funds greatlink - great eastern life · $215.91 mil $9.65 mil $91.61 mil $51.34 mil $127.16 mil ......

1 Pickering Street #13-01 Great Eastern Centre Singapore 048659www.lifeisgreat.com.sg

Statement and Reportfor the Period 1 January 2007 – 30 June 2007

GreatLinkFunds

MICA (P) 100/02/2007

GREATLINK FUND SUMMARY

Investment Philosophy

Growth Style with reasonable price; 'Top-down'approach; fundamental analysis.

Top-down analysis and bottom-up research, growth ata reasonable price.

‘Top-down’, ‘Bottom-up’ approach.


Believes that sustained long term outperformance canbe achieved through a rigorous research methodologyand process aimed at uncovering high conviction ideas.The underlying philosophy is that securities prices willultimately reflect underlying economic fundamentals.Believes that sustained long term outperformance canbe achieved through a rigorous research methodologyand process aimed at uncovering high conviction ideas.The underlying philosophy is that securities prices willultimately reflect underlying economic fundamentals.Believes that sustained long term outperformance canbe achieved through a rigorous research methodologyand process aimed at uncovering high conviction ideas.The underlying philosophy is that securities prices willultimately reflect underlying economic fundamentals.‘Top-down’, ‘Bottom-up’ approach.


Fundamental & Technical analysis.

‘Top-down’ & ‘Bottom-up’ approach.

Rigorous research process supplemented by effectiverisk control systems that incorporates both quantitativeand qualitative screening. Emphasis is on initial nameselection for reference portfolios. Portfolio is diversifiedacross sectors.Rigorous research process supplemented by effectiverisk control systems that incorporates both quantitativeand qualitative screening. Emphasis is on initial nameselection for reference portfolios. Portfolio is diversifiedacross sectors.Rigorous research process supplemented by effectiverisk control systems that incorporates both quantitativeand qualitative screening. Emphasis is on initial nameselection for reference portdolios. Portfolio is diversifiedacross sectors.Rigorous research process supplemented by effectiverisk control systems that incorporates both quantitativeand qualitative screening. Emphasis is on initial nameselection for reference portdolios. Portfolio is diversifiedacross sectors.

Risk Category

Higher Risk /NarrowlyFocused(Regional -Asia)

Higher Risk /NarrowlyFocused(Regional - Asia)Higher Risk /NarrowlyFocused(Regional -Asia)Higher Risk /NarrowlyFocused(Regional - Asia)Higher Risk –NarrowlyFocused(Country – Japan)

Higher Risk –NarrowlyFocused(Country –Greater China)Higher Risk –NarrowlyFocused(Country –Others)Higher Risk /NarrowlyFocused (Country- Singapore)

Lower Risk /BroadlyDiversifiedLow to MediumRisk / BroadlyDiversified

Low to MediumRisk / BroadlyDiversified

–

Low to MediumRisk/ BroadlyDiversified

–

–

Launch Date

10-Jul-00

26-Apr-96

25-Mar-02

26-Apr-96

9–Jan–07

9–Jan–07

9–Jan–07

25-Mar-02

26-Apr-96

25-Mar-02

15-Jan-02

30-Sep-05

31-Oct-05

31-Aug-06

31–Dec–06

Current FundSize (as at 30

Jun 07)

$53.26 mil

$424.14 mil

$98.85 mil

$215.91 mil

$9.65 mil

$91.61 mil

$51.34 mil

$127.16 mil

$90.39 mil

$32.69 mil

$182 mil

$115.72 mil

$103.33 mil

$130.83 mil

$74.24 mil

MgmtFee

1.175 %p.a.

1.00%p.a.

1.25%p.a.

1.00%p.a.

1.75%p.a.

1.25%p.a.

1.25%p.a.

1.00%p.a.

0.30%p.a.

0.50%p.a.

0.85%p.a.

InitialManagement Feeof 8.46% of SPdeducted upfront


Initial Management Feeof 5% of SP deducted

upfront & AnnualManagement Fee of

0.896% p.a. deductedfrom fund value




FundManager

SchroderInvestmentMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Investment Objectives

To achieve long-term capital growth through investmentin securities quoted on Asian stock markets includingbut not limited to Singapore, Malaysia, Thailand,Indonesia, Philippines, Hong Kong, Japan, Taiwan,China, South Korea, Australia, New Zealand and theIndian sub continent.To achieve long-term capital appreciation by investingprimarily in the equity markets of the Asia PacificRegion.

To maximise capital growth through investing primarilyin equities of companies based in China, Hong Kong,Indonesia, South Korea, Malaysia, Philippines,Singapore, Taiwan and Thailand, and also in otherAsian Pacific regions.To achieve long-term capital appreciation by investingin equities in the economies of the ASEAN region.

To provide long–term capital growth of assets of theFund by investing primarily in quoted or listed securitiesin any Recognised Stock Exchange or OTC market inJapan.

To achieve medium to long–term capital growth ofassets of the Fund by investing primarily inequity–linked securities of companies with assets inor earnings derived from the People's Republic ofChina.To achieve medium to long–term capital appreciationby investing in Indian equities and equity relatedinstruments.

To maximise capital growth through investing primarilyin Singapore equities.

To generate a return comparable to S$ time deposits.

To achieve an attractive return by investing in single Aand above quality investment grade bonds of Singaporeand major bond markets such as the G7 countries andAustralia and New Zealand. The G7 countries are Canada,France, Germany, Italy, Japan, UK and US.To achieve excess return relative to the index whileminimising volatility of return relative to the index.

The Fund objective is to seek to provide policyholderswith (1) Annual payouts of 3.50% of the Initial UnitPrice per Unit held by each policyholder as at eachpolicy anniversary; and (2) 100% capital protectionon maturity.The Fund objective is to seek to provide policyholderswith (1) Annual payouts of 3.50% of the Initial UnitPrice per Unit held by each policyholder as at eachpolicy anniversary; and (2) 100% capital protectionon maturity.The Fund objective is to seek to provide policyholderswith (1) Annual payouts of 4.90% of the Initial UnitPrice per Unit held by each policyholder as at eachpolicy anniversary; and (2) 100% of the Initial UnitPrice per Unit held on maturity.The Fund objective is to seek to provide policyholderswith (1) Annual payouts of 4.60% of the Initial UnitPrice per Unit held by each policyholder as at eachpolicy anniversary; and (2) 100% of the Initial UnitPrice per Unit held on maturity.

SubManager

–

–

–

–

–

–

–

–

–

Deutsche AssetMgmt

PIMCO

–

–

–

–

Benchmark Index

MSCI AC Asia Pacific Index

MSCI All Country Asia Pacific ex Japan,Net

MSCI AC Far East Free ex Japan Index,Net

Composite of MSCI Singapore/Malaysia/Philippines/Thailand andIndonesia, Net

TOPIX with net dividends reinvested,in SGD terms

MSCI Golden Dragon Index with netdividends reinvested, in SGD terms

MSCI India with net dividendsreinvested, in SGD terms

MSCI Singapore Free Index, Net

1 Month SIBID

Ladder 6 Months SIBOR Less 12.5bp

Lehman Global Aggregate Bond Index,50% hedged into SGD

12-Month Singapore Dollar FixedDeposit Rate


7–year Singapore swap rate (mid rate)taken on the start of the initial offerperiod on 6 Jul 2006 i.e 3.90%.

7–year Singapore swap rate (mid rate)taken on the start of the initial offerperiod on 1 Nov 2006 i.e 3.465%.

Performance bid-bid basis (as at 30 Jun 07)3 6 1 3 5 10 Since Since

mths mths year years years years inception inception(Total return) (Annualised)

8.86% 11.18% 18.21% 59.01% 80.03% – 32.87% 4.17%

14.86% 19.87% 48.08% 142.45% 179.44% 157.34% 160.32% 8.94%

17.54% 23.89% 55.05% 105.26% 155.45% – 134.21% 17.55%

17.80% 33.12% 68.44% 120.97% 186.63% 176.21% 164.00% 9.08%

0.21% – – – – – 0.84% –

16.67% – – – – – 18.63% –

17.28% – – – – – 11.47% –

12.64% 25.37% 67.49% 128.84% 160.05% – 128.84% 17.04%

0.68% 1.55% 3.25% 6.91% 7.79% 20.12% 23.79% 1.93%

0.66% 1.91% 4.19% 6.47% 10.21% – 12.53% 2.27%

–1.60% –1.51% –0.27% 1.46% 13.85% – 16.84% 2.89%

– – – – – – – –

– – – – – – – –

– – – – – – – –

– – – – – – – –

Fund Name

ASIAN EQUITYGreatLink Pan AsiaFund (Feeder Fund)

GreatLink EnhancerFund

GreatLink Far East exJapan Equities Fund

GreatLink ASEANGrowth Fund

GreatLink Lion JapanGrowth Fund

GreatLink Lion ChinaGrowth Fund

GreatLink Lion IndiaFund

GreatLink SingaporeEquities Fund

NON-EQUITYGreatLink Cash Fund

GreatLink StableBond Fund (FeederFund)

GreatLink GlobalBond Fund

OTHERSGreatLink Choice(Sep 2010)

GreatLink Choice(Oct 2010)

GreatLink Choice(Aug 2013)

GreatLink Choice(Dec 2013)

A Move Towards

King-SizedReturns

CEO’s Message

Lead Stories

Announcements

Lifestyle Portfolios

Balanced

Global Equity

Asian Equity

Non-Equity

Others

Portfolio Statement

Expense & Turnover Ratios

Soft Dollar Commissions

Top 10 Investments

Capital Account

Statement Of Assets & Liabilities

Notes To The Accounts

contentsc o n t e n t s



To achieve medium to long term capital appreciationfor the investor.





To maximise total returns in S$ terms over the longerterm by investing in a balanced but diversified portfolioof equities and debt securities of the major stock & bondmarkets around the world.To provide long-term total return in excess of thecustom benchmark while managing the overall riskof the portfolio.

To seek long-term capital appreciation by investingprimarily in a diversified portfolio of common stocksglobally.

To achieve capital appreciation through the continuousmanagement of a diversified portfolio of transferablesecurities consisting primarily of common stocks,researched and selected on a world-wide basis.To provide long-term total returns consistently inexcess of the MSCI World Index while controllingthe tracking risk relative to benchmark.To maximise long-term growth of capital by investingprincipally in a global portfolio of equity securities.The Portfolio currently consists of six subportfolios:Communications & Info Tech, HealthCare, CapitalGoods / Infrastructure, Energy, & Natural Resources,Consumer Growth and Finance.To achieve long-term capital growth throughinvestment in stocks in the European markets.

To achieve long-term capital growth throughinvestment in global technology stocks.

To provide investors with medium to long term capitalappreciation and to make regular income distributionsby investing globally in (a) equities securities ofcompanies that derive a substantial part of their revenuefrom the ownership, management and/or developmentof real estate and (b) Real Estate Investment Trusts(REITS) listed or traded in a regulated market.

Risk Category

Higher Risk /BroadlyDiversified

Higher Risk /BroadlyDiversifiedMedium to HighRisk / BroadlyDiversified

Medium to HighRisk / BroadlyDiversifiedMedium to HighRisk / BroadlyDiversified

Medium to HighRisk / BroadlyDiversified


Higher Risk /Diversified


Higher Risk /BroadlyDiversifiedHigher Risk /BroadlyDiversified

Higher Risk /NarrowlyFocused(Regional -Europe)Higher Risk /NarrowlyFocused (Sector- Technology)Higher Risk /NarrowlyFocused (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

1-Aug-00

25-Mar-02

25-Mar-02

15-Aug-01

10-Jul-00

15-Jan-01

8-Jun-05


Jun 07)

$19.49 mil

$35.98 mil

$327.85 mil

$29.96 mil

$20.65 mil

$427.86 mil

$60.91 mil

$89.82 mil

$87.8 mil

$85.99 mil

$20.49 mil

$36.69 mil

$88.72 mil

$148.11 mil


To invest substantially in Global, Far East ex Japanand Singapore equities, or in one or more mutualfund(s) and unit trust(s) reflecting an underlyinginvestment 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 investmentin such equities and bonds in the same proportionof 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 inone or more mutual fund(s) and unit trust(s)reflecting an underlying investment in such equitiesand bonds, in the proportion of approximately 20:80.

‘Top-down’ & ‘Bottom-up’ approach, Growth Style.


To deliver strong consistent investment results usingdisciplined investment processes that are supportedby a unique combination of fundamental analysisand quantitative insights.Fundamental analysis.

‘Bottom-up’ approach; fundamental and quantitativevaluation.

‘Bottom-Up’ approach.

Growth Style with reasonable price; ‘Top-down’approach; fundamental analysis.





10.42% 13.79% 29.24% 54.02% 80.22% – 57.26% 8.98%

7.89% 11.37% 25.77% 47.52% 74.88% – 59.79% 9.32%

6.30% 8.60% 18.63% 33.94% 57.06% – 47.47% 7.66%

2.99% 4.42% 10.67% 19.92% 39.00% – 34.32% 5.77%

1.99% 3.35% 8.25% 15.45% 29.38% – 29.79% 5.08%

3.22% 3.05% 7.29% 13.32% 32.52% – 31.68% 3.50%

2.82% 1.43% 3.67% 6.30% 25.39% – 19.18% 2.92%

5.93% 8.26% 16.37% 38.45% 41.48% – –11.68% –1.78%

7.14% 6.95% 14.08% 28.57% 50.93% – 27.89% 4.78%

7.81% 7.81% 13.55% 27.89% 46.56% – 27.89% 4.79%

5.68% 6.75% 14.47% 38.38% 63.44% – 54.84% 7.74%

6.89% 8.89% 27.77% 61.00% 82.16% – 22.53% 2.96%

12.56% 10.95% 21.35% 13.94% 5.43% – –50.95% –10.45%

–5.26% –0.32% 19.60% – – – 36.47% 16.32%

FundManager

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

AllianceBernstein(Singapore)Ltd

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

MgmtFee

1.3875%p.a.

1.2575%p.a.

1.1475%p.a.

1.0375%p.a.

0.8725%p.a.

1.00% p.a.1.35% p.a.(WEF 15Oct 07)1.25%

p.a.

1.75%p.a.

1.50%p.a.

1.50%p.a.

1.75%p.a.

1.85%p.a.

1.75%p.a.

1.40%p.a.

Sub Manager

–

–

–

–

–

PIMCO & Brandywine(Fixed Income)/CapitalInt’l, Acadian AssetMgm't, INTECH (Equity)Loomis, Sayles (FixedIncome)/AllianceBernstein (Equity)

Goldman SachsAsset Mgmt

CapitalInternational, Inc

Acadian AssetMgm't

–


Wellington Int'lMgmt

PramericaInvestmentMgmt

Benchmark Index

Composite of Underlying Funds’Benchmarks





50% MSCI World Net & 50% Citigrp WorldGov Bond Index (unhedged)

40% MSCI World Net & 60% CitigroupWorld Govt Bond Index (unhedged)

MSCI World Index, Net

MSCI World Index with Net DividendsReinvested

MSCI World Index (Net DividendsReinvested)


MSCI Europe Index, Net

MSCI AC World IT Free, Net

S&P Citigroup BMI World Property Index,Net

LIFESTYLE PORTFOLIO

Fund Name

GreatLink LifestyleDynamic Portfolio

GreatLink LifestyleProgressive Portfolio

GreatLink LifestyleBalanced Portfolio

GreatLink LifestyleSteady Portfolio

GreatLink LifestyleSecure Portfolio

BALANCEDGreatLink GlobalSupreme Fund

GreatLink GlobalOptimum Fund

GLOBAL EQUITYGreatLink GlobalEquity Fund

GreatLink GlobalValue Equity Fund

GreatLink GlobalIntersection Fund

GreatLink GlobalGrowth TrendsPortfolio (FeederFund)

GreatLink EuropeanEquity Fund (FeederFund)

GreatLink GlobalTechnology Fund

GreatLink Global RealEstate SecuritiesFund

Printed by Standard Form Pte Ltd

1

2

4

6

12

15

24

37

42

57

68

69

70

78

80

82

1

Dear Valued Policyholders

It was an excellent half-year for investors! Stock markets in Asia did particularlywell. In fact, performance was nothing short of dazzling.

Riding on the growth momentum, our fund managers worked hard to maximisegains for GreatLink investors. For the first half of 2007, GreatLink ASEAN GrowthFund reaped gains of 33.12% and GreatLink Singapore Equities Fund rose 25.37%.These and many of our other GreatLink funds yielded attractive returns for ourpolicyholders.

While the global economic outlook for the next half of the year is basically sound,we have to be prepared for possible volatilities or a downturn ahead. Our fundmanagers will take measures to minimise the impact of any market correction orunexpected turn of events.

To give you greater investment choices and opportunities, we will be launchingnew investment products soon. One is a fund which will give you absolute returns,while another is a fund which you can invest in using your CPF Special Accountsavings.

These products together with our existing plethora of GreatLink funds will giveyou a comprehensive range to choose from, enabling you to customise a suitablefinancial portfolio to help you fulfil your goals. What’s more, investing in GreatLinkfunds has just become even more attractive! Net sales charges for selectiveinvestment-linked products will be reduced from 5% to 3%.

Good returns, more choices and lower sales charges! I hope to bring you goodnews each time I write to you. Meanwhile, I wish you health and wealth.

Yours sincerely

Tan Beng LeeDirector & Group CEO

C E O ’ S M E S S A G E

2

L E A D S TO R I E S

Let the Good Times RollThe numbers say it all! Economies and stock indices performed very well in the first half of2007. In Singapore, the STI whizzed past 3,600 and economic growth sizzled at 8.2% last quarter.Growth was so strong that most expect full year 2007 GDP to register about 7% to 8%.

China’s growth has also gone beyond what thegovernment had forecasted, a superb 11.9%growth for the 2nd quarter.

In June, stock indices in China, Hong Kong,Indonesia, Singapore and South Korea, all hitnew highs. The MSCI Asia Pacific ex-Japan indexrose almost 18%. The ASEAN bloc gainedbetween 13% and 35%. Korea and Chinamarkets went up 21%.

Major economies, Europe and Japan, are alsomoving along well. In general, favorable economicfundamentals and strong corporate earningsunderpinned global financial markets. The MSCIWorld ended the half-year with an awesome8.8% growth.

Not Slowing Just YetThe growth numbers are indeed brilliant.

Experts remain positive about the markets’longer-term prospects. Asian stocks aresupported by China and India growth engineswhich are still powering ahead. Furtherliberalisation of the China market will furtherfuel economic growth in the region. Based onrecent data released, analysts said that Chinais likely to overtake Germany as the world’sthird largest economy by year end.

Another contributing factor to the likelycontinued growth is the strong flow of foreigninvestments into the Asian region. The ongoinginflux of foreign funds will provide ampleliquidity. This will in turn further stimulatedomestic consumption and investments.

The outlook for corporate earnings of Asiancompanies remains strong. In fact, there is acontinual upward revision for corporateearnings, with the latest consensus forecast at16% for 2007 and 18% for 2008.

All these factors have contributed to lowunemployment rate, higher consumer spendingand boosted investor confidence in the Asianregion.

The feel good factor among investors is in noway dampened by the fact that 2007 is the 10thanniversary of the Asian Financial Crisis. TheAsian Financial Crisis threw regional marketsand economies into turmoil. But it was alsothe crisis that has toughened Singapore andthe regional economies. The financial crisisprompted regulatory bodies in the region tobeef up corporate governance, as well asimprove transparency and accountability intheir financial systems. The result is that regionaleconomies are now significantly stronger andmore resilient. Hence, should any unexpectedevents derail the sturdy growth, the regionshould be in a good stead to cushion the impact.

The Shimmering Red Dot andOther JewelsBarring any unforeseen events, regionaleconomies are likely to continue to glitter.

Singapore, the little red dot, is sparkling likenever before. Economic growth for the lastquarter went past 8%. Looking ahead, the pathis paved for good times: the upcoming IntegratedResorts; next year’s staging of the world’s first

3

L E A D S TO R I E S

ever Formula One night race; the rejuvenationof Orchard Road; and the new Marina BayFinancial Centre that will further supportSingapore’s growth as a financial hub. All thebuzz, the economic activities, the tourists, andthe attention that the little red dot is drawingis unprecedented. Singapore is set to glowmore brilliantly than ever before.

Malaysia has also been actively wooing foreigninvestments to fuel its growth. The country’scontinuous efforts in creating a more conduciveinstitutional support and business operatingenvironment have attracted and will continueto pull in much foreign investments. FromJanuary to May 2007, foreign investmentsaccounted for RM12.8 billion or 50.2% of thetotal investments.

Singapore and Malaysia markets were the twotop performing stock markets for the first halfof this year. Other regional markets did welltoo. Thailand market tumbled in the first fewmonths due to political turmoil but has sinceregained investors’ confidence. Vietnam is nowone of the fastest growing economies in theworld due to gradual liberalisation andmodernisation of its economy. Ten years afterits handover to China, Hong Kong is still asvibrant, if not more. South Korea, one of thehardest hit during the Asian Financial Crisis, isnow a booming economy with more room forgrowth.

Indeed, Asia is sparkling and luring investorsfrom all over the world.

Invest in Growing EconomiesA recent survey of regional fund managersfound that institutional investors are very bullishabout corporate earnings and the regionaleconomic outlook over the next 12 months.

You may want to consider letting your moneygrow in tandem with these growing economies.Great Eastern offers you a wide selection offunds, and is making conscientious efforts toexpand the range of products to suit yourdiverse investment objectives and needs.

Caution AlwaysHow about the risks? Some of the dire eventsfeared by investors did not happen; Chinatripping over its overheated economy; anduncontrolled runaway oil prices. These risksare still real and present. In fact, financial marketsare undergoing price volatilities since end ofJuly as continuing troubles in the US sub-primesector triggered a new round of turmoil. Stockand corporate bond prices came under sellingpressure. Markets are likely to remain volatileand very sensitive to negative newsflow thatincludes mortgage woes and failing hedge funds.However, the global economy is still in goodshape and company profits at robust levels, andas such the favourable fundamentals may providesupport to stocks and bonds in the long run.

The way to take caution is not to invest beyondyour means. Your risk exposure should be ata level that you are comfortable with,emotionally and financially. Should the marketshead south, you should be able to absorb thepaper losses and let time ride out the trough.Investors who have a good investment plan,practise diversification, and take a longer termview will invariably emerge as winners in spiteof the ups and downs of the markets.

To ensure that you do not miss out oninvestment opportunities and yet not be overexposed to risks, speak to your Great EasternLife Planner or Representative. He or she canassist you to map out an investment strategythat is right for you.

Disclaimer: Information is accurate at time of writing on 1 August 2007. Past performance is not necessarily indicative of future performances. Any opinionor view presented is subject to change without notice. The document is intended for information purposes only, and is not intended as an offer or solicitationfor the purchase or sale of any financial instrument. The information provided may contain projections or other forward looking statements regarding futureevents or future financial performance of countries, markets or companies, and such prediction or forecast is not necessarily indicative of the future orlikely performance of the fund.

4

A N N O U N C E M E N T S

Lower Sales ChargesGreat news for investors! We are reducing the sales charge for all our investment-linkedproducts!

The new CPF Board ruling which takes effectfrom 1 July 2007 stipulates that sales chargesfor new investments using CPF monies mustnot exceed 3%. At Great Eastern, we take onestep further to reduce the net sales chargefrom 5% to 3% not just for investments usingCPF funds but also for those using SRS fundsor cash.

You may wish to note that the reduction innet sales charge will not be reflected in thebid-offer spread which will remain unchangedat 5%. Great Eastern will instead allocate extraunits of 2.15%, thereby effectively reducing thenet sales charge.

The reduction of net sales charge will takeplace in 2 phases. The first phase will apply toALL new investments and top-ups into singlepremium and recurrent single premiuminvestment-linked products (GreatLink GrowthPlan, GreatLink Growth Plan (MR CPF) andGreatLink Achiever Plan), as well as singlepremium top-ups into GreatLink Flexi Plan(CPF only).

In the second phase, cash top-ups into regularpremium investment-linked products will alsoenjoy reduced net sales charge. The tablesbelow show the application of the reduced netsales charge:

i) Stage 1, with effect from 1 July 2007:Single Premium / Recurrent Single Reduced Net Sales ChargePremium Investment-linked Products

New Investment Single Premium Top-upsGreatLink Growth Plan ☛ ☛GreatLink Achiever Plan ☛ ☛GreatLink Growth Plan (MR CPF) ☛ ☛Regular Premium Investment-linked Reduced Net Sales ChargeProducts

New Investment Single Premium Top-upsGreatLink Flexi Plan (For CPF plans only) N.A. ☛

ii) Stage 2, with effect from 1 September 2007:Regular Premium Investment-linked Reduced Net Sales ChargeProducts

Single Premium Top-upsGreatLink SupremeLife Plan ☛GreatLink Dynamic Saver ☛GreatLink Flexi Plan ☛

Note: 5% sales charge still applies to regular premiums paid on these plans

5

A N N O U N C E M E N T S

Alignment of FundManagement ChargesGreat Eastern will categorise its GreatLink funds into 5 broad groups, according to the underlyinginvestments. This is to align the fund management charges and administrative expenses to thetype of underlying investments.

These changes will take effect from 1 March 2008, and they will be reflected in the bid price ofthe fund.

Fund Names Annualised Fund Management Charge (FMC)Before 1 March 2008 From 1 March 2008

LifeStyle Portfolio *GreatLink Lifestyle Secure Portfolio 0.87% 0.92%GreatLink Lifestyle Steady Portfolio 1.04% 1.11%GreatLink Lifestyle Balanced Portfolio 1.15% 1.26%GreatLink Lifestyle Progressive Portfolio 1.26% 1.42%GreatLink Lifestyle Dynamic Portfolio 1.39% 1.57%BalancedGreatLink Global Supreme Fund 1.35% 1.35%GreatLink Global Optimum Fund 1.25%Global EquityGreatLink Global Equity Fund 1.75%GreatLink Global Value Equity Fund 1.50%GreatLink Global Growth Trends Portfolio 1.75%GreatLink Global Intersection Fund 1.50% 1.60%GreatLink European Equity Fund 1.85%GreatLink Global Technology Fund 1.75%GreatLink Global Real Estate Securities Fund 1.40%Asian EquityGreatLink Pan Asia Fund 1.175%GreatLink Enhancer Fund 1.00%GreatLink Far East ex Japan Equities Fund 1.25%GreatLink ASEAN Growth Fund 1.00% 1.50%GreatLink Lion Japan Growth Fund 1.75%GreatLink Lion China Growth Fund 1.25%GreatLink Lion India Fund 1.25%GreatLink Singapore Equities Fund 1.00%Non-EquityGreatLink Cash Fund 0.30% 0.30%GreatLink Stable Bond Fund 0.50% 0.50%GreatLink Global Bond Fund 0.85% 0.85%

* These are weighted average fund management charges which can be used as an indicative fund managementcharge for the GreatLink Lifestyle Funds. The actual fund management charge for each GreatLink Lifestyle Fund willdepend on the fund management charges of the underlying funds that the GreatLink Lifestyle Fund is feeding into,as well as the asset proportion of the GreatLink Lifestyle Fund.

Should you need any clarification, please contact your Great Eastern Life Planner or call ourCustomer Service Officer at 1800-248-2888. We’ll be glad to assist you.

6 NOTE: This factsheet is compiled by Great Eastern Life. The information presented is for informational use only. The performance of the Fund is not guaranteed and the value may increase ordecrease in accordance with the future experience of the Fund. Past returns are not necessarily a guide to future performance.

G R E AT L I N K L I F E S T Y L E P O R T F O L I O S report as at 30 June 2007

FUND FACTS

Inception Date 25 March 2002

Fund Manager Lion Capital Management

Currency of Fund Singapore Dollar

Valuation Frequency Daily

Bid-Offer Spread 5%

Fund Management Fee Dynamic 1.3875% p.a.

Progressive 1.2575% p.a.

Balanced 1.1475% p.a.

Steady 1.0375% p.a.

Secure 0.8725% p.a.

These are weighted average fund management charge which could be used

as an indicative fund management charge for the Lifestyle Funds.

GreatLink Constituent Funds Secure Steady Balanced Progressive DynamicGreatLink 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%

GREATLINK LIFESTYLE PORTFOLIOS (ASSET ALLOCATION)

INVESTMENT OBJECTIVE

The investment objectives of the 5 Lifestyle Portfolios are toachieve medium to long term capital appreciation for the investor.

The investment policies for the GreatLink Lifestyle SecurePortfolio, GreatLink Lifestyle Steady Portfolio, GreatLink LifestyleBalanced Portfolio, and GreatLink Lifestyle Progressive Portfolioare to invest the assets of each of these Lifestyle Portfolios inequities and bonds (or in one or more different mutual fund(s)and unit trust(s) reflecting an underlying investment in such equitiesand bonds) in the proportion of approximately 20:80, 40:60, 60:40,80:20 respectively. The investment policy for GreatLink LifestyleDynamic Portfolio is to invest the assets only in equities (or inone or more different mutual fund(s) and unit trust(s) reflectingan underlying investment in equities).

A separate portfolio account is maintained for each LifestylePortfolio which is invested in accordance with the investment objectiveapplicable to the Lifestyle Portfolio to which such portfolio relates.

MANAGER COMMENTARY

Market Review and Outlook – After slightly easing in 1Q07, theglobal economy appeared to have staged a modest come back inrecent months. The rebound was led by the US, while other G7economies, notably the United Kingdom, Australia and Canada,were also strong. The increasingly important Asian region continuesto boom, led by the indefatigable Chinese economy. With the globaleconomy now in the midst of its fifth consecutive year of abovetrend growth, there were increasing concerns about inflation risks.Input prices continued to rise, led by record commodity prices,tight labour markets and ongoing infrastructure constraints. Centralbanks across Europe, the United Kingdom, Australia, New Zealandand Japan raised their policy rates in 1H07 and will remain alertto these inflation risks with further interest rate rises all likelybefore the end of this year. The US Federal Reserve continued toemphasize the upside risks to the domestic inflation outlook,although it is expected to keep policy rates unchanged till the endof the year.

Global equity markets started off the year on a positive notebuoyed by economic indicators that showed that the US economicexpansion was moderating to a more sustainable level. The optimismin the equity markets was also supported by strong 1Q07 corporate

earnings. However, the markets also had to contend with therising tide of US sub-prime mortgage market delinquency woes,which had culminated in New Century filing for bankruptcyprotection, and the fallout of two large hedge funds managed byinvestment bank Bear Stearns.

Overall, global equity markets did well to end the first halfof this year up 8.8%, despite a consolidation period in the monthof June. This positive performance can also be attributed to a slewof merger and acquisition activities during 1H07, including KKRand Texas Pacific bid for TXU, JC Flowers bid for Sallie Mae, PPR'sbid for Puma, Thomson Corp's bid for Reuters, Alltel's agreementto be bought by TPG Capital and DaimlerChrysler's sale of 80%of Chrysler to Cerberus Capital.

For the first half of 2007, except for Greatlink Lifestyle Steadywhich underperformed its benchmark, all the Lifestyle fundsoutperformed their respective benchmarks by 0.54% to 1.93%,with the best performance arising from Greatlink Dynamic fund,which is driven by the strong performance from Asian equitymarkets.

Source – Lion Capital Management Limited

7NOTE: 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 ordecrease in accordance with the future experience of the Fund. Past returns are not necessarily a guide to future performance.

FUND FACTSOffer Price S$ 1.572Bid Price S$ 1.494Fund Size S$ 19.49 milCPFIS Included CPFIS - OARisk Category Higher Risk / Broadly DiversifiedBenchmark Composite of Underlying Funds’

BenchmarksS&P Fund Stars ☛☛☛☛ (as at 30 Sep 2006)

PERFORMANCE ON BID-BID BASIS (%)3mths 6 mths 1 year 3 years 3 years 5 years 5 years Since Inception Since Inception

(annualised) (annualised) (annualised)Greatlink Lifestyle Dynamic Portfolio 10.42 13.79 29.24 54.02 15.51 80.22 12.50 57.26 8.98Benchmark Index 9.23 11.86 27.31 58.61 16.65 89.15 13.59 67.07 10.25

FUND PERFORMANCE SINCE INCEPTION

Performance Review (Mar 2002 to Jun 2007 )

PORTFOLIO WEIGHTINGS

Global Equities(Growth)

30%

Global Equities(Value)

30%

SingaporeEquities

21%

Far East exJapan Equities

19%

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

Returns are calculated on bid-bid basis, with dividends reinvested.Source: S&P’s Fund Services

For Top 10 Investments refer to page 71.

03 04 05 06 07P

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175

160

145

130

115

100

85

70

55

75

60

45

30

15

0

-15

-30

-45

+67.07

+57.26

DYNAMIC


8


Performance Review (Mar 2002 to Jun 2007)

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


Top 10 Investments: GreatLink Lifestyle Progressive Portfolio does not invest more than 30%of its assets into any of the underlying funds. As such, please refer to the respective underlyingfunds for their top 10 investments.

