greatlink global real estate securities fund - Great Eastern

Fund Details version 12 (Errors & Omissions excepted)
With effect from 1 July 2011
GREATLINK GLOBAL REAL ESTATE SECURITIES FUND (FUND DETAILS)
The Fund objective is to seek 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.
FUND FACTS (as at 31 May 2011)
Currency Singapore Dollar
Valuation Frequency Daily
Fund Manager Lion Global Investors Limited*
Sub Manager Pramerica Investment Management
Country of Domicile Singapore
Inception Date 8 June 2005
Fund Management Fee (p.a.) 1.60% (2.00% max)
Custodian Fee (p.a.) 0.012%
Trustee Fee (p.a.) N.A.
Fund Structure Single Fund
Fund Size $98.882 million
CPFIS Included CPFIS-OA
Risk Category Higher Risk – Narrowly Focused
Morningstar Rating (Overall) N.A
* Previously known as Lion Capital Management Limited. The new name takes effect from 2 June 2008.
PAST PERFORMANCE (as at 31 May 2011)
Annualized Returns 1 year 3 years 5 years Since Inception
GreatLink Global Real
Estate Securities Fund
15.34 -3.77 -2.08 -0.23
Benchmark* 17.91 -4.85 -3.01 -0.29
* S & P Citigroup BMI World Property Index (Net)
Source: Morningstar
Performance (%) indicated above is on bid−bid basis, assuming dividends and distributions are reinvested, net of all
charges payable upon reinvestment and in SGD terms.
The performance of the Fund is not guaranteed and the value of investments and income from them may fall as well as
rise. Past performance is not necessarily indicative of future performances.
Fees and charges payable through deduction of premium or cancellation of units are excluded from performance
calculation.
INVESTMENT APPROACH
The fund’s asset allocation to the Asia and non-Asia region is generally in line with the benchmark. The non-Asia
region will be managed by the sub-manager, Pramerica. Lion Global Investors will have quarterly conference calls with
Pramerica, as well as informal conversations on a regular basis to discuss the outlook for the property industry outside
of Asia.
Lion Global Investors Limited
Lion Global Investors Ltd ("the Managers") is predominantly a value investor. Their investment process is geared
towards seeking out investments that are undervalued in order to provide investors with both medium to long term
capital appreciation as well as dividend yield. The Managers search for property companies or REITs, which provide
the best value for money and with a reasonable dividend yield.
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1 Pickering Street #13-01 Great Eastern Centre Singapore 048659

Fund Details version 12 (Errors & Omissions excepted)
With effect from 1 July 2011
All the securities will be selected on the basis of a combination of top-down and bottom-up analysis, with a stronger
emphasis on the latter. The understanding on the economic outlook of the countries and the sub-sector that the
companies operate in, through macro analysis, will be used as inputs in the stock analysis. The bottom-up stock
selection process focuses on selecting stocks with long term growth prospects, have good management who can create
value for the shareholders, and/or are undervalued as a result of market inefficiencies.
The Managers' country/macro analysis will consider factors such as macro fundamentals, liquidity, market dynamics
and market valuations in evaluating the country performance and outlook. Other non-quantifiable factors are also
considered, such as political and social factors. Combining the input from the country analysis with industry dynamics
within the country allows us to have an in-depth understanding of the sector, including that of the sub-sectors. The
Managers then constantly monitor the factors that drive them. Conversations with and reports published by Pramerica
and property consultants are also important source of information on the sector performance and outlook.
At Lion Global Investors, risk management is built into the portfolio construction process, taking into consideration
country and individual stock weightings relative to the benchmark. Portfolio risk is controlled through diversification at
the company and country level to minimize unintended bets and to maximize return/risk potential.
Pramerica Investment Management
Each quarter, the Global Investment Committee of the real estate arm of Pramerica Investment Management -
Pramerica Real Estate Investors (Pramerica) meets to set the allocation between regions and monitor the performance
and risk characteristics of the portfolio. The committee may also meet more frequently if market conditions warrant or
if deemed necessary by the judgment of the portfolio managers.
