GREATLINK FUNDS SUMMARY · Risk Category Medium to High Risk – Broadly Diversified Subscription...

Fund Name Investment Objectives Risk Category Launch DateCurrent

Fund Size Mgmt Fee Benchmark Index

Performance bid-bid basis

Fund Manager Sub-Manager3 mths 6 mths 1 year 3 years(Annualised)

5 years(Annualised)

10 years(Annualised)

Since inception (Total return)

Since inception (Annualised)

NON-EQUITY

GreatLink Cash Fund To generate a return comparable to S$ time deposits. Lower Risk / Broadly Diversifi ed

26-Apr-96 $39.49 mil 0.30% p.a. 1 month SIBOR less 0.25% 0.38 0.69 1.24 1.07 0.91 0.80 37.47 1.41 Lion Global Investors Ltd -

GreatLink Short Duration Bond Fund

To provide total return of capital growth and income over the medium to long term, through an actively managed portfolio of Singapore and international bonds, high quality interest rate securities, real estate investment trusts (“REITs”), business trusts and other related securities.

Low to Medium Risk / Narrowly Focused

25-Mar-02 $133.26 mil 0.50% p.a. 12-month SIBOR less 0.25% 0.21 0.86 0.21 1.82 2.11 2.51 47.79 2.36 Lion Global Investors Ltd -

GreatLink Global Bond Fund

To achieve excess return relative to the index while minimising volatility of return relative to the index.

Low to Medium Risk / Broadly Diversifi ed

15-Jan-02 $279.65 mil 0.85% p.a. Barclays Global Aggregate Bond Index 50% Hedged into SGD

0.69 0.19 0.19 1.82 2.69 3.70 70.00 3.18 Lion Global Investors Ltd PIMCO

ASIAN EQUITY

GreatLink Asia High Dividend Equity Fund

To provide long term capital growth by investing primarily in equities or equity-linked securities (including, but not limited to, preference shares, real estate investment trusts, depository receipts) of companies in the Asia Pacifi c (ex Japan) region that offer attractive dividend yields and sustainable dividend payments.

Higher Risk / Narrowly Focused

10-Jul-00 $32.04 mil 1.50% p.a. MSCI AC Asia Pacifi c ex Japan Index

-9.03 -9.40 -12.78 2.34 1.11 4.50 1.88 0.10 Lion Global Investors Ltd -

GreatLink Asia Pacifi c Equity Fund

To achievemedium to long-term capital growth from a diversifi ed portfolio of Asian-Pacifi c equities excluding Japanese equities.


26-Apr-96 $529.73 mil 1.50% p.a. MSCI AC Asia Pacifi c ex Japan Index (Gross)

-6.33 -7.56 -10.47 5.54 2.75 4.20 136.74 3.87 Aberdeen Standard Investments (Asia) Limited

-

GreatLink Far East Ex Japan Equities Fund

To maximise capital growth through investing primarily in equities of companies based in China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand, and also in other Asia Pacifi c regions except Japan.


25-Mar-02 $52.61 mil 1.50% p.a. MSCI AC Far East ex Japan Index with Net Dividends Reinvested


GreatLink ASEAN Growth Fund

To achieve long-term capital appreciation by investing in equities in the economies of the ASEAN region.


26-Apr-96 $249.86 mil 1.50% p.a. MSCI AC ASEAN Index with Net Dividends Reinvested


GreatLink Lion Japan Growth Fund

To provide long-term capital growth of assets by investing primarily in quoted or listed securities in any Recognised Stock Exchange or OTC market in Japan.


9-Jan-07 $9.75 mil 1.50% p.a. TOPIX Total Return Index, in SGD-Hedged terms

-17.42 -12.47 -16.62 1.76 3.32 5.87 -9.16 -0.80 Lion Global Investors Ltd -

GreatLink China Growth Fund

To provide capital growth by investing in equities of People’s Republic of China, Hong Kong SAR and Taiwan companies.


9-Jan-07 $163.33 mil 1.50% p.a. MSCI Golden Dragon Index with Net Dividends Reinvested

-10.72 -12.81 -9.91 8.33 6.33 7.40 45.47 3.18 Schroder Investment Management (Hong Kong) Ltd

-

GreatLink Lion India Fund

To achieve medium to long-term capital appreciation by investing in Indian equities and equity related instruments.


