Funds GreatLink - Great Eastern Life

MICA (P) 100/02/2006 

Statement and Report 

for the Period 1 January 2005 – 31 December 2005 

GreatLink 

Funds 

1 Pickering Street #13-01 Great Eastern Centre Singapore 048659 

www.lifeisgreat.com.sg

c o n t e n t s 

contents 

CEO’s Message 1 

Announcements 2 

Lead Stories 4 

Greatlink Lifestyle Portfolios 8 

Global Balanced 14 

Global Equities 18 

Regional Equities 27 

Non-Equities 35 

Others 39 

Portfolio Statement 42 

Expense & Turnover Ratios 82 

Soft Dollar Commissions 83 

Top 10 Investments 84 

Capital Account 92 

Statement Of Assets & Liabilities 94 

Notes To The Accounts 96 

Auditors’ Report 100

CEO’S MESSAGE 

GreatLink Funds yield 

Sterling Results 

Dear Valued Policyholders 

Our GreatLink Funds have delivered very good results. Almost all our 

equity funds rose more than 10% in 2005; the more conservative balanced and 

non-equity funds also posted positive returns. 

Leading in performance is GreatLink Enhancer Fund which recorded a 26.09% 

growth for 2005 and a 102.87% growth over 3 years. Our GreatLink Lifestyle 

Portfolios which cater to different lifestyle needs, investment time-frame and 

risk appetites have also performed well. All 5 Portfolios achieved 3-year annualised 

returns ranging from 5.89% for the Secure Portfolio to 16.84% for the Dynamic 

Portfolio. 

The fund manager for the majority of our GreatLink Funds is Lion Capital 

Management Ltd. Lion Capital is the asset management company formed after 

the merger of two existing GreatLink fund managers, OCBC Asset Management 

Ltd and Straits Lion Asset Management Ltd. With over $30 billion assets under 

management, Lion Capital is the largest non-government asset management 

company in Singapore. It is committed to achieving good and consistent 

performance for your investments. 

Last year, we launched GreatLink Choice Fund and GreatLink Real Estate 

Securities Fund. The latter is the first and only investment-linked fund in 

Singapore that invest in real estate securities and REITs. We will continue to 

constantly innovate to give you greater investment choices and opportunities. 

We will also work hard to ensure that investing in GreatLink funds continues 

to be a rewarding experience for you. 

Yours sincerely 

Tan Beng Lee 

Director & Group CEO 

1

ANNOUNCEMENTS 

Your Fund Manager is 

now Bigger and Stronger 

Great news for GreatLink policyholders! On 

26 September 2005, OCBC Asset Management 

Ltd (OAM) and Straits Lion Asset Management 

Ltd (SLAM) joined forces to 

create one of the largest 

asset management 

companies in Singapore and 

the region. Known as Lion 

Capital Management Ltd, it 

combines the asset 

management businesses of 

OAM and SLAM. 

If you had invested in GreatLink Funds 

managed by SLAM or OAM, they are now 

managed by Lion Capital. Whilst everything 

else, such as your policy benefits and 

investment objective, remains the same, you 

now have the advantage of having an even 

stronger fund manager who has a staff-strength 

of about 120 and over $30 billion worth of 

assets. Lion Capital will leverage on this leap 

in expertise and resources to offer you greater 

value and serve you even better. 

Lion Capital has one of the largest and most 

experienced teams specialising in Asia Pacific 

equities and fixed income markets. The 

investment approach will be team-based and 

research-intensive, combining in-depth market 

insights with comprehensive sector knowledge. 

The GreatLink Funds that are 

now managed by Lion Capital: 

GreatLink Global Supreme Fund 

GreatLink Global Optimum Fund 

GreatLink Global Equity Fund 

GreatLink Global Value Equity Fund 

GreatLink Global Intersection Fund 

GreatLink Enhancer Fund 

GreatLink ASEAN Growth Fund 

GreatLink Far East ex Japan Equities 

Fund 

GreatLink European Equity Fund 

GreatLink Global Real Estate 

Securities Fund 

GreatLink Lifestyle Secure Portfolio 

GreatLink Lifestyle Steady Portfolio 

GreatLink Lifestyle Balanced Portfolio 

GreatLink Lifestyle Progressive 

Portfolio 

GreatLink Lifestyle Dynamic Portfolio 

GreatLink Cash Fund 

GreatLink Global Bond Fund 

GreatLink Stable Bond Fund 

GreatLink Singapore Equities Fund 

Lion Capital is 70% owned by Great Eastern 

Holdings Ltd and 30% held by Orient Holdings 

Pte Ltd, a wholly-owned subsidiary of OCBC 

Bank. 

2

ANNOUNCEMENTS 

New CPF Admission 

Criteria for Investment- 

Linked Funds 

The CPF Board has recently announced that 

more stringent standards will be applied to 

investment funds that wish to join the CPF 

Investment Scheme (CPFIS). 

Every new funds that apply to join the CPF 

Investment Scheme from 1 February 2006 

will have to be in the top 25 per cent of funds 

in its class globally. The fund must have a 

good track record for at least 3 years. Also, 

the fund’s expense ratios will have to be lower 

than half of the current CPF-approved funds 

within its risk category. 

These new standards do not affect existing 

GreatLink policyholders in any way. You will 

continue to enjoy the various policy benefits 

and our expert management of your 

investments. 

We are also pleased to inform you that the 

majority of our existing suite of GreatLink 

Funds meet the new admission criteria even 

before they were announced. GreatLink Funds 

have been recording steady growth for the 

past three years. The expense ratios (as at 

December 2005) of 20 of our existing suite 

of 22 GreatLink Funds are below the new 

criteria. The expense ratios of the other 2 

existing funds are just marginally (less than 

0.1%) above the new criteria. And based on 

a report by Investment Management 

Association of Singapore, the expense ratios 

of our GreatLink Funds are generally low 

when compared to other investment-linked 

funds within their respective categories. 

You can therefore rest assure that GreatLink 

Funds have competitive operating cost and 

are well-managed. 

3

LEAD STORIES 

2005 Sets the Pace 

for a Rosy 2006 

2005 was a good year for investors. Despite 

the many dampeners including spiraling oil 

prices and persistent US rate hikes, the year 

recorded positive results in many parts of the 

world. The US economy grew at a steady 

rate providing the backbone for sustained 

global growth. China equities grew strongly 

with a rise of 19.8%. The MSCI Asia Pacific 

ex Japan Index rose 21%. And the MSCI World 

Index rose a respectable 10%. Locally, the year 

ended with a flourish; the STI was near a sixyear 

high. 

GreatLink fund managers leveraged on the 

favourable environment and delivered attractive 

profits for our GreatLink policyholders. The 

GreatLink Enhancer Fund grew as much as 

26.09% last year. Other GreatLink Funds also 

delivered sterling results. For more details on 

the performance of GreatLink Funds, take a 

look at the fact sheets in this booklet. 

A ROSY 2006 

The start of 2006 did not disappoint. The 

world’s most widely watched index, the Dow 

Jones Industrial Average, closed above 11,000 

points for the first time in 4 1 /2 years. 

Indeed, 2006 has many ingredients for a bullish 

year. Rising income, increased spending, healthy 

balance sheets and attractive valuations give 

the foundation for continued global economic 

expansion. In fact, Singapore’s trade promotion 

agency, IE Singapore, forecasted that the surging 

global economy will push Singapore’s foreign 

trade to hit $800 billion this year. 

2006 is Not Without Threats 

There are however several risks that may stall 

or reverse the growth trend. There are 

concerns that while markets such as China, 

India and the ASEAN region are expected to 

continue to grow, the US economy may slow 

down. The other fears are Iran’s nuclear 

ambitions, rising oil and commodity prices as 

well as the possibility of a bird flu pandemic. 

Undeniably, there are threats lurking. How 

can we capitalise on investment opportunities 

while managing these risks? Great Eastern’s 

investment philosophy has always been to 

minimise your total investment risk exposure 

to a level that you are comfortable with. Our 

Great Eastern Life Planners have been trained 

to evaluate your investment portfolio in totality 

and determine the investments that will help 

you achieve a fair level of diversification and 

depending on your risks tolerance and 

investment objectives. 

4

LEAD STORIES 

High Potential Investments 

For year 2006, there are some investments 

that show greater potential than others. 

One of the high growth segments is Asia. 

Asian bourses performed well in 2005 despite 

several catastrophes including the tsunami, 

Bali bombing and the Pakistan earthquake. 

Markets like China, India and Korea performed 

very well last year and the growth trend is 

expected to continue. Prospects for the 

ASEAN countries are good too. Real GDP 

growth forecast for ASEAN is in the range of 

4.5% to 5.5%. The potentially strong and 

steady GDP growth is likely to lead the ASEAN 

stock markets into a bullish year. 

If you wish to ride on ASEAN’S growth, you 

can do so with GreatLink ASEAN Growth 

Fund, the only investment-linked fund in 

Singapore that invests in ASEAN equities. 

Or if you want to cast your net wider, you 

can consider GreatLink Far East ex Japan 

Equities Fund which invests in ASEAN plus 

China, Hong Kong, Taiwan and Korea. 

But before you make any investment decisions, 

it is important for you to review whether you 

and your family are adequately insured to 

guard against unfortunate events. One good 

option to reap potential investment gains and 

be insured at the same time is to take up our 

GreatLink SupremeLife Plan. The plan allows 

you to select the proportion of insurance and 

investment. Best of all, you can adjust the 

proportion whenever the need arises. 

If you are unsure of how much insurance you 

need or what to invest in, you will certainly 

benefit from your Life Planner’s advice. He 

or she can map out a holistic investment and 

insurance plan that meets your lifestyle and 

financial goals. 

5

LEAD STORIES 

Money Not Enough? 

GreatLink Funds 

show the way! 

“Money is not enough! Traditional deposit 

interest rates are not giving enough returns 

to match inflation. Bank savings deposit rates 

are unattractive. Investment funds are 

performing poorly.” These are common 

grouses from the man on the street. 

If you share these grouses, perhaps GreatLink 

Funds can make your savings work harder for 

you. 

Excellent Fund Managers 

Great Eastern offers a diversified suite of 22 

investment-linked funds (GreatLink Funds) 

which can cater to the various investment 

needs and risk appetites of policyholders, 

including a new Global Real Estate Securities 

Fund that was launched in 2005. These funds 

are professionally managed by top-notch fund 

managers who have undergone stringent 

selection criteria. 

Through a rigorous process, the fund managers 

constantly monitor the medium to long term 

performance of our GreatLink Funds to strive 

for outstanding performance. 

As a result, in 2005 most of our GreatLink 

Funds have delivered good results. On a 3- 

year annualised basis, all our 22 GreatLink 

Funds have shown positive returns, with over 

half of the Funds gaining more than 10% 

growth in their bid prices (which refers to 

the price you can redeem your units at). 

External Views on 

GreatLink Funds 

Let us take a look at how external independent 

parties view GreatLink Funds. 

On a qualitative front, 12 GreatLink funds (as 

at Dec 2005) were rated at least 3 stars by 

Mercer Investment Consulting. These ratings 

were given after the funds were reviewed at 

different periods of time. The stars are awarded 

based on the level of conviction of performance 

prospects of each fund’s management team 

and not based on past results. 

Mercer Ratings (as at Dec 05) 

GreatLink Lifestyle 

★★★★★ 

Secure Portfolio 

GreatLink Global Bond Fund ★★★★★ 

GreatLink Global 

★★★★ 

Intersection Fund 

GreatLink Global Supreme Fund ★★★★ 

GreatLink Global Value 

★★★★ 

Equity Fund 


★★★★ 

Steady Portfolio 


★★★★ 

Balanced Portfolio 


★★★★ 

Progressive Portfolio 


★★★★ 

Dynamic Portfolio 

GreatLink Stable Bond Fund ★★★★ 

GreatLink Far East ex Japan ★★★ 

Equities Fund 

GreatLink Singapore Equities Fund ★★★ 

6

LEAD STORIES 

On a quantitative basis, 8 funds were also 

rated at least 3 stars by Standard and Poor’s 

(S&P). S&P fund stars are given based on the 

monthly performance of a fund within their 

own groups in the fund industry. It aims to 

measure the out-performance of any fund 

relative to its peers in the past 36 months, 

taking volatility into consideration as well. Each 

group has at least 5 funds to provide meaningful 

comparison. 

S&P Fund Stars (as at Dec 05) 

GreatLink Global Growth ★★★★★ 

Trends Portfolio 

GreatLink Enhancer Fund ★★★★ 


★★★★ 

Progressive Portfolio 


★★★★ 

Dynamic Portfolio 


★★★ 

Balanced Portfolio 

GreatLink Far East ex Japan ★★★ 

Equities Fund 

GreatLink Global Value 

★★★ 

Equity Fund 

GreatLink Global Bond Fund ★★★ 

From the above, based on both qualitative 

and quantitative reviews, GreatLink Funds 

have been rated well. 

2 Innovative ILP Funds 

launched in 2005 

The new kid on the block, GreatLink Global 

Real Estate Securities Fund (GGRESF), which 

was launched in June 2005, had a great start. 

It is the FIRST investment-linked fund in 

Singapore that invests into real estate securities 

and listed REITs. In just slightly more than 7 

months, its price has risen 8% to $1.026 (bid 

price as at 31 Dec 2005). The fund also strives 

to pay 4% dividends yearly, depending on its 

performance. 

GreatLink Choice is a 5-year single premium 

investment-linked plan that was offered for a 

limited period only in Sep-Oct 2005. The 

objective of the fund is to give policyholders 

annual payouts of 3.5% and 100% capital 

protection on maturity. It also provides 

protection in the event of death. In a short 

span of about 2 months, with overwhelming 

support from policyholders, GreatLink Choice 

has accumulated more than S$210 million in 

investments! 

2005 is indeed a fruitful year for GreatLink 

Funds! Great Eastern will continue to work 

closely with our fund managers to deliver 

more good results in the years ahead for our 

valued policyholders. 

7

GREATLINK LIFESTYLE PORTFOLIOS report as at 31 December 2005 

FUNDS 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 charges which could be used as indicative 

fund management charges for the Lifestyle Funds. 

INVESTMENT OBJECTIVE 

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% 

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. 

8


DYNAMIC 

PORTFOLIO WEIGHTINGS 

FUND FACTS 

Offer Price S$ 1.205 

Bid Price S$ 1.145 

Fund Size 

S$ 9.96 mil 

CPF Approved 

CPFIS – OA 

Risk Category 

Higher Risk / Broadly Diversified 

Mercer Fund Rating as at 31 Dec 2005 ★★★★ 

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

Global Equities 

(Value) 

34% 

Singapore 

Equities 

16% 

FUND PERFORMANCE SINCE INCEPTION 

Price Indexed 

137.5 

130.0 

122.5 

115.0 

107.5 

100.0 

92.5 

85.0 

77.5 

70.0 

62.5 

55.0 


(Growth) 

34% 

Far East ex 

Japan Equities 

16% 

Performance Review (Mar 2002 to Dec 2005) 

03 04 05 

37.5 

+29.06 30.0 

22.5 

15.0 

7.5 

+20.53 0.0 

-7.5 

-15.0 

-22.5 

-30.0 

-37.5 

-45.0 

––––– Greatlink Lifestyle Dynamic 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. 

Source: S&P 

For Top 10 Investments refer to page 85. 

Percent Change 

MANAGER COMMENTARY 

Market Review – The global bonds market did not turn in a 

good performance this year following a series of interest rate 

hikes from the Federal Reserve, bringing the Fed Fund rate from 

2.25% in Jan 2005 to 4.25% in Dec 2005. However, despite the 

higher interest rates and the higher energy prices, the US economy 

continued to remain firm, as evident by the strong GDP growth 

and the improvement in consumer and business spending. Both 

Euroland and Japan have also seen signs of economic recovery on 

the back of improving corporate profits and business confidence. 

Global equity markets performed well in 2005 on a better 

than expected GDP of 3.5% for 2005 and as initial fears over a 

higher inflationary environment were dispelled. The general 

improvement in macroeconomic activities in Europe and the Japanese 

economy also helped fuelled the rise in the equity markets. 

For the full year 2005, all the lifestyle portfolios 

underperformed their benchmarks, which are largely attributed 

to the equity performance. 

Market Outlook – Global economic growth is expected to 

remain firm in the near-term but with a bias towards a slowdown 

by end of 2006. Although US monetary policy is expected to reach 

a peak soon, consumer spending is expected to moderate on the 

back of higher interest rates and the fall in house prices. Economic 

growth in Euroland is expected to be on track while Japan is likely 

to move away from its zero interest rate policy. The healthy 

financial conditions and recovery in capital spending and consumer 

confidence could also possibly lead Japan out of deflation. 

Global equities is expected to remain buoyant on expectations 

that the Federal Reserve may be near the end of the monetary 

tightening cycle after eight 0.25% hikes in the Fed Funds rate. The 

improving economic environment in Europe and Japan are also 

expected to lend support to the markets. Notwithstanding this, 

there still exists the risks that the monetary policy could be further 

tightened and oil prices could rise further, which could raise the 

possibility of a slower economic growth and inflation fears. In 

addition, the possibility of an Avian flu pandemic could also disrupt 

the performance of the equity markets. 

PERFORMANCE ON BID-BID BASIS (%) 

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

(annualised) 

(annualised) 

Greatlink Lifestyle Dynamic Portfolio 2.23 8.94 12.48 59.47 16.84 20.53 5.08 

Benchmark Index 2.15 9.33 14.39 70.62 19.51 29.06 7.01 



9


PROGRESSIVE 

FUND FACTS 



Fund Size 

S$ 16.84 mil 

CPF Approved 

CPFIS – OA 

Risk Category 






Price Indexed 

136 

130 

124 

118 

112 

106 

100 

94 

88 

82 

76 

70 


(Growth) 

25% 


(Value) 

26% 

Far East ex 


17% 

Global Bonds 

16% 


03 04 05 

Singapore 

Equities 

16% 

+29.90 

+25.89 

36 

30 

24 

18 

12 

6 

0 

-6 

-12 

-18 

-24 

-30 

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




Source: S&P 








































10 



(annualised) 

(annualised) 

Greatlink Lifestyle Progressive Portfolio 1.70 6.88 10.43 52.36 15.08 25.89 6.30 



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


BALANCED 

FUND FACTS 



Fund Size 

S$ 137.28 mil 

CPF Approved 

CPFIS – OA & SA 

Risk Category Medium to High Risk / 

Broadly Diversified 


S&P Fund Stars as at 31 Dec 2005 ★★★ 



Price Indexed 

130 

125 

120 

115 

110 

105 

100 

95 

90 

85 

80 


(Growth) 

20% 

Far East ex 


10% 


(Value) 

20% 

Singapore 

Equities 

11% 

Short-Term 

Bonds 

4% 


03 04 05 

Global Bonds 

35% 

+26.92 

+24.11 

30 

25 

20 

15 

10 

5 

0 

-5 

-10 

-15 

-20 

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




Source: S&P 










































(annualised) 

(annualised) 

Greatlink Lifestyle Balanced Portfolio 1.03 4.80 7.77 40.36 11.97 24.11 5.90 




11


STEADY 

FUND FACTS 



Fund Size 

S$ 18.16 mil 

CPF Approved 





S&P Fund Stars as at 31 Dec 2005 ★ 



Price Indexed 

130 

125 

120 

115 

110 

105 

100 

95 

90 

85 


(Growth) 

15% 


(Value) 

16% 

Far East ex 


5% 

Singapore 

Equities 

6% 


03 04 05 

Short-Term 

Bonds 

9% 

Global Bonds 

49% 

+23.62 

+22.00 

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




Source: S&P 


30 

25 

20 

15 

10 

5 

0 

-5 

-10 

-15 







































12 



(annualised) 

(annualised) 

Greatlink Lifestyle Steady Portfolio 0.35 2.39 4.79 29.35 8.96 22.00 5.42 





SECURE 

FUND FACTS 



Fund Size 

S$ 16.13 mil 

CPF Approved 




Mercer Fund Rating as at 31 Dec 2005 ★★★★★ 

S&P Fund Stars as at 31 Dec 2005 ★★ 



(Growth) 

6% 


(Value) 

6% 

Far East ex 


7% 

Singapore 

Equities 

6% 


Price Indexed 

124 

121 

118 

115 

112 

109 

106 

103 

100 

97 

94 

91 

Short-Term 

Bonds 

18% 

Global Bonds 

57% 


03 04 05 

24 

+21.28 

21 

18 

+20.11 15 

12 

9 

6 

3 

0 

-3 

-6 

-9 

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




Source: S&P 










































(annualised) 

(annualised) 

Greatlink Lifestyle Secure Portfolio -0.17 0.44 2.79 18.73 5.89 20.11 4.98 

Benchmark Index -0.09 1.08 3.60 20.66 6.47 21.28 5.25 



13

GREATLINK GLOBAL SUPREME FUND report as at 31 December 2005 

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 riskadjusted 

performance of the Fund. 


Other 

currencies FI 

5% 

JPY FI 

14% 

USD FI 

9% 

Euro FI 

18% 

FUND FACTS 

Inception Date 1 July 1999 



Fund Size 

S$ 561.70 mil 

Fund Manager 

Lion Capital Management 

(wef 26 Sep 2005) 

Sub Manager (Equity) 

Capital International Inc. 

Sub Manager (Fixed Income) 

State Street Global Advisors 


Fund Management Fee 

1.00% p.a. 


Daily 



CPF Approved 






Cash 

3% 

Asia Pacific ex 

Japan Eq 

3% 

UK Eq 

6% 

Other Eq 

1% 

Europe 

ex UK Eq 

11% 

Japan Eq 

10% 

North 

America Eq 

20% 


Performance Review (Jul 1999 to Dec 2005) 

00 01 02 03 04 05 

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

Benchmark: 50% MSCI World & 50% Citigrp World Gov Bond Ind (Unhedged) 

Source: S&P 


MARKET REVIEW 

For the half year ended 31 December 2005, the fund gained 

3.57% (bid-bid), outperforming its benchmark, 50% MSCI World 

& 50% Citigroup World Government Bond index (unhedged) 

which rose 1.99%. 

Equity 

It was a good year for global equities, supported by strong 

profit growth. Global economic growth was good and inflation 

remained subdued. The best results among developed markets 

came from Japan. Resource rich countries such as Canada were 

also strong. Commodity indices registered a fourth-straight year 

of increases, helped by strong demand. 

Energy stocks led the markets for the first three quarters 

and had the best returns by far for the year fuelled by soaring oil 

prices. Crude oil futures reached a peak of US$67.9 in the third 

quarter then eased back below US$60 towards the end of the 

year. Cyclical stocks took the lead in the fourth quarter, with 

materials and industrials ending the year with large gains. Financials 

also had good results thanks to record profits. Mergers and 

acquisitions occurred at a feverish pace, with global deal volume 

up 38% from 2004, according to preliminary year-end data. Private 

equity transactions also ran high as well as underwriting, with 

many high profile IPOs outside the US. The telecommunications 

services sector was the weakest by far. Investors grew increasingly 

concerned about bleak growth prospects (in developed markets), 

pressure on profit margins and fears that cash-rich operators 

would overpay for acquisitions. 

Current account imbalances showed no sign of correcting. 

Despite this, the US dollar defied conventional wisdom and rose, 

thanks to higher interest rates. Despite many doubters, the U.S. 

economy remained strong in the face of high energy prices, natural 

disasters, concerns about US consumers, and rising interest rates. 


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

(annualised) (annualised) (annualised) 

Greatlink Global Supreme Fund -0.25 3.57 3.30 33.97 10.25 11.94 2.28 25.37 3.54 

Benchmark Index -1.02 1.99 3.00 35.35 10.62 23.18 4.26 28.88 3.98 

14 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 


Price Indexed 

135 

130 

125 

120 

115 

110 

105 

100 

95 

90 

85 

+28.88 

+25.37 

35 

30 

25 

20 

15 

10 

5 

0 

-5 

-10 

-15 

Percent Change


The Federal Reserve raised the federal funds rate from 2.25% to 

4.25%, though their stated goal is not to achieve a tight monetary 

policy, but rather, to move from an accommodative policy to a 

neutral one. 

The European equity markets rallied throughout most of 

2005 and finished the year with good annual returns. There were 

signs that an economic recovery was beginning to take hold in 

the eurozone, and, in a move that was widely anticipated in the 

market, the European Central Bank raised interest rates by a 

quarter percent to 2.25% on 1 December. In the UK, the government 

reduced its economic growth forecast for 2005 and 2006. 

The gradual economic recovery in Japan gained believers as 

the year progressed. The stock market surged. Reforms regained 

momentum after the prime minister’s landslide victory in a snap 

parliamentary election which reinforced his mandate for reform 

including the proposed privatization of Japan Post. 

Currencies played a major role over the year with rising 

interest rates in the U.S. helping to support the dollar which 

strengthened 15% against the euro, 12% against the British pound 

and 15% against the Japanese yen. 

Fixed Income 

Bonds markets were mixed in the first quarter of 2005 though 

on aggregate they returned 0.74% in local currency terms (Citigroup 

WGBI). 

In the US, the bonds returned -0.42%, the quarter started 

constructively following a disappointing non-farm payroll figure. 

The 10-year benchmark bond touched its lowest yield level of 4% 

for the third time in five months. However, the market suffered 

a strong correction following Fed Chairman Alan Greenspan's 

comments that "the broadly unanticipated behaviour of world 

bond markets [in keeping yields so low despite rising short rates] 

remains a conundrum." The Fed increased overnight rate to 2.75% 

with some members showing concern about upside inflation risks. 

Meanwhile in the UK, bonds returned -0.08%, the Monetary 

Policy Committee (MPC) left rates on hold at 4.75% during the 

quarter. The decision to leave rates on hold probably reflects a 

balance between downside news for near term growth (weaker 

housing, weak output and higher oil prices) and upside risks for 

future growth, namely, strong profit and earnings growth, buoyant 

investment and a weaker pound. In Eurozone, bonds returned 

1.26%. As expected, the ECB left rates on hold during the quarter. 

The tone of the ECB Monthly Bulletins took a more hawkish 

stance, focusing in particular on the size of the liquidity overhang 

and sounding more up-beat towards the global environment. 

Japan bonds returned 0.80%. Comments from Policy Board 

members were sufficiently mixed to keep the markets guessing 

about the BoJ's next move. Despite the negative news about GDP 

growth over the last three quarters, the bond market, was sold 

off thanks to some stronger data like machinery orders and 

industrial production during the month of February. However, 

inflation and employment data disappointed again at the end of 

the quarter causing a three week rally in the bond market. 

Bonds markets performed favourably in the second quarter 

of 2005, returning 2.99% in local currency terms (Citigroup WGBI). 

In the US, bonds returned 3.64%. As expected, the Fed raised 

interest rates at each meeting by 0.25%, pushing the overnight 

rate to 3.25% by the end of the quarter. It also retained its pledge 

to raise rates at no more than a “measured” pace, and continued 

to describe policy as “accommodative”. 

While in the UK bonds returned +4.80%, the second quarter 

of 2005 was dominated by a turnaround in market interest rate 

expectations from a 25bp hike to a 50bp cut by the end of the 

year. The Monetary Policy Committee (MPC) failed to give in to 

market pressure to hike rates to 5% early in the quarter, predictably 

keeping rates on hold at 4.75%. Eurozone bonds returned 3.76%. 

Once again the ECB left rates on hold during the quarter. The 

ECB’s decision to maintain a 2% repo rate was universally expected, 

amid the general weakness of recent data. 

In Japan, bonds returned 1.03%. The BoJ left policy unchanged 

during the quarter. However, a new clause was inserted into the 

BoJ’s official policy statement validating market expectations of a 

modest technical adjustment which now permits the current 

account balances to fall below the target range of JPY 30-35 trillion. 

This amendment also reflects the fact that the economy appears 

to be in a recovery phase. 

Bonds markets performed negatively in the third quarter of 

2005, returning -0.50% in local currency terms (Citigroup WGBI). 

In the US bonds returned -1.11%, the Fed continued to raise 

rates at a measured pace over Q3. After two consecutive hikes 

the Fed Funds ended the quarter at 3.75%, in line with expectations. 

In its statement, the Fed retained its view that the ongoing monetary 

accommodation, along with robust underlying growth in productivity, 

is providing support to economic activity. 

In UK, bonds returned +0.37% and the MPC delivered a long 

awaited rate cut on the basis of their downward revisions to 

growth and expectations of second round oil effects. Further cuts 

will be dependent on how the inflation story unfolds. Meanwhile 

in Eurozone, bonds returned 0.49%. The ECB left rates on hold 

during the third quarter. The ECB’s decision to maintain the 2% 

repo rate was in line with consensus expectations, due to the 

general weakness and growing divergence of the economy. 

In Japan, bonds returned -1.31% with the BoJ left policy 

unchanged during the quarter. However, a few speeches from BOJ’s 

Policy Board members have underlying that the time to exit from 

the quantitative easing policy is getting closer. The stabilisation of 

core consumer prices at zero or above has been identified as an 

important criterion to change policy. 

Bonds markets performed positively in the fourth quarter 

of 2005, returning 0.33% in local currency terms (Citigroup WGBI). 

In US, bonds returned +0.72% and the Fed continued to raise 

rates at a measured pace over Q4. After two consecutive hikes 

the Fed Funds ended the quarter at 4.25%, in line with expectations. 

In its statement, the Fed expressed its view that the economy 

advanced a great deal over the past months. 

In UK, bonds returned +2.76% and the Bank of England left 

rates unchanged at 4.50% throughout Q4. In the beginning of the 

quarter policy makers expressed a growing concern about potentially 

accelerating inflationary pressures. Later on, however, headline 

inflation eased to 2.1%, close to the BoE target so market focus 

shifted back towards the state of the economy. In Eurozone, bonds 

returned -0.12%. The ECB raised its benchmark rate by a quarter 

of a percent to 2.25% in early December, possibly marking the 

start of a series of measured rate hikes. The decision came in line 

with market expectations. The central bank seemed increasingly 

concerned about potential inflationary pressures, although actual 

figures showed a resilience after the highs seen in September. 

Japan bonds returned 0.22%. The BoJ left policy unchanged 

during the quarter. The iterated BoJ’s assessment stated that 

Japan’s economy is expected to recover; domestic private demand 



15


is likely to continue increasing against the background of high 

corporate profits and the moderate rise in household income, 

while structural adjustment pressure, such as the excess debt of 

firms, has almost dissipated. 

MARKET OUTLOOK 

Equity 

With robust economies in the U.S. and emerging markets 

and sustainable recoveries taking hold in the eurozone and Japan, 

the global economy appears poised for higher-than-average growth 

despite the drag of high energy prices and rising short-term interest 

rates. While energy prices tax growth, their inflationary impact 

should continue to be offset by globalization, spare capacity and 

rising productivity in many industries, which continues to keep 

labor costs and prices for consumer goods in check. With regard 

to interest rates, the Federal Reserve is looking to move from an 

accommodative policy to a neutral one and not to a policy of tight 

money, rate increases by the European Central Bank are expected 

to be limited, and the Bank of Japan is under political pressure to 

avoid prematurely abandoning its quantitative easing policy. More 

importantly, long-term interest rates remain low. 

Equity valuations are reasonable, profits are healthy and many 

companies, particularly in Europe, are becoming leaner through 

restructuring. Corporations have built up cash, and while some of 

that is being used to increase dividends and buy-backs, some will 

likely be spent on capital investments and employment. Putting idle 

cash to work should improve the return on equity for many companies. 

In Japan, ongoing structural changes in the economy and 

prudent policy measures continue to underpin our belief in a 

gradual, sustainable recovery. Equity market valuations continue 

to look attractive and earnings fundamentals seem to support 

further market upside. We see investment opportunities in industry 

consolidation and turnaround situations, beneficiaries of secular 

growth trends and rising prices, improved corporate governance 

and niche players whose market dominance is well-established. 

Fixed income 

For the second Fixed Income Viewpoint running, we start our 

thoughts with the world energy situation. We make no excuse for 

this – in our last Viewpoint we said we did not think oil prices will 

be falling back to the $30 per barrel level in the immediate future, 

and we continue to hold that view. Indeed, recent events, not least 

the interruption to Russia gas supplies to Europe, show quite how 

tight the global energy market is, and with OPEC running at close 

to capacity, these are structural issues that don’t get resolved in 

a year or two. So we believe that high oil prices are, unfortunately, 

going to stick around a little longer than expected. We say 

“unfortunately”, but for bond markets, the main consequence we 

expect is that it should keep a lid on growth running ahead of trend 

– which is good news for bond investors as it means that central 

banks need not get ahead of the curve in terms of reducing the 

monetary accommodation that currently exists in the US, Europe 

and even Japan. Interest rates may head higher into 2006, but at a 

measured pace. Unless, of course, the impact of higher oil prices 

is on increased inflation expectations. That would be bad news for 

bond investors in these 3 main regions. However, that is not our 

base case expectation. We expect higher rates in the US to start 

to bite, with the effect of slowing the housing market and the 

consumer by the second half of the year. That should provide the 

Federal Reserve Bank sufficient reason to pause around 4.75 to 

5%. Bond yields would rise correspondingly, but should be fairly 

well-supported by continued pension demand and recycling of 

central bank reserves. The curve is as flat as flat can be, with a 

slight chance of inversion. If our base case scenario plays out, we 

should see the yield curve re-steepening in the second half of 2006. 

We are coming close to the end of the US cycle, but are only 

beginning to see the start of the cycle in Europe and Japan. The 

European Central Bank is expected to bring rates up to about 

3%, from the current 2.25%. Again, the rationale is to remove the 

accommodative monetary conditions. The front end should continue 

to suffer, both against the longer end of Europe, as well as against 

the US. Swap spreads should also widen from a combination of 

flatter curves, and an expected pick up in volatility as a result of 

this shift in monetary policy. In addition, there should be less 

swapping activity in the primary issuance market as the flatter 

curves provide issuers with less of an incentive to reduce their 

borrowing costs to the short end. Inflation bonds should perform 

fairly well in line with nominal bonds. There is less expectation of 

runaway inflation, now that the central bank is tightening monetary 

policy. In addition, oil prices should moderate, although at current 

high levels. There is a high chance though that the ECB may find 

its work done if the Euro strengthens against the USD. 

The UK monetary cycle appears to be the lone one that’s 

bucking the general global trend. The problems facing the UK 

economy are not minute – deteriorating fiscal situation, a consumer 

that’s already heavily in debt, and weak private sector employment 

growth. The housing market remains the one pillar of hope for 

the UK consumer, and there have been signs of stabilization 

recently. Nevertheless, there are strong enough reasons for rates 

to be lower than the current levels, not least of all the expected 

slowing of inflation rates. 

As for the Scandinavian countries, we like Norwegian bonds 

as it carries argument for a lot of good news on the economy 

fueled by oil prices, and hence rate hikes have been priced into 

the yield curve. Inflation has increased slightly, but is still below 

the central bank’s target of 2.5%. As is the case for Swedish 

inflation, running at less than a percent year-on-year, and more 

than a full percent below the central bank’s target. Swedish bonds 

should perform in line with European bond markets. 

Over in Japan, it’s a case of who has the stronger will – the 

Bank of Japan, or the government which points to the last slip 

back in the economy being the result of a then premature tightening 

of monetary policy. Growth in Japan has been more broad-based, 

spreading over to the consumer this year. Capital investment has 

been extraordinarily strong in 2005, and is not expected to continue 

at its current pace though. From the bond market perspective, 

yields are not expected to break out of their current trading 

range. Our bias is to be short structurally, however we are mindful 

of the huge inflows into the JGB markets from the pools of savings 

in Japan. Inflation bonds look attractive. 

The mid to long term outlook still remains one of guarded 

caution. We have a new man at the helm of the Federal Reserve. 

Gearing is still extremely high in the financial markets. Central 

banks are walking a tightrope between over-tightening and allowing 

the uncertainty over commodities prices to fan inflation 

expectations. Hence, bonds still remain a good bet, once the Fed 

rate gets closer to 5%. 



GREATLINK GLOBAL OPTIMUM FUND report as at 31 December 2005 

FUND FACTS 

Inception Date 23 May 2001 



Fund Size 

S$ 100.15 mil 

Fund Manager 


(wef 26 Sep 2005) 

Sub Manager 

Wellington International 

Management 



1.25% p.a. 


Daily 



CPF Approved 


Risk Category 

Medium to High Risk / Broadly 

Diversified 

Mercer Fund Rating as at 31 Dec 2005 N.A 



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. 