Pramerica's investment process begins with the Global Investment Committee. This committee is comprised of five of
Pramerica's top real estate investment professionals across the globe, including the C.E.O., head of Global Research
and head of Global Chief Risk and Investment Officer. The primary function of the committee is to review and set the
global investment allocation of the fund based on an analysis of macroeconomic conditions, capital markets, relative
valuation and private real estate fundamentals in each region. The committee also reviews and monitors performance of
the fund as well as all risk characteristics of the fund including country risk, property sector allocations, volatility
relative to the benchmark, and benchmark drift.
Once the global allocations are set, the portfolio managers employ a "bottom up" fundamental investment analysis. The
portfolio managers use a proprietary quantitative model to rank the investment universe for the best risk adjusted
investment opportunities. The model makes a relative assessment of each company's current valuation, financial
strength, growth prospects, liquidity, operating efficiency and market sentiment. The model serves as a tool to guide the
portfolio managers to opportunities and to spend more time performing fundamental investment analysis. With the
reduced universe, Pramerica focuses on how each company fits into the macroeconomic landscape and their overall
assessment of the real estate markets formed with the aid of their award winning global investment research team.
Pramerica then performs quantitative and qualitative fundamental investment analysis on the remaining names. Their
analysis includes an assessment of the management team, company strategy and position within industry, the
underlying real estate assets using their proprietary database of real estate transactions, company financial statements,
"street" estimates and company corporate governance. Critical to Pramerica's process of selecting securities is the input
of their real estate transaction professionals located throughout the world who buy and sell real estate every day and
provide them with "real time" data on real estate fundamentals, capital markets and management team evaluations.
Pramerica also further evaluates the net asset value of the company, discounted cash flows and relative valuation.
Pramerica selects the opportunities that provide the best risk adjusted return potential. On a daily basis, portfolio
managers meet to discuss investment opportunities, sales candidates and overall portfolio strategy and characteristics.
INVESTMENT SCOPE
The fund will not invest in any direct real estate assets, only indirect investments through publicly traded Real Estate
Investment Trusts (REITs) and publicly-traded Real Estate Operating Companies (REOCs). In aggregate the fund shall
be invested globally across three major continental regions, namely, the Americas, Europe and Asia including
Australasia. This would provide significant geographic diversification. Within each region, the fund shall be invested in
multiple countries and sub-sectors, namely, office, retail, industrial, lodging, etc.
The Great Eastern Life Assurance Company Limited (Reg. No. 1908 00011G) 2/6
1 Pickering Street #13-01 Great Eastern Centre Singapore 048659

Fund Details version 12 (Errors & Omissions excepted)
With effect from 1 July 2011
Publicly listed real estate operating companies and real estate investment trusts are permissible investments. There are
no specific country restrictions.
Additionally, cash management instruments for the purposes of managing surplus cash are also permissible
investments. Derivatives maybe used for efficient portfolio management and hedging purposes.
DIVIDEND POLICY
It is the current intention of the Manager to make annual distributions to Holders provided that there is distributable
income and/or capital gains for that period. Holders should note that the annual distributions (if any), whether out of
capital or otherwise, may have the effect of lowering the net asset value of the fund. There is no guarantee, assurance
and/or certainty that the Managers' intention to make the annual distribution will be achieved. The right to vary the
frequency and/or amount of the annual distributions, if any, will be at the Managers' absolute discretion.
INFORMATION ON THE MANAGER AND SUB-MANAGER
Lion Global Investors Limited
Lion Global Investors Limited, one of the largest asset management companies in Southeast Asia, is 70% owned by
Great Eastern Holdings Limited and 30% owned by Orient Holdings Private Limited, a wholly-owned subsidiary of
OCBC Bank.
The Managers have a total staff strength of about 141 with about 50 experienced investment professionals including
portfolio managers, analysts and traders managing assets of about S$29.0 billion as at 31 March 2011. The Managers
offer a comprehensive suite of investment products covering all asset classes and their clients include government and
government-linked corporations, public and private companies, charitable organisations and individual investors.
The Managers have an experienced team of investment professionals dedicated to regional and global equities and
fixed income markets. The average years of experience of each member of the investment team spans more than 10
years. The Managers’ investment capabilities are greatly enhanced by its specialised teams of experienced analysts and
investment managers. The Managers’ approach to investment is team-based and research-intensive, combining in-depth
market insights with comprehensive sector knowledge.