9-Jan-07 $74.90 mil 1.50% p.a. MSCI India with Net Dividends Reinvested, in SGD terms

1.49 -2.07 -8.07 3.83 6.88 7.21 29.47 2.18 Lion Global Investors Ltd -

GreatLink Singapore Equities Fund

To achieve medium to long-term capital growth from a portfolio of Singapore equities.


25-Mar-02 $153.39 mil 1.50% p.a. Straits Times Index -6.47 -5.92 -10.15 5.60 1.65 6.71 120.74 4.83 Aberdeen Standard Investments (Asia) Limited

-

GreatLink Lion Vietnam Fund

To achieve medium to long-term capital appreciation by investing in Vietnam. The Fund will invest in companies listed in Vietnam and other companies listed elsewhere that have operations in, or derive part of their revenue from Vietnam and the Indo-China region. The Fund may also invest in short-term fi xed income instruments listed or traded on recognised markets within the Indo-China region.


1-Feb-08 $9.97 mil 1.50% p.a. FTSE Vietnam Index -12.83 -8.53 -5.56 15.21 11.08 6.12 -14.21 -1.39 Lion Global Investors Ltd -

GREATLINK FUNDS SUMMARY as at 31 December 2018

For disclaimer, please refer to page 6.

Annual Report and Audited Financial StatementsFor the year ended 31 December 2018

The Great Eastern Life Assurance Company Limited (Registration No. 1908 00011G)

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

MCI

(P) 0

92/0

1/20

19

442512_6629 GE GreatLink Fund Booklet_Cover_GH1.indd 1442512_6629 GE GreatLink Fund Booklet_Cover_GH1.indd 1 20/3/19 7:36 PM20/3/19 7:36 PM


Printed by Medialink Printing Services Pte Ltd

The Great Eastern Life Assurance Company Limited (Reg. No. 1908 00011G)

1 Pickering Street #01-01 Great Eastern Centre Singapore 048659www.greateasternlife.com

contents






5 years(Annualised)




GREATLINK LIFESTYLE PORTFOLIOS

GreatLink Lifestyle Dynamic Portfolio

To achieve medium to long term capital appreciation for the investor Higher Risk / Broadly Diversifi ed

25-Mar-02 $29.45 mil 1.58% p.a. Composite of Underlying Funds’ Benchmarks


GreatLink Lifestyle Progressive Portfolio




GreatLink Lifestyle Balanced Portfolio

To achieve medium to long term capital appreciation for the investor Medium to High Risk / Broadly Diversifi ed



GreatLink Lifestyle Steady Portfolio




GreatLink Lifestyle Secure Portfolio




BALANCED

GreatLink Global Supreme Fund

To maximise total returns in S$ terms over the longer term by investing in a balanced but diversifi ed portfolio of equities and debt securities of the major stock & bond markets around the world.

Medium to High Risk / Broadly Diversifi ed

1-Jul-99 $341.10 mil 1.35% p.a. 50% MSCI World Net & 50% FTSE World Gov Bond Index (unhedged)

-7.80 -6.12 -4.61 2.41 3.24 5.14 74.32 2.89 Lion Global Investors Ltd Equity: Acadian Asset Management,

Capital Group, INTECH,Fixed Income:

Brandywine, PIMCO

GreatLink Global Optimum Fund

To provide long-term total return in excess of the custom benchmark while managing the overall risk of the portfolio.


23-May-01 $28.54 mil 1.35% p.a. 40% MSCI World, net & 60% FTSE World Government Bond Index (unhedged)

-5.85 -5.40 -5.55 1.71 2.69 3.23 27.29 1.38 Lion Global Investors Ltd Equity:AllianceBernstein (Singapore)

LtdFixed Income:

Loomis, Sayles & Company, L.P.

GreatLink Income Focus Fund

To provide regular income and long term capital growth by investing primarily in a portfolio of income generating securities globally.

Higher Risk / Broadly Diversifi ed

24-Jul-07 $33.76 mil 1.35% p.a. Composite of Underlying Funds’ Benchmark

-4.42 -3.14 -6.15 3.48 2.88 2.72 -2.21 -0.20 JPMorgan Asset Management (Europe) S.à r.l.

-

GreatLink Lion Asian Balanced Fund

To provide long-term total returns consistently in excess of the custom benchmark while managing the overall risk of the portfolio by investing into the equity markets of Asia Pacifi c (ex Japan) as well as primarily in bonds and other debt securities denominated in Singapore Dollars.