North American 

Equities 

21% 


Price Indexed 

Emerging Market 

Equities 

Japan Equities 1% 

6% 

Europe 

Equities 

12% 

UK Bonds 

7% 

Asia Pac ex 


1% 

Others 

2% EMU Bonds 

10% 

Dollar Bloc Bonds 

27% 

Japan Bonds 

13% 

EMU+ Bonds 

3% 

Performance Review (May 2001 to Dec 2005) 

135.0 

130.0 

+26.74 

125.0 

120.0 

115.0 

110.0 

+19.98 

105.0 

100.0 

95.0 

90.0 

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

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

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

Benchmark: 40% MSCI World Index & 60% Citigroup World Government Bond Index (unhedged) 


MARKET REVIEW 

Global equity markets rose 16.3% in local currency terms for 

the year of 2005. In the US, the S&P 500 rose 4.9% y-o-y on the 

back of encouraging economic releases. Both the manufacturing and 

service sectors showed continued growth, third-quarter productivity 

was revised upward, and the Conference Board’s Leading Index and 

Consumer Confidence Index both rose. Also, the Federal Open 

Market Committee raised short-term interest rates another quarter 

point to 4.25% in December, but dropped the reference to policy 

“accommodation” in its statement, suggesting it may be nearing an 

end to rate hikes. Outside the US, Japan (+44.7%) was the bestperforming 

developed market, with Europe (+25.5%) and Pac Basin 

ex Japan (+20.3%) generating positive returns as well in local currency 

terms. Emerging market equities (+34.5%) outperformed developed 

markets (+10.0%) in US dollar terms. 

Bond market performance was mixed in 2005. Government issues, 

as represented by the Citigroup World Government Bond Index, 

registered a -6.9% return in US dollar terms. The credit sectors also 

performed poorly while emerging market debt rose 9.3% for the year. 

During the period, the US dollar appreciated versus most 

major currencies, with greatest gains realized against the Swiss 

franc (-13.3%), the Japanese yen (-13.1%) and the euro (-12.6%). 

The Greatlink Global Optimum Fund outperformed its 

benchmark during the period. Both the equity and fixed income 

subportfolios contributed positively. Within the equity subportfolio, 

outperformance was driven by strong stock selection in the 

Consumer Staples and Energy sectors. Within Fixed Income, 

currency strategies were the key contributor. Asset allocation 

strategies, however, detracted from overall performance primarily 

due to the drag from cash allocation. 


Typically at this point in the economic cycle, the risk of a 

pullback in global equities is high. Monetary tightening has, in the 

past, often gone too far, inducing either an economic slowdown or 

recession. While this is a clear risk, particularly with the Fed sending 

signals that the tightening cycle will continue, we remain moderately 

optimistic regarding further equity gains for three primary reasons. 

First, the theme that the global economy is transitioning to 

a below-average “steady-state” rate of growth remains intact. 

Second, equity valuations, while elevated relative to historical levels, 

remain reasonable. Finally, sentiment, while not at an extremely 

supportive level, is consistent with further equity market gains. 

It is important to point out that despite our relatively positive 

outlook, the risk-reward profile for global equities has deteriorated 

in recent quarters. The steady state is inherently fragile and investors 

who have become accustomed to thinking within a cyclical framework 

will periodically believe that the economy is either accelerating or 

weakening. If an event occurs to shock the global economy out of 

the steady state, there is much more scope for valuations to 

contract than to expand. Consequently, on a risk-adjusted basis, 

equities are less attractive than they were earlier this year. 

We remain underweight bonds in all portfolios, but less so than 

in recent quarters. We believe that bond yields will move higher, but 

as the cycle advances, the probability that yields remain low rises. 

We remain favorably disposed to EMD, though in the near term this 

asset class is vulnerable as valuations are near all-time extremes. 


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

(annualised) 

(annualised) 

Greatlink Global Optimum Fund -2.35 -0.27 0.27 27.18 8.34 19.98 4.05 

Benchmark Index -1.48 0.76 1.53 31.38 9.52 26.74 5.31 

* Measured since earliest available date 31 May 2001 



17

GREATLINK GLOBAL TECHNOLOGY FUND report as at 31 December 2005 

FUND FACTS 

Inception Date 15 January 2001 



Fund Size 

S$ 143.92 mil 

Fund Manager 

Schroder Investment Management 



1.75% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 

Higher Risk / Narrowly Focused 




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. 



Price Indexed 

Semiconductors 

& Semiconductor 

Equipment 

16% 

100 

90 

80 

70 

60 

50 

40 

Other 

10% 

Office 

Electronics 

4% 

Software 

14% 

IT Services 

10% 

Internet 

Software & 

Services 

10% 

Cash 

2% 

Performance Review (Jan 2001 to Dec 2005) 

Communications 

Equipment 

17% 

Electronic 

Equipment & 

Instruments 

2% 

Computers 

& Peripherals 

15% 

-42.10 

-56.20 

MARKET REVIEW 

2005 was the second year of relatively low and concentrated 

returns in IT investments. Stocks such as Google (+115%), Apple 

(+114%), Hon Hai Precision (+42%), Samsung (+46%) drove much 

of the return. 

The recovery in IT spending that began in late 2002 continued 

through 2005 with data center consolidation, PC replacement and 

mobility in the form of notebook computing driving corporate 

spending. Higher-function handsets and devices such as the iPod 

have provided important innovation on the consumer front that 

has also driven demand. Importantly, we do not expect the demand 

for Information Technology to wane. 

Overall, the MSCI IT Index returned 9.0% in total return 

versus the Greatlink Global Tech Fund which increased by 5.1% # . 

This performance was a solid second quartile result relative to 

peers, but lagged the overall MSCI IT Index somewhat 

disappointingly. Performance was helped to a great degree by 

exposure to internet names such as Google, but suffered from 

insufficient exposure to Asian equities. 


In 2006, we expect the market will begin to discount a 

number of secular trends that begin in 2006 but remain in force 

far beyond. We see projects picking up in both enterprise and 

service provider areas as corporate coffers remain full and IT 

infrastructure continues to age. From a secular perspective, 

exciting consumer opportunities also exist. Internet advertising, 

wireless data, broadband access and RFID are but a few of the 

project based spending programs that we believe the market will 

discount as we move through 2006. With valuations for many 

technology stocks lower than at any time in 5 years, we believe 

investors will begin to build positions for what we expect will 

be a strong two years of product driven demand. 

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

30 

Jan 01 Jul 01 Jan 02 Jul 02 Jan 03 Jul 03 Jan 04 Jul 04 Jan 05 Jul 05 

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

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

wef 1 Mar 2003 

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


18 


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

(annualised) 

(annualised) 

Greatlink Global Technology Fund 2.50 7.50 5.10 22.40 7.00 -56.20 -15.40 

Benchmark Index 3.90 10.50 9.00 57.20 16.30 -42.10 -10.50 

* Measured since earliest available date 19 Jan 2001 



GREATLINK GLOBAL EQUITY FUND report as at 31 December 2005 

FUND FACTS 

Inception Date 1 August 2000 



Fund Size 

S$ 110.78 mil 

Fund Manager 


(wef 26 Sep 2005) 

Sub Manager 

Golden Sachs Asset Management 



1.75% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 





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

investing primarily in a diversified portfolio of common stocks globally. 



Price Indexed 

112 

106 

100 

94 

88 

82 

76 

70 

64 

58 

52 

46 

40 

UK 

8% 

Europe 

21% 

Japan 

15% 

Asia ex-Japan 

5% 

US 

51% 

Performance Review (Aug 2000 To Dec 2005) 

12 

6 

0 

+0.40 

-6 

-12 

-18 

-24 

-30 

-36 

-25.26 

-42 

-48 

-54 

-60 

01 02 03 04 05 

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

Benchmark: MSCI World Index, Net 

Source: S&P 



MARKET REVIEW 


9.23% (bid-bid), outperforming the benchmark MSCI World 

Unhedged index which rose 8.65%. 

The Index ended the year up 11.52% (SGD), with Canada and 

Austria gaining the most ground on an absolute basis. The United 

States, at almost half the index weight, was the biggest positive 

contributor (weight times performance) to Index gains for the year. 

Nine of the 10 sectors in the Index experienced positive 

results, with the Energy and Materials sectors posting the strongest 

absolute returns. Top-weighted Financials was the biggest contributor 

to the Index gain for the month while Telecommunication Services 

was the only sector to detract for the period. 

In managing the CORE SM products, 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 underperformed its benchmark slightly by 23 bps 

on a net of fee basis during the year, returning +11.29%. Stock 

selection contributed approximately 120 bps to relative performance 

for the month. Returns to the CORE themes were positive, with 

Momentum contributing the most to relative performance. 

Valuation, Earnings Quality, Profitability, Analyst Sentiment and 

Management Impact also added value, albeit to a lesser extent. 

During the period, the Equity Country Selection Strategy and 

Currency selection strategy contributed positively to performance 

by approximately 48 bps. Within the Equity Country Selection 

Strategy, the top contributors to performance were overweight 

positions in Norway (266 bps) and Austria (183 bps). The biggest 

detractors from performance were an underweight position in 

Japan during the third quarter of 2005 (-92 bps for the year) and 

an underweight position in Switzerland throughout 2005 (-91 bps). 

Within the Currency Selection Strategy, the largest contributors 

to performance were our underweight positions in the Swiss franc 

(52 bps) and the UK pound sterling (18 bps). On the other hand, 

the biggest detractors from performance were an overweight position 

in the Norwegian krone (-101 bps) and an overweight position in 

the euro during the first half of 2005 (-58 bps for the year). 


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. 

“CORE SM is a registered service mark of Goldman, Sachs & Co.” 




Greatlink Global Equity Fund 0.14 9.23 11.29 42.28 12.48 -3.66 -0.74 -25.26 -5.25 

Benchmark Index 1.42 8.65 11.52 61.52 17.34 8.52 1.65 0.40 0.07 



19

GREATLINK GLOBAL VALUE EQUITY FUND report as at 31 December 2005 

FUND FACTS 




Fund Size 

S$ 65.14 mil 

Fund Manager 


(wef 26 Sep 2005) 

Sub Fund Manager 

Capital International, Inc. 



1.50% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 





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 

3% 


Price Indexed 

Europe 

30% 

Japan 

19% 

Emerging Markets 

2% 

Cash 

5% 

North 

America 

41% 


130 

125 

+21.92 

120 

115 

110 

105 

100 

+14.48 

95 

90 

85 

80 

75 

70 

65 

60 

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

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

––––– 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. 

Benchmark: MSCI World Index with net dividends reinvested 


MARKET REVIEW 

It was a good year for global equities, supported by strong 

profit growth. Global economic growth was good and inflation 

remained subdued. The best results among developed markets 

came from Japan. Resource rich countries such as Canada were 

also strong. Commodity indices registered a fourth-straight year 

of increases, helped by strong demand. 

Energy stocks led the markets for the first three quarters 

and had the best returns by far for the year fuelled by soaring oil 

prices. Crude oil futures reached a peak of US$67.9 in the third 

quarter then eased back below US$60 towards the end of the 

year. Cyclical stocks took the lead in the fourth quarter, with 

materials and industrials ending the year with large gains. Financials 

also had good results thanks to record profits. Mergers and 

acquisitions occurred at a feverish pace, with global deal volume 

up 38% from 2004, according to preliminary year-end data. Private 

equity transactions also ran high as well as underwriting, with 

many high profile IPOs outside the US. The telecommunications 

services sector was the weakest by far. Investors grew increasingly 

concerned about bleak growth prospects (in developed markets), 

pressure on profit margins and fears that cash-rich operators 

would overpay for acquisitions. 

Current account imbalances showed no sign of correcting. 

Despite this, the US dollar defied conventional wisdom and rose, 

thanks to higher interest rates. Despite many doubters, the U.S. 

economy remained strong in the face of high energy prices, natural 

disasters, concerns about US consumers, and rising interest rates. 

The Federal Reserve raised the federal funds rate from 2.25% to 

4.25%, though their stated goal is not to achieve a tight monetary 

policy, but rather, to move from an accommodative policy to a 

neutral one. 

The European equity markets rallied throughout most of 

2005 and finished the year with good annual returns. There were 

signs that an economic recovery was beginning to take hold in 

the eurozone, and, in a move that was widely anticipated in the 

market, the European Central Bank raised interest rates by a 

quarter percent to 2.25% on 1 December. In the UK, the government 

reduced its economic growth forecast for 2005 and 2006. 

The gradual economic recovery in Japan gained believers as 

the year progressed. The stock market surged. Reforms regained 

momentum after the prime minister’s landslide victory in a snap 

parliamentary election which reinforced his mandate for reform 

including the proposed privatization of Japan Post. 

Currencies played a major role over the year with rising 

interest rates in the U.S. helping to support the dollar which 

strengthened 15% against the euro, 12% against the British pound 

and 15% against the Japanese yen. 



(annualised) 

(annualised) 

Greatlink Global Value Equity Fund 4.74 11.88 12.34 57.41 16.33 14.48 3.66 




GREATLINK GLOBAL VALUE EQUITY FUND report as at 31 December 2005 


With robust economies in the U.S. and emerging markets 

and sustainable recoveries taking hold in the eurozone and Japan, 

the global economy appears poised for higher-than-average growth 

despite the drag of high energy prices and rising short-term interest 

rates. While energy prices tax growth, their inflationary impact 

should continue to be offset by globalization, spare capacity and 

rising productivity in many industries, which continues to keep 

labor costs and prices for consumer goods in check. With regard 

to interest rates, the Federal Reserve is looking to move from an 

accommodative policy to a neutral one and not to a policy of tight 

money, rate increases by the European Central Bank are expected 

to be limited, and the Bank of Japan is under political pressure to 

avoid prematurely abandoning its quantitative easing policy. More 

importantly, long-term interest rates remain low. 

Equity valuations are reasonable, profits are healthy and many 

companies, particularly in Europe, are becoming leaner through 

restructuring. Corporations have built up cash, and while some of 

that is being used to increase dividends and buy-backs, some will 

likely be spent on capital investments and employment. Putting 

idle cash to work should improve the return on equity for many 

companies. 

In Japan, ongoing structural changes in the economy and 

prudent policy measures continue to underpin our belief in a 

gradual, sustainable recovery. Equity market valuations continue 

to look attractive and earnings fundamentals seem to support 

further market upside. We see investment opportunities in industry 

consolidation and turnaround situations, beneficiaries of secular 

growth trends and rising prices, improved corporate governance 

and niche players whose market dominance is well established. 



21

GREATLINK GLOBAL INTERSECTION FUND report as at 31 December 2005 

FUND FACTS 




Fund Size 

S$ 62.59 mil 

Fund Manager 


(wef 26 Sep 2005) 

Sub Manager 

Wellington International 

Management 



1.50% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 





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 

5.7% 

North America 

51.6% 

Japan 

14.7% 


Price Indexed 

Europe 

28.0% 


125.00 

+22.54 

120.00 

115.0 

110.0 

105.0 

100.0 

+12.59 

95.0 

90.0 

85.0 

80.0 

75.0 

70.0 


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

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

Benchmark: MSCI World Index (Gross of Dividends Reinvested) 


MARKET REVIEW 

Global equity markets rose 16.3% in local currency terms 

for the year of 2005. In the US, the S&P 500 rose 4.9% y-o-y on 

the back of encouraging economic releases. Both the manufacturing 

and service sectors showed continued growth, third-quarter 

productivity was revised upward, and the Conference Board’s 

Leading Index and Consumer Confidence Index both rose. Also, 

the Federal Open Market Committee raised short-term interest 

rates another quarter point to 4.25% in December, but dropped 

the reference to policy “accommodation” in its statement, suggesting 

it may be nearing an end to rate hikes. 

Outside the US, Japan (+44.7%) was the best-performing 

developed market, with Europe (+25.5%) and Pac Basin ex Japan 

(+20.3%) generating positive returns as well in local currency 

terms. Emerging market equities (+34.5%) outperformed developed 

markets (+10.0%) in US dollar terms. 

The Greatlink Global Intersection Fund outperformed its 

benchmark during the period, aided by strong security selection 

in the Energy, Health Care and Consumer Staples sectors. 


For the last two years, equities’ primary headwind was 

excessive valuation. This raised many concerns, as an abrupt 

valuation adjustment held the potential for sharply negative equity 

market returns, particularly in the US. During this time, equity 

valuations adjusted in the healthiest and least painful manner 

possible; earnings grew strongly in excess of consensus expectations, 

and P/E multiples gradually contracted. As we stand today, global 

equity market multiples have converged to a fairly narrow range. 

Provided that the economic cycle moderates to a steady-state 

rate of growth, as we expect, the probabilities of P/E multiple 

expansion and contraction are now approximately in balance. This 

represents a clear improvement versus the last two years. 

The counterpoint to this optimistic condition, and what 

makes the environment less bullish looking forward, is our 

expectation of continued deterioration in the corporate earnings 

outlook. As the economic cycle continues to advance, in part as 

a US housing slowdown reduces the amount of mortgage equity 

likely to be extracted by consumers, we expect corporate earnings 

to continue to decelerate in nearly all regions; Japan is a most 

notable exception. In 2006, earnings growth in many regions will 

fall to or below trend growth rates, thereby limiting the scope for 

equity market returns. Indeed, the valuation adjustment of the last 

two years was quite important, as the possibility of valuation 

expansion makes a strong equity market a reasonable bet in 2006. 

Even so, modest earnings growth means that even a small amount 

of P/E contraction would result in negative equity market returns. 

Therein lies the challenge for 2006. 

22 


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

(annualised) 

(annualised) 

Greatlink Global Intersection Fund** 0.19 7.13 10.39 48.02 13.96 12.59 3.21 


* Measured since earliest available date 31 March 2002 

** Performance net of fees 



GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO report as at 31 December 2005 

FUND FACTS 

Inception Date 15 August 2001 



Fund Size 

S$ 20.58 mil 

(Underlying Fund Size) 

US$ 4,248.93 mil 

Underlying Fund 

Luxembourg Global Growth Trend 

Portfolio 

Fund Manager 

Alliance Capital Management (S) Ltd 



1.75% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 



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


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* 

Other 

16% 

PORTFOLIO WEIGHTINGS BY SECTOR ALLOCATION* 

Cash 

Equivalents 

4% 

Communication 

& Info 

Technology 

13% 

Japan 

8% 

Switzerland 

8% 

China 

3% 

United Kingdom 

7% 

Financial Services 

23% 

Cash Equivalents 

5% 

Bermuda 

3% 

Infrastructure 

14% 

Health Care 

14% 

United States 

50% 

Consumer Growth 

13% 

Energy & Natural 

Resources 

19% 


Price Indexed 

145.0 

137.5 

130.0 

122.5 

115.0 

107.5 

100.0 

92.5 

85.0 

77.5 

70.0 

62.5 

+38.00 

+21.23 

45.0 

37.5 

30.0 

22.5 

15.0 

7.5 

0.0 

-7.5 

-15.0 

-22.5 

-30.0 

-37.5 

55.0 

-45.0 

02 03 04 05 

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

Benchmark: MSCI World Index. 


MARKET REVIEW* 

Performance Review (Aug 2001 to Dec 2005) 

Global equity markets recovered their first half losses during 

the latter part of the year, as the MSCI World ended the year up 

9.49%. Markets were led by energy stocks, amid a 40% rise in 

crude oil prices, record profits, and continued strong energy 

demand worldwide. Material stocks also outperformed on continued 

voracious appetite for raw materials, especially from emerging 

economies like China and India. Technology, healthcare and financial 

stocks posted substantial gains as well, but trailed the performance 

of the leading sectors. 

Luxembourg GGTP strongly outperformed the MSCI World 

Index during the period. As expected, stock selection drove our 

premium. In the year, a strong showing by our energy and naturalresource, 

healthcare, technology, and financial stocks led our 

outperformance against the core benchmark. Our holdings in 

Halliburton, Nomura, Alcon, Mitsubish Financial and Mitsubishi 

figured among the top individual contributors to the Luxembourg 

GGTP’s performance in 2005. 

On the negative side, a poor showing by our holdings in the 

consumer growth sector mitigated some of our relative gains. 

Among top individual detractors, Citigroup, Air Products, Ranbaxy, 

AIG and eBay stood out in the year. 




(annualised) 

(annualised) 

Greatlink Global Growth Trends Portfolio 1.86 13.60 17.68 65.53 18.31 38.00 7.68 


* 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. 



23

GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO report as at 31 December 2005 

As we ended 2005, Luxembourg GGTP had maintained an 

overweight position in the healthcare, technology, and energy and 

natural-resource sectors. We also held a small overweight in 

infrastructure while holding underweight positions in the financial 

and consumer sectors. We focused much of our recent trading 

activity in adjusting intra-sector positioning, especially in finance, 

technology, and energy and natural-resource sectors. 

MARKET OUTLOOK AND STRATEGY* 

Several wild cards remain as we enter 2006, chief among 

them the ongoing volatility in the energy markets, the sustainability 

of current relatively high levels of consumer spending (mainly in 

the key US market) and a recent inversion of the US yield curve. 

As of late December, it appeared that oil was in for a period 

of more stable, albeit still lofty, prices. Barring any exogenous 

shocks, our economists believe that oil might stabilize somewhat 

in 2006 around an average price of $55 a barrel. On the spending 

front, higher energy prices have undoubtedly created headwinds 

for the US consumer, a key engine of global growth. Although 

below the 1970s highs, energy costs as a percentage of personal 

income are now at a 10-year peak. In addition, US consumers 

have become increasingly dependent on borrowing against the 

price appreciation of their homes to supplement their spending 

power, and a continued rise in mortgage rates, or downturn in 

housing prices, could trigger a pullback. 

Late in the fourth quarter, investors also fretted about an 

inversion in the US yield curve (when the yield paid on the 10- 

year note dropped below the yield on the two-year instrument) 

as some perceived the phenomenon as a presage to an economic 

slowdown. Although the jury is still out on that discussion, it is 

worth noting that a growing chorus of analysts, including outgoing 

Fed chairman Alan Greenspan, has recently challenged the yield 

curve’s forecasting ability. That’s because foreign buying of US 

debt instruments—particularly long-term ones—has been 

particularly heavy, an occurrence that has, in the view of many 

analysts, kept long-term yields unusually low even as the Fed 

continued to hike short-term rates. 

As we look ahead, we remain cognizant of these risks and 

will continue to monitor the environment closely. But, in spite of 

these wild cards, the opportunity for growth investors remains, 

in our view, particularly attractive at this juncture, and we are 

confident that our Luxembourg GGTP is well-positioned to reap 

the benefits of a renewed growth cycle and to surprise the 

consensus view on the upside. 

24 

* 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. 



GREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 31 December 2005 

FUND FACTS 

Inception Date 8 June 2005 



Fund Size 

Fund Manager 

S$ 46.71 mil 


(wef 26 Sep 2005) 



1.40% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 



S&P Fund Stars as at 31 Dec 2005 N.A 


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. 


By Country 


Performance Review (Jun 2005 To Dec 2005) 

Price Indexed 

Hong Kong 

8% 

110 

109 

108 

107 

106 

105 

104 

103 

102 

101 

100 

99 

Australia 

9% 

Japan 

11% 

Europe 

14% 

Cash & Cash Equivalents 

6% 

By Asset Reits – 63% # 

Equities – 31% # 

Cash – 6% 

Canada 

2% 

ASEAN 

3% 

Jul Aug Sep Oct Nov Dec 

+9.09 

United States 

America 

47% 

#Source: BONY custodian report 

+8.00 

10 

9 

8 

7 

6 

5 

4 

3 

2 

1 

0 

-1 

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

Benchmark: S&P Citigroup BMI World Property Index 

Source: S&P 



MARKET REVIEW 

Since inception, the fund gained 8% (bid-bid), underperforming 

the benchmark S&P/Citi BMI World Property index which rose 9.09%. 

Europe and US 

Since the fund’s inception in June, North American and 

European Real Estate securities performance has been driven by 

interest rate and economic growth concerns and balanced by 

improving real estate fundamentals. In this type of environment, 

real estate companies that have the ability to grow their dividends 

and create shareholder value beyond “positive spread” investing 

tend to perform well. Our overweight positions in companies like, 

Simon Property Group and General Growth Properties, that have 

delivered strong dividend growth and can create shareholder value 

through development, re-development and embedded pricing power, 

aided our performance. Our position in cash as the fund launched 

and ramped up detracted our performance versus the benchmark. 

Asia 

At inception, the Asian portion of the Fund was overweight 

in Singapore and Hong Kong, which were funded by the underweight 

in Japan. We were neutral on Australia. 

The Singapore property sector started the period on a strong 

footing, boosted by surprise changes to the Singapore housing 

mortgage policies in July to stimulate the residential housing market. 

The award of the tender of the new Business and Financial Centre 

and the long anticipated decision on legalising casino operations 

generated follow-through interest on the property sector. Sentiment 

continued to build in the luxury residential segment, leading to 

better performance in developers versus the S-REITs, particularly 

after concerns over rising bond yields and numerous capital raisings 

restrained performance. The call for more transparency in REIT 

managers further dampened investor sentiment on S-REITs. 

CapitaLand and Hong Kong’s Sun Hung Kai emerged as the winner 

for the Orchard Turn land parcel worth S$1.38b. Developers are 

clearly bullish on property, given the high bid and the increase in 

foreign developers’ participation in the auction. 

In Hong Kong, the larger than expected rise in interest rates 

severely curtailed demand. While property prices were up for the 

period, transaction volumes dried up almost entirely towards the 

year-end as investors hoped for more clarity in the interest rate 

outlook. The office segment performed well on strong rental revisions 

and good take-up rates while the lack of supply also helped. The 

three REIT IPOs in 2005 all did well versus the broader market, 

with the first IPO, Link REIT returning 42% above IPO price as 

investors discounted its cost cutting and asset enhancement potential. 

JREITs started the period weak when Japanese bond yields 

rose to reflect a stronger economic outlook. This worked in favour 

of the real estate developers as anticipation of the end of deflation 

created optimism in terms of higher asset prices. On their part, 

the developers have been turning in stronger performances on 

improved operating conditions in areas such as office building 

leasing and investment and the confirmation of strong earnings 

and capital expenditure momentum at Japanese companies. 

Fundamentals are solid in the sector. Large and new buildings in 

favourable locations continue to be almost fully occupied upon 

opening and rents in Tokyo’s five central wards have continued 


3mths 6 mths Since Inception* 

Greatlink Global Real Estate Securities Fund 2.81 7.77 8.00 

Benchmark Index 2.46 8.77 9.09 

* Performance since 20 June 2005 



25

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 31 December 2005 

rising over the past six months. The sale of two buildings owned 

by Mori Trust in late December, to U.S. insurer AIG at record 

prices, boosted sentiments further. 

In Australia, property trust returns for the year were constrained 

by interest rate concerns, relatively large volumes of equity issuance 

and narrower investment spreads that made accretive acquisitions 

difficult. However, property markets have been well-behaved with 

fundamentals improving in the office and industrial markets and 

holding up in retail despite slowing retail sales growth. 

Over the period, the overweight position in Singapore was 

retained in view of its early stage of recovery while the initial overweight 

in Hong Kong was adjusted to reflect concerns over the rising risk 

of higher Hong Kong interest rates. The Fund added to the exposure 

in Japan as data released pointed to a sustainable recovery for the 

economy. To fund this, we reduced our exposure to Australia. 


Europe and US 

The U.S. economy grew comfortably in 2005 with annual GDP 

growth expected to be well approximately 3.6% and an additional 

2 million jobs added to the work force. 2006 U.S. GDP growth is 

forecasted to be 3.4% based on a composite of leading economists. 

An environment in 2006 of stable interest rates and economic 

growth bodes well for real estate fundamentals and earnings growth. 

Real estate securities, based on dividend yield and earnings 

growth, still appear attractive relative to bonds and general equities 

and continue to appear attractive relative to net asset value. In 

2006, we expect further mergers and acquisitions to occur in the 

sector as demand for commercial real estate from pension funds 

and private investors continues. We expect the private sector bid 

to keep the net supply of new stock relatively stable. Gross equity 

issuance for U.S. real estate securities totaled approximately $28 

billion in 2004 and 2005, well off from the peak issuance years of 

1997 and 1998, when equity issuance totaled over $40 billion. 

Privatizations in 2004 and 2005 removed approximately $13.1 

billion from the North American public security investable universe. 

We believe building costs will continue to escalate above 

inflation in 2006; while this will prevent some speculative new 

supply, we continue to believe the return requirement for 

development from institutional investors will remain low compared 

to historical standards resulting in “normalized” levels of new real 

estate supply. We view the primary risks to real estate securities 

in 2006 as un-anticipated increases in interest rates, capital flow 

rotation out of value stocks to growth stocks and a leveling of 

the relative attractiveness versus stocks and bonds. 

In 2006, we continue our retail, hotel and industrial overweights, 

as we believe they continue to offer the best combination of 

earnings growth and reasonable valuations in a period of continued 

economic growth. Regional Mall and Hotel companies have 

tremendous pricing power and some industrial markets are 

switching from tenant pricing power to landlord pricing power. 

We remain underweight but opportunistically selective in the 

office sector and multi-family sector. In the office sector we 

continue to see landlord pricing power in certain markets, 

particularly New York, Washington D.C., and Southern California, 

however, we believe it is still a tenant driven market across most 

of the sector for 2006 and we expect to get more visibility on 

pricing power in the middle of the year. Another year of 2 million 

new jobs created should position the office markets well for a 

2007 recovery. We believe multi-family companies will provide 

reasonable relative earnings growth in 2006 and perhaps a few 

upside earnings surprises; however, we believe that current 

valuations accurately reflect growth prospects and believe the 

condo conversion premium embedded in many multi-family net 

asset values will begin to abate in 2006. We also continue to add 

Canadian real estate securities to the portfolio as relative valuations 

began to look attractive after a recent pullback. 

In Europe, capital flows into private and public real estate are 

expected to remain strong. We see continued rental growth and 

recovery in some European office markets, particularly London and 

Paris, additionally Madrid. We are closely monitoring the interest 

rate environment in Europe after the recent European Central Bank 

rate increase and currently favor companies that can create value 

through leveraging institutional equity capital, strong development 

and re-development pipelines and companies that benefit from the 

higher growth economies of Eastern Europe. We are more cautious 

on the U.K. given the recent price run up in anticipation of REIT 

legislation, though we do anticipate that REIT legislation will be 

passed in either the UK, Germany or both in 2006. 

Asia 

The Hong Kong property market is watching intently for a 

peaking in interest rates which had caused transaction volumes 

to decline markedly during last year. The market expectation is 

that interest rates are close to a peak and the pent-up demand 

produced thus far will create a positive environment for Hong 

Kong property prices. The office segment will do well as continued 

strong office demand is boosted by a new high in hiring intent, at 

a time when vacancies are at or below critical levels and no large 

completions are expected till 2008. Home buying activity will pick 

up after the Lunar New Year as tight labour market and strong 

pay raises work to edge up prices. Retail property prices are likely 

to stay muted because of large rises already experienced in 2004. 

In Singapore, the pricing strength seen mainly in the luxury 

end of the market in 2005 should broaden out this year as the 

cycle gains momentum with the resulting price rise likely to be 

higher than last year’s. Prime office property should perform the 

best within the property sector because of the weak supply 

pipeline. One Raffles Quay, the largest office development in 2006, 

has been fully taken up while the redevelopment of old commercial 

buildings to cater to the demand created by the future integrated 

resorts and casino, will further squeeze supply. The Singapore 

retail segment will benefit similarly from the casino development, 

with the upcoming supply at Vivio City expected to be well 

absorbed. As for SREITs, the valuations and spread have become 

more attractive and should do well going forward, particularly 

when interest rates peak. 

Australian property prices are expected to remain stable as 

long as the unemployment rate stays low, and indications of 

economic activity does not suggest otherwise. Industrials rents 

may see some upside, a consequence of cost-push being experienced 

by the economy. Overall valuations are seen as fair, given the 

strength of performance since 2004, although increasing funds 

flow into property securities globally, and ongoing potential for 

value-accretive transactions are likely positives. 

The outlook for Japan remains positive. Office rentals in 

central Tokyo have shown signs of steady increases since early 

2005, a noteworthy achievement considering the prolonged extent 

of rental declines. Vacancy rates in good locations have come down 

to below 5%, a level where bargaining power of landlords typically 

becomes evident. The demand and supply outlook is also benign 

with the supply pipeline over the next few years looking constrained 

while demand is still in an early stage of recovery underpinned by 

the firmer economic outlook. However, the residential sector is 

less encouraging as housing starts are still not registering growth. 

Over the medium term, this economy will likely experience inflation, 

which could accelerate investments in property. 



GREATLINK EUROPEAN EQUITY FUND report as at 31 December 2005 

FUND FACTS 




Fund Size 

S$ 38.61 mil 


S$ 1,085 mil 


Capital International Fund 

– European Equity Fund 

Fund Manager 


(wef 26 Sep 2005) 

Sub Manager 

Capital International, Inc 



1.85% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 





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* 

Sweden 

3% 

Norway 

2% 

Spain 

7% 

Germany 

9% 

Others 

11% 

Switzerland 

11% 

Cash & Equivalents 

2% 

Netherlands 

10% 


32% 

France 

13% 



105 

5 

100 

-3.86 0 

95 

-5 

90 

-10 

85 

-15 

80 

-7.05 

-20 

75 

-25 

70 

-30 

65 

-35 

60 

-40 

55 

-45 

50 

-50 

45 

-55 

01 02 03 04 05 

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

Benchmark: MSCI Europe Index 

Source: S&P 


Price Indexed 




8.74% (bid-bid), outperforming the benchmark MSCI Europe index 


Economic growth in Europe was disappointing for the first 

half of the year, and then began to pick up in the second half. 

European equity markets ended the year with solid gains with all 

markets providing double-digit returns in local currency terms. 

The slow pace of government reform masked huge changes at 

the corporate level. Many European companies, especially in Germany, 

have been restructuring, becoming much leaner organizations. Voters 

in France and the Netherlands rejected a proposed European Union 

constitution, while Germany's national election ended in a tenuous 

coalition government. In the U.K., the Labour government was 

returned to power with a significantly reduced majority. 

There were signs that an economic recovery was beginning 

to take hold in the eurozone, and, in a move that was widely 

anticipated in the market, the European Central Bank raised 

interest rates by a quarter percent to 2.25% on 1 December. 

While core inflation figures, which exclude volatile items such as 

oil and food, remained relatively subdued, the potential inflationary 

impact of the rapid increase in money supply and credit growth 

alarmed the Bank. Central banks in Norway and Switzerland also 

increased rates. The Bank of England reduced interest rates in the 

summer and there was speculation that the next interest rate 

change in the U.K. would be another cut early in 2006 due to 

slower-than-expected economic activity and signs that the housing 

market was stabilizing. The U.K. chancellor reduced the government's 

economic growth estimates for 2005 and 2006. 

Austria, Denmark and Norway made the largest gains over 

the period. At the sector level, industrials, materials and energy had 

the best returns. The materials sector gained with metal and mining 

companies benefiting from higher metals prices. Industrial stocks, 

notably electrical equipment, aerospace & defence and construction 

& engineering companies, provided good returns. While energy was 

one of the strongest sectors for the year, company share prices 

have declined since the oil price peaked in August. 

Wireless telecommunications was the only sector with 

negative returns. Vodafone epitomized poor investor sentiment, 

with concerns about margin guidance and strategic direction 

impacting the stock. 

MARKET OUTLOOK* 

We expect the recovery in the eurozone will continue into 

2006 and that slightly higher short-term interest rates will not be 

an impediment to economic growth. Any additional tightening by 

the ECB will be limited, as economic growth is unlikely to be very 

strong and globalisation will continue to constrain inflation by 

keeping labour costs and prices for consumer goods in check. 

We think that the eurozone’s rapid credit growth, which has been 

a concern for the ECB, is a reflection of deregulation and innovation 

in financial markets rather than a prelude to inflation. More 

importantly, companies in Europe, particularly Germany, are 

continuing to restructure, becoming leaner and more competitive. 

We believe Europe offers attractive investment opportunities; 

equity valuations are reasonable, profits are growing and interest 

rates remain low. 




Greatlink European Equity Fund 2.44 8.74 10.38 62.32 17.54 1.03 0.21 -7.05 -1.33 

Benchmark Index 0.33 8.24 11.27 66.36 18.50 4.72 0.93 -3.86 -0.72 

* Information relates to Capital International Fund – European Equity Fund 



27

GREATLINK ENHANCER FUND report as at 31 December 2005 

FUND FACTS 

Inception Date 26 April 1996 



Fund Size 

Fund Manager 


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. 