The Managers have been managing collective investment schemes and discretionary funds in Singapore since 1987 and
investment-linked product funds since 1996. In addition, the Managers have a proven track record of achieving
consistently good performance. Since 1999, the Managers have won a total of 117 awards for investments in local,
regional and global markets and across asset classes. The Managers were awarded Best Fund Group over 3 years -
Mixed Asset Group at the Edge-Lipper Singapore Funds Awards from 2006 to 2009, and Best Fund Group (5 Year) at
the Standard & Poor’s 2007 Singapore Fund Awards. Please refer to the Managers’ website at
www.lionglobalinvestors.com for the full list of awards.
Investors should note that the past performance of the Managers is not necessarily indicative of the future performance
of the Managers.
Pramerica Investment Management
The total (net) AUM for Pramerica Investment Management as of 31 March, 2011 was $569M. Pramerica Real Estate
Investors, which is the real estate investment arm of Pramerica Investment Management, has been managing global real
estate funds for over 30 years. As at 31 March, 2011, total global gross and net assets under management were $46.4B
and $28.4B, respectively, while investments in Global Real Estate Securities were $1,360M.
In early 2010, Pramerica's US Domiciled Global Mutual Fund was given 5-star recognition by Morningstar, their
highest rating. The Fund also is ranked in the top 10% of funds for the 5-year track record versus the Lipper peer
group, and is featured amongst the #1 Ranked Real Estate Equity Funds by Zacks.
SOFT DOLLAR COMMISSIONS OR ARRANGEMENTS
Lion Global Investors Limited
The Managers receive and enter into soft dollar commissions or arrangements used to support investment decision
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Fund Details version 12 (Errors & Omissions excepted)
With effect from 1 July 2011
making and these include research and advisory services, economic and political analyses, portfolio analyses, data and
quotation services and computer hardware and software.
The Managers only accept or enter into soft dollar commissions or arrangements if such soft dollar commissions or
arrangements shall, in the opinion of the Managers, reasonably assist them in the management of the Fund, and further
shall ensure at all times that such 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 or arrangements.
Pramerica Investment Management
Pramerica Real Estate Investors does not engage in soft dollar arrangements whereby a portion of clients' securities
transactions are directed for credits which are used to pay for brokerage related products and/or services. Pramerica
does receive sell-side research from some of the brokerage firms where trades are executed.
CONFLICTS OF INTEREST
Lion Global Investors Limited
The Managers and the Trustee are not in any positions of conflict in relation to the Fund. The Managers and the Trustee
shall conduct all transactions with or for the Fund at arm’s length. The Managers are of the view that they are not in a
position of conflict in managing their other funds as each of the funds and the Fund has its own investment universe,
investment objectives and investment restrictions, separate and distinct from each of the other funds. The Managers are
obligated by the provisions of each respective trust deed to observe strictly such separate and distinct investment
mandate for each of the funds. In the event the various funds place orders for the same securities as the Fund, the
Managers shall endeavour as far as possible to allocate such securities among the funds in a fair manner based on a prorata
basis.
Associates of the Trustee may be engaged to provide financial, banking or brokerage services to the Fund. Such
services, where provided, will be on an arm’s length basis.
Pramerica Investment Management
There are no noteworthy conflicts of interest that arise from the fund and management by Pramerica Real Estate
Investors.
(a) The Fund does not acquire any interest in direct property assets. Only publicly traded securities are considered for
this investment universe.
(b) Pramerica will not acquire any interest in the ILP fund.
(c) Pramerica has no affiliation with any service provider to the fund.
(d) Pramerica manages other funds that invest in real estate securities and may have a similar investment strategy.
Pramerica has a standard allocation policy that is based upon the individual fund investment criteria and pro-rata
allocations among funds with similar investment mandates.
RISKS
General Risks
Investors should consider and satisfy themselves as to the risks of investing in the Fund. Generally, some of the risk
factors that should be considered by the investors of the Fund are market, derivatives, liquidity, political, repatriation,
regulatory, currency and market risks, and risks associated with investments in debt securities which are default and
interest rate risks.