03 04 05 06 07

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170

160

150

140

130

120

110

100

90

80

70

70

60

50

40

30

20

10

0

-10

-20

-30

+61.87

+59.79


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

FUND FACTSOffer Price S$ 1.597Bid Price S$ 1.518Fund Size S$ 35.98 milCPF Included CPFIS – OARisk Category Higher Risk / Broadly DiversifiedBenchmark Composite of Underlying Funds’

BenchmarksS&P Fund Stars ☛☛☛☛ (as at 30 Sep 2006)


(annualised) (annualised) (annualised)Greatlink Lifestyle Progressive Portfolio 7.89 11.37 25.77 47.52 13.86 74.88 11.82 59.79 9.32Benchmark Index 7.57 9.96 23.40 49.60 14.40 77.50 12.16 61.87 9.58

PROGRESSIVE



25%


24%

SingaporeEquities

16%


16%

Global Bonds19%


FUND FACTSOffer Price S$ 1.474Bid Price S$ 1.401Fund Size S$ 327.85 milCPF Included CPFIS – OA & SARisk Category Medium to High Risk / Broadly DiversifiedBenchmark Composite of Underlying Funds’

BenchmarksS&P Fund Stars ☛☛☛ (as at 30 Sep 2006)


(annualised) (annualised) (annualised)Greatlink Lifestyle Balanced Portfolio 6.30 8.60 18.63 33.94 10.25 57.06 9.45 47.47 7.66Benchmark Index 5.36 7.18 17.17 35.82 10.76 58.62 9.66 48.99 7.87

BALANCED




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



03 04 05 06 07P

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152.5

145.0

137.5

130.0

122.5

115.0

107.5

100.0

92.5

85.0

77.5

70.0

52.5

45.0

37.5

30.0

22.5

15.0

7.5

0.0

-7.5

-15.0

-22.5

-30.0

+48.99

+47.47


20%


20%

Short-TermBonds

5%

Global Bonds35%


10%

SingaporeEquities

10%


10




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



03 04 05 06 07

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135

130

125

120

115

110

105

100

95

90

35

30

25

20

15

10

5

0

-5

-10

+36.63

+34.32


15%


15%

Short-TermBonds10%

Global Bonds49%


6%

SingaporeEquities

5%


FUND FACTSOffer Price S$ 1.343Bid Price S$ 1.276Fund Size S$ 29.96 milCPF Included CPFIS – OA & SARisk Category Medium to High Risk /Broadly DiversifiedBenchmark Composite of Underlying Funds’

BenchmarksS&P Fund Stars ☛ (as at 30 Sep 2006)


(annualised) (annualised) (annualised)Greatlink Lifestyle Steady Portfolio 2.99 4.42 10.67 19.92 6.25 39.00 6.80 34.32 5.77Benchmark Index 3.18 4.45 11.22 23.16 7.20 41.28 7.15 36.63 6.11

STEADY


11



FUND FACTSOffer Price S$ 1.297Bid Price S$ 1.233Fund Size S$ 20.65 milCPF Included CPFIS – OA & SARisk Category Medium to High Risk / Broadly DiversifiedBenchmark Composite of Underlying Funds’

BenchmarksS&P Fund Stars ☛☛ (as at 30 Sep 2006)


(annualised) (annualised) (annualised)Greatlink Lifestyle Secure Portfolio 1.99 3.35 8.25 15.45 4.91 29.38 5.28 29.79 5.08Benchmark Index 1.73 2.81 7.86 16.17 5.13 30.32 5.44 29.59 5.05

SECURE



6%Global Equities(Value)

5%

Short-TermBonds20%

Global Bonds60%


5%

SingaporeEquities

4%



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



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135

130

125

120

115

110

105

100

95

90

35

30

25

20

15

10

5

0

-5

-10

+29.79

+29.59

12

MARKET REVIEWEquities

Global equities made mediocre gains in the first quarter asa result of increased volatility brought on by events in the US andChina. Stocks vaulted ahead in the second quarter, fuelled byfrenzied M&A activities and strong corporate earnings.

The US economy showed signs of moderation, with growtheasing at 0.7% per annum in the first quarter, the slowest pacesince 2002. However, production data indicated the economy couldreaccelerate in the second half of the year. Europe performed well,supported by the region’s robust growth, positive economic dataand hopes of further restructuring. Japan’s ongoing corporaterecovery has yet to translate into wage increases and worriesremained that the Bank of Japan (BOJ) could raise interest ratestoo aggressively for the domestic economy.

Rising commodity prices helped materials and energy stocksprovide the best sector returns. Shares of industrials andtelecommunication services companies were also up sharply.Financials and health care trailed the broader index.

The global economic expansion appears set to continue, withgrowth now more balanced than in previous years. Equity marketsappear to be on solid footing in terms of earnings prospects andreasonable valuations, although there is a chance of a correctionfollowing a period of exceptional returns. Investors are currentlyconcerned about the potential for more trouble in the creditmarkets and the implications that would have for stocks, and this

^WEF 15 May 2007. State Street Global Advisors Singapore Ltd ceased being the Sub-Fund manager (Fixed Income) wef 15 April 2007. Russell Investment Group Pte Ltd was appointed asthe transition manager and had passively managed the assets of the GreatLink Global Supreme Fund from 16 April 2007 to 14 May 2007 during the transition. From 15 May 2007, CapitalInternational, Acadian Asset Management, and INTECH have taken over as the Sub-Fund Managers for Equity portion while PIMCO and Brandywine for Fixed Income portion of GreatLinkGlobal Supreme Fund.


FUND OBJECTIVE & INVESTMENT STRATEGY

The Fund Objective is to maximize total returns in SingaporeDollar terms over the longer term by investing in a balanced butdiversified portfolio of equities and debt securities of the majorstock markets and bond markets around the world. The Fund shallinvest in a broad mix of global equities and bonds in a wide rangeof industries and companies in various countries. The allocationfor each asset class will be actively managed and altered constantlyin such a way that seeks to maximize the overall risk-adjustedperformance of the Fund.


Othercurrencies FI

44%

USD FI1%

Cash2%

JPY FI1%

Euro FI5%

UK Eq5%

North America Eq22%

Japan Eq4%

Europeex UK Eq

10%

Asia Pacific exJapan Eq

5%


Performance Review (Jul 1999 to Jun 2007)

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



00 01 02 03 04 05 06 07

Pr

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Pe

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Ch

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142

136

130

124

118

112

106

100

94

88

82

42

36

30

24

18

12

6

0

-6

-12

-18

+38.05

+31.68

FUND FACTSInception Date 1 July 1999Offer Price S$ 1.316Bid Price S$ 1.251Fund Size S$ 472.86 milFund Manager Lion Capital ManagementSub Manager (Equity) Capital International, Acadian Asset

Management, INTECH^Sub Manager (Fixed Income) PIMCO, Brandywine^Bid-Offer Spread 5%Fund Management Fee 1.00% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OA & SARisk Category Medium to High Risk / Broadly DiversifiedBenchmark 50% MSCI World Net & 50% Citigroup

World Gov Bond Index (unhedged)S&P Fund Stars ☛☛ (as at 30 Sep 2006)


(annualised) (annualised) (annualised)Greatlink Global Supreme Fund 3.22 3.05 7.29 13.32 4.26 32.52 5.79 31.68 3.50Benchmark Index 3.19 4.01 9.15 17.97 5.67 41.54 7.19 38.05 4.12

G R E AT L I N K G L O B A L S U P R E M E F U N D report as at 30 June 2007


could bring the trend of buyouts and rapidly advancing stockmarkets off the boil.

Fixed IncomeRelative performance among the major developed non-USgovernment bond markets was tilted in favor of the U.S., whichoutperformed the Euroland, U.K., and Japan markets. As anticipated,the Federal Reserve left rates unchanged for the eighth consecutivemeeting in June, having retained its hawkish tone stating, "a sustainedmoderation in inflation pressures has yet to be convincinglydemonstrated". Economic data was modestly stronger than expectedas labor market data remained resilient, and consumer confidenceand sentiment indicators rose above expectations. However thesub prime mortgage crisis and weak consumption remained anoverhang, providing price support to high quality bonds.

In Euroland, growth has been solid thanks to robust exportskeeping European banks firmly in tightening mode. As expectedthe European Central Bank (ECB) raised rates by 25 basis pointsto 4.0% in June and continued to stress its concern over futureinflation risks. This tightening has caused yield curves to shiftupwards reducing bond values along the entire curve. It is henceunlikely there will be sustained bond rally in Europe until thecontinent shows convincing evidence of a growth slow-down. ForJapan, government bonds posted a return of -0.53% in Juneunderperforming treasuries. Economic data was mixed, with Q107GDP being revised upwards to 3.3% quarter over quarter, eventhough industrial production was weaker than expected. BOJ leftrates unchanged in June, but indicated that it continues to expectthe economy to expand modestly.

Source: Lion Capital Management Limited

G R E AT L I N K G L O B A L S U P R E M E F U N D report as at 30 June 2007

14

MARKET REVIEW AND OUTLOOKGlobal equities made mediocre gains in the first quarter as

a result of increased volatility brought on by events in the US andChina. Stocks vaulted ahead in the second quarter, fuelled byfrenzied M&A activities and strong corporate earnings.

The US economy showed signs of moderation, with growtheasing at 0.7% per annum in the first quarter, the slowest pacesince 2002, although production data indicated the economy couldreaccelerate in the second half of the year. Europe performed well,supported by the region’s robust growth, positive economic dataand hopes of further restructuring. Japan’s ongoing corporaterecovery has yet to translate into wage increases and worriesremained that the Bank of Japan (BOJ) could raise interest ratestoo aggressively for the domestic economy.


The global economic expansion appears set to continue, withgrowth now more balanced than in previous years. Equity marketsappear to be on solid footing in terms of earnings prospects andreasonable valuations, although there is a chance of a correctionfollowing a period of exceptional returns. Investors are currentlyconcerned about the potential for more trouble in the creditmarkets and the implications that would have for stocks, and thiscould bring the trend of buyouts and rapidly advancing stockmarkets off the boil.

Relative performance among the major developed non-USgovernment bond markets was tilted in favor of the U.S., whichoutperformed the Euroland, U.K., and Japan markets. As anticipated,the Federal Reserve left rates unchanged for the eighth consecutivemeeting in June, having retained its hawkish tone stating, "a sustainedmoderation in inflation pressures has yet to be convincinglydemonstrated". Economic data was modestly stronger than expectedas labor market data remained resilient, and consumer confidenceand sentiment indicators rose above expectations. However thesub prime mortgage crisis and weak consumption remained anoverhang, providing price support to high quality bonds.

In Euroland, growth has been solid thanks to robust exportskeeping European banks firmly in tightening mode. As expectedthe European Central Bank (ECB) raised rates by 25 basis pointsto 4.0% in June and continued to stress its concern over futureinflation risks. This tightening has caused yield curves to shiftupwards reducing bond values along the entire curve. It is henceunlikely there will be sustained bond rally in Europe until thecontinent shows convincing evidence of a growth slow-down. ForJapan, government bonds posted a return of -0.53% in Juneunderperforming treasuries. Economic data was mixed, with Q107GDP being revised upwards to 3.3% quarter over quarter, eventhough industrial production was weaker than expected. The BOJleft rates unchanged in June, but indicated that it continues toexpect the economy to expand modestly.


^WEF 15 May 2007. Wellington International Management ceased being the Sub-Fund manager wef 15 April 2007. Goldman Sachs Pte Ltd was appointed as the transition manager and hadpassively managed the assets of the GreatLink Global Optimum Fund from 16 April 2007 to 14 May 2007 during the transition. From 15 May 2007, Alliance Bernstein has taken over as theSub-Fund Manager for Equity portion while Loomis Sayles for Fixed Income portion of GreatLink Global Optimum Fund.

^^Benchmark index: 40% MSCI World, gross & 60% Citigroup World Government Bond Index, unhedged from launch till 14 May 2007, 40% MSCI World, net & 60% Citigroup World GovernmentBond Index, unhedged wef 15 May 2007.


FUND OBJECTIVE & INVESTMENT STRATEGYThe 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 overallrisk of the portfolio.


FUND FACTSInception Date 23 May 2001Offer Price S$1.190Bid Price S$1.131Fund Size S$ 60.91 milFund Manager Lion Capital ManagementSub Manager (Equity) Alliance Bernstein (Singapore) Ltd.^Sub Manager (Fixed Income) Loomis, Sayles & Company, L.P.^Bid-Offer Spread 5%Fund Management Fee 1.25% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CFPIS – OA & SARisk Category Medium to High Risk / Broadly DiversifiedBenchmark 40% MSCI World Net & 60% Citigroup

World Government Bond Index(unhedged)^^

S&P Fund Stars ☛ (as at 30 Sep 2006)


(annualised) (annualised) (annualised)Greatlink Global Optimum Fund 2.82 1.43 3.67 6.30 2.06 25.39 4.63 19.18 2.92Benchmark Index 2.38 3.05 7.16 13.71 4.38 36.62 6.44 32.08 4.67

G R E AT L I N K G L O B A L O P T I M U M F U N D report as at 30 June 2007

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

Returns are calculated on bid-bid basis, with dividends reinvested.Source: S&P Fund Services



Performance Review (May 2001 to Jun 2007)140135130125120115110105100959085

+19.18

+32.08

Pr

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Canada3%

United Statesof America

15%

Sinagpore3% Japan

2%

Europe73%

SouthAfrica

1%

02 03 04 05 06 07

Other World3%

Pe

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Ch

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4035302520151050

-5-10-15

15

02 03 04 05 06 07

FUND PERFORMANCE SINCE INCEPTIONPerformance Review (Jan 2001 to Jun 2007)

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



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MARKET REVIEW

For the first half of 2007, the MSCI AC World InformationTechnology Index underperformed the MSCI World Index, 8.9%versus 9.1% (in SGD terms). Within the Technology sector, theComputers & Peripherals sub-industry led the group, returning12.3% for the period. The Fund outperformed the benchmark forthe 6 months ending 30 June 2007, returning 10.95% against 8.85%(in SGD terms, bid-bid basis) for the benchmark.

Source for returns: MSCI

MARKET OUTLOOK

We believe we are now nearing the end of the global growthslowdown: we expect the US numbers – both on the manufacturingand consumer side – to start rebounding soon, albeit slowly. Thestrength of emerging markets economies is now proven, so overall,we are more likely to see a boom than a bust in 2008.

We reduced our weighting in semiconductors andsemiconductors equipment stocks and continue to apply carefulstock picking in this area. The spiraling cost of manufacturing hascaused many US and European semiconductor companies tooutsource the manufacturing and even design of their chips toAsian foundries. This has caused an increased concentration ofcapital spending by a few large companies, who manage capacityvery closely, creating a more benign cyclical environment thanbefore. We bought Intel as we see the chip manufacturer leadingin terms of technology advances and winning the battle with AMD(not owned).

Handset manufacturers continue to benefit from strong salesin emerging markets and a healthy upgrade market elsewhere. Wefocus on manufacturers with great new product portfolios andimproving or stable pricing. We bought Nokia as their muchimproved handset portfolio should produce solid market sharegains and strong profitability growth.

In the enterprise hardware segment, demand for storage andnetworking equipment remains strong and should continue tooutpace overall technology spending. We trimmed our EMCposition after the run-up in price on the back of solid earningsand the anticipated spin-off of EMC’s VMware.

The outlook for Internet advertising remains very strong asconsumers continue to migrate their consumption of media onlineand advertisers look for new ways to reach their target audiences.We continue to own Google which we expect to beat consensusrevenue growth. On the corporate side, the software sectorcontinues to consolidate and private equity interest in the servicesgroup remains very high.

Source: Wellington International Management

# Benchmark index: MSCI World IT Index from launch till 28 Feb 2003, MSCI AC World IT Gross index wef 1 Mar 2003 & MSCI AC World IT Free, Net Index wef 1 Nov 06^ WEF 1 November 2006. Schroder Investment Management ceased being the fund manager wef 1 October 2006. Russell Investment Group Private Limited was appointed as the transitionmanager and had passively managed the assets of the GreatLink Global Technology Fund from 1 October 2006 to 31 October 2006 during the transition. From 1 November 06, Lion Capitaltook over as the Fund Manager with Wellington as Sub-Fund Manager of GreatLink Global Technology Fund.


FUND OBJECTIVE & INVESTMENT STRATEGYThe Fund objective is to achieve long-term capital growth

through investment in global technology stocks. The Fund offersexposure to the rapidly growing adoption of technology acrosseconomies worldwide. Specifically, it aims to achieve high returnsby investing in technology companies as well as in a range ofindustries where the growth opportunities have been impactedby technological developments.


FUND FACTSInception Date 15 January 2001Offer Price S$ 0.490Bid Price S$ 0.466Fund Size S$ 88.72 milFund Manager Lion Capital Management^Sub Manager Wellington International Management ^Bid-Offer Spread 5%Fund Management Fee 1.75% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Narrowly FocusedBenchmark MSCI AC World IT Free, Net#

S&P Fund Stars ☛ (as at 30 Sep 2006)


(annualised) (annualised) (annualised)Greatlink Global Technology Fund 12.56 10.95 21.35 13.94 4.45 5.43 1.06 -50.95 -10.45Benchmark Index 11.01 8.85 20.46 15.93 5.06 47.87 8.13 -30.88 -5.56

G R E AT L I N K G L O B A L T E C H N O L O G Y F U N D report as at 30 June 2007

-50.95

-30.88

Pe

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nt

Ch

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15.07.50.0

-7.5-15.0-22.5-30.0-37.5-45.0-52.5-60.0-67.5-75.0-82.5

115.0107.5100.092.585.077.570.062.555.047.540.032.525.017.5

Semiconductors& Semiconductor

Equipment17.96%

Commercial Servicesand Supplies

5.43%

CapitalMarkets0.77%

Internet Software& Services

7.45%

ElectronicEquipment &Instruments

4.72%

Computers &Peripherals

19.61%

CommunicationsEquipment

17.86%

Software10.84%

IT Services11.41%

HouseholdDurables

3.95%

16


The Fund objective is to seek long-term capital appreciation byinvesting primarily in a diversified portfolio of common stocks globally.


FUND FACTSInception Date 1 August 2000Offer Price S$ 0.883Bid Price S$ 0.839Fund Size S$ 89.82 milFund Manager Lion Capital ManagementSub Manager Goldman Sachs Asset ManagementBid-Offer Spread 5%Fund Management Fee 1.75% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Broadly DiversifiedBenchmark MSCI World Index, NetS&P Fund Stars ☛☛ (as at 30 Sep 2006)


Performance Review (Aug 2000 To Jun 2007)

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



01 02 03 04 05 06 07

Pr

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Ch

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130.0

122.5

115.0

107.5

100.0

92.5

85.0

77.5

70.0

62.5

55.0

47.5

40.0

32.5

30.0

22.5

15.0

7.5

0.0

-7.5

-15.0

-22.5

-30.0

-37.5

-45.0

-52.5

-60.0

-67.5

+18.10

-11.68

Asia ex-Japan7%

Japan4%

US41%

UK11%

Europe37%



(annualised) (annualised) (annualised)Greatlink Global Equity Fund 5.93 8.26 16.37 38.45 11.47 41.48 7.18 -11.68 -1.78Benchmark Index 7.28 8.82 19.53 41.22 12.21 66.67 10.75 18.10 2.44

G R E AT L I N K G L O B A L E Q U I T Y F U N D report as at 30 June 2007

MARKET REVIEWThe MSCI World Unhedged Index net gained 8.82% (SGD)

for the period January 2007 – June 2007, with Finland and Germanyleading the pack. The US contributed the most (weight timesperformance) to Index gains for the period.

All ten sectors in the Index experienced positive results, withthe Materials and Energy sectors posting the strongest absolutereturns. The Industrials sector was the biggest contributor to theIndex gain for the period.

PORTFOLIO POSITIONINGThe Fund underperformed its benchmark1, by 56 bps on a

net of fee basis during the first half of the year, returning +8.26%. Stock selection added approximately 29 bps to relative performancefor the period. Returns to the investment themes were positiveoverall, with Analyst Sentiment contributing the most to relativeperformance. Valuation and Management Impact also added valuefor the period, albeit to a lesser extent. On the downside,Profitability and Momentum detracted from relative performancebut did little to offset gains made elsewhere. Meanwhile, EarningsQuality was relatively flat for the period.

During the first half of 2007, the Equity Country SelectionStrategy contributed positively to performance by approximately60 bps, while the Currency Selection Strategy detractedapproximately 52 bps from performance.

Within the Equity Country Selection Strategy, the topcontributors to performance were overweight positions in Sweden(92 bps) and the Netherlands (32 bps). The biggest detractorsfrom performance were underweight positions in the US (-52 bps)and Australia (-24 bps).

Within the Currency Selection Strategy, the largest contributorsto performance were our underweight position in the Japaneseyen (18 bps) and overweight position in the Norwegian krone (4bps). On the other hand, the biggest detractors from performancewere our underweight position in the Australian dollar (-22 bps)and overweight position in the Swedish krona (-8 bps).

MARKET OUTLOOKLooking ahead, we continue to believe that cheaper stocks

should outpace more expensive ones and good momentum stocksshould do better than poor momentum stocks. We also prefernames about which fundamental research analysts are becomingmore positive and companies that are profitable, have sustainableearnings and use their capital to enhance shareholder value. Assuch, we anticipate remaining fully invested and expect that thevalue we add over time will be due to stock selection, as opposedto sector or size allocations.

1 Benchmark: MSCI World Index with net dividends reinvested and unhedged, measured inSingapore Dollars

Source: Goldman Sachs (Singapore)

17

G R E AT L I N K G L O B A L VA L U E E Q U I T Y F U N D report as at 30 June 2007

FUND PERFORMANCE SINCE INCEPTIONPerformance Review (Mar 2002 to Jun 2007)

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

Returns are calculated on bid-bid basis, with dividends reinvested.Source: Northern Trust prior to 1 November 2004. Bank of New York thereafter, S$ bid to bidperformance. Active management of fund started on 5 Apr 2002


NorthAmerica

42%

Cash6%

Europe34%

Pacific exJapan3%

Japan11%

EmergingMarkets

2%

+46.98

+27.89

Pr

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160

150

140

130

120

110

100

90

80

70

60Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07

MARKET REVIEW

Global equities made mediocre gains in the first quarter asa result of increased volatility brought on by events in the US andChina. Stocks vaulted ahead in the second quarter, fuelled byfrenzied M&A activities and strong corporate earnings. Finland,Germany, Portugal and Norway recorded the highest gains for the6-month period in the MSCI World Index1 while Ireland, Japan andItaly lagged.


The US economy showed signs of moderation, with growtheasing at 0.7% per annum in the first quarter, the slowest pacesince 2002, although production data indicated the economy couldreaccelerate in the second half of the year.

Europe performed well, supported by the region’s robustgrowth, positive economic data and hopes of further restructuring.

Japan’s ongoing corporate recovery has yet to translate intowage increases and worries remained that the Bank of Japan couldraise interest rates too aggressively for the domestic economy.

FUND REVIEW


1MSCI World Index with net dividends reinvested in S$.Source: MSCI, Capital International


The fund objective is to achieve capital appreciation throughthe continuous management of a diversified portfolio of transferablesecurities consisting primarily of common stocks, researched andselected on a world-wide basis.


FUND FACTSInception Date 25 March 2002Offer Price S$ 1.278Bid Price S$ 1.215Fund Size S$ 87.80 milFund Manager Lion Capital ManagementSub Fund Manager Capital International, Inc.Bid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Broadly DiversifiedBenchmark MSCI World Index with Net Dividends

ReinvestedS&P Fund Stars ☛☛ (as at 30 Sep 2006)



(annualised) (annualised) (annualised)Greatlink Global Value Equity Fund 7.14 6.95 14.08 28.57 8.74 50.93 8.58 27.89 4.78Benchmark Index 7.28 8.82 19.53 41.22 12.19 66.67 10.76 46.98 7.59

Mutual Fund*2%

* Note: Investment in Exchange-Traded Fund (ETF)

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-30

-40

18

G R E AT L I N K G L O B A L I N T E R S E C T I O N F U N D report as at 30 June 2007



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

Returns are calculated on bid-bid basis, with dividends reinvested.Source: S&P Fund Services


Japan6%

Emerging Markets7%

North America46%

Europe31%

+46.98

+27.89

1561481401321241161081009284766860

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MARKET REVIEW AND OUTLOOK

Global equities made mediocre gains in the first quarter asa result of increased volatility brought on by events in the US andChina. Stocks vaulted ahead in the second quarter, fuelled byfrenzied M&A activities and strong corporate earnings.

The US economy showed signs of moderation, with growtheasing at 0.7% per annum in the first quarter, the slowest pacesince 2002, although production data indicated the economy couldreaccelerate in the second half of the year. Europe performed well,supported by the region’s robust growth, positive economic dataand hopes of further restructuring. Japan’s ongoing corporaterecovery has yet to translate into wage increases and worriesremained that the Bank of Japan could raise interest rates tooaggressively for the domestic economy.





The Fund’s objective is to provide long-term total returnsconsistently in excess of the MSCI World Index while controllingthe tracking risk relative to benchmark.


FUND FACTSInception Date 25 March 2002Offer Price S$ 1.278Bid Price S$ 1.215Fund Size S$ 85.99 milFund Manager Lion Capital ManagementSub Manager Acadian Asset Management^Bid-Offer Spread 5%Fund Management Fee 1.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Broadly DiversifiedBenchmark MSCI World Index (Net Dividends

Reinvested)^^S&P Fund Stars ☛☛ (as at 30 Sep 2006)

^ WEF 15 May 2007. Wellington International Management ceased being the Sub-Fund Manager wef 15 April 2007. Russell Investment Group Pte Ltd was appointed as the transition managerand had passively managed the assets of the GreatLink Global Intersection Fund from 16 April 2007 to 14 May 2007 during the transition. From 15 May 2007, Acadian Asset Management(Singapore) Ltd has taken over as Sub-Fund Manager of GreatLink Global Intersection Fund.

^^ Benchmark index: MSCI World Index, gross dividends reinvested from launch till 14 May 2007, MSCI World Index, net dividends reinvested wef 15 May 2007.



(annualised) (annualised) (annualised)Greatlink Global Intersection Fund 7.81 7.81 13.55 27.89 8.56 46.56 7.94 27.89 4.79Benchmark Index 7.28 8.82 19.53 41.22 12.21 66.67 10.75 46.98 7.59

03 04 05 06 07

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56484032241680

-8-16-24-32-40

Asia Pacific ex Japan10%

19

GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO report as at 30 June 2007

FUND OBJECTIVE & INVESTMENT STRATEGYThe Portfolio is designed for non-U.S investors seeking long-

term growth of capital by investing principally in a global portfolioof equity securities. The portfolio currently consists of sixsubportfolios: Communications & Information Technology, HealthCare, Capital Goods/ Infrastructure, Energy & Natural Resources,Consumer Growth and Finance. Greatlink Global Growth TrendsPortfolio invests all or substantially all of its assets into Luxembourg-registered AllianceBernstein – Global Growth Trends Portfolio(“Luxembourg GGTP”).

PORTFOLIO WEIGHTINGS BY COUNTRY ALLOCATION*

FUND FACTSInception Date 15 August 2001Offer Price S$ 1.548Bid Price S$ 1.471Fund Size S$ 20.49 mil(Underlying Fund Size) US$ 4,642.93 milUnderlying Fund Luxembourg Global Growth Trends PortfolioFund Manager AllianceBernstein (Singapore) Ltd.Bid-Offer Spread 5%Fund Management Fee 1.75% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CFPIS – OARisk Category Higher Risk / Broadly DiversifiedBenchmark MSCI World Index, NetS&P Fund Stars ☛☛☛ (as at 30 Sep 2006)

^ Measured earliest since 17 Aug 2001.* Information refers to AllianceBernstein Global Investments – Global Growth Trends Portfolio (“Luxembourg GGTP”). Greatlink Growth Trends Portfolio invests all orsubstantially all of its assets into class I shares of Luxembourg GGTP.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 ordecrease in accordance with the future experience of the Fund. Past returns are not necessarily a guide to future performance.

PERFORMANCE ON BID-BID BASIS (%)3mths 6 mths 1 year 3 years 3 years 5 years 5 years Since Inception^ Since Inception^

(annualised) (annualised) (annualised)Greatlink Global Growth Trends Portfolio 5.68 6.75 14.47 38.38 11.46 63.44 10.32 54.84 7.74Benchmark Index 7.29 8.83 19.54 41.22 12.21 66.68 10.75 48.18 6.94

MARKET REVIEW*

Global economic growth picked up somewhat during thefirst six months of 2007, with brisk activity in Europe and manydeveloping nations setting the pace. Global GDP growth, whichonce was firmly tied to trends in the US, has been decoupling inrecent years, as expanding activity around the world dilutes theinfluence of the world’s largest economy. Infrastructure spendingand corporate capital spending, particularly in emerging countries,has been increasingly driving global economic growth and companiesin the developed world have benefited as growing inter-nationalsales have helped offset sluggishness in some domestic markets.Although global economic growth appears more resilient thanwas once expected, it is likely to remain slightly muted this year,as interest rates edge upward and the US economy remainsconstrained by a weak housing market. Equity markets ended theperiod on a positive note, with the MSCI World Index up 9.2% inUS dollar terms.

PORTFOLIO REVIEW*

Luxembourg GGTP advanced during the first six months of2007, however it underperformed the MSCI World Index, hurt byboth security selection and sector selection.

While an overweight to the health care sector detractedfrom returns, stock selection in the sector somewhat mitigatedthese losses. An overweight to the financial sector also detracted

PORTFOLIO WEIGHTINGS BY SECTOR ALLOCATION*

Cash Equivalents2%

Energy & NaturalResources

17%

Infrastructure17%

Health Care10%

Financial Services26%

Communication & InfoTechnology

11%

Consumer Growth17%

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

Returns are calculated on bid-bid basis, with dividends reinvested.Earliest available date is 31 August 2001.Source: S&P’s Fund Services


02 03 04 05 06 07

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90

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70

60

70

60

50

40

30

20

10

0

-10

-20

-30

-40

+58.34

+52.66


Performance Review (Aug 2001 to Jun 2007)

United States51%United Kingdom

7%

Japan3%

Other22%

Switzerland10%

CashEquivalents

3%

France4%

20

GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO report as at 30 June 2007

* Information refers to AllianceBernstein Global Investments – Global Growth Trends Portfolio (“Luxembourg GGTP”). Greatlink Growth Trends Portfolio invests all orsubstantially all of its assets into class I shares of Luxembourg GGTP.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 ordecrease in accordance with the future experience of the Fund. Past returns are not necessarily a guide to future performance.

from returns, as did our holdings in AIG, Citigroup and JP MorganChase. Financial stocks in general declined as concerns about thesubprime sector of the US mortgage market and securitized debtcontinued to hamper many US financial stocks, but we view therisk as more contained than many investors fear.

Outperforming individual stocks in Luxembourg GGTP werefueled by geographically diverse demand, and strong infrastructureand capital spending trends that supported earnings. Materials,industrials and energy stocks dominated the leading contributors,including Rio Tinto, China Shenhua Energy, Noble Energy andCVRD.

MARKET OUTLOOK AND STRATEGY*

Style leadership appears to have rotated away from value’sdominance. Despite our underperformance, we continue to besuccessful in selecting stocks with superior growth characteristics.Valuations for the fastest-growing companies remain tightlycompressed, creating substantial upside opportunity for thosecompanies able to sustain positive earnings surprises.

Source: AllianceBernstein

21

FUND PERFORMANCE SINCE INCEPTIONPerformance Review (Jun 2005 To Jun 2007)

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

Source: S&P Fund Services. Returns are calculated on bid-bid basis, assuming dividends anddistributions are reinvested, net of all charges payable upon reinvestment and in SGD terms


Jul Oct 06 Apr Jul Oct 07 Apr

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16015515014514013513012512011511010510095

605550454035302520151050

-5

+43.60

+36.47

By Asset Reits – 91% Singapore Weighting – 3.75%Equities – 2% Others – 4%

Source: BONY/Bloomberg

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 30 June 2007

MARKET REVIEW AND OUTLOOKAsia

Equity markets continue to stay intensely focused on thedirection of bond yields in an environment where global economicgrowth has refused to soften. Broadly across the region, expectationsof rising inflation will work to dampen trading and price momentumover the next half year. However, in certain instances like Singapore,Malaysia and Hong Kong, where domestic consumption areexperiencing a resurgence, real estate will outperform. In theportfolio, we continue to retain an underweight in Australia inview of the valuation levels, preferring exposures to names whichhave high sustainable yields or attainable growth strategies. Wecontinue to like Hong Kong, given the improving domestic macroenvironment. We have held Japan at an underweight to finance ourpositions in Malaysia given that Malaysia property stocks and realproperty values are lagging the region in this cycle. We are however,looking to trim our positions there given very strong performancerecently. Singapore remains an overweight as we view that Singaporeis in an early stage of its redevelopment strategy.

North AmericaCommercial Real Estate fundamentals remain healthy in the

U.S. Public real estate companies are on track to reach 8-10%earnings growth for 2007, and this compares favorably to the S&P500 Index consensus earnings growth estimates of 6%.