S$ 343.40 mil 


(wef 26 Sep 2005) 



1.00% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 




Taiwan 

Singapore 11% 

6% 

Malaysia 

2% 

Korea 

20% 

Indonesia 

2% 

Thailand 

2% 

Cash & Cash Equivalents 

2% 

India 

7% 

Hong Kong 

7% 


Performance Review (Apr 1996 to Dec 2005) 

Price Indexed 

180 

160 

140 

120 

100 

80 

60 

Australia 

31% 

China 

10% 

+63.79 

+39.91 

MARKET REVIEW 


17.17% (bid-bid), outperforming the benchmark MSCI AC Asia ex- 

Japan index which rose 12.51%. 

The year 2005 proved to be a good year for the Asian bourses, 

although Asian economies were rocked by several catastrophes 

including the aftermath of the Asian tsunami, Bali bombing and the 

Pakistan earthquake. MSCI Asia Pacific ex Japan index outperformed 

the world index, with a total SGD return of 26.09% vs 12.07% for 

the world index. In particular, strong liquidity inflows led to the 

significant outperformance of Korea and India against the regional 

index, while Taiwan, Malaysia and Thailand have underperformed 

in the last 2 years, dogged by uncertain policies and depressed 

investor sentiment. Despite having to deal with the plunging rupiah 

and fuel price hikes, MSCI Indonesia index rose 18% in SGD terms 

while China posted a strong 22% return for the whole year. 2005 

was also a record year for equity issuance, dominated by China, 

raising more than US$25b with large scale deals coming from the 

bank and insurance sectors. At a sector level, Energy, Tech and 

Healthcare outperformed, while Telecoms and Utilities lagged. 

Over the course of 2005, fears of rising inflation was a 

prevalent theme across the region, with rates being adjusted 

substantially in Indonesia, Hong Kong, Thailand and Singapore. Most 

currencies depreciated against the US dollar, especially the Indonesian 

rupiah and the Thai baht. 2005 was also a year of widespread 

strength among commodity prices, with the CRB Futures index 

rising 22.5% and significantly higher prices of energy, precious 

metals and base metals. This strength is mainly driven by robust 

Chinese growth, low inventories, on-going supply bottlenecks and 

supply disruptions. 

The fund’s performance can be attributed to stock picks. 

Other than in Philippines and Thailand, stock selection in all other 

markets added value. The fund has benefited by focusing on the 

sectors within the country that will deliver earnings growth and 

reasonable dividend yields such as industrial and materials sectors 

in Australia, consumer sectors in China, property sector in Hong 

Kong and industrials and telecommunications sectors in India. In 

terms of country allocation, the overweight in Thailand dragged 

down the fund’s performance as the market was hurt by negative 

sentiment caused by delayed privatizations, slow development of 

the mega-projects, rising inflationary pressure and political risks. 

28 

40 

20 

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 

96 97 98 99 00 01 02 03 04 05 

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

Benchmark: MSCI All Countries Asia Pacific ex Japan (Gross). 



We expect regional equity markets to continue its 

outperformance relative to the world in 2006, given the more 

attractive valuations and better economic growth. Rising interest 

rates and high oil and commodities prices are the key risks in 




Greatlink Enhancer Fund 4.64 17.17 26.09 102.87 26.61 71.18 11.34 63.79 5.23 




GREATLINK ENHANCER FUND report as at 31 December 2005 

2006. From the recent FOMC minutes, the likelihood of peaking 

of rates appears evident and we believe that this will be a catalyst 

for Asian markets to rally. 

China is one of our key overweight markets. The 11th Five 

Year Plan highlights the emphasis on boosting domestic consumption 

and developing the services sector. Although there are signs that 

exports and fixed assets investment are slowing, government’s 

initiatives to boost consumption and the continued urbanization 

of China will drive the economic growth going forward. Hence, 

we will continue to tilt the portfolio towards more consumption 

related plays such as property, banks and retail as well as energy/oil 

sectors. In contrast, we remain cautious on Hong Kong, on the 

back of weakening trade activity, as well as weak retail and property 

sales. Valuations are also uncompelling. 

Korea’s Kospi jumped a massive 54% in KRW terms in 2005 

on the back of strong domestic liquidity due to rising popularity 

of monthly installment funds and steady money inflow into equity 

funds. We expect the strong liquidity flows to continue and this, 

with the recovery in the domestic economy and attractive valuation, 

forms the basis of our positive view on Korea. We are neutral on 

Taiwan despite the recent rally of Taiex since October, which was 

triggered by the earnings upgrade of technology companies. We 

believe that a major risk of the market remains in technology 

stocks, but the high dividend yield will lend support to the market. 

We are neutral on both Australia and India. The pipeline of 

capex in mining, oil and gas and infrastructure in Australia should 

continue to support the low unemployment rate and good wage 

growth. The majority of FY June 06 earnings appear to be lockedin; 

with the main contributors being materials and banks. We 

remain overweight in the Australian resources sector as China 

continues to be hungry for resources while the industrials sector 

looks interesting on the back of increased capex spending. We 

believe the next phase of growth in India is likely to come from 

urban consumption, infrastructure-related spending and cost 

arbitrage in manufacturing and services. With low retail participation 

in equity market, coupled with low bond yields, as well as strong 

growth potential among Indian corporates, the Indian story remains 

one of a shift in savings to equities by local investors plus foreign 

investors buying the Indian growth theme. That said, valuations of 

Indian market do not look cheap. 

In Singapore, we favour domestic-oriented stocks which have 

an attractive risk-reward profile with stable cashflow and high 

dividend yield. We also like the property sector, which could return 

to the limelight due to the integrated resorts bidding news flow 

and recovering physical market. REITs could see a tough start in 

2006. Although the Malaysian market’s underperformance has 

pushed valuations to attractive levels, we believe that consensus 

2006 earnings are still too optimistic and corporates in general 

lack pricing power. The GLC restructuring theme would continue 

to feature in terms of newsflow, but this is a long-term structural 

change story. We continue to underweight Malaysia. In the TIP 

markets, we prefer Thailand to Philippines and Indonesia due to 

improvements on the macroeconomic front for these economies. 



29

GREATLINK ASEAN GROWTH FUND report as at 31 December 2005 

30 

FUND FACTS 




Fund Size 

S$ 130.38 mil 

Fund Manager 


(wef 26 Sep 2005) 



1.00% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 





The Fund objective is to achieve long term capital appreciation 

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



Price Indexed 

Singapore 

54% 

160 

140 

120 

100 

80 

60 

40 

20 

Thailand 

16% 

Cash & Cash 

Equivalents 

3% 

Australia 

1% 

Indonesia 

10% 

Performance Review (Apr 1996 To Dec 2005) 

Malaysia 

14% 

Philippines 

2% 

+43.16 

-40.98 


96 97 98 99 00 01 02 03 04 05 

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

Benchmark: Composite of MSCI Singapore/Malaysia/Philippines/Thailand/Indonesia (Gross). 


MARKET REVIEW 


3.9% (bid-bid), underperforming the benchmark which is a composite 

of MSCI Singapore/Malaysia/Philippines/Thailand/Indonesia index 

which rose 7.03% (bid-bid). All ASEAN markets posted positive 

gains during the year despite soaring oil prices, rising interest rates 

and sporadic political unrest. 

In Singapore, growth momentum of the economy picked up 

pace throughout 2005, supported by improved domestic confidence 

and strong job creation. The rise in the stock market was led by 

property and offshore marine sectors. The government’s decision to 

proceed with the tender for two integrated resorts lifted the property 

sector. This move raised hope that the downtown landscape could 

see a major transformation, prompting a wave of hectic activities 

among prime residential properties and office space. Further easing 

of borrowing restrictions for residential property purchases in July 

provided sustained momentum for property stocks. Offshore companies 

were sought after as order flow momentum accelerated, resulting in 

a record order books for Singapore shipyards. Investors were of the 

view that the sector was at the beginning of a strong up-cycle due 

to ageing rigs and higher demand for rigs capable of operation in the 

deeper seas. Banks underperformed the market, owing to challenging 

operating environment such as flattening yield curve and anaemic 

loans growth. The Malaysia stock market has a disappointing year. 

While the market index was marginally higher, most of the smaller 

companies ended the year lower. Speculation on the Ringgit peg 

sparked periodic interests in the market. However, this turned out 

to be a non-event, as interest soon fizzled out when the peg was 

actually removed. The government-linked company (GLC) restructuring 

led by Khazanah has entered its second year. However, the pace of 

restructuring was generally slower than expected, and this was 

reflected in the pull-back of the share prices of some GLCs. 

Thailand market started the year well but a slew of negative 

developments depressed sentiment. Unrest in southern states, 

pervasive drought that crimped both agricultural and industrial 

output, and increased criticism of Thaksin’s government, coupled 

with high oil prices caused the market to fall sharply by the second 

quarter. Sentiment remained suppressed after that due to escalating 

inflation, interest rate hikes and a delay in EGAT IPO. The Indonesia 

market performed well despite a cut in fuel price subsidies which 

led to sharply higher inflation and interest rates. Optimism on the 

new administration under SBY underpinned the buoyant sentiment. 




Greatlink ASEAN Growth Fund 0.22 3.90 8.45 74.36 20.38 78.95 12.34 43.16 3.78 

Benchmark Index 1.99 7.03 14.04 96.03 25.15 80.40 12.52 -40.98 -5.31 



GREATLINK ASEAN GROWTH FUND report as at 31 December 2005 

The Philippines market was strong owing to improved fiscal 

position and strong overseas foreign workers’ remittances. The 

passage of the VAT law was hailed as a positive move to curb the 

escalating fiscal deficit. Market activity was buoyant with strong 

foreign participation and more than US$800m was raised in 

various IPOs like SMIC, Manila Water, BPI and Semirara. 


The economic growth prospect for the region is bright, with 

real GDP growth forecasts in the range of between 4.5 to 5.5%. 

With the end of the monetary tightening coming to a halt at 

around the second quarter of the year, interest rates in ASEAN 

should peak as well. ASEAN stock market should perform well, 

after a year of lacklustre performance vis-à-vis its North Asian 

neighbours. 

In Singapore, we continue to favour restructuring plays that 

have significantly stronger balance sheets, improved ROE and the 

capability to return cash to shareholders. Stock selection will 

become more important as we look for companies which are 

unlocking values in their balance sheet. We continue to see upside 

in the property sector and selective REITs as we position for the 

end of the rate tightening cycle. Asset reflation is likely to continue 

and we stay weighted in property companies, with the likelihood 

of adding weighting to banks later in the year. We overweight 

conglomerates and remain selective on telecom and technologyrelated 

stocks. We remain cautious on the outlook of the Malaysia 

stock market, given the expectation of future interest rate hikes 

and slower corporate earnings momentum. We remained 

positioned in businesses that have strong balance sheets, competitive 

globally and have a reasonable degree of pricing power. 

After a year of dismal performance, the outlook for Thailand 

stock market is bright. Key catalyst for market performance this 

year will hinge on turnaround of domestic investors’ sentiment. 

With continued economic growth and expectation that interest 

rates hike may be at the tail-end, sentiments are likely to improve. 

Sectors such as banking, property and energy are likely to do 

well. We are turning more positive on the Indonesian stock 

market, ahead of the easing of interest rates expected in the 

second half of the year. It appears that investors have factored 

this event well ahead, as reflected in the strength of the Rupiah. 

We expect divergence in corporate earnings and stock price 

performance in the next one to two quarters. The quick response 

of BI and the cabinet reshuffle are of comfort despite the shortterm 

hardship. In Philippines, we are more selective on banks and 

are cautious on consumption-related names. The government’s 

2006 GDP target is 6% and the recent deceleration of GFP growth 

from 5.2% in 2Q05 to 4.1% in 3Q05 is of a concern. However, 

so long as overseas foreign workers’ remittance remains strong 

and the budget balance continues to improve, market is expected 

to remain resilient. 



31

GREATLINK FAR EAST EX JAPAN EQUITIES FUND report as at 31 December 2005 

FUND FACTS 




Fund Size 

Fund Manager 

S$ 65.90 mil 


(wef 26 Sep 2005) 



1.25% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 


(Regional – Asia) 

Mercer Fund Rating as at 31 Dec 2005 ★★★ 



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. 



Price Indexed 

160.0 

152.5 

145.0 

13.5 

130.0 

122.5 

115.0 

107.5 

100.0 

92.5 

85.0 

77.5 

10.0 

62.5 

55.0 

Cash 

6% 

China 

16% 

ASEAN 

20% 

Hong Kong 

16% 

Taiwan 

15% 


03 04 05 

+53.75 

Korea 

27% 

+45.26 

60.0 

52.5 

45.0 

37.5 

30.0 

22.5 

15.0 

7.5 

0.0 

-7.5 

-15.0 

-22.5 

-30.0 

-37.5 

-45.0 

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

Benchmark: MSCI AC Far East Ex Japan Index 

Source: S&P 



MARKET REVIEW 

For the half year ended 31 December 2005, the fund gained 9.18% 

(bid-bid), underperforming the benchmark MSCI Far East ex-Japan index 


Equity markets in Far East ex-Japan did well in 2005, despite being rocked 

by several catastrophes including the tsunami, Bali bombing and the Pakistan 

earthquake. The benchmark MSCI Far East ex-Japan index chalked up a total 

SGD return of 24% for the year. In particular, strong liquidity inflows led to 

the significant outperformance in Korea against the regional index. On the 

other hand, Taiwan, Malaysia and Thailand continued its underperformance of 

the past 2 years, dogged by uncertain policies and depressed investor sentiment. 

Despite having to deal with the plunging Rupiah and fuel price hikes, MSCI 

Indonesia index rose 18% in SGD terms while China posted a strong 22% 

return for the whole year. 2005 was also a record year for equity issuance, 

dominated by China, raising more than US$25b with large scale deals coming 

from the bank and insurance sectors. At a sector level, Energy, Tech and 

Healthcare outperformed, while Telecoms and Utilities lagged. 

Over the course of 2005, fears of rising inflation was a prevalent 

theme across the region, with rates being adjusted substantially in Indonesia, 

Hong Kong, Thailand and Singapore. Most currencies depreciated against 

the US dollar, especially the Indonesian Rupiah and the Thai baht. 2005 also 

saw widespread strength among commodity prices, supported by significantly 

higher prices of energy, precious metals and base metals. This strength is 

mainly driven by robust Chinese growth, low inventories, on-going supply 

bottlenecks and supply disruptions. 

The fund’s performance was dragged down largely by the cautious 

positioning taken at the start of the reporting period. The underweight in Korea, 

coupled with the significant allocation taken in the defensive markets of Singapore 

and Malaysia detracted from performance as MSCI Korea rose 61% while MSCI 

Singapore and MSCI Malaysia gained only 16% and 4% respectively. 

MARKET OUTLOOK AND STRATEGY 

We expect regional equity markets to continue its outperformance 

relative to the world in 2006, given the more attractive valuations and 

better economic growth. The region is trading at 13.5x PER06, compared 

to the 15.8x globally. Rising interest rates and high oil and commodities 

prices are the key risks in 2006. From the recent FOMC minutes, the 

likelihood of rates peaking appears evident and we believe that this will be 

a catalyst for Asian markets to rally. 

Liquidity flows into the region will therefore continue to drive the 

market. Korea’s Kospi jumped a massive 54% in KRW terms in 2005 on 

the back of strong domestic liquidity due to rising popularity of monthly 

installment funds and steady money inflow into equity funds. We expect 

such strong liquidity flows to continue. This, coupled with the recovery in 

the domestic economy and attractive valuations, forms the basis of our 

positive view on Korea. We turned neutral on Taiwan recently. We believe 

that a major risk of the market remains in technology stocks, but the high 

dividend yield will lend support to the market. 

In Singapore, we favour domestic-oriented stocks which have an attractive 

risk-reward profile with stable cashflow and high dividend yield. The property 

sector could return to the limelight from the integrated resorts bidding newsflow 

and recovering physical market, though we may likely see REITs getting off to 

a tough start in 2006. Although the Malaysian market’s underperformance has 

pushed valuations to attractive levels, we believe that consensus 2006 earnings 

are still too optimistic and corporates in general lack pricing power. The GLC 

restructuring theme would continue to feature in terms of newsflow, but this 

is a long-term structural change story. We would underweight Malaysia. In the 

smaller markets of Thailand, Indonesia and Philippines, we prefer Thailand due 

to the improvement on the macroeconomic front. 



(annualised) 

(annualised) 

Greatlink Far East Ex Japan Equities Fund 2.68 9.18 14.81 89.30 23.72 45.26 10.42 




GREATLINK SINGAPORE EQUITIES FUND report as at 31 December 2005 

FUND FACTS 




Fund Size 

Fund Manager 


The Fund objective is to maximize capital growth through 

investing primarily in Singapore equities. 


S$ 45.07 mil 


(wef 26 Sep 2005) 



1.00% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 


(Singapore Centred) 

Mercer Fund Rating as at 31 Dec 2005 ★★★ 


Information Tech 

4% 

Industrials 

20% 

Telecomm Services 

12% 

Cash 

14% 

Consumer 

Discretionary 

3% 

MARKET REVIEW 

For the half year ended 31 December 2005, the fund gained 6.27% 

(bid-bid), underperforming the MSCI Singapore Free index which rose 

7.26%. The Singapore market posted gains of 16.5% for the year, led by 

the property sector (38%), hotels (26%) and conglomerates (24%). In 

contrast, electronics, the worst performing sector fell 23% for the year. 

The government’s decision to proceed with the tender for two 

integrated resorts lifted the property sector. The move lifted hope that 

the downtown landscape could see a major transformation, prompting 

a wave of hectic activities among prime residential properties and office 

space. Further easing of borrowing restrictions for residential property 

purchases in July provided sustained momentum for property stocks. 

Offshore companies were sought after as order flow momentum 

accelerated, resulting in a record number of order books for Singapore 

shipyards. Investors were of the view that the sector was at the beginning 

of a strong up-cycle due to ageing rigs and higher demand for rigs 

capable of operation in the deeper seas. Banks underperformed the 

market, owing to challenging operating environment such as flattening 

yield curve and anaemic loans growth. 

During the year, we positioned the portfolio in large cap stocks, 

i.e. selective conglomerates and telecom stocks that could ride on the 

capital management and asset divestment themes. Banks have benefited 

from the reflation angle as interest rates rose. We have also trimmed 

the outperforming oil and gas stocks. 

We are of the view that continuing GDP upgrades for Singapore 

could be sustained into 2006. The economic growth momentum picked 

up pace throughout 2005, supported by improved domestic confidence 

and strong job creation. The rise in the stock market was led by property 

and offshore marine sectors. 


Price Indexed 

142 

136 

130 

124 

118 

112 

106 

100 

94 

88 

82 

76 

70 

64 

58 

Financials 

47% 


03 04 05 

+36.21 

+26.63 

42 

36 

30 

24 

18 

12 

6 

0 

-6 

-12 

-18 

-24 

-30 

-36 

-42 

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

Benchmark: MSCI Singapore Free Index 

Source: S&P 




The economic growth prospect for the region looks bright, with 

real GDP growth forecasts ahead of 5%. With expectations of rates 

peaking in the US, interest rates in the ASEAN should peak as well. 

ASEAN stock markets should perform well, after a year of lacklustre 

performance vis-à-vis its North Asian neighbours. 

With an average forecast of about 4-5% growth in Singapore, we 

expect strong earnings from the banking, property, industrial and the 

technology sectors in 2006, which will underpin the resilience of the 

stock prices in these sectors. In addition, the Singapore market is still 

inexpensive at 14x prospective P/E, below 15-year average of 17x. 

In Singapore, we continue to favour restructuring plays that have 

significantly stronger balance sheets, improved ROE and the capability 

to return cash to shareholders. Stock selection will become more 

important as we look for companies which are unlocking values in 

their balance sheet. We continue to see upside in the property sector 

and selective REITs as we position for the end of the rate tightening 

cycle. Asset reflation is likely to continue and we stay weighted in 

property companies, with the likelihood of adding weighting to banks 

later in the year. We overweight conglomerates and remain selective 

on telecom and technology-related stocks. 

The theme of active capital management is consistent across 

Singapore Inc especially with those linked to Temasek Holdings. To 

date, Temasek linked companies that have returned surpluses to 

shareholders include ST Engineering, SembCorp Logistics, Keppel Corp 

and SembCorp Industries. Non Temasek companies who have embarked 

on major capital management exercises include Fraser and Neave, 

SGX, Jardine Cycle and Carriage, OCBC and Mobile One. 



(annualised) 

(annualised) 

Greatlink Singapore Equities Fund 1.09 6.27 14.79 63.01 17.70 26.63 6.47 




33

GREATLINK PAN ASIA FUND report as at 31 December 2005 

34 

FUND FACTS 




Fund Size 

S$ 55.71 mil 


S$ 73.00 mil 


Fund Manager 

Hong Kong / China 

3% 

Thailand 

4% 

India 

4% 

Taiwan 

7% 

Indonesia 

3% 

Korea 

8% Australia 

8% 

Others 

3% 

Cash 

7% 

Schroder Pan Asia Fund 

Schroder Investment 

Management 



1.175% p.a. 


Daily 



CPF Approved 

CPFIS – OA 

Risk Category 





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 invests 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. 



Price Indexed 

110 

100 

90 

80 

70 

60 


Japan 

53% 

+13.30 

+0.60 

50 

Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sep Feb Jul Dec 

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

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

Benchmark Index: MSCI AC Asia Pacific Index from launch til 31 Oct 2001, MSCI AC Asia Pacific 

(Free) Index wef 1 Nov 2001 (Subsequently renamed MSCI AC Asia Pacific Index on 30 Jan 2004) 

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



The Schroder Pan Asia Fund rose 24.4% over the period 

from 31 Dec 2004 to 31 Dec 2005, outperforming its benchmark 

MSCI AC Asia Pacific Index return of 23.3% over the same period # . 

The positive performance can be attributed to the Fund ’s 

country allocation calls by overweighting Korea, as well as good 

stock calls in Australia and Taiwan. 

Asian ex-Japan markets enjoyed relatively mixed performance 

in 2005, with some seeing exceptionally strong returns, while 

others were relatively weak. Korea and India were the best 

performing markets in the region. India saw strong performance 

on continued good domestic growth. Korea was seen as a rerating 

story, with valuations pushed up as companies benefited 

from strength in China, improved corporate governance and high 

domestic liquidity inflows. Weaker markets were mainly those 

aligned with the US, particularly with the technology sector. 

Japanese equities also performed well. Larger, global stocks 

reaped the benefits of long-term restructuring programmes, 

sustained demand from the US and more positive exchange rates. 

However, the main beneficiaries of the rally were stocks linked to 

oil and commodity trading and the large banks favoured as proxies 

to the economy by foreign investors. The rally was set off when 

Prime Minister Kuizumo called a snap election on privatisation of 

the Post Office, with a landslide victory widely seen as an 

unambiguous mandate for economic reform. 

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


Although we remain committed to the long-term 

outperformance of Asian ex-Japan equity markets, the impressive 

rally among the key Asian markets in the past year leads us to a 

more cautious stance for 2006. Higher oil prices and slower US 

growth are likely to be negative, in that many Asian economies are 

net oil importers and for all of them, whether directly or indirectly, 

the US economy is critical. A decline in growth in Chinese capital 

investment is also likely. 

We are also becoming slightly cautious on Japan, given the 

strength of the rally over the past 12 to 18 months. We feel that 

much of the good news has been priced in, and any softening in 

demand from China and the US may raise concerns about the 

extent to which the domestic economic recovery can be sustained. 

Nevertheless, we feel that the market is still good value and 

nowhere in sight of its historical highs, a loose monetary policy 

is all but certain to remain in place, and there is clearly an air of 

rising confidence. 


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


Greatlink Pan Asia Fund 6.60 22.20 24.50 80.40 21.80 36.40 6.40 13.30 2.30 


* Information relates to Schroder Pan Asia Fund 

** Measured since earliest available date 14 Jul 2000 



GREATLINK CASH FUND report as at 31 December 2005 

FUND FACTS 




Fund Size 

Fund Manager 


The GreatLink Cash Fund is a cash mandate and the objective 

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



Price Indexed 

S$ 81.52 mil 


(wef 26 Sep 2005) 



0.30% p.a. 


Daily 



CPF Approved 


Risk Category 

Lower Risk / Broadly Diversified 



Centrepoint 

Properties Ltd 

8% 

JP Morgan 

8% 

128 

124 

120 

116 

112 

108 

104 

100 

Millenia Tower 

9% 

UMF 

7% 

OCBC Bank 

10% 

Abu Dhabi 

Commerical Bank 

5% 

Barclays Bank 

10% 

Keppel Land 

Ltd 

10% 

Performance Review (Apr 1996 to Dec 2005) 

Red Orchid 

21% 

Parkway 

Holdings 

12% 

+22.48 

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

Benchmark: 1 Month Sing Doll Interbank Rate. 


+18.53 


96 97 98 99 00 01 02 03 04 05 

MARKET REVIEW 

For the half year ended 31 Dec 2005, the fund rose 1.26% 

(bid-bid), outperforming the 1 Month Sing dollar interbank rate, 


For the period under review, the three-month interbank rate 

experienced sharp volatility and rose from 1.50% at the beginning of 

2005 to 3.25% at the end of Dec 2005. A number of factors underpinned 

the firmer short-term rates, including the reaffirmation of continued 

tightening stance by global central banks, continued weakness in the 

SGD trade-weighted nominal effective exchange rate (S$NEER), 

hedging by banks and corporate and unwinding of speculative positions. 

The yield curve flattened as the rise in long-term bond yields lagged 

the short-term rates. The fund outperformed its benchmark slightly 

over this period, as it coped with the rapidly rising interest rate 

environment. Duration strategy was kept short as we anticipated the 

SGD short-term interest rates to track the US Federal Fund rates 

higher. The fund’s performance benefited from its strategy of preference 

for corporate bonds over government bonds, where the former 

provided better yield pick-up over the short-term rates. 

For the year ended Dec 2005, the Singapore 3Q GDP came 

in at a strong 7% YOY, bringing growth in Q1-Q3 to 5.1%, an 

upward revision from the earlier advance estimates of 4.7%. The 

official 2005 GDP forecast was raised to 5% from 3.5-4.5%. October 

industrial production further surprised on the upside, rising 17.6% 

YOY. More importantly, we had a strong rebound in electronics 

production as demand picked up ahead of the festive season. 

Growth in other clusters generally accelerated as well. The strong 

pick-up in manufacturing production in the last 3 months suggests 

full year growth may again exceed expectations. 


On interest rate outlook, we expect short-term SGD interest 

rates to track the measured pace of the Federal Reserve’s monetary 

tightening policy, albeit to a lesser magnitude given that demand 

for short-dated debt instruments would remain strong and supply 

in the market remain modest. We think Fed policymakers would 

consider a pause in the tightening cycle soon as core inflation 

remains benign, housing data comes off the peak and consumption 

cools off. The Monetary Authority of Singapore is likely to maintain 

the existing gradual SGD appreciation stance to balance inflationary 

pressures and export growth. 

We expect yields to peak at a lower level than historical 

benchmarks would suggest. Timing the peak will be difficult, and 

the fund’s strategy would be to maintain short duration and look 

to progressively lengthen duration as yields creep up. We continue 

to prefer corporate bonds to government bonds while keeping 

a good portfolio mixture of short-dated variable-rate notes and 

slightly longer-dated debt instruments. We will continue to seek 

out and select credits with strong balance sheets, coupled with 

stable earnings growth outlook. 

The risk to our view is the stronger than expected economic 

growth. Advance estimates show 4Q GDP at 7.7% YOY, 9.7% QOQ 

and full year GDP at 5.7%. If the economic growth momentum 

continues to accelerate, led by domestic demand with the improved 

sentiments in the property market and general increase in wages, 

MAS may shift to a more aggressive appreciation stance for the 

S$NEER. This would imply that short end rates stay firm for longer 

and will translate to higher rates across the curve. 




GreatLink Cash Fund 0.81 1.26 1.99 2.83 0.94 4.84 0.95 18.53 1.77 




35

GREATLINK GLOBAL BOND FUND report as at 31 December 2005 

FUND FACTS 

Inception Date 15 January 2002 



Fund Size 

S$ 102.10 mil 

Fund Manager 


(wef 26 Sep 2005) 

Sub Manager 

PIMCO 



0.85% p.a. 


Daily 



CPF Approved 


Risk Category Low to Medium Risk / 


Mercer Fund Rating as at 31 Dec 2005 ★★★★★ 



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 Dec 2005) 

Europe 

42% 

+20.81 

+20.54 

98 

Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec 

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

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

Benchmark: Lehman Global Aggregate Bond Index 50% Hedged into SGD 


MARKET REVIEW 

Developed global bonds posted mediocre returns in 2005. 

The Lehman Global Aggregate hedged in USD returned 4.28%, 

while a stronger dollar pushed the unhedged index into negative 

territory (-4.48%). The main themes for fixed income in 2005 were 

central bank tightening, flatter curves, a stronger dollar, and 

continued commodity strength. All of which, surprisingly, did not 

lead to higher long-term yields. 30-year rates for the G3 were all 

lower from a year earlier. Spread sectors underperformed treasuries 

for the first time in three years as investors risk appetite waned. 

Negative headlines in the US corporate sector and the dismal 

outlook for the US auto sector weighed on corporate spreads 

while reduced demand, fear of extension, and a flatter curve all 

weighed on the mortgage sector. The only major USD fixed 

income asset class to outperform treasuries in 2005 was Emerging 

Market bonds as the increase in reserves and the ratings uptrend 

continued. US equities provided disappointing returns while the 

global arena, most notably emerging economies, provided a winning 

atmosphere for investors. 

The global economy continued to grow at a strong pace 

while inflation remained relatively well contained. Higher energy 

prices seemed to have a minimal impact to core inflation rates 

and unit labor costs in developed economies were suppressed by 

cheap wages abroad. Globalization, marked by both reserve growth 

and labor outsourcing, continued to provide a deflationary force 

in the market. US consumption and China’s capital expenditure 

remained the driving forces in the global aggregate demand function 

while most developing economies savings rates increased at a 

healthy pace. The US current account deficit continues to swell 

and sits near 7% of GDP. 

While the UK, Australia, and the US seem to be ahead in 

the cycle: Europe, Japan, and Canada appear to be behind in the 

cycle. The Fed may be nearing the end of its rate hikes as a levered 

consumer and a slowing housing market seem to be responding 

to the 3.25% increase in the Fed Funds rate. The ECB decided to 

raise rates towards the end of the year due to inflationary concerns, 

but anemic growth prospects and high unemployment continue 

to weigh on the outlook for the economy. The BoJ has become 

increasingly hawkish as positive inflation is coming back into the 

picture for the first time in almost 10 years. 

The US Dollar ignored the warning signals from the global 

imbalances and provided a shock to most economists as interest 

rate differentials and the supply of savings drove the dollar higher 

verses all major currencies except the CAD, which was driven by 

the strength in commodities. 

U.S. and Dollar Bloc 

The US bond market returned 2.43% with treasuries leading 

the way. The significant curve flattening meant that longer dated 

36 



(annualised) 

(annualised) 

Greatlink Global Bond Fund -1.32 -1.60 0.31 12.00 4.58 20.81 4.84 

Benchmark Index -1.21 -1.71 0.18 11.54 3.71 20.54 5.64 



GREATLINK GLOBAL BOND FUND report as at 31 December 2005 

bonds well outperformed shorter dated securities, even on a 

duration-adjusted basis. Investment grade corporates and mortgages 

underperformed while emerging market bonds posted another 

year of solid returns. EMBIG spreads are now at an all time tight 

of 237 bps over treasuries while investment grade corporates 

finished the year at 90 bps over treasuries. 

Hedged to dollars, Canada outperformed all other dollar 

bloc countries posting a return of 6.89%, followed by Australia 

(3.55%) and New Zealand (3.43%). Currencies were mixed as the 

CAD appreciated to the dollar while Australia and New Zealand 

fell victim to the green back. The overnight lending rates in Canada 

and New Zealand were raised by 75 bps over the year lagging the 

US. Australia seemed to lead the cycle in the raising rates for the 

final time in March. A slowing housing market and a relatively 

inactive consumer helped keep the RBA on hold. The cash rate 

in Australia sits at 5.5% 

Euroland and the U.K. 

European bonds outperformed the US when hedged into 

dollars. Belgium, Ireland, and the Netherlands lead the way. The 

worst performer in the EU was Luxemburg returning only 1.53% 

over the year. The structural inefficiencies in the labor market 

continued to cast a negative shadow on the market’s outlook for 

growth in Europe, causing yields to fall in the longer end of the 

curve. A rate hike by the ECB towards the end of the year caused 

the front end to sell off and the curve to flatten. 

UK gilts continued to perform well in 2005 on the BoE’s rate 

cut and the markets speculation for more. The slowing housing 

market drove reduced consumption and a slowing economy. The 

market continued to seesaw on their expectations for policy 

decisions, but the long end continued to be driven by asset-liability 

regulation causing the curve to flatten. 

Japan 

JGB’s had a strong first half, only to sell-off in the later half 

of 2005. Driven by an increase in domestic demand and prospects 

for positive inflation, risk premiums were built back into the front 

end of the yield curve. Uncertainty regarding the end of the 0% 

interest rate policy caused investors to question the appropriate 

term premium for JGB’s. The five-year was the worst performer 

selling off by 25bps over the year. The weaker JPY added confidence 

to the markets perception of Japan’s recovery and only added an 

increase in exports to higher consumption. The Nikkei 225 had 

a strong year (+40%) with the banking sector leading the way. 


The U.S. economy will slow relative to the rest of the world, 

reflecting global monetary policies that are not synchronized. The 

Federal Reserve is nearing the end of its tightening cycle while central 

banks outside the U.S., such as the European Central Bank, have only 

begun to tighten. A decelerating U.S. economy will limit how fast 

other countries can grow because expansion outside the U.S. is 

partially dependent on U.S. demand. Key elements of the outlook are: 

• As Housing Decelerates … Housing gains have contributed 

significantly to U.S. growth via wealth effects on consumers, cashout 

refinancings, home equity loans and job growth in real estaterelated 

industries. Higher mortgage rates over recent months and 

continued pressure on real wages and incomes will crimp housing 

affordability in 2006, taking the froth out of the property market. 

• … So Will Consumer Spending – As housing cools, consumer 

spending will grow more in line with income, thereby reducing 

U.S. growth. A potential offset to the negative effect of weaker 

consumption is corporate investment, which has been robust for 

the last several years. However, investment has recently begun to 

grow more slowly as capacity utilization has risen. PIMCO expects 

much of U.S. investment to continue to occur abroad in rapidly 

growing markets such as China. 

• The Fed Is Nearly Done – The U.S. central bank will stop at 

a federal funds rate of 4.5 percent early next year as the soaring 

property market cools off and growth moderates. Yields on 1-5 

year Treasuries could fall by as much as 100 basis points over the 

next year as investors anticipate that the Federal Reserve will 

move toward easing later in 2006. 

• Europe Unlikely To Pick Up – Europe will get no help on the 

policy front. The ECB is preoccupied with asset price inflation even 

as core inflation remains subdued. Meanwhile, prospects for fiscal 

tightening in Germany, the region’s biggest economy, bode ill for 

any substantial increase in domestic consumption. Domestic demand 

throughout Europe is weak because real wages remain stagnant. 

• Japan’s Recovery to Moderate – Gains in consumption 

followed Japan’s export and investment-led recovery in 2003, but 

now this growth is softening as higher energy prices squeeze wages. 

Longer-term prospects for capital spending in Japan may be negatively 

affected by an expected slowdown in corporate profits. 

• Emerging Markets Not Yet a Factor – Inflation will remain 

well contained. Commodity prices are moderating after their post- 

Katrina bounce, and there has been relatively little pass-through 

of higher energy prices into core U.S. inflation. More importantly, 

the long-run economic trend of an expanding global labor supply 

(in China, India and Brazil, for example) will put downward pressure 

on the price of labor, making a wage-induced boost in inflation 

highly unlikely. 

• Benign Inflation – Inflation will remain well contained. 

Commodity prices are moderating after their post-Katrina bounce, 

and there has been relatively little pass-through of higher energy 

prices into core U.S. inflation. More importantly, the long-run 

economic trend of an expanding global labor supply (in China, 

India and Brazil, for example) will put downward pressure on the 

price of labor, making a wage-induced boost in inflation highly 

unlikely. 



37

GREATLINK STABLE BOND FUND report as at 31 December 2005 

FUND FACTS 




Fund Size 

S$ 21.65 mil 


S$ 141.10 mil 


Deutsche Lion Bond Fund 

Fund Manager 


(wef 26 Sep 2005) 

Sub Manager 

Deutsche Asset Management 



0.50% p.a. 


