momentum remained firm, with business sentiment and spending 

underpinned by profits. A pick up in hiring has also lifted consumer 

spending. Expectations that the BOJ would raise interest rates in 

the months ahead, supported the yen, which gained over 3% vs. 

the US dollar during the first six months of the year. 


Global Economic Growth Seen as Strong But Vulnerable 

The combination of robust U.S. consumption, massive Chinese 

investment spending and positive feedback effects in Japan and 

emerging economies produced growth over the last year that 

exceeded PIMCO’s expectations. Expansion prompted tightening 

by central banks to contain inflation that has been mild but 

accelerating. The Bank of Japan, the European Central Bank and 

perhaps still the Federal Reserve are embarked on an uncertain 

path of interest rate hikes that could, if pursued too aggressively, 

derail the global expansion. Other important elements of our 

secular outlook include: 

• Global Inflation Benign at 1-3% – Moderate, range-bound 

inflation is the most reasonable forecast over the next several 

years, despite the impact of higher commodity prices. Disinflationary 

forces include low-wage labor in the developing world, technologydriven 

productivity gains and the potential for a commodity or 

housing-related recession sometime in the next few years. 

• Rates, Yield Curve Back to Normal Levels – The reaction 

of investors and central banks to strong global growth has been 

to push previously low and even negative real yields higher, especially 

for shorter maturities. Now that these yields have returned to 

more normal levels by historical standards, PIMCO believes that 

interest rates will not move much higher. The yield on the 10-year 

Treasury will range from 4 to 5.5 percent over the next three to 

five years. The benign inflation outlook and still abundant global 

savings will limit rate increases beyond this level. Global central 

banks will be cautious about raising rates too aggressively lest 

they boost the value of their respective currencies and stall growth. 

This caution should allow yield curves to revert back to their 

more typical positive slope. 

• Risk Premiums Return to Normalcy as Well – Risk 

premiums and volatility levels in assets such as real estate, corporate 

and emerging market bonds and equities are near historic lows 

and financial leverage is near historic highs. Abundant liquidity, 

especially Japan’s zero percent borrowing rates, has been a big 

factor in the compression of risk premiums. With this zero percent 

set to morph into something higher, investors in risky assets have 

recently felt the pain. Risk premiums are likely to continue to 

trend back toward historical levels over a secular time frame. 

• U.S. Dollar Will Underperform – Reversing imbalances such 

as the huge U.S. trade deficit and excessive U.S. consumption will 

demand incentives. These incentives are likely to be externally 

imposed in the form of a weaker U.S. dollar, which will allow for 

reduced Asian imports and a rebalancing of the current disequilibrium. 



35

GREATLINK STABLE BOND FUND report as at 30 June 2006 


The Fund objective is to achieve an attractive return by 

investing in single A and above quality investment grade bonds of 

Singapore and major bonds markets such as the G7 countries and 

Australia and New Zealand. The G7 countries are Canada, France, 

Germany, Italy, Japan, UK and US. 

This fund invests all or substantially into Deutsche Lion Bond 

Fund. 


UK 

3% 

USA 

5% 

FUND FACTS 




Fund Size 

S$ 23.35 mil 



Deutsche Lion Bond Fund 

Fund Manager 


Sub Manager 

Deutsche Asset Management 






CPF Included 


Risk Category 

Lower Risk/ Broadly Diversified 

Benchmark 

Ladder 6 Months SIBOR less 12.5bp 


Malaysia 

Cash & others 

1% 

6% 

South Korea 

11% 


Singapore 

73% 

Performance Review (Mar 2002 To Jun 2005) 

109 

108 

+8.00 

107 

106 

105 

104 

+5.58 

103 

102 

101 

100 

99 


02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 

––––– Greatlink Stable Bond Fund ––––– Benchmark Index 


Price Indexed 

MARKET REVIEW * 

Strong economic growth, relatively accommodative monetary 

policy and rising commodity prices have raised concerns over the 

buildup in inflationary pressures. Central banks across the globe 

with limited tolerance for rising inflation continued to move 

towards normalizing policy rates to moderate expansion and 

inflation. 

In the US, despite signs of a slowdown in 2H2006, the US 

Federal Reserve in its attempt to establish its inflation fighting 

creditability has raised the Federal Funds Rate by 100 bps to 5.25%. 

The US Treasury 10-year and 2-year bond yields were also higher 

by 75bps for the period under review. 

In Singapore, yields were higher, in line with the US. The 10- 

year and 2-year Singapore Government bond yields rose by 36bps 

and 30bps respectively. Corporate bonds underperformed as 10- 

year and 2-year interbank swap rates rose more than government 

yields (up 46bps and 60bps respectively). Six-month SIBOR increased 

by 35bps to 3.6%. 

The Fund gave positive returns over the period ending 

1H2006. The absolute increase in yields negatively impacted the 

portfolio. However, active management of interest rate exposure 

and higher yielding securities, added value to the Fund. 


Growth in the US is likely to moderate in 2H2006. The 

elevation of energy prices still pose some upside risks but unless 

inflation proves more resilient than expected, which is very much 

data-dependent, the Federal Reserve may be near a pause at 5.50%. 

Short rates in Singapore may peak in tandem with the US. 

In our opinion, longer-dated bonds in the US are over-valued 

and we look for yields to trend higher. Long bond yields in Singapore 

are likely to move in line with the US but will probably underperform 

given the robust domestic growth and attractive valuations in the 

equity markets. We will actively manage the interest rate positioning 

given the expected volatility in the markets and will continue to 

focus on high quality corporate bonds to enhance the yield. 

36 



(annualised) 

(annualised) 

Greatlink Stable Bond Fund 0.59 0.69 0.49 2.29 0.76 8.00 1.82 

Benchmark Index 0.79 1.46 2.49 4.44 1.46 5.58 1.28 

* Information relates to Deutsche Lion Bond Fund 



GREATLINK CHOICE (SEP 2010) & (OCT 2010) FUNDS report as at 30 June 2006 

GREATLINK CHOICE (SEP 2010) FUND 

INVESTMENT OBJECTIVE 

The Fund objective is to seek to provide policyholders with: 

1. Annual payouts of 3.50% of the Initial Unit Price per Unit 

held by each policyholder as at each policy anniversary; and 

2. 100% capital protection on maturity. 

“Policy Anniversary” falls on 30 Sep 2006, 30 Sep 2007, 30 Sep 

2008, 30 Sep 2009 and the Maturity Date (or if such date does 

not fall on a Business Day, the next Business Day). 

“Maturity” falls on 30 Sep 2010 (or if such date does not fall on 

a Business Day, the next Business Day). 

FUND FACTS 

Inception Date 30 Sep 2005 

Investment Period 5 Years 

Fund Manager 

Lion Capital Management Limited 

Total Management Fee 8.46% of Single Premium deducted upfront 


Valuation frequency Last Business Day of each month 

Dealing Deadline 

2 p.m, 5 Business Days prior to the Next 

Valuation Date 

Minimum holding amount $1,000 

Minimum realization amount $1,000 

Fund Size at Inception $113.67mil 

Benchmark Index 

12-Month Singapore Dollar Fixed Deposit Rate 

Fund Price $0.921 

GREATLINK CHOICE (OCT 2010) FUND 

INVESTMENT OBJECTIVE 

The Fund objective is to seek to provide policyholders with: 

1. Annual payouts of 3.50% of the Initial Unit Price per Unit 

held by each policyholder as at each policy anniversary; and 

2. 100% capital protection on maturity. 

“Policy Anniversary” falls on 31 Oct 2006, 31 Oct 2007, 31 Oct 

2008, 31 Oct 2009 and the Maturity Date (or if such date does 

not fall on a Business Day, the next Business Day). 

“Maturity” falls on 31 Oct 2010 (or if such date does not fall on 

a Business Day, the next Business Day). 

FUND FACTS 

Inception Date 31 Oct 2005 

Investment Period 5 Years 

Fund Manager 

Lion Capital Management Limited 

Total Management Fee 8.28% of Single Premium deducted upfront 


Valuation frequency Last Business Day of each month 

Dealing Deadline 

2 p.m, 5 Business Days prior to the Next 

Valuation Date 

Minimum holding amount $1,000 

Minimum realization amount $1,000 

Fund Size at Inception $101.7 mil 


12-Month Singapore Dollar Fixed Deposit Rate 

Fund Price $0.918 

FOR GREATLINK CHOICE (SEP 2010) & (OCT 2010) FUNDS 

FUND INFORMATION 

Capital raised less of charges deducted is invested in Deustche 

Bank AG arranged notes ("RASA notes") issued by RASA (Repackaged 

Assets & Securities in Asia) Limited ("RASA Limited") which are 

rated at a minimum of AA- by Standard and Poor’s on the Inception 

Date. The tranche in the reference portfolio which RASA Limited 

has exposure has an initial loss protection level of 13.50% of the 

initial reference portfolio amount on the Inception Date. 

Refer to pages 38 to 41 for the list of reference entities as at 30 June 2006. 

BOND COLLATERALS 

Issuer 

HBOS Treasury Services PLC 

Westpac Banking Corporation 

ANZ Banking Group 

Dexia Credit Local 

S&P/Moody’s Rating 

as at 30 Jun 06 

AA/Aa2 

AA-/Aa3 

AA-/Aa3 

AA/Aa2 

UPDATES TO GREATLINK CHOICE (SEP 2010) & (OCT 2010) FUNDS AS AT 30 JUN 2006 

No. of Default (cumulative) 1 No. of Substitutions (cumulative) 8 

Cumulative (Loss)/Gain 0.18% Changes to Bond Collaterals’ Ratings Unchanged 

Subordination Level as at 30 Jun 06 13.68% Fund Price as at 30 Jun 06 $0.921 (Sep 2010) 

$0.918 (Oct 2010) 



37


DETAILS OF EVENTS SINCE 1 JUN 06 

DEFAULT 

Date 

Entity Defaulted 

4 March 2006 Dana Corporation 

SUBSTITUTION 

Date Entity Substituted Substituting Entity Trading Gain/(Loss) 

3 March 2006 J Sainsbury PLC Royal Caribbean Cruises Ltd 0.01% 

8 March 2006 Dana Corporation Continental Airlines, Inc (0.04%) 

29 March 2006 - The Rank Group PLC - C&M Finance Ltd 0.01% 

- Rhodia - Noble Group Ltd 

As at 31 Mar 06 (cumulative) (0.02%) 

10 May 2006 - Visteon Corporation - Titan Petrochemicals Group 0.2% 

- Crown European Holdings SA - Vedanta Resources PLC 

- United States Steel - Sino-forest Corporation 

- Marks & Spencer PLC - Road King Infrastructure Ltd 

As at 30 Jun 06 (cumulative) 0.18% 

There were 1 default and 8 substitutions (including one substitution for the defaulted entity, Dana Corporation), resulting in an 

overall trading gain of 0.18% in subordination as at 30 Jun 06. With the active management by Lion Capital, subordination level rose 

to 13.68% from 13.50% at inception. Tranche rating remains at AA-. 

REFERENCE ENTITIES 

FOR GREATLINK CHOICE (SEP 2010) & (OCT 2010) FUNDS AS AT 30 JUN 06 

No. Reference Entity Seniority S&P Industry Country 

1 Abitibi-consolidated Inc Senior Forest Products Canada 

2 AK Steel Corporation Senior Steel United States 

3 Albertson's, Inc. Senior Food/Drug Retailers United States 

4 Allied Waste North America Senior Ecological Services & Equipments United States 

5 Altria Group, Inc. Senior Beverage & Tobacco United States 

6 Ambac Assurance Corporation Senior Insurance United States 

7 American Axle & Manufacturing Inc Senior Automotive United States 

8 Amkor Technology, Inc. – Senior Senior Electronics/Electrical United States 

9 Amr Corporation Senior Air Transport United States 

10 Apria Healthcare Group Inc Senior Health Care United States 

11 Arvinmeritor, Inc. Senior Automotive United States 

12 Autozone, Inc. Senior Retailers (Except Food & Drug) United States 

13 Banca Popolare Di Lodi Scarl –Subordinated Subordinated Financial Intermediaries Italy 

14 Berkshire Hathaway Inc Senior Conglomerates United States 

15 Bombardier Inc. Senior Aerospace & Defence Canada 

16 Boots Group PLC Senior Food/Drug Retailers United Kingdom 

17 Bowater Incorporated Senior Forest Products United States 

18 C&M Finance Ltd Senior Cable And Satellite Television South Korea 

19 Carlton Communications PLC Senior Radio & Television United Kingdom 

20 Case New Holland Inc Senior Farming/Agriculture United States 

21 Casino Guichard-perrachon Senior Food/Drug Retailers France 

22 Celestica Inc – Subordinated Subordinated Electronics/Electrical Canada 

38 





23 Centurytel, Inc. Senior Telecommunications United States 

24 Chartered Semiconductor Manufacturing Ltd. Senior Electronics/Electrical Singapore 

25 Citizens Communications Company Senior Telecommunications United States 

26 Clear Channel Communications, Inc. Senior Radio & Television United States 

27 Cognis GmbH Senior Chemical & Plastics Germany 

28 Compagnie Industriali Riunite Spa Senior Conglomerates Italy 

29 Compass Group PLC Senior Food Service United Kingdom 

30 Continental Airlines, Inc. Senior Air Transport United States 

31 Corus Group PLC Senior Steel United Kingdom 

32 Countrywide Home Loans, Inc. Senior Financial Intermediaries United States 

33 Dillards Senior Retailers (Except Food & Drug) United States 

34 Domtar Inc. Senior Forest Products Canada 

35 Fairfax Financial Holdings Limited Senior Insurance Canada 

36 Federative Republic of Brazil Senior Sovereign Brazil 

37 Fiat Spa Senior Automotive Italy 

38 Ford Motor Company Senior Automotive United States 

39 Gap, Inc (The) Senior Retailers (Except Food & Drug) United States 

40 General Motors Acceptance Corporation Senior Automotive United States 

41 Glencore International AG Senior Nonferrous Metals/Minerals Switzerland 

42 Goodyear Tire & Rubber Company (The) Senior Automotive United States 

43 Grohe Holding GmbH Senior Home Furnishings Germany 

44 Hannover Rueckversicherungs AG – Subordinated Subordinated Insurance Germany 

45 Huntsman International LLC – Subordinated Subordinated Chemical & Plastics United States 

46 IAC/InterActiveCorp Senior Telecommunications United States 

47 Ikon Office Solutions, Inc Senior Business Equipment & Services United States 

48 Intelsat, Ltd. Senior Telecommunications Bermuda 

49 Invensys PLC Senior Industrial Equipment United Kingdom 

50 Jetblue Airways Corporation Senior Air Transport United States 

51 Jones Apparel Group, Inc Senior Clothing/Textiles United States 

52 JSG Funding Public Limited Company Senior Forest Products Ireland 

53 Kabel Deutschland GmbH – Subordinated Subordinated Cable & Satellite Television Germany 

54 KB Home – Subordinated Subordinated Building & Development United States 

55 L-3 Communications Corporation – Subordinated Subordinated Aerospace & Defence United States 

56 Lear Corporation Senior Automotive United States 

57 Liberty Media Corporation Senior Cable & Satellite Television United States 

58 Limited Brands Senior Retailers (Except Food & Drug) United States 

59 Louisiana-pacific Corporation Senior Forest Products United States 

60 Lyondell Chemical Company Senior Chemical & Plastics United States 

61 MBIA, Inc Senior Insurance United States 



39



62 Mediacom LLC Senior Cable & Satellite Television United States 

63 Mexico (United Mexican States) Senior Sovereign Mexico 

64 M-real OYJ Senior Forest Products Finland 

65 Muenchener Ruckversicherungs-gesellschaft Subordinated Insurance Germany 

AG In Muenchen – Subordinated 

66 Neiman Marcus Group, Inc (The) Senior Retailers (Except Food & Drug) United States 

67 Noble Group Ltd Senior Conglomerates Hong Kong 

68 Norbord Inc Senior Forest Products Canada 

69 Nova Chemicals Ltd. Senior Chemical & Plastics Canada 

70 NTL Cable PLC Senior Cable & Satellite Television United Kingdom 

71 Owens-illinois, Inc. Senior Containers & Glass Products United States 

72 Panva Gas Holdings Limited Senior Utilities China 

73 Petroleos Mexicanos Senior Oil & Gas Mexico 

74 Philippines (Republic of The) Senior Sovereign Philippines 

75 Polyone Corporation Senior Chemical & Plastics United States 

76 Quebecor World Inc Senior Publishing Canada 

77 R.J. Reynolds Tobacco Holdings, Inc. Senior Beverage & Tobacco United States 

78 Radian Group Inc. Senior Insurance United States 

79 Radioshack Corporation Senior Retailers (Except Food & Drug) United States 

80 Ray Acquisition SCA – Subordinated Subordinated Business Equipment & Services France 

81 Rentokil Initial PLC Senior Business Equipment & Services United Kingdom 

82 Residential Capital Corporation Senior Financial Intermediaries United States 

83 Rite Aid Corporation Senior Food/Drug Retailers United States 

84 Road King Infrastructure Ltd Senior Surface Transport China 

85 Royal & Sun Alliance Insurance PLC – Subordinated Subordinated Insurance United Kingdom 

86 Royal Caribbean Cruises Ltd Senior Lesiure Goods/Activities/Movies United States 

87 Sabre Holdings Corporation Senior Business Equipment & Services United States 

88 Safeway PLC Senior Food/Drug Retailers United Kingdom 

89 Sanmina-Sci Corporation – Subordinated Subordinated Electronics/Electrical United States 

90 Sara Lee Corporation Senior Food Products United States 

91 Seat Pagine Gialle S.P.A – Subordinated Subordinated Publishing Italy 

92 Sinclair Broadcast Group, Inc. – Subordinated Subordinated Radio & Television United States 

93 Sino-forest Corporation Senior Forest Products China 

94 Six Flags, Inc. Senior Leisure Goods/Activities/Movies United States 

95 Smithfield Foods Senior Food Products United States 

96 Softbank Corp Senior Business Equipment & Services Japan 

97 Solectron Senior Electronics/Electrical United States 

98 Standard Pacific Corp. Senior Building & Development United States 

99 Sungard Data Systems Inc. Senior Business Equipment & Services United States 

40 





100 TDC A/S Senior Telecommunications Denmark 

101 The Hertz Corporation Senior Equipment Leasing United States 

102 Titan Petrochemicals Group Senior Oil & Gas Hong Kong 

103 Toll Brothers Inc - Subordinated Subordinated Building & Development United States 

104 Toys “R” Us, Inc Senior Retailers (Except Food & Drug) United States 

105 Tribune Company Senior Publishing United States 

106 Trw Automotive Inc. Senior Automotive United States 

107 TXU Corp. Senior Utilities United States 

108 Unisys Corporation Senior Business Equipment & Services United States 

109 United Rentals (North America), Inc. Subordinated Equipment Leasing United States 

– Subordinated 

110 Universal Corporation Senior Beverage & Tobacco United States 

111 UST Inc. Senior Beverage & Tobacco United States 

112 Vedanta Resources PLC Senior Non-ferrous Metals / Minerals India 

113 Wendy’s International Inc Senior Food Service United States 

114 Whirlpool Corporation Senior Home Furnishings United States 

Footnotes: 

1. Policyholders will have to hold their investments in the GreatLink Choice for the entire policy term of 5 years before they may benefit from the 100% capital protection. If policyholders realise their units before the fund matures, the 

realisation of units will be based on the prevailing unit price which can vary according to market fluctuations and may be less than the capital protected amount. 

The 100% capital protection and the payouts are provided for by debt securities and derivative transactions employed as part of the investment approach of the funds and not backed by a guarantee and is subject to issuer 

risk. Policyholders may lose part or all of their investment in the funds in the event there is a downgrade of the debt securities, default by the issuers of the debt securities, a default of the swap counterparty to the derivative 

transactions, an early redemption of the note, or credit events/trading actions resulting in cumulative losses that exceed the initial loss protection level (as defined in the portfolio credit default swap agreement). As such, no guarantee 

is given that policyholders will receive the capital protected value at maturity or the payouts at each policy anniversary. 

2. The fees and charges payable by GreatLink Choice have been deducted upfront. No refund will be made to policyholders who realise their units before the funds mature. The management fee will not affect the fund’s capital 

protection at maturity or coupon payment. 

3. During the policy term of the fund, the fund manager may, where the fund manager considers it to be in the interest of policyholders, substitute existing reference entities with new reference entities (each such substitution, a 

“replacement”). Replacements may give rise to trading losses or trading gains, which shall be adjusted against the loss protection level. 



41

PORTFOLIO STATEMENT as at 30 June 2006 

42 

Holdings S$ % 

GreatLink Pan Asia Fund 65,779,616 69,731,239 100.00 

Unit Trust 

(Schroders Pan Asia Fund - Singapore) 

GreatLink European Equity Fund 39,593,854 36,055,494 100.00 

Unit Trust 

(CIF European Equity Fund B - EUR) 

GreatLink Global Growth Trends Portfolio 16,477,393 21,171,249 100.00 

Unit Trust 

(ACM Global Growth Trend Portfolio - USA) 

GreatLink Stable Bond Fund 22,749,291 23,349,669 100.00 

Unit Trust 

(DWS Lion Bond Fund - Singapore) 

Greatlink LifeStyle Secure Portfolio 

Unit Trust 

Singapore 

GreatLink Global Bond Fund 9,698,517 10,794,450 60.95% 

GreatLink Global Value Equity Fund 799,563 851,535 4.81% 

GreatLink Global Intersection Fund 930,804 995,961 5.62% 

GreatLink Far East Ex Japan Equities Fund 617,926 886,723 5.01% 

GreatLink Singapore Equities Fund 681,793 884,967 5.00% 

GreatLink Stable Bond Fund 3,214,367 3,297,941 18.62% 

Total Unit Trusts 15,942,970 17,711,577 100.00% 

Greatlink LifeStyle Steady Portfolio 

Unit Trust 

Singapore 


GreatLink Global Value Equity Fund 3,039,132 3,236,675 15.28% 

GreatLink Global Intersection Fund 2,932,261 3,137,520 14.82% 

GreatLink Far East Ex Japan Equities Fund 791,824 1,136,267 5.37% 

GreatLink Singapore Equities Fund 975,706 1,266,467 5.98% 

GreatLink Stable Fund 1,884,848 1,933,854 9.13% 


Greatlink LifeStyle Balance Portfolio 

Unit Trust 

Singapore 




GreatLink Far East Ex Japan Equities Fund 12,924,472 18,546,617 10.54% 

GreatLink Singapore Equities Fund 15,400,784 19,990,218 11.36% 

GreatLink Stable Fund 7,787,504 7,989,979 4.54% 


Greatlink LifeStyle Progressive Portfolio 

Unit Trust 

Singapore 







Greatlink LifeStyle Dynamic Portfolio 

Unit Trust 

Singapore 





Total Unit Trusts 11,065,868 12,717,132 100.00%


GREATLINK CASH FUND 

Fixed Income Securities 

Hldgs* S$° R^ % + 

Singapore 

Abu Dhabi Commercial Bank 3,000,000 2,999,370 A 

Floating 08/12/2006 

BMW Coordination CTR VOF 3,000,000 2,991,900 A 

3.300 17/01/2007 

Centrepoint Properties 2.760 1,250,000 1,241,750 NR 

15/01/2007 

Citigroup Inc 2.015 15/08/2006 300,000 299,370 AA 

Citigroup Inc 2.760 15/12/2006 400,000 398,080 NR 

City Developments 3.600 1,500,000 1,497,900 NR 

06/11/2006 

City Developments Floating 2,000,000 2,002,200 NR 

26/02/2007 

Commonwealth Bank Australia 500,000 493,350 AA 

0.000 06/10/2006 

Countrywide Financial Corp 3,000,000 2,998,500 A 

3.750 17/03/2007 

Danske Bank A/S 0.000 1,583,000 1,564,637 AA 

06/10/2006 

Export-Import Bank Korea 2,000,000 1,999,420 A 


Export-Import Bank Korea 500,000 498,800 A 

3.250 13/12/2006 

GE Capital Australia Funding 2,750,000 2,742,025 AAA 

3.415 12/06/2007 

Hana Bank 3.670 30/05/2007 1,000,000 1,000,200 A 

International Factors 1.800 3,000,000 2,997,000 NR 

27/08/2009 

Keppel Land Floating 03/03/2014 1,000,000 999,700 NR 

Keppel Land Floating 03/06/2013 2,000,000 1,999,400 NR 

Keppel Land Floating 14/01/2013 1,250,000 1,249,875 NR 

Keppel Land Floating 31/05/2010 1,000,000 999,800 NR 

Lehman Brothers 5.180 3,250,000 3,267,875 A 

11/12/2006 

Majlis Ugama Islam 3.50 500,000 499,950 NR 

12/07/2006 

Midpoint 1.490 16/12/2009 2,000,000 1,999,600 NR 

Millenia Tower Investment 4,500,000 4,498,650 NR 

1.750 03/01/2010 

Nordea Bank AB 2.080 2,000,000 1,994,400 AA 

30/08/2006 

Parkway Holdings 2.197 3,000,000 2,999,700 NR 

01/10/2007 

Parkway Holdings 2.197 2,250,000 2,249,775 NR 

01/10/2009 

Royal Bank Of Scotland Plc 500,000 494,250 AA 

0.000 31/07/2007 

Savu Investments 1.970 1,000,000 999,900 NR 

07/07/2006 

Shinhan Bank 2.500 21/10/2006 2,000,000 1,990,004 A 

Temasek Tower Floating 1,000,000 999,800 NR 

27/10/2008 

Temasek Tower Floating 1,500,000 1,499,700 NR 

31/10/2008 

Hldgs* S$° R^ % + 

Toyota Kreditbank GmbH 1,000,000 997,558 AAA 

3.560 28/05/2007 

55,464,439 64.07% 

Total Fixed Income Securities 55,464,439 64.07% 

Portfolio Investments 55,464,439 64.07% 

Cash and Cash Equivalent 

Singapore 

Bank Of New York Cash 198,305 A-1+ 

IFS Capital Commercial Paper 1,506,691 NR 

JP Morgan Chase & Co Term Deposit 7,606,965 A-1 

Kim Eng Securities Commercial Paper 1,001,782 NR 

Northern Trust Term Deposit 6,115,568 A-1+ 

Oversea-Chinese Banking Corp Term Deposit 8,097,881 A-1 

Red Orchid Securities Commercial Paper 3,599,640 A-1 

UMF-Series Commercial Paper 3,783,061 NR 

31,909,893 36.86% 

Total Cash and Cash Equivalent 31,909,893 36.86% 

Net Current Assets (803,773) -0.93% 

Net Assets 86,570,558 100.00% 

GREATLINK ASEAN GROWTH FUND 

Hldgs* S$° R^ % + 

Quoted Equities 

Indonesia 

Bank Central Asia 2,300,000 1,609,840 

Bank Rakyat Indonesia 2,300,000 1,609,840 

Berlian Laju Tanker 11,501,500 3,396,813 

Kalbe Farma 9,100,000 1,941,880 

Medco Energi Internasional 3,000,000 1,907,737 

Mitra Adiperkasa 3,000,000 425,080 

Perusahaan Gas Negara 1,570,000 3,015,249 

Perusahaan Perkebunan 1,000,000 593,234 

London Sumatra Indonesia 

Telekomunikasi Indonesia 5,458,000 6,848,443 

Unilever Indonesia 900,000 633,778 

United Tractors 2,550,000 2,350,742 

24,332,636 18.73% 

Malaysia 

Asiatic Development 1,044,800 1,384,872 

Dreamgate Corp 518,600 310,222 

Genting 276,000 2,815,032 

IGB Corp 2,000,000 1,170,563 

Lafarge Malayan Cement 3,780,000 1,203,786 

Malaysia International Shipping Corp 495,600 1,642,282 

Malaysian Resources Corp 4,200,000 1,391,765 

MMC Corp 800,000 1,101,706 

Pantai Holdings 1,400,000 1,439,964 

*Hldgs: Holdings S$°: Market Value / Fair Value R^: Ratings % + : Percentage of Net Asset Value 