North America Real Estate securities experienceduncharacteristic volatility in the first half of 2007. At end February,the group was up 6.25% (S&P BMI North America, USD). Continuedprivatizations, robust real estate fundamentals and a benign economiclandscape in the first few months drove the group to all time highs.In late February, investor sentiment shifted to concerns in the sub-prime residential housing market, widening Collateralised Mortgage-Backed Securities (CMBS) spreads, interest rate increases, inflationand better than expected earnings in the broad market. The groupreturned -11% (S&P BMI North America, USD) from March throughthe end of June.

Investment themes in 2007 continued to focus on privatizationand M&A activity. Despite the unprecedented privatization activity,REITS currently trade at their largest discount to private marketvalues since 2001(approximately 15%-20%). There continues tobe a tremendous amount of equity capital available for private realestate transactions. As a result, we anticipate that significantprivatization activity will continue in the second half of 2007. Thisshould provide support and upside to U.S. REIT shares for theremainder of 2007.

FUND OBJECTIVE & INVESTMENT STRATEGYThe Fund objective is to provide investors with medium to

long term capital appreciation and to make regular incomedistributions by investing globally in (a) equity securities of companiesthat derive a substantial part of their revenue from the ownership,management and/or development of real estate and (b) Real EstateInvestment Trusts (REITs) listed or traded in a regulated market.


FUND FACTSInception Date 8 June 2005Offer Price S$ 1.309Bid Price S$ 1.244Fund Size S$ 148.11 milFund Manager Lion Capital ManagementSub Manager Pramerica Investment ManagementBid-Offer Spread 5%Fund Management Fee 1.40% p.aValuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Narrowly FocusedBenchmark S&P Citigroup BMI World Property Index, NetS&P Fund Stars N.A (as at 30 Sep 2006)1st Dividends Distributed 15 Sep 06 – 4.25% per unit


PERFORMANCE ON BID-BID BASIS (%)3mths 6 mths 1 year Since Inception Since Inception

(annualised)Greatlink Global Real Estate Securities Fund -5.26 -0.32 19.60 36.47 16.32Benchmark Index -5.05 0.01 20.66 43.60 19.24

Europe20%

Australia9%

United StatesAmerica

38%

Hong Kong8%

Canada2%

Japan12%

Others1%

ASEAN9%

By Country

China1%

22

EuropeWith the exception of the UK market, the bull run of listed

European real estate companies continued into the first twomonths of 2007 fuelled by strong fund inflows and strong 4thquarter earnings reports. After peaking in mid-February, the sectorwas sold off on concerns over the subprime residential sector inthe US and potential contagion effects on credit spreads in higherquality debt. While these concerns eased fairly quickly, the maindrag on the sector from mid March to date were concerns overthe increase in the long interest rates, which have been driven byan equally rapid increase in real interest rates. Rising rates haveled to negative sentiment for the sector resulting in additional selloffs. However, even with an exceptionally weak June, returns yearto date left us with a positive 13.2% (S&P BMI Europe, USD) while

the volatility of the European sector is now close to the historicallyhigh level that we saw during mid 2006.

For the remainder of 2007 there will be a clear macro focusaffecting the sentiment for public real estate with the directionon long interest rates governing the trend. With valuations nowreflecting discounts to current NAVs in the UK and moving downcloser to par on the continent, M&A would be the most potenttrigger for valuation uplifts in the sector. While the lack of sizeableEuropean public-to-private transactions has been noticeably absent,a large transaction would immediately change the sentiment andcreate confidence in property valuations. For the second half ofthe year we believe companies with low gearing and income drivenby development, strong leasing activity and strong rental growthwill outperform.

Source: Lion Capital Management and Pramerica


GREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 30 June 2007

23

MARKET REVIEW*

European equity markets endured a volatile first quarter.Gains made during the first six weeks were eclipsed during thelatter half of February and early March as stocks sold off globally.Global M&A activity hit another new peak, with first-quarter dealssurpassing US$1 trillion in value and half of these deals came fromEurope. European stocks experienced a strong second quarterdespite a drop in markets in June over concerns that rising interestrates in the region could affect corporate profits and hamper M&Aactivity.

The European Central Bank raised interest rates twice overthe period to 4%, their highest level in six years, due to worriesabout increasing inflation. The Bank of England implemented two25-basis-point increases, bringing short-term rates to 5.5%.Unemployment in the euro area reached its lowest point on recordin February as better export growth and consumer demandsupported employment gains. The euro strengthened against theUS dollar, Japanese yen, and Swiss franc, but hovered around thetrading range against the pound.

Finland, Germany, Portugal and Norway registered the highestgains in the MSCI Europe Index1 over the period while Ireland,Italy and Switzerland lagged. Materials and industrials provided thebest sector returns. Health care and financials trailed the broaderindex.

MARKET OUTLOOK*

Economic growth in the region has surpassed expectationsand many economic fundamentals provide reason for continuedoptimism. Unemployment is at a record low, exports are strong,leading economic indicators are positive and consumer spendingis improving. However, inflation remains a concern for the EuropeanCentral Bank and the housing market and construction industriesin some countries have faltered recently.

The general improvements in the economic environment,ongoing corporate restructuring activities and good earningscontinue to support European equities. We believe they remainattractive investments despite the recent rate rise as rates remainat historically low levels. However, as credit conditions tighten,there is the potential for equity markets to experience greatervolatility. We continue to find good investment opportunities incompanies willing to improve shareholder returns.

1MSCI Europe Index with net dividends reinvested in S$.Source: MSCI, Capital International.

* Information relates to Capital International Fund – European Equity Fund



To achieve long term capital growth through investment instocks in the European markets. The portfolio of the Fund will bebroadly diversified with no specific industry or sectoral emphasis.

This fund invests substantially all of its assets into the CapitalInternational Fund – European Equity Fund.

PORTFOLIO WEIGHTINGS*

FUND FACTSInception Date 10 July 2000Offer Price S$ 1.225Bid Price S$ 1.164Fund Size S$ 36.69 mil(Underlying Fund Size) S$ 1077.19 milUnderlying Fund Capital International Fund – European Equity FundFund Manager Lion Capital ManagementSub Manager Capital International, Inc.Bid-Offer Spread 5%Fund Management Fee 1.85% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Narrowly FocusedBenchmark MSCI Europe Index, NetS&P Fund Stars ☛☛ (as at 30 Sep 2006)


(annualised) (annualised) (annualised)Greatlink European Equity Fund 6.89 8.89 27.77 61.00 17.23 82.16 12.74 22.53 2.96Benchmark Index 9.10 12.14 28.10 71.46 19.72 104.17 15.34 50.69 6.06

G R E AT L I N K E U R O P E A N E Q U I T Y F U N D report as at 30 June 2007

United Kingdom31%

Cash & Equivalents1%

Others12%Sweden

2%Norway

3%

Spain5%

Germany8%

Switzerland12%

Netherlands7%

France18%

FUND PERFORMANCE SINCE INCEPTIONPerformance Review (Jul 2000 to Jun 2007)

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



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-30

-40

-50

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+50.69

+22.53

24

Australia29%

Thailand3%

Taiwan13%Singapore

11%

Malaysia3%

Korea12% Indonesia

2%India7%

Hong Kong6%

China12%


Performance Review (Apr 1996 to Jun 2007)

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



MARKET REVIEW

For the half year ended June 2007, the benchmark MSCI AllCountries Asia Pacific Free ex-Japan Index, rose 17.7%, in Singaporedollar terms.

All markets closed the half year in positive territory with theASEAN bloc posting stellar gains of between 13% and 35%. TheNorth Asian markets, in particular, both Korea and China alsostaged strong gains of 21%. Taiwan and Hong Kong were the mainlaggards, posting gains of 10% and 6% respectively.

Sectorally, materials, industrials and energy were the clearwinners with gains of 36%, 34% and 30% respectively, whiletechnology and utilities were laggard sectors. With rising crudeoil prices and expectations of more merger and acquisition (“M&A”)activities in the materials sector, interest in the energy and materialssectors will remain high.

With the completion of first quarter reporting season andthe commencement of second quarter results, indications so farremain very positive, hence raising growth expectations for 2007.Concurrently, expectations for cyclicals and old economy sectorshave also turned more positive, while estimates for the technologysector continue to be dragged by Samsung Electronics whichaccount for over 20% of the sector index.

The contribution to the fund’s performance came entirelyfrom stock selection. At the sector level, financials, healthcare andtechnology were the key contributors to performance.

MARKET OUTLOOK

Notwithstanding the rally in Asian stock markets, we remainfundamentally positive in our outlook.

While the ASEAN region stole the limelight in the first half,we expect the markets to remain resilient amid rising volatility.Growth momentum is driven by strong domestic demand, offsettingany potential export reductions stemming from an economicslowdown in the US. There are growing signs of an upturn in theinvestment cycle across ASEAN, particularly Indonesia, Malaysiaand the Philippines. Interest rates, however, are expected to remainsteady generally, with potential for rates in Thailand and Indonesiato ease further. Market valuation is reasonable despite strong priceperformance, due to strong earnings growth.

In Singapore, rotational interest from blue chip stocks tosmall capitalisation stocks or situational plays is expected tocontinue. Companies geared to domestic demand should continueto enjoy earnings surprises. Domestic demand is likely to accelerateand contribute more significantly to GDP growth over the nextfew years, offsetting waning external demand. The Malaysian stockmarket should resume its upward trend, driven by a confluenceof factors including improving dynamics for the property sector,rolling out of the 9th Malaysia Plan, and increased spending in the



The Fund objective is to achieve long term capital appreciationby investing primarily in the equity markets of the Asia Pacificregion. The Fund shall invest in the Singapore market as well asmost markets in the Asia Pacific region, including Australia, China,Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines,South Korea, Taiwan and Thailand.


FUND FACTSInception Date 26 April 1996Offer Price S$ 2.603Bid Price S$ 2.473Fund Size S$ 424.14 milFund Manager Lion Capital ManagementBid-Offer Spread 5%Fund Management Fee 1.00% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Narrowly FocusedBenchmark MSCI All Countries Asia Pacific ex Japan, NetS&P Fund Stars ☛☛☛☛☛ (as at 30 Sep 2006)

PERFORMANCE ON BID-BID BASIS (%)3mths 6 mths 1 year 3 years 3 years 5 years 5 years 10 years 10 years Since Inception Since Inception

(annualised) (annualised) (annualised) (annualised)Greatlink Enhancer Fund 14.86 19.87 48.08 142.45 34.40 179.44 22.81 157.34 9.92 160.32 8.94Benchmark Index 15.02 17.74 40.02 106.92 27.48 164.75 21.49 128.17 8.60 87.59 5.79

G R E AT L I N K E N H A N C E R F U N D report as at 30 June 2007

275

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225

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175

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125

100

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50

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+87.59

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175

150

125

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75

50

25

0

-25

-50

-75

Cash & CashEquivalents

2%


G R E AT L I N K E N H A N C E R F U N D report as at 30 June 2007

oil and gas sector as well as M&A activities. Corporate earningsgrowth is forecast to be in its teens due to rising commodityprices, tangible financial improvements from the government-linkedcompanies and government pump-priming ahead of a generalelection.

We expect the aggressive rate cuts in the first half of 2007and improvement to the political uncertainty to have a positiveimpact on the Thai economy later in the year. Given its attractivevaluation, the Thai stock market is expected to outperform forthe rest of the year on improvement in sentiment. Policy makersin Indonesia are proactively trying to improve the climate, culminatingin the passage of a new Investment Law. Coupled with stablecurrency and relatively low interest rate, corporate earnings willbenefit from the resurgence of an investment cycle. The Philippinesmacro position is strong, with low interest rates, strong Peso,improving external balance and fiscal position. We expect a sharppick-up in government infrastructure spending to sustain thestrength of the stock market.

Korea is currently trading on 13x 2007 earnings as macroconditions have stabilised and corporate fundamentals haveimproved. We believe that the banking sector will be re-rated withimproving capital efficiency, while the shipbuilders will continue toenjoy strong industry order book. More importantly, structuralchanges in its underdeveloped pension market suggest growingsupport for equity investments.

In the Greater China region, the outlook for Taiwan hasturned decidedly constructive as technology data enters a strongerseasonal period. Politics, traditionally the bane of the stock market,is expected to be a positive catalyst as the new government ispredisposed to an improving relationship with China. The HongKong economy is expected to remain upbeat, forecast to growover 5% in 2007, due mainly to strong domestic consumption. Theacceleration in retail sales data underscores a solid domesticdemand environment held by improving asset and labour markets.The positive synergies arising from the economic integration withChina ensures that Hong Kong is well placed to benefit from theChina boom. With the renminbi surpassing the Hong Kong dollar,Hong Kong will continue to enjoy further positive spillover effects,particularly in its services sector. In China, the robust economicgrowth, coupled with healthy corporate earnings, will continue to

provide support for the market. The introduction of tax unificationof 25% with effect from 2008 will clearly benefit domestic sectorsincluding banks, insurance, energy, aviation, shipping and commodities.

Across the Pacific, Australia’s successive highs thus far havebeen backed by improving earnings revision with both the banksand materials sectors taking turns to contribute. With strongerglobal growth in prospect, the resource heavy Australian marketis well placed to perform. Given a recovery in commodity prices,tame wages growth and a strong consumer demand, materials anddomestically focused stocks should deliver on earnings expectation.We expect more private equity funds to be active in bidding forassets. Funds flow will underpin further inflows into the stockmarket as the superannuation scheme has been simplified andmade more tax-effective since mid 2006.

We remain sanguine on Asian Pacific equities as an asset classdespite a maturing stage in the bull market, and rising bond yields.Given 10-year US bond yield at over 5%, we still find value in Asianstocks on the back of robust economic growth. This is borne outby the continued upward revision for corporate earnings, with thelatest consensus forecast of 16% for 2007 and 18% for 2008.Additionally, despite mixed indicators from the US, we do notexpect the 10-year bond yield to spike above 5.5% in the year.

We do expect however, that the second half year will bemore volatile, as earlier corrections had been short-lived. Barringexternal shocks, we maintain that periods of sell-down presentbuying opportunities for the long-term investors.

In the second half year, sentiment is expected to be buoyedby several factors. Elections in the next few quarters, robusteconomic numbers and corporate results, as well as furtherliberalisation in the capital markets will underpin stock marketvaluations.

While inflation is starting to creep up, liquidity is strong withreal interest rate still remaining low. In the last 3 months, theChicago Board Options Exchange Volatility Index (“VIX”) spikedup to 18, the highest in three months and we expect it to headhigher as stock markets climb further. We will continue to maintaina barbell strategy on the belief that growth momentum will remainstrong and so will volatility.


26


Performance Review (Apr 1996 To Jun 2007)

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



300

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+164.00

+18.39

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2%Thailand

9%

Singapore24%

Malaysia49%

Indonesia10%

Philippines6%

G R E AT L I N K A S E A N G R O W T H F U N D report as at 30 June 2007


The Fund objective is to achieve long term capital appreciationby investing in equities in the economies of the ASEAN region.


FUND FACTSInception Date 26 April 1996Offer Price S$ 2.640Bid Price S$ 2.508Fund Size S$ 215.91 milFund Manager Lion Capital ManagementBid-Offer Spread 5%Fund Management Fee 1.00% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Narrowly FocusedBenchmark Composite of MSCI Singapore/Malaysia/

Philippines/Thailand/Indonesia, NetS&P Fund Stars N.A (as at 30 Sep 2006)



(annualised) (annualised) (annualised) (annualised)Greatlink ASEAN Growth Fund 17.80 33.12 68.44 120.97 30.3 186.63 23.43 176.21 10.70 164.00 9.08Benchmark Index 12.94 22.30 53.72 104.13 26.90 162.04 21.24 34.13 2.98 18.39 1.52

Pe

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Ch

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200

175

150

125

100

75

50

25

0

-25

-50

-75

-10097 98 99 00 01 02 03 04 05 06 07

MARKET REVIEW

The ASEAN stock markets continued to head north, withstronger performance seen in the smaller Thailand, Philippines andIndonesia markets. Malaysia, however, registered a slight dip onprofit taking. The performance of the region was helped by theretracement of US Treasury bond yields and return of stability tothe Chinese stock market.

Singapore property sector continued to remain firm despitegovernment decision to increase the land sales program as investorsbelieved that the high-end luxury market would not be affected.The offshore and marine sector also did well on stronger orderbook. Malaysia stock market reached an all time high during themonth, but ended slightly lower on profit taking and accountingscandals uncovered in Transmile, Megan Media and Southern Bank. Energy sector outperformed the market on stronger outlook forE & P spending. News flow on the property front and palm oilcontinued to be very positive. The government reiterated itspolicy on property reflation while palm oil prices hit an all-timehigh during the month.

The strong performance in Thailand was mainly triggered byimprovement in the political climate. With the findings by theConstitution Tribunal, which find the Thai Rak Thai party guilty,Thailand was able to move on to hold its general election. InIndonesia, the central bank cut its benchmark interest rate byanother 25 basis points to 8.50% as inflation pressure continuedto ease. Resource sector outperformed significantly. Philippinesmarket did well again with interest rate sensitive stocks such asbanks and property leading the way.

MARKET OUTLOOK

ASEAN stock markets are likely to remain strong, but withrising volatility, for the rest of the year. The outlook for economicgrowth in the ASEAN region remains positive, with growthmomentum supported by strong domestic demand and inter-regional trade flows largely offset any potential export reductionsstemming from an economic slowdown in the U.S. Interest rates,however, are expected to remain steady generally, with potentialfor Thailand and Indonesia rates to ease further. Signs of investment-led growth momentum have begun to surface almost all acrossASEAN, particularly Indonesia, Malaysia and the Philippines. Marketvaluation remains reasonable despite strong price performance,due to strong earnings growth. Growing interests by private equityfunds have also seen a significant jump in the value of M&A activities,underpinning stock market valuation. However, US sub-primemortgages and policy tightening by the Chinese authorities maypose some unexpected risks to the region.

In Singapore, rotational interest from blue chips to small capsor situational plays is expected to continue. China’s decision to

27

G R E AT L I N K A S E A N G R O W T H F U N D report as at 30 June 2007


allow fund managers and brokerages to invest in overseas securitiesbodes well for Singapore-listed Chinese companies, which aregenerally trading at lower Price-Earning (PE) valuations comparedto their peers listed in Hong Kong. Companies geared to domesticdemand should continue to enjoy earnings surprises. The Malaysiastock market should resume its upward trend, driven by a confluenceof factors including improving dynamics for the property sector,rolling out of the 9th Malaysia Plan, increased spending in the oil& gas sector and M&A activities.

We expect the aggressive rate cuts in 1H07 and improvementto the political uncertainty to have a tangible positive impact onthe Thai economy later in the year. Given its attractive valuation,the Thai stock market is expected to outperform for the rest ofthe year on improved sentiments, which should pick up in 3Q07. Indonesian economy is expected to post strong growth. Strongcorporate balance sheet and government fiscal balance along withmassive under-investment in the past few years suggest thatIndonesia is set for a multi-year investment cycle. Couple with

stable currency and low interest rates, corporate earnings willbenefit from the resurgence of an investment cycle. Philippinesmacro position is strong, with low interest rates, strong Peso,improving external balance and fiscal position. We expect a sharppick-up in government infrastructure spending and strongerconsumption to translate into strong domestic demand and tosustain the strength of the stock market.

STRATEGY

We are trimming our massive overweight in the Malaysia stockmarket, as many of our holdings have appreciated significantly.However, it still remains our largest exposure in the Fund. Oursector focus remains firmly in the plantation, construction, propertiesand oil / gas sectors. We have added Thailand weighting as thepolitical situation appears to be improving. We added interestrate sensitive stocks such as banks and properties.

Data source – Bloomberg, Lion Capital Management Limited

28



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



Hong Kong11%

Taiwan8%

Korea22%

China18%

ASEAN27%

03 04 05 06 07

Pr

ice

In

de

xed

Pe

rce

nt

Ch

an

ge

250

235

220

205

190

175

160

145

130

115

100

85

70

55

150

135

120

105

90

75

60

45

30

15

0

-15

-30

-45

+116.04

+134.21

Cash13%

GREATLINK FAR EAST EX JAPAN EQUITIES FUND report as at 30 June 2007

MARKET REVIEW

For the half year ended June 2007, the benchmark MSCI FarEast ex-Japan Index, rose 16.7%, in Singapore dollar terms.

All markets closed the half year in positive territory with theASEAN bloc posting stellar gains of between 13% and 35%. TheNorth Asian markets, in particular, both Korea and China alsostaged strong gains of 21%. Taiwan and Hong Kong were the mainlaggards, posting gains of 10% and 6% respectively.

Sectorally, materials, industrials and energy were the clearwinners with gains of 36%, 34% and 30% respectively, whiletechnology and utilities were laggard sectors. With rising crudeoil prices and expectations of more merger and acquisition (“M&A”)activities in the materials sector, interest in the energy and materialssectors will remain high.

With the completion of first quarter reporting season andthe commencement of second quarter results, indications so farremain very positive, hence raising growth expectations for 2007.Concurrently, expectations for cyclicals and old economy sectorshave also turned more positive, while estimates for the technologysector continue to be dragged by Samsung Electronics whichaccount for over 20% of the sector index.

The contribution to the fund’s performance came entirelyfrom stock selection. At the sector level, financials, healthcare andtechnology were the key contributors to performance.

MARKET OUTLOOK

Notwithstanding the rally in Asian stock markets, we remainfundamentally positive in our outlook.

While the ASEAN region stole the limelight in the first half,we expect the markets to remain resilient amid rising volatility.Growth momentum is driven by strong domestic demand, offsettingany potential export reductions stemming from an economicslowdown in the US. There are growing signs of an upturn in theinvestment cycle across ASEAN, particularly Indonesia, Malaysiaand the Philippines. Interest rates, however, are expected to remainsteady generally, with potential for rates in Thailand and Indonesiato ease further. Market valuation is reasonable despite strong priceperformance, due to strong earnings growth.

In Singapore, rotational interest from blue chip stocks tosmall capitalisation stocks or situational plays is expected tocontinue. Companies geared to domestic demand should continueto enjoy earnings surprises. Domestic demand is likely to accelerateand contribute more significantly to GDP growth over the nextfew years, offsetting waning external demand. The Malaysian stockmarket should resume its upward trend, driven by a confluenceof factors including improving dynamics for the property sector,rolling out of the 9th Malaysia Plan, and increased spending in theoil and gas sector as well as M&A activities. Corporate earnings


The Fund objective is to maximize capital growth throughinvesting primarily in equities of companies based in China, HongKong, Indonesia, South Korea, Malaysia, Philippines, Singapore,Taiwan and Thailand, and also in other Asia Pacific regions.


FUND FACTSInception Date 25 March 2002Offer Price S$ 2.342Bid Price S$ 2.225Fund Size S$ 98.85 milFund Manager Lion Capital ManagementBid-Offer Spread 5%Fund Management Fee 1.25% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Narrowly Focused (Regional – Asia)Benchmark MSCI AC Far East Ex Japan Index, NetS&P Fund Stars ☛☛ (as at 30 Sep 2006)



(annualised) (annualised) (annualised)Greatlink Far East ex Japan Equities Fund 17.54 23.89 55.05 105.26 27.14 155.45 20.62 134.21 17.55Benchmark Index 16.36 16.69 38.99 97.18 25.44 136.05 18.73 116.04 15.76

Others1%

29

GREATLINK FAR EAST EX JAPAN EQUITIES FUND report as at 30 June 2007


growth is forecast to be in its teens due to rising commodityprices, tangible financial improvements from the government-linkedcompanies and government pump-priming ahead of a generalelection.

We expect the aggressive rate cuts in the first half of 2007and improvement to the political uncertainty to have a positiveimpact on the Thai economy later in the year. Given its attractivevaluation, the Thai stock market is expected to outperform forthe rest of the year on improvement in sentiment. Policy makersin Indonesia are proactively trying to improve the climate, culminatingin the passage of a new Investment Law. Coupled with stablecurrency and relatively low interest rate, corporate earnings willbenefit from the resurgence of an investment cycle. The Philippinesmacro position is strong, with low interest rates, strong Peso,improving external balance and fiscal position. We expect a sharppick-up in government infrastructure spending to sustain thestrength of the stock market.

Korea is currently trading on 13x 2007 earnings as macroconditions have stabilised and corporate fundamentals haveimproved. We believe that the banking sector will be re-rated withimproving capital efficiency, while the shipbuilders will continue toenjoy strong industry order book. More importantly, structuralchanges in its underdeveloped pension market suggest growingsupport for equity investments.

In the Greater China region, the outlook for Taiwan hasturned decidedly constructive as technology data enters a strongerseasonal period. Politics, traditionally the bane of the stock market,is expected to be a positive catalyst as the new government ispredisposed to an improving relationship with China. The HongKong economy is expected to remain upbeat, forecast to growover 5% in 2007, due mainly to strong domestic consumption. Theacceleration in retail sales data underscores a solid domesticdemand environment held by improving asset and labour markets.The positive synergies arising from the economic integration withChina ensures that Hong Kong is well placed to benefit from the

China boom. With the renminbi surpassing the Hong Kong dollar,Hong Kong will continue to enjoy further positive spillover effects,particularly in its services sector. In China, the robust economicgrowth, coupled with healthy corporate earnings, will continue toprovide support for the market. The introduction of tax unificationof 25% with effect from 2008 will clearly benefit domestic sectorsincluding banks, insurance, energy, aviation, shipping and commodities.

We remain sanguine on Asian equities as an asset class despitea maturing stage in the bull market, and rising bond yields. Given10-year US bond yield at over 5%, we still find value in Asian stockson the back of robust economic growth. This is borne out by thecontinued upward revision for corporate earnings, with the latestconsensus forecast of 16% for 2007 and 18% for 2008. Additionally,despite mixed indicators from the US, we do not expect the 10-year bond yield to spike above 5.5% in the year.

We do expect however, that the second half year will bemore volatile, as earlier corrections had been short-lived. Barringexternal shocks, we maintain that periods of sell-down presentbuying opportunities for the long-term investors.

In the second half year, sentiment is expected to be buoyedby several factors. Elections in the next few quarters, robusteconomic numbers and corporate results, as well as furtherliberalisation in the capital markets will underpin stock marketvaluations.

While inflation is starting to creep up, liquidity is strong withreal interest rate still remaining low. In the last 3 months, theChicago Board Options Exchange Volatility Index (“VIX”) spikedup to 18, the highest in three months and we expect it to headhigher as stock markets climb further. We will continue to maintaina barbell strategy on the belief that growth momentum will remainstrong and so will volatility.

Source - Lion Capital Management Limited

30



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



03 04 05 06 07

Pr

ice

In

de

xed

Pe

rce

nt

Ch

an

ge

250

235

220

205

190

175

160

145

130

115

100

85

70

55

150

135

120

105

90

75

60

45

30

15

0

-15

-30

-45

+124.48

+128.84

Financials48%

Industrials22%

Health Care4%

Telecomm Services5%

Cash5%

ConsumerDiscretionary

7%

MARKET REVIEW

For the half year ended 30 June 2007, the benchmark MSCISingapore rose 21.5% in Singapore dollar terms.The property, industrials and healthcare sectors outperformedthe index while telecom, technology and consumer sectorsunderperformed.

The fund was overweight in healthcare, industrials andconsumer staples sectors and underweight in financial, telecomand technology sectors. During the period, we progressively tookprofit on the property sector as we trimmed it from an overweightto a neutral. Relative to the benchmark, the portfolio has a largermix of small and medium market capitalisation stocks.

The budget, which was announced in February, was in-linewith expectations and well-received by the stock market. It providedfor direct tax cuts, permanent income support, and a significantrise in infrastructure spending. Specifically, the 2% corporate taxcut to 18% is seen as pro-business, to be offset by the rise inemployer CPF rate of 1.5% to 14.5%. GST, however, rose 2% to7%.

The first quarter results were largely in line, with a smallnumber of companies delivering positive earnings surprise, notablyin the REITs and property sectors on back of positive rentalrevisions and higher property prices.

Positive news flow momentum in the Singapore propertysector continued unabated as record prices for super luxuryproperty were set continually. This has helped real estate stocks,while rising oil prices and concerns in global technology supplychain weakness weighted on transportation and manufacturingcompanies. The mass market segment also saw an encouragingpickup in home prices in recent months.

Loan growth in the financial sector also saw a strong rise inconstruction activity related lending. In our view, that signalled asustainable upward trend. We believe lending activities will continueand expand into the mass market residential property segmentas HDB and low-end private housing transactions experienced alift in both price and volume. The oil & gas sector saw a pick-upin orderbook momentum and resilient charter rates as oil pricestarted to rise again.

MARKET OUTLOOK

Singapore’s corporate earnings revisions proved to be broad-based and positive during the period, while the scope for majorpositive surprises becomes more limited. The market is trading at17x forward price-to-earnings ratio which is in-line with the long-term average.

In our view, the market no longer offers good value forinvestors as equity valuations continue to be re-rated. Whileliquidity conditions have been strong on the back of high profile


The Fund objective is to maximize capital growth throughinvesting primarily in Singapore equities.


FUND FACTSInception Date 25 March 2002Offer Price S$ 2.288Bid Price S$ 2.174Fund Size S$ 127.16 milFund Manager Lion Capital ManagementBid-Offer Spread 5%Fund Management Fee 1.00% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Narrowly Focused

(Singapore Centred)Benchmark MSCI Singapore Free Index, NetS&P Fund Stars N.A (as at 30 Sep 2006)



(annualised) (annualised) (annualised)Greatlink Singapore Equities Fund 12.64 25.37 67.49 128.84 31.84 160.05 21.05 128.84 17.04Benchmark Index 11.32 21.54 55.38 114.77 29.07 161.80 21.22 124.48 16.61

G R E AT L I N K S I N G A P O R E E Q U I T I E S F U N D report as at 30 June 2007

Materials4%Information Tech

2% Consumer Saples3%

31

G R E AT L I N K S I N G A P O R E E Q U I T I E S F U N D report as at 30 June 2007


private equity deals and massive amount of money raised for hedgefunds and specialist funds (eg. real estate funds and REITs), themarket could continue to be re-rated.

The fund is positioned primarily in the domestic sectors, andour strategy remains to be selective and add exposure to growth-oriented companies on reasonable valuations. At the current timewhen market valuations look stretched, we focus on analyzingpotential downside risks for existing stocks in the portfolio.

While we remain positive on Singapore’s asset reflation andeconomic restructuring potential over the medium-term, we havetrimmed property stocks in the portfolio with a view that manyof them are trading at fair value. We continue to be positive ondomestic consumption plays and selective oil & gas stocks.

Singapore’s economic fundamentals remain robust. However,an external shock or drastic sell-down in regional markets couldcause widespread profit-taking given the good performance in thelast 6 months. We view a sell-down as an opportune time toaccumulate stocks that are geared towards the strong domesticconsumption story.

It is interesting to highlight that China’s recent decision toallow fund managers and brokerages to invest in overseas securitiesbodes well for S-chips, which are generally trading at lower price-to-earnings valuations compared to H-shares and listed peers inChina. Together with the launch of the FTSE ST China Index, S-chips should emerge as a beneficiary going forward. We believethe Singapore-listed China plays will set to benefit from an enlargedinvestor base and increased appetite for the China consumptiongrowth angle.

The key risks to the Singapore economy include a sharpslowdown in the US economy on inflation and sub-prime housingsector risks. A sudden spike in oil price could dampen companies’growth prospects and increase the cost of operations. We wouldcontinue to watch out for divestments or initial public offeringsby Temasek going forward as it could temporarily create a liquidityoverhang if Temasek aggressively sells down its stakes in government-linked companies.


32

FUND PERFORMANCE SINCE INCEPTIONPerformance Review (Jul 2000 to Jun 2007)

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



130

120

110

100

90

80

70

60

50

+32.87

+15.27

Pr

ice

In

de

xed

MARKET REVIEW*

The Schroder Pan Asia Fund returned 11.0% over the periodfrom 31 Dec 2006 to 30 Jun 2007, outperforming its benchmark(MSCI AC Asia Pacific Index) return of 8.5% over the same period**.

Asian equity markets started the year strongly, but soon fellsharply towards the end of the first quarter in line with globalmarkets. The falls were triggered by a correction in China’s domesticstock market, which fell more than 9% the day after hitting arecord high, sparked by fears that the government was set tointroduce measures to curb the market’s exuberance. Unexpectedlyweak US economic data then added to investors’ concerns aboutequity valuations after three to four years of strong gains.

Japan was affected by concerns about the US economy (akey export market), but was also beginning to see signs of arecovery in consumer spending. The Bank of Japan raised interestrates in February from 0.25% to 0.5%, and given that we believeinterest rate normalisation in Japan will be a very measured andprotracted process, it is likely that policy will not become a majorimpediment to future domestic economic growth.

Asian markets recovered in the second quarter, as globalequity markets reacted positively to expectations of lower USinterest rates following observation that the US economy wasslowing, even though inflationary pressures persisted. Risk appetitealso returned following easing volatility levels, helping the Asianmarkets outperform and take valuations to ever higher and evenmore extended levels.

While the end of the second quarter saw some volatilitycaused by a spike in bond yields and renewed concerns over US


The Fund objective is to achieve long term capital growththrough investment in securities quoted on Asian stock marketsincluding but not limited to Singapore, Malaysia, Thailand, Indonesia,Philippines, Hong Kong, Japan, Taiwan, China, South Korea, Australia,New Zealand and the Indian sub continent. This Fund shall investall or substantially into the Schroder Pan Asia Fund. The portfolioof the Fund will be broadly diversified with no specific industryor sectoral emphasis.