Daily 



CPF Approved 


Risk Category 

Lower Risk / Broadly Diversified 




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. 


USA 

6.2% 

UK 

2.9% 

Malaysia 

0.8% 

Cash & others 

11.1% 

South Korea 

10.6% Singapore 

68.4% 


Bond yields in the US were higher over the year on the back 

of healthy growth out of the US and the Federal Reserve's move 

to raise Fed funds rates from 2.25% to 4.25%, a 200bp increase 

in rates. US 10 and 2-year yields were 17bp and 134bp higher 

respectively. 

In Singapore, yields were higher, in line with the US, 10 and 

2-year yields were 63bp and 111bp higher over the period. 

Corporate bonds underperformed as swap rates rose more than 

government bond yields. 

The Fund gave positive returns over the period. The absolute 

increase in yields negatively impacted the Fund. However, active 

management of interest rate exposure and higher yielding securities 

in the Fund added value to the Fund. 


We believe that growth in the US in 2006 is expected to be 

healthy. Monetary conditions in the US are close to neutral and 

we look for Fed funds to be raised to 4.5% in January 2006. Any 

further hikes will be dependent on economic data going forward. 

In our opinion, bonds in the US, especially the longer dated 

bonds, are over-valued and we look for yields to trend higher. 

Yields in Singapore are likely to move in line but will probably 

outperform the US. 

We are relatively defensive in interest rate positioning given 

the expected volatility in the markets and that the balance of risk 

is for rates to rise further. We will continue to focus on high 

quality corporate bonds to enhance the yield. 


Performance Review (Mar 2002 To Dec 2005) 

109 

108 

+7.26 

107 

106 

105 

104 

+4.06 

103 

102 

101 

100 

99 


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

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

Benchmark: 6 Months SIBOR less 12.5bp 


Price Indexed 

38 



(annualised) 

(annualised) 

GreatLink Stable Bond Fund -0.10 -0.20 0.49 2.72 0.90 7.26 1.88 


* Information relates to Deutsche Lion Bond Fund 



GREATLINK CHOICE (SEP 2010) & (OCT 2010) FUNDS report as at 31 December 2005 

GREATLINK CHOICE (SEP 2010) FUND 

FUND 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 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 40 and 41 for the list of reference entities as at 31 December 2005. 

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 

No. of Defaults 

Nil 

No. of Substitutions 

Nil 

Cumulative Loss Level 

Nil 

Changes to Bond Collaterals’ Ratings Nil 

Fund Price $0.888 

BOND COLLATERALS 

Issuer 

HBOS Treasury Services PLC 

Westpac Banking Corporation 

ANZ Banking Group 

Dexia Credit Local 

S&P/Moody’s Rating 

At Inception Date 

AA/Aa2 

AA-/Aa3 

AA-/Aa3 

AA/Aa2 

GREATLINK CHOICE (OCT 2010) FUND 

FUND 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 INFORMATION 

Capital raised less 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 40 and 41 for the list of reference entities as at 31 December 2005. 

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 

CPF Approved 

CPFIS – OA 

Risk Category Low to Medium Risk / 


Minimum holding amount $1,000 

Minimum realization amount $1,000 

Fund Size at Inception 

$101.7mil 


12-Month Singapore Dollar Fixed 

Deposit Rate 

No. of Defaults 

Nil 

No. of Substitutions 

Nil 

Cumulative Loss Level 

Nil 

Changes to Bond Collaterals’ Ratings Nil 

Fund Price $0.885 

BOND COLLATERALS 

Issuer 

HBOS Treasury Services PLC 

Westpac Banking Corporation 

ANZ Banking Group 

Dexia Credit Local 

S&P/Moody’s Rating 

At Inception Date 

AA/Aa2 

AA-/Aa3 

AA-/Aa3 

AA/Aa2 



39


REFERENCE ENTITIES 

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

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 & Equipment 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 Citizens Communications Company Senior Telecommunications United States 

9 Amkor Technology, Inc. - Senior Senior Electronics/Electrical United States 

10 AMR Corporation Senior Air Transport United States 

11 Apria Healthcare Group Inc Senior Health Care United States 

12 Arvinmeritor, Inc. Senior Automotive United States 

13 Autozone, Inc. Senior Retailers (Except Food & Drug) United States 

14 Banca Popolare di Lodi Scarl - Subordinated Subordinated Financial Intermediaries Italy 

15 Berkshire Hathaway Inc Senior Conglomerates United States 

16 Bombardier Inc. Senior Aerospace & Defence Canada 

17 Boots Group PLC Senior Food/Drug Retailers United Kingdom 

18 Bowater Incorporated Senior Forest Products United States 

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 

23 CenturyTel, Inc. Senior Telecommunications United States 

24 Chartered Semiconductor Manufacturing Ltd. Senior Electronics/Electrical Singapore 

25 Compagnie Industriali Riunite Spa Senior Conglomerates Italy 

26 Clear Channel Communications, Inc. Senior Radio & Television United States 

27 Cognis GmbH Senior Chemicals & Plastics Germany 

28 Compass Group PLC Senior Food Service United Kingdom 

29 Continental Airlines, Inc. Senior Air Transport United States 

30 Corus Group PLC Senior Steel United Kingdom 

31 Countrywide Home Loans, Inc. Senior Financial Intermediaries United States 

32 Crown European Holdings SA Senior Containers & Glass Products United States 

33 Dana Corporation Senior Automotive United States 

34 Dillards Senior Retailers (Except Food & Drug) United States 

35 Domtar Inc. Senior Forest Products Canada 

36 Fairfax Financial Holdings Limited Senior Insurance Canada 

37 Federative Republic of Brazil Senior Sovereign Brazil 

38 Fiat Spa Senior Automotive Italy 

39 IAC/InterActiveCorp Senior Telecommunications United States 

40 Ford Motor Company Senior Automotive United States 

41 General Motors Acceptance Corporation Senior Automotive United States 

42 Glencore International AG Senior Nonferrous Metals/Minerals Switzerland 

43 Grohe Holding GmbH Senior Home Furnishings Germany 

44 Hannover Rueckversicherungs AG - Subordinated Subordinated Insurance Germany 

45 Huntsman International LLC - Subordinated Subordinated Chemicals & Plastics United States 

46 IKON Office Solutions, Inc Senior Business Equipment & Services United States 

47 Intelsat, Ltd. Senior Telecommunications Bermuda 

48 Invensys PLC Senior Industrial Equipment United Kingdom 

49 Ray Acquisition SCA - Subordinated Subordinated Industrial Equipment France 

50 J Sainsbury PLC Senior Food/Drug Retailers United Kingdom 

51 Jetblue Airways Corporation Senior Air Transport United States 

52 Jones Apparel Group, Inc Senior Clothing/Textiles United States 

53 JSG Funding Public Limited Company Senior Forest Products Ireland 

54 Kabel Deutschland Gmbh - Subordinated Subordinated Cable & Satellite Television Germany 

55 KB Home - Subordinated Subordinated Building & Development United States 

56 L-3 Communications Corporation - Subordinated Subordinated Aerospace & Defence United States 

57 Lear Corporation Senior Automotive United States 

58 Liberty Media Corporation Senior Cable & Satellite Television United States 

59 Limited Brands Senior & Drug) Retailers (Except Food United States 

60 Louisiana-Pacific Corporation Senior Forest Products United States 

40 

61 Lyondell Chemical Company Senior Chemicals & Plastics United States 




No. Reference Entity Seniority S&P Industry Country 

62 Marks And Spencer P.L.C. Senior Retailers (Except Food & Drug) United Kingdom 

63 MBIA, Inc Senior Insurance United States 

64 Mediacom LLC Senior Cable & Satellite Television United States 

65 Mexico (United Mexican States) Senior Sovereign Mexico 

66 M-real OYJ Senior Forest Products Finland 

67 Muenchener Ruckversicherungs-Gesellschaft Subordinated Insurance Germany 

AG In Muenchen - Subordinated 

68 Sungard Data Systems Inc. Senior Business Equipment & Services United Statess 

69 Norbord Inc Senior Forest Products Canada 

70 Nova Chemicals Ltd. Senior Chemicals & Plastics Canada 

71 NTL Cable PLC Senior Cable & Satellite Television United Kingdom 

72 Owens-illinois, Inc. Senior Containers & Glass Products United States 

73 Panva Gas Holdings Limited Senior Utilities China 

74 Petroleos Mexicanos Senior Oil & Gas Mexico 

75 Polyone Corporation Senior Chemicals & 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 Rentokil Initial PLC Senior Business Equipment & Services United Kingdom 

81 TXU Corp. Senior Utilities United States 

82 Philippines (Republic Of The) Senior Sovereign Philippines 

83 UST Inc. Senior Beverage & Tobacco United States 

84 Residential Capital Corporation Senior Financial Intermediaries United States 

85 Rhodia Senior Chemicals & Plastics France 

86 Rite Aid Corporation Senior Food/Drug Retailers United States 

87 Royal & Sun Alliance Insurance PLC - Subordinated Subordinated Insurance United Kingdom 

88 Sabre Holdings Corporation Senior Business Equipment & Services United States 

89 Safeway PLC Senior Food/Drug Retailers United Kingdom 

90 Sanmina-Sci Corporation - Subordinated Subordinated Electronics/Electrical United States 

91 Sara Lee Corporation Senior Food Products United States 

92 Seat Pagine Gialle S.P.A - Subordinated Subordinated Publishing Italy 

93 Sinclair Broadcast Group, Inc. - Subordinated Subordinated Radio & Television United States 

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 TDC A/S Senior Telecommunications Denmark 

100 Gap, Inc (The) Senior Retailers (Except Food & Drug) United States 

101 Goodyear Tire & Rubber Company (The) Senior Automotive United States 

102 The Hertz Corporation Senior Equipment Leasing United States 

103 Neiman Marcus Group, Inc (The) Senior Retailers (Except Food & Drug) United States 

104 The Rank Group PLC Senior Lodging & Casinos United Kingdom 

105 Toll Brothers Inc - Subordinated Subordinated Building & Development United States 

106 Toys “R” Us, Inc Senior Retailers (Except Food & Drug) United States 

107 Tribune Company Senior Publishing United States 

108 TRW Automotive Inc. Senior Automotive United States 

109 Unisys Corporation Senior Business Equipment & Services United States 

110 United Rentals (North America), Inc. Subordinated Equipment Leasing United States 

- Subordinated 

111 United States Steel Senior Steel United States 

112 Universal Corporation Senior Beverage & Tobacco United States 

113 Visteon Corporation Senior Automotive United States 

114 Wendy's International Inc Senior Food Service United States 

115 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 31 December 2005 

42 

Holdings S$ % 

GreatLink Pan Asia Fund 52,170,566 55,713,555 100.00 

Unit Trust 

(Schroders Pan Asia Fund – Singapore) 

GreatLink European Equity Fund 43,723,365 38,609,113 100.00 

Unit Trust 

(Schroders European Equity Fund – Singapore) 

GreatLink Global Growth Trends Portfolio 15,692,293 20,575,673 100.00 

Unit Trust 

(ACM Global Growth Trends Portfolio – USA) 

GreatLink Stable Bond Fund 21,249,183 21,647,663 100.00 

Unit Trust 

(Deutsche Lion Bond Fund – Singapore) 

Greatlink LifeStyle Secure Portfolio 

Unit Trust 

Singapore 

GreatLink Global Bond Fund 8,173,435 9,252,329 57.37% 

GreatLink Global Value Equity Fund 890,606 964,527 5.98% 

GreatLink Global Intersection Fund 857,967 928,321 5.76% 

GreatLink Far East Ex Japan Equities Fund 769,274 1,061,598 6.58% 

GreatLink Singapore Equities Fund 809,552 973,891 6.04% 

GreatLink Stable Bond Fund 2,891,580 2,946,520 18.27% 

Total Unit Trusts 14,392,414 16,127,186 100.00% 

Greatlink LifeStyle Steady Portfolio 

Unit Trust 

Singapore 


GreatLink Global Value Equity Fund 2,613,051 2,829,934 15.58% 

GreatLink Global Intersection Fund 2,499,533 2,704,495 14.89% 

GreatLink Far East Ex Japan Equities Fund 684,902 945,165 5.21% 

GreatLink Singapore Equities Fund 855,124 1,028,715 5.67% 



Greatlink LifeStyle Balance Portfolio 

Unit Trust 

Singapore 




GreatLink Far East Ex Japan Equities Fund 10,257,153 14,154,871 10.31% 

GreatLink Singapore Equities Fund 12,407,842 14,926,634 10.87% 



Greatlink LifeStyle Progressive Portfolio 

Unit Trust 

Singapore 







Greatlink LifeStyle Dynamic Portfolio 

Unit Trust 

Singapore 





Total Unit Trusts 8,734,257 9,958,866 100.00%


GREATLINK CASH FUND 

Fixed Income Securities 

Hldgs* S$° R^ % + 

Singapore 

CDL Properties Ltd 4.815 1,000,000 1,000,875 A 

31/01/2006 

Centrepoint Properties 0.950 2,000,000 1,999,800 BBB 

13/09/2011 

Centrepoint Properties 3,000,000 2,999,800 BBB 

Floating 13/09/2011 

Housing & Development Board 2,000,000 2,006,925 AAA 

4.250 13/05/2006 

International Factors 1.800 2,000,000 1,996,000 NR 

27/08/2009 

Keppel Land 2.150 16/01/2007 1,000,000 999,900 BBB 

Keppel Land Floating 1,000,000 999,800 BBB 

03/03/2014 

Keppel Land Floating 2,000,000 1,999,600 BBB 

03/06/2013 

Keppel Land Floating 1,250,000 1,249,875 BBB 

14/01/2013 

Keppel Land Floating 1,000,000 999,800 BBB 

31/05/2010 

Majlis Ugama Islam 3.50 500,000 500,385 N/A 

12/07/2006 

Midpoint 1.490 16/12/2009 2,000,000 1,999,400 AA 

Millenia Tower Investment 1.75 5,250,000 5,250,000 A 

03/01/2010 

Parkway Holdings 2.197 3,000,000 2,999,700 NR 

01/10/2007 

Parkway Holdings 2.197 4,000,000 3,999,600 NR 

01/10/2009 

Temasek Tower Floating 1,500,000 1,499,850 N/A 

31/10/2008 

UMF-Series A62 Floating 500,000 499,950 NR 

27/09/2005 


14/12/2006 

UMF-Series A68 Floating 1,000,000 999,900 NR 

11/02/2007 


25/04/2007 

35,501,010 

Total Fixed Income Securities 35,501,010 43.55% 

Portfolio of Investments 35,501,010 43.55% 

Cash and Cash Equivalent 

Singapore 

Abu Dhabi Commercial Bank 2,999,103 N/A 

Discount Note 

Bank Of New York Cash 133,932 A-1+ 

Bank Of New York Term Deposit 2,700,000 A-1+ 

Barclays Plc Term Deposit 6,025,509 A-1+ 

Export-Import Bank Korea 2,026,500 N/A 

Term Deposit 

S$° R^ % + 

International Factors Term Deposit 1,515,038 NR 

JP Morgan Chase & Co 5,013,764 A-1 

Term Deposit 

Kim Eng Holdings Term Deposit 3,009,805 N/A 

Northern Trust Term Deposit 3,523,547 A-1+ 

Oversea-Chinese Banking Corp 5,994,281 A-1 

Term Deposit 

Pioneer Funding Term Deposit 3,763,560 NR 

Red Orchid Securities 6,001,627 A-1 

Commercial Paper 

Shinhan Bank Term Deposit 2,011,153 N/A 

UMF-Series Term Deposit 1,007,719 N/A 

Total Cash and Cash Equivalent 45,725,538 56.09% 

Net Current Assets 293,941 0.36% 

Net Assets 81,520,489 100.00% 

GREATLINK ASEAN GROWTH FUND 

Hldgs* S$° R^ % + 

Quoted Equities 

Indonesia 

Berlian Laju Tanker Tbk Pt 15,501,500 2,724,270 

Hexindo Adiperkasa Tbk Pt 3,525,000 571,838 

Mitra Adiperkasa Tbk Pt 3,000,000 446,115 

Perusahaan Gas Negara Pt 3,070,000 3,579,567 

Telekomunikasi Indonesia Tbk 4,143,000 4,130,570 

United Tractors Tbk Pt 2,130,000 1,322,757 

12,775,117 9.80% 

Malaysia 

Asiatic Development Bhd 1,044,800 988,263 

Genting Bhd 352,000 3,314,037 

IOI Corp Bhd 455,000 2,482,184 

Malayan Banking Bhd 213,000 1,040,168 

Malaysia International Shipping 495,600 2,158,577 

Corporation Bhd 

Pos Malaysia & Services 2,167,600 3,852,667 

Holdings Bhd 

Top Glove Corp Bhd 775,500 2,337,079 

Uchi Technologies Bhd 1,152,800 1,521,515 

Umw Holdings Bhd 417,400 1,083,441 

18,777,931 14.40% 

Philippines 

Ayala Land Inc 2,700,000 838,059 

Philippine Lng Distribution 25,070 1,442,334 

2,280,393 1.75% 

Singapore 

Capitaland 578,000 1,988,320 

City Developments 233,000 2,027,100 

Cosco Corp Singapore 1,130,000 2,440,800 

*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^ % + 

DBS Group Holdings 403,000 6,649,500 

First Engineering 2,303,000 2,533,300 

Genting International Plc 6,038,000 2,234,060 

Ges International 3,786,000 3,520,980 

Hi-P International 1,674,000 2,829,060 

Inter-Roller Engineering 1,050,000 1,249,500 

Jurong Technologies Industrial 2,060,000 3,728,600 

Keppel Corp 167,000 1,837,000 

Keppel Land 876,000 3,206,160 

Macquarie International 871,000 823,095 

Infrastructure 

Sats Airport Services 1,397,000 3,324,860 

Sembcorp Industries 1,578,000 4,323,720 

Singapore Airlines 346,000 4,290,400 

Singapore Press Holdings 802,000 3,448,600 

SingaporeTelecommunications 766,220 1,999,834 

Smrt Corp 1,190,000 1,285,200 

Sp Ausnet 929,000 1,514,270 

Singapore Technologies 2,276,000 6,509,360 

Engineering 

Starhub 2,717,000 5,569,850 

Venture Corp 154,000 2,125,200 

Yhi International 1,342,000 543,510 

70,002,279 53.69% 

Thailand 

Amata Corp Pcl 1,800,000 1,051,209 

Bangkok Bank Pcl 762,500 3,247,007 

Kasikornbank Pcl 1,602,000 4,649,328 

Lpn Development Pcl 9,200,000 1,268,589 

Ptt Exploration & Production 133,900 2,563,165 

Ptt Pcl 502,500 4,605,731 

Rojana Industrial Park Pcl 2,792,100 1,019,125 

Siam Cement Pcl 186,800 2,000,022 

20,404,176 15.65% 

Total Quoted Equities 124,239,896 95.29% 

Quoted REITS 

Singapore 

Capitamall Trust 559,000 1,252,160 

Mapletree Logistics Trust Reit 1,250,000 1,156,250 

2,408,410 1.85% 

Total Quoted REITS 2,408,410 1.85% 



Malaysia 


46,844 0.04% 

S$° R^ % + 

Philippines 


12,380 0.01% 

Singapore 



3,716,810 2.85% 

Thailand 


20,878 0.02% 


Net Current Liabilities (64,377) -0.06% 

Net Assets 130,380,841 100.00% 

GREATLINK ENHANCER FUND 

Hldgs* S$° R^ % + 


Australia 

Abc Learning Centres 639,520 5,616,310 

Amp 525,000 4,924,363 

BHP Billiton 382,066 10,601,913 

Brambles Industries 330,000 4,073,417 

Coates Hire 639,572 4,033,151 

Commonwealth Bank Of Australia 212,700 11,090,932 

Foster's Group 437,882 2,980,271 

Macquarie Bank 98,500 8,187,787 

National Australia Bank 236,100 9,330,511 

Newcrest Mining 270,929 8,030,197 

QBE Insurance Group 392,125 9,374,434 

Rinker Group 173,782 3,486,865 

Rio Tinto 124,970 10,517,664 

Sp Ausnet 1,912,620 3,091,071 

St George Bank 90,000 3,255,953 

98,594,839 28.71% 

Hong Kong 

China Construction Bank 8,069,000 4,672,199 

China Netcom Group Corp 1,091,000 2,936,340 

China Overseas Land 8,650,000 6,168,018 

& Investment 

China Shenhua Energy Co 2,550,000 4,675,673 

Cosco Pacific 1,000,000 3,045,273 

Esprit Holdings 274,500 3,243,634 

Hong Kong Exchanges 1,156,000 7,970,336 

And Clearing 

HSBC Holdings Plc 94,800 2,531,136 

Parkson Retail Group 1,409,000 4,230,356 

Petrochina Co 4,442,000 6,049,091 

*Hldgs: Holdings S$°: Market Value / Fair Value R^: Ratings % + : Percentage of Net Asset Value


GREATLINK ENHANCER FUND (cont’d) 

Hldgs* S$° R^ % + 

Ports Design 2,194,500 4,235,610 

Swire Pacific 260,500 3,888,256 

53,645,922 15.62% 

India 

Housing Development Finance 100,000 4,452,895 

ITC 645,000 3,383,587 

National Thermal Power Corp 530,000 2,194,880 

Reliance Industries 130,000 4,272,596 

14,303,958 4.17% 

Indonesia 

Bank Central Asia Tbk Pt 1,811,500 1,040,783 

Telekomunikasi Indonesia Tbk 7,134,000 7,112,596 

8,153,379 2.37% 

Malaysia 

Malayan Banking Bhd 659,300 3,219,638 

Malaysia International Shipping 888,600 3,870,281 


7,089,919 2.06% 

Singapore 


Hong Kong Land Holdings 970,000 5,064,535 

Keppel Corp 248,000 2,728,000 

Sembcorp Industries 750,080 2,055,219 

Singapore Exchange 1,012,000 2,934,800 

Singapore Technologies Engineering 668,000 1,910,480 

22,398,534 6.52% 

South Korea 

Hana Financial Group Inc 153,873 11,693,804 

Hyundai Mipo Dockyard 26,760 2,698,348 

Hyundai Motor Co 25,690 4,111,766 

Kia Motors Corp 102,220 4,464,284 

Kookmin Bank 75,270 9,471,849 

Korea Development Corp 38,410 2,426,202 

Kt Freetel 40,700 1,650,299 

Posco 9,450 3,054,151 

Samsung Electronics Co 24,520 26,408,725 

Sk Corp 19,600 1,679,752 

67,659,180 19.70% 

Taiwan 

Asustek Computer Inc 738,430 3,775,950 

Career Technology Co 1,137,593 2,107,966 

Cathay Financial Holding Co 1,086,000 3,271,465 

Far Eastern Textile Co 2,562,000 2,860,113 

Hon Hai Precision Industry 633,937 5,777,157 

Johnson Health Tech Co 184,000 1,448,584 

Mediatek Inc 203,500 3,987,227 

Powerchip Semiconductor Corp 2,768,300 3,034,356 

Taiwan Fertilizer Co 1,709,000 3,309,551 

TSMC 2,558,922 8,097,158 

37,669,527 10.97% 

Hldgs* S$° R^ % + 

Thailand 

Kasikornbank Pcl 1,760,900 5,356,116 

Ptt Pcl 300,500 2,754,27 

8,110,389 2.36% 

United States Of America 

Bharat Heavy Electricals 94,700 4,849,767 

Bharti Televentures 280,000 3,575,911 

8,425,678 2.45% 


Quoted REITS 

Australia 

Babcock & Brown Japan Property 1,403,318 2,875,609 

Babcock & Brown Japan 2,643,150 5,641,886 

Property Reit 

8,517,495 2.48% 

Hong Kong 

Link Reit/The Reit 384,000 1,210,560 

Prosperity Reit Quoted Reit 6,531 3,432 

1,213,992 0.35% 

Singapore 

Capitamall Trust 948,000 2,123,520 

2,123,520 0.62% 




Australia 

Bank Of New York Cash 503 A-1+ 

503 0.00% 

Hong Kong 


6,434 0.00% 

India 

Bank Of New York Cash (1) A-1+ 

(1) 0.00% 

Malaysia 


39,094 0.01% 

New Zealand 


229 0.00% 


45


46 


S$° R^ % + 

Singapore 



5,794,915 1.69% 

Taiwan 


26,669 0.01% 

Thailand 


7,920 0.00% 



236 0.00% 



Net Assets 343,398,096 100.00% 

GREATLINK GLOBAL SUPREME FUND 

Hldgs* S$° R^ % + 

Australia 

Amcor 13,844 126,138 

Australia & New Zealand 16,000 467,401 

Banking Group 

Coca-Cola Amatil 67,463 634,431 

Foster's Group 52,900 360,043 

National Australia Bank 4,491 177,481 

Promina Group 193,600 1,142,918 

Publishing & Broadcasting 26,600 534,692 

Qantas Airways 64,842 319,523 

QBE Insurance Group 31,951 763,845 

Rinker Group 95,000 1,906,136 

6,432,608 1.15% 

Austria 

Erste Bank Der Oesterreichisch 8,800 812,092 

Raiffeisen International Bank 1,800 196,119 

1,008,211 0.18% 

Belgium 

Fortis 21,000 1,110,046 

UCB Sa 5,000 389,139 

1,499,185 0.27% 

Canada 

Alcan Inc 41,300 2,807,751 

Cameco Corp 19,500 2,048,219 

Canadian Natural Resources 5,800 475,796 

Potash Corp Of Saskatchewan 7,600 1,007,181 

Telus Corp 17,100 1,158,868 

7,497,815 1.33% 

Hldgs* S$° R^ % + 

Denmark 

Coloplast A/S 2,600 267,321 

267,321 0.05% 

France 

Accor Sa 3,300 300,716 

Air Liquide 2,190 698,008 

Axa 22,000 1,176,282 

BNP Paribas 14,500 1,943,880 

Bouygues 18,500 1,498,596 

Carrefour Sa 5,600 434,737 

Groupe Danone 1,600 276,948 

Jc Decaux Sa 18,200 703,235 

Lafarge Sa 7,800 1,162,709 

L'Oreal Sa 4,200 517,335 

Renault Sa 3,700 500,016 

Sanofi-Synthelabo Sa 15,000 2,177,138 

Schneider Electric Sa 15,500 2,290,751 

Veolia Environnement 22,300 1,672,575 

Vivendi Universal Sa 12,700 659,108 

16,012,034 2.85% 

Germany 

Allianz Ag 6,600 1,656,202 

Bayer Ag 15,300 1,059,024 

E.On Ag 5,900 1,011,292 

Hypo Real Estate Holding Ag 7,000 603,832 

SAP Ag 5,400 1,622,191 

Siemens Ag 1,800 255,608 

Volkswagen Ag 2,500 218,743 

6,426,892 1.14% 

Hong Kong 

Cheung Kong Holdings 31,200 532,271 

Li & Fung 116,000 371,909 

Sun Hung Kai Properties 33,000 534,317 

1,438,497 0.26% 

Ireland 

Crh Plc 15,200 740,556 

740,556 0.13% 

Italy 

Banca Intesa Spa 35,000 307,202 

Ente Nazionale Idrocarburi Spa 6,200 284,923 

Unicredito Italiano Spa 114,000 1,301,340 

1,893,465 0.34% 

Japan 

Advantest Corp 1,300 217,756 

Aeon Co 32,600 1,377,795 

Canon Inc 2,900 281,899 

Dai Nippon Printing Co 7,000 207,092 

Daiwa House Industry Co 10,000 259,781 

Fanuc 2,000 282,039 



GREATLINK GLOBAL SUPREME FUND (cont’d) 