43


44 

GREATLINK ASEAN GROWTH FUND (cont’d) 

Hldgs* S$° R^ % + 

Top Glove Corp 655,500 2,552,978 

Transmile Group 240,000 1,322,047 

UEM World 3,920,000 2,547,352 

UMW Holdings 617,400 2,006,039 

WCT Engineering 1,317,000 1,779,677 

22,668,285 17.44% 

Philippines 

Ayala Land 1,700,000 581,902 

China Banking Corp 39,970 1,035,039 

International Container 1,059,800 425,854 

Term Services 

Megaworld Corp 10,197,000 449,198 

Philippine Long Distance 12,070 657,449 

Telephone Co 

Universal Robina Corp 1,356,000 726,500 

3,875,942 2.98% 

Singapore 

Advanced Holdings 2,574,000 1,557,270 

Ascott Group/The 1,247,000 1,284,410 

Capitaland 878,000 3,951,000 

China Precision Technology 99,000 37,125 

Comfortdelgro Corp 862,000 1,318,860 

Cosco Corp Singapore 1,700,000 2,142,000 

DBS Group Holdings 467,000 8,452,700 

Gallant Venture 6,000,000 3,180,000 

GES International 2,426,000 2,498,780 

Innovalues Precision 2,083,000 1,489,345 

Inter-Roller Engineering 1,165,000 2,213,500 

Keppel Corp 190,000 2,793,000 

Keppel Land 428,000 1,729,120 

KS Energy Services 270,000 550,800 

Olam International 1,555,000 2,239,200 

Raffles Medical Group 868,000 698,740 

Sembawang Kimtrans 2,780,000 1,487,300 

Singapore Airlines 382,000 4,851,400 

Singapore Press Holdings 631,000 2,599,720 

Singapre Telecommunications 896,220 2,276,399 

Singapore Technologies 2,121,000 6,129,690 

Engineering 

Starhub 1,297,000 2,957,160 

United Overseas Land 770,000 2,202,200 

YHI International 3,809,000 1,656,915 

60,296,634 46.40% 

Thailand 

Amata Corp 1,864,100 1,313,377 

Bank Of Ayudhya 860,000 616,618 

Central Pattana 1,400,000 1,160,458 

Khon Kaen Sugar Industry 810,000 325,633 

PTT Exploration & Production 304,500 1,337,718 

PTT 397,500 3,723,205 

Rojana Industrial Park 2,792,100 1,319,190 

9,796,199 7.54% 

Hldgs* S$° R^ % + 


Banco De Oro Universal Bank 38,161 669,831 

669,831 0.52% 

Total Quoted Equities 121,639,527 93.61% 

Quoted REITS 

Singapore 

Capitacommercial Trust 1,185,000 1,967,100 

Capitamall Trust 869,000 1,842,280 

K-Reit Asia 323,200 410,464 

4,219,844 3.25% 

Total Quoted REITS 4,219,844 3.25% 



Indonesia 


70,740 0.05% 

Malaysia 


30,999 0.02% 

Philippines 


16,346 0.01% 

Singapore 



3,557,336 2.74% 

Thailand 

Bank Of New York Cash (724) A-1+ 

(724) 0.00% 

United States Of America 


36,143 0.03% 


Net Current Assets 375,659 0.28% 

Net Assets 129,945,870 100.00% 

GREATLINK ENHANCER FUND 

Hldgs* S$° R^ % + 


Australia 

ABC Learning Centres 639,520 4,808,609 

AMP 525,000 5,631,388 

*Hldgs: Holdings S$°: Market Value / Fair Value R^: Ratings % + : Percentage of Net Asset Value


GREATLINK ENHANCER FUND (cont’d) 

Hldgs* S$° R^ % + 

BHP Billiton 350,066 11,927,054 

Brambles Industries 330,000 4,264,734 

Coates Hire 639,572 4,801,486 

Commonwealth Bank Of Australia 192,700 10,054,207 

CSL 48,254 3,047,173 

Macquarie Bank 98,500 7,984,922 

National Australia Bank 236,100 9,752,820 

Newcrest Mining 270,929 6,709,829 

QBE Insurance Group 242,125 5,831,481 

Rinker Group 173,782 3,346,333 

Rio Tinto 84,970 7,766,593 

SP Ausnet 1,912,620 2,831,292 

88,757,921 26.59% 

Hong Kong 

Bank Of China 5,704,000 4,093,612 

China Construction Bank 8,069,000 5,831,981 

China Overseas Land 8,650,000 8,321,199 

& Investment 

China Shenhua Energy Co 1,950,000 5,697,109 

Cosco Pacific 1,000,000 3,501,841 

Hong Kong Exchanges 706,000 7,179,731 

And Clearing 

HSBC Holdings 114,800 3,181,032 

Parkson Retail Group 459,000 2,065,252 

Petrochina Co 4,442,000 7,506,278 

Swire Pacific 260,500 4,250,884 

Top Form International 6,000,000 1,673,554 

53,302,473 15.97% 

India 

Housing Development Finance 80,000 3,104,959 

ITC 645,000 4,037,518 

Reliance Industries 130,000 4,727,418 

11,869,895 3.56% 

Indonesia 

Telekomunikasi Indonesia 4,134,000 5,187,150 

5,187,150 1.55% 

Malaysia 

Malakoff 921,800 3,847,993 

Malayan Banking 659,300 3,035,936 

6,883,929 2.06% 

Singapore 



Hong Kong Land Holdings 970,000 5,614,040 

Raffles Medical Group 300,000 241,500 

Singapore Exchange 727,000 2,559,040 

Singapore Technologies Engineering 668,000 1,930,520 

United Industrial Corp 842,000 1,246,160 


YHI International 1,567,000 681,645 

24,991,485 7.49% 

Hldgs* S$° R^ % + 

South Korea 

GS Holdings Corp 63,470 3,152,670 

Hana Financial Group Inc 152,799 11,359,236 

Hyundai Mipo Dockyard 26,760 4,237,439 

Hyundai Motor Co 25,690 3,451,381 

Kookmin Bank 74,806 9,725,788 

Korea Exchange Bank 167,820 3,174,924 

POSCO 9,450 4,008,790 

Samsung Electronics Co 18,800 18,895,957 

Samsung Securities Co 28,640 2,439,426 

SK Corp 20,377 2,071,876 

62,517,487 18.73% 

Taiwan 

Cathay Financial Holding Co 1,086,000 3,755,341 

Holtek Semiconductor Inc 805,000 2,378,688 

Hon Hai Precision Industry 633,937 6,192,448 

Johnson Health Tech Co 627,000 5,420,347 

Mediatek Inc 203,500 2,981,755 

Powertech Technology Inc 688,000 3,229,224 

Taiwan Fertilizer Co 1,709,000 4,490,665 

TSMC 2,635,664 7,517,772 

35,966,240 10.77% 

Thailand 

Kasikornbank 1,760,900 4,451,802 

PTT 300,500 2,814,650 

7,266,452 2.18% 


Bharat Heavy Electricals 94,700 6,348,683 

Bharti Televentures 280,000 3,558,337 

9,907,020 2.97% 


Quoted REITS 

Australia 

Babcock & Brown Japan 4,046,468 7,986,762 

7,986,762 2.39% 

Singapore 

Capitamall Trust 948,000 2,009,760 

2,009,760 0.60% 


Derivatives (3,423) 0.00% 



Hong Kong 


5,224 0.00% 


45


46 


Hldgs* S$° R^ % + 

India 


85,309 0.03% 

Malaysia 


37,131 0.01% 

New Zealand 

Bank Of New York Cash 199 A-1+ 

199 0.00% 

Singapore 



15,252,784 4.57% 

Taiwan 


25,392 0.01% 

South Korea 


(4) 0.00% 



122 0.00% 


Net Current Assets 1,802,826 0.53% 

Net Assets 333,852,135 100.00% 

GREATLINK GLOBAL SUPREME FUND 

Hldgs* S$° R^ % + 

Australia 

Amcor 31,500 247,214 

Coca-Cola Amatil 67,463 561,949 

Foster's Group 52,900 339,960 

Macquarie Bank 9,189 744,908 

Promina Group 193,600 1,278,283 

Publishing & Broadcasting 26,600 569,085 

QBE Insurance Group 31,951 769,527 

Rinker Group 81,482 1,569,011 

Telstra Corp 35,796 154,763 

6,234,700 1.20% 

Austria 

Erste Bank Der Oesterreichisch 8,800 782,899 

Raiffeisen International Bank 1,800 247,123 

1,030,022 0.20% 

Belgium 

Fortis 21,000 1,130,310 

UCB SA 5,000 427,643 

1,557,953 0.30% 

Hldgs* S$° R^ % + 

Canada 

Alcan Inc 44,000 3,271,499 

Barrick Gold Corp 48,600 2,274,839 

Cameco Corp 39,000 2,466,081 

Canadian Natural Resources 19,800 1,737,668 

Potash Corp Of Saskatchewan 10,600 1,440,918 

11,191,005 2.16% 

Finland 

Nokia OYJ 21,200 684,131 

684,131 0.13% 

France 

Accor SA 3,300 317,541 

Air Liquide 2,409 741,835 

BNP Paribas 15,950 2,413,920 

Bouygues 36,600 2,974,935 

Groupe Danone 1,600 321,409 

JC Decaux SA 18,200 760,277 

Lafarge SA 7,800 1,547,944 

L'Oreal SA 4,200 627,148 

Renault SA 4,600 781,281 

Sanofi-Synthelabo SA 27,800 4,288,837 

Schneider Electric SA 15,500 2,554,228 

Veolia Environnement 22,300 1,822,066 

Vivendi Universal SA 12,700 703,598 

19,855,019 3.83% 

Germany 

Allianz AG 6,600 1,648,358 

Bayer AG 4,200 305,209 

Commerzbank AG 4,600 264,520 

Hypo Real Estate Holding AG 7,000 672,157 

SAP AG 5,400 1,801,556 

Siemens AG 1,800 247,596 

Volkswagen AG 10,700 1,186,239 

Volkswagen AG (Preferred Stock) 5,100 407,322 

6,532,957 1.26% 

Hong Kong 

BOC Hong Kong Holdings 137,000 423,967 

Cheung Kong Holdings 31,200 534,535 

Johnson Electric Holdings 355,000 408,362 

Li & Fung 127,600 407,867 

Sun Hung Kai Properties 33,000 532,117 

Swire Pacific 19,000 310,045 

2,616,893 0.51% 

Ireland 

CRH Plc 15,200 783,400 

Depfa Bank Plc 28,900 757,309 

1,540,709 0.30% 

Italy 

Banca Intesa SPA 35,000 324,119 

Unicredito Italiano SPA 61,670 763,125 

1,087,244 0.21% 



GREATLINK GLOBAL SUPREME FUND (cont’d) 