FUND FACTSInception Date 10 July 2000Offer Price S$ 1.318Bid Price S$ 1.253Fund Size S$ 53.26 mil(Underlying Fund Size) S$ 72.20 milUnderlying Fund Schroder Pan Asia FundFund Manager Schroder Investment ManagementBid-Offer Spread 5%Fund Management Fee 1.175% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OARisk Category Higher Risk / Narrowly FocusedBenchmark MSCI AC Asia Pacific Index#

S&P Fund Stars N.A (as at 30 Sep 2006)

G R E AT L I N K PA N A S I A F U N D report as at 30 June 2007

^ Measured since earliest available date 14 Jul 2000* Information relates to Schroder Pan Asia Fund# MSCI AC Asia Pacific Index from launch till 31 Oct 2001, MSCI AC Asia Pacific Index (Free) wef 1 Nov 2001 (subsequently renamed MSCI AC Asia Pacific Index on 30 Jan 04)


PERFORMANCE ON BID-BID BASIS (%)3mths 6 mths 1 year 3 years 3 years 5 years 5 years Since Inception^ Since Inception^

(annualised) (annualised) (annualised)Greatlink Pan Asia Fund 8.86 11.18 18.21 59.01 16.75 80.03 12.47 32.87 4.17Benchmark Index 6.48 8.47 16.55 48.2 14.04 78.19 12.24 15.27 2.04

Jul Apr Jan Oct Jul Apr Jan Oct Jul Apr00 01 02 02 03 04 05 05 06 07

Japan44%

Cash & Equivalents2%

Other6%

Indonesia3%

Philippines3%

Singapore3%

Taiwan8%

Korea8% Australia

15%

Hong Kong5%

Malaysia3%

Pe

rce

nt

Ch

an

ge

40

30

20

10

0

-10

-20

-30

-40

33

G R E AT L I N K PA N A S I A F U N D report as at 30 June 2007

* Information relates to Schroder Pan Asia Fund


sub-prime lending, Asian equities proved resilient given the sustainedrisk appetite and strong liquidity conditions, contributing to theoutperformance of Asian markets against broad global equitymarkets.

The Japanese stock market underperformed on generallyweak economic data in the second quarter, but there were positivedevelopments including signs of a sustained pick-up in consumerspending. Hopes of improving corporate governance in Japan weredealt a heavy blow by the upholding in the courts of Bulldog’spoison pill action.

The portfolio’s Underweight position in Japan and overweightpositions in the Philippines, Thailand and Korea all contributedpositively over the period, as did stock selection in China, NewZealand, Thailand and Korea. However, offsetting some of thesegains were underweight positions in China and India, and weakstock selection in Japan and Taiwan.

MARKET OUTLOOK*

We are still positive on the Asia region, though we areconcerned how a flagging US economy may impact companieshere. Still, healthy growth in Europe (and in Asia itself) shouldhelp offset this. The world economy remains robust and is alsomuch less reliant on the US than it used to be – in Asia, growthis becoming increasingly domestic demand driven and shifting awayfrom its dependence on exports. While we are mindful of thepotential risks in the market and the current high valuations, weare confident that this favourable backdrop should continue tosupport Asian equities over the longer term.

The strategy for Asia would be to buy on possible weaknessas Asia continues to have one of the strongest long term growthoutlooks in the global economy. Corporate fundamentals in Asiaremain healthy. Balance sheets are strong, cash flows are good,dividend payouts have been rising and capital expenditure plansto date have been relatively disciplined. Economically and politically,the region also looks sound (Thailand excluded). Domestic demandis healthy, most countries are running current account surplusesand relatively balanced budgets. The macroeconomic risks thereforelook relatively benign. To this end, the portfolio continues to focuson quality domestic consumption related and financial companiesin the region who operate strong franchises and who offer decentdividend yields.

In Japan, we remain underweight for reasons of relative valuationand lack of growth prospects. However, exports remain strong tothe rest of Asia, and exporters continue to benefit from a weakcurrency. Whilst Japan has been a significant beneficiary of strongglobal, and specifically emerging Asian growth, the region’s biggestmarket continues to frustrate in terms of corporate governanceand minority shareholder focus. Having made only modest progressto date, recent economic data point to softening capital expenditureand as yet only tentative signs of any sustainable pick-up in domesticexpenditure, an area where the portfolio has significant exposure.However, we also hold positions in a number of Japanese stocks inareas such as electronics, machinery and precision equipment thatwe expect to benefit from continuing global growth, strong competitiveadvantage and continuing yen weakness.

**Source: Morningstar, SGD, bid-to-bid, net dividends reinvested; Schroder Investment Management

34


––––– Greatlink Lion China Growth Fund ––––– Benchmark Index



122.5

120.0

117.5

115.0

112.5

110.0

107.5

105.0

102.5

100.0

97.5

95.0

+18.63

+13.92

Pr

ice

In

de

xed

FUND OBJECTIVE & INVESTMENT STRATEGYThe Fund objective is to achieve medium to long-term capital

growth of assets of the Fund by investing primarily in equity-linkedsecurities of companies with assets in or earnings derived fromthe People’s Republic of China. This Fund invests all or substantiallyinto the Lion Capital China Growth Fund managed by Lion CapitalManagement Limited.


FUND FACTSInception Date 9 Jan 2007Offer Price S$ 1.186Bid Price S$ 1.127Fund Size S$ 91.61 mil(Underlying Fund Size) S$ 251.94 milUnderlying Fund Lion Capital China Growth FundFund Manager Lion Capital ManagementBid-Offer Spread 5%Fund Management Fee 1.25% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS Included CPFIS - OARisk Category Higher Risk / Narrowly Focused – Country

– Greater ChinaBenchmark MSCI Golden Dragon Index with net

dividends reinvested, in SGD termsS&P Fund Stars N.A

G R E AT L I N K L I O N C H I N A G R O W T H F U N D report as at 30 June 2007

* Information relates to Lion Capital China Growth Fund


PERFORMANCE ON BID-BID BASIS (%)3mths Since Inception

Greatlink Lion China Growth Fund 16.67 18.63Benchmark Index 16.28 13.92

Feb Mar Apr May Jun

China47%


2%

Singapore0%

Taiwan12%

Hong Kong39%

Pe

rce

nt

Ch

an

ge

22.5

20.0

17.5

15.0

12.5

10.0

7.5

5.0

2.5

0.0

-2.5

-5

MARKET REVIEW*

MSCI China was up 21.2% in SGD terms for the half yearended June 07.

China’s trade surplus continues to be very large with May’sstanding at US$22.5 billion as export growth remains very strong.May’s Consumer Price Index (CPI) edged up to +3.4% yoy, touchinga 27-month high. Industrial production rose +18.1% yoy in May,compared to the rise of +17.4% year-on-year (yoy) in April. Retailsales rose +15.9% yoy in May, posting the fastest growth rate inabout three years, mainly due to rising incomes and to a lesserextent, the wealth effect from the current stock market boom.

In response to stronger economic data, the central bank firstincreased its deposit-reserve ratio by 50 basis points (now up to10.5%) back in April. It then raised the one-year benchmark lendingrate to 6.57% from 6.39% earlier and the reserve requirementratio a further +0.5% bps. On 11 May, China expanded the QDIIscheme of commercial banks, widening their investment scope toinclude equity products offshore. On 20 June, China further alloweddomestic brokers and mutual funds to invest clients’ money inoverseas equity markets.

In response to growing global imbalances, China agreed toincrease the flexibility of its currency gradually, allowing the RMB toappreciate at an increased daily rate of +0.5% (versus 0.3%). Chinaalso plans to cut tax rebates on exports on about 2,831 productsincluding clothes, shoes, etc., in an effort to cut its large trade surplus.

MARKET OUTLOOK AND INVESTMENT STRATEGY*After registering 10.7% GDP growth in 2006, the highest in

the last decade, China’s economy keeps powering ahead, withaverage growth in 1H07 expected to exceed 11%. Activity growthshowed a significant acceleration in the first half of 2007, withstrong growth in industrial production, fixed asset investment, M2and loan growth. CPI is also trending up.

As a result, the central bank hiked interest rates twice andreserve rate five times over the past 6 months. Given the overheatingconcern, further interest rate hike and more reserve rate hikesare possible. However, we expect China’s economic growth towell exceed the government’s 8% target again for 2007, on theback of firm growth of investment and trade surplus, and up-trending consumption. RMB appreciation is to be acceleratedamidst pressure from the fast growing trade surplus. A significantA-share market correction would not bring about serious damageto the real economy. Overall, China will likely continue to maintainhealthy macroeconomic conditions. We expect circa 10% growthto be sustained in the near future.

We believe economic growth, together with healthy corporateearnings improvement will continue to provide fundamental supportfor the stock market. A significant correction in A-share marketwould only have limited impact on MSCI China due to the latter’smore reasonable valuation. Capital market reforms will likely keepinvestors’ interest in the market. Further QDII expansion willcontinue to provide positive impact on MSCI China. We remainpositive on the China equity market on strong economicfundamentals, earnings growth outlook, currency appreciation andfinancial reforms.Data source – Bloomberg, Lion Capital Management Limited

35


––––– Greatlink Lion Japan Growth Fund ––––– Benchmark Index



104.8

104.0

103.2

102.4

101.6

100.8

100.0

99.2

98.4

97.6

96.8

96.0

+0.94

+0.84

Pr

ice

In

de

xed

FUND OBJECTIVE & INVESTMENT STRATEGYThe Fund objective is to provide long-term capital growth

of assets of the Fund by investing primarily in quoted or listedsecurities in any Recognised Stock Exchange or over-the-countermarket in Japan. There is no target industry or sector for theinvestment of the Fund. This Fund invests all or substantially intothe Lion Capital Japan Growth Fund managed by Lion CapitalManagement Limited.


FUND FACTSInception Date 9 Jan 2007Offer Price S$ 1.008Bid Price S$ 0.958Fund Size S$ 9.65 mil(Underlying Fund Size) S$ 125.15 milUnderlying Fund Lion Capital Japan Growth FundFund Manager Lion Capital ManagementBid-Offer Spread 5%Fund Management Fee 1.75% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS Included CPFIS - OARisk Category Higher Risk / Narrowly Focused – Country

– JapanBenchmark TOPIX with net dividends reinvested, in

SGD termsS&P Fund Stars N.A

G R E AT L I N K L I O N J A PA N G R O W T H F U N D report as at 30 June 2007

* Information relates to Lion Capital Japan Growth Fund



Greatlink Lion Japan Growth Fund 0.21 0.84Benchmark Index -0.25 0.94

Feb Mar Apr May Jun

Pe

rce

nt

Ch

an

ge

4.8

4.0

3.2

2.4

1.6

0.8

0

-0.8

-1.6

-2.4

-3.2

-4.0

MARKET REVIEW*MSCI Japan was up 2.5% in SGD terms for the half year

ended June 07.The Japan market had a strong run up in early 2007, playing

catch-up to the rest of the global markets rallies. The marketcorrected sharply at end-February on the back of the globalmarkets sell-off following US sub-prime housing problems, but hasbeen recovering gradually for the rest of the period as global stockmarkets resumed their rally.

Economic data during the half year was mixed, although stillindicating a firm economy. After a strong 5.4% annualized quarterlyGDP growth in 4Q06, 1Q07 growth remained firm at an annualizedquarterly rate of 3.3%. Growth was supported by householdconsumption, net exports and private capital expenditure.

Small business confidence was slightly weak for the first halfof 2007 relative to the whole of 2006, and continued to declinein June, from 49.3 in May to 48.4. Inflation was subdued for theperiod, with the latest May nationwide core Consumer Price Index(CPI) at -0.1% year-on-year (yoy). Although domestic employmentconditions remained tight with the May jobless rate at 3.8% andjob-to-applicant at 1.06, wages declined for the sixth consecutivemonth. On the other hand, household spending is recovering,rising for the fifth consecutive month at 0.4% yoy in May. QuarterlyTankan surveys during the period remained firm, and the latestproducers’ outlook remained positive, forecasting June productionto rise 1.9% month-on-month.

Shipping, steel, machinery, energy and commodity-relatedsectors were the top performing sectors on the back of strongdemand in these products from emerging countries. The under-performing sectors were domestic-related sectors like services,consumer finance, banks, utilities and retail.

MARKET OUTLOOK AND INVESTMENT STRATEGY*The June Tankan Survey released on 2 July remained unchanged

from the March Survey at a high level, indicating firm corporatesentiment. FY 2007 sales growth is expected to slow down andrecurring profit to remain flat yoy, although this reflects the usualconservative estimates by Japanese companies at the beginning ofthe fiscal year. Companies’ financial position continues to improvewhile capital expenditure forecasts were revised up across allenterprises and are expected to increase further as productioncapacity is forecasted to tighten. Employment conditions deterioratedslightly in June but are expected to show further tightness inSeptember. While the survey result is fairly positive, domesticconsumption remains muted, and the delay in the recovery ofmedium and small-sized enterprises is holding up the pace ofrecovery in the Japanese economy.

Moving into July-August, companies will be announcing firstquarter results for the new financial year starting April, whichshould give an indication of the current year’s earnings outlook.While earnings forecast are conservative, we do not expect anymajor downturn in real earnings given the strong financial healthof the companies and firm demand from developing countries.We also expect demand to pick up seasonally from the secondhalf of 2007. As such, we expect earnings to be gradually revisedup as we progress further into the year. In the medium to longterm, we continue to maintain our optimistic outlook for theJapanese economy and stock market.Data source – Bloomberg, Lion Capital Management Limited

Industrial29%


1%

Communications2%Technology

7%

BasicMaterials

9%

Consumer, Non-cyclical7%

Financial22%

Consumer, Cyclical23%

36


––––– Greatlink Lion India Fund ––––– Benchmark Index



1211181151121091061031009794918885

+18.45

+11.47

Pr

ice

In

de

xed

FUND OBJECTIVE & INVESTMENT STRATEGYThe Fund objective is to achieve medium to long-term capital

appreciation by investing in Indian equities and equity-relatedinstruments. The Fund, denominated in S$, will not target anyspecific industry or sector. This Fund invests all or substantiallyinto the Lion Capital India Fund managed by Lion CapitalManagement Limited.


FUND FACTSInception Date 9 Jan 2007Offer Price S$ 1.114Bid Price S$ 1.059Fund Size S$ 51.34 mil(Underlying Fund Size) S$ 202.66 milUnderlying Fund Lion Capital India FundFund Manager Lion Capital ManagementBid-Offer Spread 5%Fund Management Fee 1.25% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPFIS Included CPFIS - OARisk Category Higher Risk / Narrowly Focused – Country

- OthersBenchmark MSCI India with net dividends reinvested,

in SGD termsS&P Fund Stars N.A

G R E AT L I N K L I O N I N D I A F U N D report as at 30 June 2007

* Information relates to Lion Capital India Fund



Greatlink Lion India Fund 17.28 11.47Benchmark Index 21.72 18.45

Feb Mar Apr May Jun

Pe

rce

nt

Ch

an

ge

211815129630

-3-6-9

-12-15

MARKET REVIEW*MSCI India was up 16.4% in SGD terms for the half year

ended June 07.The rather muted increase in market masked much of the

market volatility between late February to April. In February,negative comments from former US Federal Reserve chairmanAlan Greenspan about a possible US recession and fears of Chinaimposing anti-speculation measures to cool the Shanghai ‘A’ sharemarket spooked the market. However, improvement in politicaland inflationary outlook by the end of March led the marketsharply higher from then.

Financials, telecoms and materials sectors outperformed themarket while IT services, consumer and healthcare underperformed.The strong Rupee hurt earnings of IT services and other export-oriented sectors such as textile. External borrowings, FDIs andFIIs, driven by the long term growth story of India, have led theRupee higher.

The Reserve Bank of India put monetary policy on hold afterbetter than expected inflation numbers. Inflation last stood at 4%at the end of June, a sharp decline from 6.7% in January 2007.

Better than expected outcome in the Uttar Pradesh stateelection also boosted market sentiment. The Bahujan Samaj Party(BSP) won by a clear majority in that state. Given that the BSPsupported the ruling Congress-led coalition, the verdict whichremoves the possibility of an early election should allow the UPAgovernment to complete its full term.

There was also an increase in the new equity supply, withlistings such as DLF – India’s biggest real estate company (US$2.3billion), ICICI Bank (US$5 billion), HDFC Bank (US$1 billion) andState Bank of India (US$1.5 billion).

MARKET OUTLOOK AND INVESTMENT STRATEGY*The Indian economy is in good shape, but key challenge

remains in managing growth and strong Rupee. Inflationary pressureis easing, but strong inflows in Rupee may keep rates firm for thetime being.

Current stock market level is vulnerable to negative surprises. Market is expected to consolidate at current levels owing to fearof further monetary tightening, strong Rupee, large equity issuesand slowing earnings growth momentum.

Our focus remains the infrastructure-related sectors overconsumption as we think the consumption cycle is more likely tobe negatively impacted by high interest rates. On the other hand,infrastructure spending should continue to be strong due to theurgent need for infrastructure development. Capital goods andconstruction companies are likely beneficiaries of the boomingcapex cycle.

The sharp correction in IT services brings valuation toattractive level. We remain positive on the structural potentialfor global outsourcing. We remain cautious in the consumer sectorowing to poor earning visibility and potential margin compression.

Data source – Bloomberg, Lion Capital Management Limited

Industrial17%


11%Technology

19%

BasicMaterials

4%

Consumer, Cyclical2%

Energy13%

Financial16%

Communication13%

Utilities3%

Consumer,Non-cyclical

2%

37

FUND PERFORMANCE SINCE INCEPTIONPerformance Review (Apr 1996 to Jun 2007)

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



Northern Trust19%

Macquarie Bank Ltd8%

Woori Bank7%CSSE Net CSSE

Eparg Prev7%

OCBC Bank7%

Bank of New York12%

LRP LandesbankRheinland-Pfalz

8%

Barclays Bank14%

Dexia Credit10%

97 98 99 00 01 02 03 04 05 06 07



The GreatLink Cash Fund is a cash mandate and the objectiveis to generate a return comparable to S$ time deposits.


FUND FACTSInception Date 26 April 1996Offer Price S$ 1.237Bid Price S$ 1.176Fund Size S$ 90.39 milFund Manager Lion Capital ManagementBid-Offer Spread 5%Fund Management Fee 0.30% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OA & SARisk Category Lower Risk / Broadly DiversifiedBenchmark 1 mth SIBIDS&P Fund Stars N.A (as at 30 Sep 2006)


(annualised) (annualised) (annualised) (annualised)Greatlink Cash Fund 0.68 1.55 3.25 6.91 2.26 7.79 1.51 20.12 1.85 23.79 1.93Benchmark Index 0.58 1.32 2.89 6.72 2.19 7.92 1.53 21.54 1.97 26.04 2.09

130

127

124

121

118

115

112

109

106

103

100

+23.79

+26.04

Pr

ice

In

de

xed

Pe

rce

nt

Ch

an

ge

30

27

24

21

18

15

12

9

6

3

0

G R E AT L I N K C A S H F U N D report as at 30 June 2007

Keppel Land8%

MARKET REVIEW

Singapore’s economic growth for 1H07 has definitely surpassedexpectations, with 1QGDP coming at 6.1% Year-On-Year (YOY)and estimates for 2Q07GDP is around 6.1% YOY as well (basedon MAS Survey in June). This is on the back of weaker externalenvironment as indicated by the relatively weak manufacturingoutput and exports data. While the manufacturing sector sank to4.3% YOY in 1Q07 from 6.1% YOY in the advance estimate, servicesand construction sectors managed to pick up the slack. Thedomestic economy is now more diversified and resilient. Foreigninterest in the domestic economy has also picked up with theupbeat outlook on Asia and Singapore being a AAA-rated safehaven within the region. As a result, we have seen capital inflowsinto the local equity, bond and currency markets. SGD was huggingthe strong side of the monetary policy band since 2006. In lightof benign inflation indicators, MAS has kept its gradual and modestSGD appreciation policy unchanged at its April 07 meeting. Yet,SGD started to depreciate post the statement, possibly due tothe drop in SGD interest rates, despite the buoyant economicactivities. A suspicion was that MAS may have deliberately allowedrates to fall to limit the SGD strength.

Short-term rates did not react to the strong SGD driven bycapital inflows initially, as intervention and sterilization by MASkept the forwards relatively firm. However, in March, MAS did notroll over their forward positions leading to the above-mentionedsuspicion. Rates then started falling on flushed liquidity. Indeed,monetary growth is strong, with M1 and M2 growing at 17.6%YOYand 22.4%YOY in May, respectively. Despite the subsequent sharpdepreciation of the SGD, moving from the strong side of the bandto the lower part of the weaker side, money-market rates havemoved up less than 20bps from the lows and are still more than60bps lower than beginning of the year. Money-market curve hassteepened with the recent correction.

MARKET OUTLOOK

Singapore’s economic growth continued to expand in 2Q07and most economists have revised upwards their 2007 GDPforecast. Official sentiments are generally bullish with GDP forecastfor year 2007 being revised upwards to 5-7% from 4.5% to 6.5%.Manufacturing sector rebounded to grow 18.6% in the April-Mayperiod. Pharmaceuticals and transport engineering sectorscompensated for a sluggish tech sector. The recovery in the techsector remains slow and modest and recent leading indicators arenot conclusive for a strong rebound in the near term. On theother hand, growth in services and construction looks likely tosustain. The sizzling property market has translated in strong gainsin property developers’ stock prices as well as in banking counters.2Q has seen overall asset prices in Singapore rising and investment

38

G R E AT L I N K C A S H F U N D report as at 30 June 2007


spending accelerated. Expectations are for property prices tocontinue surging in 2H07. This could perhaps divert the focus fromeconomic growth to inflation instead.

The latest inflation data in May showed Month-On-Month(MOM) inflation at 1%, a 10-month high, led by food prices (1.4%YOY) and transport/communications (1.1%YOY). Labour markethas remained robust with the increased establishment and relocationof financial organizations to Singapore as well as services to meetan increasing wealthy domestic population. Wages have grown5.5% in 1Q but consumption has only grown modestly. This hasperhaps helped to cap overall consumer inflation thus far. On theother hand, the pick-up of unit labour costs due to falling productivityhas led to some concerns on rising costs for business especiallyagainst the backdrop of higher residential and office space rentals. This has led the government to designate new areas for business

hubs and increased land supply. We do not rule out potential anti-speculative property measures by the government, though the riskof this is reasonably still low in the near-term.

At the same time, global yields are rising in an environmentof heightened global inflationary pressures. A strong SGD (whichis still general consensus) can help to mitigate external pressuresand imported inflation. With the SGD currently hovering aroundmid level of the band, short-term rates have bottomed in the near-term and there is potential to climb (without intervention), givensuch market uncertainties. Over the medium term, unless USstarts to hike rates (not our house view), which will widen outthe interest rate differential, short-end rates are most likely tostay range-bound given the abundant liquidity.

Data source – Bloomberg and Lion Capital Management Limited

39

130

125

120

115

110

105

100

95


Performance Review (Jan 2002 To Jun 2007)

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

Returns are calculated on bid-bid basis, with dividends reinvested.Source: GE/PIMCO.


+20.43

+16.84

Europe42%

Japan10%

United States47%

Pr

ice

In

de

xed

Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun01 02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07

G R E AT L I N K G L O B A L B O N D F U N D report as at 30 June 2007

MARKET REVIEWGlobal Bond Markets Faced Turmoil in the First Half of 2007

Economic data drove the global bond markets up and downin the first half of 2007 ending the period with returns near 0%as measured by broad global bond indices. During the first quarter,the economic data pointed toward a slower growth picture, whichled to heightening market expectations for the Federal Reserve(Fed) to ease interest rates. However, during the second quarter,the data gave little indication of economic weakness. This shiftcaused expectations of Fed easing to evaporate and interest ratesto move higher. As a result, developed global bond returns tumbledamidst this sharp realignment of growth and inflation expectations. Ten-year yields in the US, UK and Eurozone briefly touched highsnot seen since 2002 before markets regained their composure.Another underlying cause for the quarter’s fixed income sell-offwas fear of diminishing demand for US Treasuries from globalcentral banks. Treasury bond purchases by foreign official institutionsare credited with keeping intermediate US yields stable andflattening the term premium despite firm growth and higher thanexpected inflation. While reserve accumulation this year hascontinued at a rapid pace, concerns over diversification into non-Treasury assets were heightened by China’s announced investmentin a major US private equity firm, which raised investor awarenessthat there could be less demand for Treasuries at the margin inthe future. One consequence of institutional investors seeking toget out ahead of this trend was the return of the term premiumto the US, UK and European yield curves late in second quarter.

Global growth remained firm in the first half of 2007, boostedby a pick up in manufacturing activity and resilient consumption.While the US economy grew at an anemic 0.7% rate during thefirst quarter, growth has since rebounded as firm domestic demandand strong exports encouraged inventory building. Eurolandgrowth has remained around its trend rate with little evidencethat higher European Central Bank (ECB) rates and a firmer Eurowere negatively impacting the region’s growth momentum. Similarly,UK growth remained robust powered by continuing strength inhousing and consumption. While Japan’s economy appeared totake a breather during the second quarter, growth in the AsiaPacific region remained strong. The Chinese economy in particularcontinued to grow at a record setting pace powered by strongexports and firm domestic demand. With global growth remainingwell supported and commodity prices staying elevated, diminishingexcess capacity in the major economies heightened fears of upwardpressure on inflation. Expectations that central bank policy wouldthus remain tight in the year ahead added further impetus to thebond market sell off.

Global central bankers remained focused on inflation risksduring the first half of 2007. The Fed kept rates on hold at 5.25%


The Fund objective is to achieve excess return relative to theindex while minimizing volatility of return relative to the index(Lehman Global Aggregate Bond Index, 50% hedged into Singapore Dollars).


FUND FACTSInception Date 15 January 2002Offer Price S$ 1.168Bid Price S$ 1.110Fund Size S$ 182 milFund Manager Lion Capital ManagementSub Manager PIMCOBid-Offer Spread 5%Fund Management Fee 0.85% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OA & SARisk Category Low to Medium Risk/ Broadly DiversifiedBenchmark Lehman Global Aggregate Bond Index 50%

Hedged into SGDS&P Fund Stars ☛☛☛ (as at 30 Sep 2006)



(annualised) (annualised) (annualised)Greatlink Global Bond Fund -1.60 -1.51 -0.27 1.46 0.50 13.85 2.67 16.84 2.89Benchmark Index -0.80 -0.32 1.98 4.44 1.46 17.56 3.29 20.43 3.44

Pe

rce

nt

Ch

an

ge

30

25

20

15

10

5

0

-5

Canada1%

40

G R E AT L I N K G L O B A L B O N D F U N D report as at 30 June 2007


throughout the period, noting that “a sustained moderation ininflation pressures has yet to be convincingly demonstrated”. TheECB kept up its moderate pace of rate hikes, raising interest ratesby a quarter point twice to 4% in the first half of this year. TheECB remains in tightening mode given its view that policy ratesare still accommodative amidst risks to its inflation outlook. TheBank of England continued tightening policy, hiking rates by 0.25%twice to 5.5% at the end of June. Four of the nine Monetary PolicyCommittee members, voted to hike rates in June suggesting thatmonetary tightening would continue into the third quarter. TheBank of Japan also hiked rates during the first quarter but keptrates steady as growth slowed during the second quarter andinflation readings remained benign.

MARKET OUTLOOKContinuing Rotation Away from G3 Economies to SustainGlobal Growth

Dollar BlocPIMCO’s baseline view for the US economy over our cyclical

horizon anticipates below trend growth with a continued dragfrom housing and a moderation in consumer spending. Whilegrowth in the second quarter may rise to above trend, we expectthe economy to then slow to a near 2% pace as part of an elongated“u” shaped recovery. The recent rise in intermediate and long-term rates combined with the sub-prime induced tightening incredit conditions will increase the pressure on housing andpotentially impact the corporate sector. As inflationary pressuresease, PIMCO anticipates that the Fed will cut rates in early 2008to forestall risks to its growth outlook.

Key elements of our cyclical forecast for the other dollar-bloc economies – Canada and Australia -- include:• Canadian growth will remain firm on strong domestic demand

and a tight labor market. The Bank of Canada will raise ratesin the near term and will lag behind the Fed’s rate cuts givenrisks to its inflation outlook.

• Australia’s economy should continue to experience steadygrowth as commodity prices stay firm. The Reserve Bank ofAustralia (RBA) is likely to maintain a tightening bias toforestall inflation risks arising from an economy operatingnear full capacity.In the dollar bloc, PIMCO plans to:Maintain a neutral duration posture in the US given our

expectations that intermediate yields could rise further• Retain a curve steepening bias, emphasizing short maturitieswhich should benefit as the Fed shifts policy

EurozoneEurozone growth should remain near its trend rate but its

pace will downshift near the end of our cyclical horizon as the fullimpact of past ECB rate hikes and the strong Euro are felt in theregion’s economy. The ECB will raise rates again in the monthsahead and may go further. But with its policy rate at or nearneutral, growth likely to moderate and inflation well behaved,PIMCO thinks it is going to become harder for hawks on the ECBCouncil to convince their colleagues that ongoing tightening isneeded.

The U.K. economy’s momentum remains firm, powered byconsumption and rising house prices. However, underlying inflationpressures are contained, and already stretched household balancesheets will feel further pressure from recent BOE rate hikes.Meanwhile, manufacturing and employment have already begun toslow. While the BOE is may hike rates further this year, PIMCOanticipates that downside growth risks and a lower inflation outlookwill lead the BOE to cut rates in 2008.

In Europe, PIMCO plans to:• Opportunistically add duration as valuations become more

compelling, while retaining a modest tilt to longer maturitiesas these bonds represent good value

• Modestly overweight the euro• Retain a curve steepening bias in the U.K. with an emphasis

on shorter maturities which are a good value, especiallyrelative to the long end of the Gilt curve

JapanJapan’s growth fundamentals remain underpinned by strong

corporate balance sheets and by its extensive trade links with thebooming Asia Pacific region. Yen weakness over the past yearrelative to the Asian currencies has improved Japan’s terms oftrade and should sustain its regional exports. Consumer spendinghas also improved modestly, as job growth remains firm. But thissustained growth period has yet to have an impact on Japan’sinflation rate. Therefore, PIMCO expects the BOJ to raise ratesgradually, continuing at a quarter point hike per 6 month pace.

In Japan PIMCO plans to:• Modestly underweight duration, especially in intermediate

maturities as this segment of Japan’s yield curve could comeunder further pressure. Opportunistically add exposure to nearmaturities and retain duration overweight to the long end.Retain modest long positions in the yen, consistent with

expectations of a rise in market volatility, a widening of risk spreadsand as an insurance policy in the event of an unwind of the “carry”trade.

Source: PIMCO

41

G R E AT L I N K S TA B L E B O N D F U N D report as at 30 June 2007

INVESTMENT AND MARKET REVIEW*

The Fund gave positive returns over the period ending 1H07.The active management of interest rate exposure and securityselection added value to the Fund. In Singapore, yields eased intandem with the US. Short end rates were significantly lower postthe equity market sell-off in February. The overnight rates fellfrom 3% to as low as 1.5% before settling at around 2%. The strongSGD currency has also attracted a massive inflow of funds intothe system. But with the recent upward adjustment to US growthand expectations of no Fed easing in the near term, SGD ratescorrected higher.

MARKET OUTLOOK AND STRATEGY*

Global economic activity is expected to expand above itslonger-term trend. In the US, the housing slowdown is expectedto have only mild spillover effects into other sectors of theeconomy. But other areas have persistently remained resilient, i.e.labour maket, consumption and net exports. With a soft landing,the Federal Reserve will remain on hold for an extended period.In Singapore, the economy expanded at a robust pace in 1H07and the momentum is likely to continue. With firmer growth andhigher prices, short rates may be anchored at current level andthe flush liquidity in the system will likely help cap the uptick inrates. Bond market in Singapore will probably underperform giventhe attractive valuations in the equity markets. We will activelymanage the interest rate positioning given the expected volatilityin the markets and will continue to focus on high quality corporatebonds to enhance the yield.

Source: Deutsche Asset Management

South Korea8.2%

Singapore78.8%

Cash3.7%

USA (channel islands)1.8%

FUND OBJECTIVE & INVESTMENT STRATEGYThe Fund objective is to achieve an attractive return by

investing in single A and above quality investment grade bonds ofSingapore and major bonds markets such as the G7 countries andAustralia and New Zealand. The G7 countries are Canada, France,Germany, Italy, Japan, UK and US.

This fund invests all or substantially into Deutsche Lion BondFund.


FUND FACTSInception Date 25 March 2002Offer Price S$ 1.125Bid Price S$ 1.069Fund Size S$ 32.69 mil(Underlying Fund Size) S$ 136.40 milUnderlying Fund Deutsche Lion Bond FundFund Manager Lion Capital ManagementSub Manager Deutsche Asset ManagementBid-Offer Spread 5%Fund Management Fee 0.50% p.a.Valuation Frequency DailyCurrency of Fund Singapore DollarCPF Included CPFIS – OA & SARisk Category Low to Medium Risk^/ Broadly DiversifiedBenchmark Ladder 6 Months SIBOR less 12.5bpS&P Fund Stars N.A (as at 30 Sep 2006)

* Information relates to Deutsche Lion Bond Fund

^ The fund was reclassified from Low Risk to Low to Medium Risk wef 3 April 2007, to better reflect the nature of the underlying assets. There is no change to the fund objective and investmentstrategies of the fund.