Hldgs* S$° R^ % + 

Hoya Corp 13,200 788,471 

Jupiter Telecommunications Co 37 49,050 

Kao Corp 18,000 801,319 

Keyence Corp 500 236,324 

Millea Holdings Inc 81 2,316,470 

Mitsubishi Corp 33,300 1,224,420 

Mitsubishi Estate Co 66,000 2,278,010 

Mitsubishi Tokyo Financial Group 366 8,253,470 

Mitsui Fudosan Co 31,000 1,045,955 

Mitsui Sumitomo Insurance Co 21,000 426,905 

Mizuho Financial Group Inc 42 553,823 

Nidec Corp 2,400 339,123 

Nikon Corp 68,000 1,782,793 

Nintendo Co 2,400 481,806 

Nippon Electric Glass Co 23,000 834,355 

Nissan Motor Co 158,100 2,661,616 

Nitto Denko Corp 25,700 3,327,318 

NTT Corp 166 1,253,483 

Orix Corp 13,600 5,757,436 

Rohm Co 3,800 686,841 

Shimamura Co 1,400 321,880 

Shin-Etsu Chemical Co 9,800 865,644 

Smc Corp 6,000 1,424,285 

Softbank Corp 45,600 3,199,189 

Sompo Japan Insurance Inc 40,000 898,807 

Sumitomo Chemical Co 46,000 524,914 

Sumitomo Corp 62,000 1,332,009 

Sumitomo Mitsui Financial Group 172 3,028,895 

Suzuki Motor Corp 36,000 1,108,153 

Takeda Chemical Industries 9,500 853,867 

Tokyo Electron 21,700 2,265,289 

Tokyu Corp 34,000 399,476 

Trend Micro Inc 8,500 534,072 

Yahoo Japan Corp 122 307,651 

Yamato Transport Co 59,000 1,625,798 

56,415,279 10.04% 

Netherlands 

ABN Amro Holding Nv 36,313 1,573,333 

Heineken Holding Nv 8,675 455,662 

ING Groep Nv 51,841 2,979,229 

Royal Dutch Shell Plc 38,900 1,966,959 

Royal Kpn Nv 180,300 2,995,312 

9,970,495 1.78% 

Norway 

DNB Nor Asa 32,400 572,860 

572,860 0.10% 

Portugal 

Portugal Telecom Sgps Sa 60,400 1,012,899 

1,012,899 0.18% 

Singapore 

SingaporeTelecommunications 664,930 1,735,467 

Commo 

Venture Corp 35,000 483,000 

2,218,467 0.39% 

Hldgs* S$° R^ % + 

Spain 

Banco Bilbao Vizcaya Argentari 43,000 1,271,841 

Banco Santander Central Hispanic 33,300 728,253 

Iberdrola Sa 26,000 1,177,498 

Inditex Sa 6,500 351,235 

Repsol Ypf Sa 23,900 1,156,458 

Telefonica Sa 57,677 1,437,842 

6,123,127 1.09% 

Sweden 

Astrazeneca Plc 68,400 5,552,001 

Ericsson 253,000 1,443,064 

Investor Ab 22,100 572,177 

7,567,242 1.35% 

Switzerland 

Adecco Sa 2,685 205,284 

Compagnie Financiere Richemont 37,465 2,703,705 

Holcim 28,857 3,258,455 

Nestle Sa 2,020 1,001,570 

Novartis Ag 13,457 1,172,329 

Roche Holdings Ag 8,326 2,072,531 

Swiss Reinsurance 5,191 630,033 

Synthes Inc 5,850 1,089,381 

12,133,288 2.16% 


Astrazeneca Plc 1,000 80,757 

BG Group Plc 29,300 480,511 

BHP Billiton Plc 23,510 637,225 

Daily Mail & General Trust 30,400 683,825 

Diageo Plc 41,100 988,455 

Dx Services 11,525 111,858 

Emi Group Plc 57,600 398,731 

Friends Provident Plc 167,630 906,789 

Hays Plc 230,500 825,772 

HBOS Plc 45,300 1,284,082 

HSBC Holdings Plc 30,700 817,646 

Imperial Chemical Industries 157,000 1,487,932 

ITV Plc 164,400 527,958 

Lloyds Tsb Group Plc 180,800 2,521,206 

Logicacmg Plc 135,600 686,106 

Pearson Plc 38,900 763,427 

Reuters Group Plc 54,100 664,838 

Rolls-Royce Group Plc 6,725,716 2,404,592 

Royal Bank Of Scotland Group Plc 12,100 606,189 

Royal Dutch Shell Plc 6,241 331,013 

Sage Group Plc 157,700 1,161,440 


Scottish & Southern Energy Plc 8,200 237,354 

Standard Chartered Plc 17,700 654,317 

Unilever Plc 67,600 1,112,478 

Vodafone Group Plc 1,186,200 4,249,589 

26,519,790 4.72% 


47


48 


Hldgs* S$° R^ % + 


Adobe Systems Inc 6,400 393,324 

Aes Corp 62,100 1,634,597 

Affiliated Computer Services 20,800 2,046,805 

Agilent Technologies Inc 3,176 175,806 

Alcoa Inc 6,800 334,348 

Allergan Inc 37,900 6,803,624 

Altera Corp 77,400 2,384,814 

Altria Group Inc 6,300 782,737 

America Movil Sa De Cv 49,000 2,384,013 

American International Group 6,400 726,095 

American Standard Cos Inc 37,100 2,464,500 

American Tower Corp 7,100 319,938 

Americredit Corp 10,600 451,744 

Amgen Inc 6,700 878,557 

Anheuser-Busch Cos Inc 13,900 992,927 

Applied Materials Inc 175,800 5,244,203 

Asml Holding Nv 22,800 761,267 


Automatic Data Processing Inc 15,900 1,213,259 

Avon Products Inc 9,600 455,738 

Baker Hughes Inc 4,400 444,684 

Baxter International Inc 9,300 582,219 

Brocade Communications Systems 72,000 487,265 

Campbell Soup Co 8,800 435,612 

Checkfree Corp 9,100 694,532 

Chevrontexaco Corp 9,138 862,598 

Cisco Systems Inc 43,300 1,232,622 

Coca-Cola Co 13,200 884,759 

Corning Inc 28,200 921,872 

Costco Wholesale Corp 4,000 329,033 

Credence Systems Corp 42,300 489,540 

Danaher Corp 6,300 584,329 

Davita Inc 6,750 568,376 

Directv Group Inc 16,077 377,466 

Dollar Tree Stores Inc 7,500 298,555 

Dow Chemical Co 4,100 298,741 

Ebay Inc 5,600 402,449 

Eli Lilly & Co 7,900 743,370 

Equitable Resources Inc 11,600 707,691 

Expedia Inc 12,050 480,078 

Exxon Mobil Corp 3,000 280,197 

Falconbridge 29,359 1,441,799 

Fannie Mae 51,300 4,163,556 

Flextronics International 13,600 236,090 

Fluor Corp 8,100 1,040,586 

Forest Laboratories Inc 58,600 3,963,846 

Freddie Mac 31,700 3,444,634 

Freescale Semiconductor Inc 7,100 297,389 

General Electric Co 82,700 4,819,830 

Golden West Financial Corp 38,700 4,247,106 

Goodrich Corp 14,600 997,776 

Hewlett-Packard Co 7,800 371,325 

Iac/Interactivecorp 7,550 355,406 

Illinois Tool Works Inc 8,500 1,243,628 

Infosys Technologies 2,200 295,798 

Hldgs* S$° R^ % + 

Ingersoll-Rand Co 4,500 302,071 

Intel Corp 26,000 1,079,086 

International Paper Co 8,700 486,212 

Jabil Circuit Inc 10,100 622,897 

JP Morgan Chase & Co 10,000 659,963 

Kinder Morgan Inc 3,000 458,681 

Kla-Tencor Corp 35,600 2,920,111 

Kraft Foods Inc 5,800 271,388 

Lincare Holdings Inc 5,800 404,188 

Lowe's Cos Inc 30,700 3,402,843 

Mckesson Corp 3,400 291,664 

Microsoft Corp 36,300 1,578,398 

Millennium Pharmaceuticals Inc 25,900 417,744 

Novellus Systems Inc 12,300 493,311 

Pepsico Inc 6,600 648,370 

Pfizer Inc 26,400 1,023,695 

Qualcomm Inc 23,000 1,647,562 

Radioshack Corp 18,900 660,905 

Royal Dutch Shell Plc 800 81,796 

Sandisk Corp 46,700 4,878,126 

SAP Ag 4,500 337,239 

Sasol 7,900 468,169 

Schlumberger 26,600 4,296,973 

Sepracor Inc 4,500 386,101 

SLM Corp 33,100 3,032,068 

Sprint Corp-Fon Group 104,350 4,053,251 

State Street Corp 4,900 451,708 

Sysco Corp 20,800 1,073,898 

Target Corp 9,700 886,616 

Time Warner Inc 74,700 2,166,234 

TSMC 112,771 1,858,272 

United Parcel Service Inc 7,000 874,712 

United Technologies Corp 6,000 557,801 

Verizon Communications Inc 16,400 821,367 

Wellpoint Inc 5,900 782,778 

Wells Fargo & Co 21,900 2,287,965 

Xilinx Inc 30,000 1,257,570 

Xl Capital 8,600 963,535 

Yahoo! Inc 8,900 579,809 

119,786,653 21.33% 


Quoted REITS 

Hong Kong 

Link Reit/The Reit 169,500 534,349 

534,349 0.10% 

Total Quoted REITS 534,349 0.10% 


Australia 

Commonwealth Of Australia 250,000 316,630 AAA 

6.000 14/08/2013 




Hldgs* S$° R^ % + 

New South Wales 6.5 500,000 611,757 AAA 

01/05/2006 

928,387 0.17% 

Austria 

Republic Of Austria 5.000 500,000 1,021,538 AAA 

15/01/2008 

1,021,538 0.18% 

Belgium 

Kingdom Of Belgium 4.250 1,500,000 3,160,380 AA 

28/09/2014 

Kingdom Of Belgium 5.500 390,000 923,512 AA 

28/09/2017 

4,083,892 0.73% 

Canada 

Government Of Canada 3.00 400,000 563,119 AAA 

01/06/2007 

Government Of Canada 5.250 1,850,000 2,830,899 AAA 

01/06/2012 


01/06/2009 

Government Of Canada 8.000 960,000 2,122,203 AAA 

01/06/2027 

5,815,574 1.04% 

Denmark 

Kingdom Of Denmark 5.000 1,300,000 384,334 AAA 

15/11/2013 


10/11/2024 

Kingdom Of Denmark 7.000 5,880,000 1,660,445 AAA 

15/11/2007 

2,509,517 0.45% 

Finland 

Republic Of Finland 5.000 960,000 2,003,155 AAA 

25/04/2009 

Republic Of Finland 5.375 2,200,000 4,934,257 AAA 

04/07/2013 

6,937,412 1.24% 

France 

French Republic 4.250 1,500,000 3,207,453 AAA 

25/04/2019 


25/10/2032 


25/04/2011 

14,002,348 2.49% 

Germany 

Federal Republic Of Germany 3,700,000 7,282,525 AAA 

3.000 11/04/2008 

Hldgs* S$° R^ % + 


3.250 04/07/2015 


4.500 04/01/2013 


4.500 18/08/2006 


5.250 04/01/2011 

Federal Republic Of Germany 600,000 1,548,239 AAA 

5.500 04/01/2031 

Federal Republic Of Germany 765,000 2,136,955 AAA 

6.250 04/01/2030 

37,475,943 6.67% 

Greece 

Hellenic Republic 4.60 20/05/2013 790,000 1,674,616 A 

1,674,616 0.30% 

Italy 

Italian Republic 5.000 01/08/2034 700,000 1,643,033 AA 

1,643,033 0.29% 

Japan 

Japan 0.600 20/12/2008 510,000,000 7,212,122 AA 

Japan 0.700 20/03/2006 215,000,000 3,033,438 AA 

Japan 0.700 20/03/2013 295,000,000 4,008,390 AA 

Japan 1.100 21/03/2011 150,000,000 2,136,216 AA 

Japan 1.30 20/06/2015 640,000,000 8,903,541 AA 

Japan 1.400 20/03/2012 475,000,000 6,832,270 AA 

Japan 1.400 20/09/2011 275,000,000 3,966,760 AA 

Japan 1.5 20/09/2015 250,000,000 3,532,431 A 

Japan 1.700 20/09/2010 525,000,000 7,708,995 AA 

Japan 1.90 20/09/2022 300,000,000 4,275,390 A 

Japan 1.900 20/03/2009 500,000,000 7,356,692 AA 

Japan 2 20/12/2024 100,000,000 1,423,440 AA 

Japan 2.5 20/09/2034 45,000,000 661,468 AA 

Japan 3.800 20/09/2016 165,000,000 2,856,811 AA 

63,907,964 11.38% 

Netherlands 

Kingdom Of The Netherlands 1,000,000 2,538,032 AAA 

5.500 15/01/2028 

2,538,032 0.45% 

Norway 

Kingdom Of Norway 5.500 2,600,000 682,530 AAA 

15/05/2009 

682,530 0.12% 

Spain 

Kingdom Of Spain 3.25 5,250,000 10,382,740 AAA 

30/07/2010 


31/01/2009 


31/01/2008 


49


50 


Hldgs* S$° R^ % + 


31/01/2029 


31/01/2013 

33,207,985 5.91% 

Sweden 

Kingdom Of Sweden 3.500 4,200,000 881,629 AAA 

20/04/2006 


28/01/2009 


05/05/2014 

2,140,228 0.38% 

Switzerland 

Swiss Confederation 2.750 1,150,000 1,526,339 AAA 

10/06/2012 

1,526,339 0.27% 


United Kingdom 4.250 1,060,000 3,150,542 AAA 

07/06/2032 

United Kingdom 5 07/03/2025 425,000 1,365,462 AAA 

United Kingdom 5.000 250,000 759,466 AAA 

07/09/2014 

United Kingdom 5.750 700,000 2,110,120 AAA 

07/12/2009 

United Kingdom 7.250 1,050,000 3,166,080 AAA 

07/12/2007 


07/06/2021 


07/12/2015 

14,005,262 2.49% 


Japan 0.500 20/12/2006 900,000,000 12,731,078 AA 

United States Of America 4,100,000 6,745,868 AAA 

3.625 30/04/2007 


4.000 15/06/2009 


4.125 15/05/2015 


4.75 15/11/2008 

United States Of America 250,000 425,800 AAA 

4.750 15/05/2014 


4.875 15/02/2012 


5.375 15/02/2031 


5.500 15/02/2008 


6.500 15/02/2010 

Hldgs* S$° R^ % + 


6.75 15/08/2026 


7.250 15/08/2022 


8.750 15/05/2017 

US Treasury N/B 3.875 1,250,000 2,014,685 AAA 

15/02/2013 

63,774,280 11.35% 


Derivatives (400,880) -0.07% 



Australia 


Bank Of New York Cash Margin (401,930) A-1+ 

(184,717) -0.04% 

Canada 



167,136 0.03% 

Denmark 


2,613 0.00% 

Euroland 


Bank Of New York Cash Margin 426,575 A-1+ 

687,733 0.12% 

Japan 



264,557 0.05% 

Norway 


70,582 0.01% 

Poland 

Bank Of New York Cash 1,410,550 A-1+ 

1,410,550 0.25% 

Singapore 


325,928 0.06% 




S$° R^ % + 

Sweden 


34,181 0.01% 

Switzerland 


322,676 0.06% 




1,262,478 0.22% 




12,949,586 2.31% 



Net Assets 561,700,003 100.00% 

GREATLINK GLOBAL EQUITY FUND 

Hldgs* S$° R^ % + 


Austria 

Andritz Ag 2,793 508,646 

Flughafen Wien Ag 47 5,576 

OMV Ag 10,590 1,028,168 

Telekom Austria Ag 27,959 1,041,929 

Verbund 1,671 987,503 

Voestalpine Ag 8,634 1,441,981 

5,013,803 4.53% 

France 

BNP Paribas 1,737 232,863 

Bouygues 2,990 242,206 

Business Objects Sa 3,854 258,448 

Societe Bic Sa 3,128 308,294 

Societe Generale 45 9,170 

1,050,981 0.95% 

Germany 

BASF Ag 10,459 1,327,469 

Commerzbank Ag 100 5,104 

Deutsche Bank Ag 7,717 1,239,639 

Deutsche Boerse Ag 1,340 227,502 

Deutsche Telekom Ag 2,005 55,371 

Man Ag 2,849 251,906 

Merck Kgaa 7,361 1,009,921 

Porsche Ag 221 263,101 

Hldgs* S$° R^ % + 

Tui Ag 8,297 290,159 

4,670,172 4.22% 

Hong Kong 

Asm Pacific Technology 27,000 253,326 

Cathay Pacific Airways 130,000 377,764 

Cheung Kong Holdings 83,000 1,415,977 

CLP Holdings 50,500 487,351 

Hongkong Electric Holdings 20,500 168,820 

Hutchison Whampoa 41,000 649,340 

Smartone Telecommunications 13,500 26,201 

Television Broadcasts 72,000 636,162 

Wharf Holdings 67,000 393,698 

Wing Hang Bank 49,500 592,348 

5,000,987 4.51% 

Japan 

Ajinomoto Co Inc 6,000 102,024 

Alps Electric Co 36,900 854,102 

Amada Co 33,000 483,496 

Aoyama Trading Co 1,000 56,211 

Canon Inc 900 87,486 


Daiichi Sankyo Co 165 5,288 

Daiwa Securities Group Inc 61,000 1,148,965 

Gunze 44,000 485,976 

Hankyu Department Stores 25,000 362,763 

Hitachi 78,000 873,590 

Hitachi Software Engineering 1,100 38,277 

Honda Motor Co 12,500 1,185,143 

Japan Tobacco Inc 10 242,312 

Kao Corp 1,000 44,518 

Kyowa Hakko Kogyo Co 22,000 255,075 

Kyushu Electric Power Co Inc 6,100 219,996 

Makita Corp 100 4,085 

Matsushita Electric Industrial 30,000 961,498 

Matsushita Electric Works 30,000 465,745 

Mitsubishi Chemical Holdings 19,000 198,879 

Mitsubishi Tokyo Financial Group 13 293,028 

Mitsui Chemicals Inc 39,000 435,696 

Mitsui Trust Holdings Inc 7,000 139,639 

Nippon Oil Corp 51,000 657,411 

Nippon Steel Corp 205,000 1,212,967 

Nomura Research Institute 100 20,357 

NTT Corp 118 891,030 

Shimachu Co 4,600 231,999 

Shionogi & Co 23,000 538,199 


Sony Corp 7,600 516,067 

Sumitomo Electric Industries 9,300 234,652 

Sumitomo Mitsui Financial Group 53 933,322 

Tokyu Land Corp 25,000 415,240 

Toppan Printing Co 14,000 271,783 

West Japan Railway Co 30 207,937 

Yamaha Motor Co 1,700 73,764 

16,346,906 14.76% 


51


52 

GREATLINK GLOBAL EQUITY FUND (cont’d) 

Hldgs* S$° R^ % + 

Netherlands 

Aegon Nv 35,768 964,629 

Dsm Nv 548 37,082 

Oce Nv 3,812 91,142 


Royal Philips 1,882 96,897 

2,158,667 1.95% 

Norway 

DNB Nor Asa 8,600 152,055 

Norsk Hydro Asa 32,200 5,479,742 

Orkla Asa 33,600 2,306,174 

Statoil Asa 29,250 1,113,342 

Stolt Offshore Sa 300 5,783 

Storebrand Asa 64,800 926,919 

Telenor Asa 29,600 481,558 

Tomra Systems Asa 35,800 424,621 

10,890,194 9.83% 

Sweden 

Nordea Bank Ab 14,000 241,315 

SAS Ab 2,500 54,583 

Skanska Ab 800 20,225 

Volvo Ab Co 300 23,473 

339,596 0.31% 


3I Group Plc 1,485 35,926 

Arriva Plc 22,253 370,024 


Bae Systems Plc 25,654 279,563 


Brambles Industries Plc 7,610 90,587 

British Sky Broadcasting Plc 11,360 161,006 

BT Group Plc 76,454 486,142 

Corus Group Plc 16,667 28,071 

Dixons Group Plc 14,159 66,185 

HBOS Plc 32,664 925,900 


Imperial Chemical Industries 2,068 19,599 

Kelda Group Plc 8,184 180,822 

Royal & Sun Alliance Insurance 73,683 264,497 


Schroders Plc 7,860 213,153 

Tate & Lyle Plc 36,769 590,929 

Taylor Woodrow Plc 1,714 18,617 

Trinity Mirror Plc 22,078 361,127 

Unilever Plc 1,034 17,016 

Vodafone Group Plc 7,835 279,711 

6,956,905 6.28% 


3M Co 10,600 1,365,985 


Amerisourcebergen Corp 13,400 922,451 

Amgen Inc 20,200 2,648,783 

Hldgs* S$° R^ % + 

Bank Of America Corp 53,800 4,128,499 

Boeing Co 9,800 1,144,587 

Choice Hotels International Inc 24,200 1,680,405 

Circuit City Stores Inc 21,000 788,812 

Coach Inc 42,100 2,333,920 

Comcast Corp 6,200 266,299 

Conocophillips 12,000 1,160,896 

Corning Inc 7,300 238,641 

Dillard's Inc 1,700 70,160 

Energizer Holdings Inc 13,900 1,150,787 

Equitable Resources Inc 22,700 1,384,879 

Express Scripts Inc 1,300 181,145 

Exxon Mobil Corp 300 28,020 

Ford Motor Co 14,100 180,998 

Genentech Inc 4,600 707,518 

General Electric Co 15,500 903,354 

Glaxosmithkline Plc 3,150 264,404 

Google Inc 3,200 2,207,444 

Guidant Corp 1,000 107,666 

Hewlett-Packard Co 44,400 2,113,696 

Intel Corp 41,000 1,701,636 

Johnson & Johnson 31,100 3,107,943 


Kos Pharmaceuticals Inc 600 51,610 

Loews Corp 19,800 3,122,775 

Mbia Inc 17,500 1,750,589 

Merrill Lynch & Co Inc 13,000 1,464,073 

Metlife Inc 15,200 1,238,448 

Microsoft Corp 11,900 517,436 

Monsanto Co 10,200 1,314,947 

Moody's Corp 21,200 2,165,130 

Newmont Mining Corp 700 62,155 

Pfizer Inc 31,000 1,202,066 

Pg&E Corp 5,300 327,131 

Pilgrim's Pride Corp 1,200 66,166 

Procter & Gamble Co 3,022 290,845 

Raytheon Co 13,100 874,571 

Sprint Corp-Fon Group 8,200 318,511 

Sunoco Inc 25,200 3,284,309 

Synopsys Inc 7,700 256,838 

Texas Instruments Inc 16,900 901,206 

Tyson Foods Inc 53,200 1,512,676 

Ultra Petroleum Corp 1,700 157,733 

Unionbancal Corp 3,200 365,655 

USG Corp 200 21,616 


Viacom Inc 41,886 2,270,517 

55,426,062 50.03% 


Quoted REITS 

Hong Kong 


118,219 0.11% 




Hldgs* S$° R^ % + 

Japan 

Japan Prime Realty Investment Reit 2 9,326 

Japan Real Estate Investment Reit 1 13,693 

Nippon Building Fund Inc Reit 2 28,035 

51,054 0.05% 

Netherlands 

Corio Nv 662 59,598 

59,598 0.05% 


Developers Diversified Realty Reit 1,700 132,914 

Equity Office Properties Trust 7,900 398,417 

New Century Financial Corp Reit 600 35,986 

Prologis Reit 1,700 132,066 

699,383 0.63% 


Derivatives (13,821) -0.01% 



Australia 


928 0.00% 

Canada 


646 0.00% 

Denmark 


2 0.00% 

Euroland 



51,581 0.05% 

Hong Kong 


9,640 0.01% 

Japan 



255,442 0.23% 

Norway 


674 0.00% 

S$° R^ % + 

Singapore 

Bank Of New York Cash Margin (1,062,539) A-1+ 


1,666,139 1.50% 

Sweden 


11 0.00% 

Switzerland 


(158,700) -0.14% 




(290,869) -0.26% 


Bank Of New York Cash Margin 1,543,160 A-1+ 


1,586,690 1.43% 


Net Current Liabilities (1,112,388) -1.02% 

Net Assets 110,778,502 100.00% 

GREATLINK GLOBAL OPTIMUM FUND 

Hldgs* S$° R^ % + 


Australia 

Santos 34,080 509,214 

509,214 0.51% 

Canada 

Canadian Pacific Railway 3,100 214,943 

214,943 0.21% 

France 

Electricite De France 3,844 241,115 

Essilor International Sa 4,247 568,106 

Lvmh Moet Hennessy Louis Vuitt 3,446 507,258 

Peugeot Sa 6,274 599,289 

Sanofi-Synthelabo Sa 4,214 611,631 

2,527,399 2.52% 

Hong Kong 

China Petroleum & Chemical Corp 318,000 262,558 


570,195 0.57% 


53


54 

GREATLINK GLOBAL OPTIMUM FUND (cont’d) 

Hldgs* S$° R^ % + 

Italy 


Unicredito Italiano Spa 57,525 656,663 

1,456,020 1.45% 

Japan 

East Japan Railway Co 57 651,241 

Eisai Co 5,800 404,463 


Mitsubishi Heavy Industries 66,000 483,496 

Mitsubishi Tokyo Financial Group 24 540,975 

NTT Corp 43 324,698 

Obayashi Corp 44,000 538,664 

Promise Co 4,750 525,302 

Seven & I Holdings Co 7,060 502,275 

Shinsei Bank 10,000 96,079 

Shionogi & Co 11,000 257,400 

Sony Corp 6,700 454,954 

Takefuji Corp 5,620 634,183 

6,019,509 6.01% 

Mexico 

Grupo Televisa Sa 30,000 200,376 

Wal-Mart De Mexico Sa De Cv 13,300 122,679 

323,055 0.32% 

Netherlands 

Koninklijke Ahold Nv 28,683 356,116 


1,108,641 1.11% 

Spain 

Banco Bilbao Vizcaya Argentaria 22,058 652,425 

652,425 0.65% 

Sweden 

Ericsson 76,030 433,661 

433,661 0.43% 

Switzerland 

Credit Suisse Group 6,726 568,551 

Nestle Sa 2,692 1,334,766 

Roche Holdings Ag 1,426 354,964 

UBS Ag 4,390 692,882 

Zurich Financial Services Ag 1,267 447,582 

3,398,745 3.39% 



Emi Group Plc 46,212 319,898 

Reckitt Benckiser Plc 12,213 669,374 

Rio Tinto 5,975 452,843 

2,161,091 2.16% 


Abbott Laboratories 7,100 465,504 

Hldgs* S$° R^ % + 

Alcoa Inc 16,500 811,285 


Amgen Inc 6,800 891,669 

Au Optronics Corp 2,544 63,494 

Bank Of America Corp 10,300 790,400 

Boeing Co 6,600 770,844 

Cameco Corp 2,900 305,673 

Capital One Financial Corp 3,200 459,729 

Chi Mei Optoelectronics Corp 8,555 210,504 

Chunghwa Telecom Co 11,700 356,993 

Cia Vale Do Rio Doce 5,100 348,877 

Cisco Systems Inc 17,800 506,713 

Citigroup Inc 11,100 895,718 

Conocophillips 10,100 977,087 

Dell Inc 9,300 463,146 

Electronic Arts Inc 4,800 417,507 

Eli Lilly & Co 5,600 526,946 


Forest Laboratories Inc 5,300 358,505 

Hartford Financial Services Group 4,800 685,523 

Hilton Hotels Corp 13,500 541,214 

Lockheed Martin Corp 700 74,062 

Medtronic Inc 6,400 612,653 

Merrill Lynch & Co Inc 3,900 439,222 


Nasdaq Stock Market Inc 7,700 450,427 

Noble Corp 3,400 398,798 

Omnicom Group 3,100 438,816 

Pepsico Inc 6,100 599,251 

Procter & Gamble Co 13,182 1,268,668 

Schlumberger 2,000 323,081 

Southwest Airlines Co 14,500 396,136 


Time Warner Inc 14,600 423,387 


Unitedhealth Group Inc 5,300 547,628 

Yahoo! Inc 7,000 456,038 

Yum! Brands Inc 9,784 762,679 

21,206,765 21.18% 



Australia 

Arms Ii Floating 10/09/2034 46,939 78,238 AAA 

Commonwealth Of Australia 75,000 97,472 AAA 

6.000 15/02/2017 

Crusade Global Trust Floating 196,770 328,693 AAA 

14/08/2037 


16/01/2035 


17/01/2034 


17/06/2037 




Hldgs* S$° R^ % + 


18/09/2034 

Medallion Trust Floating 163,856 272,303 AAA 

10/05/2036 

Medallion Trust Floating 60,112 100,178 AAA 

21/12/2033 

National Rmbs Trust Floating 254,091 422,888 AAA 

20/03/2034 

Westpac Securitisation Trust 142,825 237,774 AAA 


1,892,297 1.89% 

Canada 

Burlington Resources Finance 225,000 375,941 BBB+ 

5.600 01/12/2006 

Canadian Government 4.250 (3,760,000) (5,405,719) AAA 

01/09/2008 

Government Of Canada 5.000 (940,000) (1,437,185) AAA 

01/06/2014 

Government Of Canada 5.500 (395,000) (598,532) AAA 

01/06/2010 


01/06/2029 

(6,638,629) -6.63% 

Denmark 


15/11/2009 

Volkswagen Bank Gmbh Floating 200,000 392,277 A 

27/12/2006 

689,174 0.69% 

Germany 

Federal Republic Of Germany 475,000 966,968 AAA 

3.750 04/01/2015 


4 04/01/2037 


5.250 04/07/2010 

9,188,178 9.17% 

Ireland 

Republic Of Ireland 5.000 450,000 988,273 AAA 

18/04/2013 

Unicred Ital Bnk Ireland 2.104 350,000 686,276 A 

11/10/2006 

Unicred Ital Bnk Ireland 2.123 300,000 588,739 A 

20/07/2006 

2,263,288 2.26% 

Israel 

State Of Israel 7.500 31/03/2014 1,575,000 648,392 A 

648,392 0.65% 

Japan 

Japan 1.400 20/09/2011 176,200,000 2,541,611 AA 

Hldgs* S$° R^ % + 

Japan 1.400 22/06/2009 302,800,000 4,389,519 AA 

Japan 1.5 20/09/2014 116,650,000 1,659,949 AA 

Japan 1.500 20/09/2013 98,800,000 1,415,266 AA 

Japan 1.600 20/06/2008 49,600,000 719,861 AA 

Japan 2.100 20/09/2025 91,800,000 1,318,047 AA 

12,044,253 12.03% 

Luxembourg 

Tyco Intl Group Sa 6.375 110,000 183,193 BBB 

15/02/2006 

183,193 0.18% 

Mexico 

United Mexican States 10.00 2,450,000 434,881 A 

05/12/2024 

434,881 0.43% 

Netherlands 

ABN Amro Bank Nv Floating 300,000 588,346 AA 

22/06/2006 

Kingdom Of The Netherlands 1,245,000 2,615,790 AAA 

4.250 15/07/2013 

3,204,136 3.20% 

Norway 

Nordea Bank Norge Asa 2.113 350,000 686,348 AA 

13/12/2006 

686,348 0.69% 

Russia 

Russian Federation 3.00 270,000 441,380 BBB 

14/05/2006 

441,380 0.44% 

Sweden 

Kingdom Of Sweden 5.000 795,000 175,918 AAA 

28/01/2009 

Kingdom Of Sweden 5.25 (15,855,000) (3,639,981) AAA 

15/03/2011 

(3,464,063) -3.46% 


Credit Agricole Sa Floating 500,000 980,251 AA 

16/05/2006 

Mbna Europe Funding Plc 185,000 362,895 AA 



07/03/2036 


07/06/2010 


07/09/2015 


07/03/2008 

8,069,267 8.06% 


55


56 


Hldgs* S$° R^ % + 


American Express Credit 163,000 270,951 AAA 

Account Floating 18/01/2011 

American General Finance 5.875 210,000 351,298 A 

14/07/2006 

Americredit Automobile 2.390 12,843 21,334 AAA 

06/11/2007 

Ameriquest Mortgage Securities 8,323 13,841 AAA 


Asset Securitization Corp 7.490 108,215 184,655 AAA 

14/04/2029 

Bear Stearns Asset Backed 200,000 323,091 AAA 

Securities 4.750 13/02/2046 

Bear Stearns Commercial 150,000 243,701 AAA 

Mort 4.825 11/11/2041 

BMW Vehicle Owner Trust 3.660 294,375 487,683 AAA 

26/12/2007 

BNP Paribas 4.04 19/09/2006 440,000 727,930 NR 

Capital One Auto Finance Trust 305,000 506,098 AAA 

4.48 15/10/2008 

Capital One Prime Auto 200,000 332,587 AAA 

Receivables Floating 15/04/2011 

Carmax Auto Owner Trust 107,411 177,950 AAA 

3.780 15/02/2008 

Carmax Auto Owner Trust 4.1 280,000 463,513 AAA 

15/05/2008 

Caterpillar Fin Serv Crp Floating 410,000 682,209 A 

12/02/2007 

Collegiate Funding Services Ed 218,046 362,504 AAA 

3.55667 28/09/2017 

Collegiate Funding Services Ed 111,999 186,102 AAA 


Credit Suisse First Boston USA 325,000 535,962 A 

Inc 5.125 15/08/2015 

Credit-Based Asset Servicing A 121,613 202,230 AAA 


Credit Suisse First Boston 215,000 332,216 AAA 

Mortgage Securities 3.936 15/05/2038 

Daimler Chrysler Auto Trust 325,000 532,511 AAA 

2.98 08/08/2008 

Daimler Chrysler Master Owner 230,000 382,703 AAA 


Daimlerchrysler Na Hldg 250,000 416,053 BBB 


Fannie Mae 3.25 31/07/2006 400,000 659,730 AAA 

Fannie Mae 4.975 01/12/2013 182,287 302,758 AAA 

Fannie Mae 5.393 01/09/2014 197,063 335,661 AAA 

Fannie Mae 6.620 01/01/2008 117,078 198,615 AAA 

Fannie Mae 7.527 01/04/2010 102,525 183,854 AAA 

First Union-Chase Commercial 145,665 252,290 AAA 

M 6.645 15/06/2031 

Fleet Credit Card Master Trust Ii 300,000 498,413 AAA 

2.400 15/7/2008 

Ford Credit Auto Owner Trust 175,000 289,822 AAA 

4.24 15/03/2008 

Hldgs* S$° R^ % + 

GE Capital Credit Card Master 360,000 599,032 AAA 


Gmac Mortgage Corporation 225,000 374,596 AAA 

Loan Floating 25/02/2036 

Gs Mortgage Securities Corp 200,000 337,767 AAA 

5.396 10/08/2038 

Household Automotive Trust 280,000 463,674 AAA 

4.16 17/09/2008 

HSBC Finance Corp 6.50 170,000 282,940 A 

24/01/2006 

International Lease Finance 170,000 335,086 AA 

3.002 26/06/2006 

Ixis Real Estate Capital Trust 277,425 461,296 AAA 

3.60 25/12/2035 

John Deere Owner Trust 1.79 46,222 76,574 AAA 

15/04/2007 

Mbna Credit Card Master Note 276,000 458,966 AAA 

3.51 15/12/2010 

Morgan Stanley Home Equity 341,822 568,426 A 


New Century Home Equity 68,887 114,639 AAA 


New Century Home Equity 205,378 341,551 AAA 


Nissan Auto Receivables Owner 140,000 231,943 AAA 

3.750 17/09/2007 

Nissan Auto Receivables Owner 235,000 388,975 AAA 

4.14 15/01/2008 

Nomura Asset Securities Corp 150,000 257,908 AAA 

6.590 15/03/2030 

Onyx Acceptance Owner Trust 150,000 248,508 AAA 

4.03 15/04/2008 

Option One Mortgage Loan 119,592 198,888 AAA 

Trust 3.48 25/08/2035 

Option One Mortgage Loan 182,000 302,667 AAA 

Trust 3.54 25/08/2035 

Pnc Funding Corp 5.75 400,000 668,339 A 

01/08/2006 

Residential Asset Securities 163,605 272,057 AAA 

3.58125 25/08/2035 

Royal Bank Of Canada 3.95 230,000 382,106 NR 

27/02/2006 

Sbc Communications Inc 5.75 275,000 458,411 A 

02/05/2006 

St Paul Companies Inc 5.75 190,000 317,609 BBB 

15/03/2007 

Union Pacific Corp 6.40 200,000 333,546 BB 

01/02/2006 

United States Of America 2.875 840,000 1,377,331 N/A 

30/11/2006 

United States Of America 3.00 4,135,000 6,599,248 AAA 

15/02/2009 


15/01/2007 

United States Of America 4.000 955,000 1,539,534 AAA 

15/02/2015 




Hldgs* S$° R^ % + 


15/08/2010 


15/02/2031 

US Bank Na Floating 28/07/2006 275,000 457,340 AA 

Usaa Auto Owner Trust 2.410 3,291 5,467 AAA 

15/02/2007 


15/06/2007 


17/09/2007 


17/12/2007 


16/06/2008 

Virginia Electric &Power 5.75 260,000 433,272 BBB 

31/03/2006 

Volkswagen Credit Auto Master 275,000 457,268 AAA 


Wachovia Bank Na 3.80 575,000 955,957 AA 

02/10/2006 

Wfs Financial Owner Trust 2.030 10,333 17,156 AAA 

22/10/2007 

Wfs Financial Owner Trust 4.11 271,000 449,302 AAA 

17/06/2008 

47,188,421 47.12% 


Derivatives (158,662) -0.16% 



Australia 


Bank Of New York Cash Margin (17) A-1+ 

3,376 0.00% 

Canada 

Bank Of New York Cash (563,593) A-1+ 

(563,593) -0.56% 

Czech Republic 


(510) 0.00% 

Euroland 



(699,933) -0.70% 

Japan 



192,291 0.19% 

S$° R^ % + 

Mexico 


19,361 0.02% 

New Zealand 


163 0.00% 

Singapore 


116 0.00% 

Sweden 


(13,968) -0.01% 




215,577 0.22% 


Abbey National Plc Term Deposit 728,268 NR 



BNP Paribas Term Deposit 703,684 A-1+ 

Caylon Ny Branch Term Deposit 1,328,081 N/A 

Deutsche Bank Ag Term Deposit 664,014 A-1+ 

Fortis Term Deposit 1,822,545 N/A 

HBOS Plc Discount Note 274,361 A-1+ 

HBOS Plc Term Deposit 1,045,055 A-1+ 

Rabobank Nederland Term Deposit 703,649 A-1+ 

Royal Bank Of Scotland Group Plc 498,054 A-1+ 

Term Deposit 

Societe Generale Term Deposit 788,501 N/A 

UBS Ag Term Deposit 1,433,267 A-1+ 

United States Of America Treasury Bill 326,691 A-1+ 

Wells Fargo & Co Term Deposit 1,256,497 A-1+ 

Westdeutsche Landesbank Gz 1,192,855 N/A 

Term Deposit 

20,136,822 20.11% 



Net Assets 100,149,159 100.00% 

GREATLINK GLOBAL TECHNOLOGY FUND 

Hldgs* S$° R^ % + 


Germany 

Tele Atlas Nv 43,944 1,948,781 

1,948,781 1.35% 


57


58 

GREATLINK GLOBAL TECHNOLOGY FUND (cont’d) 

Hldgs* S$° R^ % + 

Japan 

Funai Electric Co 7,500 1,378,851 

Jupiter Telecommunications Co 1,234 1,635,876 

Mitsubishi Electric Corp 332,000 3,905,443 

Nitto Denko Corp 18,800 2,433,992 

Nomura Research Institute 7,600 1,547,131 

Obic Co 4,600 1,683,615 

Ricoh Co 119,000 3,461,886 

Tis Inc 34,000 1,743,516 

Tokyo Electron 18,900 1,972,994 

19,763,304 13.73% 

Netherlands 

Tele Atlas Nv 7,160 317,384 

317,384 0.22% 

Taiwan 

Hon Hai Precision Industry 432,273 3,939,364 

Quanta Computer Inc 210,896 492,226 

4,431,590 3.08% 



Sportingbet Plc 44,561 436,945 

6,587,014 4.58% 


Advanced Micro Devices Inc 41,404 2,106,696 


Arm Holdings Plc 183,688 1,896,752 

Arris Group Inc 89,190 1,404,444 

Broadcom Corp 31,998 2,508,665 

Business Objects Sa 15,434 1,037,064 

Canon Inc 13,120 1,283,426 

Chordiant Software Inc 224,826 979,458 

Cisco Systems Inc 296,287 8,434,407 

Cogent Inc 37,429 1,411,528 

Cognizant Technology Solutions 22,164 1,852,658 

Corning Inc 71,214 2,328,022 

Dell Inc 32,955 1,641,181 

Electronic Arts Inc 36,978 3,216,373 

Ericsson 35,235 2,015,445 

Flir Systems Inc 37,130 1,378,643 

Google Inc 3,556 2,453,022 

Hutchinson Technology Inc 35,623 1,685,198 

IBM 62,055 8,481,776 

Intel Corp 88,195 3,660,385 

Jds Uniphase Corp 298,289 1,170,543 

Juniper Networks Inc 31,292 1,160,316 

Mattson Technology Inc 93,575 1,565,294 

Maxim Integrated Products 35,829 2,159,042 

Mercury Interactive Corp 10,512 485,749 


Motorola Inc 31,818 1,195,163 

Network Appliance Inc 62,308 2,797,343 

Oracle Corp 150,562 3,056,816 

Hldgs* S$° R^ % + 

Patni Computer Systems 39,770 1,532,877 

Qualcomm Inc 14,668 1,050,715 

Red Hat Inc 37,552 1,702,147 

Safenet Inc 38,693 2,072,985 

SAP Ag 17,252 1,292,901 

Satyam Computer Services 53,098 3,230,567 

Sify 61,310 1,096,937 

Sirf Tech Holdings 37,619 1,864,068 

Sum Microsystems Inc 451,116 3,142,972 

Teradyne Inc 112,904 2,735,313 

Thq Inc 37,646 1,492,951 

TSMC 155,515 2,562,620 

Verisign Inc 85,285 3,105,668 

Wind River Systems Inc 60,747 1,491,913 

Xm Satellite Radio Holdings Inc 47,245 2,143,080 

Yahoo! Inc 60,365 3,932,673 

Zebra Technologies Corp 24,565 1,750,273 

107,926,373 74.99% 




Taiwan 


1,704,153 1.18% 



1,683,220 1.17% 



Net Assets 143,920,751 100.00% 

GREATLINK GLOBAL VALUE EQUITY FUND 

Hldgs* S$° R^ % + 


Australia 

Australia & New Zealand 1,772 51,765 

Banking Group 

Coca-Cola Amatil 9,300 87,458 

Foster's Group 9,200 62,616 

National Australia Bank 700 27,664 

Promina Group 21,500 126,925 

Publishing & Broadcasting 3,900 78,395 

Qantas Airways 13,500 66,524 

QBE Insurance Group 5,520 131,965 

Rinker Group 15,800 317,021 



GREATLINK GLOBAL VALUE EQUITY FUND (cont’d) 