Hldgs* S$° R^ % + 

Japan 

Aeon Co 45,300 1,572,865 

Canon Inc 4,350 337,576 

Dai Nippon Printing Co 7,000 171,392 

Daimaru Inc 11,000 230,681 

Daiwa House Industry Co 10,000 253,146 

FANUC 2,000 284,409 

Hankyu Holdings Inc 25,000 193,663 

Hoya Corp 13,200 743,169 

KAO Corp 18,000 745,742 

Keyence Corp 500 202,102 

Millea Holdings Inc 81 2,386,625 

Mitsubishi Corp 31,700 1,001,994 

Mitsubishi Estate Co 49,000 1,647,107 

Mitsubishi Heavy Industries 37,000 252,841 

Mitsubishi Tokyo Financial Group 55 1,217,313 

Mitsui Fudosan Co 31,000 1,065,633 

Mizuho Financial Group Inc 226 3,029,365 

Murata Manufacturing Co 4,500 462,510 

Nidec Corp 2,400 272,235 

Nikon Corp 17,000 469,855 

Nintendo Co 4,500 1,195,180 

Nippon Electric Glass Co 23,000 730,180 

Nissan Motor Co 158,100 2,733,766 

Nitto Denko Corp 25,700 2,897,412 

Orix Corp 11,540 4,461,768 

Shimamura Co 1,400 242,854 

Shin-Etsu Chemical Co 9,800 843,210 

SMC Corp 6,000 1,343,747 

Softbank Corp 50,900 1,806,029 

Sompo Japan Insurance Inc 40,000 885,318 

Sumitomo Chemical Co 26,000 343,116 

Sumitomo Corp 28,000 584,476 

Sumitomo Metal Industries 153,000 998,971 

Sumitomo Mitsui Financial Group 172 2,878,945 

Suzuki Motor Corp 36,000 1,232,529 

Takeda Chemical Industries 9,500 935,671 

Tokyo Electron 21,700 2,401,426 

Tokyu Corp 34,000 314,177 

Toshiba Corp 53,000 547,666 

Trend Micro Inc 8,500 453,864 

Yahoo Japan Corp 244 204,542 

Yamato Transport Co 59,000 1,656,790 

46,231,860 8.92% 

Netherlands 

ABN Amro Holding NV 30,755 1,330,138 

Heineken Holding NV 8,675 581,465 

ING Groep NV 53,941 3,351,597 

Royal Dutch Shell Plc 50,130 2,665,777 

Royal KPN NV 58,200 1,034,385 

8,963,362 1.73% 

Norway 

DNB Nor ASA 32,400 636,055 

Seadrill 43,400 904,387 

Storebrand ASA 14,800 241,650 

Hldgs* S$° R^ % + 

Yara International ASA 12,000 253,111 

2,035,203 0.39% 

Singapore 

Singapore Telecommunications 664,930 1,688,922 

Venture Corp 35,000 371,000 

2,059,922 0.40% 

Spain 

Banco Bilbao Vizcaya Argentari 43,000 1,398,057 

Banco SAntander Central Hispanic 33,300 768,919 

Iberdrola SA 26,000 1,415,729 

Telefonica SA 27,977 736,516 

4,319,221 0.83% 

Sweden 

Astrazeneca Plc 68,400 6,524,207 

Ericsson 55,000 287,357 

Investor AB 22,100 640,395 

7,451,959 1.44% 

Switzerland 

Adecco SA 2,685 250,593 

Compagnie Financiere Richemont 37,465 2,708,321 

Holcim 28,857 3,490,415 

Nestle SA 2,517 1,247,673 

Novartis AG 13,457 1,149,986 

Roche Holdings AG 3,926 1,024,243 

Swiss Reinsurance 5,496 606,241 

Synthes Inc 5,850 1,113,869 

11,591,341 2.24% 


Astrazeneca Plc 1,000 95,464 

BAE Systems Plc 49,100 530,980 

BG Group Plc 19,800 418,400 

BHP Billiton Plc 23,510 721,302 

Daily Mail & General Trust 30,400 545,922 

EMI Group Plc 57,600 511,714 

Friends Provident Plc 167,630 876,368 

HBOS Plc 45,300 1,245,417 

HSBC Holdings Plc 30,700 854,350 

Imperial Chemical Industries 157,000 1,666,844 

ITV Plc 164,400 519,295 

Lloyds TSB Group Plc 180,800 2,810,544 

Logicacmg Plc 135,600 692,060 

Reuters Group Plc 54,100 609,182 

Rolls-Royce Group Plc 3,354,376 9,811 

Royal Bank Of Scotland Group Plc 12,100 629,225 

Royal Dutch Shell Plc - B Shares 6,241 345,171 

Sage Group Plc 113,100 763,296 


Scottish & Southern Energy Plc 8,200 276,044 

Signet Group Plc 223,000 626,131 

Standard Chartered Plc 6,700 258,665 

Vodafone Group Plc 1,186,200 3,998,412 


47


48 


Hldgs* S$° R^ % + 

Yell Group Plc 57,600 861,702 

21,034,092 4.06% 


AES Corp/The 70,800 2,065,629 

Affiliated Computer Services 13,200 1,077,285 

Alcoa Inc 6,800 347,969 

Allergan Inc 15,200 2,578,126 

Altera Corp 69,900 1,939,889 

Altria Group Inc 6,300 731,538 

America Movil SA DE CV 49,000 2,577,158 

American International Group 6,400 597,617 

American Standard Cos Inc 37,100 2,538,537 

American Tower Corp Class A 7,100 349,398 

Americredit Corp 10,600 467,998 

Amgen Inc 6,700 691,106 

Applied Materials Inc 159,700 4,111,327 

ASML Holding NV 22,800 729,019 


Automatic Data Processing Inc 15,900 1,140,242 

Baker Hughes Inc 4,400 569,500 

Baxter International Inc 9,300 540,606 

British Energy Group Plc 14,700 289,348 

Campbell Soup Co 8,800 516,412 

Capital One Financial Corp 2,400 324,299 

Checkfree Corp 9,100 713,174 

Cheesecake Factory/The 5,400 230,131 

Chevrontexaco Corp 9,138 896,779 

Cisco Systems Inc 55,100 1,701,675 

Coca-Cola Co/The 13,200 897,981 

Corning Inc 45,800 1,751,959 

Credence Systems Corp 22,000 121,763 

Danaher Corp 6,300 640,781 

Dell Inc 5,900 228,208 

Dollar Tree Stores Inc 7,500 314,290 

Ebay Inc 15,900 736,443 

Energizer Holdings Inc 2,300 213,023 

Exxon Mobil Corp 3,000 291,044 

Fannie Mae 51,300 3,901,980 

Flextronics International 13,600 228,395 

Fluor Corp 6,200 911,109 

Forest Laboratories Inc 58,600 3,585,246 

Freddie Mac 31,700 2,857,808 

Freescale Semiconductor Inc Class A 7,100 325,596 

General Electric Co 82,700 4,310,377 

Getty Images Inc 8,300 833,572 

Golden West Financial Corp 5,100 598,407 

Goodrich Corp 14,600 930,192 

Google Inc 1,500 994,649 

Home Depot Inc 13,200 747,065 

Illinois Tool Works Inc 17,000 1,276,925 

Intel Corp 26,000 781,177 

International Paper Co 8,700 444,370 

JP Morgan Chase & Co 10,000 664,159 

Kla-Tencor Corp 37,900 2,491,391 

Kraft Foods Inc 5,800 283,406 

Lowe's Cos Inc 30,700 2,945,337 

Hldgs* S$° R^ % + 

Mckesson Corp 3,400 254,202 

Medtronic Inc 3,500 259,686 

Microsoft Corp 63,300 2,332,289 

Millennium Pharmaceuticals Inc 25,900 408,336 

Nisource Inc 8,000 276,290 

Nokia OYJ 9,900 317,174 

Pepsico Inc 6,600 626,624 

Pfizer Inc 26,400 979,805 

Qualcomm Inc 15,100 956,795 

Radioshack Corp 18,900 418,420 

Rohm & Haas Co 2,500 198,141 

Royal Dutch Shell Plc - ADR A 800 84,734 

Sandisk Corp 49,800 4,014,687 

SAP AG 4,500 373,732 

Sasol - ADR 7,900 482,711 

Schlumberger 49,900 5,137,725 

Sepracor Inc 4,500 406,608 

SLM Corp 21,700 1,815,943 

Sprint Corp-Fon Group 104,350 3,298,587 

Sum Microsystems Inc 126,000 826,878 

Suncor Energy Inc 5,900 757,893 

Sysco Corp 20,800 1,005,170 

Target Corp 9,700 749,612 

Time Warner Inc 61,400 1,679,721 

TSMC 116,153 1,686,148 

Unified Energy System 2,600 287,391 

Unilever Plc 19,220 683,559 

United Parcel Service Inc 7,000 911,337 

United Technologies Corp 11,400 1,143,283 

Unitedhealth Group Inc 20,200 1,430,402 

Verizon Communications Inc 23,400 1,239,235 

Wachovia Corp 5,000 427,592 

Walt Disney Co 31,800 1,508,589 

Washington Mutual Inc 41,300 2,976,781 

Wellpoint Inc 7,400 851,543 

Wells Fargo & Co 21,900 2,323,056 

Xilinx Inc 53,500 1,916,217 

XL Capital 8,600 833,646 

Yahoo! Inc 8,900 464,437 

109,369,644 21.11% 


Quoted REITS 

Hong Kong 

Link Reit/The Reit 140,000 443,227 

443,227 0.09% 

Total Quoted REITS 443,227 0.09% 


Australia 

Commonwealth Of Australia 250,000 293,107 AAA 

6.000 14/08/2013 

293,107 0.06% 




Hldgs* S$° R^ % + 

Austria 

Republic Of Austria 5.000 1,000,000 2,064,411 AAA 

15/01/2008 

Republic Of Austria 5.500 1,200,000 2,486,997 AAA 

20/10/2007 

4,551,408 0.88% 

Belgium 

Kingdom Of Belgium 4.250 1,500,000 3,080,845 AA 

28/09/2014 

Kingdom Of Belgium 5.500 390,000 886,657 AA 

28/09/2017 

3,967,502 0.77% 

Canada 

Government Of Canada 5.250 1,850,000 2,729,200 AAA 

01/06/2012 

Government Of Canada 8.000 960,000 1,971,125 AAA 

01/06/2027 

4,700,325 0.91% 

Denmark 

Kingdom Of Denmark 5.000 1,300,000 373,424 AAA 

15/11/2013 

Kingdom Of Denmark 7.000 1,200,000 432,361 AAA 

10/11/2024 

Kingdom Of Denmark 7.000 3,530,000 1,000,401 AAA 

15/11/2007 

1,806,186 0.35% 

Euroland 

Federal Republic Of Germany 1,200,000 2,464,918 AAA 

4.250 04/01/2014 

2,464,918 0.48% 

Finland 

Republic Of Finland 5.000 960,000 2,008,815 AAA 

25/04/2009 

Republic Of Finland 5.375 2,200,000 4,826,171 AAA 

04/07/2013 

6,834,986 1.32% 

France 

French Republic 4.250 1,500,000 3,059,614 AAA 

25/04/2019 


25/10/2032 

6,826,051 1.32% 

Germany 


3.000 11/04/2008 


3.500 04/01/2016 


3.500 10/10/2008 

Hldgs* S$° R^ % + 


4.500 04/01/2013 

Federal Republic Of Germany 600,000 1,417,954 AAA 

5.500 04/01/2031 


6.250 04/01/2030 

23,723,038 4.58% 

Greece 

Hellenic Republic 4.600 20/05/2013 790,000 1,638,472 A 

Hellenic Republic 6.500 22/10/2019 400,000 970,657 A 

2,609,129 0.50% 

Italy 

Italian Republic 0.950 15/09/2010 11,455,070 22,485,256 AA 

Italian Republic 5.000 01/08/2034 700,000 1,490,238 AA 

23,975,494 4.63% 

Japan 

Japan 0.500 10/06/2015 860,000,000 11,434,385 AA 

Japan 0.600 20/03/2010 300,000,000 4,062,366 AA 

Japan 0.600 20/12/2008 510,000,000 6,998,441 AA 

Japan 0.700 20/03/2013 295,000,000 3,832,246 AA 

Japan 1.100 21/03/2011 500,000,000 6,834,934 AA 

Japan 1.300 20/06/2015 320,000,000 4,220,312 AA 

Japan 1.400 20/03/2012 275,000,000 3,779,375 AA 

Japan 1.700 20/09/2010 525,000,000 7,389,468 AA 

Japan 1.900 20/06/2016 250,000,000 3,450,321 A 

Japan 1.900 20/09/2022 300,000,000 3,986,837 A 

Japan 1.900 20/03/2009 500,000,000 7,088,771 AA 

Japan 2.000 20/12/2024 130,000,000 1,729,608 AA 

Japan 2.500 20/03/2036 60,000,000 826,583 A 

Japan 2.500 20/09/2034 45,000,000 620,996 AA 

Japan 3.800 20/09/2016 165,000,000 2,677,784 AA 

68,932,427 13.31% 

Norway 

Kingdom Of Norway 5.500 2,600,000 689,076 AAA 

15/05/2009 Nok 

689,076 0.13% 

Poland 

Republic Of Poland 5.750 1,100,000 553,386 A 

24/06/2008 Pln 

Republic Of Poland 6.250 8,400,000 4,338,380 A 

24/10/2015 Pln 

4,891,766 0.94% 

Spain 

Kingdom Of Spain 4.200 450,000 882,854 AAA 

31/01/2037 

Kingdom Of Spain 6.000 1,940,000 4,067,718 AAA 

31/01/2008 


31/01/2029 


49


50 


Hldgs* S$° R^ % + 


31/01/2013 

14,776,895 2.85% 

Sweden 

Kingdom Of Sweden 5.000 3,000,000 682,583 AAA 

28/01/2009 

Kingdom Of Sweden 6.750 2,280,000 592,925 AAA 

05/05/2014 

1,275,508 0.25% 

Switzerland 

Swiss Confederation 2.750 1,150,000 1,494,905 AAA 

10/06/2012 

1,494,905 0.29% 


United Kingdom 4.250 07/06/2032 1,060,000 3,033,579 AAA 

United Kingdom 4.750 07/09/2015 500,000 1,465,300 AAA 


United Kingdom 5.000 07/09/2014 250,000 744,130 AAA 




13,047,463 2.52% 


United States Of America 800,000 1,208,010 AAA 

2.625 15/05/2008 

United States Of America 4,200,000 6,170,036 AAA 

4.000 15/02/2014 


4.250 15/01/2011 


4.625 31/03/2008 


5.125 15/05/2016 


5.250 15/11/2028 


5.500 15/02/2008 


7.250 15/08/2022 


8.750 15/05/2020 


8.875 15/02/2019 

46,488,538 8.97% 


Derivatives 17,825 0.00% 


Cash And Cash Equivalent 

Australia 


Hldgs* S$° R^ % + 

Bank Of New York Cash Margin (615,425) A-1+ 

214,466 0.03% 

Canada 


Bank Of New York Cash Margin 4,856 A-1+ 

325,956 0.06% 

Denmark 


15,020 0.00% 

Euroland 


Bank Of New York Cash Margin 3,160,897 A-1+ 

3,303,718 0.64% 

Japan 

Bank Of New York Cash 2,791,437 A-1+ 


2,753,423 0.53% 

Norway 


109,663 0.02% 

Poland 


56,754 0.01% 

Singapore 

Bank Of New York Cash (600,136) A-1+ 

(600,136) -0.12% 

Sweden 


1,057,557 0.20% 

Switzerland 


356,689 0.07% 




(553,389) -0.11% 




11,041,699 2.13% 



Net Assets 518,093,437 100.00% 



GREATLINK GLOBAL EQUITY FUND 


Hldgs* S$° R^ % + 

Austria 

Andritz AG 2,793 729,858 

Flughafen Wien AG 49 5,917 

Immofinanz Immobilien Anlagen 2,022 35,487 

OMV AG 10,110 951,571 

Telekom Austria AG 27,959 984,217 

Verbund 16,710 1,270,383 

Voestalpine AG 7,116 1,709,316 

5,686,749 5.55% 

France 

Cap Gemini SA 2,163 195,188 

Casino Guichard Perrachon SA 46 5,529 

Pinault-Printemps-Redoute 856 172,560 

Publicis Groupe 6,337 386,955 

Societe BIC SA 2,865 293,120 

Societe Generale 1,184 275,309 

Unibail 33 9,095 

1,337,756 1.31% 

Germany 

BASF AG 9,771 1,240,311 

Commerzbank AG 8,965 515,526 

Deutsche Bank AG 7,386 1,314,202 

Deutsche Boerse AG 1,340 288,552 

Deutsche Lufthansa AG 27,751 808,000 

Deutsche Telekom AG 464 11,802 

E.On AG 672 122,315 

MAN AG 2,849 326,162 

Merck Kgaa 1,166 167,625 

Muenchener Rueckversicherungs 711 153,551 

4,948,046 4.83% 

Hong Kong 

Cathay Pacific Airways 67,000 185,516 


CLP Holdings 9,000 83,281 

Foxconn International Holdings 10,000 33,797 

Henderson Land Development 12,000 98,581 

Hong Kong Exchanges 12,000 122,035 

And Clearing 

Hongkong Electric Holdings 47,500 339,928 

Hutchison Whampoa 23,000 332,003 

New World Development 43,000 112,059 

Television Broadcasts 20,000 195,452 

Wharf Holdings 34,000 191,054 

Wing Hang Bank 20,000 276,890 

Yue Yuen Industrial Holdings 6,500 28,254 

2,581,356 2.52% 

Japan 

Aderans Co 1,100 47,019 

Alps Electric Co 29,800 589,484 

Amada Co 11,000 182,597 

Autobacs Seven Co 2,700 186,000 

Hldgs* S$° R^ % + 

Canon Inc 1,350 104,765 


Daiichi SAnkyo Co 100 4,357 

Daiwa Securities Group Inc 42,000 792,471 

Gunze 44,000 415,104 

Hitachi 2,000 20,916 

Hokkaido Electric Power Co Inc 700 26,290 

Honda Motor Co 25,600 1,285,480 

Kyowa Hakko Kogyo Co 1,000 10,665 

Kyushu Electric Power Co Inc 1,300 47,835 

Leopalace21 Corp 400 21,856 

Matsushita Electric Industrial 12,000 400,883 

Matsushita Electric Works 14,000 246,146 

Mitsubishi Chemical Holdings Co 19,000 187,923 

Mitsui Chemicals Inc 10,000 103,333 

Mitsui Sumitomo Insurance Co 1,000 19,878 

Nintendo Co 1,200 318,715 

Nippon Kayaku Co 13,000 171,378 

Nippon Oil Corp 43,000 497,272 

Nippon Steel Corp 50,000 299,487 

Nippon Yusen Kk 17,000 174,961 

Nishi-Nippon City Bank/The 28,000 212,255 

NTT Corp 94 729,475 

Obic Co 390 124,838 

Osaka Gas Co 12,000 61,087 

Shimachu Co 500 20,681 


Sony Corp 7,600 530,914 


Sumitomo Electric Industries 13,100 303,714 

Sumitomo Mitsui Financial Group 53 887,117 

Takeda Chemical Industries 700 68,944 

Tanabe Seiyaku Co 12,000 233,724 

Tokyu Land Corp 31,000 382,084 

Toppan Printing Co 14,000 250,600 

Toshiba Corp 69,000 712,999 

UNY Co 9,000 210,028 

West Japan Railway Co 30 197,122 

12,207,214 11.91% 

Netherlands 

Aegon NV 39,495 1,067,687 

Corio NV 180 17,699 

OCE NV 4,502 104,500 

Royal Dutch Shell Plc 13,771 732,304 

Royal KPN NV 23,664 420,579 

2,342,769 2.29% 

Norway 

DNB Nor ASA 8,600 168,829 

Norsk Hydro ASA 113,640 4,765,037 

Orkla ASA 21,000 1,539,630 

Statoil ASA 29,250 1,311,964 


Telenor ASA 70,600 1,350,089 

9,762,532 9.53% 


51


52 

GREATLINK GLOBAL EQUITY FUND (cont’d) 

Hldgs* S$° R^ % + 

Sweden 

Castellum AB 1,800 29,142 

Electrolux AB 3,600 82,190 

Husqvarna AB 3,600 68,557 

Nordea Bank AB 14,000 264,307 

Skanska AB 800 19,494 

Swedish Match AB 3,400 86,580 

Wihlborgs Fastigheter AB 2,200 59,886 

610,156 0.60% 

Switzerland 

Compagnie Financiere Richemont1,450 104,820 

Credit Suisse Group 1,612 142,334 

Geberit AG 119 217,212 

Givaudan 167 207,493 

Kuoni Reisen Holding 816 722,604 

Nestle SA 601 297,915 

PSP Swiss Property AG 6,465 527,439 

Roche Holdings AG 4,195 1,094,420 

Swisscom AG 299 155,354 

Zurich Financial Services AG 2,146 742,422 

4,212,013 4.11% 


3L Group Plc 1,485 39,154 

Anglo American Plc 7,280 472,261 



BG Group Plc 6,723 142,066 


Boots Group Plc 16,090 362,121 

BT Group Plc 76,454 534,984 

Bunzl Plc 20,757 374,878 

Centrica Plc 11,286 94,157 

Dixons Group Plc 14,159 79,096 

GKN Plc 18,447 147,291 

Hammerson Plc 852 29,504 

HBOs Plc 17,591 483,623 


Mitchells & Butlers Plc 8,475 127,778 

National Grid Plc 481 8,230 

Royal & Sun Alliance Insurance 129,146 508,033 



Schroders Plc 4,606 136,061 

Tate & Lyle Plc 21,802 386,100 

Trinity Mirror Plc 19,245 274,680 

United Business Media Plc 3,583 67,854 

Vodafone Group Plc 6,923 233,183 

7,146,890 6.97% 



Amerisourcebergen Corp 23,100 1,531,285 

Amgen Inc 13,100 1,351,268 

Anadarko Petroleum Corp 16,700 1,259,408 

AT&T Inc 17,800 785,039 

Bank Of America Corp 44,500 3,384,758 

Hldgs* S$° R^ % + 

Boeing Co/The 9,800 1,269,363 

CBS Corp 20,943 895,837 

Celgene Corp 3,200 240,008 

Choice Hotels International In 24,200 2,319,052 

Circuit City Stores Inc 21,000 903,920 


Clear Channel Communications Inc 1,400 68,519 

Countrywide Financial Corp 3,700 222,803 

Dillard'S Inc 1,700 85,621 

Embarq Corp 400 25,928 

Endo Pharmaceuticals Holdings 4,200 219,040 

Equitable Resources Inc 16,300 863,486 

Express Scripts Inc 7,900 896,213 

Exxon Mobil Corp 300 29,104 

Furniture Brands International 19,600 645,917 

Genentech Inc 9,800 1,267,658 

General Electric Co 21,200 1,104,958 

Glaxosmithkline Plc 2,654 234,184 

Google Inc 2,050 1,359,354 

Hewlett-Packard Co 47,000 2,354,537 


Lockheed Martin Corp 200 22,689 

Loews Corp 54,200 3,038,352 

MBIA Inc 22,640 2,096,167 

Merck & Co Inc 6,300 362,930 

Merrill Lynch & Co Inc 5,400 593,986 

Micron Technology Inc 19,200 457,245 

Microsoft Corp 11,900 438,456 

Monsanto Co 10,400 1,384,575 

Moody'S Corp 2,600 223,910 

Newmont Mining Corp 700 58,590 

Northrop Grumman Corp 7,300 739,490 

Nucor Corp 7,800 669,140 

Office Depot Inc 16,500 991,494 

Pfizer Inc 39,500 1,465,996 

PG&E Corp 14,100 875,817 

Pilgrim'S Pride Corp 1,200 48,958 

Procter & Gamble Co 23,422 2,059,308 

Radian Group Inc 7,000 683,862 

Raytheon Co 8,000 563,839 

Schlumberger 16,400 1,688,551 

Sprint Corp-Fon Group 7,300 230,759 

Sunoco Inc 9,400 1,029,962 

Synopsys Inc 7,700 228,548 

Texas Instruments Inc 4,900 234,703 

Tri-Continental Corporation 2,400 73,854 

Ultra Petroleum Corp 3,100 290,549 

Unilever Plc 6,499 231,137 

Unionbancal Corp 1,200 122,566 

United Rentals Inc 4,800 242,741 

Verizon Communications Inc 10,900 577,251 

Viacom Inc 4,943 280,144 

Walt Disney Co 15,000 711,599 

48,175,649 47.01% 





Quoted REITS 

Hldgs* S$° R^ % + 

Hong Kong 


64,901 0.06% 

Japan 

Japan Prime Realty Investment 2 9,517 

Japan Real Estate Investment 1 14,110 

Nippon Building Fund Inc 2 30,709 

54,336 0.05% 


Istar Financial Inc 300 17,908 

New Century Financial Corp 600 43,408 

Prologis 7,900 651,110 

Public Storage Inc 300 36,007 

748,433 0.73% 





Australia 


909 0.00% 

Canada 


714 0.00% 

Denmark 


2 0.00% 

Euroland 



183,283 0.18% 

Hong Kong 


61,847 0.06% 

Japan 



119,022 0.12% 

Norway 


280,494 0.27% 

Hldgs* S$° R^ % + 

Singapore 



1,977,276 1.93% 

Sweden 


7,460 0.01% 

Switzerland 


17,526 0.02% 



Bank Of New York Cash Margin 79 A-1+ 

76,936 0.08% 




174,829 0.17% 



Net Assets 102,488,426 100.00% 

GREATLINK OPTIMUM FUND 

Hldgs* S$° R^ % + 


Australia 

Westpac Banking Corp 15,943 436,052 

436,052 0.46% 

Canada 

Encana Corp 4,000 334,322 

Talisman Energy Inc 16,200 448,724 

783,046 0.82% 

Finland 

Nokia OYJ 14,550 469,533 

469,533 0.49% 

France 

AXA 7,000 363,183 

Essilor International SA 4,247 675,814 

Lafarge SA 2,100 416,754 

Peugeot SA 6,274 617,160 

Sanofi-Synthelabo SA 4,214 650,114 

2,723,025 2.85% 

Germany 

Deutsche Telekom AG 16,500 419,696 

Muenchener Rueckversicherungs 4,249 917,633 


53


54 

GREATLINK OPTIMUM FUND (cont’d) 