(annualised) (annualised) (annualised)Greatlink Stable Bond Fund 0.66 1.91 4.19 6.47 2.11 10.21 1.96 12.53 2.27Benchmark Index 0.76 1.59 3.30 7.16 2.33 8.77 1.70 9.07 1.66


Performance Review (Mar 2002 To Jun 2007)

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

Returns are calculated on bid-bid basis, with dividends reinvested.Source: GE/DEAM.


114

112

110

108

106

104

102

100

98

96

94

+9.07

+12.53

Pr

ice

In

de

xed

Mar May Aug Nov Feb May Aug Nov Feb May Aug Nov Feb May Aug Nov Feb May Aug Nov Feb May02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07

Pe

rce

nt

Ch

an

ge

14

12

10

8

6

4

2

0

-2

-4

-6

Arab Emirates7.5%

42

UPDATES TO GREATLINK CHOICE (SEP 2010) & (OCT 2010) FUNDS AS AT 30 JUNE 2007

No. of Default (cumulative)* 0 Changes to Bond Collaterals’ Ratings Please refer to table aboveNo. of Substitutions (cumulative) 10 for detailsCumulative (Loss)/Gain 0.20% Fund Price $1.018 (Sep 2010)Subordination Level 13.70% $1.016 (Oct 2010)Tranche Rating AA-

GREATLINK CHOICE (SEP 2010) FUND

GREATLINK CHOICE (SEP 2010) & (OCT 2010) FUNDS report as at 30 June 2007



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; and2. 100% capital protection on maturity.

“Policy Anniversary” falls on 30 Sep 2006, 30 Sep 2007, 30 Sep2008, 30 Sep 2009 and the Maturity Date (or if such date doesnot fall on a Business Day, the next Business Day).“Maturity” falls on 30 Sep 2010 (or if such date does not fall ona Business Day, the next Business Day).

FUND FACTSInception Date 30 Sep 2005Investment Period 5 YearsFund Manager Lion Capital Management LimitedTotal Management Fee 8.46% of Single Premium deducted upfrontCurrency of Fund Singapore DollarValuation frequency Last Business Day of each monthDealing Deadline 2 p.m, 5 Business Days prior to the Next

Valuation DateMinimum holding amount $1,000Minimum realization amount $1,000Fund Size $115.72 milBenchmark Index 12-Month Singapore Dollar Fixed Deposit RateFund Price $1.0181st Coupon Payout 30 Sep 06 - $0.035 per unit

FUND INFORMATIONCapital raised less of charges deducted is invested in Deustche

Bank AG arranged notes ("RASA notes") issued by RASA (RepackagedAssets & Securities in Asia) Limited ("RASA Limited") which arerated at a minimum of AA- by Standard and Poor’s on the InceptionDate. The tranche in the reference portfolio which RASA Limitedhas exposure has an initial loss protection level of 13.50% of theinitial reference portfolio amount on the Inception Date.

Rating (S&P/Moody’s) of Inception As atIssuers of Bond Collaterals 30 June 2007HBOS Treasury Services Plc AA / Aa2 Aa1Westpac Banking Corporation AA- / Aa3 AA/Aa1ANZ Banking Group AA- / Aa3 AA/Aa1Dexia Credit Local AA / Aa2 AA/Aa1

BOND COLLATERALS

GREATLINK CHOICE (OCT 2010) FUND



held by each policyholder as at each policy anniversary; and2. 100% capital protection on maturity.

“Policy Anniversary” falls on 31 Oct 2006, 31 Oct 2007, 31 Oct2008, 31 Oct 2009 and the Maturity Date (or if such date doesnot fall on a Business Day, the next Business Day).“Maturity” falls on 31 Oct 2010 (or if such date does not fall ona Business Day, the next Business Day).

FUND FACTSInception Date 31 Oct 2005Investment Period 5 YearsFund Manager Lion Capital Management LimitedTotal Management Fee 8.28% of Single Premium deducted upfrontCurrency of Fund Singapore DollarValuation frequency Last Business Day of each monthDealing Deadline 2 p.m, 5 Business Days prior to the Next

Valuation DateMinimum holding amount $1,000Minimum realization amount $1,000Fund Size $103.33 milBenchmark Index 12-Month Singapore Dollar Fixed Deposit RateFund Price $1.0161st Coupon Payout 31 Oct 06 - $0.035 per unit

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

DETAILS OF EVENTS SINCE 1 JAN 2007

Default NIL Substitution NIL

Since inception, there was nil default* and 10 substitutions, resulting in an overall trading gain of 0.20% in subordination as at end June07. With the active management by Lion Capital, the portfolio avoided a default and subordination level rose to 13.70% from 13.50%at inception. Tranche rating remains at AA-.

* Dana Corporation was reported as defaulted in March 2006 and subsequently substituted by Continental Airlines, Inc. A correction has been made to this record. Dana Corporation was substitutedbefore it defaulted and as such, the default did not impact the portfolio.

43

No. Reference Entity Seniority S&P Industry Country



REFERENCE ENTITIES AS AT 30 JUNE 2007FOR GREATLINK CHOICE (SEP 2010) & (OCT 2010) FUNDS

1 Abitibi-Consolidated Inc Senior Forest Products Canada

2 AK Steel Corporation Senior Steel United States

3 Albertson's, Inc. Senior Food/Drug Retailers United States

4 Allied Waste North America Senior Ecological Services & Equipments United States

5 Altria Group, Inc. Senior Beverage & Tobacco United States

6 Ambac Assurance Corporation Senior Insurance United States

7 American Axle & Manufacturing Inc Senior Automotive United States

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

9 AMR Corporation Senior Air Transport United States

10 Apria Healthcare Group Inc Senior Health Care United States

11 Aromatics (Thailand) Pcl Senior Chemical & Plastics Thailand

12 Arvinmeritor, Inc. Senior Automotive United States

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

14 Berkshire Hathaway Inc Senior Conglomerates United States

15 Bombardier Inc. Senior Aerospace & Defence Canada

16 Boots Group PLC Senior Food/Drug Retailers United Kingdom

17 Bowater Incorporated Senior Forest Products United States

18 C&M Finance Ltd Senior Cable And Satellite Television South Korea

19 Carlton Communications PLC Senior Radio & Television United Kingdom

20 Case New Holland Inc Senior Farming/Agriculture United States

21 Casino Guichard-Perrachon Senior Food/Drug Retailers France

22 Celestica Inc - Subordinated Subordinated Electronics/Electrical Canada

23 Centurytel, Inc. Senior Telecommunications United States

24 Chartered Semiconductor Manufacturing Ltd. Senior Electronics/Electrical Singapore

25 Citizens Communications Company Senior Telecommunications United States

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

27 Cognis GmbH Senior Chemical & Plastics Germany

28 Compagnie Industriali Riunite SpA Senior Conglomerates Italy

29 Compass Group PLC Senior Food Service United Kingdom

30 Continental Airlines, Inc. Senior Air Transport United States

31 Corus Group PLC Senior Steel United Kingdom

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

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

34 Domtar Inc. Senior Forest Products Canada

35 Fairfax Financial Holdings Limited Senior Insurance Canada

36 Federative Republic of Brazil Senior Sovereign Brazil

37 Fiat SpA Senior Automotive Italy

44




38 Ford Motor Company Senior Automotive United States

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

40 General Motors Acceptance Corporation Senior Automotive United States

41 Glencore International AG Senior Nonferrous Metals/Metals Switzerland

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

43 Grohe Holding GmbH Senior Home Furnishings Germany

44 Hanarotelecom Inc Senior Telecommunications South Korea

45 Hannover Rueckversicherungs AG Subordinated Insurance Germany

– Subordinated

46 Huntsman International LLC – Subordinated Subordinated Chemical & Plastics United States

47 IAC/InterActivecorp Senior Telecommunications United States

48 Ikon Office Solutions, Inc Senior Business Equipment & Services United States

49 Intelsat, Ltd. Senior Telecommunications Bermuda

50 Invensys PLC Senior Industrial Equipment 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 Retailers (Except Food & Drug) United States

60 Louisiana-Pacific Corporation Senior Forest Products United States

61 Lyondell Chemical Company Senior Chemical & Plastics United States

62 MBIA, Inc Senior Insurance United States

63 Mediacom LLC Senior Cable & Satellite Television United States

64 Mexico (United Mexican States) Senior Sovereign Mexico

65 M-Real OYJ Senior Forest Products Finland

66 Muenchener Ruckversicherungs-Gesellschaft Subordinated Insurance Germany

AG In Muenchen – Subordinated

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

68 Noble Group Ltd Senior Conglomerates Hong Kong

69 Norbord Inc Senior Forest Products Canada

70 Nova Chemicals Ltd. Senior Chemical & 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

45

No. Reference Entity Seniority S&P Industry Country75 Philippines (Republic Of The) Senior Sovereign Philippines

76 Polyone Corporation Senior Chemical & Plastics United States

77 Quebecor World Inc Senior Publishing Canada

78 R.J. Reynolds Tobacco Holdings, Inc. Senior Beverage & Tobacco United States

79 Radian Group Inc. Senior Insurance United States

80 Radioshack Corporation Senior Retailers (Except Food & Drug) United States

81 Ray Acquisition Sca - Subordinated Subordinated Industrial Equipment France

82 Rentokil Initial PLC Senior Business Equipment & Services United Kingdom

83 Residential Capital Corporation Senior Financial Intermediaries United States

84 Rite Aid Corporation Senior Food/Drug Retailers United States

85 Road King Infrastructure Ltd Senior Surface Transport China

86 Royal & Sun Alliance Insurance PLC – Subordinated Subordinated Insurance United Kingdom

87 Royal Caribbean Cruises Ltd Senior Lesiure Goods/Activities/Movies United States

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 Sino-Forest Corporation Senior Forest Products China

95 Six Flags, Inc. Senior Leisure Goods/Activities/Movies United States

96 Smithfield Foods Senior Food Products United States

97 Softbank Corp Senior Business Equipment & Services Japan

98 Solectron Senior Electronics/Electrical United States

99 Standard Pacific Corp. Senior Building & Development United States

100 Sungard Data Systems Inc. Senior Business Equipment & Services United States

101 TDC A/S Senior Telecommunications Denmark

102 Titan Petrochemicals Group L Senior Oil & Gas Hong Kong

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

104 Toys "R" Us, Inc Senior Retailers (Except Food & Drug) United States

105 Tribune Company Senior Publishing United States

106 TRW Automotive Inc. Senior Automotive United States

107 TXU Corp. Senior Utilities United States

108 Unisys Corporation Senior Business Equipment & Services United States

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

– Subordinated

110 Universal Corporation Senior Beverage & Tobacco United States

111 UST Inc. Senior Beverage & Tobacco United States

112 Vedanta Resources PLC Senior Non-Ferrous Metals / Minerals India



46



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 thecapital 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 backedby 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 theissuers 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 cumulativelosses 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 capitalprotected value at maturity or the payouts at each policy anniversary.

2. The fees and charges payable by GreatLink Choice will be deducted upfront. No refund will be made to policyholders who realise their units before the funds mature. The managementfee 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 newReference 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.

No. Reference Entity Seniority S&P Industry Country113 Wendy's International Inc Senior Food Service United States

114 Whirlpool Corporation Senior Home Furnishings United States

47

DETAILS OF EVENTS SINCE 1 JAN 07




held by each policyholder as at each policy anniversary; and2. 100% of the Initial Unit Price per Unit held on maturity.

“Policy Anniversary” falls on 31 Aug 2007, 31 Aug 2008, 31 Aug2009, 31 Aug 2010, 31 Aug 2011, 31 Aug 2012 and the MaturityDate (or if such date does not fall on a Business Day, the nextBusiness Day).

“Maturity” falls on 31 Aug 2013 (or if such date does not fallon a Business Day, the next Business Day).

FUND INFORMATION

Capital raised less all charges deducted is invested in notes(the “Signum Notes”) issued by Signum Platinum Limited (“SPL”),which are rated at a minimum rating of “AA” by Standard & Poor’son the Inception Date. The tranche in the reference portfolio whichSPL has exposure has an initial loss protection level of 11.00% ofthe initial reference portfolio amount on the Inception Date.

FUND FACTSInception Date 31 Aug 2006Investment Tenure 7 YearsFund Manager Lion Capital Management LimitedInitial Management Fee 5.00% of Single Premium deducted upfrontAnnual Management Fee 0.896% of the Original Principal Amount less

any par redemptions, deducted at thebeginning of each policy year from value ofthe Fund

Currency of Fund Singapore DollarValuation frequency Last Business Day of each monthDealing Deadline 2 p.m, 5 Business Days prior to the Next

Valuation DateMinimum holding amount $1,000Minimum realization amount In multiples of 1,000 unitsFund Size $130.83milBenchmark Index* 7-year Singapore swap rate (mid rate) taken

on the start of the initial offer period on 6Jul 2006, i.e. 3.9%

Fund Price $1.05

* The benchmark index has been changed from “12-Month Singapore Dollar FixedDeposit Rate” to “7-Year Singapore Swap Rate (mid rate) taken on the start of the initialoffer period on 6 Jul 2006”.

No. of Default (cumulative) NilNo. of Substitutions (cumulative) 28Cumulative (Loss)/Gain 0.10%Changes to Bond Collaterals’ Ratings UnchangedSubordination Level 11.10%Fund Price $1.05Tranche Rating AA

UPDATES TO GREATLINK CHOICE (AUG 2013)AS AT 30 JUNE 2007

GREATLINK CHOICE (AUG 2013) FUNDS report as at 30 June 2007

Rating (S&P/Moody’s) of Inception As atIssuers of Bond Collaterals 30 June 2007Stone Tower CLO V Ltd. AAA / Aaa AAA / AaaOrient Point CDO, Ltd and Orient AAA / Aaa AAA / AaaPoint CDO, Inc.Broderick CDO 1 Ltd. and AAA / Aaa AAA / AaaBroderick CDO 1 Corp.

BOND COLLATERALS

DEFAULTNilSUBSTITUTIONDate Entity Substituted Substituting Entity Trading Gain/(Loss)25 Jan 07 - AMR Corporation - Alltel Corp 0.05%

- BOMBARDIER INC. - Nova Chemicals Corp- Continental Airlines, Inc. - Globalsantafe Corp- Cooper Tire & Rubber Company - Kazkommertsba NK- Hanarotelecom Incorporated - NXP B.V.- Health Management Associates, Inc. - Realogy Corp- Hyundai Motor Company - Residential Capital LLC- Kinder Morgan, Inc. - Shanghai Real Estate Ltd- LG Electronics - TRW Automotive Inc.- Norske Skogindustrier ASA - Norbord Inc.- Philippine Long Distance Telephone Company - Agile Property Holdings Ltd- Publishing and Broadcasting Limited - Universal Health Services Inc.- Road King Infrastructure Limited- Stats Chippac Ltd.- The Goodyear Tire & Rubber Company- Verizon Communications Inc.- Idearc Inc*

As at 31 Mar 07 (cumulative) 0.05%

48

REFERENCE ENTITIES AS AT 30 JUNE 2007

No. Reference Entity Seniority S&P Industry Country1 Abitibi-Consolidated Inc. Senior Forest products Canada

2 Acom Co., Ltd. Senior Financial intermediaries Japan

3 Agile Property Holdings Ltd Senior Building & Development China

4 Aiful Corporation Senior Financial intermediaries Japan

5 Allied Waste North America, Inc. Senior Ecological services & equipment USA

6 Alltel Corp Senior Telecommunications USA

7 Altadis, S.A. Senior Beverage & Tobacco Spain

8 Ambac Assurance Corporation Senior Insurance USA

9 Amcor Ltd Senior Containers & glass products Australia

10 American Axle & Manufacturing, Inc. Senior Automotive USA

11 AMP Group Holdings Limited Senior Insurance Australia

12 AMR Corporation Senior Air transport USA

13 Aromatics (Thailand) Public Company Limited Senior Chemicals & plastics Thailand

14 Arvinmeritor, Inc. Senior Automotive USA

15 Asia Aluminum Holdings Limited Senior Nonferrous metals/minerals China

16 Australia And New Zealand Banking Group Limited Subordinated Financial intermediaries Australia

17 Autozone, Inc. Senior Retailers (except food & drug) USA

18 Avis Budget Group, Inc. Senior Equipment leasing USA

19 Berkshire Hathaway Inc. Senior Conglomerates USA

20 BHP Billiton Limited Senior Nonferrous metals/minerals Australia

21 British Telecommunications Public Limited Company Senior Telecommunications United Kingdom

22 C&M Co., Ltd. Senior Cable & satellite television South Korea

23 Cathay Financial Holding Co., Ltd. Senior Insurance Taiwan

24 Centex Corporation Senior Building & Development USA

25 Chaoda Modern Agriculture (Holdings) Limited Senior Farming/agriculture China



SUBSTITUTIONDate Entity Substituted Substituting Entity Trading Gain/(Loss)31 May 07 - Bombardier Inc. - Centex Corporation 0.05%

- Deluxe Corporation - Altadis, S.A.- Fairfax Media Limited (John) Limited Company - Avis Budget Group, Inc.- M-Real OYJ - SLM Corporation- Panva Gas Holdings Limited - Telus Corporation- Petroleos Mexicanos - Expedia, Inc.- PHH Corporation - K. Hovnanian Enterprises, Inc.- Radioshack Corporation - Computer Sciences Corporation- Smurfit Kappa Funding Public - Freescale Semiconductor, Inc.- Vedanta Resources Plc - The Western Union Company- Xinao Gas Holdings Limited - Wyndham Worldwide Corporation `

As at 30 June 07 (cumulative) 0.10%* Idearc Inc was spun off from Verizon Communications Inc on 20 November 2006. Idearc's spin off from Verizon qualified as a succession event under ISDA rules, hence post succession, theportfolio's original holdings of Verizon was split equally (in terms of the notional amount) into Verizon Communications Inc and Idearc inc. Lion Capital Management had continued to managethe 2 successor entities for rating stability.

Since inception, there was nil default and 28 substitutions, resulting in an overall trading gain of 0.10% in subordination as at end June07. Tranche rating remains at AA.

49



No. Reference Entity Seniority S&P Industry Country26 CNOOC Limited Senior Oil & gas China

27 Coles Myer Ltd. Senior Food/drug retailers Australia

28 Computer Sciences Corporation Senior Business equipment & services USA

29 Continental Airlines, Inc. Senior Air transport USA

30 Expedia, Inc. Senior Retailers (except food & drug) USA


32 Financial Guaranty Insurance Company Senior Insurance USA

33 Financial Security Assurance Inc. Senior Insurance USA

34 Ford Motor Company Senior Automotive USA

35 Freescale Semiconductor, Inc. Senior Electronics/electrical USA

36 Globalsantafe Corp Senior Oil & gas USA

37 GPT Re Limited As Responsible Entity Of Senior REITs and REOCs Australia

The General Property Trust

38 Grohe Holding Gmbh Senior Building & Development Germany

39 Hannover Rueckversicherung Ag Subordinated Insurance Germany

40 HCA Inc. Senior Health care USA

41 Hopson Development Holdings Limited Senior Building & Development China

42 Hutchison Whampoa Limited Senior Conglomerates Hong Kong

43 Intelsat, Ltd. Senior Telecommunications USA

44 ITV Plc Senior Radio & Television United Kingdom

45 Jetblue Airways Corporation Senior Air transport USA

46 K. Hovnanian Enterprises, Inc. Senior Building & Development USA

47 Kabel Deutschland GMBH Subordinated Cable & satellite television Germany

48 Kaupthing Banki Hf. Senior Financial intermediaries Iceland

49 Kazkommertsbank Senior Financial intermediaries Kazakhstan

50 Kingdom Of Thailand Senior Sovereign Thailand

51 Koninklijke Kpn N.V. Senior Telecommunications Netherlands

52 Korea Electric Power Corporation Senior Utilities South Korea

53 Kt Corporation Senior Telecommunications South Korea

54 Landsbanki Islands Hf Senior Financial intermediaries Iceland

55 Lear Corporation Senior Automotive USA

56 Lennar Corporation Senior Building & Development USA

57 LG Electronics Senior Electronics/electrical South Korea

58 Macquarie Bank Limited Subordinated Financial intermediaries Australia

59 Malayan Banking Berhad Senior Financial intermediaries Malaysia

60 Malaysia Senior Sovereign Malaysia

61 MBIA Inc. Senior Insurance USA

62 Mediacom Llc Senior Cable & satellite television USA

63 Noble Group Limited Senior Conglomerates USA

64 Norbord Inc Senior Forest products Canada

50




65 Nova Chemicals Corp Senior Chemicals & plastics Canada

66 Nxp B.V. Senior Electronics/electrical Netherlands

67 Omnicare, Inc. Subordinated Health care USA

68 Orix Corporation Senior Equipment leasing Japan

69 Posco Senior Steel South Korea

70 Promise Co., Ltd. Senior Financial intermediaries Japan

71 Public Bank BHD Subordinated Financial intermediaries Malaysia

72 Pulte Homes, Inc. Senior Building & Development USA

73 Qantas Airways Limited Senior Air transport Australia

74 R.R. Donnelley & Sons Company Senior Publishing USA

75 Realogy Corp Senior Building & Development USA

76 Reliance Industries Limited Senior Chemicals & plastics India

77 Republic Of South Africa Senior Sovereign South Africa

78 Residential Capital LLC Senior Financial intermediaries USA

79 Rio Tinto Limited Senior Nonferrous metals/minerals Australia

80 Rite Aid Corporation Senior Food/drug retailers USA

81 Royal Caribbean Cruises Ltd. Senior Lodging & casinos USA

82 Russian Federation Senior Sovereign Russia

83 Sabre Holdings Corporation Senior Business equipment & services USA

84 Samsung Electronics Co., Ltd. Senior Electronics/electrical South Korea

85 Shanghai Real Estate Ltd Senior Building & Development China

86 Shinhan Bank Subordinated Financial intermediaries South Korea

87 SK Telecom Co., Ltd. Senior Telecommunications South Korea

88 SLM Corporation Senior Financial intermediaries USA

89 Sony Corporation Senior Electronics/electrical Japan

90 Standard Pacific Corp. Senior Building & Development USA

91 State Of Qatar Senior Sovereign Qatar

92 Sumitomo Mitsui Banking Corporation Subordinated Financial intermediaries Japan

93 Swire Pacific Limited Senior Building & Development Hong Kong

94 Telecom Corporation Of New Zealand Limited Senior Telecommunications New Zealand

95 Telefonos De Mexico, Sociedad Anonima De Senior Telecommunications Mexico

Capital Variable

96 Telstra Corporation Limited Senior Telecommunications Australia

97 Telus Corporation Senior Telecommunications Canada

98 The Bank Of Tokyo-Mitsubishi UFJ, Ltd. Subordinated Financial intermediaries Japan

99 The HongKong Land Company, Limited Senior Building & Development Hong Kong

100 The Sherwin-Williams Company Senior Chemicals & plastics USA

101 The Western Union Company Senior Business equipment & services USA

102 Toll Brothers, Inc. Senior Building & Development USA

103 Toyota Motor Credit Corporation Senior Automotive USA

51

No. Reference Entity Seniority S&P Industry Country104 Tribune Company Senior Publishing USA

105 TRW Automotive Inc Senior Automotive USA

106 TUI Ag Senior Leisure goods/activities/movies Germany

107 Tyson Foods, Inc. Senior Food products USA

108 Unisys Corporation Senior Business equipment & services USA

109 United Mexican States Senior Sovereign Mexico

110 United Microelectronics Corporation Senior Electronics/electrical Taiwan

111 Universal Corporation Senior Beverage & Tobacco USA

112 Universal Health Services Inc Senior Health care USA

113 Vimpelcom Senior Telecommunications Russia

114 Visteon Corporation Senior Automotive USA

115 Vneshtorgbank Senior Financial intermediaries Russia

116 Vodafone K.K. Senior Telecommunications Japan

117 Westfield Management Ltd As Responsible Senior Building & Development Australia

Entity Of The Westfield Trust

118 Woolworths Ltd Senior Food/drug retailers Australia

119 Woori Bank Subordinated Financial intermediaries South Korea

120 Wyndham Worldwide Corporation Senior Lodging & casinos USA

121 Xl Capital Ltd Senior Insurance Bermuda

Footnotes:1. Policyholders will have to hold their investments in the GreatLink Choice for the entire policy term of 7 years before they are eligible to receive the total payouts projected and 100% of

their principal invested at maturity. If policyholders realise their units before the fund matures, the realisation of units will be based on the prevailing net asset value which can varyaccording to market fluctuations and may be less than the initial offer price of the units.

The annual payouts and return of principal invested are provided for by debt securities and derivative transactions employed as part of the investment approach of the funds and notbacked by a guarantee. 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 debtsecurities, 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 exceedthe initial loss protection level (as defined in the portfolio credit default swap agreement). As such, no guarantee is given that policyholders will receive their principal invested at maturityor the payouts at each policy anniversary.

2. No refund of the management fees will be made to policyholders who realise their units before the fund matures. The management fees will not affect the annual payouts and maturitybenefit.


4. The default risk, liquidation risk, foreign currency risk, and early redemption risk on the Collateral will be borne by Goldman Sachs International (“GSI”) under the obligation of a TotalReturn Swap between SPL and GSI. GSI will have the right to effect Collateral Substitution subject to such Collateral has to be rated at least “AAA” by S&P or “Aaa” by Moody’s. Anycapital gains/losses in proceeds and expenses incurred following a Collateral substitution will be borne by GSI, Similarly for Collateral amortization and Collateral maturity.



52

INVESTMENT OBJECTIVEThe Fund objective is to seek to provide policyholders with:

1. Annual payouts of 4.60% of the Initial Unit Price per Unitheld by each policyholder as at each policy anniversary; and

2. 100% of the Initial Unit Price per Unit held on maturity.

“Policy Anniversary” falls on 31 Dec 2007, 31 Dec 2008, 31Dec 2009, 31 Dec 2010, 31 Dec 2011, 31 Dec 2012 and theMaturity Date (or if such date does not fall on a Business Day, thenext Business Day).

“Maturity” falls on 31 Dec 2013 (or if such date does not fallon a Business Day, the next Business Day).

FUND INFORMATIONCapital raised less all charges deducted is invested in notes

(the “Signum Notes”) issued by Signum Platinum Limited (“SPL”),which are rated at a minimum rating of “AA” by Standard & Poor’son the Inception Date. The tranche in the reference portfolio whichSPL has exposure has an initial loss protection level of 11.00% ofthe initial reference portfolio amount on the Inception Date.

FUND FACTSInception Date 31 Dec 2006Investment Tenure 7 YearsFund Manager Lion Capital Management LimitedInitial Management Fee 5.00% of Single Premium deducted upfrontAnnual Management Fee 0.458% of the Original Principal Amount

less any par redemptions, deducted at thebeginning of each policy year from valueof the Fund

Currency of Fund Singapore DollarValuation frequency Last Business Day of each monthDealing Deadline 2 p.m, 5 Business Days prior to the Next

Valuation DateMinimum holding amount $1,000Minimum realization amount In multiples of 1,000 unitsFund Size at Inception $74.24 milBenchmark Index 7-year Singapore swap rate (mid rate)

taken on the start of the initial offer periodon 1 November 2006, i.e. 3.465%

Fund Price $0.979

GREATLINK CHOICE (DEC 2013) FUNDS report as at 30 June 2007

No. of Default (cumulative) NilNo. of Substitutions (cumulative) 17Cumulative (Loss)/Gain 0.09%Changes to Bond Collaterals’ Ratings UnchangedSubordination Level 11.09%Fund Price $0.979Tranche Rating AA

UPDATES TO GREATLINK CHOICE (DEC 2013)AS AT 30 JUNE 2007Rating (S&P/Moody’s) of Inception As at

Issuers of Bond Collaterals 30 June 2007Stone Tower CLO V Ltd, Class AAA / Aaa AAA / AaaA-2a NV due 2020Orient Point CDO, Ltd. & Orient AAA / Aaa AAA / AaaPoint CDO, Inc, Class A-1NVANotes due 2045Alexander Park CDO 1, Ltd., AAA / Aaa AAA / AaaClass A-1 Due 2039

BOND COLLATERALS

DETAILS OF EVENTS SINCE 1 JAN 07DEFAULTNilSUBSTITUTIONDate Entity Substituted Substituting Entity Trading Gain/(Loss)16 Feb 07 - Arvinmeritor, Inc. - Avis Budget Group, Inc (0.01%)

- Health Management Associates, Inc - Residential Capital, LLC – Subordinated - JSC Bank Turanalem- Kinder Morgan, Inc. - Flextronics International Ltd- LG Electronics Inc – Subordinated- Radioshack Corporation - Globalsantafe Corporation- Universal Corporation - Cablevision Systems Corporation

As at 31 Mar 07 (cumulative) (0.01%)



REFERENCE ENTITIES AS AT 30 JUNE 2007

No. Reference Entity Seniority S&P Industry Country1 Abitibi-Consolidated Inc. Senior Forest products Canada

2 Agile Property Holdings Limited Senior Building & Development China

3 Aiful Corporation Senior Financial intermediaries Japan

4 Alliance Boots Plc Senior Food/drug retailers United Kingdom

5 Allied Waste North America, Inc. Senior Ecological services & equipment USA

6 Alltel Corporation Senior Telecommunications USA

7 Altadis S.A. Senior Beverage & Tobacco Spain

8 Amcor Limited Senior Containers & glass products Australia

9 American Axle & Manufacturing, Inc. Senior Automotive USA

10 Amp Group Holdings Limited Senior Insurance Australia

11 Aromatics (Thailand) Public Co Ltd Senior Chemicals & plastics Thailand

12 Asia Aluminum Holdings Limited Senior Nonferrous metals/minerals China

13 Assured Guaranty Corp. Senior Insurance USA

14 Autozone, Inc. Senior Retailers (except food & drug) USA

15 Avis Budget Group, Inc. Senior Equipment leasing USA

16 Beazer Homes USA, Inc. Senior Building & Development USA

17 BHP Billiton Limited Senior Nonferrous metals/minerals Australia

18 British Telecommunications Public Limited Company Senior Telecommunications United Kingdom

19 Brunswick Corporation Senior Leisure goods/activities/movies USA

20 C&M Co., Ltd. Senior Cable & satellite television South Korea

21 Cablevision Systems Corporation Senior Cable & satellite television USA

22 Cathay Financial Holding Co., Ltd. Senior Insurance Taiwan

23 CBS Corporation Senior Radio & Television USA

SUBSTITUTIONDate Entity Substituted Substituting Entity Trading Gain/(Loss)24 May 07 - Chaoda Modern Agriculture (Holdings) Ltd* - Alliance Boots PLC 0.10%

- ITV Plc* - Altadis S.A.- Sabre Holdings Corporation* - Centex Corp.- The New York Times Company* - Citadel Finance Ltd.- TUI Ag* - Freescale Semiconductor Inc.- Tyson Foods, Inc.* - Jones Apparel Group Inc.- Nova Chemicals Corporation - K. Hovnanian Enterprises Inc.- Quebecor World Inc. - Russian Standard Bank CJSC- Bombardier Inc. - ServiceMaster Co. (The)- Deluxe Corporation - Shimao Property Holdings Ltd.- HCA Inc. - Tribune Co.- John Fairfax Holdings Limited- M-Real OYJ- Panva Gas Holdings Limited- Portugal Telecom International Finance B.V- Qantas Airways Limited- Vedanta Resources Plc

As at 30 June 07 (cumulative) 0.09%* Downsized

Since inception, there was nil default and 17 substitutions, resulting in an overall trading gain of 0.09% in subordination as at end June07. Tranche rating remains at AA.