Hldgs* S$° R^ % + 

Westpac Banking Corp 600 16,649 

966,982 1.48% 

Austria 

Erste Bank Der Oesterreichisch 1,500 138,425 

138,425 0.21% 

Belgium 

Fortis 3,600 190,294 

UCB Sa 1,600 124,524 

314,818 0.48% 

Canada 

Alcan Inc 8,600 584,665 

Cameco Corp 3,900 409,644 

Canadian Natural Resources 1,100 90,237 

Potash Corp Of Saskatchewan 2,000 265,048 

Telus Corp 2,800 189,739 

1,539,333 2.36% 

Denmark 

Coloplast A/S 800 82,253 

82,253 0.13% 

France 

Accor Sa 800 72,901 

Air Liquide 620 197,610 

Axa 4,900 261,990 

BNP Paribas 2,700 361,964 

Bouygues 5,500 445,529 

Carrefour Sa 900 69,868 

Groupe Danone 600 103,855 

Jc Decaux Sa 2,800 108,190 

Lafarge Sa 1,400 208,691 

L'Oreal Sa 900 110,857 

Renault Sa 700 94,598 

Sanofi-Synthelabo Sa 3,910 567,507 

Schneider Electric Sa 2,900 428,592 

Veolia Environnement 4,600 345,016 

Vivendi Universal Sa 3,100 160,885 

3,538,053 5.43% 

Germany 

Allianz Ag 1,400 351,315 

Bayer Ag 2,600 179,965 

E.On Ag 1,100 188,546 

Hypo Real Estate Holding Ag 1,400 120,766 

SAP Ag 1,200 360,487 

Siemens Ag 450 63,902 

Volkswagen Ag 400 34,999 

1,299,980 2.00% 

Hong Kong 

Johnson Electric Holdings 77,500 122,159 

Li & Fung 22,000 70,535 


338,417 0.52% 

Hldgs* S$° R^ % + 

Ireland 

Crh Plc 3,000 146,162 

146,162 0.22% 

Italy 



368,156 0.57% 

Japan 

Advantest Corp 300 50,251 

Aeon Co 8,000 338,109 

Canon Inc 800 77,765 


Daiwa House Industry Co 2,000 51,956 

Fanuc 400 56,408 

Hirose Electric Co 500 110,801 

Hoya Corp 3,400 203,091 

Kao Corp 3,000 133,553 

Keyence Corp 100 47,265 

Millea Holdings Inc 18 514,771 

Mitsubishi Corp 10,900 400,786 

Mitsubishi Estate Co 15,000 517,730 

Mitsubishi Tokyo Financial Group 77 1,735,627 

Mitsui Fudosan Co 6,000 202,443 

Mitsui Sumitomo Insurance Co 3,000 60,986 

Mizuho Financial Group Inc 11 145,049 

Nidec Corp 400 56,521 

Nikon Corp 11,000 288,393 

Nintendo Co 500 100,376 

Nippon Electric Glass Co 6,000 217,658 

Nissan Motor Co 32,300 543,771 

Nitto Denko Corp 5,400 699,125 

NTT Corp 30 226,533 

Orix Corp 3,200 1,354,691 

Rohm Co 700 126,523 

Shimamura Co 700 160,940 

Shin-Etsu Chemical Co 1,800 158,996 

Smc Corp 1,000 237,381 

Softbank Corp 9,000 631,419 


Sumitomo Chemical Co 8,000 91,289 

Sumitomo Corp 20,000 429,680 

Sumitomo Mitsui Financial Group 46 810,053 

Suzuki Motor Corp 6,800 209,318 

Takeda Chemical Industries 4,000 359,523 

Tokyo Electron 6,000 626,347 

Trend Micro Inc 2,000 125,664 

Yahoo Japan Corp 32 80,695 

Yamato Transport Co 10,000 275,559 

12,695,976 19.49% 

Netherlands 

ABN Amro Holding Nv 7,246 313,947 

Heineken Holding Nv 3,275 172,022 


59


60 


Hldgs* S$° R^ % + 

ING Groep Nv 10,459 601,424 


Royal Kpn Nv 38,300 636,275 

2,163,529 3.32% 

Norway 

DNB Nor Asa 9,700 171,504 

171,504 0.26% 

Portugal 

Portugal Telecom Sgps Sa 10,300 172,729 

172,729 0.27% 

Singapore 

SingaporeTelecommunications 138,357 361,112 

Venture Corp 3,000 41,400 

402,512 0.62% 

Spain 

Banco Bilbao Vizcaya Argentaria 12,000 354,932 

Banco Santander Central Hispanic 9,000 196,825 

Iberdrola Sa 4,200 190,211 

Inditex Sa 1,300 70,247 

Repsol Ypf Sa 5,000 241,937 

Telefonica Sa 12,583 313,684 

1,367,836 2.10% 

Sweden 


Ericsson 37,000 211,041 

Investor Ab 4,700 136,494 

1,483,909 2.28% 

Switzerland 

Adecco Sa 478 36,546 

Compagnie Financiere Richemont 8,725 629,650 

Holcim 5,922 668,696 

Nestle Sa 362 179,489 

Novartis Ag 3,026 263,615 

Roche Holdings Ag 1,700 423,169 

Swiss Reinsurance 1,383 167,855 

Synthes Inc 956 178,025 

2,547,045 3.91% 


Arm Holdings Plc 12,800 44,212 

BG Group Plc 4,900 80,358 


Daily Mail & General Trust 4,800 107,972 

Diageo Plc 6,300 151,515 

Dx Services 1,860 18,052 

Emi Group Plc 8,700 60,225 

Friends Provident Plc 37,289 201,714 

Hays Plc 37,200 133,270 

HBOS Plc 14,900 422,358 


Hldgs* S$° R^ % + 

Imperial Chemical Industries 29,400 278,632 

ITV Plc 26,600 85,424 

Lloyds Tsb Group Plc 40,900 570,339 

Logicacmg Plc 30,900 156,347 

Pearson Plc 8,200 160,928 

Reuters Group Plc 11,700 143,782 

Rolls-Royce Group Plc 1,408,232 503,474 

Royal Bank Of Scotland Group Plc 2,900 145,285 


Sage Group Plc 38,800 285,757 

Samsung Electronics Co 938 513,921 

Scottish & Southern Energy Plc 1,700 49,208 

Standard Chartered Plc 3,300 121,991 

Unilever Plc 13,000 213,938 

Vodafone Group Plc 266,000 952,951 

5,907,147 9.07% 


Adobe Systems Inc 1,200 73,748 

Aes Corp 13,000 342,186 

Affiliated Computer Services 3,200 314,893 

Agilent Technologies Inc 897 49,653 

Alcoa Inc 1,500 73,753 

Allergan Inc 6,000 1,077,091 

Altera Corp 14,700 452,930 


America Movil Sa De Cv 11,400 554,648 

American International Group 2,600 294,976 

American Standard Cos Inc 6,900 458,357 

American Tower Corp 1,500 67,593 


Amgen Inc 2,100 275,369 

Anheuser-Busch Cos Inc 3,400 242,874 


Asml Holding Nv 3,600 120,200 


Automatic Data Processing Inc 3,800 289,961 

Avon Products Inc 2,100 99,693 

Baker Hughes Inc 900 90,958 

Baxter International Inc 1,600 100,167 

Brocade Communications Systems 15,100 102,190 

Campbell Soup Co 3,400 168,305 

Checkfree Corp 3,500 267,128 

Chevrontexaco Corp 1,698 160,286 


Coca-Cola Co 2,400 160,865 

Corning Inc 5,700 186,336 

Costco Wholesale Corp 800 65,807 

Credence Systems Corp 7,500 86,798 

Danaher Corp 1,100 102,026 

Davita Inc 900 75,783 

Directv Group Inc 2,881 67,642 

Dollar Tree Stores Inc 1,600 63,692 

Dow Chemical Co 700 51,005 

Ebay Inc 2,000 143,732 

Eli Lilly & Co 2,100 197,605 




Hldgs* S$° R^ % + 

Equitable Resources Inc 1,800 109,814 

Expedia Inc 2,350 93,625 


Falconbridge 6,724 330,211 

Fannie Mae 11,700 949,583 

Flextronics International 3,100 53,815 

Fluor Corp 1,700 218,395 

Forest Laboratories Inc 12,700 859,059 

Freddie Mac 7,100 771,511 

Freescale Semiconductor Inc 1,500 62,829 

General Electric Co 17,700 1,031,572 

Golden West Financial Corp 2,700 296,310 

Goodrich Corp 3,100 211,856 

Hewlett-Packard Co 2,000 95,212 

Iac/Interactivecorp 1,550 72,964 

Illinois Tool Works Inc 2,000 292,618 

Infosys Technologies 400 53,781 

Ingersoll-Rand Co 1,800 120,829 

Intel Corp 5,400 224,118 

International Paper Co 1,700 95,007 

Jabil Circuit Inc 3,400 209,688 


Kinder Morgan Inc 800 122,315 

Kla-Tencor Corp 7,300 598,787 

Kraft Foods Inc 900 42,112 

Lincare Holdings Inc 1,500 104,531 

Lowe's Cos Inc 7,100 786,977 

Mckesson Corp 700 60,048 


Millennium Pharmaceuticals Inc 5,600 90,323 

Novellus Systems Inc 1,800 72,192 

Pepsico Inc 1,300 127,709 

Pfizer Inc 7,300 283,067 

Qualcomm Inc 4,800 343,839 

Radioshack Corp 3,100 108,402 

Renaissancere Holdings 400 29,338 

Sandisk Corp 10,100 1,055,012 

SAP Ag 1,100 82,436 

Sasol 2,100 124,450 

Schlumberger 5,600 904,626 

Sepracor Inc 800 68,640 

SLM Corp 6,200 567,940 


State Street Corp 1,200 110,622 

Sysco Corp 5,800 299,452 

Target Corp 1,900 173,667 

Teradyne Inc 7,900 191,392 


TSMC 15,830 260,851 

United Parcel Service Inc 1,600 199,934 



Washington Mutual Inc 9,700 701,616 

Wellpoint Inc 1,100 145,942 

Wells Fargo & Co 5,200 543,261 

Xilinx Inc 6,500 272,474 

Hldgs* S$° R^ % + 

Xl Capital 1,800 201,670 

Yahoo! Inc 2,000 130,296 

26,482,186 40.65% 


Quoted REITS 

Hong Kong 


116,643 0.18% 


Derivatives (26,104) -0.04% 



Canada 


425 0.00% 

Euroland 


129,649 0.20% 

Japan 


2,351 0.00% 

Singapore 


35,237 0.05% 

Switzerland 


362 0.00% 



652 0.00% 



3,598,573 5.52% 



Net Assets 65,144,404 100.00% 


61


62 

GREATLINK FAR EAST EX JAPAN EQUITIES FUND 

Hldgs* S$° R^ % + 


Hong Kong 

Cheung Kong Holdings 61,000 1,040,658 

China Construction Bank 1,656,000 958,875 

China Mobile Hong Kong 203,000 1,597,717 

China Overseas Land & Investment 1,126,000 802,912 

China Petroleum & Chemical Corp 804,000 663,827 

China Shenhua Energy Co 604,000 1,107,493 

China Ting Group Holdings 428,000 185,869 

Cnooc 632,000 711,564 

Cosco Pacific 536,000 1,632,266 

Far East Consortium 442,000 267,780 

Henderson Land Development 96,000 751,453 

Hopewell Holdings 142,000 592,306 

Hutchison Whampoa 50,000 791,878 

Hysan Development Co 155,000 638,221 

Moulin International Hldgs 108,000 116,964 

New World Development 369,000 842,779 

Next Media 574,000 455,461 

Pacific Basin Shipping 610,000 470,945 

Parkson Retail Group 40,000 120,095 

Petrochina Co 534,000 727,198 

Ping An 506,000 1,551,759 

Shenzhou International Group 2,500,000 1,554,805 

Swire Pacific 62,500 932,883 

Wheelock & Co 164,000 444,910 

Xiamen International Port Co 698,000 229,026 

19,189,644 29.12% 

Indonesia 

Bank Central Asia Tbk Pt 695,000 399,307 

Indosiar Karya Media Tbk Pt 2,210,000 126,974 

Mitra Adiperkasa Tbk Pt 1,900,000 282,540 

Telekomunikasi Indonesia Tbk Pt 960,000 957,120 

United Tractors Tbk Pt 500,000 310,506 

2,076,447 3.15% 

Malaysia 

Gamuda Bhd 200,000 279,807 

Kris Components Bhd 9,833 11,897 

Malayan Banking Bhd 100,000 488,342 

Malaysia International Shipping 200,000 871,096 


Malaysian Bulk Carriers Bhd 86,400 79,824 

Mmc Corp Bhd 320,000 280,159 

Pos Malaysia & Services Holdings Bhd 500,000 888,694 

2,899,819 4.40% 

Singapore 

Ascott Group 1,104,000 783,840 


Cosco Corp Singapore 35,000 75,600 

DBS Group Holdings 35,000 577,500 

Hong Kong Land Holdings 289,000 1,508,918 

Keppel Land 80,000 292,800 

Hldgs* S$° R^ % + 

Sembcorp Industries 89,300 244,682 

SingaporeTelecommunications 126,290 329,617 

Singapore Technologies 147,000 420,420 

United Overseas Bank 114,000 1,664,400 

7,165,337 10.87% 

South Korea 

Hana Financial Group Inc 20,200 1,535,129 

Hanwha Corp 29,000 1,621,916 

Hyundai Mipo Dockyard 6,000 605,011 

Hyundai Motor Co 3,000 480,159 

Kangwon Land Inc 10,914 368,933 

Kia Motors Corp 28,000 1,222,852 

Kookmin Bank 2,430 305,787 


Samsung Fire & Marine Insurance 3,000 631,659 

Shinhan Financial Group Co 22,000 1,485,550 

Sk Telecom Co 2,580 768,156 

S-Oil Corp 3,560 413,434 

Woori Finance Holdings Co 50,000 1,653,170 

17,146,001 26.02% 

Taiwan 

Acer Inc 314,921 1,315,380 

Asustek Computer Inc 198,875 1,016,944 

Cathay Financial Holding Co 450,000 1,355,580 

Cheng Uei Precision Industry 100,000 539,194 

China Steel Corp 574,441 727,078 

Chinatrust Financial Holding Co 398,785 524,938 

Chunghwa Telecom Co 118,000 339,333 

Compal Electronics Inc 306,038 458,630 

Eva Airways Corp 801,000 626,551 

Lite-On It Corp 157,500 342,882 

Mega Financial Holding Co 232,000 250,773 

Quanta Computer Inc 160,043 373,537 

TSMC 335,552 1,061,782 

United Microelectronics Corp 958,823 902,915 

Zyxel Communications Corp 79,971 252,241 

10,087,758 15.31% 

Thailand 

Advanced Info Service Pcl 157,000 674,931 

Asian Property Development Pcl 4,167,000 577,968 

Kasikornbank Pcl 290,000 882,090 

2,134,989 3.24% 


Quoted REITS 

Hong Kong 


Prosperity Reit Quoted Reit 1,906 1,001 

454,961 0.69% 



GREATLINK FAR EAST EX JAPAN EQUITIES FUND (cont’d) 

Hldgs* S$° R^ % + 

Singapore 

Capitacommercial Trust 450,000 666,000 

Mapletree Logistics Trust Reit 107,000 102,185 

768,185 1.17% 




Hong Kong 


14,515 0.02% 

Indonesia 


48,892 0.07% 

Malaysia 


15,014 0.02% 

Philippines 


15,350 0.02% 

Singapore 


2,838,249 4.31% 

South Korea 


9,630 0.01% 

Taiwan 


980,130 1.49% 

Thailand 


16,394 0.02% 



23,480 0.04% 



Net Assets 65,895,403 100.00% 

GREATLINK SINGAPORE EQUITIES FUND 

Hldgs* S$° R^ % + 


Singapore 

Capitaland 597,000 2,053,680 


Comfortdelgro Corp 487,000 779,200 

Cosco Corp Singapore 630,000 1,360,800 


Genting International Plc 755,000 279,350 

Global Voice Group 1,000,000 195,000 

Hi-P International 700,000 1,183,000 

Keppel Corp 109,000 1,199,000 

Keppel Land 244,000 893,040 

Macquarie International Infrastructure 563,000 532,035 

Sembcorp Logistics 117,490 199,733 

Sia Engineering Co 207,000 563,040 

Singapore Airlines 99,000 1,227,600 

Singapore Exchange 229,000 664,100 

Singapore Post 552,000 634,800 

Singapore Press Holdings 352,500 1,515,750 

SingaporeTelecommunications 1,462,430 3,816,942 

Smrt Corp 1,000,000 1,080,000 

Singapore Technologies 658,000 1,881,880 

Starhub 800,000 1,640,000 

Unisteel Technology 500,000 915,000 

United Overseas Bank 353,000 5,153,800 

Venture Corp 64,000 883,200 

Wheelock Properties 113,000 492,680 

Wing Tai Holdings 244,000 358,680 

36,799,180 81.65% 


Quoted REITS 

Singapore 

Capitamall Trust 276,000 618,240 

Mapletree Logistics Trust Reit 1,563,000 1,492,665 

2,110,905 4.68% 




Singapore 

Bank Of New York Cash Margin 1,118,739 A-1+ 



Rabobank Nederland Term Deposit 1,002,498 A-1+ 

6,569,911 14.58% 



222,020 0.49% 


63


64 

GREATLINK SINGAPORE EQUITIES FUND (cont’d) 

S$° R^ % + 



Net Assets 45,067,536 100.00% 

GREATLINK GLOBAL INTERSECTION FUND 

Hldgs* S$° R^ % + 


Australia 

Rinker Group 34,341 689,038 

Santos 48,192 720,071 

Westpac Banking Corp 44,942 1,247,091 

2,656,200 4.24% 

Belgium 

Total Sa 50 20,840 

20,840 0.03% 

Canada 

Canadian National Railway Co 7,800 1,034,130 

1,034,130 1.65% 

Finland 

Nokia Oyj 27,000 818,192 

Tietoenator Oyj 5,260 318,276 

1,136,468 1.82% 

France 

Eads 5,663 354,324 

France Telecom 5,099 209,923 

Michelin 1,489 138,665 

Peugeot Sa 4,929 470,815 

Sanofi-Synthelabo Sa 7,918 1,149,238 

Total Sa 1,794 746,673 

Vivendi Universal Sa 23,992 1,245,143 

4,314,781 6.89% 

Germany 

BASF Ag 3,592 455,901 

Deutsche Telekom Ag 41,838 1,155,411 

E.On Ag 8,721 1,494,827 

ING Groep Nv 1,393 80,436 

Muenchener Rueckversicherungs 1,726 387,216 

Sanofi-Aventis 221 32,137 

3,605,928 5.76% 

Hong Kong 

Boc Hong Kong Holdings 107,000 341,907 

Sino Land Co 216,000 435,431 

777,338 1.24% 

Hldgs* S$° R^ % + 

Italy 

Ente Nazionale Idrocarburi Spa 18,651 857,111 


1,250,298 2.00% 

Japan 

Aiful Corp 2,950 409,359 

Bank Of Yokohama 34,000 462,223 

Canon Inc 11,400 1,108,153 

Daiichi Sankyo Co 15,404 493,697 

Daito Trust Cons 6,700 575,772 

East Japan Railway Co 60 685,516 

Eisai Co 13,900 969,317 


Mitsubishi Corp 2,900 106,631 

Orix Corp 2,500 1,058,352 

Promise Co 5,150 569,538 

Shinsei Bank 42,000 403,533 

Sony Corp 4,500 305,566 

Sumitomo Trust & Banking Co 25,000 424,397 

Yamanouchi Pharm 15,300 991,505 

8,854,333 14.15% 

Netherlands 

ING Groep Nv 10,435 599,685 


1,306,747 2.09% 

Sweden 

Scania Ab 1,880 112,927 

Swedish Match Ab 14,600 285,211 

398,138 0.64% 

Switzerland 

Nestle Sa 619 306,917 

306,917 0.49% 



Aviva Plc 13,427 270,217 

Bae Systems Plc 34,314 373,935 

Brambles Industries Plc 40,791 485,563 

British American Tobacco Plc 26,471 982,334 

Marks & Spencer Group Plc 32,569 469,506 

Rio Tinto 4,347 329,458 

4,346,785 6.94% 


Abbott Laboratories 6,400 419,609 

Accenture 16,500 792,080 

Aetna Inc 1,800 282,272 

Alltel Corp 7,900 828,886 

Altria Group Inc 13,700 1,702,141 

Amgen Inc 4,400 576,963 

Amylin Pharmaceuticals Inc 1,200 79,654 



GREATLINK GLOBAL INTERSECTION FUND (cont’d) 

Hldgs* S$° R^ % + 

Assurant Inc 4,500 325,417 

Axis Capital Holdings 5,900 306,872 

Bank Of America Corp 20,500 1,573,127 

Capital One Financial Corp 5,200 747,060 


Citigroup Inc 22,900 1,847,923 

Conocophillips 10,500 1,015,784 

Corning Inc 11,500 375,941 

Dell Inc 8,100 403,385 

Devon Energy Corp 4,900 509,556 

Dr Horton Inc 16,033 952,546 

Everest Re Group 4,400 734,190 

First Data Corp 13,000 929,717 

General Mills Inc 10,700 877,496 

Genzyme Corp 3,100 364,847 

Hartford Financial Services Group 6,600 942,594 

IBM 3,800 519,390 

Ims Health Inc 15,200 629,839 

Ingersoll-Rand Co 17,800 1,194,860 

Intel Corp 20,000 830,066 

Kimberly-Clark Corp 9,900 981,938 

Lafarge North America Inc 5,000 457,434 

Lockheed Martin Corp 2,300 243,348 

Mckesson Corp 15,100 1,295,331 

Michaels Stores Inc 5,500 323,471 


Office Depot Inc 3,900 203,626 

Parker Hannifin Corp 4,000 438,711 

Pitney Bowes Inc 2,500 175,633 

St Paul Travelers Cos Inc 16,000 1,188,431 


Valero Energy Corp 5,800 497,641 

Viacom Inc 11,200 607,119 

Waste Management Inc 8,100 408,773 

Weyerhaeuser Co 6,100 672,889 

Xm Satellite Radio Holdings Inc 7,300 331,139 

29,962,422 47.87% 


Derivatives (1,024) 0.00% 



Australia 


(116) 0.00% 

Canada 


2,470 0.00% 

Euroland 


172,909 0.28% 

S$° R^ % + 

Hong Kong 


24 0.00% 

Japan 


1,077 0.00% 

Singapore 


6,906 0.01% 

Sweden 


(711) 0.00% 

Switzerland 


12,352 0.02% 



733 0.00% 



3,880,746 6.20% 

Total Cash And Cash Equivalent 4,076,390 6.51% 


Net Assets 62,594,749 100.00% 

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND 

Hldgs* S$° R^ % + 


Australia 

Australand Property Group 73,447 185,442 

Db Rreef Trust 77,062 130,653 

Lend Lease Corp 11,571 204,364 

Mirvac Group 52,590 264,280 

784,739 1.68% 

Austria 

Immofinanz Immobilien Anlagen 12,000 190,882 

190,882 0.41% 

Canada 

Brookfield Properties Co 3,900 191,026 

191,026 0.41% 


65


66 

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND (cont’d) 

Hldgs* S$° R^ % + 

Finland 

Sponda Oyj 7,000 109,151 

109,151 0.23% 

France 

Fonciere Des Regions 1,000 176,525 

176,525 0.38% 

Germany 

Ivg Immobilien Ag 3,000 104,208 

104,208 0.22% 

Hong Kong 

Cheung Kong Holdings 55,000 938,298 

China Overseas Land & Investment 414,000 295,209 

Great Eagle Hldg Co 21,000 97,728 

Hang Lung Properties 60,000 155,695 

Henderson Land Development 36,000 281,795 

Hysan Development Co 69,000 284,111 

Shun Tak Holdings 52,000 79,735 


Wheelock & Co 75,000 203,465 

3,291,329 7.05% 

Japan 

Leopalace21 Corp 7,900 476,339 

Mitsubishi Estate Co 43,000 1,484,158 

Mitsui Fudosan Co 25,000 843,512 

Sumitomo Realty & Development 22,000 794,979 

Sun Frontier Fudousan Co 36 395,081 

Tokyu Land Corp 36,000 597,946 

4,592,015 9.83% 

Singapore 

Allgreen Properties 81,000 105,300 

Ascott Group 66,000 46,860 

Capitaland 120,000 412,800 

Hong Kong Land Holdings 46,000 240,174 

805,134 1.72% 

Spain 

Inmobiliaria Urbis Sa 2,000 60,842 

Metrovacesa Sa 800 80,495 

141,337 0.30% 

Sweden 

Castellum Ab 1,700 101,582 

Hufvudstaden Ab 3,000 32,593 

Kungsleden Ab 5,200 249,881 

Wihlborgs Fastigheter Ab 5,000 158,265 

542,321 1.16% 


British Land Co Plc 19,817 603,032 

Brixton Plc 15,500 191,365 

Great Portland Estates Plc 3,000 36,782 

Hldgs* S$° R^ % + 

Hammerson Plc 16,000 466,784 

Land Securities Group Plc 24,350 1,155,943 

Liberty International Plc 10,500 293,888 

Quintain Estates & Development 5,022 90,101 

Slough Estates Plc 20,800 355,363 

3,193,258 6.84% 


Istar Financial Inc 2,500 148,196 

St Joe Co 1,000 111,773 

259,969 0.56% 


Quoted REITS 

Australia 

Centro Properties Group Reit 13,867 107,066 

Cfs Gandel Retail Trust Reit 50,000 121,973 

General Property Trust Reit 85,576 427,957 

Macquarie Countrywide Trust Reit 104,615 252,653 

Macquarie Goodman Group Reit 58,685 342,152 

Macquarie Office Trust Reit 147,332 238,110 

Macquarie Prologis Trust Reit 143,715 205,094 

Stockland Trust Reit 34,925 276,894 

Westfield Group Reit 66,606 1,475,345 

3,447,244 7.38% 

Belgium 

Cofinimmo Reit 300 78,671 

78,671 0.17% 

Canada 

H&R Real Estate Investment Reit 10,000 296,079 

Riocan Real Estate Invst Tr Reit 9,500 308,185 

Summit Real Estate Investment Reit 8,000 279,795 

884,059 1.89% 

France 

Gecina Sa Reit 600 114,153 

Klepierre 1,100 171,092 

Silic 600 91,852 

Unibail 2,915 642,640 

1,019,737 2.18% 

Japan 

Japan Prime Realty Investment Reit 10 46,631 

Japan Real Estate Investment Reit 20 273,868 

Nippon Building Fund Inc Reit 3 42,052 

Orix Jreit Inc Reit 6 65,171 

427,722 0.92% 

Netherlands 

Corio Nv 4,115 370,463 

Rodamco Europe Nv 2,000 275,771 



GREATLINK GLOBAL REAL ESTATE SECURITIES FUND (cont’d) 

Hldgs* S$° R^ % + 

Vastned Offices/Industrial Reit 1,000 44,327 

Vastned Retail Nv Reit 800 84,340 

774,901 1.66% 

Singapore 

Ascendas Real Estate 48,000 93,600 

Capitacommercial Trust 68,000 100,640 

Capitamall Trust 95,000 212,800 

Mapletree Logistics Trust Reit 144,000 130,320 

Prime Reit 350,000 332,500 

869,860 1.86% 

Thailand 

Cpn Retail Growth Property 200,500 86,193 

Fund Reit 

86,193 0.18% 


Alexandria Real Estate Equities Reit 3,800 508,648 

Amb Property Corp Reit 3,100 253,455 

American Financial Realty Trust Reit 14,500 289,326 

Archstone-Smith Trust Reit 5,300 369,168 

Avalonbay Communities Inc Reit 2,050 304,229 

Biomed Realty Trust Inc Reit 14,600 592,353 

Boston Properties Inc Reit 7,000 862,840 

Brandywine Realty Trust Reit 7,450 345,744 

Camden Property Trust Reit 3,350 322,635 

Centerpoint Properties Trust Reit 6,700 551,243 

Developers Diversified Realty Reit 11,300 883,485 

Duke Realty Corp Reit 4,200 233,257 

Equity Office Properties Trust 18,200 917,872 

Equity Residential Reit 8,750 569,174 

First Industrial Realty Trust 3,000 192,053 

Quoted Reit 

General Growth Properties Inc Reit 16,300 1,273,595 

Glenborough Realty Trust Inc Reit 10,700 322,033 

Health Care Property Investors Reit 2,900 123,253 

Home Properties Inc Reit 5,000 339,210 

Host Marriott Corp Reit 31,800 1,002,016 

Kimco Realty Corp Reit 19,800 1,056,180 

Lasalle Hotel Properties Reit 4,000 244,231 

Liberty Property Trust Reit 10,500 748,132 

Macerich Co/The Reit 850 94,894 

New Plan Excel Realty Trust Reit 2,000 77,087 

Parkway Properties Inc 2,000 133,489 

Post Properties Inc Reit 2,000 132,857 

Prologis Reit 20,000 1,553,714 

Public Storage Inc Reit 4,100 461,678 

Reckson Associates Realty Corp Reit 10,000 598,273 

Regency Centers Corp Reit 6,700 656,745 

Simon Property Group Inc Reit 11,640 1,483,167 

Sl Green Realty Corp 4,900 622,402 

Sovran Self Storage Inc Reit 2,100 164,013 

Trizec Properties Inc Reit 7,500 285,834 

Trustreet Properties Inc Reit 6,800 165,308 

United Dominion Realty Trust I Reit 12,200 475,506 

Hldgs* S$° R^ % + 

Ventas Inc Reit 11,000 585,669 

Vornado Realty Trust Reit 10,100 1,401,813 

Weingarten Realty Investors Reit 13,750 864,465 

22,061,046 47.23% 


Derivatives (510) 0.00% 



Australia 


13,113 0.03% 

Canada 


3,038 0.01% 

Euroland 


64 0.00% 

Hong Kong 


29,072 0.06% 

Japan 


4,738 0.01% 

Malaysia 


24,048 0.05% 

Singapore 


850,164 1.82% 

Thailand 


201 0.00% 



20 0.00% 



Goldman Sachs Group Inc Term Deposit 3,654,873 A-1 

3,656,441 7.83% 



Net Assets 46,712,439 100.00% 


67


68 

GREATLINK CHOICE FUND (SEP 2010) 

Hldgs* S$° R^ % + 


Singapore 

Deutsche - Rasa 3.50 30/09/2010 113,671,000 100,939,848 

BBB 




Singapore 


(56) 0.00% 

Total Cash and Cash Equivalent (56) 0.00% 

Net Current Assets - 0.00% 

Net Assets 100,939,792 100.00% 

GREATLINK CHOICE FUND (OCT 2010) 

Hldgs* S$° R^ % + 


Singapore 

Deutsche - Rasa 3.50 30/09/2010 101,700,000 90,004,500 BBB 




Singapore 


4,117 0.00% 

Total Cash and Cash Equivalent 4,117 0.00% 


Net Assets 90,008,617 100.00% 

GREATLINK GLOBAL BOND FUND 

Hldgs* S$° R^ % + 


Canada 

Encana Corp 6.30 01/11/2011 100,000 177,529 A 

177,529 0.17% 

Cayman Islands 

UOB Cayman 5.796 31/12/2049 100,000 168,253 A- 

168,253 0.16% 

France 

French Republic 4.000 25/04/2013 200,000 413,342 AAA 

French Republic 5.000 25/04/2012 3,270,000 7,098,075 AAA 

7,511,417 7.36% 

Hldgs* S$° R^ % + 

Germany 


4.250 04/07/2014 


5.250 04/01/2011 


6.500 04/07/2027 

5,716,913 5.60% 

Italy 

BPL Consumer Srl Floating 200,000 394,317 AAA 

15/07/2015 

Italian Republic 5.000 01/02/2012 900,000 1,941,771 AA 

2,336,088 2.29% 

Japan 

Bank Of Tokyo-Mitsubishi 100,000 195,756 A- 

3.5 16/12/2015 

Development Bank Of Japan 600,000 957,370 AA 

4.250 09/06/2015 

Japan 0.70 20/09/2009 130,000,000 1,835,710 AA 

Japan 1.60 20/09/2014 80,000,000 1,148,106 AA 

Japan 1.600 20/06/2014 110,000,000 1,580,815 AA 

Japan 2.3 20/06/2035 60,000,000 837,479 A 

Kal Japan Abs Floating 26/09/2006 5,089,036 71,956 A 

Resona Bank 5.85 2958465 100,000 165,101 BBB 

6,792,293 6.65% 

Luxembourg 

Tunisian Republic 7.375 25/04/2012 70,000 129,845 BBB 

129,845 0.13% 

Netherlands 


5.625 04/01/2028 

Kingdom Of The Netherlands 200,000 407,380 AAA 

3.750 15/07/2014 

4,132,036 4.05% 

Russia 


26/06/2007 


31/03/2030 

Russian Federation 8.25 31/03/2010 100,000 177,137 BBB 

918,626 0.90% 

South Africa 

Republic Of South Africa 7.375 70,000 129,490 BBB 

25/04/2012 

129,490 0.13% 

South Korea 

Export-Import Bank Korea 100,000 166,338 A 


Korea Development Bank 200,000 332,731 A 


499,069 0.49% 



GREATLINK GLOBAL BOND FUND (cont’d) 

Hldgs* S$° R^ % + 


HBOS Plc 5.92 2958465 200,000 336,161 A 

HBOS Plc Floating 06/02/2014 200,000 333,624 A 

Siena Mortgage Floating 16/12/2038 194,445 382,755 AAA 

United Kingdom 4.750 07/06/2010 700,000 2,044,579 AAA 

3,097,119 3.03% 


AAA Trust 3.190 26/11/2035 241,456 401,838 AAA 

American Home Mortgage 60,241 97,866 AAA 

Investment Floating 25/10/2034 

Amortizing Residential Collateral 21,158 35,217 AAA 


Amortizing Residential Collateral 5,692 9,482 AAA 


Bank Of America Large Loan 24,322 40,463 AAA 


Bank Of America Mortgage Secur 146,327 239,939 AAA 

5.00 25/05/2034 

Bank Of America Corp 5.125 100,000 165,864 AA 

15/11/2014 

Bank Of America Corp 7.40 200,000 366,334 A 

15/01/2011 

Bank One Issuance Trust Floating 400,000 665,174 AAA 

15/10/2008 


Securities Floating 15/06/2043 





Bear Stearns Asset Backed Securities 15,090 25,144 AAA 


Carrington Mortgage Loan Trust 67,662 112,507 AAA 

3.54 25/06/2035 

Cdc Mortgage Capital Trust Floating 6,281 10,447 AAA 

25/10/2033 

Chicago Illinois 5.000 01/01/2034 300,000 514,866 AAA 

Cit Group Inc Floating 15/08/2008 100,000 166,402 A 

Citigroup Inc 5.625 27/08/2012 100,000 171,398 A 

Citigroup Inc 7.750 02/04/2012 50,000 94,286 A 

Comcast Cable Communications 70,000 126,507 BBB 

7.125 15/06/2013 

Comcast Corp 5.300 15/01/2014 150,000 244,703 BBB 

Countrywide Asset-Backed 125,857 209,292 AAA 

Certificates Floating 25/10/2035 

Countrywide Asset-Backed 8,357 13,897 AAA 

Certificates Floating 25/12/2031 

Countrywide Home Loans Floating 71,624 119,189 AAA 

25/02/2035 

Countrywide Home Loans Floating 70,404 117,060 AAA 

25/08/2034 

Credit-Based Asset Servicing A 12,049 20,044 AAA 


Credit Sussie First Boston Mortgage 15,082 25,169 AAA 

Securities Corp 6.500 25/04/2033 

Daimlerchrysler Ag 6.500 100,000 174,100 BBB 

15/11/2013 

Enterprise Products Operating 200,000 326,115 BBB 

4.950 01/06/2010 

Fannie Mae 5.00 01/08/2035 497,161 801,603 AAA 

Fannie Mae 5.50 01/11/2035 1,975,996 3,257,810 AAA 

Hldgs* S$° R^ % + 

Fannie Mae 5.500 01/01/2033 11,200,000 18,454,509 AAA 

Fannie Mae 5.500 01/02/2035 2,651,064 4,374,095 AAA 

Fannie Mae 5.500 01/03/2035 870,511 1,435,205 AAA 

Fannie Mae 5.500 01/04/2035 3,207,913 5,288,862 AAA 

Fannie Mae 5.500 01/05/2035 596,568 983,557 AAA 

Fannie Mae 5.500 01/06/2033 501,388 828,520 AAA 

Fannie Mae 5.500 01/09/2032 1,202,762 1,988,085 AAA 

Fannie Mae 5.500 01/09/2034 503,755 831,166 AAA 

Fannie Mae 5.500 01/11/2033 872,120 1,441,135 AAA 

Fannie Mae 5.500 01/11/2034 112,010 184,809 AAA 

Fannie Mae 6.125 15/03/2012 100,000 177,919 AAA 

Fannie Mae 6.410 13/11/2012 1,000,000 1,793,478 AAA 

Fannie Mae 6.875 24/09/2012 400,000 688,351 AAA 

Fannie Mae Floating 01/03/2020 43,409 72,983 AAA 




Fanniemae Grantor Trust Floating 400,000 665,327 AAA 

25/09/2035 

Fanniemae Whole Loan 6.00 73,714 124,155 AAA 

25/07/2044 

Fhlmc Structured Pass Through 310,110 518,699 AAA 


First Horizon Mortgage Pass-Through 728 1,208 AAA 

7.000 25/09/2030 

First Republic Floating 15/11/2031 88,335 147,281 AAA 

France Telecom 8.750 01/03/2011 80,000 148,571 A 

Freddie Mac 4.50 15/02/2020 386,306 628,392 AAA 



Freddie Mac 5.50 01/06/2035 2,424,447 4,002,731 AAA 

Freddie Mac Floating 15/10/2020 1,061,351 1,757,661 AAA 

Ginnie Mae 5.500 15/12/2032 523,028 877,063 AAA 

Gmac Mortgage Corporation 139,580 230,745 AAA 

Loan 5.50 25/09/2034 

Goldman Sachs Group Inc 5.25 100,000 166,227 A 

15/10/2013 

Gsamp Trust Floating 25/10/2033 17,507 29,118 AAA 

Household Mortgage Loan Trust 48,419 80,560 AAA 


HSBC Fin Cap Trust Ix 5.911 200,000 336,779 BBB 

30/11/2035 

Hutchison Whamp Intl 6.250 100,000 174,022 A 

24/01/2014 

Illinois State 5.000 01/12/2027 100,000 173,670 AA 

Liberty N Y Dev Corp 5.25 100,000 187,492 NR 

01/10/2035 

Long Beach Mortgage Loan Trust 3,239 5,388 AAA 


Master Asset Securitization Trust 216,434 355,049 AAA 

5.500 25/09/2033 

Master Asset Securitization Trust 35,889 59,442 AAA 


Mellon Residential Funding Cor 74,591 124,079 AAA 


Novastar Home Equity Loan 1,343 2,233 AAA 


Pemex Proj Fdg Master Trust 5.750 200,000 320,199 BBB 

15/12/2015 

Pemex Project Funding 7.375 325,000 600,359 BBB 

15/12/2014 


69


70 

GREATLINK GLOBAL BOND FUND (cont’d) 