Hldgs* S$° R^ % + 

SAP AG 2,243 748,313 

2,085,642 2.18% 

Italy 



1,506,692 1.58% 

Japan 

Credit Saison Co 4,000 299,902 

Eisai Co 5,800 413,195 

Matsui Securities Co 13,400 200,749 


NTT Corp 43 333,696 

Obayashi Corp 31,000 337,486 

Promise Co 3,850 353,097 

Rakuten Inc 342 321,703 

Seven & I Holdings Co 10,060 524,636 

Shinsei Bank 47,000 471,363 

Sony Corp 3,400 237,514 

4,074,192 4.26% 

Mexico 

Grupo Televisa SA 46,500 285,459 

Wal-Mart De Mexico SA DE CV 26,600 116,192 

401,651 0.42% 

Netherlands 

Royal Philips 9,472 467,881 

467,881 0.49% 

Norway 

Statoil ASA 15,100 677,287 

677,287 0.71% 

Spain 

Banco Bilbao Vizcaya Argentari 24,813 806,744 

806,744 0.84% 

Switzerland 

Credit Suisse Group 7,093 626,286 

Nestle SA 3,228 1,600,114 

UBS AG 4,390 759,374 

Zurich Financial Services AG 1,267 438,327 

3,424,101 3.58% 



Debenhams Plc 33,400 183,651 

EMI Group Plc 46,212 410,544 

Old Mutual Plc 141,950 677,762 

Xstrata Plc 8,505 509,938 

2,537,396 2.65% 


Abbott Laboratories 7,100 489,629 

Adobe Systems Inc 6,600 316,861 

Hldgs* S$° R^ % + 

Alcoa Inc 18,300 936,445 

Altria Group Inc 2,300 267,069 

Amgen Inc 7,200 742,681 

Bank Of America Corp 11,800 897,532 

Boeing Co/The 5,900 764,208 

Cameco Corp 7,400 467,723 


Chunghwa Telecom Co 14,500 423,504 

Cia Vale Do Rio Doce 14,000 532,213 

Cisco Systems Inc 27,400 846,205 

Comcast Corp 13,600 704,110 

Conocophillips 10,100 1,046,606 

Corning Inc 11,900 455,203 

Electronic Arts Inc 5,800 394,751 

Eli Lilly & Co 5,600 489,441 

Forest Laboratories Inc 4,100 250,845 

Google Inc 800 530,480 

Hartford Financial Services Group 5,500 735,793 

Hilton Hotels Corp 9,800 438,256 

Lam Research Corp 8,200 605,814 

Lockheed Martin Corp 5,100 578,568 

Medtronic Inc 11,400 845,835 

Merrill Lynch & Co Inc 6,700 736,982 


Nasdaq Stock Market Inc/The 8,000 378,254 

Network Appliance Inc 13,200 736,837 

Qualcomm Inc 7,900 500,575 

Southwest Airlines Co 14,500 375,353 



Unitedhealth Group Inc 6,500 460,278 


XTO Energy Inc 6,700 469,037 

20,419,362 21.35% 



Australia 

ARMS LI Floating 10/09/2034 38,256 60,625 AAA 

Commonwealth Of Australia 100,000 119,507 AAA 

6.000 15/02/2017 

Crusade Global Trust Floating 182,176 289,814 AAA 

14/08/2037 


16/01/2035 


17/01/2034 


17/06/2037 


18/09/2034 

Medallion Trust Floating 139,961 221,402 AAA 

10/05/2036 

Medallion Trust Floating 52,453 83,177 AAA 

21/12/2033 




Hldgs* S$° R^ % + 

National RMBS Trust Floating 211,942 335,263 AAA 

20/03/2034 

Westpac Securitisation Trust 118,481 187,291 AAA 


1,588,228 1.66% 

Belgium 

VW Group Services AG 100,000 201,955 A 


201,955 0.21% 

Canada 

Burlington Resources Finance 225,000 355,888 A 

5.600 01/12/2006 

Canadian Government 4.250 3,445,000 4,881,374 AAA 

01/09/2008 

Government Of Canada 1,030,000 1,456,524 AAA 

4.500 01/06/2015 

Government Of Canada (3,655,000) (5,389,416) AAA 

5.500 01/06/2010 

Government Of Canada 240,000 393,986 AAA 

5.750 01/06/2029 

1,698,356 1.78% 

Denmark 

Kingdom Of Denmark 1,017,000 294,751 AAA 

6.000 15/11/2009 

Volkswagen Bank Gmbh 200,000 404,429 A 


699,180 0.73% 

France 


12/07/2011 

RCI Banque SA Floating 100,000 202,494 A 

05/03/2007 

2,816,955 2.95% 

Germany 


3.750 04/01/2015 


4.000 04/01/2037 


5.250 04/07/2010 

Volkswagen Leasing GmbH 100,000 202,369 A 


9,838,562 10.29% 

Ireland 

GE Capital UK Funding 200,000 585,035 AAA 


Republic Of Ireland 5.000 450,000 966,080 AAA 

18/04/2013 

Unicredito Italiano Bank 350,000 707,639 A 

Ireland 2.104 11/10/2006 

Hldgs* S$° R^ % + 

Unicredito Italiano Bank 300,000 606,537 A 

Ireland 2.123 20/07/2006 

2,865,291 3.00% 

Japan 

Japan 1.400 20/09/2011 209,600,000 2,893,039 AA 

Japan 1.400 20/12/2015 113,200,000 1,500,139 AA 

Japan 1.400 22/06/2009 302,800,000 4,234,737 AA 

Japan 1.500 20/09/2013 114,200,000 1,556,944 AA 

Japan 1.600 20/06/2008 49,600,000 696,551 AA 

Japan 2.100 20/09/2025 34,000,000 457,815 AA 

11,339,225 11.86% 

Luxembourg 

UBS AG Floating 24/10/2006 160,000 253,798 A 

253,798 0.27% 

Mexico 

United Mexican States 2,695,000 396,797 A 

10.00 05/12/2024 

396,797 0.41% 

Netherlands 

Kingdom Of The Netherlands 1,245,000 2,561,632 AAA 

4.250 15/07/2013 

2,561,632 2.68% 

Norway 

Nordea Bank Norge ASA 350,000 707,598 AA 

2.113 13/12/2006 

707,598 0.74% 

Poland 

Republic Of Poland 6.250 290,000 149,777 A 

24/10/2015 Pln 

149,777 0.16% 

Sweden 

Kingdom Of Sweden 5.000 795,000 180,884 AAA 

28/01/2009 

Kingdom Of Sweden 5.250 (5,365,000) (1,250,165) AAA 

15/03/2011 

(1,069,281) -1.12% 


Abbey National Treasury 100,000 158,253 AA 

Services Floating 29/06/2007 

Marks & Spencer Plc Floating 140,000 284,046 BBB 

16/01/2007 

Mbnaope Funding Plc Floating 185,000 374,358 AA 

16/08/2007 

United Kingdom 4.250 325,000 936,951 AAA 

07/03/2036 

United Kingdom 4.750 881,000 2,572,067 AAA 

07/06/2010 


55


56 


Hldgs* S$° R^ % + 

United Kingdom 4.750 250,000 732,650 AAA 

07/09/2015 

5,058,325 5.29% 


ACE INA Holdings 8.300 150,000 237,859 BBB 

15/08/2006 

Advanta Business Card Master 340,000 538,345 AAA 

T Floating 20/04/2011 

American Express Credit 163,000 257,676 AAA 

Account Floating 18/01/2011 

American General Finance 210,000 332,132 A 

5.875 14/07/2006 

Asset Backed Securities Corp 190,000 300,453 AAA 

H Floating 25/06/2036 

Asset Securitization Corp 105,789 168,967 AAA 

7.490 14/04/2029 

Banc Of America Commercial 170,000 255,701 AAA 

Mor 5.181811 10/09/2047 

Bank Of America Corp 200,000 316,373 AA 


Bank Of America Corp 160,000 324,072 AA 


Bear Stearns Asset Backed 200,000 291,954 AAA 

Securities 4.750 13/02/2046 

Bear Stearns Commercial 150,000 219,791 AAA 

Mort 4.825 11/11/2041 

BMW Vehicle Owner Trust 99,688 157,228 AAA 

3.660 26/12/2007 

BNP Paribas 4.040 19/09/2006 440,000 693,307 NR 

Capital One Auto Finance 208,178 328,227 AAA 

Trust 4.48 15/10/2008 

Capital One Prime Auto 200,000 316,270 AAA 

Receivables Floating 15/04/2011 

Carmax Auto Owner Trust 41,442 65,367 AAA 

3.780 15/02/2008 

Carmax Auto Owner Trust 198,700 312,920 AAA 

4.100 15/05/2008 

Caterpillar Fin Serv Corp 655,000 1,036,196 A 


Caterpillar Financial Asset Tr 305,000 482,290 AAA 

5.590 25/02/2009 

Collegiate Funding Services 170,692 269,782 AAA 

Ed 3.55667 28/09/2017 

Collegiate Funding Services 71,417 112,821 AAA 

Ed Floating 29/09/2014 

Conocophil Au Floating 220,000 348,202 A 

09/04/2009 

Credit-Based Asset Servicing 79,471 125,692 AAA 

A Floating 25/08/2035 

CS First Boston Mortgage 215,000 303,307 AAA 

Securities 3.936 15/05/2038 

Daimler Chrysler Auto Trust 277,348 433,946 AAA 

2.980 08/08/2008 

Daimler Chrysler Master 230,000 363,853 AAA 

Owner Floating 17/08/2009 

Hldgs* S$° R^ % + 

Daimlerchrysler AG Floating 100,000 158,568 BBB 

10/09/2007 

Daimlerchrysler NA Holding 250,000 396,510 BBB 


EOP Operating LP 6.763 160,000 255,076 BBB 

15/06/2007 

Fannie Mae 4.860 01/01/2015 195,018 295,378 NR 

Fannie Mae 4.975 01/12/2013 181,001 273,817 AAA 

Fannie Mae 6.620 01/01/2008 115,986 184,276 AAA 

Fannie Mae 7.527 01/04/2010 52,698 87,278 AAA 

First Union-Chase Commercial 140,619 226,604 AAA 

M 6.645 15/06/2031 

Ford Credit Auto Owner Trust 110,683 174,190 AAA 

4.240 15/03/2008 

Ford Credit Floorplan Master 150,000 237,496 AAA 

O Floating 15/05/2010 

GE Capital Credit Card Master 360,000 569,450 AAA 


GMAC Mortgage Corporation 225,000 355,922 AAA 

Loan Floating 25/02/2036 

Greenwich Capital Commercial 170,000 255,390 AAA 

F 5.224 10/04/2037 

GS Mortgage Securities Corp 200,000 304,702 AAA 

5.396 10/08/2038 

Harrahs Operating Co Inc 165,000 263,069 BBB 

7.125 01/06/2007 

Honda Auto Receivable 2.910 308,729 480,273 AAA 

20/10/2008 

Household Affinity Credit 340,000 538,661 AAA 

Card Floating 15/02/2010 

Household Automotive Trust 150,695 237,357 AAA 

4.160 17/09/2008 

HSBC Finance Corp Floating 250,000 395,322 AA 

28/02/2007 

Ixis Real Estate Capital Trust 163,168 258,058 AAA 

3.600 25/12/2035 

John Deere Owner Trust 285,000 448,567 AAA 

5.410 17/11/2008 

JP Morgan Chase Commercial 165,000 248,493 AAA 

Mor 5.179269 15/12/2044 

MBNA Credit Card Master 276,000 436,444 AAA 

Note 3.510 15/12/2010 

Morgan Stanley Floating 140,000 409,560 A 

25/01/2008 

Morgan Stanley Home Equity 239,701 379,145 AAA 


New Century Home Equity 45,988 72,804 AAA 


New Century Home Equity 130,916 207,050 AAA 


Nissan Auto Receivables 61,733 97,416 AAA 

Owner 3.750 17/09/2007 

Nissan Auto Receivables 217,895 343,105 AAA 

Owner 4.140 15/01/2008 

Nomura Asset Securities 150,000 240,310 AAA 

Corp 6.590 15/03/2030 




Hldgs* S$° R^ % + 

Onyx Acceptance Owner 60,131 94,865 AAA 

Trust 4.030 15/04/2008 

Option One Mortgage Loan 5,220 8,254 AAA 

Trust 3.480 25/08/2035 

Option One Mortgage Loan 182,000 288,012 AAA 

Trust 3.540 25/08/2035 

PNC Funding Corp 5.750 88,886 140,568 A 

01/08/2006 

Sovereign Bancorp Floating 460,000 727,594 BBB 

25/08/2006 

Sprint Capital Corp 4.780 170,000 268,539 A 

17/08/2006 

ST Paul Companies Inc 5.750 190,000 300,154 A 

15/03/2007 

Time Warner Cos Inc 8.110 165,000 261,517 BBB 

15/08/2006 


3.000 15/02/2009 

United States Of America (1,770,000) (2,764,248) AAA 

3.375 28/02/2007 


4.250 15/08/2014 

United States Of America (245,000) (372,704) AAA 

4.375 15/08/2012 

United States Of America 280,000 421,741 AAA 

4.500 15/11/2015 


5.375 15/02/2031 

United Technologies Corp 150,000 237,072 A 


US Bank NA Floating 275,000 434,779 AA 

28/07/2006 

USAA Auto Owner Trust 13,816 21,832 AAA 

3.550 17/09/2007 


3.800 17/12/2007 


4.520 16/06/2008 

Volkswagen Credit Auto 275,000 434,866 AAA 

Master Floating 20/07/2010 

Wachovia Auto Owner Trust 205,000 323,362 AAA 

5.410 20/04/2009 

Wachovia Bank NA 3.800 575,000 909,324 AA 

02/10/2006 

Walt Disney Co 5.500 180,000 284,409 A 

29/12/2006 

WFS Financial Owner Trust 107,564 169,736 AAA 

4.110 17/06/2008 

26,300,873 27.50% 


Derivatives (235,948) -0.25% 



Hldgs* S$° R^ % + 

Australia 



9,483 0.01% 

Canada 


(11,211) -0.01% 

Euroland 



(35,605) -0.04% 

Japan 



(14,345) -0.02% 

Mexico 


18,878 0.02% 

Norway 


2 0.00% 

Poland 


(11,487) -0.01% 

Singapore 


1 0.00% 

Sweden 


19,223 0.02% 




35,257 0.04% 


Abbey National Plc Term Deposit 693,689 A-1+ 

Australia & New Zealand Banking Group 535,343 A-1+ 

Term Deposit 



BNP Paribas Term Deposit 669,956 A-1+ 

Caylon NY Branch Term Deposit 1,261,474 N/A 

Conocophillips Discount Note 347,893 N/A 

Deutsche Bank AG Term Deposit 630,766 A-1+ 


57


58 


Hldgs* S$° R^ % + 

Federal Home Loan Bank Discount Note 1,873,592 A-1+ 

Fortis Term Deposit 1,734,237 A-1 

HBOs Plc Discount Note 260,920 A 

HBOs Plc Term Deposit 993,843 A 

Rabobank Nederland Term Deposit 669,967 A-1+ 

Royal Bank Of Scotland Group Plc 473,054 A-1+ 

Term Deposit 

Societe Generale Term Deposit 961,555 A-1+ 

UBS AG Term Deposit 1,364,528 A-1+ 

United States Of America Treasury Bill 1,586,805 A 

Wells Fargo & Co Term Deposit 600,091 A-1+ 

Westdeutsche Landesbank GZ 1,137,850 N/A 

Term Deposit 

17,725,086 18.54% 


Net Current Assets (28,090,481) -29.39% 

Net Assets 95,628,725 100.00% 

GREATLINK GLOBAL TECHNOLOGY FUND 

Hldgs* S$° R^ % + 


Japan 

Fujitsu 126,000 1,546,015 

Hoya Corp 31,200 1,756,582 

Mitsubishi Electric Corp 124,000 1,572,934 

Nitto Denko Corp 17,500 1,972,945 

Obic Co 4,340 1,389,225 

Ricoh Co 62,000 1,925,429 

10,163,130 9.29% 

Taiwan 

High Tech Computer Corp 24,000 1,043,248 

Hon Hai Precision Industry 174,908 1,708,542 

Mediatek Inc 72,000 1,054,970 

Quanta Computer Inc 196,737 497,740 

4,304,500 3.93% 



4,114,606 3.76% 


Adobe Systems Inc 21,911 1,051,931 

Alcatel SA 98,181 1,957,786 

ARM Holdings Plc 140,647 1,392,283 

Broadcom Corp 29,769 1,427,774 

Canon Inc - ADR 18,348 2,125,874 


Cognizant Technology Solutions 19,157 2,040,876 

Corning Inc 33,133 1,267,416 

Electronic Arts Inc 34,447 2,344,479 

EMC Corp/Massachusetts 124,008 2,151,191 

Hldgs* S$° R^ % + 

First Data Corp 21,623 1,540,058 

Formfactor Inc 20,669 1,458,710 

Google Inc 5,517 3,658,319 

Hewlett-Packard Co 47,767 2,392,962 

IBM 34,997 4,251,359 

Informatica Corp 75,896 1,579,419 

Intel Corp 193,064 5,800,662 

Intermec Inc 31,134 1,129,408 

Juniper Networks Inc 46,422 1,173,802 

LG.Philips Lcd Co - ADR 33,092 948,210 

LSI Logic Corp 91,154 1,290,094 

Maxim Integrated Products 30,322 1,539,646 

Memc Electronic Materials Inc 7,900 468,470 

Mercury Interactive Corp 19,461 1,076,176 


Motorola Inc 61,265 1,952,136 

Network Appliance Inc 47,338 2,642,453 

Nokia OYJ 119,585 3,831,235 

Oracle Corp 134,463 3,081,015 

Qualcomm Inc 30,620 1,940,203 

Satyam Computer Services 22,835 1,196,675 

Silicon Laboratories Inc 20,157 1,120,402 

Silicon Motion Technology Corp 63,163 1,432,302 

Sum Microsystems Inc 226,216 1,484,547 

Texas Instruments Inc 60,501 2,897,907 

Tibco Software Inc 124,562 1,388,665 

Valueclick Inc 31,448 763,352 

Verisign Inc 37,750 1,383,138 

Yahoo! Inc 54,380 2,837,761 

84,195,859 76.96% 


Derivatives (291) 0.00% 



Japan 

Bank Of New York Cash 1,051,830 14,550 A-1+ 

14,550 0.01% 

Taiwan 

Bank Of New York Cash 44,970,025 2,196,390 A-1+ 

2,196,390 2.01% 



7,261,998 6.64% 


Net Current Assets (2,850,244) 2.60% 

Net Assets 109,400,498 100.00% 



GREATLINK GLOBAL VALUE EQUITIES FUND 

Hldgs* S$° R^ % + 


Australia 

Amcor 4,280 33,590 

Australia & New Zealand 1,172 36,613 

Banking Group 

Coca-Cola Amatil 6,100 50,811 

Foster's Group 13,300 85,472 

Macquarie Bank 1,537 124,597 

Promina Group 28,045 185,173 

Publishing & Broadcasting 4,770 102,050 

Qantas Airways 9,157 31,844 

QBE Insurance Group 5,600 134,874 

Rinker Group 14,798 284,949 

Westpac Banking Corp 395 10,804 

1,080,777 2.11% 

Austria 

Erste Bank Der Oesterreichisch 1,600 142,345 

142,345 0.28% 

Belgium 

Fortis 3,200 172,238 

UCB SA 1,100 94,081 

266,319 0.52% 

Canada 

Alcan Inc 7,900 587,383 

Barrick Gold Corp 7,800 365,098 

Cameco Corp 7,800 493,216 

Canadian Natural Resources 3,600 315,940 

Potash Corp Of SAskatchewan 1,800 244,684 

2,006,321 3.91% 

Finland 

Nokia OYJ 4,900 158,125 

158,125 0.31% 

France 

Accor SA 500 48,112 

Air Liquide 451 138,882 

AXA 2,100 108,955 

BNP Paribas 2,580 390,465 

Bouygues 6,279 510,372 

Carrefour SA 600 55,612 

Groupe Danone 400 80,352 

JC Decaux SA 4,000 167,094 

Lafarge SA 1,900 377,063 

L'Oreal SA 900 134,389 

Renault SA 900 152,859 

Sanofi-Synthelabo SA 4,710 726,634 

Schneider Electric SA 2,400 395,493 

Veolia Environnement 4,240 346,438 

Vivendi Universal SA 2,000 110,803 

3,743,523 7.29% 

Hldgs* S$° R^ % + 

Germany 

Allianz AG 1,100 274,726 

Bayer AG 700 50,868 

Commerzbank AG 803 46,176 

E.On AG 700 127,411 

Hypo Real Estate Holding AG 930 89,301 

SAP AG 800 266,897 

Siemens AG 250 34,389 

Volkswagen AG 2,100 232,813 

Volkswagen AG (Preferred Stock) 800 63,894 

1,186,475 2.31% 

Hong Kong 

BOC Hong Kong Holdings 37,500 116,049 


Johnson Electric Holdings 96,500 111,005 

Li & Fung 24,200 77,354 

Sun Hung Kai Properties 6,000 96,749 

Swire Pacific 4,000 65,273 

552,093 1.08% 

Ireland 

CRH Plc 2,000 103,079 

Depfa Bank Plc 4,000 104,818 

207,897 0.40% 

Italy 



180,249 0.35% 

Japan 

Advantest Corp 200 32,259 

Aeon Co 7,000 243,048 

Canon Inc 750 58,203 


Daimaru Inc 2,000 41,942 

Daiwa House Industry Co 1,000 25,315 

FANUC 300 42,661 

Hankyu Holdings Inc 4,000 30,986 

Hirose Electric Co 300 57,684 

Hoya Corp 2,200 123,862 

Japan Tobacco Inc 9 51,916 

KAO Corp 3,000 124,290 

Keyence Corp 100 40,420 

Millea Holdings Inc 12 353,574 

Mitsubishi Corp 6,400 202,295 

Mitsubishi Estate Co 10,000 336,144 


Mitsubishi Tokyo Financial Group 10 221,330 

Mitsui Fudosan Co 4,000 137,501 

Mizuho Financial Group Inc 43 576,383 

Murata Manufacturing Co 800 82,224 

Nidec Corp 300 34,029 

Nikon Corp 3,000 82,916 

Nintendo Co 800 212,476 


59


60 

GREATLINK GLOBAL VALUE EQUITY FUND (cont’d) 

Hldgs* S$° R^ % + 

Nippon Electric Glass Co 4,000 126,988 

Nissan Motor Co 27,900 482,429 

Nitto Denko Corp 4,600 518,603 

Orix Corp 2,110 815,799 

Shimamura Co 500 86,734 

Shin-Etsu Chemical Co 1,500 129,063 

SMC Corp 1,100 246,354 

Softbank Corp 8,300 294,500 


Sumitomo Chemical Co 5,000 65,984 


Sumitomo Metal Industries 26,000 169,760 

Sumitomo Mitsui Financial Group 36 602,569 

Suzuki Motor Corp 4,500 154,066 

Takeda Chemical Industries 2,600 256,078 

Tokyo Electron 4,000 442,659 

Tokyu Corp 4,000 36,962 

Toshiba Corp 9,000 93,000 

Trend Micro Inc 1,500 80,094 

Yahoo Japan Corp 44 36,885 

Yamato Transport Co 11,000 308,893 

8,398,799 16.36% 

Netherlands 

ABN Amro Holding NV 4,879 211,014 

Heineken Holding NV 2,175 145,785 

ING Groep NV 9,559 593,943 

Royal Dutch Shell Plc 10,439 555,118 

Royal KPN NV 10,100 179,507 

1,685,367 3.28% 

Norway 

DNB Nor ASA 6,400 125,640 

Seadrill 6,200 129,198 


Yara International ASA 1,800 37,968 

333,625 0.65% 

Singapore 

Singapore Telecommunications 90,357 229,507 

Venture Corp 2,000 21,200 

250,707 0.49% 

Spain 

Banco Bilbao Vizcaya Argentari 9,500 308,873 

Banco SAntander Central Hispanic 5,900 136,235 

Iberdrola SA 2,800 152,463 

Inditex SA 900 60,016 

Telefonica SA 6,483 170,670 

828,257 1.61% 

Sweden 


Ericsson 10,000 52,247 

Investor AB 3,100 89,829 

1,296,212 2.52% 

Hldgs* S$° R^ % + 

Switzerland 

Adecco SA 318 29,679 

Compagnie Financiere Richemont 7,155 517,231 

Holcim 4,924 595,586 

Nestle SA 410 203,236 

Novartis AG 1,996 170,571 

Roche Holdings AG 565 147,401 

Swiss Reinsurance 966 106,555 

Synthes Inc 1,086 206,780 

1,977,039 3.85% 


ARM Holdings Plc 8,400 27,824 


BG Group Plc 3,200 67,620 


Daily Mail & General Trust 3,200 57,465 

EMI Group Plc 5,700 50,638 

Friends Provident Plc 24,689 129,074 

HBOs Plc 9,800 269,428 


Imperial Chemical Industries 31,500 334,431 

ITV Plc 17,600 55,594 

Lloyds TSB Group Plc 33,700 523,868 

Logicacmg Plc 20,400 104,115 

Pearson Plc 2,900 62,468 

Reuters Group Plc 7,700 86,704 

Rolls-Royce Group Plc 450,510 100,837 



Sage Group Plc 25,600 172,771 

Samsung Electronics Co 508 252,442 

Scottish & Southern Energy Plc 1,100 37,030 

Signet Group Plc 32,100 90,129 

Standard Chartered Plc 1,100 42,467 

Vodafone Group Plc 202,900 683,930 

Yell Group Plc 11,000 164,561 

3,981,615 7.76% 


AES Corp/The 10,600 309,261 

Affiliated Computer Services 2,800 228,515 

Agilent Technologies Inc 597 29,794 

Alcoa Inc 2,000 102,344 

Allergan Inc 2,800 474,918 

Altera Corp 13,100 363,556 

Altria Group Inc 900 104,505 

America Movil SA De Cv 7,500 394,463 

American International Group 1,700 158,742 

American Standard Cos Inc 6,700 458,442 

American Tower Corp Class A 1,000 49,211 


Amgen Inc 1,400 144,410 

Anheuser-Busch Cos Inc 1,800 129,767 

Applied Materials Inc 27,300 702,812 

ASML Holding NV 3,400 108,713 




Hldgs* S$° R^ % + 


Automatic Data Processing Inc 3,100 222,311 

Baker Hughes Inc 1,000 129,432 

Baxter International Inc 2,300 133,698 

British Energy Group Plc 2,600 51,177 

Campbell Soup Co 2,200 129,103 

Capital One Financial Corp 400 54,050 

Checkfree Corp 2,300 180,253 

Cheesecake Factory/The 1,000 42,617 



Coca-Cola Co/The 2,000 136,058 

Corning Inc 8,600 328,971 

Costco Wholesale Corp 500 45,171 

Credence Systems Corp 4,900 27,120 

Danaher Corp 1,200 122,053 

Dell Inc 1,100 42,547 

Dollar Tree Stores Inc 1,100 46,096 

Ebay Inc 2,500 115,793 

Eli Lilly & Co 1,400 122,360 

Expedia Inc 1,550 36,741 

Exxon Mobil Corp 900 87,313 

Fannie Mae 8,800 669,346 

Flextronics International 2,000 33,587 

Fluor Corp 1,300 191,039 

Forest Laboratories Inc 9,600 587,344 

Freddie Mac 5,100 459,773 

Freescale Semiconductor 1,000 45,859 

Inc Class A 

General Electric Co 15,000 781,809 

Getty Images Inc 1,500 150,645 

Golden West Financial Corp 300 35,200 

Goodrich Corp 2,000 127,424 

Google Inc 300 198,930 

Home Depot Inc 2,000 113,192 

Illinois Tool Works Inc 3,600 270,408 

Intel Corp 3,600 108,163 

International Paper Co 1,100 56,185 


Kla-Tencor Corp 6,600 433,857 

Kraft Foods Inc 600 29,318 

Lowe's Cos Inc 5,200 498,885 

Mckesson Corp 1,200 89,718 

Medtronic Inc 600 44,518 


Millennium Pharmaceuticals Inc 3,700 58,334 

Nisource Inc 1,300 44,897 

Nokia OYJ 1,600 51,260 

Novellus Systems Inc 1,200 46,871 

Pepsico Inc 900 85,449 

Pfizer Inc 4,800 178,146 


Radioshack Corp 3,600 79,699 

Renaissancere Holdings 300 22,989 

Rohm & Haas Co 500 39,628 

Sandisk Corp 9,100 733,608 

SAP AG 700 58,136 

Hldgs* S$° R^ % + 

Sasol - ADR 1,400 85,544 

Schlumberger 9,400 967,828 

Sepracor Inc 500 45,179 

SLM Corp 4,100 343,104 


Sum Microsystems Inc 22,100 145,032 

Suncor Energy Inc 900 115,611 

Sysco Corp 4,100 198,134 

Target Corp 1,900 146,831 

Teradyne Inc 5,200 114,545 

Time Warner Inc 12,200 333,756 

TSMC 14,342 208,197 

Unified Energy System 400 44,214 

Unilever Plc 3,405 121,099 


United Technologies Corp 1,800 180,518 

Unitedhealth Group Inc 3,700 262,004 

Verizon Communications Inc 3,900 206,539 

Wachovia Corp 1,400 119,726 


Washington Mutual Inc 11,800 850,509 

Wellpoint Inc 1,300 149,595 

Wells Fargo & Co 4,300 456,125 

Xilinx Inc 9,500 340,263 

XL Capital 1,200 116,323 

Yahoo! Inc 2,700 140,897 

20,588,829 40.10% 


Quoted REITS 

Hong Kong 


58,569 0.11% 





Canada 


65 0.00% 

Euroland 


15,848 0.03% 

Japan 


19,308 0.04% 


61


62 


Hldgs* S$° R^ % + 

Singapore 


113,796 0.22% 

Switzerland 


11,728 0.02% 



418 0.00% 



2,382,316 4.64% 



Net Assets 51,337,381 100.00% 

GREATLINK FAR EAST EX JAPAN EQUITIES FUND 

Hldgs* S$° R^ % + 


Hong Kong 

Bank Of China 435,000 312,188 

Cheung Kong Holdings 61,000 1,045,086 

China Construction Bank 1,656,000 1,196,897 

China Mobile Hong Kong 101,500 917,523 

China Overseas Land & 1,126,000 1,083,199 

Investment 

China Shenhua Energy Co 604,000 1,764,643 

China Ting Group Holdings 920,000 357,758 

CNOOC 632,000 797,768 

Cosco Pacific 536,000 1,876,986 

Far East Consortium 600,000 406,173 

Golden Eagle Retail Group 759,000 625,842 

Hutchison Whampoa 50,000 721,746 

Hysan Development Co 335,000 1,493,678 

Moulin International Hldgs 108,000 111,041 

Parkson Retail Group 140,000 629,924 

Petrochina Co 534,000 902,376 

Prime Success International 600,000 595,517 

Group 

Wheelock & Co 164,000 435,735 

15,274,080 25.25% 

Indonesia 

Bank Central Asia 695,000 486,452 

Mitra Adiperkasa 1,500,000 212,540 

Telekomunikasi Indonesia 480,000 602,281 

United Tractors 500,000 460,930 

1,762,203 2.91% 

Hldgs* S$° R^ % + 

Malaysia 

Malaysia International 150,000 497,059 

Shipping Corp 

UEM World 1,192,300 774,797 

1,271,856 2.10% 

Singapore 


City Developments 144,000 1,346,400 

Cosco Corp Singapore 420,000 529,200 

DBS Group Holdings 35,000 633,500 

Hong Kong Land Holdings 150,000 872,894 

Singapore Telecommunications 126,290 320,777 

Singapore Technologies 147,000 424,830 

Engineering 

United Overseas Bank 57,000 889,200 

United Overseas Land 150,000 429,000 

6,582,921 10.88% 

South Korea 

Daewoo Shipbuilding & Marine 8,880 412,963 

GS Holdings Corp 17,380 863,296 

Hana Financial Group Inc 20,200 1,501,689 

Hanwha Chem Corp 43,500 623,565 

Hanwha Corp 35,000 1,324,304 

Hyundai Mipo Dockyard 3,000 475,049 

Hyundai Motor Co 3,000 403,042 

KCC Corp 1,300 498,385 

Korea Exchange Bank 30,000 567,559 

Korea Investment Holdings Co L 15,000 775,080 

KT Freetel 18,670 924,261 

Lotte Shopping Co 604 371,499 

NHN Corp 1,500 825,085 


Samsung Fire & Marine Insurance 3,000 637,566 

Samsung Securities Co 3,000 255,526 

Samsung Techwin Co 35,000 1,519,741 

Sfa Engineering Corp 15,413 852,941 

Shinhan Financial Group Co 11,000 815,918 

Woori Finance Holdings Co 50,000 1,487,654 

19,356,560 32.00% 

Taiwan 

Acer Inc 314,921 875,186 

Asustek Computer Inc 198,875 772,207 

Cathay Financial Holding Co 450,000 1,556,081 

Cheng Uei Precision Industry C 100,000 642,262 

Chinatrust Financial Holding Co 398,786 522,962 

Chunghwa Telecom Co 118,000 337,151 

Hon Hai Precision Industry 48,000 468,875 

Johnson Health Tech Co 64,000 553,273 

Lite-On Technology Corp 150,000 351,290 

Mediatek Inc 15,000 219,785 

Novatek Microelectronics Corp 35,000 268,382 

Powertech Technology Inc 150,000 704,046 

Quanta Computer Inc 160,043 404,905 



GREATLINK FAR EAST EX JAPAN EQUITIES FUND (cont’d) 

Hldgs* S$° R^ % + 

TSMC 345,614 985,804 

United Microelectronics Corp 958,823 908,503 

9,570,712 15.82% 

Thailand 

Advanced Info Service Pcl 157,000 585,617 

Asian Property 4,000,000 457,552 

Development Pcl 

Kasikornbank Pcl 290,000 733,161 

1,776,330 2.94% 


Quoted Reits 

Singapore 

Ascott Residence Trust 220,800 236,256 

Capitacommercial Trust 450,000 747,000 

983,256 1.63% 




Hong Kong 


149,299 0.25% 

Indonesia 


71,079 0.12% 

Malaysia 


26,715 0.04% 

Philippines 


14,573 0.02% 

Singapore 


Oversea-Chinese Banking 3,505,517 A-1 

Corp Term Deposit 

4,591,021 7.59% 

South Korea 


34,561 0.06% 

Taiwan 


468,698 0.77% 

Hldgs* S$° R^ % + 

Thailand 


98,966 0.16% 



5,559 0.01% 



Net Assets 60,490,546 100.00% 

GREATLINK SINGAPORE EQUITIES FUND 

Hldgs* S$° R^ % + 


Singapore 

Advanced Holdings 180,000 108,900 


Capitaland 457,000 2,056,500 

China Precision Technology 1,446,000 542,250 

City Developments 178,000 1,664,300 

Comfortdelgro Corp 743,000 1,136,790 



Gallant Venture 1,300,000 689,000 

Genting International Plc 1,455,000 480,150 

Ho Bee Investment 600,000 456,000 

Hong Leong Finance 100,000 328,000 

Innovalues Precision 1,510,000 1,079,650 

Inter-Roller Engineering 350,000 665,000 

Keppel Corp 149,000 2,190,300 

Keppel Land 244,000 985,760 

Metro Holdings 400,000 318,000 

Noble Group 800,000 872,000 

Olam International 500,000 720,000 

Raffles Education Corp 423,000 1,023,660 

Raffles Medical Group 1,377,000 1,108,485 

Sembawang Kimtrans 1,385,000 740,975 

Sembcorp Industries 330,000 1,069,200 

SIA Engineering Co 407,000 1,497,760 

Singapore Airlines 214,000 2,717,800 

Singapore Post 1,052,000 1,136,160 

Singapore Press Holdings 582,500 2,399,900 

Singapore Telecommunications 2,412,430 6,127,572 

Singapore Technologies 658,000 1,901,620 

Engineering 

United Overseas Bank 390,000 6,084,000 


Wheelock Properties 339,000 488,160 

Wing Tai Holdings 344,000 488,480 

YHI International 1,851,000 805,185 

52,112,587 84.81% 



63


64 

GREATLINK SINGAPORE EQUITIES FUND (cont’d) 

Hldgs* S$° R^ % + 

Quoted Reits 

Singapore 

Ascott Residence Trust 110,000 117,700 

Capitacommercial Trust 450,000 747,000 

Capitamall Trust 276,000 585,120 

K-Reit Asia 327,800 416,306 

Macquarie Meag Prime Reit 1,000,000 915,000 

Mapletree Logistics Trust Reit1,563,000 1,453,590 

Suntec Reit 430,000 533,200 

4,767,916 7.76% 

Total Quoted Reits 4,767,916 7.76% 



Singapore 



Bank Of New York Term Deposit 1,600,000 A-1+ 

Oversea-Chinese Banking Corp 1,500,000 A-1 

Term Deposit 

4,777,565 7.77% 



6,235 0.01% 



Net Assets 61,448,256 100.00% 

GREATLINK GLOBAL INTERSECTION FUND 

Hldgs* S$° R^ % + 


Australia 

Rinker Group 34,341 661,268 

Santos 53,102 754,886 

Westpac Banking Corp 49,529 1,354,652 

2,770,806 3.87% 

Canada 

Canadian National Railway Co 21,100 1,462,924 

1,462,924 2.04% 

Finland 

Nokia OYJ 26,350 850,323 

Tietoenator OYJ 6,260 285,804 

1,136,127 1.59% 

Hldgs* S$° R^ % + 

France 

Peugeot SA 5,483 539,351 

Sanofi-Synthelabo SA 9,360 1,444,012 

Societe Generale 1,733 402,964 

Total SA 15,211 1,582,390 

3,968,717 5.54% 

Germany 

Deutsche Telekom AG 27,266 693,541 

E.On AG 9,963 1,813,424 

Muenchener Rueckversicherungs 3,524 761,059 

Prosiebensat.1 Media AG 3,556 140,422 

(Preferred Stock) 