Medium to High Risk / Narrowly Focused

1-Feb-08 $56.87 mil 1.35% p.a. 50% MSCI AC Asia Pacifi c ex Japan Index (Gross) + 50% JP Morgan Singapore Government Bond Index

-1.83 -2.28 -4.88 4.33 2.95 3.34 12.74 1.10 Lion Global Investors Ltd Aberdeen Standard Investments (Asia) Limited

GLOBAL EQUITY

GreatLink Global Equity Fund

To seek long-term capital appreciation by investing primarily in a diversifi ed portfolio of common stocks globally.


1-Aug-00 $60.00 mil 1.60% p.a. MSCI World Index with Net Dividends Reinvested

-16.82 -12.40 -8.91 4.64 7.08 9.12 10.84 0.56 Goldman Sachs (Singapore) Pte. Ltd.

-

GreatLink Global Opportunities Fund

To provide long-term total return from an internationally diversifi ed portfolio of securities through investing all or substantially all of its assets in the Aberdeen Global - World Equity Fund, which will invest at least two-thirds of its assets in equities or equity-related securities


25-Mar-02 $94.21 mil 1.60% p.a. MSCI World Index with Gross Dividends Reinvested


-

GreatLink Global Thematic Fund

To seek long-term growth of capital by investing in a global universe of companies in multiple industries that are positively exposed to environmentally- or socially-oriented sustainable investment themes.


15-Aug-01 $19.73 mil 1.60% p.a. MSCI AC World Index -12.95 -10.07 -8.71 4.87 5.86 7.11 40.11 1.96 AllianceBernstein (Singapore) Ltd.

-

GreatLink Global Equity Alpha Fund

To provide capital growth primarily through investment in equity securities and equity related securities of companies worldwide


25-Mar-02 $100.24 mil 1.60% p.a. MSCI World Index with Net Dividends Reinvested

-12.59 -9.56 -8.36 2.88 4.09 5.54 9.58 0.55 Schroder Investment Management Ltd

-

GreatLink European Equity Fund

To achieve long-term capital growth and income through investment primarily in listed equity, of issuers domiciled and/or having their principal place of business in European countries.


10-Jul-00 $16.37 mil 1.60% p.a. MSCI Europe Index with Net Dividends Reinvested

-14.06 -14.30 -15.63 -2.51 0.13 5.01 -2.84 -0.16 Capital Group -

GreatLink Global Technology Fund

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


15-Jan-01 $110.80 mil 1.60% p.a. MSCI AC World IT Free with Net Dividends Reinvested

-16.52 -13.54 -5.33 9.90 13.66 16.68 12.21 0.64 Lion Global Investors Ltd Wellington International Management Company Pte Ltd

GreatLink Global Real Estate Securities Fund

To provide investors with medium to long term capital appreciation and to make regular income distributions by investing globally in (a) equities securities of companies that derive a substantial part of their revenue from the ownership, management and/or development of real estate and (b) Real Estate Investment Trusts (REITS) listed or traded in a regulated market.


8-Jun-05 $289.15 mil 1.60% p.a. FTSE EPRA/NAREIT Developed Index Net TRI

-6.15 -6.05 -4.24 -0.13 5.14 8.28 47.07 2.88 Lion Global Investors Ltd PGIM Inc

GreatLink Global Emerging Markets Equity Fund

To achieve long-term capital growth through investment principally in areas experiencing rapid economic growth which include countries in Latin America, Emerging Asia, Africa, Eastern Europe (including Russia) and the Middle East.


23-Jan-13 $106.57 mil 1.60% p.a. MSCI Emerging Markets Free Net of Luxembourg Tax Index

-9.55 -13.98 -19.00 2.52 2.53 - 25.96 3.97 FIL Fund Management Limited

-

Message 1

Investment Outlook 2

Announcement 4

Disclaimer 6

Lifestyle Portfolios 7

Balanced 13

Global Equity 17

Asian Equity 25

Non-Equity 34

Funds Information 38

Soft Dollar Commissions 99

Capital Account 102

Statement Of Assets & Liabilities 107

Notes To The Accounts 112

Independent Auditor’s Report 114


1

MESSAGE

Mess

age

2018 was a challenging year. Financial markets globally faced many uncertainties from changes in monetary policies, geopolitical tensions and trade disputes among major trading partners. Against this difficult backdrop, all financial markets were negatively impacted particularly during the 4th quarter, and our investments were similarly affected.