Hldgs* S$° R^ % + 

Public Svc Enterprise Gp 4.295 200,000 332,685 BBB 

21/09/2008 

Quest Trust Floating 25/09/2034 110,624 184,232 AAA 

Rbs Capital Trust Iii 5.512 300,000 495,954 A 

31/12/9999 

Residential Asset Mortgage Pro 76,373 126,995 AAA 


Residential Asset Mortgage 12,346 20,531 AAA 

Products Inc Floating 25/05/2026 





Residential Asset Securities Floating 13,869 23,073 AAA 

25/04/2032 

Residential Asset Securities Floating 4,724 7,854 AAA 

25/09/2025 

Saxon Asset Securities Trust Floating 5,690 9,471 AAA 

25/01/2032 

Sequoia Mortgage Trust Floating 82,178 136,871 AAA 

20/10/2027 

Small Business Admin 4.754 94,565 154,687 NR 

10/08/2014 

Specialty Underwriting & 4,199 6,987 AAA 

Residential Floating 25/06/2034 

Structured Asset Securities Co 81,332 135,297 AAA 








Tenn Valley Authority 4.875 900,000 1,526,678 AAA 

15/12/2016 

Tenn Valley Authority 5.980 200,000 381,725 AAA 

01/04/2036 

Time Warner Inc 6.125 15/04/2006 100,000 166,773 BBB 

Tobacco Settlement Fing Corp 100,000 165,543 BBB 

4.000 01/06/2013 

Tobacco Settlement Fing Corp 100,000 167,330 BBB 

5.625 01/06/2037 

Toyota Motor Credit Corp Floating 200,000 332,492 AAA 

12/10/2007 

United States Of America 0.00 100,000 70,020 AAA 

15/08/2024 

United States Of America 0.000 1,100,000 951,849 AAA 

15/02/2020 


15/01/2015 


15/07/2015 


15/07/2014 


15/05/2010 


15/05/2021 


15/08/2019 


15/02/2019 

Hldgs* S$° R^ % + 

Utah Transport Authority 5.000 100,000 172,595 AAA 

15/06/2027 

Washington Mutual Floating 259,140 436,150 AAA 

25/05/2041 

Washington Mutual Floating 127,512 210,952 AAA 

25/08/2042 

Washington Mutual Securities 6,478 10,739 AAA 

5.157 25/10/2032 

81,432,400 79.76% 


Derivatives (1,560,232) -1.53% 



Australia 


12 0.00% 

Canada 


9,725 0.01% 

Euroland 

Bank Of New York Cash (1,395,754) A-1+ 


(944,544) -0.93% 

Japan 



1,440,407 1.41% 

Singapore 


192,418 0.19% 



7,535 0.01% 




Federal Home Loan Bank Discount Note 4,933,316 A-1+ 

Hbos Plc Discount Note 493,309 A-1+ 

Ing Groep Nv Discount Note 1,808,729 A-1+ 

Nordea Bank Ab Discount Note 1,808,845 N/A 

Societe Generale Discount Note 1,310,264 A-1 

UBS Ag Discount Note 664,588 A-1+ 

United States Of America Treasury Bill 823,547 A-1+ 

15,324,398 15.01% 



Net Assets 102,095,710 100.00% 




By Geography (Summary) 


S$ % 

Singapore 35,501,010 43.55% 



Cash and Cash Equivalent 45,725,538 56.09% 


Net Assets 81,520,489 100.00% 

By Industry (Summary) 


Building & Development 20,998,700 25.75% 

Financial Intermediaries 4,995,700 6.13% 

Health Care 6,999,300 8.59% 

Government Agency 2,507,310 3.08% 





Net Assets 81,520,489 100.00% 




S$ % 

Indonesia 12,775,117 9.80% 

Malaysia 18,777,931 14.40% 

Philippines 2,280,393 1.75% 

Singapore 70,002,279 53.69% 

Thailand 20,404,176 15.65% 


Quoted REITS 

Singapore 2,408,410 1.85% 




S$ % 


Net Assets 130,380,841 100.00% 



Air Transport 4,290,401 3.28% 

Automotive 1,626,951 1.25% 


Business Equipment & Services 7,177,527 5.51% 

Chemicals & Plastics 5,166,139 3.96% 

Conglomerates 6,852,484 5.26% 

Electronics / Electrical 9,374,780 7.19% 

Farming / Agriculture 988,263 0.76% 


Industrial Equipment 4,665,610 3.58% 

Lodging & Casinos 5,548,097 4.26% 

Oil & Gas 10,748,463 8.24% 

Publishing 3,448,600 2.65% 

Retailers (Except Food & Drug) 446,115 0.34% 

Surface Transport 8,608,846 6.60% 

Telecommunications 13,142,589 10.08% 

Utilities 1,514,270 1.16% 


Quoted REITS 

Singapore 2,408,410 1.85% 





Net Assets 130,380,841 100.00% 



S$ % 


Australia 98,594,839 28.71% 

Hong Kong 53,645,922 15.62% 

India 14,303,958 4.17% 

Indonesia 8,153,379 2.37% 

Malaysia 7,089,919 2.06% 

Singapore 22,398,534 6.52% 

South Korea 67,659,180 19.70% 

Taiwan 37,669,527 10.97% 

Thailand 8,110,389 2.36% 

United States Of America 8,425,678 2.45% 

71


72 


S$ % 


Quoted REITS 

Australia 8,517,495 2.48% 

Hong Kong 1,213,992 0.35% 

Singapore 2,123,520 0.62% 





Net Assets 343,398,096 100.00% 



Automotive 8,576,050 2.50% 

Beverage & Tobacco 6,363,858 1.85% 




Clothing / Textiles 10,339,357 3.01% 



Farming / Agriculture 3,309,551 0.96% 



Insurance 17,570,263 5.12% 

Leisure Goods / Activities / Movies 1,448,584 0.42% 

Nonferrous Metals / Minerals 33,825,448 9.85% 

Oil & Gas 10,483,116 3.05% 

Retailers (Except Food & Drug) 9,846,666 2.87% 

Steel 3,054,151 0.89% 



Utilities 10,135,718 2.94% 

Zero Default Risk 10,905,136 3.17% 






Net Assets 343,398,096 100.00% 




S$ % 

Australia 6,432,608 1.15% 

Austria 1,008,211 0.18% 

Belgium 1,499,185 0.27% 

Canada 7,497,815 1.33% 

Denmark 267,321 0.05% 

France 16,012,034 2.85% 

Germany 6,426,892 1.14% 

Hong Kong 1,438,497 0.26% 

Ireland 740,556 0.13% 

Italy 1,893,465 0.34% 

Japan 56,415,279 10.04% 

Netherlands 9,970,495 1.78% 

Norway 572,860 0.10% 

Portugal 1,012,899 0.18% 

Singapore 2,218,467 0.39% 

Spain 6,123,127 1.09% 

Sweden 7,567,242 1.35% 

Switzerland 12,133,288 2.16% 

United Kingdom 26,519,790 4.72% 



Quoted REITS 

Hong Kong 534,349 0.10% 



Australia 928,387 0.17% 

Austria 1,021,538 0.18% 

Belgium 4,083,892 0.73% 

Canada 5,815,574 1.04% 

Denmark 2,509,517 0.45% 

Finland 6,937,412 1.24% 

France 14,002,348 2.49% 

Germany 37,475,943 6.67% 

Greece 1,674,616 0.30% 

Italy 1,643,033 0.29% 

Japan 63,907,964 11.38% 

Netherlands 2,538,032 0.45% 

Norway 682,530 0.12% 

Spain 33,207,985 5.91% 

Sweden 2,140,228 0.38% 

Switzerland 1,526,339 0.27% 


United States Of America 63,774,280 11.35%



S$ % 

S$ % 


Derivatives (400,880) -0.07% 




Net Assets 561,700,003 100.00% 



Aerospace & Defense 3,960,168 0.71% 


Automotive 4,488,529 0.80% 




Cable & Satellite Television 426,516 0.08% 



Containers & Glass Products 126,138 0.02% 

Cosmetics / Toiletries 1,774,392 0.32% 

Drugs 26,066,918 4.64% 




Food & Drug Retailers 434,737 0.08% 

Food Products 4,171,893 0.74% 

Forest Products 486,212 0.09% 


Health Care 5,779,034 1.03% 

Industrial Equipment 584,329 0.10% 

Insurance 11,607,881 2.07% 

Leisure Goods / Activities / Movies 880,536 0.16% 

Lodging & Casinos 300,716 0.05% 


Oil & Gas 12,296,450 2.19% 

Publishing 1,387,060 0.25% 

Radio & Television 5,316,256 0.95% 

Rail Industries 399,476 0.07% 


Steel 1,441,799 0.26% 



Utilities 5,495,963 0.97% 




Sovereign 257,263,123 45.80% 

State And Municipality 611,757 0.11% 


Derivatives (400,880) -0.07% 




Net Assets 561,700,003 100.00% 




S$ % 

Austria 5,013,803 4.53% 

France 1,050,981 0.95% 

Germany 4,670,172 4.22% 

Hong Kong 5,000,987 4.51% 

Japan 16,346,906 14.76% 

Netherlands 2,158,667 1.95% 

Norway 10,890,194 9.83% 

Sweden 339,596 0.31% 




Quoted REITS 

Hong Kong 118,219 0.11% 

Japan 51,054 0.05% 

Netherlands 59,598 0.05% 

United States Of America 699,383 0.63% 


Derivatives (13,821) -0.01% 




Net Assets 110,778,502 100.00% 

73





S$ % 


Air Transport 432,347 0.39% 

Automotive 1,726,480 1.56% 

Beverage & Tobacco 242,312 0.22% 

Brokers, Dealers & Investment Houses 2,613,038 2.36% 





Clothing / Textiles 485,976 0.44% 


Cosmetics / Toiletries 335,362 0.30% 

Drugs 5,742,296 5.18% 

Ecological Services & Equipment 424,621 0.38% 





Health Care 6,045,536 5.46% 

Home Furnishings 1,477,565 1.33% 


Insurance 7,947,632 7.17% 


Lodging & Casinos 1,680,405 1.52% 

Nonferrous Metals / Minerals 536,284 0.48% 

Oil & Gas 16,294,870 14.71% 

Publishing 632,910 0.57% 




Steel 2,654,948 2.40% 

Surface Transport 370,024 0.33% 


Utilities 1,203,298 1.09% 



Derivatives (13,821) -0.01% 




Net Assets 110,778,502 100.00% 


S$ % 



Australia 509,214 0.51% 

Canada 214,943 0.21% 

France 2,527,399 2.52% 

Hong Kong 570,195 0.57% 

Italy 1,456,020 1.45% 

Japan 6,019,509 6.01% 

Mexico 323,055 0.32% 

Netherlands 1,108,641 1.11% 

Spain 652,425 0.65% 

Sweden 433,661 0.43% 

Switzerland 3,398,745 3.39% 





Australia 1,892,297 1.89% 

Canada (6,638,629) -6.63% 

Denmark 689,174 0.69% 

Germany 9,188,178 9.17% 

Ireland 2,263,288 2.26% 

Israel 648,392 0.65% 

Japan 12,044,253 12.03% 

Luxembourg 183,193 0.18% 

Mexico 434,881 0.43% 

Netherlands 3,204,136 3.20% 

Norway 686,348 0.69% 

Russia 441,380 0.44% 

Sweden (3,464,063) -3.46% 




Derivatives (158,662) -0.16% 




Net Assets 100,149,159 100.00% 



74 



Automotive 599,289 0.60%



S$ % 


Brokers, Dealers & Investment Houses 889,649 0.89% 

Building & Development 846,301 0.85% 


Conglomerates 507,258 0.51% 

Cosmetics / Toiletries 1,938,042 1.94% 

Drugs 3,698,388 3.69% 






Health Care 2,620,056 2.62% 

Home Furnishings 454,954 0.45% 


Insurance 685,523 0.68% 




Oil & Gas 3,059,152 3.05% 


Radio & Television 623,763 0.62% 


Retailers (Except Food & Drug) 624,954 0.62% 


Utilities 241,115 0.23% 



Abs Commercial 886,143 0.88% 

Abs Consumer 9,747,417 9.73% 

Automotive 416,053 0.42% 

Cmbs Diversified 686,264 0.69% 




Insurance 317,609 0.32% 

Oil & Gas 375,941 0.38% 


Rmbs A 4,285,980 4.28% 

Sovereign 47,350,073 47.28% 

Telecommunications 458,411 0.46% 

Utilities 433,271 0.43% 


Derivatives (158,662) -0.16% 




Net Assets 100,149,159 100.00% 


S$ % 



Germany 1,948,781 1.35% 

Japan 19,763,304 13.73% 


Taiwan 4,431,590 3.08% 







Net Assets 143,920,751 100.00% 




Cable & Satellite Television 1,635,876 1.14% 




Leisure Goods / Activities / Movies 5,146,268 3.58% 






Net Assets 143,920,751 100.00% 


S$ % 



Australia 966,982 1.48% 

Austria 138,425 0.21% 

Belgium 314,818 0.48% 

Canada 1,539,333 2.36% 

Denmark 82,253 0.13% 

France 3,538,053 5.43% 

Germany 1,299,980 2.00% 

Hong Kong 338,417 0.52% 

75


76 


S$ % 

Ireland 146,162 0.22% 

Italy 368,156 0.57% 

Japan 12,695,976 19.49% 

Netherlands 2,163,529 3.32% 

Norway 171,504 0.26% 

Portugal 172,729 0.27% 

Singapore 402,512 0.62% 

Spain 1,367,836 2.10% 

Sweden 1,483,909 2.28% 

Switzerland 2,547,045 3.91% 




Quoted REITS 

Hong Kong 116,643 0.18% 


Derivatives (26,104) -0.04% 




Net Assets 65,144,404 100.00% 



Aerospace & Defense 910,561 1.40% 










Drugs 5,675,340 8.71% 








Health Care 1,255,484 1.93% 


Insurance 2,523,269 3.87% 

S$ % 




Oil & Gas 2,620,560 4.02% 




Steel 330,211 0.51% 



Utilities 1,065,957 1.64% 



Derivatives (26,104) -0.04% 




Net Assets 65,144,404 100.00% 


S$ % 



Hong Kong 19,189,644 29.12% 

Indonesia 2,076,447 3.15% 

Malaysia 2,899,819 4.40% 

Singapore 7,165,337 10.87% 

South Korea 17,146,001 26.02% 

Taiwan 10,087,758 15.31% 

Thailand 2,134,989 3.24% 


Quoted REITS 

Hong Kong 454,961 0.69% 

Singapore 768,185 1.17% 





Net Assets 65,895,403 100.00%


GREATLINK FAR EAST EX JAPAN EQUITIES FUND (cont’d) 

S$ % 




Automotive 1,703,012 2.58% 



Clothing / Textiles 1,740,674 2.64% 




Health Care 116,964 0.18% 


Insurance 3,538,998 5.37% 



Oil & Gas 2,516,023 3.82% 



Retailers 402,635 0.61% 

Steel 727,078 1.10% 








Net Assets 65,895,403 100.00% 


S$ % 



Singapore 36,799,180 81.65% 


Quoted REITS 

Singapore 2,110,905 4.68% 




S$ % 


Net Assets 45,067,536 100.00% 





Business Equipment & Services 758,040 1.68% 



Electronics / Electrical 883,200 1.96% 




Publishing 1,515,750 3.36% 



Zero Default Risk 664,100 1.48% 






Net Assets 45,067,536 100.00% 


S$ % 



Australia 2,656,200 4.24% 

Belgium 20,840 0.03% 

Canada 1,034,130 1.65% 

Finland 1,136,468 1.82% 

France 4,314,781 6.89% 

Germany 3,605,928 5.76% 

Hong Kong 777,338 1.24% 

Italy 1,250,298 2.00% 

Japan 8,854,333 14.15% 

Netherlands 1,306,747 2.09% 

Sweden 398,138 0.64% 

Switzerland 306,917 0.49% 



77


GREATLINK GLOBAL INTERSECTION FUND (cont’d) 

S$ % 






Net Assets 62,594,749 100.00% 



Aerospace & Defense 971,606 1.55% 





Chemicals & Plastics 455,901 0.73% 



Drugs 5,570,930 8.90% 

Ecological Services & Equipment 408,773 0.65% 






Health Care 1,853,921 2.96% 

Home Furnishings 305,566 0.49% 


Insurance 4,154,938 6.64% 


Oil & Gas 4,367,677 6.98% 


Rail Industries 1,719,646 2.75% 

Retailers 996,603 1.59% 

Surface Transport 106,631 0.17% 


Utilities 1,494,829 2.40% 






Net Assets 62,594,749 100.00% 

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND 

S$ % 



Australia 784,739 1.68% 

Austria 190,882 0.41% 

Canada 191,026 0.41% 

Finland 109,151 0.23% 

France 176,525 0.38% 

Germany 104,208 0.22% 

Hong Kong 3,291,329 7.05% 

Japan 4,592,015 9.83% 

Singapore 805,134 1.72% 

Spain 141,337 0.30% 

Sweden 542,321 1.16% 


United States Of America 259,969 0.56% 


Quoted REITS 

Australia 3,447,244 7.38% 

Belgium 78,671 0.17% 

Canada 884,059 1.89% 

France 1,019,737 2.18% 

Japan 427,722 0.92% 


Singapore 869,860 1.86% 

Thailand 86,193 0.18% 







Net Assets 46,712,439 100.00% 




Reits And Reocs 543,130 1.16% 






78 


Net Assets 46,712,439 100.00%



S$ % 



Singapore 100,939,848 100.00% 



Cash and Cash Equivalent (56) 0.00% 

Net Current Assets – 0.00% 

Net Assets 100,939,792 100.00% 








Net Assets 100,939,792 100.00% 


S$ % 



Singapore 90,004,500 100.00% 



Cash and Cash Equivalent 4,117 0.00% 


Net Assets 90,008,617 100.00% 








Net Assets 90,008,617 100.00% 




S$ % 

Canada 177,529 0.17% 

Cayman Islands 168,253 0.16% 

France 7,511,417 7.36% 

Germany 5,716,913 5.60% 

Italy 2,336,088 2.29% 

Japan 6,792,293 6.65% 

Luxembourg 129,845 0.13% 

Netherlands 4,132,036 4.05% 

Russia 918,626 0.90% 

South Africa 129,490 0.13% 

South Korea 499,069 0.49% 




Derivatives (1,560,232) -1.53% 




Net Assets 102,095,710 100.00% 



Abs Commercial 112,419 0.11% 

Abs Consumer 2,574,189 2.52% 


Brokers, Dealers & Investment Houses 166,227 0.16% 


Cmbs Diversified 647,101 0.63% 




Oil & Gas 1,424,203 1.39% 


Rmbs A 3,016,744 2.95% 

Sovereign 42,575,076 41.70% 

State And Municipality 2,587,541 2.53% 

Telecommunications 148,571 0.15% 

Utilities 332,683 0.33% 


Derivatives (1,560,232) -1.53% 




Net Assets 102,095,710 100.00% 

79


80 


Assets By Ratings S$ % 


AAA 2,006,925 2.46% 

AA 1,999,400 2.45% 

A 6,250,875 7.67% 

BBB 11,248,575 13.80% 

N/A 2,000,235 2.45% 

NR 11,995,000 14.72% 





Net Assets 81,520,489 100.00% 




AAA 173,834,294 30.95% 

AA 74,558,146 13.27% 

A 9,482,440 1.69% 




Derivatives (400,880) -0.07% 




Net Assets 561,700,003 100.00% 




AAA 49,133,530 49.05% 

AA 16,410,476 16.39% 

A 6,298,150 6.29% 

BBB+ 375,941 0.38% 

BBB 1,791,507 1.79% 

BB 333,546 0.33% 

NR 1,110,035 1.11% 

N/A 1,377,331 1.38% 



Derivatives (158,662) -0.16% 





Net Assets 100,149,159 100.00% 




BBB 100,939,848 100.00% 





Net Assets 100,939,792 100.00% 




BBB 90,004,500 100.00% 





Net Assets 90,008,617 100.00% 




AAA 96,188,416 94.21% 

AA 7,803,307 7.64% 

A 4,039,011 3.96% 

A- 364,009 0.36% 

BBB 4,304,157 4.22% 

NR 342,178 0.33% 


Derivatives (1,560,232) -1.53% 




Net Assets 102,095,710 100.00%



Assets by Maturity S$ % 


Up to 5 years 26,252,135 32.20% 

More than 5 years to 10 years 9,248,875 11.35% 





Net Assets 81,520,489 100.00% 




Up to 5 years 115,380,117 20.54% 





More than 25 years 14,808,111 2.64% 




Derivatives (400,880) -0.07% 




Net Assets 561,700,003 100.00% 




Up to 5 years 50,700,853 50.63% 


More than 10 years to 15 years 459,976 0.46% 


More than 20 years to 25 years 869,429 0.87% 




Derivatives (158,662) -0.16% 





Net Assets 100,149,159 100.00% 


Assets by Ratings S$ % 


Up to 5 years 100,939,848 100.00% 





Net Assets 100,939,792 100.00% 




Up to 5 years 90,004,500 100.00% 





Net Assets 90,004,444 100.00% 




Up to 5 years 15,706,347 15.38% 







Derivatives (1,560,232) -1.53% 




Net Assets 102,095,710 100.00% 

81


EXPENSE RATIOS 

TURNOVER RATIOS 

Dec 2004 Dec 2005 Dec 2004 Dec 2005 

Greatlink Cash Fund 0.36% 0.33% 4225.70% 2878.50% 

Greatlink ASEAN Growth Fund 1.07% 1.06% 974.24% 648.00% 

Greatlink Enhancer Fund 1.10% 1.11% 584.37% 233.44% 

Greatlink Global Supreme Fund 1.08% 1.07% 64.94% 48.93% 

GreatLink Pan Asian Fund # 1.68% 1.79% 89.71% 82.53% 

GreatLink European Equity Fund #2 2.55% 1.68% 6.75% 29.00% 

Greatlink Global Equity Fund 1.81% 1.80% 41.57% 99.75% 

Greatlink Global Optimum Fund 1.34% 1.26% 357.37% 848.10% 

Greatlink Global Technology Fund 1.85% 1.79% 160.14% 218.71% 

Greatlink Global Growth Trends Portfolio 1 2.06% 2.02% 69.47% 64.86% 2 

Greatlink Global Bond Fund 0.89% 0.89% 1335.11% 702.29% 

Greatlink Global Value Equity Fund 1.49% 1.56% 23.71% 27.45% 

Greatlink Far East Ex Japan Equities Fund 1.60% 1.29% 132.87% 176.79% 

Greatlink Singapore Equities Fund 1.09% 1.06% 791.72% 625.73% 

Greatlink Global Intersection Fund 1.73% 1.58% 78.37% 78.96% 

GreatLink Stable Bond Fund # 0.76% 0.72% 97.57% 133.11% 

Greatlink Lifestyle Secured Portfolio 0.97% 0.94% 871.91% 493.44% 

Greatlink Lifestyle Steady Portfolio 1.11% 1.10% 738.85% 420.54% 

Greatlink Lifestyle Balanced Portfolio 1.21% 1.22% 585.04% 353.99% 

Greatlink Lifestyle Progressive Portolio 1.32% 1.32% 431.23% 287.44% 

Greatlink Lifestyle Dynamic Portfolio 1.45% 1.45% 174.42% 157.62% 

GreatLink Global Real Estate Securities Fund NA 1.28% NA 10.34% 

GreatLink Choice (Sep 2010) Fund NA 0.00% NA 303.43 

GreatLink Choice (Oct 2010) Fund NA 0.00% NA 616.97% 

Expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance 

fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investments and is calculated 

for the preceding 12 months. 

1 

Expense Ratio for GreatLink Global Growth Trends Portfolio is computed based on the sum of mother fund’s ratio plus local tier. 

Turnover ratio is calculated for the period under review. 

2 

This is the turnover ratio for September 2004 to August 2005. The turnover ratio for January 2005 to December 2005 is not available 

at the time of publishing. 

There are no comparatives for the expense and turnover ratios of GreatLink Global Real Estate Securities Fund, GreatLink Choice 

(Sep 2010) Fund and GreatLink Choice (Oct 2010) Fund as these funds were incepted during the year. 

82 

# Feeder Funds’ Ratios are obtained from Fund Managers 

#2 Global European Equity Fund has a change in fund manager, from Schroder Investment Management (S) Ltd to Capital International in the month of Feb 2005

SOFT DOLLAR COMMISSIONS as at 31 December 2005 

Soft Dollar Commissions 

Funds managed by Lion Capital Management Ltd 

The soft dollar commission from various brokers for the period were utilized on research and advisory 

services, economic and political analyses, portfolio analyses, market analyses, data and quotation services 

and computer hardware and software used for and/or in support of the investment process of fund 

managers. Goods and services received were for the benefit of the ILP or scheme and there was no 

churning of trades. For the avoidance of doubt, such goods and services do not include travel, 

accommodation, entertainment, general administrative goods and services, general office equipment 

or premises, membership fees, employees' salaries or direct money payments. These brokers also 

execute trades for other funds managed by the managers. The trades are conducted on best available 

terms, and in accordance with best practices. 

Fund managed by Alliance Capital Management (Singapore) Ltd 

During the period ended 31 December 2005, the Managers did not receive or enter into soft-dollar 

commissions/arrangements. However, Alliance Capital Management L.P., the Investment Manager of the 

underlying fund did receive and entered into soft commission arrangements with brokers relating to 

portfolio of the underlying fund (the Fund") 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 the Fund will be consistent with best execution standards and 

the brokerage rates will not be in excess of customary institutional full-service brokerage rates. The 

goods and services received include data and quotation services, specialist industry, company and 

consumer research, portfolio and market analysis and computer software used for the delivery of such 

services. 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 the Fund and may 

contribute to an improvement in the Fund'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. 