3,408,446 4.76% 

Hong Kong 

Dah Sing Financial 16,000 185,354 

Sino Land Co 138,000 348,392 

533,746 0.75% 

Italy 

Banche Popolari Unite Scpa 14,641 598,876 

Fiat SPA 13,345 280,892 


1,340,180 1.87% 

Japan 

Canon Inc 18,000 1,396,865 

Daiichi SAnkyo Co 10,404 453,347 

East Japan Railway Co 83 975,925 

Eisai Co 10,400 740,901 

Japan Tobacco Inc 60 346,104 

Mitsubishi Corp 2,900 91,665 

Mitsui Trust Holdings Inc 13,000 247,267 

Nippon Mining Holdings Inc 19,000 253,104 

Nissan Motor Co 17,900 309,516 

NTT Corp 100 776,037 

Orix Corp 1,000 386,635 

Promise Co 6,500 596,137 

Sega SAmmy Holdings Inc 4,100 240,475 

Sharp Corp 9,000 225,092 

Shinsei Bank 98,000 982,842 

Sony Corp 7,800 544,886 

Yamanouchi Pharm 13,100 761,097 

9,327,895 13.03% 

Netherlands 

ABN Amro Holding NV 24,883 1,076,177 

ING Groep NV 20,969 1,302,899 

Royal Philips 7,117 351,553 

Tomtom NV 3,518 216,313 

2,946,942 4.12% 

Norway 

Statoil ASA 5,900 264,635 

264,635 0.37% 



GREATLINK GLOBAL INTERSECTION FUND (cont’d) 

Hldgs* S$° R^ % + 

Sweden 

Swedish Match AB 22,200 565,318 

565,318 0.79% 

Switzerland 

UBS AG 5,500 951,380 

951,380 1.33% 



Aviva Plc 13,427 300,617 


Barclays Plc 41,993 754,723 

British American Tobacco Plc 32,410 1,291,055 

Marks & Spencer Group Plc 49,798 854,946 

Rio Tinto 7,290 609,580 

6,192,993 8.65% 


Abbott Laboratories 6,500 448,252 

Accenture 15,700 703,098 

ACE 4,900 391,998 

Aetna Inc 8,100 511,455 

Altria Group Inc 15,800 1,834,649 

Amgen Inc 5,200 536,381 

Amylin Pharmaceuticals Inc 4,700 366,930 

Arch Capital Group 2,200 206,857 

Assurant Inc 5,500 420,950 

AT&T Inc 16,300 718,884 

Axis Capital Holdings 7,200 325,741 

Bank Of America Corp 16,300 1,239,811 

Bellsouth Corp 8,700 498,024 

Cardinal Health Inc 4,900 498,462 

Chesapeake Energy Corp 3,300 157,856 

Chevrontexaco Corp 12,500 1,226,717 


Citigroup Inc 23,800 1,815,545 

Clorox Co 2,400 231,393 

Conocophillips 11,900 1,233,133 

Corning Inc 12,900 493,456 

Devon Energy Corp 6,000 573,169 

DR Horton Inc 17,433 656,654 

DST Systems Inc 4,600 432,810 

Everest Re Group 3,000 410,687 

First Data Corp 14,800 1,054,102 

General Mills Inc 11,500 939,453 

Genzyme Corp 800 77,232 

Hartford Financial Services Group 2,900 387,964 

IBM 4,300 522,355 

IMS Health Inc 16,200 687,831 

Ingersoll-Rand Co 21,900 1,481,520 

IPSCO Inc 1,200 182,353 

Kimberly-Clark Corp 6,500 634,193 

Lam Research Corp 9,000 664,918 

Lockheed Martin Corp 4,600 521,845 

Mckesson Corp 16,700 1,248,581 

Memc Electronic Materials Inc 1,800 106,740 

Hldgs* S$° R^ % + 


Occidental Petroleum Corp 3,000 486,496 

Office Depot Inc 6,500 390,589 

Omnicom Group 2,600 366,290 

Parker Hannifin Corp 4,500 552,201 


ST Paul Travelers Cos Inc/The 17,000 1,198,427 

United Parcel Service Inc 8,200 1,067,566 

Univision Communications Inc 2,800 148,329 

Valero Energy Corp 8,000 841,521 

Viacom Inc 6,100 345,717 


Western Digital Corp 7,900 247,477 

Weyerhaeuser Co 4,500 442,970 

32,991,350 46.07% 





Canada 


4,434 0.01% 

Euroland 


23 0.00% 

Japan 


9,573 0.01% 

Singapore 


6,906 0.01% 



3,733,473 5.21% 

Total Cash And Cash Equivalent 3,754,408 5.24% 


Net Assets 71,613,343 100.00% 

GREATLINK GLOBAL REAL ESTATE FUND 

Hldgs* S$° R^ % + 


Austria 

Immofinanz Immobilien Anlagen 27,000 473,864 

473,864 0.67% 


65


66 

GREATLINK GLOBAL REAL ESTATE FUND (cont’d) 

Hldgs* S$° R^ % + 

Canada 

Brookfield Properties Co 7,400 372,697 

372,697 0.53% 

Finland 

Sponda OYJ 15,000 242,634 

242,634 0.34% 

France 

Fonciere Des Regions 1,000 204,823 

Klepierre 2,600 476,028 

Silic 800 140,971 

Unibail 3,815 1,051,382 

1,873,204 2.65% 

Germany 

Deutsche Wohnen AG 450 218,325 

IVG Immobilien AG 7,100 339,085 

557,410 0.79% 

Hong Kong 

Cheung Kong Holdings 72,000 1,233,544 

China Overseas Land 464,000 446,363 

& Investment 

China Resources Land 348,000 301,118 

Great Eagle Holdings Co 98,000 530,733 

Hysan Development Co 98,000 436,956 

Sun Hung Kai Properties 91,000 1,467,352 

Wheelock & Co 75,000 199,269 

4,615,335 6.53% 

Japan 

Mitsubishi Estate Co 56,000 1,882,407 

Mitsui Fudosan Co 51,000 1,753,138 

Sumitomo Realty & Development 30,000 1,170,280 

Sun Frontier Fudousan Co 108 352,578 

Tokyu Land Corp 71,000 875,096 

Urban Corp 5,000 95,587 

6,129,086 8.67% 

Netherlands 

Corio NV 5,315 522,610 

522,610 0.74% 

Philippines 

Robinsons Land Corp 880,000 268,479 

268,479 0.38% 

Singapore 

Allgreen Properties 172,000 216,720 

Ascott Group/The 255,000 262,650 

Capitaland 120,000 540,000 

City Developments 24,000 224,400 

Gallant Venture 700,000 371,000 

Hong Kong Land Holdings 72,000 416,712 

2,031,482 2.87% 

Hldgs* S$° R^ % + 

Spain 

Inmobiliaria Urbis SA 2,000 82,293 

Metrovacesa SA 2,800 399,699 

481,992 0.68% 

Sweden 

Castellum AB 6,800 110,091 

Hufvudstaden AB 3,000 36,387 

Kungsleden AB 6,600 122,428 

Wihlborgs Fastigheter AB 5,000 147,081 

415,987 0.59% 

Thailand 

Ticon Industrial Connection Pcl 127,000 85,795 

85,795 0.12% 


British Land Co Plc 42,503 1,570,044 

Brixton Plc 37,900 531,239 

Capital & Regional Plc 14,586 431,510 

Great Portland Estates Plc 22,700 331,959 

Hammerson Plc 25,000 865,726 

Land Securities Group Plc 35,324 1,853,450 

Liberty International Plc 21,300 663,465 

Quintain Estates & Development 11,122 210,138 

Slough Estates Plc 43,700 781,568 

7,239,099 10.24% 


St Joe Co/The 1,000 73,595 

73,595 0.10% 


Quoted Reits 

Australia 

Babcock & Brown Japan 153,000 301,985 

Property Reit 

General Property Trust Reit 168,000 856,612 

Macquarie Goodman Group Reit 104,000 733,111 

Mirvac Group 89,000 454,846 

Stockland Trust Reit 63,000 519,593 

Tishman Speyer Office Fund 90,000 231,565 

Quoted Reit 

Valad Property Group 148,000 236,476 

Westfield Group Reit 97,006 1,975,070 

5,309,258 7.51% 

Belgium 

Cofinimmo Reit 800 218,694 

218,694 0.31% 

Canada 

H&R Real Estate Investment Reit 11,000 359,433 




Hldgs* S$° R^ % + 

Riocan Real Estate Investment 12,561 386,497 

Trust Reit 

Summit Real Estate Investment Reit 12,500 455,015 

1,200,945 1.70% 

France 

Gecina SA Reit 600 124,229 

124,229 0.18% 

Japan 

Japan Real Estate Investment Reit 37 522,061 

Orix Jreit Inc Reit 51 479,732 

1,001,793 1.42% 

Netherlands 

Rodamcoope NV 4,300 666,424 

Vastned Offices/Industrial Reit 2,011 111,819 

Vastned Retail NV Reit 1,320 169,480 

947,723 1.34% 

Singapore 

Ascendas Real Estate 48,000 92,160 

Capitamall Trust 199,000 421,880 

Mapletree Logistics Trust Reit 191,000 177,630 

Suntec Reit 272,000 337,280 

1,028,950 1.46% 

Thailand 

CPN Retail Growth Property 200,500 85,590 

Fund Reit 

85,590 0.12% 


Alexandria Real Estate Equities Reit 3,800 532,883 

AMB Property Corp Reit 3,100 247,802 

American Financial Realty 10,000 153,073 

Trust Reit 

Archstone-Smith Trust Reit 14,300 1,150,325 

Avalonbay Communities Inc Reit 2,050 358,600 

Biomed Realty Trust Inc Reit 14,600 691,238 

Boston Properties Inc Reit 13,800 1,972,742 

Boykin Lodging Co Quoted Reit 10,000 172,207 

Brandywine Realty Trust Reit 5,450 277,249 

Camden Property Trust Reit 6,850 796,702 

Colonial Properties Trust 7,000 546,824 

Quoted Reit 

Developers Diversified 13,300 1,097,434 

Realty Reit 

Diamondrock Hospitality Co 16,000 374,712 

Quoted Reit 

Duke Realty Corp Reit 3,200 177,868 

Equity Office Properties Trust 14,200 819,828 

Equity Residential Reit 19,550 1,382,829 

Felcor Lodging Trust Inc 23,500 807,886 

Quoted Reit 

Hldgs* S$° R^ % + 

First Industrial Realty Trust 2,000 119,991 

Quoted Reit 

General Growth Properties 16,300 1,161,453 

Inc Reit 

Glenborough Realty Trust Inc Reit 13,100 446,210 

Health Care Property Investors Reit 2,900 122,626 

Heritage Property Investment Trust 4,000 220,880 

Home Properties Inc Reit 5,000 438,898 

Host Marriott Corp Reit 62,800 2,171,856 

Istar Financial Inc 2,500 149,238 

Kimco Realty Corp Reit 24,800 1,431,028 

Kite Realty Group Trust 8,000 197,224 

Lasalle Hotel Properties Reit 4,000 292,862 

Liberty Property Trust Reit 11,500 803,790 

Macerich Co/The Reit 850 94,358 

Nationwide Health Properties 8,000 284,766 

New Plan Excel Realty Trust Reit 2,000 78,087 

Parkway Properties Inc/Md Reit 8,700 625,970 

Post Properties Inc Reit 5,000 358,488 

Prologis Reit 21,500 1,772,007 

Public Storage Inc Reit 9,600 1,152,221 

Reckson Associates Realty 10,000 654,355 

Corp Reit 

Regency Centers Corp Reit 9,200 904,173 

Simon Property Group Inc Reit 15,890 2,084,062 

SL Green Realty Corp 4,400 761,676 

Sovran Self Storage Inc Reit 2,100 168,663 

Sunstone Hotel Investors Inc 8,500 390,604 

Quoted Reit 

Taubman Centers Inc Quoted Reit 8,500 549,750 

Trustreet Properties Inc Reit 4,300 89,689 

United Dominion Realty Trust 15,970 707,360 

U-Store-It Trust 26,800 799,280 

Ventas Inc Reit 10,000 535,755 

Vornado Realty Trust Reit 10,100 1,558,014 

Weingarten Realty Investors Reit 13,750 832,333 

33,517,869 47.42% 

Total Quoted Reits 43,435,051 61.45% 




Australia 


7,446 0.01% 

Canada 


1,530 0.00% 

Euroland 


(164) 0.00% 


67


68 


Hldgs* S$° R^ % + 

Hong Kong 


10,948 0.02% 

Japan 


212,931 0.30% 

Malaysia 


23,523 0.03% 

Philippines 


6,697 0.01% 

Singapore 


1,156,066 1.64% 

Sweden 


2,173 0.00% 

Thailand 


4,066 0.01% 



(1,053) 0.00% 



Goldman Sachs Group Inc Term Deposit 1,483,401 A-1 

1,483,578 2.10% 



Net Assets 70,678,868 100.00% 

GREATLINK CHOICE FUND (SEP 2010) 

Hldgs* S$° R^ % + 


Singapore 

Deutsche - Rasa 3.500 113,671,000 104,690,991 NR 

30/09/2010 




Hldgs* S$° R^ % + 

Singapore - 0.00% 

Total Cash and Cash Equivalent - 0.00% 

Net Current Assets - 0.00% 

Net Assets 104,690,991 100.00% 

GREATLINK CHOICE FUND (OCT 2010) 

Hldgs* S$° R^ % + 


Singapore 

Deutsche - Rasa 3.500 101,700,000 93,360,600 NR 

30/09/2010 




SINGAPORE 


4,117 0.00% 

Total Cash and Cash Equivalent 4,117 0.00% 


Net Assets 93,364,717 100.00% 

GREATLINK GLOBAL BOND FUND 

Hldgs* S$° R^ % + 


Australia 

BNP Paribas 5.186 29/06/2049 300,000 430,459 A 

Queensland 8.000 14/09/2007 400,000 480,705 AAA 

911,164 0.77% 

Cayman Islands 

MUFG Capital Fin 1 6.346 200,000 303,153 BBB 

29/07/2049 

MUFG Capital Finance 2 300,000 577,651 BBB 

4.850 29/07/2049 

UOB Cayman 5.796 100,000 146,294 A 

31/12/2049 

1,027,098 0.86% 

France 

Credit Logement SA 4.604 100,000 199,283 A 

29/03/2049 



GREATLINK GLOBAL BOND FUND (cont’d) 

Hldgs* S$° R^ % + 

French Republic 4.000 200,000 405,684 AAA 

25/04/2013 


25/04/2012 

Societe Generale 4.196 100,000 190,892 A 

29/01/2049 

7,785,167 6.55% 

Germany 

Federal Republic Of Germany 300,000 615,987 AAA 

4.250 04/07/2014 


5.250 04/01/2011 


6.250 04/01/2030 


6.500 04/07/2027 

5,851,482 4.92% 

Italy 

BPL Consumer Srl Floating 200,000 405,146 AAA 

15/07/2015 

Italian Republic 5.000 900,000 1,911,834 AA 

01/02/2012 

Unicredito Italiano 3.950 100,000 183,795 A 

01/02/2016 

2,500,775 2.10% 

Japan 

Bank Of Tokyo-Mitsubishi 3.5 100,000 195,229 A 

16/12/2015 

Development Bank Of Japan 600,000 856,670 AA 

4.250 09/06/2015 

Japan 0.700 20/09/2009 130,000,000 1,776,723 AA 

Japan 1.000 10/06/2016 100,100,000 1,373,754 A 

Japan 1.000 20/09/2010 100,000,000 1,367,678 AA 

Japan 1.600 20/09/2014 80,000,000 1,088,388 AA 

Japan 1.600 20/06/2014 110,000,000 1,499,425 AA 

Japan 2.300 20/06/2035 60,000,000 792,969 AA 

Japan 2.400 20/03/2034 40,000,000 540,763 AA 

Japan 2.500 20/09/2035 120,000,000 1,653,498 AA 

Kal Japan ABS Floating 1,702,846 23,642 A 

26/09/2006 

11,168,740 9.39% 

Luxembourg 

Tunisian Republic 7.375 70,000 115,625 BBB 

25/04/2012 

115,625 0.10% 

Netherlands 


5.625 04/01/2028 

Kingdom Of The Netherlands 200,000 397,556 AAA 

3.750 15/07/2014 

4,813,342 4.05% 

Hldgs* S$° R^ % + 

Poland 

Republic Of Poland 6.000 1,200,000 606,224 A 

24/05/2009 

606,224 0.51% 

Russia 

Russian Federation 10.000 100,000 163,984 BBB 

26/06/2007 


31/03/2030 


31/03/2010 

815,453 0.69% 

South Korea 

Korea Development Bank 200,000 316,503 A 


316,503 0.27% 


HBOs Plc 5.920 200,000 288,851 A 

HBOs Plc Floating 06/02/2014 200,000 317,071 A 

Lloyds TSB Bank Plc 4.385 100,000 190,872 A 

29/05/2049 

Siena Mortgage Floating 182,868 370,989 AAA 

16/12/2038 

UBS Preferred Funding 4.280 100,000 192,085 AA 

29/04/2049 

United Kingdom 4.750 700,000 2,043,640 AAA 

07/06/2010 

Vodafone Group Plc Floating 100,000 158,087 A 

29/06/2007 

3,561,595 2.99% 


AAA Trust 3.190 26/11/2035 39,571 62,628 AAA 

Accredited Mortgage Loan 300,000 474,251 AAA 

Trust Floating 25/09/2036 

American Home Mortgage 51,853 79,683 AAA 

Investm Floating 25/10/2034 

Amortizing Residential 16,555 26,176 AAA 

Collateral Floating 25/06/2032 

Amortizing Residential 4,151 6,573 AAA 

Collateral Floating 25/10/2031 

Argent Securities Inc. Floating 319,379 505,108 AAA 

25/02/2036 

AT&T Inc Floating 15/05/2008 300,000 474,507 A 

Bank Of America Mortgage 135,862 209,147 AAA 

Secur 5.000 25/05/2034 

Bear Stearns Alt-A 5.75 100,000 - NR 

31/12/2059 


Securities Floating 15/06/2043 




69


70 


Hldgs* S$° R^ % + 





Carrington Mortgage Loan 18,188 28,761 AAA 

Trust 3.540 25/06/2035 

Carrington Mortgage Loan 300,000 474,399 AAA 


Charter One Bank NA 250,000 395,238 AA 


Citigroup Inc Floating 200,000 316,272 A 

08/06/2009 

Citigroup Inc Floating 100,000 158,446 A 

15/08/2008 

Citigroup Inc 5.625 27/08/2012 100,000 155,944 A 

Citigroup Mortgage Loan 300,000 474,399 AAA 

Trust, Floating 25/08/2036 

Comcast Cable Communications 70,000 115,741 BBB 

7.125 15/06/2013 

Comcast Corp 5.300 15/01/2014 150,000 222,124 BBB 

Conocophil Au Floating 300,000 474,821 A 

09/04/2009 

Countrywide Alternative 300,000 478,847 AAA 

Loan T 6.2087 25/08/2036 

Countrywide Asset-Backed 300,000 474,399 AAA 

Certi Floating 25/07/2036 

Countrywide Asset-Backed 300,000 474,399 NR 

Certi Floating Perpetual 


Certificates Floating 25/10/2035 


Certificates Floating 25/12/2031 

Countrywide Home Loans 54,430 86,398 AAA 


Countrywide Home Loans 34,631 54,814 AAA 


CS First Boston Mortgage 10,976 17,334 AAA 

Securities Corp 6.500 25/04/2033 

CSAB Floating 25/06/2036 93,599 148,010 NR 

Daimlerchrysler AG 6.500 100,000 157,642 BBB 

15/11/2013 

Enterprise Products Operating 200,000 301,988 BB 

4.950 01/06/2010 

Fannie Mae 5.000 01/08/2035 486,755 717,372 AAA 

Fannie Mae 5.500 01/03/2035 611,146 925,960 AAA 

Fannie Mae 5.500 01/06/2033 465,711 708,185 AAA 

Fannie Mae 5.500 01/09/2032 1,117,367 1,699,447 AAA 

Fannie Mae 5.500 01/11/2033 142,329 216,433 AAA 

Fannie Mae 5.500 01/11/2033 665,289 1,011,675 AAA 

Fannie Mae 5.500 31/12/9999 3,500,000 5,297,705 AAA 

Fannie Mae 6.125 15/03/2012 100,000 162,924 AAA 

Fannie Mae 6.410 13/11/2012 1,000,000 1,656,804 AAA 

Fannie Mae 6.875 24/09/2012 400,000 640,375 AAA 

Fannie Mae Floating 01/03/2020 42,121 66,556 AAA 




Hldgs* S$° R^ % + 

Fanniemae Grantor Trust 400,000 632,857 AAA 


Fanniemae Whole Loan 6.00 64,415 100,914 AAA 

25/07/2044 

Federal Home Loan Bank 4,000,000 6,056,496 AAA 

5.500 Tba 

FHLMC Structured Pass 258,009 410,338 AAA 

Through Floating 25/10/2044 

First Republic Floating 66,234 105,316 AAA 

15/11/2031 

Freddie Mac 4.500 15/02/2020 362,502 547,876 AAA 



Freddie Mac 5.500 01/06/2035 2,252,892 3,421,169 AAA 

Freddie Mac Floating 10,576 16,736 AAA 

15/10/2020 

Ginnie Mae 5.500 15/12/2032 468,752 717,123 AAA 

GMAC Mortgage Corporation 131,106 203,802 AAA 

Loan 5.500 25/09/2034 

GSAMP Trust Floating 25/10/2033 5,481 8,668 AAA 

Hewlett-Packard Co Floating 100,000 158,138 A 

22/05/2009 

HSBC Fin Cap Trust Ix 5.911 300,000 449,981 BBB 

30/11/2035 

Hutchison Whamp Intl 6.250 100,000 157,121 A 

24/01/2014 

Illinois State 5.000 01/12/2027 100,000 162,042 AA 

Indymac Indx Mortgage Loan 290,879 460,965 AAA 

Tru Floating 25/06/2006 

Lehman Xs Trust Floating 300,000 474,399 NR 

Perpetual 

Master Asset Securitization 210,033 316,355 AAA 

Trust 5.500 25/09/2033 

Master Asset Securitization 15,743 24,781 AAA 


Mellon Residential Funding Cor 62,191 98,659 AAA 


Merrill Lynch Mortgage Investo 300,000 474,251 AAA 


Pemex Project Funding Master 200,000 289,723 BBB 

Trust 5.750 15/12/2015 

Pemex Project Funding 7.375 325,000 528,326 BBB 

15/12/2014 

Public SVC Enterprise Gp 200,000 316,725 BBB 

4.295 21/09/2008 

Quest Trust Floating 25/09/2034 64,330 101,855 AAA 

RBS Capital Trust Iii 5.512 300,000 441,592 A 

31/12/9999 

Residential Asset Mortgage 252,670 399,595 AAA 

Pro Floating 25/01/2036 


Pro Floating 25/05/2035 


Products Inc Floating 25/09/2013 

Residential Asset Mortgage 558 882 AAA 

Products Inc Floating 25/09/2033 




Hldgs* S$° R^ % + 

Residential Asset Securities Co 96,153 152,064 AAA 


Residential Asset Securities Co 300,000 474,399 AAA 


Residential Asset Securities 9,672 15,297 AAA 


Resona Bank 5.850 100,000 147,284 BBB 

Saxon Asset Securities Trust 5,690 9,005 AAA 


SB Treasury Company Llc 100,000 167,359 BBB 

9.400 29/12/2049 

Sequoia Mortgage Trust 56,500 89,442 AAA 


Small Business Admin 4.754 88,089 130,243 NR 

10/08/2014 

Structured Asset Mortgage 299,745 474,708 AAA 

Investment 25/05/2036 

Structured Asset Securities Co 51,876 82,147 AAA 








Tenn Valley Authority 4.875 900,000 1,421,622 AAA 

15/12/2016 

Tenn Valley Authority 5.980 200,000 333,420 AAA 

01/04/2036 

Tobacco Settlement Fing Corp 85,000 133,371 BBB 

4.000 01/06/2013 

Tobacco Settlement Fing Corp 100,000 161,876 BBB 

5.625 01/06/2037 

Tokai Pfd Capital Co Llc 9.980 100,000 169,246 BBB 

29/12/2049 

Toyota Motor Credit Corp 200,000 316,257 AAA 


Unicredito Italiano Ny 100,000 158,063 A 


Unicredito Italiano Ny 100,000 157,974 A 



0.000 15/08/2024 

United States Of America 1,100,000 844,162 AAA 

0.000 15/02/2020 


1.625 15/01/2015 


1.875 15/07/2015 


2.000 15/07/2014 


3.875 15/05/2010 


4.500 15/02/2016 


6.250 15/05/2030 

Hldgs* S$° R^ % + 


8.125 15/05/2021 


8.125 15/08/2019 


8.875 15/02/2019 

US Bancorp Inc Floating 200,000 316,238 AA 

28/04/2009 

Utah Transport Authority 100,000 161,237 AAA 

5.000 15/06/2027 

Washington Mutual Floating 188,327 298,536 AAA 

25/05/2041 


25/07/2046 


25/08/2042 

Washington Mutual Securities 5,487 8,605 AAA 

5.157 25/10/2032 

Wells Fargo Mortgage Backed 92,172 145,934 AAA 

Securities 25/04/2036 

Wells Fargo Mortgage Backed 288,472 445,358 AAA 

Securities 4.950 25/03/2036 

53,272,453 44.79% 


Derivatives 1,218,154 1.02% 



Australia 

Bank Of New York Cash 75,274 88,437 A-1+ 

88,437 0.07% 

Canada 


Government Of Canada 986,200 1,402,581 A 

Treasury Bill 

1,437,709 1.21% 

Denmark 


30,131 0.03% 

Euroland 


Bank Of New York Cash Margin 24,601 49,741 A-1+ 

919,172 0.77% 

Japan 



Margin 


71



Hldgs* S$° R^ % + 

Japan Treasury Bill 199,914,200 2,765,433 A 

4,254,528 3.58% 

Poland 

Bank Of New York Cash 57,600.00 28,577 A-1+ 

28,577 0.02% 

Singapore 


511,426 0.43% 

Sweden 


263,759 0.22% 



156,926 0.13% 


Abbey National Plc 498,513 788,201 N/A 

Discount Note 


Margin 


Barclays Plc Discount Note 1,874,229 2,963,346 A-1+ 

BNP Paribas Discount Note 1,776,770 2,809,261 A-1+ 

Dexia Discount Note 1,298,667 2,053,320 NR 

General Electric Cap Corp 1,974,700 3,122,209 A 

Discount Note 

HBOS Plc Discount Note 1,775,730 2,807,613 A-1+ 

Nordea Bank AB Discount 2,171,306 3,433,060 A-1+ 

Note 

Societe Generale Discount 1,777,523 2,810,461 A-1+ 

Note 

Svenska Handelsbanken 1,972,897 3,119,346 A-1+ 

Discount Note 

Time Warner Inc Discount 98,268 155,371 N/A 

Note 

UBS AG Discount Note 1,687,663 2,668,363 A-1+ 

30,463,793 25.61% 



Net Assets 118,944,689 100.00% 

72 




By Geography (Summary) 