54



No. Reference Entity Seniority S&P Industry Country24 Centex Corp. Senior Building & Development USA

25 Centurytel, Inc. Senior Telecommunications USA

26 Chaoda Modern Agriculture (Holdings) Ltd Senior Food products China

27 Citadel Finance Ltd. Senior Brokers, Dealers & Investment houses USA

28 CNOOC Limited Senior Oil & gas China

29 Commonwealth Bank Of Australia - Senior Senior Financial intermediaries Australia

30 Continental Ag Senior Automotive Germany

31 Expedia, Inc. Senior Retailers (except food & drug) USA


33 Financial Guaranty Insurance Company -- No R Senior Insurance USA

34 Financial Security Assurance Inc. Senior Insurance USA

35 First Data Corporation Senior Business equipment & services USA

36 Flextronics International Ltd. - Subordinated Subordinated Electronics/electrical Singapore

37 Ford Motor Company Senior Automotive USA

38 Freescale Semiconductor Inc. Senior Electronics/electrical USA

39 Globalsantafe Corporation Senior Oil & gas USA

40 GPT Re Limited As Responsible Entity Of Senior REITs and REOCs Australia

The General Property Trust

41 Greentown China Holdings Ltd Senior Building & Development China

42 Grohe Holding GMBH Senior Building & Development Germany

43 Hannover Rueckversicherung Ag - Subordinated Subordinated Insurance Germany

44 Hopson Development Holdings Limited Senior Building & Development China

45 Hutchison Whampoa Limited Senior Conglomerates Hong Kong

46 Intelsat, Ltd. Senior Telecommunications USA

47 ITV Plc Senior Radio & Television United Kingdom

48 Jetblue Airways Corporation Senior Air transport USA

49 Jones Apparel Group Inc. Senior Clothing/textiles USA

50 Jsc Bank Turanalem Senior Financial intermediaries Kazakhstan

51 Jsc Vneshtorgbank Senior Financial intermediaries Russia

52 K. Hovnanian Enterprises Inc. Senior Building & Development USA

53 Kabel Deutschland GMBH - Subordinated Subordinated Cable & satellite television Germany

54 Kaupthing Bank HF Senior Financial intermediaries Iceland

55 Kazkommertsbank Senior Financial intermediaries Kazakhstan

56 Kb Home - Subordinated Subordinated Building & Development USA

57 Koninklijke Kpn NV Senior Telecommunications Netherlands

58 Korea Electric Power Corporation Senior Utilities South Korea

59 Kt Corporation Senior Telecommunications South Korea

60 Landsbanki Islands HF Senior Financial intermediaries Iceland

61 Lear Corporation Senior Automotive USA

62 Macquarie Bank Limited - Subordinated Subordinated Financial intermediaries Australia

55



No. Reference Entity Seniority S&P Industry Country63 Malayan Banking Berhad - Senior Senior Financial intermediaries Malaysia

64 Malaysia Senior Sovereign Malaysia

65 MBIA Inc. Senior Insurance USA

66 Mediacom LLC Senior Cable & satellite television USA

67 Noble Group Limited Senior Conglomerates Hong Kong

68 Norbord Inc. Senior Forest products Canada

69 NXP B.V. Senior Electronics/electrical Netherlands

70 Omnicare, Inc. - Subordinated Subordinated Health care USA

71 Open Joint Stock Company Gazprom Senior Oil & gas Russia

72 Orix Corporation Senior Equipment leasing Japan

73 Packaging Corporation Of America Senior Forest products USA

74 Posco Senior Steel South Korea

75 Public Bank BHD -Subordinated Subordinated Financial intermediaries Malaysia

76 Publishing And Broadcasting Limited Senior Radio & Television Australia

77 Pulte Homes, Inc. Senior Building & Development USA

78 Qatar (State Of) Senior Sovereign Qatar

79 R.R. Donnelley & Sons Company Senior Publishing USA

80 Radian Group Inc. Senior Insurance USA

81 Realogy Corporation Senior Building & Development USA

82 Republic Of South Africa Senior Sovereign South Africa

83 Residential Capital, LLC Senior Financial intermediaries USA

84 Rio Tinto Limited Senior Nonferrous metals/minerals Australia

85 Road King Infrastructure Limited Senior Building & Development Hong Kong

86 Russia (Russian Federation) Senior Sovereign Russia

87 Russian Standard Bank CJSC Senior Financial intermediaries Russia

88 Sabre Holdings Corporation Senior Business equipment & services USA

89 Sara Lee Corporation Senior Food products USA

90 Servicemaster Co. (The) Senior Retailers (except food & drug) USA

91 Shanghai Real Estate Ltd Senior Building & Development China

92 Shimao Property Holdings Ltd. Senior Building & Development Hong Kong

93 Shinhan Bank - Subordinated Subordinated Financial intermediaries South Korea

94 Softbank Corp. Senior Business equipment & services Japan

95 Sony Corporation Senior Electronics/electrical Japan

96 Southwest Airlines Co. Senior Air transport USA

97 Standard Pacific Corp. Senior Building & Development USA

98 Starwood Hotels & Resorts Worldwide, Inc. Senior Lodging & casinos USA

99 Sumitomo Mitsui Banking Corporation Subordinated Financial intermediaries Japan

- Subordinated

100 Swire Pacific Limited Senior Building & Development Hong Kong

101 Telecom Corporation Of New Zealand Limited Senior Telecommunications New Zealand

56



Footnotes:1. Policyholders will have to hold their investments in the GreatLink Choice for the entire policy term of 7 years before they are eligible to receive the total payouts projected and 100% of

their principal invested at maturity. If policyholders realise their units before the fund matures, the realisation of units will be based on the prevailing unit price which can vary accordingto market fluctuations and may be less than the initial offer price of the units.

The annual payouts and return of principal invested are provided for by debt securities and derivative transactions employed as part of the investment approach of the funds and notbacked by a guarantee. 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 debtsecurities, 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 exceedthe initial loss protection level (as defined in the portfolio credit default swap agreement). As such, no guarantee is given that policyholders will receive their principal invested at maturityor the payouts at each policy anniversary.

2. No refund of the management fees will be made to policyholders who realise their units before the fund matures. The management fees will not affect the annual payouts and maturitybenefit.


4. The default risk, liquidation risk, foreign currency risk, and early redemption risk on the Collateral will be borne by Goldman Sachs International (“GSI”) under the obligation of a TotalReturn Swap between SPL and GSI. GSI will have the right to effect Collateral Substitution subject to such Collateral has to be rated at least “AAA” by S&P or “Aaa” by Moody’s. Anycapital gains/losses in proceeds and expenses incurred following a Collateral substitution will be borne by GSI, Similarly for Collateral amortization and Collateral maturity.

No. Reference Entity Seniority S&P Industry Country102 Telstra Corporation Limited Senior Telecommunications Australia

103 Temasek Holdings (Private) Limited Senior Sovereign Singapore

104 Temple-Inland Inc. Senior Forest products USA

105 Thailand (Kingdom Of) Senior Sovereign Thailand

106 The Bank Of Tokyo-Mitsubishi UFJ, Ltd. Subordinated Financial intermediaries Japan

- Subordinated

107 The New York Times Company Senior Publishing USA

108 The Western Union Company Senior Business equipment & services USA

109 Toll Brothers, Inc. Senior Building & Development USA

110 Toyota Motor Credit Corporation Senior Automotive USA

111 Tribune Co. Senior Publishing USA

112 TUI Ag Senior Leisure goods/activities/movies Germany

113 Tyson Foods, Inc. Senior Food products USA

114 United Microelectronics Corporation Senior Electronics/electrical Taiwan

115 Universal Health Services, Inc. Senior Health care USA

116 Vimpel-Communications Senior Telecommunications Russia

117 Visteon Corporation Senior Automotive USA

118 Westfield Trust, Westfield Management Senior Building & Development Australia

Limited, Trustee

119 Woolworths Ltd Senior Food/drug retailers Australia

120 Woori Bank - Subordinated Subordinated Financial intermediaries South Korea

57

P O R T F O L I O S TAT E M E N T as at 30 June 2007

Holdings S$ %

GreatLink Pan Asia FundUnit Trust 42,517,117 53,257,479(Schroders Pan Asia Fund - Singapore)

GreatLink European Equity FundUnit Trust 31,547,825 36,685,021(Schroders European Equity Fund - Singapore)

GreatLink Global Growth Trends PortfolioUnit Trust 13,933,598 20,494,713(ACM Global Growth Trend Portfolio - USA)

GreatLink Stable Bond FundUnit Trust 30,580,929 32,687,160(Deutsche Lion Bond Fund - Singapore)

Greatlink Lion Japan Growth FundUnit Trust 10,075,957 9,649,012(Lion Capital Japan Growth Fund)

Greatlink Lion China Growth FundUnit Trust 81,311,169 91,613,350(Lion Capital China Growth Fund)

Greatlink Lion India FundUnit Trust 48,463,744 51,338,190(Lion Capital India Fund)

Greatlink LifeStyle Secure PortfolioUnit TrustSingaporeGreatLink Global Bond Fund 11,188,967 12,419,753 60.13%GreatLink Global Value Equity Fund 862,262 1,047,649 5.07%GreatLink Global Intersection Fund 993,864 1,207,545 5.85%GreatLink Far East Ex Japan Equities Fund 425,807 947,420 4.59%GreatLink Singapore Equities Fund 414,495 901,112 4.36%GreatLink Stable Bond Fund 3,863,895 4,130,504 20.00%Total Unit Trusts 17,749,290 20,653,983 100.00%

Greatlink LifeStyle Steady PortfolioUnit Trust SingaporeGreatLink Global Bond Fund 13,049,153 14,484,560 48.34%GreatLink Global Value Equity Fund 3,756,391 4,564,015 15.23%GreatLink Global Intersection Fund 3,813,208 4,633,048 15.46%GreatLink Far East Ex Japan Equities Fund 748,139 1,664,610 5.56%GreatLink Singapore Equities Fund 755,440 1,642,327 5.48%GreatLink Stable Bond Fund 2,781,280 2,973,189 9.93%Total Unit Trusts 24,903,611 29,961,749 100.00%

58


Holdings S$ %

Greatlink LifeStyle Balance PortfolioUnit Trust SingaporeGreatLink Global Bond Fund 104,067,444 115,514,863 35.23%GreatLink Global Value Equity Fund 53,372,994 64,848,188 19.78%GreatLink Global Intersection Fund 53,029,258 64,430,548 19.65%GreatLink Far East Ex Japan Equities Fund 14,988,272 33,348,905 10.17%GreatLink Singapore Equities Fund 15,300,252 33,262,748 10.15%GreatLink Stable Bond Fund 15,384,799 16,446,350 5.02%Total Unit Trusts 256,143,019 327,851,602 100.00%

Greatlink LifeStyle Progressive PortfolioUnit Trust SingaporeGreatLink Global Bond Fund 6,062,542 6,729,422 18.70%GreatLink Global Value Equity Fund 7,261,148 8,822,295 24.52%GreatLink Global Intersection Fund 7,363,979 8,947,235 24.87%GreatLink Far East Ex Japan Equities Fund 2,597,935 5,780,404 16.07%GreatLink Singapore Equities Fund 2,622,124 5,700,497 15.84%Total Unit Trusts 25,907,728 35,979,853 100.00%

Greatlink LifeStyle Dynamic PortfolioUnit Trust SingaporeGreatLink Global Value Equity Fund 4,815,469 5,850,795 30.02%GreatLink Global Intersection Fund 4,800,238 5,832,289 29.93%GreatLink Far East Ex Japan Equities Fund 1,687,039 3,753,662 19.26%GreatLink Singapore Equities Fund 1,863,463 4,051,168 20.79%Total Unit Trusts 13,166,209 19,487,914 100.00%

59


GREATLINK CASH FUND

SGD %

Fixed Income Security 68,517,292 75.80%Cash And Cash Equivalent 22,971,030 25.41%

GREATLINK ASEAN GROWTH FUND

SGD %

Equity 208,105,148 96.39%Derivatives (22,684) -0.01%Cash And Cash Equivalent 7,101,603 3.29%

GREATLINK ENHANCER FUND

SGD %

Equity 417,614,998 98.46%Cash And Cash Equivalent 4,782,679 1.13%

GREATLINK GLOBAL SUPREME FUND

SGD %

Fixed Income Security 218,123,486 46.13%Equity 232,075,055 49.08%Derivatives 1,364,660 0.29%Cash And Cash Equivalent 46,595,832 9.82%

GREATLINK GLOBAL EQUITY FUND

SGD %

Equity 88,024,030 98.00%Derivatives 5,393 0.01%Cash And Cash Equivalent 2,111,353 2.35%

GREATLINK GLOBAL OPTIMUM FUND

SGD %

Fixed Income Security 34,156,921 56.08%Equity 25,150,773 41.29%Derivatives (98) 0.00%Cash And Cash Equivalent 1,509,055 2.44%

GREATLINK GLOBAL TECHNOLOGY FUND

SGD %

Equity 88,684,573 99.96%Derivatives 783 0.00%Cash And Cash Equivalent 810,840 0.91%

GREATLINK GLOBAL BOND FUND

SGD %

Fixed Income Security 172,445,978 94.75%Derivatives (21,064) -0.01%Cash And Cash Equivalent 44,870,740 24.65%

GREATLINK GLOBAL VALUE EQUITY FUND

SGD %

Equity 82,536,334 94.00%Derivatives 50,803 0.06%Cash And Cash Equivalent 8,156,891 9.29%

GREATLINK FAR EAST JAPAN EQUITIES FUND

SGD %


GREATLINK SINGAPORE EQUITIES FUND

SGD %


GREATLINK GLOBAL INTERSECTION FUND

SGD %


GREATLINK REAL ESTATE SECURITIES FUND

SGD %

Equity 145,469,433 98.22%Derivatives (703) 0.00%Cash And Cash Equivalent 2,971,808 2.01%


SGD %

Fixed Income Security 115,717,078 100.00%Cash And Cash Equivalent 1,706 0.00%


SGD %

Fixed Income Security 103,327,200 100.00%Cash And Cash Equivalent 2,702 0.00%

GREATLINK CHOICE (AUG 2013) FUND

SGD %

Fixed Income Security 130,830,000 100.00%

GREATLINK CHOICE (DEC 2013) FUND

SGD %

Fixed Income Security 74,235,612 100.00%

60


GREATLINK CASH FUND

SGD %By Geography (Summary)

Fixed Income Security

Australia 6,265,667 6.93%France 8,473,253 9.37%Germany 4,217,172 4.67%Japan 1,999,936 2.21%Singapore 33,039,955 36.55%South Korea 7,514,334 8.31%Sweden 2,008,760 2.22%United Arab Emirates 2,003,540 2.22%United Kingdom 2,994,675 3.31%

By Industry (Summary)


Beverage & Tobacco 2,753,254 3.05%Brokers, Dealers & Investment Houses 2,759,350 3.05%Building & Development 4,998,463 5.53%Financial Intermediaries 48,731,521 52.25%Government Agency 2,002,360 2.22%Lodging & Casinos 1,250,500 1.38%Surface Transport 2,503,675 2.77%Telecommunications 1,509,469 1.67%Utilities 2,008,700 2.22%



Equity

Indonesia 22,542,300 10.44%Malaysia 97,980,698 45.38%Philippines 13,189,177 6.11%Singapore 47,474,227 21.99%Thailand 13,262,946 6.14%United States Of America 13,655,800 6.32%


Equity

Automotive 4,283,450 1.98%Building & Development 66,188,199 30.66%Business Equipment & Services 12,817,572 5.94%Chemicals & Plastics 2,031,137 0.94%Conglomerates 14,965,345 6.93%Cosmetics / Toiletries 3,298,182 1.53%Farming / Agriculture 16,794,692 7.78%Financial Intermediaries 17,464,085 8.09%

GREATLINK ASEAN GROWTH FUND (cont’d)

SGD %Food Products 758,400 0.35%Health Care 6,061,918 2.81%Industrial Equipment 4,892,518 2.27%Lodging & Casinos 6,486,973 3.00%Nonferrous Metals / Minerals 13,273,478 6.15%Oil & Gas 14,587,996 6.76%Reits And Reocs 13,916,980 6.45%Surface Transport 10,284,223 4.76%



Equity

Australia 121,672,657 28.69%Hong Kong 74,439,560 17.55%India 16,600,366 3.91%Indonesia 6,893,061 1.63%Malaysia 14,183,189 3.34%Singapore 51,653,074 12.18%South Korea 49,343,610 11.63%Taiwan 49,350,658 11.64%Thailand 11,595,148 2.73%United States Of America 21,883,675 5.16%


Equity

Brokers, Dealers & Investment Houses 3,522,658 0.83%Building & Development 30,767,977 7.25%Business Equipment & Services 22,235,969 5.24%Chemicals & Plastics 7,023,667 1.66%Conglomerates 4,717,625 1.11%Drugs 14,645,030 3.45%Electronics / Electrical 22,917,663 5.40%Financial Intermediaries 95,092,573 22.42%Food Products 4,953,229 1.17%Forest Products 4,566,052 1.08%Health Care 5,598,243 1.32%Insurance 28,640,931 6.75%Leisure Goods / Activities / Movies 7,327,304 1.73%Lodging & Casinos 1,355,573 0.32%Nonferrous Metals / Minerals 41,321,041 9.74%Oil & Gas 20,175,552 4.76%Reits And Reocs 28,460,329 6.71%Retailers 4,498,769 1.06%Steel 6,937,996 1.64%Surface Transport 14,564,790 3.43%Telecommunications 18,803,949 4.43%Utilities 14,226,119 3.35%Zero Default Risk 15,261,959 3.60%

61




Equity

Australia 7,392,745 1.56%Austria 743,842 0.16%Belgium 404,707 0.09%Canada 6,308,365 1.33%Denmark 269,357 0.06%Finland 19,652 0.00%France 11,150,562 2.36%Germany 10,856,854 2.30%Hong Kong 4,194,723 0.89%Ireland 665,381 0.14%Italy 1,687,767 0.36%Japan 18,132,113 3.83%Netherlands 5,159,502 1.09%Norway 1,850,675 0.39%Portugal 12,573 0.00%Russia 185,369 0.04%Singapore 896,526 0.19%Spain 3,078,868 0.65%Sweden 4,864,010 1.03%Switzerland 8,230,224 1.74%Thailand 90,128 0.02%United Kingdom 20,914,144 4.42%United States Of America 124,966,968 26.43%


Australia 8,258,506 1.75%Canada 3,023,669 0.64%Germany 42,482,124 8.98%Japan 30,426,375 6.43%Malaysia 3,329,283 0.70%Netherlands 20,055,637 4.24%New Zealand 1,125,300 0.24%Poland 5,411,904 1.14%Singapore 4,969,850 1.05%South Africa 3,205,800 0.68%Sweden 4,074,507 0.86%United Kingdom 25,219,534 5.33%United States Of America 66,540,997 14.07%


Equity

Aerospace & Defense 1,689,829 0.36%Air Transport 5,226,772 1.11%Automotive 10,532,442 2.23%Beverage & Tobacco 3,291,225 0.70%Brokers, Dealers & Investment Houses 3,607,030 0.76%Building & Development 10,059,505 2.13%Business Equipment & Services 12,624,606 2.67%Cable & Satellite Television 2,516,699 0.53%Chemicals & Plastics 3,773,575 0.80%

SGD %Clothing / Textiles 1,518,427 0.32%Conglomerates 3,563,763 0.75%Containers & Glass Products 581,296 0.12%Cosmetics / Toiletries 1,152,781 0.24%Drugs 11,418,138 2.41%Ecological Services & Equipment 136,199 0.03%Electronics / Electrical 11,221,871 2.37%Farming / Agriculture 2,363,555 0.50%Financial Intermediaries 27,289,127 5.77%Food & Drug Retailers 4,427,620 0.94%Food Products 4,649,630 0.98%Food Service 637,333 0.13%Forest Products 292,805 0.06%Government Agency 3,474,018 0.73%Health Care 7,600,679 1.61%Home Furnishings 954,790 0.20%Industrial Equipment 1,687,190 0.36%Insurance 5,269,534 1.11%Leisure Goods / Activities / Movies 2,927,775 0.62%Lodging & Casinos 1,162,667 0.25%Nonferrous Metals / Minerals 9,553,841 2.02%Oil & Gas 16,176,451 3.42%Publishing 1,673,109 0.35%Radio & Television 3,883,782 0.82%Rail Industries 242,041 0.05%Reits And Reocs 2,552,523 0.54%Retailers 11,567,632 2.45%Steel 3,980,857 0.84%Surface Transport 5,083,680 1.08%Telecommunications 18,080,447 3.82%Utilities 12,474,985 2.64%Zero Default Risk 1,154,826 0.24%


Financial Intermediaries 1,477,651 0.31%Sovereign 208,387,329 44.07%State And Municipality 8,258,506 1.75%



Equity

Australia 429,199 0.48%Austria 2,282,109 2.54%Belgium 1,557,883 1.73%Denmark 1,009,569 1.12%France 4,669,346 5.20%Germany 4,928,438 5.49%Hong Kong 5,155,729 5.74%Japan 3,393,635 3.78%Netherlands 6,387,559 7.11%Sweden 7,554,754 8.41%Switzerland 3,493,750 3.89%

62


GREATLINK GLOBAL EQUITY FUND (cont’d)

SGD %United Kingdom 6,560,048 7.30%United States Of America 40,602,011 45.20%


Equity

Aerospace & Defense 931,366 1.04%Air Transport 2,528,052 2.81%Automotive 3,039,394 3.38%Beverage & Tobacco 2,051,010 2.28%Brokers, Dealers & Investment Houses 788,231 0.88%Building & Development 2,749,698 3.06%Business Equipment & Services 4,928,507 5.49%Cable & Satellite Television 187,331 0.21%Chemicals & Plastics 768,972 0.86%Clothing / Textiles 300,530 0.33%Conglomerates 2,384,526 2.65%Cosmetics / Toiletries 13,921 0.02%Drugs 6,068,571 6.76%Electronics / Electrical 5,305,919 5.91%Equipment Leasing 95,661 0.11%Financial Intermediaries 14,248,457 15.86%Food & Drug Retailers 883,991 0.98%Food Products 3,381,729 3.76%Food Service 1,020,083 1.14%Forest Products 1,360,357 1.51%Health Care 201,378 0.22%Home Furnishings 1,071,557 1.19%Industrial Equipment 1,885,074 2.10%Insurance 5,496,739 6.12%Lodging & Casinos 455,626 0.51%Nonferrous Metals / Minerals 991,028 1.10%Oil & Gas 8,532,215 9.50%Publishing 294,833 0.33%Radio & Television 3,748,314 4.17%Rail Industries 324,438 0.36%Reits And Reocs 863,759 0.96%Retailers 1,700,444 1.89%Steel 1,242,385 1.38%Surface Transport 529,357 0.59%Telecommunications 6,292,596 7.01%Utilities 925,631 1.03%Zero Default Risk 432,350 0.48%



Equity

Luxembourg 25,150,773 41.29%

SGD %Fixed Income Security

Austria 1,399,030 2.30%Belgium 1,295,543 2.13%Canada 1,759,547 2.89%France 353,740 0.58%Germany 6,985,774 11.47%Ireland 2,682,418 4.40%Japan 1,062,259 1.74%Netherlands 1,540,879 2.53%Norway 733,965 1.21%Singapore 1,413,475 2.32%South Africa 690,908 1.13%Spain 182,662 0.30%Sweden 709,727 1.17%United Kingdom 2,416,449 3.97%United States Of America 10,930,545 17.95%


Equity

Zero Default Risk 25,150,773 41.29%


Abs Consumer 362,618 0.60%Automotive 179,890 0.30%Brokers, Dealers & Investment Houses 656,027 1.08%Business Equipment & Services 351,165 0.58%Cable & Satellite Television 178,176 0.29%Financial Intermediaries 8,011,504 13.15%Government Agency 6,092,179 10.00%Health Care 359,226 0.59%Industrial Equipment 891,839 1.46%Radio & Television 246,886 0.41%Retailers 172,379 0.28%Sovereign 15,201,533 24.96%Telecommunications 1,110,881 1.82%Utilities 342,618 0.56%



Equity

Canada 2,110,527 2.38%France 867,746 0.98%Japan 1,081,850 1.22%Luxembourg 662,852 0.75%Netherlands 1,333,459 1.50%South Korea 2,425,522 2.73%Taiwan 4,189,521 4.72%United States Of America 76,013,096 85.67%

63


GREATLINK GLOBAL TECHNOLOGY FUND (cont’d)

SGD %By Industry (Summary)

Equity

Brokers, Dealers & Investment Houses 662,852 0.75%Business Equipment & Services 40,719,306 45.89%Electronics / Electrical 22,938,137 25.85%Financial Intermediaries 1,557,872 1.76%Home Furnishings 1,081,850 1.22%Leisure Goods / Activities / Movies 5,878,419 6.63%Telecommunications 15,846,137 17.86%




Australia 578,858 0.32%Bermuda 152,416 0.08%Cayman Islands 2,120,745 1.17%Denmark 1,044,898 0.57%France 7,678,792 4.22%Germany 5,514,051 3.03%India 306,550 0.17%Italy 4,382,291 2.41%Japan 21,726,707 11.94%Luxembourg 941,375 0.52%Netherlands 4,810,393 2.64%Poland 668,881 0.37%Russia 608,329 0.33%South Korea 1,071,528 0.59%United Kingdom 3,388,378 1.86%United States Of America 117,451,786 64.53%



Abs Consumer 7,030,724 3.86%Automotive 617,284 0.34%Beverage & Tobacco 305,889 0.17%Brokers, Dealers & Investment Houses 612,061 0.34%Cable & Satellite Television 630,592 0.35%Cmbs Diversified 2,498,786 1.37%Conglomerates 308,385 0.17%Financial Intermediaries 16,608,574 8.80%Government Agency 81,817,964 44.95%Industrial Equipment 300,399 0.17%Insurance 501,408 0.28%Oil & Gas 1,601,924 0.88%Radio & Television 459,421 0.25%Reits And Reocs 150,251 0.08%Rmbs A 10,237,845 5.63%Sovereign 46,759,626 25.69%State And Municipality 633,898 0.35%

SGD %Surface Transport 152,416 0.08%Telecommunications 1,218,531 0.67%



Equity

Australia 1,325,011 1.51%Austria 480,101 0.55%Belgium 464,129 0.53%Canada 4,397,579 5.01%Finland 107,465 0.12%France 7,965,674 9.07%Germany 2,978,220 3.39%Hong Kong 934,812 1.06%Ireland 449,369 0.51%Italy 399,773 0.46%Japan 9,691,544 11.04%Netherlands 3,152,914 3.59%Norway 1,273,353 1.45%Singapore 429,976 0.49%Spain 822,332 0.94%Sweden 1,535,275 1.75%Switzerland 3,584,378 4.08%United Kingdom 6,844,206 7.80%United States Of America 35,700,223 40.66%


Equity

Aerospace & Defense 1,262,256 1.44%Air Transport 781,546 0.89%Automotive 1,430,561 1.63%Beverage & Tobacco 1,648,281 1.88%Brokers, Dealers & Investment Houses 339,913 0.39%Building & Development 5,596,034 6.37%Business Equipment & Services 5,446,723 6.20%Chemicals & Plastics 1,676,536 1.91%Clothing / Textiles 135,848 0.15%Conglomerates 1,917,938 2.18%Cosmetics / Toiletries 289,358 0.33%Drugs 5,190,164 5.91%Electronics / Electrical 7,223,947 8.23%Farming / Agriculture 1,728,506 1.97%Financial Intermediaries 14,580,740 16.61%Food & Drug Retailers 207,129 0.24%Food Products 1,253,680 1.43%Forest Products 53,763 0.06%Government Agency 1,554,874 1.77%Health Care 2,294,064 2.61%Home Furnishings 434,237 0.49%Industrial Equipment 301,357 0.34%

64


GREATLINK GLOBAL VALUE EQUITY FUND (cont’d)

SGD %Insurance 3,124,883 3.56%Leisure Goods / Activities / Movies 605,424 0.69%Lodging & Casinos 67,877 0.08%Nonferrous Metals / Minerals 3,175,789 3.62%Oil & Gas 4,746,553 5.41%Publishing 626,404 0.71%Radio & Television 1,858,429 2.12%Rail Industries 113,382 0.13%Retailers 4,401,625 5.01%Surface Transport 756,288 0.86%Telecommunications 5,853,978 6.67%Utilities 1,858,247 2.12%

GREATLINK FAR EAST EX JAPAN EQUITIES FUND


Equity

Hong Kong 29,172,646 29.51%Indonesia 2,139,825 2.16%Malaysia 11,741,075 11.88%Singapore 9,552,750 9.66%South Korea 21,694,052 21.95%Taiwan 7,411,763 7.50%Thailand 996,298 1.01%United States Of America 2,997,983 3.03%


Equity

Automotive 362,537 0.37%Building & Development 13,075,153 13.23%Business Equipment & Services 7,003,422 7.09%Chemicals & Plastics 1,641,847 1.66%Clothing / Textiles 1,807,430 1.83%Conglomerates 5,740,720 5.81%Electronics / Electrical 9,165,737 9.27%Farming / Agriculture 1,028,640 1.04%Financial Intermediaries 14,679,639 14.85%Food Products 1,249,541 1.26%Health Care 1,251,799 1.27%Industrial Equipment 698,280 0.71%Insurance 2,609,600 2.64%Lodging & Casinos 881,122 0.89%Nonferrous Metals / Minerals 3,496,579 3.54%Oil & Gas 2,298,929 2.33%Reits And Reocs 3,027,554 3.06%Retailers 3,386,765 3.43%Steel 2,386,729 2.41%Surface Transport 4,072,811 4.12%Telecommunications 3,463,632 3.50%Zero Default Risk 2,377,926 2.41%



Equity

Singapore 114,942,299 90.39%United States Of America 5,767,870 4.54%


Equity

Building & Development 23,366,084 18.38%Business Equipment & Services 11,382,550 8.95%Farming / Agriculture 1,908,000 1.50%Financial Intermediaries 27,796,671 21.86%Food Products 1,928,380 1.52%Health Care 5,119,050 4.03%Industrial Equipment 2,320,000 1.82%Nonferrous Metals / Minerals 5,987,200 4.71%Publishing 1,983,600 1.56%Reits And Reocs 15,219,130 11.97%Surface Transport 17,743,350 13.95%Telecommunications 5,956,154 4.68%



Equity

Australia 4,745,290 5.52%France 4,607,197 5.36%Germany 5,897,160 6.86%Hong Kong 1,473,522 1.71%Japan 4,184,338 4.87%Netherlands 3,728,393 4.34%New Zealand 16,455 0.02%Russia 475,007 0.55%Singapore 273,120 0.32%Sweden 2,477,156 2.88%Switzerland 658,803 0.77%United Kingdom 5,080,531 5.91%United States Of America 46,918,234 54.56%

Equity

Aerospace & Defense 650,340 0.76%Air Transport 3,816,848 4.44%Automotive 3,009,208 3.50%Brokers, Dealers & Investment Houses 2,347,703 2.73%Building & Development 1,609,470 1.87%Business Equipment & Services 5,112,139 5.94%Chemicals & Plastics 701,265 0.82%Clothing / Textiles 58,220 0.07%Conglomerates 1,473,522 1.71%

65


GREATLINK GLOBAL INTERSECTION FUND (cont’d)

SGD %Drugs 66,171 0.08%Electronics / Electrical 920,804 1.07%Financial Intermediaries 12,217,843 13.49%Food & Drug Retailers 2,738,014 3.18%Food Products 1,610,998 1.87%Government Agency 2,268,152 2.64%Health Care 4,293,813 4.99%Home Furnishings 209,311 0.24%Industrial Equipment 16,420 0.02%Insurance 681,951 0.79%Leisure Goods / Activities / Movies 112,130 0.13%Lodging & Casinos 92,449 0.11%Nonferrous Metals / Minerals 6,889,460 8.01%Oil & Gas 10,621,134 12.35%Retailers 3,026,282 3.52%Steel 890,427 1.04%Surface Transport 3,155,742 3.67%Telecommunications 7,151,232 8.32%Utilities 4,794,158 5.57%

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND


Equity

Australia 13,865,518 9.36%Austria 882,015 0.60%Belgium 451,604 0.30%Canada 2,018,464 1.36%Finland 654,058 0.44%France 6,689,376 4.52%Germany 1,310,833 0.89%Hong Kong 12,696,851 8.57%Italy 837,356 0.57%Japan 18,279,838 12.34%Luxembourg 640,504 0.43%Malaysia 6,556,348 4.43%Netherlands 1,999,746 1.35%Singapore 6,734,510 4.55%Sweden 2,217,819 1.50%United Kingdom 13,392,393 9.04%United States Of America 56,242,200 37.97%


Equity

Building & Development 59,694,559 40.30%Clothing / Textiles 704,898 0.48%Conglomerates 741,924 0.50%Financial Intermediaries 1,747,949 1.18%Lodging & Casinos 2,437,222 1.65%Reits And Reocs 75,792,843 51.17%Utilities 4,350,038 2.94%




Singapore 115,717,078 100.00%



Financial Intermediaries 115,717,078 100.00%




Singapore 103,327,200 100.00%







Singapore 130,830,000 100.00%







Singapore 74,235,612 100.00%




66



Ratings by Assets SGD %


A 115,717,078 100.00%




A 103,327,200 100.00%




AA 130,830,000 100.00%




AA 74,235,612 100.00%

GREATLINK CASH FUND



AAA 2,002,360 2.22%AA 23,689,200 26.21%A 28,060,993 31.04%BBB 8,017,876 8.87%B 3,000,000 3.32%Not Rated 3,746,863 4.15%




AAA 139,721,384 29.55%AA 31,904,026 6.75%A 11,863,095 2.51%Not Rated 34,634,981 7.32%




AAA 24,174,792 39.69%AA 3,172,207 5.21%A 3,519,861 5.78%BBB 2,567,571 4.22%Not Rated 722,490 1.19%




AAA 123,065,250 67.62%AA 26,073,639 14.33%A 16,866,603 9.27%BBB 5,963,873 3.28%BB 160,018 0.09%Not Rated 316,595 0.17%

67



Ratings by Maturity SGD %


Up to 5 years 115,717,078 100.00%




Up to 5 years 103,327,200 100.00%




More than 5 years to 10 years 130,830,000 100.00%




More than 5 years to 10 years 74,235,612 100.00%

GREATLINK CASH FUND



Up to 5 years 68,517,292 75.80%




Up to 5 years 106,967,471 22.62%More than 5 years to 10 years 54,120,652 11.45%More than 10 years to 15 years – 0.00%More than 15 years to 20 years 3,533,628 0.75%More than 20 years to 25 years 45,409,692 9.60%More than 25 years 8,092,043 1.71%




Up to 5 years 17,441,119 28.64%More than 5 years to 10 years 10,312,242 16.93%More than 10 years to 15 years 742,068 1.22%More than 15 years to 20 years 980,436 1.61%More than 20 years to 25 years 1,883,682 3.09%More than 25 years 2,797,374 4.59%




Up to 5 years 36,335,342 19.96%More than 5 years to 10 years 23,403,661 12.86%More than 10 years to 15 years 3,003,168 1.65%More than 15 years to 20 years 1,659,460 0.91%More than 20 years to 25 years 7,121,498 3.91%More than 25 years 100,922,849 55.45%

68


EXPENSE RATIOS TURNOVER RATIOS

Jun 2006 Jun 2007 Jun 2006 Jun 2007Greatlink Cash Fund 0.32% 0.32% 212.21% 116.71%Greatlink ASEAN Growth Fund 1.05% 1.02% 101.13% 142.22%Greatlink Enhancer Fund 1.04% 1.02% 44.08% 27.39%Greatlink Global Supreme Fund 1.05% 0.85% 96.67% 193.81%GreatLink Pan Asian Fund# 1.79% 1.70% 54.16% 37.65%GreatLink European Equity Fund# 1.67% 1.69% 35.00% 34.00%Greatlink Global Equity Fund 1.78% 1.80% 82.32% 103.39%Greatlink Global Optimum Fund 1.25% 1.28% 896.34% 851.34%Greatlink Global Technology Fund 1.80% 1.79% 195.63% 192.41%Greatlink Global Growth Trends Portfolio# 2.00% 1.99% 25.04% 33.32%Greatlink Global Bond Fund 0.87% 0.86% 470.86% 316.97%Greatlink Global Value Equities Fund 1.53% 1.51% 47.66% 34.70%Greatlink Far East Ex Japan Equities Fund 1.29% 1.26% 85.77% 77.87%Greatlink Singapore Equities Fund 1.03% 1.01% 52.16% 72.36%Greatlink Global Intersection Fund 1.53% 1.52% 65.82% 178.81%GreatLink Stable Bond Fund# 0.72% 0.74% 85.18% 65.43%Greatlink Lifestyle Secured Portfolio 0.93% 0.94% 312.12% 221.46%Greatlink Lifestyle Steady Portfolio 1.08% 1.07% 267.87% 204.57%Greatlink Lifestyle Balanced Portfolio 1.19% 1.17% 205.55% 171.94%Greatlink Lifestyle Progressive Portolio 1.27% 1.27% 143.23% 139.31%Greatlink Lifestyle Dynamic Portfolio 1.42% 1.40% 60.41% 97.26%Greatlink Global Real Estate Securities 1.65% 1.35% 51.59% 33.25%GreatLink Choice (Sep 2010) Fund 1.69% 1.69% 0.00% 0.00%GreatLink Choice (Oct 2010) Fund 1.66% 1.66% 0.00% 0.00%GreatLink Choice (Aug 2013) Fund NA 1.52% NA 0.00%GreatLink Choice (Dec 2013) Fund NA 1.12% NA 0.00%Greatlink Lion Japan Growth Fund# NA 2.04% NA 28.00%Greatlink Lion China Growth Fund# NA 1.58% NA 29.00%Greatlink Lion India Fund# NA 1.84% NA 36.00%

The expense ratios do not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performancefees, foreign exchange gains or losses, front or back end loads, arising from the purchase or sale of collective investment schemes, taxdedeucted at source, dividend and other distributions paid to unit holders and is calculated for the preceding 12 months.