An investment in the Fund is meant to product returns over the medium to long-term. Investors should not expect to
obtain short-term gains from such investment.
The Great Eastern Life Assurance Company Limited (Reg. No. 1908 00011G) 4/6
1 Pickering Street #13-01 Great Eastern Centre Singapore 048659

Fund Details version 12 (Errors & Omissions excepted)
With effect from 1 July 2011
Investors should note that the value of Units, and the income accruing to the Units, may fall or rise and that investors
may not get back their original investment.
Specific Risks
(a) Market Risks
The performance of this Fund will be impacted by general economic conditions, general real estate market conditions
and general market conditions facing publicly traded securities. The Fund will diversify its holdings globally to
mitigate the impact of poor real estate market conditions and/or poor public securities market conditions in any given
region. In the event market conditions are poor across the globe, the fund may experience a loss.
The portfolio managers in PREI have worked with their research team to categorize each country that the Fund may
invest in based on political and country risk assessments. The Fund will not invest in countries with high political and
country risk and will be constrained in its ability to invest in countries with moderate political and country risk.
The Fund may experience a loss if global interest rates experience a significant increase. This would have the impact of
making investment alternatives like bonds look relatively more attractive. Over the long term the correlation between
global real estate equity securities and global bonds is quite low. Often times, a rising rate environment is accompanied
by economic expansion which allows real estate companies --- particularly those with short term leases to grow rents
which results in dividend growth. In addition, a significant rise in interest rates may drive levered buyers out of the real
estate market and provide more opportunities for public real estate companies to grow their FFO per share through
acquisitions.
(b) Credit Risks
The Fund will invest primarily in publicly traded equity securities. The Portfolio Managers will closely monitor each
portfolio holding's capital structure and ability to meet fixed obligations as well as cover its dividend.
(c) Liquidity Risks
The Fund may hold a diversified portfolio of exchange traded public equity securities. Careful consideration will be
given to liquidity for each security included in the portfolio. Portfolio Managers will consider the size of the investment
relative to the trading volume of each underlying security.
(d) Currency Risks
The fund is denominated in Singapore dollars but there is no foreign exchange hedging program for the underlying
assets where they could be in foreign currencies. Hence, policyholders shall be exposed to foreign exchange risks. As
the investments of the Fund may be denominated in foreign currencies, fluctuations of the exchange rates of foreign
currencies against the base currency of the Fund (i.e. the Singapore Dollar) may affect the value of the Units in the
Fund.
(e) Real Estate Risks
There are special risks considerations associated with investing in the securities of companies principally engaged in
the real estate industry. These risks include: the cyclical nature of real estate values, risk related to general and local
economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses,
demographic trends and variations in rental income, changes in zoning laws, casualty or condemnation losses,
environmental risks, regulatory limitations on rents, changes in neighborhood values, related party risks, changes in the
appeal of properties to tenants, increases in interest rates and other real estate capital market influences.
EXPENSE RATIO
Expense ratio is calculated in accordance with the Investment Management Association of Singapore's guidelines on
the disclosure of expense ratios and based on the figures in the fund's latest relevant audit report. The expense ratio for
the period 1 January 2010 to 31 December 2010 is 1.67%.
The following expenses are excluded from the calculation of expense ratio: charges for insurance coverage, brokerage
and other transaction costs associated with the purchase and sales of investments, performance fees, foreign exchange
gains and losses, front−end or back−end loads arising from the purchase or sale of other funds, tax deducted at source
or arising from income received, and dividend and distributions paid to unit holders.
TURNOVER RATIO
Turnover ratio means a ratio calculated based on the lesser of purchases or sales expressed as a percentage of over
'average net asset value'. Where 'average net asset value' means the net asset value for each day averaged over, as far as
The Great Eastern Life Assurance Company Limited (Reg. No. 1908 00011G) 5/6
1 Pickering Street #13-01 Great Eastern Centre Singapore 048659

Fund Details version 12 (Errors & Omissions excepted)
With effect from 1 July 2011
possible, the same period used for calculating the expense ratio. The turnover ratio for the period 1 January 2010 to 31
December 2010 is 39.64%.
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1 Pickering Street #13-01 Great Eastern Centre Singapore 048659