S$ % 



S$ % 



Indonesia 24,332,636 18.73% 

Malaysia 22,668,285 17.44% 

Philippines 3,875,942 2.98% 

Singapore 60,296,634 46.40% 

Thailand 9,796,199 7.54% 

United Kingdom 669,831 0.52% 


Quoted REITS 

Singapore 4,219,844 3.25% 



Cash and Cash Equivalent 3,710,840 2.86% 


Net Assets 129,945,870 100.00% 

By Industry (Summary) 


Air Transport 4,851,400 3.73% 

Automotive 3,662,954 2.82% 

Building & Development 26,821,922 20.64% 

Business Equipment & Services 1,489,345 1.15% 

Chemicals & Plastics 2,552,978 1.96% 

Conglomerates 5,286,471 4.07% 

Cosmetics / Toiletries 633,778 0.49% 

Drugs 1,941,880 1.49% 

Electronics / Electrical 2,535,905 1.95% 

Farming / Agriculture 1,978,106 1.52% 

Financial Intermediaries 17,173,868 13.22% 

Food Products 3,291,333 2.53% 

Health Care 2,138,704 1.65% 

Industrial Equipment 6,121,512 4.71% 

Lodging & Casinos 3,125,254 2.41% 

Oil & Gas 10,534,709 8.11% 

Publishing 2,599,720 2.00% 

Retailers (Except Food & Drug) 425,080 0.33% 

Surface Transport 11,735,157 9.03% 

Telecommunications 12,739,451 9.80% 






Net Assets 129,945,870 100.00% 

Australia 88,757,921 26.59% 

Hong Kong 53,302,473 15.97% 

India 11,869,895 3.56% 

Indonesia 5,187,150 1.55% 

Malaysia 6,883,929 2.06% 

Singapore 24,991,485 7.49% 

South Korea 62,517,487 18.73% 

Taiwan 35,966,240 10.77% 

Thailand 7,266,452 2.18% 

United States Of America 9,907,020 2.97% 


Quoted REITS 

Australia 7,986,762 2.39% 

Singapore 2,009,760 0.60% 






Net Assets 333,852,135 100.00% 



Automotive 4,133,026 1.24% 

Beverage & Tobacco 4,037,518 1.21% 

Brokers, Dealers & Investment Houses 2,439,426 0.73% 




Clothing / Textiles 1,673,554 0.50% 


Drugs 3,047,173 0.91% 




Health Care 241,500 0.07% 


Insurance 15,218,209 4.56% 

Leisure Goods / Activities / Movies 5,420,347 1.62% 

Nonferrous Metals / Minerals 32,100,587 9.62% 

Oil & Gas 12,392,804 3.71% 

Retailers (Except Food & Drug) 6,873,860 2.06% 

Steel 4,008,790 1.20% 



73



S$ % 

Utilities 13,027,968 3.90% 

Zero Default Risk 9,738,771 2.92% 





S$ % 

74 






Net Assets 333,852,135 100.00% 


S$ % 



Japan 10,163,130 9.29% 

Taiwan 4,304,500 3.93% 

United Kingdom 4,114,606 3.76% 







Net Assets 109,400,498 100.00% 






Health Care 1,756,582 1.61% 









Net Assets 109,400,498 100.00% 

Austria 5,686,749 5.55% 

France 1,337,756 1.31% 

Germany 4,948,046 4.83% 

Hong Kong 2,581,356 2.52% 

Japan 12,207,214 11.91% 

Netherlands 2,342,769 2.29% 

Norway 9,762,532 9.53% 

Sweden 610,156 0.60% 

Switzerland 4,212,013 4.11% 




Quoted REITS 

Hong Kong 64,901 0.06% 

Japan 54,336 0.05% 

United States Of America 748,433 0.73% 






Net Assets 102,488,426 100.00% 



Aerospace & Defense 2,633,545 2.57% 

Air Transport 993,516 0.97% 

Automotive 1,432,774 1.40% 

Beverage & Tobacco 86,580 0.08% 




Cable & Satellite Television 68,519 0.07% 


Clothing / Textiles 443,358 0.43% 


Cosmetics / Toiletries 2,106,327 2.06% 

Drugs 7,779,678 7.59% 


Equipment Leasing 242,741 0.24% 



Food & Drug Retailers 133,308 0.13% 

Food Products 915,151 0.89% 

Health Care 2,247,480 2.19%


GREATLINK GLOBAL EQUITY FUND (cont’d) 

S$ % 

Home Furnishings 1,659,904 1.62% 


Insurance 8,076,589 7.88% 


Lodging & Casinos 2,319,053 2.26% 

Financial Intermediaries 73,854 0.07% 

Nonferrous Metals / Minerals 955,470 0.93% 

Oil & Gas 14,336,123 13.99% 

Publishing 980,089 0.96% 

Radio & Television 2,083,031 2.03% 

Rail Industries 197,122 0.19% 


Steel 2,677,944 2.61% 

Surface Transport 425,451 0.42% 


Utilities 1,512,789 1.48% 

Zero Default Risk 122,035 0.12% 







Net Assets 102,488,426 100.00% 

GREATLINK GLOBAL OPTIMUM FUND 

S$ % 



Australia 436,052 0.46% 

Canada 783,046 0.82% 

Finland 469,533 0.49% 

France 2,723,025 2.85% 

Germany 2,085,642 2.18% 

Italy 1,506,692 1.58% 

Japan 4,074,192 4.26% 

Mexico 401,651 0.42% 

Netherlands 467,881 0.49% 

Norway 677,287 0.71% 

Spain 806,744 0.84% 

Switzerland 3,424,101 3.58% 





S$ % 

Canada 1,698,356 1.78% 

Denmark 699,180 0.73% 

France 2,816,955 2.95% 

Germany 9,838,561 10.29% 

Ireland 2,865,291 3.00% 

Japan 11,339,225 11.86% 

Luxembourg 253,798 0.27% 

Mexico 396,797 0.41% 

Netherlands 2,561,632 2.68% 

Norway 707,598 0.74% 

Poland 149,777 0.16% 

Sweden (1,069,281) -1.12% 




Derivatives (235,948) -0.25% 




Net Assets 95,628,725 100.00% 





Automotive 617,160 0.65% 


Building & Development 754,240 0.79% 



Drugs 3,048,724 3.19% 


Farming / Agriculture 267,069 0.28% 


Food Products 1,600,115 1.67% 

Health Care 2,724,608 2.85% 

Home Furnishings 237,514 0.25% 

Industrial Equipment 580,852 0.61% 

Insurance 2,694,371 2.82% 

Leisure Goods / Activities / Movies 805,295 0.84% 

Lodging & Casinos 438,256 0.46% 


Oil & Gas 3,243,657 3.39% 




Utilities 448,724 0.47% 


Australia 1,588,228 1.66% 

Belgium 201,955 0.21% 

75


GREATLINK GLOBAL OPTIMUM FUND (cont’d) 


S$ % 

Quoted REITS 

S$ % 

ABS Commercial 622,757 0.65% 

ABS Consumer 9,155,393 9.57% 

Aerospace & Defense 237,072 0.25% 


Brokers, Dealers & Investment Houses 409,560 0.43% 

CMBS Diversified 1,388,652 1.45% 


Government Agency 1,196,671 1.25% 

Insurance 538,013 0.56% 


Oil & Gas 704,090 0.74% 

Radio & Television 545,926 0.57% 


RMBS A 3,658,635 3.83% 

Sovereign 36,125,486 37.78% 

Telecommunications 268,539 0.28% 


Derivatives (235,948) -0.25% 




Net Assets 95,628,724 100.00% 

Hong Kong 443,227 0.09% 



Australia 293,107 0.06% 

Austria 4,551,408 0.88% 

Belgium 3,967,502 0.77% 

Canada 4,700,325 0.91% 

Denmark 1,806,186 0.35% 

Euroland 2,464,918 0.48% 

Finland 6,834,986 1.32% 

France 6,826,051 1.32% 

Germany 23,723,038 4.58% 

Greece 2,609,129 0.50% 

Italy 23,975,493 4.63% 

Japan 68,932,427 13.31% 

Poland 4,891,766 0.94% 

Norway 689,076 0.13% 

Spain 14,776,895 2.85% 

Sweden 1,275,508 0.25% 

Switzerland 1,494,905 0.29% 







S$ % 



76 


Australia 6,234,700 1.20% 

Austria 1,030,022 0.20% 

Belgium 1,557,953 0.30% 

Canada 11,191,005 2.16% 

Finland 684,131 0.13% 

France 19,855,019 3.83% 

Germany 6,532,957 1.26% 

Hong Kong 2,616,893 0.51% 

Ireland 1,540,709 0.30% 

Italy 1,087,244 0.21% 

Japan 46,231,860 8.92% 

Netherlands 8,963,362 1.73% 

Norway 2,035,203 0.39% 

Singapore 2,059,922 0.40% 

Spain 4,319,221 0.83% 

Sweden 7,451,959 1.44% 

Switzerland 11,591,341 2.24% 





Net Assets 518,093,437 100.00% 





Automotive 6,341,138 1.22% 






Containers & Glass Products 247,214 0.05% 

Cosmetics / Toiletries 1,372,890 0.26% 

Drugs 22,989,085 4.44% 





Food Products 4,057,628 0.78%



S$ % 

Forest Products 444,370 0.09% 


Health Care 6,038,719 1.17% 


Insurance 9,881,982 1.91% 




Oil & Gas 14,291,790 2.76% 

Publishing 2,167,901 0.42% 






Utilities 6,156,453 1.19% 




Sovereign 233,348,721 45.06% 






Net Assets 518,093,437 100.00% 




S$ % 

Singapore 55,464,439 64.07% 





Net Assets 86,570,558 100.00% 



Automotive 2,991,900 3.46% 



S$ % 



Health Care 5,249,475 6.07% 





Net Assets 86,570,558 100.00% 


S$ % 



Australia 2,770,806 3.87% 

Canada 1,462,924 2.04% 

Finland 1,136,127 1.59% 

France 3,968,717 5.54% 

Germany 3,408,446 4.76% 

Hong Kong 533,746 0.75% 

Italy 1,340,180 1.87% 

Japan 9,327,895 13.03% 

Netherlands 2,946,942 4.12% 

Norway 264,635 0.37% 

Sweden 565,318 0.79% 

Switzerland 951,380 1.33% 








Net Assets 71,613,343 100.00% 





Automotive 1,129,759 1.58% 




Chemicals & Plastics 231,393 0.32% 



Drugs 6,194,363 8.65% 

77


78 

GREATLINK GLOBAL INTERSECTION FUND (cont’d) 

S$ % 






Health Care 2,311,361 3.23% 

Home Furnishings 544,886 0.76% 


Insurance 4,404,300 6.15% 


Nonferrous Metals / Minerals 609,580 0.85% 

Oil & Gas 7,373,908 10.30% 



Rail Industries 2,438,849 3.41% 


Steel 182,353 0.25% 



Utilities 1,813,424 2.53% 






Net Assets 71,613,343 100.00% 

GREATLINK GLOBAL VALUE EQUITY FUND 

S$ % 



Australia 1,080,777 2.11% 

Austria 142,345 0.28% 

Belgium 266,319 0.52% 

Canada 2,006,321 3.91% 

Finland 158,125 0.31% 

France 3,743,523 7.29% 

Germany 1,186,475 2.31% 

Hong Kong 552,093 1.08% 

Ireland 207,897 0.40% 

Italy 180,249 0.35% 

Japan 8,398,799 16.36% 

Netherlands 1,685,367 3.28% 

Norway 333,625 0.65% 

Singapore 250,707 0.49% 

Spain 828,257 1.61% 

Sweden 1,296,212 2.52% 

Switzerland 1,977,039 3.85% 




Quoted REITS 

S$ % 

Hong Kong 58,569 0.11% 






Net Assets 51,337,381 100.00% 





Automotive 1,086,062 2.12% 

Beverage & Tobacco 685,258 1.33% 





Containers & Glass Products 33,590 0.07% 


Drugs 4,202,796 8.19% 


Farming / Agriculture 349,190 0.68% 






Health Care 1,123,201 2.19% 


Insurance 1,701,650 3.31% 




Oil & Gas 2,696,484 5.25% 







Utilities 1,075,861 2.10% 







Net Assets 51,337,381 100.00%





S$ % 

Singapore 52,112,587 84.81% 


Quoted REITS 

Singapore 4,767,916 7.76% 





Net Assets 61,448,256 100.00% 








Electronics / Electrical 542,250 0.88% 



Health Care 1,108,485 1.80% 



Publishing 2,399,900 3.91% 









Net Assets 61,448,256 100.00% 

GREATLINK FAR EAST ex JAPAN EQUITIES FUND 

S$ % 


S$ % 

Indonesia 1,762,203 2.91% 

Malaysia 1,271,856 2.10% 

Singapore 6,582,921 10.88% 

South Korea 19,356,560 32.00% 

Taiwan 9,570,712 15.82% 

Thailand 1,776,330 2.94% 


Quoted REITS 

Singapore 983,256 1.63% 





Net Assets 60,490,546 100.00% 




Brokers, Dealers & Investment Houses 255,526 0.42% 




Clothing / Textiles 953,274 1.58% 




Health Care 111,041 0.18% 


Insurance 2,193,647 3.63% 



Oil & Gas 1,700,144 2.81% 









Net Assets 60,490,546 100.00% 


Hong Kong 15,274,080 25.25% 

79


80 




S$ % 

Austria 473,864 0.67% 

Canada 372,697 0.53% 

Finland 242,634 0.34% 

France 1,873,204 2.65% 

Germany 557,410 0.79% 

Hong Kong 4,615,335 6.53% 

Japan 6,129,086 8.67% 


Philippines 268,479 0.38% 

Singapore 2,031,482 2.87% 

Spain 481,992 0.68% 

Sweden 415,987 0.59% 

Thailand 85,795 0.12% 


United States Of America 73,595 0.10% 


Quoted REITS 

Australia 5,309,258 7.51% 

Belgium 218,694 0.31% 

Canada 1,200,945 1.70% 

France 124,229 0.18% 

Japan 1,001,793 1.42% 


Singapore 1,028,950 1.46% 

Thailand 85,590 0.12% 







Net Assets 70,678,868 100.00% 




Financial Intermediaries 893,610 1.26% 

Utilities 1,051,382 1.48% 





S$ % 



Net Assets 70,842,363 100.00% 




S$ % 

Australia 911,164 0.77% 

Cayman Islands 1,027,098 0.86% 

France 7,785,167 6.55% 

Germany 5,851,482 4.92% 

Italy 2,500,776 2.10% 

Japan 11,316,023 9.51% 

Luxembourg 115,625 0.10% 

Netherlands 4,813,342 4.05% 

Poland 606,224 0.51% 

Russia 815,453 0.69% 

South Korea 316,503 0.27% 




Derivatives 1,218,154 1.02% 




Net Assets 118,944,689 100.00% 



ABS Commercial 23,642 0.02% 

ABS Consumer 2,935,506 2.47% 


Business Equipment & Services 158,138 0.13% 


CMBS Diversified (Conduit And Ctl) 1,385,126 1.16% 

Conglomerates 157,121 0.13% 




Oil & Gas 1,305,136 1.10% 

RMBS A 6,843,242 5.75% 

Sovereign 40,912,334 34.40% 

State And Municipality 2,854,274 2.40% 

Telecommunications 632,594 0.53% 

Utilities 316,725 0.27% 

Total Fixed Income Securities 92,745,622 77.96%



S$ % 

Derivatives 1,218,154 1.02% 




Net Assets 118,944,689 100.00% 


S$ % 



Singapore 93,360,600 100.00% 





S$ % 

Cash and Cash Equivalent 4,117 0.00% 


Net Assets 93,364,717 100.00% 


Singapore 104,690,991 100.00% 



Cash and Cash Equivalent - 0.00% 


Net Assets 104,690,991 100.00% 










Net Assets 93,364,717 100.00% 




Cash and Cash Equivalent - 0.00% 


Net Assets 104,690,991 100.00% 

81


82 


Ratings by Assets S$ % 


AAA 3,739,583 4.32% 

AA 4,846,007 5.60% 

A 17,746,069 20.50% 

NR 29,132,780 33.65% 




Net Current Assets -803,773 -0.93% 

Net Assets 86,570,558 100.00% 

GREATLINK SUPREME FUND 



AAA 110,345,226 21.30% 

AA 88,611,681 17.10% 

A 15,764,636 3.04% 

NR 18,627,178 3.60% 








Net Assets 518,093,437 100.00% 




AAA 40,177,094 42.01% 

AA 14,959,303 15.64% 

A 6,697,947 7.00% 

BBB 2,584,241 2.70% 

NR 988,685 1.03% 



Derivatives -235,948 -0.25% 




Net Current Assets -28,090,481 -29.37% 

Net Assets 95,628,725 100.00% 




NR 104,690,991 100.00% 

Total Fixed Income Securities 104,690,991 100.00 


Cash and Cash Equivalent 0 0.00% 

Net Current Assets 0 0.00% 

Net Assets 104,690,991 100.00% 




NR 93,360,600 100.00% 





Net Assets 93,364,717 100.00% 




AAA 66,717,913 56.09% 

AA 12,553,552 10.55% 

A 7,273,836 6.12% 

BBB 4,671,279 3.93% 

BB 301,989 0.25% 

NR 1,227,053 1.03% 


Derivatives 1,218,154 1.02% 




Net Assets 118,944,689 100.00%



Ratings by Maturity S$ % 


Up to 5 years 51,215,464 59.16% 

More than 5 years to 10 years 4,248,975 4.91% 




Net Current Assets -803,773 -0.93% 

Net Assets 86,570,558 40.84% 




Up to 5 years 113,206,757 21.85% 





More than 25 years 10,620,687 2.05% 








Net Assets 518,093,437 100.00% 




Up to 5 years 30,460,265 24.62% 


More than 10 years to 15 years 389,288 0.31% 






Derivatives -235,948 -0.19% 




Net Current Assets 0.00% 

Net Assets 123,719,206 100.00% 




Up to 5 years 104,690,991 100.00% 



Cash and Cash Equivalent 0 0.00% 


Net Assets 104,690,991 100.00% 




Up to 5 years 93,360,600 100.00% 





Net Assets 93,364,717 100.00% 




Up to 5 years 16,234,829 13.65% 







Derivatives 1,218,154 1.02% 




Net Assets 118,944,689 100.00% 

83


EXPENSE RATIOS 

TURNOVER RATIOS 

Jun 2005 Jun 2006 Jun 2005 Jun 2006 

Greatlink Cash Fund 0.35% 0.32% 1426.16% 1655.17% 

Greatlink ASEAN Growth Fund 1.07% 1.05% 387.89% 268.34% 

Greatlink Enhancer Fund 1.12% 1.04% 133.88% 80.74% 

Greatlink Global Supreme Fund 1.08% 1.05% 16.88% 71.16% 

GreatLink Pan Asian Fund# 1.76% 1.79% 54.16% 29.13% 

GreatLink European Equity Fund2 1.70% 1.67% 35.00% 37.00% 

Greatlink Global Equity^ Fund 1.81% 1.78% 59.37% 36.11% 

Greatlink Global Optimum Fund 1.33% 1.25% 391.52% 549.05% 

Greatlink Global Technology Fund^ 1.79% 1.80% 131.01% 95.14% 

Greatlink Global Growth Trends Portfolio1# 2.06% 2.00% 9.74% 25.04% 

Greatlink Global Bond Fund 0.89% 0.87% 360.81% 493.91% 

Greatlink Global Value Equities Fund 1.54% 1.53% 9.32% 29.90% 

Greatlink Far East Ex Japan Equities Fund 1.25% 1.29% 94.58% 70.44% 

Greatlink Singapore Equities Fund 1.09% 1.03% 285.23% 92.59% 

Greatlink Global Intersection Fund 1.62% 1.53% 34.63% 28.10% 

GreatLink Stable Bond Fund# 0.73% 0.72% 26.70% 85.18% 

Greatlink Lifestyle Secured Portfolio 0.95% 0.93% 243.01% 324.44% 

Greatlink Lifestyle Steady Portfolio 1.10% 1.08% 208.66% 272.33% 

Greatlink Lifestyle Balanced Portfolio 1.22% 1.19% 174.39% 205.03% 

Greatlink Lifestyle Progressive Portolio 1.33% 1.27% 140.12% 137.74% 

Greatlink Lifestyle Dynamic Portfolio 1.46% 1.42% 72.35% 44.75% 

Greatlink Global Real Estate Securities N/A 1.65% N/A 60.54% 

GreatLink Choice (Sep 2010) N/A 0.00% N/A 0.00% 

GreatLink Choice (Oct 2010) N/A 0.00% N/A 0.00% 

Expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, perfomrance 

fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment. 

1 

Expense Ratio for GreatLink Global Growth Trends Portfolio computation equal mother fund plus local tier. 

Turnover ratio is calculated for the period under review. 

# 

Feeder Funds, Ratios are obtained from Fund Manager 

2 

This is the turnover ratio for June 2005 to June 2006 

84

SOFT DOLLAR COMMISSIONS as at 30 June 2006 

Soft Dollar Commissions 

Funds managed by Lion Capital Management Ltd 

The managers currently do receive or enter into soft-dollar commissions/arrangements in respect 

of the ILP. The managers will comply with applicable regulatory and industry standards on soft-dollars. 

The soft-dollar commissions which the managers currently receive include research and advisory 

services, economic and political analyses, portfolio analyses, market analyses, data and quotation analyses 

and computer hardware and software used for and in support of the investment process of managers. 

The managers will not accept or enter into soft dollar commissions/arrangements unless such 

soft-dollar commissions/arrangements would, in the opinion of the managers, assist the managers in 

their management of the ILP, provided that the managers shall ensure at all times that transactions 

are executed on the best available terms taking into account the relevant market at the time for 

transactions of the kind and size concerned, and that no unnecessary trades are entered into in order 

to qualify for such soft-dollar commissions/arrangements. 

Fund managed by Alliance Capital Management (Singapore) Ltd 

Although currently the Manager does not receive or enter into soft-dollar commissions/arrangements, 

the Investment Manager of AllianceBernstein – Global Growth Trends Portfolio ("Luxembourg GGTP") 

does receive and has entered into soft-dollar commissions/arrangements with brokers relating to portfolio 

of Luxembourg GGTP that invest in equity securities, in respect of which certain goods and services used 

to support the investment decision making process were received. Notwithstanding this, the Managers 

may use those goods and services received under the Investment Manager's soft dollar arrangements. 

The soft commission arrangements were entered into on the basis that the execution of transactions 

on behalf of Luxembourg GGTP will be consistent with best execution standards and brokerage rates 

will not be in excess of customary institutional full-service brokerage rates. The goods and services 

received include specialist industry, company and consumer research. The nature of the goods and 

services received is such that the benefits provided under the arrangement must be those which assist 

in the provision of investment services to Luxembourg GGTP and may contribute to an improvement 

in Luxembourg GGTP's performance. For the avoidance of doubt, such goods and services do not 

include travel, accommodations, entertainment, general administrative goods or services, general office 

equipment or premises, membership fees, employees' salaries or direct money payments. 

Funds managed by Schroder Investment Management (Singapore) Ltd 

In its management of the Trust, the Managers accept soft dollar commissions from, or enter into soft 

dollar arrangements with, stockbrokers who execute trades on behalf of the Trust and the soft dollars 

received are restricted to the following kinds of services: 

(a) research and price information; 

(b) performance measurement; 

(c) portfolio valuations; and 

(d) analysis and administration services. 

The Managers may not receive or enter into soft dollar commissions or arrangements unless such 

soft dollar commissions or arrangements shall reasonably assist the Managers in their management 

of the Trust and the Managers shall ensure at all times that the transactions are executed at the best 

available terms taking into account the relevant market at the time for transactions of the kind and 

size concerned. The Managers shall not enter into unnecessary trades in order to qualify for such soft 

dollar commissions or arrangements and shall not receive goods and services such as travel, 

accommodation and entertainment. 