# These are feeder funds, Expense ratios include all expenses incurred at both Singapore level and parent fund level.

Turnover ratios are calculated for the period under review.

There are no comparatives for GreatLink (Aug 2013) Fund, GreatLink Choice (Dec 2013) Fund, GreatLink Lion Japan Growth Fund,GreatLink Lion China Growth Fund and GreatLink Lion India Fund as these funds were incepted during the year.

69

S O F T D O L L A R C O M M I S S I O N S as at 30 June 2007


Funds managed by Lion Capital Management LtdThe managers currently do receive or enter into soft-dollar commissions/arrangements in respect of the ILP. Themanagers will comply with applicable regulatory and industry standards on soft-dollars. The soft-dollar commissionswhich the managers currently receive include research and advisory services, economic and political analyses, portfolioanalyses, market analyses, data and quotation analyses and computer hardware and software used for and in supportof the investment process of managers. The managers will not accept or enter into soft dollar commissions/arrangementsunless such soft-dollar commissions/arrangements would, in the opinion of the managers, assist the managers in theirmanagement of the ILP, provided that the managers shall ensure at all times that transactions are executed on the bestavailable terms taking into account the relevant market at the time for transactions of the kind and size concerned,and that no unnecessary trades are entered into in order to qualify for such soft-dollar commissions/arrangements.

Fund managed by Alliance Capital Management (Singapore) LtdAlthough currently the Manager does not receive or enter into soft-dollar commissions/arrangements, the InvestmentManager of AllianceBernstein – Global Growth Trends Portfolio ("Luxembourg GGTP") does receive and has enteredinto soft-dollar commissions/arrangements with brokers relating to portfolio of Luxembourg GGTP that invest in equitysecurities, in respect of which certain goods and services used to support the investment decision making process werereceived. Notwithstanding this, the Managers may use those goods and services received under the Investment Manager'ssoft dollar arrangements. The soft commission arrangements were entered into on the basis that the execution oftransactions on behalf of Luxembourg GGTP will be consistent with best execution standards and brokerage rateswill not be in excess of customary institutional full-service brokerage rates. The goods and services received includespecialist industry, company and consumer research. The nature of the goods and services received is such that thebenefits provided under the arrangement must be those which assist in the provision of investment services to LuxembourgGGTP and may contribute to an improvement in Luxembourg GGTP's performance. For the avoidance of doubt, suchgoods 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) LtdIn its management of the Trust, the Managers accept soft dollar commissions from, or enter into soft dollar arrangementswith, stockbrokers who execute trades on behalf of the Trust and the soft dollars received are restricted to the followingkinds 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 commissionsor arrangements shall reasonably assist the Managers in their management of the Trust and the Managers shall ensureat all times that the transactions are executed at the best available terms taking into account the relevant market atthe time for transactions of the kind and size concerned. The Managers shall not enter into unnecessary trades in orderto qualify for such soft dollar commissions or arrangements and shall not receive goods and services such as travel,accommodation and entertainment.

70

TO P 1 0 I N V E S T M E N T S as at 30 June 2007

S$°: Market Value %+: Percentage of Net Asset Value

GREATLINK LIFESTYLE SECURE PORTFOLIO

The GreatLink Lifestyle Secure Portfolio invested more than 30% of its assets in the GreatLink Global Bond Fund. The following arethe key information on the underlying funds:

Top Ten Holdingsas at 30 June 2006S$° %+

French Republic 5.000 25/04/2012 37,275 0.53%Federal Home Loan Bank 5.500 27,960 0.46%Fannie Mae 5.500 31/12/9999 21,382 0.40%Federal Republic Of Germany 5.625 14,858 0.34%

04/01/2028Federal Republic Of Germany 5.250 12,555 0.31%

04/01/2011Freddie Mac 5.50 01/06/2035 8,936 0.26%United Kingdom 4.750 07/06/2010 3,188 0.16%Italian Republic 5.000 01/02/2012 2,791 0.15%Japan 0.70 20/09/2009 2,401 0.14%Fannie Mae 5.500 01/09/2032 2,204 0.13%

GREATLINK LIFESTYLE STEADY PORTFOLIO

The GreatLink Lifestyle Steady Portfolio invested more than 30% of its assets in the GreatLink Global Bond Fund. The following arethe key information on the underlying funds:

GREATLINK LIFESTYLE BALANCED PORTFOLIO

The GreatLink Lifestyle Balanced Portfolio invested more than 30% of its assets in the GreatLink Global Bond Fund. The followingare the key information on the underlying funds:


Fannie Mae 6.000 01/07/2036 122,884 0.68%Ginnie Mae 6.000 01/07/2037 31,092 0.34%French Republic 5.000 25/04/2012 17,757 0.26%Fannie Mae 5.500 07/01/2033 12,962 0.22%Freddie Mac 5.500 01/05/2037 12,949 0.22%Japan 1.100 10/12/2016 8,849 0.18%Federal Republic Of Germany 5.625 6,817 0.16%

04/01/2028Fannie Mae 6.000 01/10/2036 6,422 0.16%Federal Republic Of Germany 5.250 6,046 0.15%

04/01/2011Italian Republic 5.000 01/02/2012 5,356 0.14%






Fannie Mae 6.000 01/07/2036 143,314 0.79%Ginnie Mae 6.000 01/07/2037 36,261 0.40%French Republic 5.000 25/04/2012 20,709 0.30%Fannie Mae 5.500 07/01/2033 15,117 0.26%Freddie Mac 5.500 01/05/2037 15,102 0.26%Japan 1.100 10/12/2016 10,320 0.21%Federal Republic Of Germany 5.625 7,950 0.19%








Fannie Mae 6.000 01/07/2036 1,142,930 6.31%Ginnie Mae 6.000 01/07/2037 289,182 3.18%French Republic 5.000 25/04/2012 165,155 2.40%Fannie Mae 5.500 07/01/2033 120,559 2.05%Freddie Mac 5.500 01/05/2037 120,436 2.05%Japan 1.100 10/12/2016 82,305 1.69%Federal Republic Of Germany 5.625 63,404 1.49%



71




GREATLINK LIFESTYLE DYNAMIC PORTFOLIOThe GreatLink Lifestyle Dynamic Portfolio invested more than 30% of its assets in the GreatLink Global Value Equity Fund. The followingare the key information on the underlying funds:

GREATLINK LIFESTYLE DYNAMIC PORTFOLIOThe GreatLink Lifestyle Dynamic Portfolio invested more than 30% of its assets in the GreatLink Global Intersection Fund. The followingare the key information on the underlying funds:


Astrazeneca Plc 2,157 0.19%Schlumberger Ltd 1,520 0.16%Washington Mutual Inc 1,173 0.14%Orix Corp 1,077 0.13%General Electric Co 987 0.13%Sandisk Corp 871 0.12%Sanofi-Synthelabo Sa 857 0.12%Applied Materials Inc 800 0.11%Vodafone Group Plc 755 0.11%Fannie Mae 723 0.11%


Lyxor Intl Am 2,632 0.14%Bouygues 1,575 0.11%Washington Mutual Inc 1,356 0.10%Sandisk Corp 1,332 0.10%General Electric Co 1,317 0.10%Holcim 1,312 0.10%Potash Corp Of Saskatchewan 1,199 0.10%Ing Groep Nv 1,160 0.09%Compagnie Financiere Richemont 1,159 0.09%Astrazeneca Plc 1,069 0.09%


Astrazeneca Plc 3,262 0.16%Altria Group Inc 2,803 0.15%Citigroup Inc 2,753 0.15%E.On Ag 2,739 0.15%Total Sa 2,087 0.13%Ingersoll-Rand Co 1,830 0.12%Canadian National Railway Co 1,781 0.12%Sanofi-Synthelabo Sa 1,741 0.12%Canon Inc 1,626 0.12%Westpac Banking Corp 1,528 0.11%


Chevrontexaco Corp 6,163 0.22%Bhp Billiton Ltd 5,924 0.22%E.On Ag 5,916 0.22%Freeport-Mcmoran Copper & Gold 5,739 0.21%Marathon Oil Corp 5,423 0.21%Bt Group Plc 5,119 0.20%Mobile Telesystems Ojsc Adr 5,043 0.20%IBM 4,972 0.20%BNP Paribas 4,775 0.19%Morgan Stanley 4,345 0.19%


DBS Bank Ltd 6,172,100 10.04%Singtel 6,127,572 9.97%United Overseas Bank Ltd 6,084,000 9.90%Singapore Airlines Ltd 2,717,800 4.42%Singapore Press Holdings Ltd 2,399,900 3.91%Keppel Corp Ltd 2,190,300 3.56%Capitaland Ltd 2,056,500 3.35%St Engineering 1,901,620 3.09%City Developments Ltd 1,664,300 2.71%Cosco Corp Singapore Ltd 1,587,600 2.58%


DBS Bank Ltd 10,738,800 8.45%United Overseas Bank Ltd 9,460,000 7.44%Cosco Corp Singapore Ltd 6,414,100 5.04%Singtel 5,956,154 4.68%United Overseas Land Ltd 5,701,400 4.48%Smrt Corp Ltd 5,171,250 4.07%City Developments Ltd 4,203,900 3.31%Macarthurcook Industrial Reit 4,129,650 3.25%Singapore Post Ltd 3,683,000 2.90%Cdl Hospitality Trusts 3,421,860 2.69%

72






French Republic 5.000 25/04/2012 6,989,307 5.88%Federal Home Loan Bank 5.500 6,056,496 5.09%Fannie Mae 5.500 31/12/9999 5,297,705 4.45%Federal Republic Of Germany 5.625 4,415,786 3.71%

04/01/2028Federal Republic Of Germany 5.250 4,059,529 3.41%

04/01/2011Freddie Mac 5.50 01/06/2035 3,421,169 2.88%United Kingdom 4.750 07/06/2010 2,043,640 1.72%Italian Republic 5.000 01/02/2012 1,911,834 1.61%Japan 0.70 20/09/2009 1,776,723 1.49%Fannie Mae 5.500 01/09/2032 1,699,447 1.43%


Fannie Mae 6.000 01/07/2036 18,106,705 9.95%Ginnie Mae 6.000 01/07/2037 9,107,839 5.00%French Republic 5.000 25/04/2012 6,882,955 3.78%Fannie Mae 5.500 07/01/2033 5,880,712 3.23%Freddie Mac 5.500 01/05/2037 5,877,705 3.23%Japan 1.100 10/12/2016 4,858,946 2.67%Federal Republic Of Germany 5.625 4,264,704 2.34%

04/01/2028Fannie Mae 6.000 01/10/2036 4,139,324 2.27%Federal Republic Of Germany 5.250 4,016,147 2.21%

04/01/2011Italian Republic 5.000 01/02/2012 3,780,231 2.08%


Astrazeneca Plc 1,979,825 2.76%Altria Group Inc 1,834,650 2.56%Citigroup Inc 1,815,545 2.54%E.On AG 1,813,424 2.53%Total SA 1,582,390 2.21%Ingersoll-Rand Co 1,481,520 2.07%Canadian National Railway Co 1,462,924 2.04%Sanofi-Synthelabo SA 1,444,012 2.02%Canon Inc 1,396,866 1.95%Westpac Banking Corp 1,354,652 1.89%


Chevrontexaco Corp 2,795,836 3.25%Bhp Billiton Ltd 2,741,224 3.19%E.On Ag 2,739,388 3.19%Freeport-Mcmoran Copper & Gold 2,698,040 3.14%Marathon Oil Corp 2,622,776 3.05%Bt Group Plc 2,548,223 2.96%Mobile Telesystems Ojsc Adr 2,529,029 2.94%IBM 2,511,194 2.92%BNP Paribas 2,461,090 2.86%Morgan Stanley 2,347,703 2.73%



Astrazeneca Plc 1,154,136 2.25%Schlumberger Ltd 967,828 1.89%Washington Mutual Inc 850,509 1.66%Orix Corp 815,800 1.59%General Electric Co 781,810 1.52%Sandisk Corp 733,608 1.43%Sanofi-Synthelabo SA 726,634 1.42%Applied Materials Inc 702,813 1.37%Vodafone Group Plc 683,930 1.33%Fannie Mae 669,346 1.30%


Lyxor Intl Am 1,862,560 2.12%Bouygues 1,440,955 1.64%Washington Mutual Inc 1,336,918 1.52%Sandisk Corp 1,324,863 1.51%General Electric Co 1,317,310 1.50%Holcim 1,315,196 1.50%Potash Corp Of Saskatchewan 1,257,260 1.43%Ing Groep Nv 1,236,720 1.41%Compagnie Financiere Richemont 1,236,150 1.41%Astrazeneca Plc 1,186,926 1.35%

73



GREATLINK FAR EAST EX JAPAN EQUITIES FUND


Samsung Electronics Co Ltd 4,221,437 6.98%Cosco Pacific Ltd 1,876,987 3.10%China Shenhua Energy Co Ltd 1,764,643 2.92%Cathay Financial Holding Co Ltd 1,556,081 2.57%Samsung Techwin Co Ltd 1,519,741 2.51%Hana Financial Group Inc 1,501,689 2.48%Hysan Development Co Ltd 1,493,678 2.47%Woori Finance Holdings Co Ltd 1,487,654 2.46%City Developments Ltd 1,346,400 2.23%Hanwha Corp 1,324,304 2.19%


Hanwha Corp 2,961,301 3.00%Woori Finance Holdings Co Ltd 2,854,907 2.89%Equine Capital Bhd 2,418,767 2.45%Maanshan Iron & Steel 2,386,729 2.41%Hong Kong Exchanges And Clearing 2,377,926 2.41%Malaysian Resources Corp Bhd 2,365,031 2.39%China Overseas Land & Investment 2,233,978 2.26%Sime Darby Bhd 2,083,861 2.11%Samsung Electronics Co Ltd 1,902,046 1.92%Dnp Holdings Bhd 1,807,430 1.83%

GREATLINK CASH FUND


Countrywide Finl Corp 3.75 17/03/2007 4,498,650 5.20%Lehman Brothers 5.180 11/12/2006 3,267,875 3.77%Parkway Holdings Ltd 2.197 01/10/2007 2,999,700 3.47%Abu Dhabi Commercial Bnk Floating 2,999,370 3.46%

08/12/2006Countrywide Finl Corp 3.75 17/03/2007 2,998,500 3.46%International Factors Ltd 1.800 2,997,000 3.46%

27/08/2009Bmw Coordination Ctr Vof 3.3 2,991,900 3.46%

17/01/2007Ge Cap Australia Funding 3.415 2,742,025 3.17%

12/06/2007Export-Import Bank Korea 2,498,220 2.89%Parkway Holdings Ltd 2.197 01/10/2009 2,249,775 2.60%


Lrp Lb Rheinland-Pfalz 0 28/09/2007 4,217,172 4.67%Macquarie Bank Ltd 3.430 18/01/2008 3,763,500 4.16%Csse Nat Csse Eparg Prev 0 28/09/2007 3,603,133 3.99%Dexia Credit Local 0.00 28/09/2007 3,373,585 3.73%Sunshine Assets Ltd Floating 23/04/2008 3,000,000 3.32%Royal Bk Of Scotland Plc 0.00 2,994,675 3.31%

31/07/2007Hsh N Finance Ltd 0.00 31/07/2007 2,994,375 3.31%Woori Bank 3.520 23/01/2008 2,761,963 3.06%Fraser & Neave Ltd 3.260 09/09/2007 2,753,254 3.05%Jurong Shipyard Pte Ltd 3.71 30/08/2007 2,503,675 2.77%



DBS Bank Ltd 8,452,700 6.50%Telekomunikasi Indonesia Tbk 6,848,443 5.27%St Engineering 6,129,690 4.72%Singapore Airlines Ltd 4,851,400 3.73%Capitaland Ltd 3,951,000 3.04%PTT Pcl 3,723,205 2.87%Berlian Laju Tanker Tbk Pt 3,396,813 2.61%Gallant Venture Ltd 3,180,000 2.45%Perusahaan Gas Negara Pt 3,015,249 2.32%Starhub Ltd 2,957,160 2.28%


Equine Capital Bhd 6,698,124 3.10%Sime Darby Bhd 5,953,888 2.76%Malaysian Resources Corp Bhd 5,762,513 2.67%Sunrise Bhd 5,749,754 2.66%Asiatic Development Bhd 5,373,561 2.49%Malaysian Plantations Bhd 5,269,191 2.44%Semen Gresik Persero Tbk Pt 5,197,231 2.41%Smrt Corp Ltd 4,826,500 2.24%Wct Engineering Bhd 4,638,251 2.15%Sc Global Developments Ltd 4,595,262 2.13%

74





Samsung Electronics Co Ltd 18,895,957 5.66%BHP Billiton Ltd 11,927,056 3.57%Hana Financial Group Inc 11,359,235 3.40%Commonwealth Bank Of Australia 10,054,207 3.01%National Australia Bank Ltd 9,752,819 2.92%Kookmin Bank 9,725,787 2.91%DBS Bank Ltd 8,452,700 2.53%China Overseas Land & Investment 8,321,199 2.49%Babcock & Brown Japan Property Reit 7,986,761 2.39%Macquarie Bank Ltd 7,984,921 2.39%


Hong Kong Exchanges And Clearing 15,261,958 3.60%Csl Ltd 14,645,030 3.45%Commonwealth Bank Of Australia 13,814,993 3.26%Cdl Hospitality 13,702,200 3.23%Qbe Insurance Group Ltd 11,016,907 2.60%Mediatek Inc 10,956,526 2.58%Rio Tinto Ltd 10,892,191 2.57%China Overseas Land & Investment 10,620,944 2.50%China Construction Bank 10,597,707 2.50%Hon Hai Precision Industry 10,053,845 2.37%



Federal Republic Of Germany 3.750 5,365,510 5.61%04/01/2015

Canadian Government 4.250 01/09/2008 4,881,374 5.10%Japan 1.400 22/06/2009 4,234,738 4.43%United States Of America 3.00 3,590,348 3.75%

15/02/2009Federal Republic Of Germany 4 3,067,390 3.21%

04/01/2037Japan 1.400 20/09/2011 2,893,039 3.03%French Republic 3.5 12/07/2011 2,614,461 2.73%United Kingdom 4.750 07/06/2010 2,572,067 2.69%Kingdom Of The Netherlands 4.250 2,561,632 2.68%

15/07/2013Nestle SA 1,600,115 1.67%


Alliancebernstein - Global Equ Unit 25,150,773 41.29%Trust (Equity) Lu

Republic Of Ireland 4.600 18/04/2016 1,804,356 2.96%Bundesobligation 3.250 17/04/2009 1,619,456 2.66%Kingdom Of The Netherlands 5.500 1,540,879 2.53%

15/01/2028Republic Of Singapore 3.625 01/07/2011 1,413,475 2.32%Oekb Oest. Kontrollbank 1.800 1,399,030 2.30%

22/03/2010Fannie Mae 1.750 26/03/2008 1,372,326 2.25%Kfw 1.850 20/09/2010 1,327,828 2.18%Kingdom Of Belgium 3.750 28/03/2009 1,295,543 2.13%Federal Home Loan Bank 4.375 1,259,424 2.07%

17/03/2010



Italian Republic 0.95 15/09/2010 22,485,256 4.34%United States Of America 4.25 14,200,475 2.74%

15/01/2011Japan 0.50 10/06/2015 11,434,385 2.21%Federal Republic Of Germany 3.000 8,416,608 1.62%

11/04/2008Japan 1.700 20/09/2010 7,389,468 1.43%United States Of America 4.625 7,205,744 1.39%

31/03/2008Japan 1.900 20/03/2009 7,088,771 1.37%Japan 0.600 20/12/2008 6,998,441 1.35%Japan 1.100 21/03/2011 6,834,934 1.32%Astrazeneca Plc 6,524,207 1.26%



United States Of America 4.750 19,975,609 4.22%28/02/2009


United Kingdom 5.750 07/12/2009 17,471,780 3.69%United States Of America 4.500 14,575,479 3.08%

31/03/2009Japan 1.500 20/03/2014 11,631,420 2.46%Japan 1.700 22/03/2010 10,702,912 2.26%Federal Republic Of Germany 5.250 8,877,798 1.88%

04/01/2011United States Of America 4.25 8,609,531 1.82%

15/11/2014Japan 2.5 20/06/2036 8,092,043 1.71%

75



GREATLINK GLOBAL REAL ESTATE SECURITIES FUND



Norsk Hydro Asa 4,765,038 4.65%Bank Of America Corp 3,384,759 3.30%Loews Corp 3,038,353 2.96%Hewlett-Packard Co 2,354,538 2.30%Choice Hotels International 2,319,053 2.26%Mbia Inc 2,096,168 2.05%Procter & Gamble Co 2,059,309 2.01%Voestalpine AG 1,709,317 1.67%Schlumberger Ltd 1,688,551 1.65%Orkla Asa 1,539,630 1.50%


Nordea Bank Ab 2,416,900 2.69%Cisco Systems Inc 2,329,947 2.59%Exxon Mobil Corp 2,270,729 2.53%Time Warner Inc 2,242,911 2.50%Volvo Ab 2,193,990 2.44%Unilever Nv 1,948,781 2.17%Zurich Financial Services Ag 1,948,485 2.17%Mbia Inc 1,811,885 2.02%Pfizer Inc 1,763,766 1.96%Jp Morgan Chase & Co 1,748,797 1.95%



Microsoft Corp 6,178,096 5.65%Cisco Systems Inc 5,999,067 5.48%Intel Corp 5,800,662 5.30%IBM 4,251,359 3.89%Samsung Electronics Co Ltd 4,114,606 3.76%Nokia Oyj 3,831,235 3.50%Google Inc 3,658,319 3.34%Oracle Corp 3,081,015 2.82%Texas Instruments Inc 2,897,907 2.65%Yahoo! Inc 2,837,761 2.59%


Google Inc 5,676,028 6.40%Apple Computer Inc 5,636,931 6.35%Hewlett-Packard Co 5,234,299 5.90%Hon Hai Precision Industry 4,189,521 4.72%Intel Corp 4,157,363 4.69%IBM 3,895,570 4.39%Nokia Oyj 3,680,173 4.15%Lam Research Corp 3,458,991 3.90%Electronic Arts Inc 2,952,830 3.33%Corning Inc 2,946,428 3.32%


Host Marriott Corp Reit 2,171,856 3.07%Simon Property Group Inc Reit 2,084,062 2.95%Westfield Group Reit 1,975,070 2.79%Boston Properties Inc Reit 1,972,742 2.79%Mitsubishi Estate Co Ltd 1,882,408 2.66%Land Securities Group Plc 1,853,451 2.62%Prologis Reit 1,772,007 2.51%Mitsui Fudosan Co Ltd 1,753,138 2.48%British Land Co Plc 1,570,044 2.22%Vornado Realty Trust Reit 1,558,014 2.20%


Sun Hung Kai Properties Ltd 5,596,371 3.78%Mitsubishi Estate Co Ltd 4,771,191 3.22%Mitsui Fudosan Co Ltd 4,713,603 3.18%Simon Property Group Inc Reit 4,459,665 3.01%Cheung Kong Holdings Ltd 4,407,232 2.98%Westfield Group Reit 4,363,555 2.95%Unibail 4,350,038 2.94%British Land Co Plc 3,513,721 2.37%Sumitomo Realty & Development 3,335,685 2.25%Vornado Realty Trust Reit 3,124,691 2.11%

76



GREATLINK GLOBAL GROWTH TRENDS PORTFOLIO

FEEDER FUNDS

Top Ten Holdingsas at 30 June 2006US$° %+

Halliburton 140,410,028 2.90%Citigroup 137,668,316 2.90%American International Group 113,956,134 2.40%Noble Energy 100,171,559 2.10%UBS 97,515,054 2.00%Credit Suisse Group 96,173,131 2.00%Nomura Holdings 93,061,729 2.00%Jp Morgan Chase 84,693,109 1.80%Procter & Gamble 82,187,007 1.70%Nabors Industries 71,325,953 1.50%

Top Ten Holdingsas at 30 June 2007US$° %+

JPMorgan Chase 133,601,082 2.90%Lehman Brothers 132,707,904 2.90%Credit Suisse Group 130,369,240 2.80%Blackstone Group 91,385,453 2.00%UBS 90,502,557 1.90%American International Group 88,937,633 1.90%Rio Tinto 78,255,922 1.70%Total 65,107,451 1.40%Procter & Gamble 64,107,706 1.40%General Electric 62,898,410 1.40%

GREATLINK LION JAPAN GROWTH FUND


Orix Corporation 2,924,712 2.30%Chiba Bank Ltd 2,905,020 2.30%Murata Manufacturing Co Ltd 2,870,157 2.30%Mitsui Fudosan Co Ltd 2,691,817 2.20%Sumitomo Realty & Developmnt 2,681,785 2.10%Nippon Chemi-Com Corp 2,590,882 2.10%Mitsubishi Electric Corp 2,567,326 2.10%Sumitomo Trust & Banking Co Ltd 2,498,690 2.00%Daiwa Securities Group Inc 2,437,311 1.90%Denso Corp 2,437,311 1.90%

GREATLINK LION INDIA FUND


Reliance Industries Ltd 19,985,611 9.70%Bharti Airtel Limited 17,632,828 8.60%Infosys Technologies Ltd 16,445,635 8.00%Icici Bank Ltd 13,279,170 6.40%Tata Consultancy Services Ltd 11,264,257 5.50%Larsen & Toubro Ltd 10,498,086 5.10%Idea Cellular Ltd 9,410,110 4.60%United Phosphorus Ltd 8,187,172 4.00%Housing Development Finance Corp Ltd 8,005,264 3.90%Siemens India Ltd 7,541,631 3.70%

GREATLINK LION CHINA GROWTH FUND


China Mobile Ltd 9,687,423 3.80%Ishares Asia Trust - Ishares Ftse/ 9,480,246 3.80%

Xinhua A50 China TrackerChina Merchants Bank Co Ltd H Shr 8,809,416 3.50%China Construction Bank H Shr 8,643,979 3.40%China Overseas Land & Inv 8,271,421 3.30%Shanghai Jinjiang International Hotel 8,007,427 3.20%

Development Co Ltd B ShrHong Kong Exchanges And Clearing Ltd 7,486,458 3.00%Nine Dragons Paper Holgings Ltd 7,445,398 2.90%Dalian Port Pda Co Ltd Shs H 6,315,926 2.50%Cnooc Ltd 6,040,730 2.40%

77



GREATLINK EUROPEAN EQUITY FUND

GREATLINK PAN ASIA FUND


Vodafone Group Plc (Gbp) 42,651,268 4.69%Royal Dutch Shell Plc CL A (Eur) 34,983,998 3.85%Royal Bank Of Scotland Group 25,913,515 2.85%Sanofi-Aventis 23,720,367 2.61%Banco Santander Central Hispano 21,851,389 2.40%Swiss RE Namen (Schweiz Ruckvers) 20,045,093 2.20%Ing Groep NV Cva 20,006,818 2.20%Bnp Paribas 18,993,327 2.09%Astrazeneca Plc 17,453,932 1.92%Nokia Corp 17,033,533 1.87%


Royal Dutch Shell Plc CL A (Eur) 40,1225,753 3.72%Sanofi-Aventis 31,173,171 2.89%Total SA (Fr) 30,748,809 2.85%Swiss RE Namen (Schweiz Ruckvers) 26,115,044 2.42%Ing Groep NV Cva 26,004,294 2.41%Novartis AG Namen 23,737,393 2.20%Bouygues 21,349,726 1.98%Siemens AG Namen 19,425,227 1.80%Royal Bank Of Scotland Group 19,385,537 1.80%Koninklijke Kpn NV 19,245,030 1.78%


Toyota Motor Corp 4,423,018 4.77%East Japan Railway Co 2,671,313 2.88%Takeda Pharmaceutical Company Limited 2,415,835 2.61%Sumitomo Mitsui Financial Group Inc 2,389,302 2.58%Samsung Electronics Co Ltd 2,273,377 2.45%Nippon Telegraph And Telephone Corp 2,254,541 2.43%Mitsubishi Ufj Financial Group Inc 2,180,437 2.35%Ricoh Co Ltd 2,154,085 2.32%Astellas Pharma Inc 1,863,105 2.01%Nomura Holdings Inc 1,721,078 1.86%


Westpac Banking Corp Ltd 1,738,886 2.42%Toyota Motor Corp 1,682,261 2.34%Mizuho Financial Group Inc 1,626,511 2.26%Seven & I Hldg Co Ltd 1,613,787 2.24%Nidec Corp 1,532,287 2.13%Sumitomo Mitsui Financial Grp 1,471,448 2.04%Sompo Japan Insurance Inc 1,459,831 2.03%East Japan Railway Co 1,438,435 2.00%Astellas Pharma Inc 1,418,279 1.97%T & D Hldg Inc 1,364,900 1.90%

GREATLINK STABLE BOND FUND


Winmall Ltd Frn 27/04/2011 12,004,083 9.88%Standard Chartered Bank Frcd Var 11,001,926 9.07%

16/07/2007Housing & Development Board Mtn 8,303,008 6.79%

(Br) 3.215% 18/09/2006Oversea-Chinese Banking (Reg) 5% 7,753,795 5.98%

06/09/2011Export-Import Bank Of Korea Emtn 6,993,237 5.76%

3.25% 13/12/2006Citibank Singapore Fxcd (Br) 2.06% 5,949,682 4.87%

14/05/2007Smrt Corporation Ltd (Br) 3.41% 4,995,291 4.12%

21/12/2006City Developments Ltd Mtn 3.18% 4,507,582 3.54%

03/12/2009Lehman Brothers Holdings Plc Emtn 4,265,082 3.32%

5.18% 11/12/2006Sp Powerassets Ltd Emtn (Br) Frn 3,996,040 3.30%

27/04/2012


Winmall Limited FRN 27/04/2011 9,788,978 7.18%(27/10/2009 Extendible)