83

TOP 10 INVESTMENTS as at 31 December 2005 

GREATLINK LIFESTYLE SECURE PORTFOLIO 

Top Ten Holdings 

as at 31 December 2004 

S$° % + 

GreatLink Stable Bond Fund 2,178,182 18.24% 

Deutschland Rep 5.25 04/01/2011 748,770 6.27% 

French Treasury 5 25/04/2012 610,441 5.11% 

French Treasury 6.5 25/04/2011 383,054 3.12% 


US Treasury Index 1.875 15/07/2013 175,003 1.47% 

Buoni Poliennali 5.00 01/02/2012 165,559 1.39% 

US Treasury Index Linked 2.00 140,364 1.18% 

15/07/2014 

Fannie Mae 6.41 13/11/2012 138,232 1.16% 

US Treasury Index 0 15/05/2020 135,832 1.14% 



S$° % + 

Greatlink Stable Bond Fund 4,329,533 26.85% 

Fannie Mae 5.500 01/01/2033 1,672,019 10.37% 

United States Of America 3.875 679,905 4.22% 

15/05/2010 

French Republic 5.000 25/04/2012 643,101 3.99% 

Fannie Mae 5.500 01/04/2035 479,182 2.97% 

Fannie Mae 5.500 01/02/2035 396,303 2.46% 

Federal Republic Of Germany 5.250 371,186 2.30% 

04/01/2011 

Freddie Mac 5.50 01/06/2035 362,656 2.25% 


04/01/2028 

Fannie Mae 5.50 01/11/2035 295,165 1.83% 

GREATLINK LIFESTYLE STEADY PORTFOLIO 



S$° % + 






US Treasury Inflation Indexed N/B 151,447 1.17% 

1.875 15/07/2013 

Buoni Poliennali 5.00 01/02/2012 143,274 1.11% 

US Treasury Index Linked 2.00 121,470 0.94% 

15/07/2014 

Fannie Mae 6.41 13/11/2012 119,625 0.92% 

US Treasury Index 0 15/05/2020 117,548 0.91% 



S$° % + 

Greatlink Stable Bond Fund 2,164,766 11.92% 

Fannie Mae 5.500 01/01/2033 1,634,725 9.00% 

United States Of America 3.875 664,740 3.66% 

15/05/2010 


Fannie Mae 5.500 01/04/2035 468,494 2.58% 

Fannie Mae 5.500 01/02/2035 387,463 2.13% 


04/01/2011 

Freddie Mac 5.50 01/06/2035 354,567 1.95% 


04/01/2028 

Fannie Mae 5.50 01/11/2035 288,581 1.59% 

84 

GREATLINK LIFESTYLE BALANCED PORTFOLIO 



S$° % + 


Deutschland Rep 5.25 04/01/2011 3,262,828 3.42% 

French Treasury 5 25/04/2012 2,660,045 2.79% 

French Treasury 6.5 25/04/2011 1,669,187 1.75% 

United Overseas Bank 1,644,904 1.73% 

DBS Group Holdings 1,532,552 1.61% 

Singapore Telecommunications 1,369,306 1.44% 

Deutschland Rep 6.5 04/07/2027 1,121,439 1.18% 

Singapore Press Holdings 849,874 0.89% 

US Treasury Inflation Indexed N/B 762,591 0.80% 

1.875 15/07/2013 



S$° % + 

Fannie Mae 5.500 01/01/2033 8,594,886 6.26% 

United States Of America 3.875 3,494,998 2.55% 

15/05/2010 

French Republic 5.000 25/04/2012 3,305,812 2.41% 

Fannie Mae 5.500 01/04/2035 2,463,201 1.79% 

Fannie Mae 5.500 01/02/2035 2,037,163 1.48% 

Federal Republic Of Germany 5.250 1,908,052 1.39% 

04/01/2011 

Freddie Mac 5.50 01/06/2035 1,864,207 1.36% 



04/01/2028 


S$°: Market Value % + : Percentage of Net Asset Value


GREATLINK LIFESTYLE PROGRESSIVE PORTFOLIO 



S$° % + 

United Overseas Bank 306,351 2.53% 

DBS Group Holdings 284,806 2.36% 

Singapore Telecommunications 248,441 2.06% 




Samsung Electronics 120,493 1.00% 


Freddie Mac 96,344 0.80% 

Singapore Airlines 94,205 0.78% 



S$° % + 

Fannie Mae 5.500 01/01/2033 491,314 2.92% 



Samsung Electronics Co 264,143 1.57% 


United States Of America 3.875 15/05/2010 199,787 1.19% 


Fannie Mae 5.500 01/04/2035 140,805 0.84% 

Citigroup Inc 125,759 0.75% 

Capitaland 120,663 0.72% 

GREATLINK LIFESTYLE DYNAMIC PORTFOLIO 



S$° % + 





Freddie Mac 83,876 1.08% 


Sanofi-Aventis 81,219 1.04% 

Bank of America Corp 74,528 0.96% 

Samsung Electronics 73,537 0.95% 

Astrazeneca 68,954 0.89% 




S$° % + 



SingaporeTelecommunications 5,022,823 11.31% 

Singapore Press Holdings 3,240,700 7.30% 

Singapore Airlines 2,268,600 5.11% 

Keppel Corp 1,883,400 4.24% 

City Developments 1,547,800 3.48% 

Singapore Technologies Engineering 1,451,590 3.27% 

Venture Corp 1,272,000 2.86% 

Capitaland 1,056,480 2.38% 



S$° % + 



Samsung Electronics Co 148,438 1.49% 



Altria Group Inc 92,097 0.92% 

Mitsubishi Tokyo Financial Group 90,639 0.91% 

Bank Of America Corp 85,117 0.85% 

E.On Ag 80,880 0.81% 

Astrazeneca Plc 77,685 0.78% 



S$° % + 




Capitaland 2,053,680 4.56% 


Starhub 1,640,000 3.64% 

City Developments 1,548,600 3.44% 


Mapletree Logistics Trust Reit 1,492,665 3.31% 

Cosco Corp Singapore 1,360,800 3.02% 

S$°: Market Value 

% + : Percentage of Net Asset Value 

85





S$° % + 

Federal Republic Of Germany 9,645,687 10.24% 

5.250 04/01/2011 




6.500 04/07/2027 


15/07/2013 

Italian Republic 5.000 01/02/2012 2,190,583 2.32% 


15/07/2014 

Fannie Mae 6.410 13/11/2012 1,849,940 1.96% 


15/05/2020 

Freddie Mac Floating 15/10/2020 1,718,393 1.82% 



S$° % + 

Fannie Mae 5.500 01/01/2033 18,454,509 18.08% 


15/05/2010 


Fannie Mae 5.500 01/04/2035 5,288,862 5.18% 

Fannie Mae 5.500 01/02/2035 4,374,095 4.28% 


04/01/2011 

Freddie Mac 5.50 01/06/2035 4,002,731 3.92% 


04/01/2028 

Fannie Mae 5.50 01/11/2035 3,257,810 3.19% 

United Kingdom 4.750 07/06/2010 2,044,579 2.00% 




S$° % + 

Citigroup Inc 1,533,634 3.07% 

Bank Of America Corp 1,388,367 2.78% 

E.On AG 1,056,410 2.12% 

UBS AG 977,292 1.96% 

Novartis AG 963,201 1.93% 

Freddie Mac 890,266 1.78% 

United Technologies Corp 860,401 1.73% 

Sanofi-Synthelabo SA 855,708 1.72% 

Canon Inc 757,613 1.52% 

Altria Group Inc 748,037 1.50% 




S$° % + 

Vodafone Group Plc 1,335,558 2.53% 

Applied Materials Inc 1,203,078 2.28% 

UFJ Holdings Inc 989,271 1.88% 

Astrazeneca Plc 978,818 1.86% 

Telefonica SA 858,904 1.63% 

Eli Lilly & Co 833,736 1.58% 

Sprint Corp-Fon Group 815,348 1.55% 

Allergan Inc 794,021 1.51% 

Freddie Mac 721,837 1.37% 

Nissan Motor Co Ltd 709,854 1.35% 



S$° % + 

Citigroup Inc 1,847,923 2.95% 

Altria Group Inc 1,702,141 2.72% 

Bank Of America 1,573,127 2.51% 

E.On Ag 1,494,827 2.39% 

Astrazeneca Plc 1,435,772 2.29% 

Mckesson Corp 1,295,331 2.07% 

Westpac Banking Corp 1,247,091 1.99% 

Vivendi Universal Sa 1,245,143 1.99% 

Ingersoll-Rand Co 1,194,860 1.91% 

St Paul Travelers Cos Inc 1,188,431 1.90% 



S$° % + 

Mitsubishi Tokyo Financial Group 1,735,627 2.66% 

Orix Corp 1,354,691 2.08% 


Applied Materials Inc 1,106,712 1.70% 

Allergan Inc 1,077,091 1.65% 

Sandisk Corp 1,055,012 1.62% 

General Electric Co 1,031,572 1.58% 

Vodafone Group Plc 952,951 1.46% 

Fannie Mae 949,583 1.46% 

Schlumberger 904,626 1.39% 

86 


% + : Percentage of Net Asset Value





S$° % + 

Samsung Electronics Co 3,967,474 5.88% 

Ornasteel Holdings Bhd 2,154,728 3.19% 


Hutchison Whampoa 1,512,570 2.24% 

China Mobile Hong Kong 1,200,847 1.78% 

China Life Insurance Co 1,178,344 1.75% 

Posco 1,073,344 1.59% 

China Telecom Corp 1,063,004 1.58% 

Ping An 1,058,972 1.57% 

China Steel Corp 1,008,875 1.50% 



S$° % + 



Woori Finance Holdings Co 1,653,170 2.51% 

Cosco Pacific 1,632,266 2.48% 

Hanwha Corp 1,621,916 2.46% 

China Mobile Hong Kong 1,597,717 2.42% 

Shenzhou International Group 1,554,805 2.36% 

Ping An 1,551,759 2.35% 

Hana Financial Group Inc 1,535,129 2.33% 

Hong Kong Land Holdings 1,508,918 2.29% 




S$° % + 

Parkway Holdings Floating 07/01/2005 7,248,550 7.32% 

Millenia Tower Investment 1.75 5,000,000 5.05% 

03/01/2010 

International Factors 1.800 27/08/2009 5,000,000 5.05% 

Centrepoint Properties Floating 3,249,025 3.28% 

13/05/2004 

Keppel Land Floating 01/06/2004 2,999,400 3.03% 

Sembcorp Industries 4.450 31/10/2005 2,807,200 2.83% 

City Developments 3.380 04/03/2005 2,756,050 2.78% 

Pacific Life Funding 4.300 26/05/2005 2,523,500 2.55% 

Centrepoint Properties 19/07/2004 2,499,100 2.52% 

Capitaland Floating 10/11/2009 2,249,550 2.27% 




S$° % + 


Malayan Banking Bhd 6,579,482 4.47% 




Malaysia International Shipping 4,908,296 3.34% 


Telekomunikasi Indonesia TBK 4,868,702 3.31% 

Mobileone 4,273,815 2.90% 

Venture Corp 3,800,100 2.58% 

Keppel Corp 3,758,200 2.55% 



S$° % + 

Millenia Tower Investment 1.75 03/01/2010 5,250,000 6.44% 

Parkway Holdings 2.197 01/10/2009 3,999,600 4.91% 

Centrepoint Properties Floating 2,999,800 3.68% 

13/09/2011 

Parkway Holdings 2.197 01/10/2007 2,999,700 3.68% 

Housing & Development Board 4.250 2,006,925 2.46% 

13/05/2006 

Centrepoint Properties 0.950 13/09/2011 1,999,800 2.45% 

Keppel Land Floating 03/06/2013 1,999,600 2.45% 

Midpoint 1.490 16/12/2009 1,999,400 2.45% 

International Factors 1.800 27/08/2009 1,996,000 2.45% 

Temasek Tower Floating 31/10/2008 1,499,850 1.84% 



S$° % + 



Starhub 5,569,850 4.27% 

Ptt Pcl 4,605,731 3.53% 

Sembcorp Industries 4,323,720 3.32% 

Singapore Airlines 4,290,400 3.29% 

Telekomunikasi Indonesia Tbk 4,130,570 3.17% 

Pos Malaysia & Services Holdings Bhd 3,852,667 2.95% 

Jurong Technologies Industrial 3,728,600 2.86% 

Perusahaan Gas Negara Pt 3,579,567 2.75% 



87





S$° % + 


Westpac Banking Corp 16,717,941 4.68% 

BHP Billiton 13,824,380 3.87% 

Gunns 11,563,348 3.23% 

QBE Insurance Group 9,980,735 2.79% 

Rio Tinto 9,251,910 2.59% 

Sigma Co 7,795,727 2.18% 

Coates Hire 7,264,663 2.03% 

ABC Learning Centres 7,244,784 2.03% 

Coles Myer 7,186,716 2.01% 




S$° % + 

Commonwealth Of Australia 8,942,334 7.09% 

7.500 15/09/2009 

Japan 1.500 20/09/2013 4,314,014 3.42% 


5.500 04/01/2031 

Canadian Government 4.250 3,957,973 3.14% 

01/09/2009 


3.750 04/07/2013 


15/08/2014 

Japan 1.400 20/09/2011 3,179,301 2.52% 

Kingdom Of The Netherlands 2,900,475 2.30% 

4.250 15/07/2013 

Kingdom Of The Netherlands 2,900,453 2.30% 

5.500 15/01/2028 

Japan 1.600 20/06/2008 2,235,450 1.77% 



S$° % + 


Hana Financial Group Inc 11,693,804 3.41% 

Commonwealth Bank Of Australia 11,090,932 3.23% 

BHP Billiton 10,601,913 3.09% 

Rio Tinto 10,517,664 3.06% 

Kookmin Bank 9,471,849 2.76% 

QBE Insurance Group 9,374,434 2.73% 

National Australia Bank 9,330,511 2.72% 

Macquarie Bank 8,187,787 2.38% 

TSMC 8,097,158 2.36% 



S$° % + 


15/01/2007 


15/02/2009 


04/07/2010 


15/08/2010 

Japan 1.400 22/06/2009 4,389,519 4.38% 

Federal Republic Of Germany 4 3,255,799 3.25% 

04/01/2037 


Kingdom Of The Netherlands 4.250 2,615,790 2.61% 

15/07/2013 

Japan 1.400 20/09/2011 2,541,611 2.54% 


88 




S$° % + 

Kingdom Of Spain 6.000 15,649,831 2.59% 

31/01/2008 


5.250 04/01/2011 

Japan 0.600 20/12/2008 12,186,926 2.02% 

Japan 0.500 20/12/2006 12,043,298 1.99% 

Kingdom Of Spain 5.150 11,367,756 1.88% 

30/07/2009 

Japan 0.700 20/03/2006 11,244,872 1.86% 


4.500 18/08/2006 


15/02/2008 

Japan 1.700 20/09/2010 8,825,898 1.46% 


4.500 04/01/2013 



S$° % + 

Japan 0.500 20/12/2006 12,731,078 2.27% 


04/01/2011 

Kingdom Of Spain 3.25 30/07/2010 10,382,740 1.85% 

Japan 1.30 20/06/2015 8,903,541 1.59% 

Mitsubishi Tokyo Financial Group 8,253,470 1.47% 

Japan 1.700 20/09/2010 7,708,995 1.37% 


18/08/2006 

Japan 1.900 20/03/2009 7,356,692 1.31% 


11/04/2008 

Japan 0.600 20/12/2008 7,212,122 1.28% 







S$° % + 


Barclays Plc 3,098,859 2.74% 

Moody's Corp 2,920,501 2.58% 

Johnson & Johnson 2,608,838 2.31% 

Loews Corp 2,570,536 2.27% 

3M Co 2,411,445 2.13% 

Bank Austria Creditanstalt Ag 2,391,009 2.11% 

International Business Machines Corp 2,333,336 2.06% 

Sprint Corp-Fon Group 2,243,220 1.98% 

Shell Transport & Trading Co 2,179,347 1.93% 




S$° % + 

Microsoft Corp 10,324,038 5.78% 

Cisco Systems Inc 9,545,208 5.35% 

Dell Inc 7,168,572 4.02% 

Intel Corp 6,213,356 3.48% 

Lexmark International Inc 6,054,306 3.39% 

Hon Hai Precision Industry 5,829,822 3.27% 

Nokia OYJ 5,824,361 3.26% 

EMC Corp Massachusetts 5,671,295 3.18% 

Sun Microsystems Inc 5,653,324 3.17% 

Motorola Inc 4,418,823 2.48% 



S$° % + 

Norsk Hydro Asa 5,479,742 4.95% 


Sunoco Inc 3,284,309 2.96% 

Loews Corp 3,122,775 2.82% 

Johnson & Johnson 3,107,943 2.81% 

Amgen Inc 2,648,783 2.39% 

Coach Inc 2,333,920 2.11% 

Orkla Asa 2,306,174 2.08% 

Viacom Inc 2,270,517 2.05% 

Google Inc 2,207,444 1.99% 



S$° % + 

IBM 8,481,776 5.89% 

Cisco Systems Inc 8,434,407 5.86% 


Microsoft Corp 5,378,685 3.74% 

Hon Hai Precision Industry 3,939,364 2.74% 

Yahoo! Inc 3,932,673 2.73% 

Mitsubishi Electric Corp 3,905,443 2.71% 

Intel Corp 3,660,385 2.54% 

Ricoh Co 3,461,886 2.41% 

Satyam Computer Services 3,230,567 2.24% 

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND 1 

Prologis Reit 

Mitsubishi Estate Co 

Simon Property Group Inc 

Westfield Group Reit 

Vornado Realty Trust Reit 

General Growth Properties Inc Reit 

Land Securities Group Plc 

Kimco Realty Corp Reit 

Host Marriott Corp Reit 

Sun Hung Kai Properties 



S$° % + 

1,553,714 3.33% 

1,484,158 3.18% 

1,483,167 3.18% 

1,475,345 3.16% 

1,401,813 3.00% 

1,273,595 2.73% 

1,155,943 2.47% 

1,056,180 2.26% 

1,002,016 2.15% 

955,293 2.05% 

1 

There are no comparatives for GreatLink Global Real Estate Securities Fund as the fund was incepted during the year. 



89


FEEDER FUNDS 

GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO 



US$° % + 

Halliburton 89,199,849 2.70% 

General Electric 85,917,070 2.60% 

Schlumberger 75,205,967 2.20% 

Citigroup 66,851,279 2.00% 

American International Group 63,669,303 1.90% 

Noble Energy 58,315,880 1.70% 

Charles Schwab 54,962,802 1.60% 

Nabors Industries 49,502,337 1.50% 

Petrobras Brasileiro ADR 48,494,662 1.40% 

Air Products & Chemicals 48,446,493 1.40% 



US$° % + 

Citigroup 134,696,897 3.20% 

Halliburton 122,746,925 2.90% 

General Electric 105,372,921 2.50% 

Schlumberger 96,617,093 2.30% 

Noble Energy 90,050,620 2.10% 

American International Group 86,583,889 2.00% 

Nabors Industries 83,571,678 2.00% 

Petrobras Brasileiro ADR 77,515,482 1.80% 

J.P. Morgan Chase 72,651,737 1.70% 

Procter & Gamble 69,258,243 1.60% 

GREATLINK STABLE BOND FUND 



S$° % + 

Winmall Ltd FRN 27/04/2011 11,960,952 8.54% 

Oversea-Chinese Banking (REG) 9,787,496 6.99% 

5% 6/9/11 

NTUC Fairprice Co-op Ser 001 9,764,062 6.96% 

(BR) 4.68% 21/12/2005 

Upperton Holdings Limited 9,531,885 6.79% 

4.94% 17/05/2007 

Development Bank of Singapore 7,998,786 5.70% 

7.875% 10/08/2009 

Standard Chartered Bank FRCD 6,996,535 4.99% 

VAR 16/07/2007 

General Electric Capital Corp 5,906,532 4.21% 

EMTN (BR) 1.725% 27/06/2008 

CDL Properties Ltd MTN 5,577,512 3.98% 

3.92% 8/6/06 

Singapore Treasury Bills Ser 91 4,995,695 3.56% 

27/01/2005 

Lehman Brothers Holdings Plc 4,241,252 3.02% 

EMTN 5.18% 11/12/2006 



S$° % + 

Winmall FRN 27/04/2011 11,974,788 8.49% 

Standard Chartered Bank FRCD VAR 10,996,678 7.79% 

16/07/2007 

Oversea-Chinese Banking (REG) 5 8,308,698 5.89% 

06/09/2011 

Parkway Holdings MTN VAR 8,000,000 5.67% 

01/10/2009 

Singapore Treasury Bill Ser 91 7,988,976 5.66% 

19/01/2006 

Development Bank of Singapore (RES) 7,729,375 5.48% 

7.875 10/08/2009 

Export -Import Bank of Korea EMTN 6,997,095 4.96% 

3.25 13/12/2006 

City Developments NTN 3.18 4,360,761 3.09% 

03/12/2009 

Singapore (Govt of ) 4.625 01/07/2010 4,272,856 3.03% 

Lehman Brothers Holdings Plc EMTN 4,068,288 2.88% 

5.18 11/12/2006 

90 




GREATLINK EUROPEAN EQUITY FUND 



S$° % + 

Vodafone Group PLC 4,837,509 5.65% 

Royal Dutch Petroleum Co 4,469,003 5.22% 

Novartis AG 3,479,154 4.06% 

Royal Bank of Scotland Group Plc 3,226,507 3.77% 

Telefonica SA 2,910,104 3.40% 

HBOS Plc 2,672,892 3.12% 

Tesco Plc 2,431,999 2.84% 

ING Groep NV 2,270,795 2.65% 

Credit Suisse Group 2,233,432 2.61% 

Sanofi-Aventis 2,192,567 2.56% 

GREATLINK PAN ASIA FUND 



S$° % + 

Toyota Motor Corp 2,338,890 3.44% 

BHP Billiton 1,652,181 2.43% 

PT Bank Central Asia 1,516,199 2.23% 

Takeda Pharmaceutical 1,509,400 2.22% 

Company Limited 


Ricoh Co 1,441,409 2.12% 

PT Telekomunikasi Indonesia 1,332,623 1.96% 


Taiwan Semiconductor Mfg Co 1,278,230 1.88% 

East Japan Railway Co 1,278,230 1.88% 



S$° % + 

Vodafone Group Plc 30,829,418 4.72% 

Royal Dutch Shell Plc 20,579,459 3.15% 

Royal Bank OF Scotland Group 17,767,595 2.72% 

Koninklijke Kpn NV 15,867,810 2.43% 


Repsol-Ypf SA 13,056,945 2.00% 

Novartis AG 12,705,891 1.95% 

Sanofi-Aventis 12,638,503 1.93% 

Banco Santander Central Hispano 11,793,383 1.81% 

Dnb Nor Asa 10,962,831 1.67% 



S$° % + 

Toyota Motor Corp 3,967,870 4.92% 

Takeda Pharmaceutical Co 2,113,378 2.62% 

Ricoh Co 2,104,714 2.61% 

East Japan Railway Co 2,055,012 2.55% 

Samsung Electronics 1,876,543 2.33% 

Astellas Pharma Inc 1,738,640 2.16% 

Nippon Telegraph & Telephone Corp 1,737,564 2.16% 

Taiwan Semiconductor 1,579,919 1.96% 

Manufacturing Co 

Mitsubishi UFJ Financial Group Inc 1,562,822 1.94% 

Sumitomo Mitsui Financial Group Inc 1,557,160 1.93% 



91

CAPITAL ACCOUNT for the period 01 January 2005 to 31 December 2005 

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 2005 147,173,454 357,574,788 37,975,080 41,776,275 178,519,164 19,967,308 113,144,556 126,198,978 

Amount paid to the Fund 

for creation of units 7,120,760 7,973,313 11,813,298 47,383,321 15,894,000 6,128,438 1,538,253 8,230,991 

Amount paid by the Fund 

for liquidation of units (35,717,084) (102,243,649) (15,127,782) (43,750,092) (57,555,448) (8,727,490) (15,904,853) (35,217,208) 

Net cash into Fund 118,577,130 263,304,452 34,660,596 45,409,504 136,857,716 17,368,256 98,777,956 99,212,761 

Investment Income 

Interest 71,287 153,293 – – 40,160 – 3,686 279,301 

Dividends 5,099,852 14,064,111 – – 991,521 – 2,789,312 936,255 

Other Income 38,154 188,588 – – – – – – 

5,209,293 14,405,992 – – 1,031,681 – 2,792,998 1,215,556 

Fund Expenses 

Management Fees (1,409,928) (3,407,556) – – (2,772,061) (319,306) (1,970,501) (1,610,872) 

Custody Fees (34,874) (84,962) – – (35,498) – (25,327) (28,714) 

Other Expenses (4,188) (4,360) (5,225) – – (5,850) (2,693) (6,433) 

(1,448,990) (3,496,878) (5,225) – (2,807,559) (325,156) (1,998,521) (1,646,019) 

Tax Deducted at Source (690,641) (1,107,102) – – (177,249) – (516,125) (169,977) 

Net Income/(Loss) 3,069,662 9,802,012 (5,225) – (1,953,127) (325,156) 278,352 (600,440) 

Net Gains/(Losses) 

Realised Gains/(losses) 13,815,654 54,269,078 – – 5,749,392 – 11,949,550 9,017,666 

from sale of investments 

Unrealised appreciation/ (7,734,668) 16,162,540 3,953,742 10,304,051 3,798,944 3,532,573 1,066,209 (2,133,408) 

(depreciation) in value of 

investments during the period 

Realised Gains/(Losses) on (55,311) (152,441) – – (129,280) – (142,412) (3,165,908) 

Foreign Exchange 

Unrealised Gains/(Losses) on 2,737,033 (217,345) – – 429,503 – (1,444,071) (2,587,153) 

Foreign Exchange 

Realised Gains/(Losses) on (26,053) 229,800 – – (844,066) – 292,918 288,964 

Derivatives 

Unrealised Gains/(Losses) (2,606) – – – 11,669 – – 116,677 

from Derivatives 

8,734,049 70,291,632 3,953,742 10,304,051 9,016,162 3,532,573 11,722,194 1,536,838 

92 

Value of Fund as at 31 December 2005 130,380,841 343,398,096 38,609,113 55,713,555 143,920,751 20,575,673 110,778,502 100,149,159 

The GreatLink Global Real Estate Securities Fund, GreatLink Choice (Sep 2010) Fund and GreatLink Choice (Oct 2010) Fund were incepted on 8 Jun 2005, 30 Sep 2005 and 31 Oct 2005 respectively.

CAPITAL ACCOUNT for the period 01 January 2005 to 31 December 2005 

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) 

604,365,133 99,083,683 49,875,166 52,740,639 44,419,726 67,468,970 94,227,743 18,155,564 – – – 

4,958,126 76,005,656 7,422,580 7,062,559 14,420,316 6,085,194 32,152,068 3,440,044 44,622,180 104,054,433 93,283,359 

(66,076,067) (95,305,288) (355,570) (1,702,527) (20,767,642) (17,528,799) (23,794,181) (49,347) (485,587) – – 

543,247,192 79,784,051 56,942,176 58,100,671 38,072,400 56,025,365 102,585,630 21,546,261 44,136,593 104,054,433 93,283,359 

8,898,987 2,293,292 36,029 19,963 112,929 7,571 4,866,358 – 28,677 (19) 1 

6,465,070 – 1,196,282 1,210,558 1,830,503 2,916,754 – – 555,241 – – 

1,884 – – – – 1,546 – – – – – 

15,365,941 2,293,292 1,232,311 1,230,521 1,943,432 2,925,871 4,866,358 – 583,918 (19) 1 

(5,720,616) (262,228) (834,218) (861,795) (522,578) (906,791) (903,556) – (222,981) – – 

(130,488) (19,312) (42,031) (27,319) (11,666) (15,863) (35,500) – (3,839) – – 

– (100) (33) – – – 816 – – – – 

(5,851,104) (281,640) (876,282) (889,114) (534,244) (922,654) (938,240) – (226,820) – – 

(1,038,984) – (230,468) (189,303) (286,386) (278,143) (2,897) – (107,231) – – 

(8,475,853) 2,011,652 125,561 152,104 1,122,802 1,725,074 3,925,221 – 249,867 (19) 1 

29,169,140 (373,593) 3,880,476 1,984,268 3,506,311 5,762,893 62,052 – (95,487) – – 

6,813,465 61,759 1,749,406 4,974,435 1,886,989 2,326,843 (1,199,313) 101,402 2,437,355 (3,115,768) (3,274,743) 

(219,551) (8,500) (118,859) 77,035 – (49,454) (1,595,808) – 7,246 1,146 – 

(23,356,614) 45,120 15,989 14,853 (2,969) 6,735 (3,008,123) – (23,135) – – 

12,601 – – – 482,003 305,386 1,326,051 – – – – 

(2,442,083) – – (158,962) – (207,439) – – – – – 

9,976,958 (275,214) 5,527,012 6,891,629 5,872,334 8,144,964 (4,415,141) 101,402 2,325,979 (3,114,622) (3,274,743) 

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 

93

STATEMENT OF ASSETS AND LIABILITIES as at 31 December 2005 

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 124,239,896 326,051,325 – – 140,974,446 – 107,854,273 40,581,663 

Fixed Income Securities – – – – – – – 76,830,516 

Unit Trusts – – 38,609,079 55,713,555 – 20,612,212 – – 

REITS 2,408,410 11,855,007 – – – – 928,254 – 

Derivatives – – – – – – (13,821) (158,662) 

Value of Investments 126,648,306 337,906,332 38,609,079 55,713,55 140,974,446 20,612,212 108,768,706 117,253,517 

CURRENT ASSETS 

Fixed deposits 3,600,000 5,600,000 – – – – 247,091 12,737,589 

Cash and bank balances 196,912 275,999 – – 3,387,373 – 2,875,093 6,552,113 

Total interest bearing deposits 3,796,912 5,875,999 – – 3,387,373 – 3,122,184 19,289,702 

and bank balances 

Accrued interest 217 (85,638) – – – – – 802,875 

Dividend receivable 78,767 546,479 – – 18,018 – 131,563 37,360 

Due from brokers/unit holders – 528,617 – – 180,499 – 647,319 57,085,072 

for investment sales 

Total Assets 130,542,256 344,771,789 38,609,079 55,713,555 144,560,336 20,612,212 112,669,772 194,468,526 

CURRENT LIABILITIES 

Due to brokers/unit holders 6,689 1,032,191 – – – – 891,614 93,480,288 

for investment purchases/redemptions 

Other liabilities – accrued 136,726 341,502 (34) – 639,585 36,539 999,656 839,079 

management and custody fees 

Value of fund as at 31 December 2005 130,380,841 343,398,096 38,609,113 55,713,555 143,920,751 20,575,673 110,778,502 100,149,159 

Units in issue 95,847,635 220,686,601 43,723,365 52,170,566 345,693,454 15,692,923 156,007,381 89,210,770 

$ $ $ $ $ $ $ $ 

Net Asset Value per Unit 1.360 1.556 0.883 1.068 0.416 1.311 0.710 1.123 

94

STATEMENT OF ASSETS AND LIABILITIES as at 31 December 2005 

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) 

$ $ $ $ $ $ $ $ $ $ $ 

285,536,684 – 59,971,325 62,126,952 36,799,180 60,699,995 – – 14,381,894 – – 

257,874,880 35,501,010 – – – – 113,041,078 – – 100,939,848 90,004,500 

– – – – – – – 21,647,663 – – – 

534,349 – – 116,643 2,110,905 1,223,146 – – 29,649,433 – – 

(400,880) – (1,024) (26,104) – – (1,560,232) – (510) – – 

543,545,033 35,501,010 59,970,301 62,217,491 38,910,085 61,923,141 111,480,846 21,647,663 44,030,817 100,939,848 90,004,500 

831,553 45,591,606 – – 4,121,237 – 14,060,009 – 3,654,854 – – 

16,481,750 133,932 4,076,390 3,767,249 2,670,694 3,961,654 1,969,942 – 926,045 (56) 4,117 

17,313,303 45,725,538 4,076,390 3,767,249 6,791,931 3,961,654 16,029,951 – 4,580,899 (56) 4,117 

3,596,876 421,718 – – – – 956,331 – – – – 

511,297 – 71,958 88,737 50,660 98,661 – – 117,130 – – 

74,352 – 437,900 144,503 121,217 138,219 258,623 – 104,836 – – 

565,040,861 81,648,266 64,556,549 66,217,980 45,873,893 66,121,675 128,725,751 21,647,663 48,833,682 100,939,792 90,008,617 

306,685 90,290 1,740,907 598,904 655,770 – 26,146,348 – 1,896,048 – – 

3,034,173 37,487 220,893 474,672 150,587 226,272 483,693 – 225,195 – – 

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 

471,830,201 72,373,457 57,828,203 60,180,681 37,469,468 47,765,048 90,212,342 21,249,183 45,549,477 113,671,000 101,700,000 

$ $ $ $ $ $ $ $ $ $ $ 

1.190 1.126 1.082 1.082 1.204 1.380 1.132 1.019 1.026 0.888 0.885 

95

NOTES TO THE ACCOUNTS 

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 

GreatLink Global Real Estate Securities Fund # 

GreatLink Choice (Sep 2010) Fund # 

GreatLink Choice (Oct 2010) 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 Fund (see note 3). 

# 

The financial statements of GreatLink Global Real Estate Securities Fund, GreatLink Choice (Sep 2010) Fund and GreatLink 

Choice (Oct 2010) Fund cover the period from 8 Jun 2005, 30 Sep 2005 and 31 Oct 2005 (dates of inception) to 31 

December 2005. 

96


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 the period 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. 

97


3 Lifestyle Portfolios 

The values of the funds and units in issue are as follows: - 

Value of Fund as at Units Net Asset 

31 December 2005 in Issue Value per unit 

S$ S$ 

GreatLink LifeStyle Secure Portfolio 16,127,185 14,130,206 1.141 

GreatLink LifeStyle Steady Portfolio 18,158,651 15,662,040 1.159 

GreatLink LifeStyle Balanced Portfolio 137,277,909 116,483,499 1.179 

GreatLink LifeStyle Progressive Portfolio 16,840,201 14,801,313 1.196 

GreatLink LifeStyle Dynamic Portfolio 9,958,865 8,696,296 1.145 

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 5,357,069,817 – 185,972 

GreatLink Global Supreme Fund 477,584,360 – 423,438 

GreatLink Global Equity Fund 37,670 – 987 

GreatLink Global Bond Fund 710,591,068 81,389 – 

GreatLink Global Value Equity Fund 175,243 – 26,104 

GreatLink Global Intersection Fund 21,226,773 – 1,024 

GreatLink Global Real Estate 4,745,003 – 510 

Securities Fund 

Interest rate swaps 

GreatLink Global Bond Fund 8,318,858 – 1,747,234 

98


Fair Value 

Asset Liability 

S$ S$ 

Futures purchased 

GreatLink Global Supreme Fund 22,558 – 

GreatLink Global Optimum Fund 12,823 – 

GreatLink Global Equity Fund – 9,392 

GreatLink Global Bond Fund – 21,060 

Options purchased 

GreatLink Global Optimum Fund 14,487 – 

GreatLink Global Bond Fund 126,674 – 

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 Value Equity Fund 21,052,632 

GreatLink Global Intersection Fund 21,052,632 

GreatLink Far East ex Japan Equities Fund 12,000,000 

6 Management Fees 

Management fees are payable to The Great Eastern Life Assurance Company Limited and 

its related company, Lion Capital Management Limited. 

99

AUDITORS’ REPORT 

We have audited the policyholder financial statements of the GreatLink Funds of The Great 

Eastern Life Assurance Company Limited, for the year/period ended 31 December 2005, set 

out on pages 92 to 99. The policyholder financial statements comprise the Statement of 

Assets and Liabilities as at 31 December 2005, the Capital Account for the year/period ended 

31 December 2005, and the notes thereto. These policyholder financial statements are the 

responsibility of the Company's directors. Our responsibility is to express an opinion on these 

policyholder financial statements based on our audit. 

We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards 

require that we plan and perform the audit to obtain reasonable assurance about whether 

the policyholder financial statements are free of material misstatement. An audit includes 

examining, on a test basis, evidence supporting the amounts and disclosures in the policyholder 

financial statements. An audit also includes assessing the accounting principles used and 

significant estimates made by management, as well as evaluating the overall policyholder 

financial statement presentation. We believe that our audit provides a reasonable basis for 

our opinion. 

The policyholder financial statements are prepared on the basis of the stated accounting policies. 

In our opinion, on the basis of the stated accounting policies, the policyholder financial 

statements present fairly in all material respects, the state of affairs of the GreatLink Funds 

as at 31 December 2005 and the capital movement for the year ended 31 December 2005, 

for the GreatLink ASEAN Growth Fund, GreatLink Enhancer Fund, GreatLink European Equity 

Fund, GreatLink Pan Asia Fund, GreatLink Global Technology Fund, GreatLink Global Growth 

Trends Portfolio, GreatLink Global Optimum Fund, GreatLink Global Supreme Fund, GreatLink 

Cash Fund, GreatLink Global Equity 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 Stable Bond Fund and the 5 LifeStyle 

Portfolios, namely GreatLink LifeStyle Secure Portfolio, GreatLink LifeStyle Steady Portfolio, 

GreatLink LifeStyle Balanced Portfolio, GreatLink LifeStyle Progressive Portfolio and GreatLink 

LifeStyle Dynamic Portfolio and for the period ended from 8 June 2005, 30 September 2005 

and 31 October 2005 to 31 December 2005 for GreatLink Global Real Estate Securities Fund, 

GreatLink Choice (Sep 2010) Fund and GreatLink Choice (Oct 2010) Fund. 

100 

ERNST & YOUNG 

Certified Public Accountants 

8 March 2006 

Singapore

GREATLINK FUND SUMMARY 

Fund Name 

Investment Objectives 

REGIONAL EQUITIES FUNDS 

GreatLink European 

Equity (Feeder Fund) 

GreatLink Enhancer 

GreatLink ASEAN 

Growth 

GreatLink Far East ex 


GreatLink Singapore 

Equities 

GreatLink Pan Asia 

(Feeder Fund) 

To achieve long-term capital growth through 

investment in stocks in the European markets. 

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. 

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 - 

Europe) 

Higher Risk / 

Narrowly 

Focused 

(Regional - 

Asia) 

Higher Risk / 

Narrowly 

Focused 

(Regional - 

Asia) 

Higher Risk / 

Narrowly 

Focused 

(Regional - 

Asia) 

Higher Risk / 

Narrowly 

Focused 

(Country - 

Singapore) 

Higher Risk / 

Narrowly 

Focused 

(Regional - 

Asia) 

Lower Risk / 

Broadly 

Diversified 

Low to Medium 

Risk / Broadly 

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 

10-Jul-00 

26-Apr-96 

26-Apr-96 

25-Mar-02 

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 31 

Dec 05) 

$38.61 mil 

($1,085 mil for 

underlying 

fund) 

$343.40 mil 

$130.38 mil 

$65.90 mil 

$45.07 mil 

$55.71 mil 

($73.00 mil for 

underlying 

fund) 

$81.52 mil 

$102.10 mil 

$21.65 mil 

($141.10 mil 

for underlying 

fund) 

$100.94 mil 

$90.00 mil 

Mgmt Fee 

1.85% 

1.00% 

1.00% 

1.25% 

1.00% 

1.18% 

0.30% 

0.85% 

0.50% 

8.46% 

deducted 

upfront 

8.28% 

deducted 

upfront 

Investment Philosophy 

Growth Style with reasonable price; ‘Top-down’ 

approach; fundamental analysis. 

Top-down analysis and bottom-up research, growth 

at a reasonable price. 



‘Top-down’, ‘Bottom-up’ approach. 

‘Top-down’, ‘Bottom-up’ approach. 

Growth Style with reasonable price; 'Top-down' 




‘Top-down’ & ‘Bottom-up’ approach. 

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. 


MSCI Europe Index 

MSCI All Country Asia Pacific ex Japan (Gross) 

Composite of MSCI Singapore/ Malaysia/ Philippines/ 

Thailand and Indonesia (Gross) 

MSCI AC Far East Free ex Japan Index 

MSCI Singapore Free Index 

MSCI AC Asia Pacific Index 

1 Month Sing Doll Interbank Rate 

Lehman Global Aggregate Bond Index, 50% hedged 

into S$ 

6 Months SIBOR Less 12.5bp 

12-Month Singapore Dollar Fixed Deposit Rate 

12-Month Singapore Dollar Fixed Deposit Rate 

Performance bid-bid basis (as at 31 Dec 05) 

6 1 3 5 Since Since 

3 

mths mths year years years inception inception 

(Total return) (Annualised) 

2.44% 8.74% 10.38% 62.32% 1.03% -7.05% -1.33% 

4.64% 17.17% 26.09%102.87%71.18% 63.79% 5.23% 

0.22% 3.90% 8.45% 74.36% 78.95% 43.16% 3.78% 

2.68% 9.18% 14.81% 89.30% – 45.26% 10.42% 

1.09% 6.27% 14.79% 63.07% – 26.63% 6.47% 

6.60% 22.20% 24.50% 80.40% 36.40% 13.30% 2.30% 

0.81% 1.26% 1.99% 2.83% 4.84% 18.53% 1.77% 

-1.32% -1.60% 0.31% 12.00% – 20.81% 4.84% 

-0.10% -0.20% 0.49% 2.72% – 7.26% 1.88% 

– – – – – – – 

– – – – – – – 

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

GREATLINK FUND SUMMARY 

Fund Name 

Investment Objectives 

GREATLINK LIFESTYLE PORTFOLIOS 

Dynamic 

Progressive 

Balanced 

Steady 

Secure 

GLOBAL BALANCED FUNDS 


Supreme 


Optimum 

GLOBAL EQUITIES FUNDS 


Technology 


Equity 


Value Equity 


Intersection 


Growth Trends 

Portfolio (Feeder 

Fund) 

GreatLink Global Real 

Estate Securities 

To achieve medium to long term capital appreciation 

for the investor. 









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. 


investment in global technology stocks. 

To seek long-term capital appreciation by investing 

primarily in a diversified portfolio of common stocks 

globally. 

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. 

Risk Category 

Higher Risk / 

Broadly 

Diversified 

Higher Risk / 

Broadly 

Diversified 

Medium to High 


Diversified 



Diversified 



Diversified 



Diversified 



Diversified 

Higher Risk / 

Narrowly 

Focused (Sector 

- Technology) 

Higher Risk / 

Diversified 

Higher Risk / 

Broadly 

Diversified 

Higher Risk / 

Broadly 

Diversified 

Higher Risk / 

Broadly 

Diversified 

Higher Risk / 

Narrowly 

Focused (Sector 

- Others) 

Launch Date 

25-Mar-02 

25-Mar-02 

25-Mar-02 

25-Mar-02 

25-Mar-02 

1-Jul-99 

23-May-01 

15-Jan-01 

1-Aug-00 

25-Mar-02 

25-Mar-02 

15-Aug-01 

8-Jun-05 

Current Fund 

Size (as at 31 

Dec 05) 

$9.96 mil 

$16.84 mil 

$137.28 mil 

$18.16 mil 

$16.13 mil 

$561.70 mil 

$100.15 mil 

$143.92 mil 

$110.78 mil 

$65.14 mil 

$62.59 mil 

$20.58 mil 

(US$4,248.93 

mil for 

underlying 

fund) 

$46.71 mil 

Mgmt Fee 

1.39% 

1.26% 

1.15% 

1.04% 

0.87% 

1.00% 

1.25% 

1.75% 

1.75% 

1.50% 

1.50% 

1.75% 

1.40% 

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. 

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. 

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. 


Growth Style with reasonable price; ‘Top-down’ 


To deliver strong consistent investment results using 

disciplined investment processes that are supported 

by a unique combination of fundamental analysis 

and quantitative insights. 

Fundamental analysis. 

‘Bottom-up’ approach; fundamental and quantitative 

valuation. 

‘Bottom-Up’ approach. 



15% MSCI Singapore Free Index + 15% MSCI Far 

East ex Japan Index + 70% MSCI World Index 

20% Lehman Global Aggregate Bond Index (50% 

Hedged to Singapore Dollars) + 15% MSCI Singapore 

Free Index + 15% MSCI Far East ex Japan Index 

+ 50% MSCI World Index 

5% 6 Month SIBID + 35% Lehman Global Aggregate 

Bond Index (50% Hedged to Singapore Dollars) + 

10% MSCI Singapore Free Index + 10% MSCI Far 

East ex Japan Index + 40% MSCI World Index 



5% MSCI Singapore Free Index + 5% MSCI Far East 

ex Japan Index + 30% MSCI World Index 



5% MSCI Singapore Free Index + 5% MSCI Far East 

ex Japan Index + 10% MSCI World Index 

Comprises 50% MSCI World & 50% Citigrp World 

Gov Bond Index (unhedged) 

Comprises 40% MSCI World Index & 60% Citigroup 

World Govt Bond Index (unhedged) 

MSCI ACWIF IT Gross Index 

MSCI World Index, Net 

MSCI World Index with Net Dividends Reinvested 

Performance bid-bid basis (as at 31 Dec 05) 

6 1 3 5 Since Since 

3 

mths mths year years years inception inception 

(Total return) (Annualised) 

2.23% 8.94% 12.48% 59.47% – 20.53% 5.08% 

1.70% 6.88% 10.43% 52.36% – 25.89% 6.30% 

1.03% 4.80% 7.77% 40.36% – 24.11% 5.90% 

0.35% 2.39% 4.79% 29.35% – 22.00% 5.42% 

-0.17% 0.44% 2.79% 18.73% – 20.11% 4.98% 

-0.25% 3.57% 3.30% 33.97% 11.94% 25.37% 3.54% 

-2.35% -0.27% 0.27% 27.18% – 19.98% 4.05% 

2.50% 7.50% 5.10% 22.40% – -56.20% -15.40% 

0.14% 9.23% 11.29% 42.28% -3.66% -25.26% -5.25% 

4.74% 11.88% 12.34% 57.41% – 14.48% 3.66% 

MSCI World Index (Gross of Dividends Reinvested) 0.19% 7.13% 10.39% 48.02% – 12.59% 3.21% 

MSCI World Index 

S&P Citigroup BMI World Property Index 

1.86% 13.60% 17.68% 65.53% – 38.00% 7.68% 

2.81% 7.77% – – – 8.00% – 

Fund 

Manager 

Lion Capital 

Mgmt 

Lion Capital 

Mgmt 

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 

Alliance 

Capital 

Mgmt (S) 

Ltd 

Lion Capital 

Mgmt 

Sub 

Manager 

– 

– 

– 

– 

– 

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

Funds GreatLink - Great Eastern Life

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