85

TOP 10 INVESTMENTS as at 30 June 2006 

GREATLINK LIFESTYLE SECURE PORTFOLIO 

Top Ten Holdings 

as at 30 June 2005 

S$° % + 

Greatlink Stable Bond 2,759,599 18.28% 

Fannie Mae 5.500 01/04/2034 770,435 5.10% 

Fannie Mae 5.500 01/02/2035 703,034 4.66% 

United States Of America 4.25 662,667 4.39% 

15/11/2014 

French Republic 5.000 25/04/2012 632,527 4.19% 

Fannie Mae 5.500 01/04/2035 495,917 3.29% 

Federal Republic Of Germany 5.250 463,811 3.07% 

04/01/2011 


Fannie Mae 5.500 01/09/2034 364,378 2.41% 


04/01/2028 



S$° % + 

Greatlink Stable Bond Fund 5,824,167 32.88% 


Federal Home Loan Bank 5.500 549,474 3.10% 

Fannie Mae 5.500 31/12/9999 480,633 2.71% 


04/01/2028 


04/01/2011 

Freddie Mac 5.50 01/06/2035 310,385 1.75% 

United Kingdom 4.750 07/06/2010 185,409 1.05% 

Italian Republic 5.000 01/02/2012 173,451 0.98% 

Japan 0.70 20/09/2009 161,193 0.91% 

GREATLINK LIFESTYLE STEADY PORTFOLIO 



S$° % + 


Fannie Mae 5.500 01/04/2034 598,920 4.08% 

Fannie Mae 5.500 01/02/2035 546,524 3.72% 

United States Of America 4.25 515,143 3.51% 

15/11/2014 


Fannie Mae 5.500 01/04/2035 385,516 2.62% 


04/01/2011 


Fannie Mae 5.500 01/09/2034 283,259 1.93% 


04/01/2028 



S$° % + 



Federal Home Loan Bank 5.500 Tba 532,800 2.52% 

Fannie Mae 5.500 31/12/9999 466,048 2.20% 


04/01/2028 


04/01/2011 

Freddie Mac 5.50 01/06/2035 300,966 1.42% 

United Kingdom 4.750 07/06/2010 179,782 0.85% 

Italian Republic 5.000 01/02/2012 168,187 0.79% 

Japan 0.70 20/09/2009 156,301 0.74% 

GREATLINK LIFESTYLE BALANCED PORTFOLIO 



S$° % + 


Fannie Mae 5.500 01/04/2034 3,100,983 2.79% 

Fannie Mae 5.500 01/02/2035 2,829,692 2.55% 

United States Of America 4.25 15/11/2014 2,667,217 2.40% 

French Republic 5.000 25/04/2012 2,545,905 2.29% 

Fannie Mae 5.500 01/04/2035 1,996,054 1.80% 

Federal Republic Of Germany 5.250 1,866,826 1.68% 

04/01/2011 


United Overseas Bank Ltd 1,495,696 1.35% 

Fannie Mae 5.500 01/09/2034 1,466,610 1.32% 



S$° % + 



Federal Home Loan Bank 5.500 3,070,108 1.74% 

Fannie Mae 5.500 31/12/9999 2,685,468 1.53% 


04/01/2028 


04/01/2011 

DBS Bank Ltd/Singapore 2,006,887 1.14% 

Singtel 1,992,408 1.13% 


Freddie Mac 5.50 01/06/2035 1,734,230 0.99% 

86 

S$°: Market Value 

% + : Percentage of Net Asset Value


GREATLINK LIFESTYLE PROGRESSIVE PORTFOLIO 



S$° % + 

United Overseas Bank Ltd 273,221 1.97% 

DBS Group Holdings Ltd 266,735 1.92% 

Singtel 245,590 1.77% 

Fannie Mae 5.500 01/04/2034 205,958 1.48% 

Fannie Mae 5.500 01/02/2035 187,939 1.35% 

United States Of America 4.25 15/11/2014 177,148 1.28% 


Samsung Electronics Co Ltd 147,795 1.07% 

Fannie Mae 5.500 01/04/2035 132,572 0.96% 

Singapore Press Holdings Ltd 127,265 0.92% 



S$° % + 

DBS Bank Ltd/Singapore 337,059 1.66% 

Singtel 334,627 1.65% 




Federal Home Loan Bank 5.500 169,266 0.84% 

Singapore Airlines Ltd 148,419 0.73% 

Fannie Mae 5.500 31/12/9999 148,059 0.73% 

Astrazeneca Plc 138,905 0.69% 


GREATLINK LIFESTYLE DYNAMIC PORTFOLIO 



S$° % + 


DBS Group Holdings Ltd 165,509 1.93% 

Singtel 152,389 1.78% 

Citigroup Inc 89,597 1.04% 


Bank Of America Corp 79,308 0.92% 


Altria Group Inc 77,298 0.90% 

Applied Materials Inc 76,138 0.89% 

Keppel Corp Ltd 71,360 0.83% 



S$° % + 

DBS Bank Ltd/Singapore 209,455 1.65% 

Singtel 207,944 1.64% 




Altria Group Inc 109,538 0.86% 

Citigroup Inc 108,397 0.85% 

E.On AG 108,271 0.85% 


Total SA 94,477 0.74% 




S$° % + 


DBS Group Holdings Ltd 6,349,200 12.06% 

Singtel 5,845,891 11.10% 

Singapore Press Holdings Ltd 3,029,350 5.75% 

Keppel Corp Ltd 2,737,500 5.20% 

Singapore Airlines Ltd 2,228,800 4.23% 

City Developments Ltd 1,912,500 3.63% 

St Engineering 1,507,660 2.86% 

Venture Corp Ltd 1,280,000 2.43% 

Capitaland Ltd 1,180,480 2.24% 



S$° % + 


Singtel 6,127,572 9.97% 








Cosco Corp Singapore Ltd 1,587,600 2.58% 


% + : Percentage of Net Asset Value 

87





S$° % + 

Fannie Mae 5.500 01/04/2034 9,235,893 7.63% 

Fannie Mae 5.500 01/02/2035 8,427,886 6.97% 



Fannie Mae 5.500 01/04/2035 5,944,999 4.91% 


04/01/2011 


Fannie Mae 5.500 01/09/2034 4,368,116 3.61% 


04/01/2028 




S$° % + 


Federal Home Loan Bank 5.500 6,056,496 5.09% 

Fannie Mae 5.500 31/12/9999 5,297,705 4.45% 


04/01/2028 


04/01/2011 

Freddie Mac 5.50 01/06/2035 3,421,169 2.88% 

United Kingdom 4.750 07/06/2010 2,043,640 1.72% 

Italian Republic 5.000 01/02/2012 1,911,834 1.61% 

Japan 0.70 20/09/2009 1,776,723 1.49% 

Fannie Mae 5.500 01/09/2032 1,699,447 1.43% 




S$° % + 

Citigroup Inc 1,669,283 3.03% 

Bank Of America Corp 1,477,588 2.68% 

Altria Group Inc 1,440,130 2.61% 

Sanofi-Synthelabo SA 1,300,436 2.36% 

Occidental Petroleum Corp 1,272,079 2.31% 

United Technologies Corp 1,161,014 2.11% 

Vivendi Universal SA 1,142,314 2.07% 

E.On AG 1,131,046 2.05% 

Conocophillips 1,115,533 2.03% 

Dr Horton Inc 1,087,249 1.97% 



S$° % + 

Astrazeneca Plc 1,979,825 2.76% 

Altria Group Inc 1,834,650 2.56% 

Citigroup Inc 1,815,545 2.54% 

E.On AG 1,813,424 2.53% 

Total SA 1,582,390 2.21% 

Ingersoll-Rand Co 1,481,520 2.07% 

Canadian National Railway Co 1,462,924 2.04% 

Sanofi-Synthelabo SA 1,444,012 2.02% 

Canon Inc 1,396,866 1.95% 

Westpac Banking Corp 1,354,652 1.89% 

GREATLINK GLOBAL VALUE EQUITY FUND 



S$° % + 

Applied Materials Inc 1,515,178 2.66% 

Vodafone Group Plc 1,240,948 2.18% 


Telefonica SA 973,090 1.71% 

Fannie Mae 926,260 1.63% 

Ufj Holdings Inc 880,119 1.55% 

Allergan Inc 862,953 1.52% 

Orix Corp 810,805 1.43% 

Sprint Corp-Fon Group 808,586 1.42% 

Schlumberger Ltd 781,615 1.37% 



S$° % + 


Schlumberger Ltd 967,828 1.89% 

Washington Mutual Inc 850,509 1.66% 

Orix Corp 815,800 1.59% 

General Electric Co 781,810 1.52% 

Sandisk Corp 733,608 1.43% 

Sanofi-Synthelabo SA 726,634 1.42% 

Applied Materials Inc 702,813 1.37% 

Vodafone Group Plc 683,930 1.33% 

Fannie Mae 669,346 1.30% 

88 




GREATLINK FAR EAST EX JAPAN EQUITIES FUND 



S$° % + 

Samsung Electronics Co Ltd 4,504,347 6.25% 

China Mobile Hong Kong Ltd 2,532,447 3.51% 



Hutchison Whampoa Ltd 1,509,622 2.09% 

Sm Investments Corp 1,259,664 1.75% 


Acer Inc Common Stock 1,196,661 1.66% 

Cnooc Ltd Common Stock 1,193,046 1.66% 

Huaneng Power International 1,083,842 1.50% 



S$° % + 


Cosco Pacific Ltd 1,876,987 3.10% 

China Shenhua Energy Co Ltd 1,764,643 2.92% 

Cathay Financial Holding Co Ltd 1,556,081 2.57% 

Samsung Techwin Co Ltd 1,519,741 2.51% 

Hana Financial Group Inc 1,501,689 2.48% 

Hysan Development Co Ltd 1,493,678 2.47% 

Woori Finance Holdings Co Ltd 1,487,654 2.46% 


Hanwha Corp 1,324,304 2.19% 




S$° % + 

Sembcorp Industries Ltd 4.450 31/10/2005 7,047,717 7.10% 

Centrepoint Properties Floating 13/09/2011 6,748,650 6.80% 

John Hancock Global Funding Ii 4.400 4,275,500 4.31% 

18/10/2005 

St Treasury Services 1.736 07/10/2014 3,992,400 4.02% 

Goldman Sachs Group Inc 4.400 3,019,500 3.04% 

25/10/2005 

Parkway Holdings Ltd Floating 01/10/2009 3,000,000 3.02% 

Millenia Tower Investment Ltd 1.75 3,000,000 3.02% 

03/01/2010 

Capitaland Ltd Floating 10/11/2009 2,250,000 2.27% 

Capitaland Ltd Floating 29/10/2009 1,999,800 2.01% 

Centrepoint Properties 1.573 13/09/2011 1,999,800 2.01% 



S$° % + 

Countrywide Finl Corp 3.75 17/03/2007 4,498,650 5.20% 

Lehman Brothers 5.180 11/12/2006 3,267,875 3.77% 

Parkway Holdings Ltd 2.197 01/10/2007 2,999,700 3.47% 

Abu Dhabi Commercial Bnk Floating 2,999,370 3.46% 

08/12/2006 

Countrywide Finl Corp 3.75 17/03/2007 2,998,500 3.46% 

International Factors Ltd 1.800 27/08/2009 2,997,000 3.46% 

Bmw Coordination Ctr Vof 3.3 17/01/2007 2,991,900 3.46% 

Ge Cap Australia Funding 3.415 12/06/2007 2,742,025 3.17% 

Export-Import Bank Korea 2,498,220 2.89% 

Parkway Holdings Ltd 2.197 01/10/2009 2,249,775 2.60% 




S$° % + 

Singtel 8,562,679 6.06% 





Jurong Technologies Industrial 4,523,200 3.20% 

PTT Pcl 4,473,262 3.17% 

Venture Corp Ltd 4,384,000 3.10% 

Malayan Banking Bhd 4,225,195 2.99% 

Sembcorp Marine Ltd 3,902,920 2.76% 



S$° % + 


Telekomunikasi Indonesia Tbk P 6,848,443 5.27% 




PTT Pcl 3,723,205 2.87% 

Berlian Laju Tanker Tbk Pt 3,396,813 2.61% 

Gallant Venture Ltd 3,180,000 2.45% 

Perusahaan Gas Negara Pt 3,015,249 2.32% 

Starhub Ltd 2,957,160 2.28% 



89





S$° % + 

Samsung Electronics Co Ltd 22,566,091.00 6.56% 

Bhp Billiton Ltd 11,794,810.00 3.43% 

Westpac Banking Corp 11,554,898.00 3.36% 

Qbe Insurance Group Ltd 9,527,682.00 2.77% 

Woolworths Ltd 8,238,972.00 2.40% 

National Australia Bank Ltd 8,110,254.00 2.36% 

Rio Tinto Ltd 7,714,133.00 2.24% 

Macquarie Bank Ltd 7,569,521.00 2.20% 

Tsmc 7,524,895.00 2.19% 

Esprit Holdings Ltd 7,014,543.00 2.04% 



S$° % + 

Samsung Electronics Co Ltd 18,895,957.59 5.66% 

BHP Billiton Ltd 11,927,056.37 3.57% 

Hana Financial Group Inc 11,359,235.80 3.40% 

Commonwealth Bank Of Australia 10,054,207.16 3.01% 

National Australia Bank Ltd 9,752,819.69 2.92% 

Kookmin Bank 9,725,787.58 2.91% 

DBS Bank Ltd/Singapore 8,452,700.00 2.53% 

China Overseas Land & Investment 8,321,199.29 2.49% 

Babcock & Brown Japan Property Reit 7,986,761.83 2.39% 

Macquarie Bank Ltd 7,984,921.72 2.39% 

GREATLINK GLOBAL OPTIMUM FUND 



S$° % + 

Commonwealth Of Australia 8.75 8,840,962 5.50% 

15/08/2008 



04/01/2015 

Commonwealth Of Australia 6.000 4,550,294 2.83% 

15/02/2017 

Japan 1.400 22/06/2009 4,486,072 2.79% 


Federal Republic Of Germany 4 04/01/2037 3,630,289 2.26% 

Japan 1.400 20/09/2011 3,185,257 1.98% 


Kingdom Of The Netherlands 4.250 2,776,095 1.73% 

15/07/2013 



S$° % + 


04/01/2015 

Canadian Government 4.250 01/09/2008 4,881,374 5.10% 

Japan 1.400 22/06/2009 4,234,738 4.43% 


Federal Republic Of Germany 4 3,067,390 3.21% 

04/01/2037 

Japan 1.400 20/09/2011 2,893,039 3.03% 


United Kingdom 4.750 07/06/2010 2,572,067 2.69% 

Kingdom Of The Netherlands 4.250 2,561,632 2.68% 

15/07/2013 

Nestle SA 1,600,115 1.67% 




S$° % + 

Kingdom Of Spain 6.000 31/01/2008 14,428,945 2.47% 


04/01/2011 

Japan 0.600 20/12/2008 11,732,193 2.01% 

Japan 0.500 20/12/2006 11,502,448 1.97% 

Kingdom Of Spain 5.150 30/07/2009 10,619,727 1.82% 

Japan 1.700 20/09/2010 8,516,974 1.46% 


Japan 0.700 20/03/2013 8,219,857 1.41% 

Japan 1.900 20/03/2009 8,084,756 1.38% 


18/08/2006 



S$° % + 

Italian Republic 0.95 15/09/2010 22,485,256 4.34% 


Japan 0.50 10/06/2015 11,434,385 2.21% 


11/04/2008 

Japan 1.700 20/09/2010 7,389,468 1.43% 


Japan 1.900 20/03/2009 7,088,771 1.37% 

Japan 0.600 20/12/2008 6,998,441 1.35% 

Japan 1.100 21/03/2011 6,834,934 1.32% 


90 







S$° % + 

Norsk Hydro Asa 5,571,501 5.05% 


Johnson & Johnson 3,838,606 3.48% 

Loews Corp 3,269,143 2.97% 

Moody'S Corp 3,125,473 2.83% 

Royal Dutch Petroleum Co 2,622,060 2.38% 

Sunoco Inc 2,589,465 2.35% 

Orkla Asa 2,587,439 2.35% 

Fortis 2,113,803 1.92% 

Amgen Inc 2,060,685 1.87% 



S$° % + 

Norsk Hydro Asa 4,765,038 4.65% 


Loews Corp 3,038,353 2.96% 

Hewlett-Packard Co 2,354,538 2.30% 

Choice Hotels International 2,319,053 2.26% 

Mbia Inc 2,096,168 2.05% 

Procter & Gamble Co 2,059,309 2.01% 

Voestalpine AG 1,709,317 1.67% 

Schlumberger Ltd 1,688,551 1.65% 

Orkla Asa 1,539,630 1.50% 




S$° % + 

Microsoft Corp 11,666,559 7.33% 

IBM 11,168,630 7.01% 

Cisco Systems Inc 8,864,818 5.57% 

Intel Corp 7,144,554 4.49% 

Qualcomm Inc 5,814,456 3.65% 

Nokia Oyj 5,432,333 3.41% 

Oracle Corp 4,124,172 2.59% 

Nitto Denko Corp 3,466,997 2.18% 

Ericsson 3,361,402 2.11% 




S$° % + 

Microsoft Corp 6,178,096 5.65% 

Cisco Systems Inc 5,999,067 5.48% 

Intel Corp 5,800,662 5.30% 

IBM 4,251,359 3.89% 


Nokia Oyj 3,831,235 3.50% 

Google Inc 3,658,319 3.34% 

Oracle Corp 3,081,015 2.82% 

Texas Instruments Inc 2,897,907 2.65% 

Yahoo! Inc 2,837,761 2.59% 




S$° % + 

Simon Property Group Inc Reit 151,667 3.12% 

Cheung Kong Holdings Ltd 115,098 2.37% 

General Growth Properties Inc Reit 110,930 2.28% 

Vornado Realty Trust Reit 101,744 2.09% 

Westfield Group Reit 90,102 1.85% 

Sun Hung Kai Properties Ltd 83,298 1.71% 

Equity Office Properties Trust 78,190 1.61% 

Land Securities Group Plc 73,569 1.51% 

Japan Real Estate Investment Reit 71,719 1.47% 

British Land Co Plc 71,533 1.47% 



S$° % + 

Host Marriott Corp Reit 2,171,856 3.07% 

Simon Property Group Inc Reit 2,084,062 2.95% 

Westfield Group Reit 1,975,070 2.79% 

Boston Properties Inc Reit 1,972,742 2.79% 

Mitsubishi Estate Co Ltd 1,882,408 2.66% 

Land Securities Group Plc 1,853,451 2.62% 

Prologis Reit 1,772,007 2.51% 

Mitsui Fudosan Co Ltd 1,753,138 2.48% 

British Land Co Plc 1,570,044 2.22% 

Vornado Realty Trust Reit 1,558,014 2.20% 



91


FEEDER FUNDS 

GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO 



US$° % + 

Halliburton 108,976,285 3.30% 

Citigroup 96,690,360 2.90% 

General Electric 86,934,670 2.60% 

Schlumberger 76,117,056 2.30% 

American International Group 68,691,086 2.10% 

Petrobras Brasileiro Adr 61,928,277 1.90% 

Noble Energy 61,110,384 1.90% 

Nabors Industries 55,002,883 1.70% 

Wellpoint 52,881,381 1.60% 

Charles Schwab 47,903,991 1.50% 



US$° % + 

Halliburton 140,410,028 2.90% 

Citigroup 137,668,316 2.90% 

American International Group 113,956,134 2.40% 

Noble Energy 100,171,559 2.10% 

Ubs 97,515,054 2.00% 

Credit Suisse Group 96,173,131 2.00% 

Nomura Holdings 93,061,729 2.00% 

Jp Morgan Chase 84,693,109 1.80% 

Procter & Gamble 82,187,007 1.70% 

Nabors Industries 71,325,953 1.50% 

GREATLINK STABLE BOND FUND 



S$° % + 

Winmall Ltd Frn 27/04/2011 11,968,140 8.81% 

Ntuc Fairprice Co-Op Ser001 (Br) 9,610,324 7.07% 

4.68% 21/12/2005 

Upperton Holdings Ltd 4.94% 9,421,551 6.93% 

17/05/2007 

Oversea-Chinese Banking (Reg) 5% 8,725,060 6.42% 

6/9/2011 

Development Bank Of Singapore 8,088,500 5.95% 

(Reg S) 7.875% 10/08/2009 

Standard Chartered Bank Frcd Var 6,997,214 5.15% 

16/07/2007 

City Developments Ltd 3.18% 3/12/2009 4,509,050 3.32% 

Exp-Import Bk Korea Emtn Frn 2/12/2006 4,184,386 3.08% 

Lehman Brothers Holdings Plc Emtn 4,165,452 3.07% 

5.18% 11/12/2006 

Keppel Corp Ltd 4.5% 19/12/2005 3,533,803 2.60% 



S$° % + 

Winmall Ltd Frn 27/04/2011 12,004,083 9.88% 

Standard Chartered Bank Frcd Var 11,001,926 9.07% 

16/07/2007 

Housing & Development Board Mtn 8,303,008 6.79% 

(Br) 3.215% 18/09/2006 

Oversea-Chinese Banking (Reg) 5% 7,753,795 5.98% 

06/09/2011 

Export-Import Bank Of Korea 6,993,237 5.76% 

Emtn 3.25% 13/12/2006 

Citibank Singapore Fxcd (Br) 5,949,682 4.87% 

2.06% 14/05/2007 

Smrt Corporation Ltd (Br) 3.41% 4,995,291 4.12% 

21/12/2006 

City Developments Ltd Mtn 3.18% 4,507,582 3.54% 

03/12/2009 

Lehman Brothers Holdings Plc Emtn 4,265,082 3.32% 

5.18% 11/12/2006 

Sp Powerassets Ltd Emtn (Br) Frn 3,996,040 3.30% 

27/04/2012 

92 




GREATLINK EUROPEAN EQUITY FUND 



S$° % + 

Vodafone Group Plc 54,258,448 4.88% 

Royal Dutch Petroleum 44,321,670 3.99% 

Sanofi-Aventis 29,475,622 2.65% 

Novartis Ag 25,841,414 2.33% 


Royal Bank Of Scotland Group 23,615,152 2.13% 

Koninklijke Kpn Nv 22,496,488 2.02% 

Bnp Paribas 21,534,843 1.94% 

Dnb Nor Asa 18,144,685 1.63% 

Bouygues 15,909,768 1.43% 



S$° % + 

Vodafone Group Plc (Gbp) 42,651,268 4.69% 

Royal Dutch Shell Plc CL A (Eur) 34,983,998 3.85% 

Royal Bank OF Scotland Group 25,913,515 2.85% 

Sanofi-Aventis 23,720,367 2.61% 

Banco Santander Central Hispano 21,851,389 2.40% 

Swiss RE Namen (Schweiz Ruckvers) 20,045,093 2.20% 

Ing Groep NV Cva 20,006,818 2.20% 

Bnp Paribas 18,993,327 2.09% 


Nokia Corp 17,033,533 1.87% 

GREATLINK PAN ASIA FUND 



S$° % + 

Toyota Motor 2,623,237 4.01% 

Takeda Pharmaceutical 1,833,851 2.80% 

Samsung Electronics 1,812,132 2.77% 

Ricoh 1,715,020 2.62% 

Taiwan Semiconductor Manufacturing 1,648,996 2.52% 

Nippon Telegraph & Telephone 1,547,621 2.36% 

Astellas Pharma 1,367,555 2.09% 

East Japan Railway 1,319,094 2.02% 

Pt Telekomunikasi Indonesia 1,222,678 1.87% 

Bridgestone Corp 1,170,194 1.79% 



S$° % + 

Toyota Motor Corp 4,423,018 4.77% 

East Japan Railway Co 2,671,313 2.88% 

Takeda Pharmaceutical Company Limited 2,415,835 2.61% 

Sumitomo Mitsui Financial Group Inc 2,389,302 2.58% 


Nippon Telegraph And Telephone Corp 2,254,541 2.43% 

Mitsubishi Ufj Financial Group Inc 2,180,437 2.35% 

Ricoh Co Ltd 2,154,085 2.32% 

Astellas Pharma Inc 1,863,105 2.01% 

Nomura Holdings Inc 1,721,078 1.86% 



93

CAPITAL ACCOUNT for the period 01 January 2006 to 30 June 2006 

GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink 

ASEAN Enhancer European Pan Asia Global Global Global Global 

Growth Fund Equity Fund Technology Growth Trends Equity Optimum 

Fund Fund Fund Portfolio Fund Fund 

Value of Fund as at 

1 January 2006 130,380,841 343,398,096 38,609,113 55,713,555 143,920,751 20,575,673 110,778,502 100,149,159 

Amount paid to the Fund 

for creation of units 4,894,492 10,001,463 19,164,967 26,038,924 1,942,743 2,661,336 547,016 1,193,249 

Amount paid by the Fund 

for liquidation of units (17,713,940) (44,919,522) (23,107,711) (11,376,416) (28,047,244) (1,616,273) (10,771,143) (2,933,380) 

Net cash into Fund 117,561,393 308,480,037 34,666,369 70,376,063 117,816,250 21,620,736 100,554,375 98,409,028 

Investment Income 

Interest 55,103 86,931 – – 20,583 – 3,834 941,744 

Dividends 2,389,871 4,206,307 – – 343,406 – 1,406,880 535,675 

Other Income – – – – – – – – 

2,444,974 4,293,238 – – 363,989 – 1,410,714 1,477,419 

Fund Expenses 

Management Fees (674,762) (1,722,053) – – (1,100,343) (231,870) (934,636) (601,206) 

Custody Fees (9,903) (6,328) – – (7,665) – (6,499) (5,849) 

Audit Fees – – – – – – – – 

Other Expenses – – (2,177) – – (3,350) – – 

(684,665) (1,728,381) (2,177) – (1,108,008) (235,220) (941,135) (607,055) 

Tax Deducted at Source (214,776) (340,942) – – (75,236) – (255,561) (125,549) 

Net Income/(Loss) 1,545,533 2,223,915 (2,177) – (819,255) (235,220) 214,018 744,815 

Net Gains/(Losses) on Investments 

Realised Gains/(losses) from 

sale of investments 10,511,326 25,159,296 – – 4,865,083 – 4,878,141 1,025,197 

Unrealised appreciation/ 

(depreciation) in value of 

investments during the period 387,157 (2,203,847) 1,391,302 (644,824) (12,288,212) (214,267) (3,125,208) (3,022,662) 

Realised Gains/(Losses) on 

Foreign Exchange (51,359) 233,111 – – (30,715) – (4,239) (2,648,745) 

Unrealised Gains/(Losses) on 

Foreign Exchange (2,272) (36,954) – – (165,546) – (43,282) 373,235 

Realised Gains/(Losses) on Derivatives (5,908) – – – 23,184 – (42,919) 810,582 

Unrealised Gains/(Losses) from 

Derivatives – (3,423) – – (291) – 57,540 (62,725) 

10,838,944 23,148,183 1,391,302 (644,824) (7,596,497) (214,267) 1,720,033 (3,525,118) 

94 

Value of Fund as at 30 June 2006 129,945,870 333,852,135 36,055,494 69,731,239 109,400,498 21,171,249 102,488,426 95,628,725

CAPITAL ACCOUNT for the period 01 January 2006 to 30 June 2006 

GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink 

Global Cash Global Global Singapore Far East Global Stable Global Choice Choice 

Supreme Fund Intersection Value Equity Equities ex Japan Bond Bond Real Estate Fund Fund 