Capitaland Treasury Limited MTN 9,122,160 6.69%FRN 15/03/2011

Joynote Limited 3.655% 26/10/2009 8,646,702 6.34%FRN 15/03/2011

United Overseas Bank Limited 4.95% 8,613,518 6.32%30/09/2016

Sun Hung Kai Prop MTN 3.69% 8,143,282 5.97%06/11/2009

Oversea-Chinese Banking 5% 7,564,238 5.55%06/09/2011

Star Topaz Limited Series 2006-1 Cl A 7,063,590 5.18%FRN 05/01/2013

United Overseas Land Limited 5,966,306 4.38%3.34% 15/05/2012

Emirates Bank International EMTN 5,254,787 3.86%FRN 27/04/2011

Shinhan Bank Series MTN FRN 5,024,955 3.69%19/01/2009

78

C A P I TA L A C C O U N T for the period 01 January 2007 to 30 June 2007

GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLinkCash ASEAN Enhancer Global Pan Asia European Global Global Global Global GlobalFund Growth Fund Supreme Fund Equity Equity Optimum Technology Growth Bond

Fund Fund Fund Fund Fund Fund Trends Fund Portfolio

Value of Fund as at1 January 2007 97,702,314 160,265,937 380,403,070 503,823,555 65,566,992 39,733,045 98,849,108 95,872,841 106,257,217 21,007,046 128,461,539

Amount paid to the Fundfor creation of units 32,262,801 19,984,499 9,605,151 78,598 4,115,240 1,036,745 80,945 146,095 21,401 827,416 61,208,253

Amount paid by the Fundfor liquidation of units (41,037,215) (15,573,617) (37,004,582) (45,724,040) (22,332,356) (7,257,337) (16,751,732) (36,050,866) (27,295,122) (2,675,935) (5,339,652)

Net cash into Fund 88,927,900 164,676,819 353,003,639 458,178,113 47,349,876 33,512,453 82,178,321 59,968,070 78,983,496 19,158,527 184,330,140

Investment IncomeInterest 1,201,992 24,085 20,581 4,763,059 – – 3,349 1,046,850 5,394 – 3,644,059Dividends – 3,673,331 5,409,696 3,035,586 – – 1,591,464 246,337 180,389 – –Other Income – – – – – – – – – – –

1,201,992 3,697,416 5,430,277 7,798,645 – – 1,594,813 1,293,187 185,783 – 3,644,059

Fund ExpensesManagement Fees (137,790) (906,446) (1,935,740) (1,995,923) – (32,430) (833,845) (422,739) (833,652) (756) (635,805)Custody Fees (5,505) (10,663) (22,914) (28,805) – – (5,619) (4,261) (5,743) – (8,789)Audit Fees (2,500) (2,500) (4,500) (5,000) – – (2,500) (5,000) (2,500) – (1,250)Other Expenses – (912) – – – (1,420) – – – – –

(145,795) (920,521) (1,963,154) (2,029,728) – (33,850) (841,964) (432,000) (841,895) (756) (645,844)

Tax Deducted at Source – (317,647) (360,115) (626,003) – – (308,446) (55,598) (57,131) – (11,539)

Net Income/(Loss) 1,056,197 2,459,248 3,107,008 5,142,914 – (33,850) 444,403 805,589 (713,243) (756) 2,986,676

Net Gains/(Losses)on Investments

Realised Gains/(losses) fromsale of investments 45,001 33,556,865 33,522,955 46,617,748 – – 9,091,504 4,394,813 4,641,133 – (741,651)

Unrealised appreciation/(depreciation) in value ofinvestments during the period 390,282 15,709,225 34,412,392 (37,120,085) 5,907,603 3,206,418 (2,110,740) (3,528,835) 5,844,953 1,336,942 (2,243,761)

Realised Gains/(Losses)on Foreign Exchange – (605,203) (5,645) (9,326,197) – – (8,778) (2,766,424) (4,680) – (1,006,715)

Unrealised Gains/(Losses) onForeign Exchange (28,131) 134,548 101,706 9,980,321 – – 24,176 1,715,868 (52,322) – 984,155

Realised Gains/(Losses)on Derivatives – – – 202,056 – – 234,054 (345,701) 61,226 – (1,912,813)

Unrealised Gains/(Losses)from Derivatives – (22,684) – (812,413) – – (28,789) 663,210 (36,806) – (394,122)

407,152 48,772,751 68,031,408 9,541,430 5,907,603 3,206,418 7,201,427 132,931 10,453,504 1,336,942 (5,314,907)

Less: Distribution – – – – – – – – – – –

Value of Fund as at30 June 2007 90,391,249 215,908,818 424,142,055 472,862,457 53,257,479 36,685,021 89,824,151 60,906,590 88,723,757 20,494,713 182,001,909

79

C A P I TA L A C C O U N T for the period 01 January 2007 to 30 June 2007

GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLinkGlobal Far East Singapore Global Stable Global Choice Choice Choice Choice Lion Japan Lion LionValue ex Japan Equities Intersection Bond Real Estate Sep 2010 Oct 2010 Aug 2013 Dec 2013 Growth China India

Equity Equities Fund Fund Fund Securities Fund Fund Fund Fund Fund Growth FundFund Fund Fund Fund

63,837,754 81,073,384 81,754,354 84,314,756 25,410,721 116,182,918 111,391,788 99,356,853 125,721,400 71,657,460 – – –

19,936,399 15,095,967 42,236,168 20,318,255 8,796,351 36,994,458 – – – – 9,771,922 80,242,753 47,025,869

(954,767) (17,124,428) (21,093,362) (24,474,361) (2,033,943) (3,188,378) – – – – (169,654) (217,372) (361,808)

82,819,386 79,044,923 102,897,160 80,158,650 32,173,129 149,988,998 111,391,788 99,356,853 125,721,400 71,657,460 9,602,268 80,025,381 46,664,061

27,252 23,704 58,709 34,177 – 79,070 3 27 – – – – –843,784 1,241,001 1,918,763 1,072,115 – 2,351,171 – – – – – – –

– – – – – – – – – – – – –871,036 1,264,705 1,977,472 1,106,292 – 2,430,241 3 27 – – – – –

(553,629) (551,632) (525,551) (571,264) – (509,632) – – – – – – –(4,333) (5,261) (6,303) (4,564) – (8,311) – – – – – – –(1,250) (2,500) (2.,500) (1,250) – (250) (1,250) (1,250) – – – – –

– (197) – (3,340) – – – – – – – – –(559,212) (559,590) (534,354) (580,418) – (518,193) (1,250) (1,250) – – – – –

(152,649) (121,851) (146,247) (203,903) – (478,203) – – – – – – –

159,175 583,264 1,296,871 321,971 – 1,433,845 (1,247) (1,223) – – – – –

1,748,366 13,847,316 13,805,135 9,973,127 – 4,127,102 – – – – – – –

3,091,415 5,349,405 9,161,101 (4,349,510) 514,031 (7,421,417) 4,328,243 10,055,932 – – 46,744 11,587,969 4,674,129

(19,946) (80,101) 1,156 (72,586) – (101,160) – – – – – – –

(48,652) 103,005 (5,253) (36,703) – 1,712 – – – – – – –

1,697 – – – – – – – – – – – –

50,586 – – 3 – 82,833 – (6,081,660) 5,108,600 2,578,152 – – –

4,823,466 19,219,625 22,962,139 5,514,331 514,031 (3,310,930) 4,328,243 3,974,272 5,108,600 2,578,152 46,744 11,587,969 4,674,129

– – – – – – – – – – – – –

87,802,027 98,847,812 127,156,170 85,994,952 32,687,160 148,111,913 115,718,784 103,329,902 130,830,000 74,235,612 9,649,012 91,613,350 51,338,190

80

STATEMENT OF ASSETS AND LIABILITIES as at 30 June 2007

GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLinkCash ASEAN Enhancer Global Pan Asia European Global Global Global Global GlobalFund Growth Fund Supreme Fund Equity Equity Optimum Technology Growth Bond

Fund Fund Fund Fund Fund Fund Trends Fund Portfolio

Investment Portfolio

Equities – 194,352,868 389,154,669 229,693,207 – – 87,372,247 – 88,684,573 – –Fixed Income Securities 68,517,292 – – 218,123,534 – – – 34,156,921 – – 172,445,978Unit Trusts – – 9,996,522 – 53,257,479 36,717,451 – 25,150,773 – 20,532,962 –REITS – 13,752,280 18,463,807 2,381,800 – – 651,783 – 783 – –Derivatives – (22,684) – 1,364,660 – – 5,393 (98) – – (21,064)

Value of Investments 68,517,292 208,082,464 417,614,998 451,563,201 53,257,479 36,717,451 88,029,423 59,307,596 88,685,356 20,532,962 172,424,914

CURRENT ASSETS

Fixed deposits 22,807,976 6,600,000 3,300,000 27,172,925 – – 230,321 – – – 15,810,203Cash and bank balances 163,054 501,603 1,482,679 19,422,907 – – 1,881,030 1,509,055 810,840 – 29,060,537Total interest bearingdeposits and bank balances 22,971,030 7,101,603 4,782,679 46,595,832 – – 2,111,351 1,509,055 810,840 – 44,870,740

Accrued interest 466,010 723 362 3,708,107 – – – 459,984 – – 941,356

Dividend receivable – 207,341 1,061,155 559,600 – – 196,282 41,355 18,897 – –

Due from brokers/unit – 4,909,048 1,107,768 11,523,603 – – – – 1,532,157 – 13,005,986holders for investment sales

Total Assets 91,954,332 220,301,179 424,566,962 513,950,343 53,257,479 36,717,451 90,337,056 61,317,990 91,047,250 20,532,962 231,242,996

CURRENT LIABILITIES

Due to brokers/unit holders 1,514,508 4,175,022 – 39,996,396 – – 101,172 206,152 1,908,953 – 48,891,080for investment purchases

Other liabilities – accrued 48,574 217,339 424,907 1,091,490 – 32,430 411,733 205,248 414,540 38,249 350,007management and custody fees

Value of fund as at30 June 2007 90,391,249 215,908,818 424,142,055 472,862,457 53,257,479 36,685,021 89,824,151 60,906,590 88,723,757 20,494,713 182,001,909

Units in issue 76,872,208 86,086,063 171,532,091 377,919,315 42,517,117 31,547,825 107,042,088 53,852,854 190,429,275 13,933,598 164,020,468

Net Asset Value per Unit 1.176 2.508 2.473 1.251 1.253 1.164 0.839 1.131 0.466 1.471 1.110

81

STATEMENT OF ASSETS AND LIABILITIES as at 30 June 2007

GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLink GreatLinkGlobal Far East Singapore Global Stable Global Choice Choice Choice Choice Lion Japan Lion LionValue ex Japan Equities Intersection Bond Real Estate Sep 2010 Oct 2010 Aug 2013 Dec 2013 Growth China India

Equity Equities Fund Fund Fund Securities Fund Fund Fund Fund Fund Growth FundFund Fund Fund Fund

80,612,529 81,695,580 105,491,039 80,535,208 – 67,045,847 – – – – – – –– – – – – – – – – – – – –

1,862,560 – – – 32,687,160 – 115,717,078 103,327,200 130,830,000 74,235,612 9,649,012 91,613,350 51,338,19061,245 4,010,810 15,219,130 – – 78,423,586 – – – – – – –50,803 – – – – (703) – – – – – – –

82,587,137 85,706,390 120,710,169 80,535,208 32,687,160 145,468,730 115,717,078 103,327,200 130,830,000 74,235,612 9,649,012 91,613,350 51,338,190

– 6,000,000 1,338 – – 1,416,810 – – – – – – –13,715,439 5,139,403 5,715,534 5,175,238 – 1,554,998 1,706 2,702 – – – – –

13,715,439 11,139,403 5,716,872 5,175,238 – 2,971,808 1,706 2,702 – – – – –

– 678 – – – – – – – – – – –

142,097 147,176 16,000 177,021 – 438,360 – – – – – – –

39,793 3,660,165 2,614,677 401,948 – 535,198 – – – – – – –

96,484,466 100,153,812 129,057,718 86,289,415 32,687,160 149,414,096 115,718,784 103,329,902 130,830,000 74,235,612 9,649,012 91,613,350 51,338,190

8,337,628 1,001,912 1,582,440 – – 776,471 – – – – – – –

304,811 304,088 319,108 294,463 – 525,712 – – – – – – –

87,802,027 98,847,812 127,156,170 85,994,952 32,687,160 148,111,913 115,718,784 103,329,902 130,830,000 74,235,612 9,649,012 91,613,350 51,338,190

72,288,507 44,435,544 58,488,056 70,880,792 30,580,929 119,022,682 113,671,000 101,700,000 124,600,000 75,828,000 10,075,957 81,311,169 48,463,744

1.215 2.225 2.175 1.223 1.069 1.244 1.018 1.016 1.050 0.979 0.958 1.127 1.059

82

N OT E S TO T H E A C C O U N T S

1 GeneralThe GreatLink Funds comprise:

Direct FundsGreatLink ASEAN Growth FundGreatLink Enhancer FundGreatLink Global Optimum FundGreatLink Global Supreme FundGreatLink Cash FundGreatLink Global Bond FundGreatLink Global Value Equity FundGreatLink Global Intersection FundGreatLink Far East ex Japan Equities FundGreatLink Singapore Equities FundGreatLink Global Technology FundGreatLink Global Equity FundGreatLink Real Estate Securities FundGreatLink Choice (Sep 2010) FundGreatLink Choice (Oct 2010) FundGreatLink Choice (Aug 2013) FundGreatLink Choice (Dec 2013) Fund

Feeder FundsGreatLink European Equity FundGreatLink Pan Asia FundGreatLink Global Growth Trends PortfolioGreatLink Stable Bond FundGreatlink Lion Japan Growth Fund#

Greatlink Lion China Growth Fund#

Greatlink Lion India Fund#

Fund of Funds (LifeStyle Portfolios) *GreatLink LifeStyle Secure PortfolioGreatLink LifeStyle Steady PortfolioGreatLink LifeStyle Balanced PortfolioGreatLink LifeStyle Progressive PortfolioGreatLink LifeStyle Dynamic Portfolio

* The LifeStyle Portfolios invest in existing GreatLink Funds, namely GreatLink Global Bond Fund, GreatLink Global Value EquityFund, GreatLink Global Intersection Fund, GreatLink Far East ex Japan Equities Fund, GreatLink Singapore Equities Fund andGreatLink Stable Bond Fund (see note 3).

# The financial statements of GreatLink Lion Japan Growth Fund, GreatLink China Growth Fund and GreatLink Lion India Fundcover the period from 9 January 2007 (dates of inception) to 30 June 2007.

83


2 Significant accounting policies

a. Basis of accountingThe financial statements are expressed in Singapore dollars, and are prepared in accordancewith the historical cost convention, except for investments and derivatives which are carriedat fair value.

b. Recognition of income and expensesDividend income is recognised when the shareholders' right to receive payment is established.Interest income is recognised as interest accrues (using the effective interest method),unless collectibility is in doubt.

Expenses are recognised on an accrual basis.

c. InvestmentsAll purchases of investments are recognised on their trade dates, i.e., the date the commitmentexists to purchase the investments. The investments are initially recorded at fair value (orcost representing fair value on trade date) which would include transaction costs directlyattributable to the acquisition of the investments. After initial recognition, the unrealisedgains or losses on remeasurement to fair value are taken to the capital account. Fair valueis determined by using open market valuation at the year-end date. The bid price has beenadopted for all investments except for quoted equity investments. For equity investmentstraded on exchanges, fair value is derived from the last traded price on the respectiveexchange.

d. Realised gains/losses from sale of investmentsAll sales of investments are recognised on their trade dates i.e., the date the fund commitsto sell the investments.

Realised gains/losses from sale of investments are taken to the Capital Account.

e. Foreign currency transactionsForeign currency transactions are translated into Singapore dollars at exchange ratesprevailing at the transaction dates and foreign currency monetary assets and liabilities aretranslated at the approximate rates ruling at year end. Differences on exchange are includedin the Capital Account.

f. Derivative financial instrumentsAll derivatives including embedded derivatives are carried at fair value. All fair value changeson derivatives are taken to the Capital Account. Fair value of derivatives is determined byusing the average of two or three indicative bid prices obtained from intermediaries andbrokers.

84


3 LifeStyle PortfoliosThe value of the funds and units in issue are as follows: -

Value of Fund as at Units Net Asset30 June 2007 in Issue Value per unit

S$ S$GreatLink LifeStyle Secure Portfolio 20,653,982 16,748,007 1.233 GreatLink LifeStyle Steady Portfolio 29,961,748 23,486,035 1.276 GreatLink LifeStyle Balanced Portfolio 327,851,602 234,079,706 1.401 GreatLink LifeStyle Progressive Portfolio 35,979,853 23,708,636 1.518 GreatLink LifeStyle Dynamic Portfolio 19,487,914 13,046,022 1.494

4 DerivativesThe GreatLink Funds enter into derivative contracts for the purposes of hedging foreign currencyand interest risk exposures, and efficient portfolio management. The derivative contracts tradedinclude foreign exchange forward contracts, interest rate swaps, futrues and options.

Fair ValueAsset (Liability)

S$ S$Forward foreign exchange contractsGreatLink Asean Growth Fund – (22,684)GreatLink Global Supreme Fund 713,554 –GreatLink Optimum Fund – (98)GreatLink Global Technology Fund 783 –GreatLink Global Bond Fund 553,492 –GreatLink Global Value Equity Fund 50,803 –GreatLink Real Estate Securities Fund – (703)

Interest rate swapsGreatLink Global Supreme Fund 651,106 –GreatLink Global Bond Fund 753,411 –

Futures purchasedGreatLink Global Equity Fund 5,393 –GreatLink Global Bond Fund – (1,297,310)

Options purchasedGreatLink Global Bond Fund – (30,657)

5 Management FeesManagement fees are payable to The Great Eastern Life Assurance Company Limited andits related company, Lion Capital Management Limited.

6 Distribution to Policy HoldersNo sub-fund made any distribution to policy holders for the year ended 30 June 2007.

CEO’s Message

Lead Stories

Announcements

Lifestyle Portfolios

Balanced

Global Equity

Asian Equity

Non-Equity

Others

Portfolio Statement

Expense & Turnover Ratios


Top 10 Investments

Capital Account

Statement Of Assets & Liabilities

Notes To The Accounts

contentsc o n t e n t s








To maximise total returns in S$ terms over the longerterm by investing in a balanced but diversified portfolioof equities and debt securities of the major stock & bondmarkets around the world.To provide long-term total return in excess of thecustom benchmark while managing the overall riskof the portfolio.

To seek long-term capital appreciation by investingprimarily in a diversified portfolio of common stocksglobally.

To achieve capital appreciation through the continuousmanagement of a diversified portfolio of transferablesecurities consisting primarily of common stocks,researched and selected on a world-wide basis.To provide long-term total returns consistently inexcess of the MSCI World Index while controllingthe tracking risk relative to benchmark.To maximise long-term growth of capital by investingprincipally in a global portfolio of equity securities.The Portfolio currently consists of six subportfolios:Communications & Info Tech, HealthCare, CapitalGoods / Infrastructure, Energy, & Natural Resources,Consumer Growth and Finance.To achieve long-term capital growth throughinvestment in stocks in the European markets.

To achieve long-term capital growth throughinvestment in global technology stocks.

To provide investors with medium to long term capitalappreciation and to make regular income distributionsby investing globally in (a) equities securities ofcompanies that derive a substantial part of their revenuefrom the ownership, management and/or developmentof real estate and (b) Real Estate Investment Trusts(REITS) listed or traded in a regulated market.

Risk Category


Higher Risk /BroadlyDiversifiedMedium to HighRisk / BroadlyDiversified

Medium to HighRisk / BroadlyDiversifiedMedium to HighRisk / BroadlyDiversified



Higher Risk /Diversified


Higher Risk /BroadlyDiversifiedHigher Risk /BroadlyDiversified

Higher Risk /NarrowlyFocused(Regional -Europe)Higher Risk /NarrowlyFocused (Sector- Technology)Higher Risk /NarrowlyFocused (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

1-Aug-00

25-Mar-02

25-Mar-02

15-Aug-01

10-Jul-00

15-Jan-01

8-Jun-05


Jun 07)

$19.49 mil

$35.98 mil

$327.85 mil

$29.96 mil

$20.65 mil

$427.86 mil

$60.91 mil

$89.82 mil

$87.8 mil

$85.99 mil

$20.49 mil

$36.69 mil

$88.72 mil

$148.11 mil


To invest substantially in Global, Far East ex Japanand Singapore equities, or in one or more mutualfund(s) and unit trust(s) reflecting an underlyinginvestment 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 investmentin such equities and bonds in the same proportionof 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 inone or more mutual fund(s) and unit trust(s)reflecting an underlying investment in such equitiesand bonds, in the proportion of approximately 20:80.

‘Top-down’ & ‘Bottom-up’ approach, Growth Style.


To deliver strong consistent investment results usingdisciplined investment processes that are supportedby a unique combination of fundamental analysisand quantitative insights.Fundamental analysis.

‘Bottom-up’ approach; fundamental and quantitativevaluation.

‘Bottom-Up’ approach.






10.42% 13.79% 29.24% 54.02% 80.22% – 57.26% 8.98%

7.89% 11.37% 25.77% 47.52% 74.88% – 59.79% 9.32%

6.30% 8.60% 18.63% 33.94% 57.06% – 47.47% 7.66%

2.99% 4.42% 10.67% 19.92% 39.00% – 34.32% 5.77%

1.99% 3.35% 8.25% 15.45% 29.38% – 29.79% 5.08%

3.22% 3.05% 7.29% 13.32% 32.52% – 31.68% 3.50%

2.82% 1.43% 3.67% 6.30% 25.39% – 19.18% 2.92%

5.93% 8.26% 16.37% 38.45% 41.48% – –11.68% –1.78%

7.14% 6.95% 14.08% 28.57% 50.93% – 27.89% 4.78%

7.81% 7.81% 13.55% 27.89% 46.56% – 27.89% 4.79%

5.68% 6.75% 14.47% 38.38% 63.44% – 54.84% 7.74%

6.89% 8.89% 27.77% 61.00% 82.16% – 22.53% 2.96%

12.56% 10.95% 21.35% 13.94% 5.43% – –50.95% –10.45%

–5.26% –0.32% 19.60% – – – 36.47% 16.32%

FundManager

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

AllianceBernstein(Singapore)Ltd

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

MgmtFee

1.3875%p.a.

1.2575%p.a.

1.1475%p.a.

1.0375%p.a.

0.8725%p.a.

1.00% p.a.1.35% p.a.(WEF 15Oct 07)1.25%

p.a.

1.75%p.a.

1.50%p.a.

1.50%p.a.

1.75%p.a.

1.85%p.a.

1.75%p.a.

1.40%p.a.

Sub Manager

–

–

–

–

–

PIMCO & Brandywine(Fixed Income)/CapitalInt’l, Acadian AssetMgm't, INTECH (Equity)Loomis, Sayles (FixedIncome)/AllianceBernstein (Equity)

Goldman SachsAsset Mgmt


Acadian AssetMgm't

–


Wellington Int'lMgmt

PramericaInvestmentMgmt

Benchmark Index






50% MSCI World Net & 50% Citigrp WorldGov Bond Index (unhedged)

40% MSCI World Net & 60% CitigroupWorld Govt Bond Index (unhedged)


MSCI World Index with Net DividendsReinvested

MSCI World Index (Net DividendsReinvested)


MSCI Europe Index, Net

MSCI AC World IT Free, Net

S&P Citigroup BMI World Property Index,Net

LIFESTYLE PORTFOLIO

Fund Name

GreatLink LifestyleDynamic Portfolio

GreatLink LifestyleProgressive Portfolio

GreatLink LifestyleBalanced Portfolio

GreatLink LifestyleSteady Portfolio

GreatLink LifestyleSecure Portfolio

BALANCEDGreatLink GlobalSupreme Fund

GreatLink GlobalOptimum Fund

GLOBAL EQUITYGreatLink GlobalEquity Fund

GreatLink GlobalValue Equity Fund

GreatLink GlobalIntersection Fund

GreatLink GlobalGrowth TrendsPortfolio (FeederFund)

GreatLink EuropeanEquity Fund (FeederFund)

GreatLink GlobalTechnology Fund

GreatLink Global RealEstate SecuritiesFund

Printed by Standard Form Pte Ltd

1

2

4

6

12

15

24

37

42

57

68

69

70

78

80

82

1 Pickering Street #13-01 Great Eastern Centre Singapore 048659www.lifeisgreat.com.sg

Statement and Reportfor the Period 1 January 2007 – 30 June 2007

GreatLinkFunds

MICA (P) 100/02/2007



Growth Style with reasonable price; 'Top-down'approach; fundamental analysis.


‘Top-down’, ‘Bottom-up’ approach.


Believes that sustained long term outperformance canbe achieved through a rigorous research methodologyand process aimed at uncovering high conviction ideas.The underlying philosophy is that securities prices willultimately reflect underlying economic fundamentals.Believes that sustained long term outperformance canbe achieved through a rigorous research methodologyand process aimed at uncovering high conviction ideas.The underlying philosophy is that securities prices willultimately reflect underlying economic fundamentals.Believes that sustained long term outperformance canbe achieved through a rigorous research methodologyand process aimed at uncovering high conviction ideas.The underlying philosophy is that securities prices willultimately reflect underlying economic fundamentals.‘Top-down’, ‘Bottom-up’ approach.


Fundamental & Technical analysis.


Rigorous research process supplemented by effectiverisk control systems that incorporates both quantitativeand qualitative screening. Emphasis is on initial nameselection for reference portfolios. Portfolio is diversifiedacross sectors.Rigorous research process supplemented by effectiverisk control systems that incorporates both quantitativeand qualitative screening. Emphasis is on initial nameselection for reference portfolios. Portfolio is diversifiedacross sectors.Rigorous research process supplemented by effectiverisk control systems that incorporates both quantitativeand qualitative screening. Emphasis is on initial nameselection for reference portdolios. Portfolio is diversifiedacross sectors.Rigorous research process supplemented by effectiverisk control systems that incorporates both quantitativeand qualitative screening. Emphasis is on initial nameselection for reference portdolios. Portfolio is diversifiedacross sectors.

Risk Category

Higher Risk /NarrowlyFocused(Regional -Asia)

Higher Risk /NarrowlyFocused(Regional - Asia)Higher Risk /NarrowlyFocused(Regional -Asia)Higher Risk /NarrowlyFocused(Regional - Asia)Higher Risk –NarrowlyFocused(Country – Japan)

Higher Risk –NarrowlyFocused(Country –Greater China)Higher Risk –NarrowlyFocused(Country –Others)Higher Risk /NarrowlyFocused (Country- Singapore)

Lower Risk /BroadlyDiversifiedLow to MediumRisk / BroadlyDiversified

Low to MediumRisk / BroadlyDiversified

–

Low to MediumRisk/ BroadlyDiversified

–

–

Launch Date

10-Jul-00

26-Apr-96

25-Mar-02

26-Apr-96

9–Jan–07

9–Jan–07

9–Jan–07

25-Mar-02

26-Apr-96

25-Mar-02

15-Jan-02

30-Sep-05

31-Oct-05

31-Aug-06

31–Dec–06


Jun 07)

$53.26 mil

$424.14 mil

$98.85 mil

$215.91 mil

$9.65 mil

$91.61 mil

$51.34 mil

$127.16 mil

$90.39 mil

$32.69 mil

$182 mil

$115.72 mil

$103.33 mil

$130.83 mil

$74.24 mil

MgmtFee

1.175 %p.a.

1.00%p.a.

1.25%p.a.

1.00%p.a.

1.75%p.a.

1.25%p.a.

1.25%p.a.

1.00%p.a.

0.30%p.a.

0.50%p.a.

0.85%p.a.









FundManager

SchroderInvestmentMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt

Lion CapitalMgmt


To achieve long-term capital growth through investmentin securities quoted on Asian stock markets includingbut not limited to Singapore, Malaysia, Thailand,Indonesia, Philippines, Hong Kong, Japan, Taiwan,China, South Korea, Australia, New Zealand and theIndian sub continent.To achieve long-term capital appreciation by investingprimarily in the equity markets of the Asia PacificRegion.

To maximise capital growth through investing primarilyin equities of companies based in China, Hong Kong,Indonesia, South Korea, Malaysia, Philippines,Singapore, Taiwan and Thailand, and also in otherAsian Pacific regions.To achieve long-term capital appreciation by investingin equities in the economies of the ASEAN region.

To provide long–term capital growth of assets of theFund by investing primarily in quoted or listed securitiesin any Recognised Stock Exchange or OTC market inJapan.

To achieve medium to long–term capital growth ofassets of the Fund by investing primarily inequity–linked securities of companies with assets inor earnings derived from the People's Republic ofChina.To achieve medium to long–term capital appreciationby investing in Indian equities and equity relatedinstruments.

To maximise capital growth through investing primarilyin Singapore equities.

To generate a return comparable to S$ time deposits.

To achieve an attractive return by investing in single Aand above quality investment grade bonds of Singaporeand major bond markets such as the G7 countries andAustralia and New Zealand. The G7 countries are Canada,France, Germany, Italy, Japan, UK and US.To achieve excess return relative to the index whileminimising volatility of return relative to the index.

The Fund objective is to seek to provide policyholderswith (1) Annual payouts of 3.50% of the Initial UnitPrice per Unit held by each policyholder as at eachpolicy anniversary; and (2) 100% capital protectionon maturity.The Fund objective is to seek to provide policyholderswith (1) Annual payouts of 3.50% of the Initial UnitPrice per Unit held by each policyholder as at eachpolicy anniversary; and (2) 100% capital protectionon maturity.The Fund objective is to seek to provide policyholderswith (1) Annual payouts of 4.90% of the Initial UnitPrice per Unit held by each policyholder as at eachpolicy anniversary; and (2) 100% of the Initial UnitPrice per Unit held on maturity.The Fund objective is to seek to provide policyholderswith (1) Annual payouts of 4.60% of the Initial UnitPrice per Unit held by each policyholder as at eachpolicy anniversary; and (2) 100% of the Initial UnitPrice per Unit held on maturity.

SubManager

–

–

–

–

–

–

–

–

–

Deutsche AssetMgmt

PIMCO

–

–

–

–

Benchmark Index

MSCI AC Asia Pacific Index

MSCI All Country Asia Pacific ex Japan,Net

MSCI AC Far East Free ex Japan Index,Net

Composite of MSCI Singapore/Malaysia/Philippines/Thailand andIndonesia, Net

TOPIX with net dividends reinvested,in SGD terms

MSCI Golden Dragon Index with netdividends reinvested, in SGD terms

MSCI India with net dividendsreinvested, in SGD terms

MSCI Singapore Free Index, Net

1 Month SIBID

Ladder 6 Months SIBOR Less 12.5bp

Lehman Global Aggregate Bond Index,50% hedged into SGD



7–year Singapore swap rate (mid rate)taken on the start of the initial offerperiod on 6 Jul 2006 i.e 3.90%.

7–year Singapore swap rate (mid rate)taken on the start of the initial offerperiod on 1 Nov 2006 i.e 3.465%.



8.86% 11.18% 18.21% 59.01% 80.03% – 32.87% 4.17%

14.86% 19.87% 48.08% 142.45% 179.44% 157.34% 160.32% 8.94%

17.54% 23.89% 55.05% 105.26% 155.45% – 134.21% 17.55%

17.80% 33.12% 68.44% 120.97% 186.63% 176.21% 164.00% 9.08%

0.21% – – – – – 0.84% –

16.67% – – – – – 18.63% –

17.28% – – – – – 11.47% –

12.64% 25.37% 67.49% 128.84% 160.05% – 128.84% 17.04%

0.68% 1.55% 3.25% 6.91% 7.79% 20.12% 23.79% 1.93%

0.66% 1.91% 4.19% 6.47% 10.21% – 12.53% 2.27%

–1.60% –1.51% –0.27% 1.46% 13.85% – 16.84% 2.89%

– – – – – – – –

– – – – – – – –

– – – – – – – –

– – – – – – – –

Fund Name

ASIAN EQUITYGreatLink Pan AsiaFund (Feeder Fund)

GreatLink EnhancerFund

GreatLink Far East exJapan Equities Fund

GreatLink ASEANGrowth Fund

GreatLink Lion JapanGrowth Fund

GreatLink Lion ChinaGrowth Fund

GreatLink Lion IndiaFund

GreatLink SingaporeEquities Fund

NON-EQUITYGreatLink Cash Fund

GreatLink StableBond Fund (FeederFund)

GreatLink GlobalBond Fund

OTHERSGreatLink Choice(Sep 2010)

GreatLink Choice(Oct 2010)

GreatLink Choice(Aug 2013)

GreatLink Choice(Dec 2013)

A Move Towards

King-SizedReturns

funds greatlink - great eastern life · $215.91 mil $9.65 mil $91.61 mil $51.34 mil $127.16 mil ......

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