Fund Fund Fund Fund Equities Fund Fund Fund Securities Fund (Sep 2010) (Oct 2010) 

561,700,003 81,520,489 62,594,749 65,144,404 45,067,536 65,895,403 102,095,710 21,647,663 46,712,439 100,939,792 90,008,617 

955,642 42,103,555 11,412,032 11,993,816 19,570,501 15,407,340 39,136,784 4,543,854 24,041,405 – – 

(33,804,430) (38,046,900) (1,557,677) (24,861,239) (6,533,655) (22,284,108) (21,118,258) (3,014,284) (2,712,768) – – 

528,851,215 85,577,144 72,449,104 52,276,981 58,104,382 59,018,635 120,114,236 23,177,233 68,041,076 100,939,792 90,008,617 

4,319,720 1,228,832 15,298 24,947 29,570 10,459 2,569,221 – 48,365 56 – 

3,229,337 – 947,002 582,947 1,115,170 584,633 – – 1,055,311 – – 

– – – 461 – – – – – – – 

7,549,057 1,228,832 962,300 608,355 1,144,740 595,092 2,569,221 – 1,103,676 56 – 

(2,703,922) (127,734) (519,784) (394,275) (272,816) (351,449) (457,950) – (552,298) – – 

(32,374) (5,048) (1,689) (3,202) (3,277) (3,385) (6,529) – (3,745) – – 

– – – – – – – – – – – 

– – – – – (79) – – – – – 

(2,736,296) (132,782) (521,473) (397,477) (276,093) (354,913) (464,479) – (556,043) – – 

(845,944) – (183,632) (107,414) (140,837) (63,707) (21,892) – (224,905) – – 

3,966,817 1,096,050 257,195 103,464 727,810 176,472 2,082,850 – 322,728 56 – 

12,571,838 (37,985) 1,165,870 5,123,128 1,734,279 3,357,906 (635,989) – 622,111 – – 

(25,989,891) (16,388) (2,055,737) (5,767,265) 1,137,020 (1,837,391) (2,970,247) 172,436 1,892,141 3,751,143 3,356,100 

(7,426,382) – (23,182) (214,502) (249,928) (199,141) (1,113,248) – (175,413) – – 

7,271,692 (48,263) (193,153) (149,525) (5,307) (45,060) (473,358) – (26,683) – – 

(1,570,557) – 12,267 (60,897) – 19,125 125,946 – (8,287) – – 

418,705 – 979 25,997 – – 1,814,499 – 11,195 – – 

(14,724,595) (102,636) (1,092,956) (1,043,064) 2,616,064 1,295,439 (3,252,397) 172,436 2,315,064 3,751,143 3,356,100 

518,093,437 86,570,558 71,613,343 51,337,381 61,448,256 60,490,546 118,944,689 23,349,669 70,678,868 104,690,991 93,364,717 

95

STATEMENT OF ASSETS AND LIABILITIES as at 30 June 2006 

GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink 

ASEAN Enhancer European Pan Asia Global Global Global Global 

Growth Fund Equity Fund Technology Growth Trends Equity Optimum 

Fund Fund Fund Portfolio Fund Fund 

$ $ $ $ $ $ $ $ 

Investment Portfolio 

Equities 121,639,527 306,650,052 – – 102,778,095 – 99,011,130 40,812,604 

Fixed Income Securities – – – – – – – 65,407,270 

Unit Trusts – 9,996,522 36,055,494 69,352,275 – 21,211,021 – – 

REITS 4,219,844 – – – – – 867,670 – 

Derivatives – (3,423) – – (291) – 65,945 (235,948) 

Value of Investments 125,859,371 316,643,151 36,055,494 69,352,275 102,777,804 21,211,021 99,944,745 105,983,926 

CURRENT ASSETS 

Fixed deposits 3,300,000 15,005,394 – – – – 279,262 15,818,561 

Cash and bank balances 410,840 400,764 – 378,964 9,472,938 – 2,621,036 1,916,719 

Total interest bearing deposits 3,710,840 15,406,158 – 378,964 9,472,938 – 2,900,298 17,735,280 

and bank balances 

Accrued interest 294 2,253 – – – – – 1,139,560 

Dividend receivable 87,503 1,096,716 – – 23,432 – 159,346 38,176 

Due from brokers/unit holders for 430,806 2,258,447 – – 744,544 – – 16,460,430 

investment sales 

Total Assets 130,088,814 335,406,725 36,055,494 69,731,239 113,018,718 21,211,021 103,004,389 141,357,372 

CURRENT LIABILITIES 

Due to brokers/unit holders for – 1,209,177 – – 2,514,375 – 57,627 45,414,565 

investment purchases 

Other liabilities – accrued 142,944 345,413 – – 1,103,845 39,772 458,336 314,082 

management and custody fees 

Value of fund as at 30 June 2006 129,945,870 333,852,135 36,055,494 69,731,239 109,400,498 21,171,249 102,488,426 95,628,725 

Units in issue 87,271,286 199,905,740 39,593,854 65,779,516 285,151,101 16,477,393 142,064,370 87,649,437 

$ $ $ $ $ $ $ $ 

Net Asset Value per Unit 1.489 1.670 0.911 1.060 0.384 1.285 0.721 1.091 

96

STATEMENT OF ASSETS AND LIABILITIES as at 30 June 2006 

GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink 

Global Cash Global Global Singapore Far East Global Stable Global Choice Choice 

Supreme Fund Intersection Value Equity Equities ex Japan Bond Bond Real Estate Fund Fund 

Fund Fund Fund Fund Equities Fund Fund Fund Securities Fund (Sep 2010) (Oct 2010) 

$ $ $ $ $ $ $ $ $ $ $ 

265,387,237 – 67,861,459 48,864,574 52,112,587 55,594,662 – – 25,383,269 – – 

233,348,721 55,464,439 – – – – 92,745,622 – – 104,690,991 93,360,600 

– – – – – – – 23,318,068 – – – 

443,227 – – 58,569 4,767,916 983,256 – – 43,435,051 – – 

17,825 – (46) (107) – – 1,218,154 – 10,685 – – 

499,197,010 55,464,439 67,861,413 48,923,036 56,880,503 56,577,918 93,963,776 23,318,068 68,829,005 104,690,991 93,360,600 

1,471,870 31,711,587 – – 3,101,334 3,505,517 31,882,383 – 1,483,401 – – 

16,609,550 198,305 3,754,408 2,543,479 1,682,467 1,954,953 6,272,075 31,601 1,424,341 – 4,117 

18,081,420 31,909,892 3,754,408 2,543,479 4,783,801 5,460,470 38,154,458 31,601 2,907,742 – 4,117 

2,850,976 411,358 – – 844 954 851,226 – – – – 

586,529 – 152,853 100,448 – 38,269 – – 189,123 – – 

16,980,842 – 130,383 329,556 69,336 154,882 9,484,503 – 519,371 – – 

537,696,777 87,785,689 71,899,057 51,896,519 61,734,484 62,232,493 142,453,963 23,349,669 72,445,241 104,690,991 93,364,717 

18,143,706 1,172,786 – 277,462 – 1,554,150 23,264,635 – 1,212,356 – – 

1,459,634 42,345 285,714 281,676 286,228 187,797 244,639 – 554,017 – – 

518,093,437 86,570,558 71,613,343 51,337,381 61,448,256 60,490,546 118,944,689 23,349,669 70,678,868 104,690,991 93,364,717 

444,292,667 75,994,938 66,934,403 48,194,636 47,341,758 42,144,308 106,865,946 22,749,291 65,218,614 113,671,000 101,700,000 

$ $ $ $ $ $ $ $ $ $ $ 

1.166 1.139 1.070 1.065 1.298 1.435 1.113 1.026 1.084 0.921 0.918 

97

NOTES TO THE ACCOUNT 

1 General 

The GreatLink Funds comprise: 

Direct Funds 

GreatLink ASEAN Growth Fund 

GreatLink Enhancer Fund 

GreatLink Global Optimum Fund 

GreatLink Global Supreme Fund 

GreatLink Cash Fund 

GreatLink Global Bond Fund 

GreatLink Global Value Equity Fund 

GreatLink Global Intersection Fund 

GreatLink Far East ex Japan Equities Fund 

GreatLink Singapore Equities Fund 

GreatLink Global Technology Fund 

GreatLink Global Equity Fund 

Feeder Funds 

GreatLink European Equity Fund 

GreatLink Pan Asia Fund 

GreatLink Global Growth Trends Portfolio 

GreatLink Stable Bond Fund 

Fund of Funds (LifeStyle Portfolios) * 

GreatLink LifeStyle Secure Portfolio 

GreatLink LifeStyle Steady Portfolio 

GreatLink LifeStyle Balanced Portfolio 

GreatLink LifeStyle Progressive Portfolio 

GreatLink LifeStyle Dynamic Portfolio 

* The LifeStyle Portfolios invest in existing GreatLink Funds, namely GreatLink Global Bond Fund, GreatLink Global Value 

Equity Fund, GreatLink Global Intersection Fund, GreatLink Far East ex Japan Equities Fund, GreatLink Singapore 

Equities Fund and GreatLink Stable Bond Fund (see note 3). 

98


2 Significant accounting policies 

a. Basis of accounting 

The financial statements are expressed in Singapore dollars, and are prepared in accordance 

with the historical cost convention, except for investments and derivatives which are carried 

at fair value. 

b. Recognition of income and expenses 

Dividend income is recognised when the shareholders' right to receive payment is established. 

Interest income is accrued on a day-to-day basis. 

Expenses are recognised on an accrual basis. 

c. Investments 

All purchases of investments are recognised on their trade dates, i.e., the date the commitment 

exists to purchase the investments. The investments are initially recorded at cost, being the 

fair value of the consideration given and including acquisition charges associated with the 

investments. After initial recognition, the unrealised gains or losses on remeasurement to 

fair value are taken to the capital account. Fair value is determined by using open market 

valuation at the year-end date. the bid price has been adopted for all investments except 

for quoted equity investments. For equity investments traded on exchanges, fair value is 

derived from the last traded price on the respective exchange. 

d. Realised gains/losses from sale of investments 

All sales of investments are recognised on their trade dates i.e., the date the fund commits 

to sell the investments. 

Realised gains/losses from sale of investments are taken to the Capital Account. 

e. Foreign currency transactions 

Foreign currency transactions are translated into Singapore dollars at exchange rates 

prevailing at the transaction dates and foreign currency monetary assets and liabilities are 

translated at the approximate rates ruling at year end. Differences on exchange are included 

in the Capital Account. 

f. Derivative financial instruments 

All derivatives including embedded derivatives are carried at fair value. All fair value changes 

on derivatives are taken to the Capital Account. Fair value of derivatives is determined by 

using the average of two or three indicative bid prices obtained from intermediaries and 

brokers. 

99


3 LifeStyle Portfolios 

The value of the funds and units in issue are as follows: - 

Value of Fund as at Units Net Asset 

30 June 2006 in Issue Value per unit 

S$ S$ 

GreatLink LifeStyle Secure Portfolio 17,711,580 15,544,030 1.139 

GreatLink LifeStyle Steady Portfolio 21,177,677 18,360,915 1.153 

GreatLink LifeStyle Balanced Portfolio 175,963,524 149,048,863 1.181 

GreatLink LifeStyle Progressive Portfolio 20,268,801 16,790,566 1.207 

GreatLink LifeStyle Dynamic Portfolio 12,717,132 11,002,519 1.156 

4 Derivatives 

The GreatLink Funds enter into derivative contracts for the purposes of hedging foreign 

currency and interest risk exposures, and efficient portfolio management. The derivative 

contracts traded include foreign exchange forward contracts, interest rate swaps, futures 

and options. 

Notional 

Fair Value 

Amount Asset (Liability) 

S$ S$ S$ 

Forward foreign exchange contracts 

GreatLink Global Optimum Fund 257,208,758 – 199,254 

GreatLink Global Supreme Fund 10,108,683 – 2,426 

GreatLink Global Enhancer Fund 563,331 – 3,423 

GreatLink Global Bond Fund 71,544,015 862,917 – 

GreatLink Global Value Equities Fund 5,306 – 107 

GreatLink Global Intersection Fund 2,260 – 46 

GreatLink Global Technology Fund 14,444 – 291 

Interest rate swaps 

GreatLink Global Bond Fund 177,873,157 838,747 – 

5 Units in issue include units held by The Great Eastern Life Assurance 

Company Limited as follows: - 

GreatLink Global Optimum Fund 26,385,000 

GreatLink Global Intersection Fund 21,052,632 

100 

6 Management Fees 

Management fees are payable to The Great Eastern Life Assurance Company Limited and 

its related company, Lion Capital Management Limited.

GREATLINK FUND SUMMARY 

Fund Name 

Investment Objectives 

GREATLINK LIFESTYLE PORTFOLIOS 

Dynamic 

Progressive 

To achieve medium to long term capital appreciation 

for the investor. 



Risk Category 

Higher Risk / 

Broadly 

Diversified 

Higher Risk / 

Broadly 

Diversified 

Launch Date 

25-Mar-02 

25-Mar-02 

Current Fund 

Size (as at 30 

Jun 06) 

$12.72 mil 

$20.27 mil 

Mgmt 

Fee 

1.39% 

1.26% 

Investment Philosophy 

To invest substantially in Global, Far East ex Japan 

and Singapore equities, or in one or more mutual 

fund(s) and unit trust(s) reflecting an underlying 

investment in equities. 

To invest approximately 80% of its assets in Global, 

Far East ex Japan and Singapore equities, and 20% 

in global bonds. 


Composite of Underlying Funds’ Benchmarks 


Performance bid-bid basis (as at 30 Jun 06) 

6 1 3 5 10 Since 3 Since 

mths mths year years years years inception inception 

(Total return) (Annualised) 

-3.51% 0.96% 9.99% 45.59% – – 21.68% 4.71% 

–3.05% 0.92% 7.86% 39.22% – – 27.07% 5.77% 

Fund 

Manager 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Sub 

Manager 

– 

– 

Balanced 

Steady 





Medium to High 

Risk / Broadly 

Diversified 



Diversified 

25-Mar-02 

25-Mar-02 

$175.96 mil 

$21.18 mil 

1.15% 

1.04% 

To invest its assets in one or more mutual fund(s) 

and unit trust(s) reflecting an underlying investment 

in such equities and bonds in the same proportion 

of approximately 60:40. 

To invest approximately 40% of its assets in Global, 

Far East ex Japan and Singapore equities, and 60% 

in global and short-term bonds. 



–2.32% 0.17% 4.98% 28.93% – – 24.32% 5.24% 

–1.71% –0.52% 1.86% 18.87% – – 21.37% 4.64% 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

– 

– 

Secure 

GLOBAL BALANCED FUNDS 

GreatLink Global 

Supreme 


Optimum 



To maximise total returns in S$ terms over the longer 

term by investing in a balanced but diversified portfolio 

of equities and debt securities of the major stock & bond 

markets around the world. 

To provide long-term total return in excess of the 

custom benchmark while managing the overall risk 

of the portfolio. 

To achieve long-term capital growth through 

investment in global technology stocks. 

To achieve capital appreciation through the continuous 

management of a diversified portfolio of transferable 

securities consisting primarily of common stocks, 

researched and selected on a world-wide basis. 

To provide long-term total returns consistently in 

excess of the MSCI World Index while controlling 

the tracking risk relative to benchmark. 

To maximise long-term growth of capital by investing 

principally in a global portfolio of equity securities. 

The Portfolio currently consists of six subportfolios: 

Communications & Info Tech, HealthCare, Capital 

Goods / Infrastructure, Energy, & Natural Resources, 

Consumer Growth and Finance. 

To provide investors with medium to long term capital 

appreciation and to make regular income distributions 

by investing globally in (a) equities securities of 

companies that derive a substantial part of their revenue 

from the ownership, management and/or development 

of real estate and (b) Real Estate Investment Trusts 

(REITS) listed or traded in a regulated market. 



Diversified 



Diversified 



Diversified 

GLOBAL EQUITIES FUNDS 

GreatLink Global To seek long-term capital appreciation by investing Higher Risk / 

Equity 

primarily in a diversified portfolio of common stocks Broadly 

globally. 

Diversified 


Technology 


Value Equity 


Intersection 


Growth Trends 

Portfolio (Feeder 

Fund) 

GreatLink Global Real 

Estate Securities 

Fund 

Higher Risk / 

Narrowly 

Focused (Sector 

- Technology) 

Higher Risk / 

Broadly 

Diversified 

Higher Risk / 

Broadly 

Diversified 

Higher Risk / 

Broadly 

Diversified 

Higher Risk / 

Narrowly 

Focused (Sector 

- Others) 

25-Mar-02 

1-Jul-99 

23-May-01 

1-Aug-00 

15-Jan-01 

25-Mar-02 

25-Mar-02 

15-Aug-01 

8-Jun-05 

$17.71 mil 

$518.09 mil 

$95.63 mil 

$102.49 mil 

$109.40 mil 

$51.34 mil 

$71.61 mil 

$21.17 mil 

(US$4,779.64 

mil for 

underlying 

fund) 

$70.68 mil 

0.87% 

1.00% 

1.25% 

1.75% 

1.75% 

1.50% 

1.50% 

1.75% 

1.40% 

To invest substantially in equities and bonds, or in 

one or more mutual fund(s) and unit trust(s) 

reflecting an underlying investment in such equities 

and bonds, in the proportion of approximately 20:80. 

‘Top-down’ & ‘Bottom-up’ approach, Growth Style. 

‘Top-down’ & ‘Bottom-up’ approach. 

To deliver strong consistent investment results using 

disciplined investment processes that are supported 

by a unique combination of fundamental analysis 

and quantitative insights. 

Growth Style with reasonable price; ‘Top-down’ 

approach; fundamental analysis. 

Fundamental analysis. 

‘Bottom-up’ approach; fundamental and quantitative 

valuation. 

‘Bottom-Up’ approach. 



50% MSCI World Net & 50% Citigrp World 

Gov Bond Index (unhedged) 

40% MSCI World Gross & 60% Citigroup World 

Govt Bond Index (unhedged) 


MSCI AC World IT Gross Index 

MSCI World Index with Net Dividends 

Reinvested 

MSCI World Index (Gross Dividends 

Reinvested) 


S&P Citigroup BMI World Property Index, Net 

–0.96% –0.18% 0.26% 12.11% – – 19.89% 4.35% 

–2.43% –2.10% 1.39% 19.47% 14.88% – 22.74% 2.97% 

–1.53% –2.85% –3.11% 12.47% 17.19% – 16.56% 3.06% 

–3.35% 1.55% 10.92% 34.26% 5.10% – –24.11% –4.57% 

–11.50% –7.70% –0.80% 3.00% –48.80% – –59.60% –15.30% 

–4.83% –1.66% 10.02% 37.07% – – 12.58% 2.82% 

–2.46% –1.11% 5.94% 34.09% – – 11.34% 2.56% 

–6.14% –2.14% 11.18% 43.67% – – 35.05% 6.39% 

–3.56% 5.65% 13.87% – – – 14.11% 13..26% 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Schroder 

Investment 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Alliance 

Bernstein 

(Singapore) 

Ltd 

Lion Capital 

Mgmt 

– 

SSgA (Fixed 

Income)/ 

Capital Int'l 

Inc (Equity) 

Wellington 

Int'l Mgmt 

Goldman 

Sachs Asset 

Mgmt 

– 

Capital 

International, 

Inc 

Wellington 

Int'l Mgmt 

– 

Pramerica 

Investment 

Mgmt

GREATLINK FUND SUMMARY 

Fund Name 

Investment Objectives 

REGIONAL EQUITIES FUNDS 

GreatLink Enhancer 

GreatLink ASEAN 

Growth 

GreatLink Far East ex 


GreatLink European 

Equity (Feeder Fund) 

GreatLink Singapore 

Equities 

GreatLink Pan Asia 

(Feeder Fund) 

To achieve long-term capital appreciation by investing 

primarily in the equity markets of the Asia Pacific 

Region. 

To achieve long-term capital appreciation by investing 

in equities in the economies of the ASEAN region. 

To maximise capital growth through investing 

primarily in equities of companies based in China, 

Hong Kong, Indonesia, South Korea, Malaysia, 

Philippines, Singapore, Taiwan and Thailand, and 

also in other Asian Pacific regions. 


investment in stocks in the European markets. 

To maximise capital growth through investing 

primarily in Singapore equities. 


investment in securities quoted on Asian stock 

markets including but not limited to Singapore, 

Malaysia, Thailand, Indonesia, Philippines, Hong 

Kong, Japan, Taiwan, China, South Korea, Australia, 

New Zealand and the Indian sub continent. 

NON-EQUITY FUNDS 

GreatLink Cash To generate a return comparable to S$ time deposits. 


Bond 

GreatLink Stable 

Bond(Feeder Fund) 

OTHERS 

GreatLink Choice 

(Sep 2010) 

GreatLink Choice 

(Oct 2010) 

To achieve excess return relative to the index while 

minimising volatility of return relative to the index. 

To achieve an attractive return by investing in single 

A and above quality investment grade bonds of 

Singapore and major bond markets such as the G7 

countries and Australia and New Zealand. The G7 

countries are Canada, France, Germany, Italy, Japan, 

UK and US. 

Risk Category 

Higher Risk / 

Narrowly 

Focused 

(Regional - 

Asia) 

Higher Risk / 

Narrowly 

Focused 

(Regional - 

Asia) 

Higher Risk / 

Narrowly 

Focused 

(Regional - 

Asia) 

Higher Risk / 

Narrowly 

Focused 

(Regional - 

Europe) 

Higher Risk / 

Narrowly 

Focused 

(Country - 

Singapore) 

Higher Risk / 

Narrowly 

Focused 

(Regional - 

Asia) 

Lower Risk / 

Broadly 

Diversified 

Low to Medium 


Diversified 

Lower Risk / 

Broadly 

Diversified 

The Fund objective is to seek to provide policyholders – 

with (1) Annual payouts of 3.50% of the Initial Unit 

Price per Unit held by each policyholder as at each 

policy anniversary; and (2) 100% capital protection 

on maturity. 

The Fund objective is to seek to provide policyholders Low to Medium 

with (1) Annual payouts of 3.50% of the Initial Unit Risk/ Broadly 

Price per Unit held by each policyholder as at each Diversified 

policy anniversary; and (2) 100% capital protection 

on maturity. 

Launch Date 

26-Apr-96 

26-Apr-96 

25-Mar-02 

10-Jul-00 

25-Mar-02 

10-Jul-00 

26-Apr-96 

15-Jan-02 

25-Mar-02 

30-Sep-05 

31-Oct-05 

Current Fund 

Size (as at 30 

Jun 06) 

$333.85 mil 

$129.95 mil 

$60.49 mil 

$36.06 mil 

($905.33 mil 

for underlying 

fund) 

$61.45 mil 

$69.73 mil 

($92.70 mil for 

underlying 

fund) 

$86.57 mil 

$118.94 mil 

$23.35 mil 

($121.22 mil 

for underlying 

fund) 

$104.69 mil 

$93.36 mil 

Mgmt 

Fee 

1.00% 

1.00% 

1.25% 

1.85% 

1.00% 

1.18% 

0.30% 

0.85% 

0.50% 

8.46% 

of SP 

deducted 

upfront 

8.28% 

of SP 

deducted 

upfront 

Investment Philosophy 

Top-down analysis and bottom-up research, growth 

at a reasonable price. 



‘Top-down’, ‘Bottom-up’ approach. 

Growth Style with reasonable price; ‘Top-down’ 


‘Top-down’, ‘Bottom-up’ approach. 

Growth Style with reasonable price; 'Top-down' 





Fundamental & Technical analysis. 

Rigorous research process supplemented by effective 

risk control systems that incorporates both quantitative 

and qualitative screening. Emphasis is on initial 

name selection for reference portfolios. Portfolio is 

diversified across sectors. 

Rigorous research process supplemented by effective 

risk control systems that incorporates both quantitative 

and qualitative screening. Emphasis is on initial 

name selection for reference portfolios. Portfolio is 

diversified across sectors. 


Performance bid-bid basis (as at 30 Jun 06) 

6 1 3 5 10 Since 3 Since 

mths mths year years years years inception inception 

(Total return) (Annualised) 

MSCI All Country Asia Pacific ex Japan, Net –2.11% 7.33% 25.75% 91.51% 92.84% 79.96% 75.79% 5.70% 

Composite of MSCI Singapore/ Malaysia/ 

Philippines/Thailand and Indonesia, Net 

MSCI AC Far East Free ex Japan Index, Net 

MSCI Europe Index, Net 

MSCI Singapore Free Index, Net 

MSCI AC Asia Pacific Index 

1 Month SIBID 

Lehman Global Aggregate Bond Index, 50% 

hedged into SGD 

Ladder 6 Months SIBOR Less 12.5bp 

12-Month Singapore Dollar Fixed Deposit 

Rate 

12-Month Singapore Dollar Fixed Deposit 

Rate 

–4.06% 9.49% 13.75% 66.00% 101.76% 63.27% 56.74% 4.51% 

–2.97% 3.99% 13.53% 75.64% – – 51.05% 10.15% 

–3.29% 3.17% 12.19% 52.85% 22.28% – –4.11% –0.70% 

–3.42% 7.90% 14.66% 64.30% – – 36.63% 7.59% 

–5.10% –0.80% 21.30% 67.70% 41.90% – 12.40% 2.00% 

0.71% 1.15% 2.43% 4.02% 5.17% 19.52% 19.89% 1.80% 

0.02% –1.41% –2.99% 4.43% – – 19.11% 3.96% 

0.59% 0.69% 0.49% 2.29% – – 8.00% 1.82% 

– – – – – – – 

– – – – – – – 

Fund 

Manager 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Schroder 

Investment 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

Sub 

Manager 

– 

– 

– 

Capital 

International, 

Inc 

– 

– 

– 

PIMCO 

Deutsche 

Asset Mgmt

1 Pickering Street #13-01 Great Eastern Centre Singapore 048659 

www.lifeisgreat.com.sg

Funds GreatLink - Great Eastern Life

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