We remain committed to provide you with a wide range of funds invested in varied asset classes and geographical regions and will continue to work with our fund managers to ensure the quality of the investment performances to help you meet your financial goals.

We thank you for your continued trust and support.

Yours sincerely

Khor Hock SengGroup Chief Executive OfficerGreat Eastern Holdings

Please refer to page 3 for disclaimers.

2

Investment OutlookThe environment for 2019 grows increasingly challenging as the global economic cycle matures. At this turning point of global growth, geopolitical tensions, and central bank policy, markets have seen the return of volatility and drawdowns. The confluence of moderating growth, trade tensions and political risks has driven valuations to historically-attractive levels. With history as a guide, this may prove a compelling entry point for patient investors.

USGrowth in the US is expected to weaken to 2.6% in 2019. As the stimulus from tax reform wears off, growth will be underpinned by domestic consumption with strength in the labour market lifting wages. Inflationary pressure remains within Fed targets and is supportive of a pause in the rate hike cycle. That said, following the correction, valuations for US equities are no longer overvalued and closer to historical averages. Returns from equities are expected to moderate as profit margins come under pressure from slower growth and rising wages. However, two risks could shake confidence further. First, further deterioration in US-China trade conflicts and the rise of continued political tensions as US seeks to contain China’s rise. Second, a gridlocked US government could hamper policy making, while the potential investigations into President Trump’s business interests could increase uncertainty.

EuropeGrowth in Europe is likely to moderate to 1.6% in 2019, driven partly by a combination of factors. Transient factors such as weakness in the automobile industry from new emission standards will work out over time, while the weakness in the global trade outlook will take longer to resolve as China engineers a smooth slowdown. Inflationary pressures are likely to rise and monetary policy will be less supportive. The European Central Bank has stopped balance sheet expansion and guided rate hike expectations in the fourth quarter 2019. Politics in Europe remains a source of uncertainty and may increase in the May 2019 European parliament elections. Meanwhile, Italy and peripheral economies continue to push for regional fiscal tools, and the outlook remains uncertain with Brexit weighing down growth expectations for the UK.

JapanMarket valuations have reached historically-attractive levels. However, global economic indicators have weakened further across the major economies. The earnings outlook for Japanese companies has also weakened. Nevertheless, the domestic picture in Japan seems favourable and stable. Hence, on balance, Japanese stocks have retained their value proposition.

Inves

tmen

t Outl

ook

INVESTMENT OUTLOOK

3

Asia Pacific ex JapanDespite the headwinds of macro risks, Asian equities are trading at relatively attractive valuations. Short of a recessionary environment, valuations are trading at near bottom levels. However, the key concerns remain with the impact of Fed rate hikes, and the potential risk of monetary policy mistakes and a possible global recession. In the near term, continuous positive dialogue between the US and China may pave the way for a de-escalation of trade tensions.

ConclusionWhile staying aware of risks, investors may adopt a selective mindset in a mature economic cycle. The investment environment will continue to pose challenges, and navigation through such uncertain times requires patience with portfolio diversification and prudent risk management.

Inves

tmen

t Outl

ook

INVESTMENT OUTLOOK

All data from Bloomberg as at 25 February 2019 unless otherwise stated.

Disclaimer: The report is accurate at time of writing on 25 February 2019. Past performance is not necessarily indicative of future performances. Any opinion or view presented is subject to change without notice. The document is intended for information purposes only, and is not intended as an offer or solicitation for the purchase or sale of any financial instrument.

The information provided may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies, and such prediction or forecast is not necessarily indicative of the future or likely performance of the fund.

4

Anno

unce

ment

AnnouncementChange of benchmark to GreatLink Global Technology Fund

The benchmark of the GreatLink Global Technology Fund is changed from the “MSCI AC World IT Free (Net) Index” to the “MSCI AC World Custom Technology Index, net of dividends reinvested, converted into Singapore dollars”, with effect from 1 January 2019. This customized index consists of all of the securities in the MSCI All Country World Index within the Information Technology sector, the Internet & Direct Marketing Retail industry within the Consumer Discretionary sector, the Interactive Media & Services industry within the Communications Services sector, and the Interactive Home Entertainment sub-industry within the Communications Services sector.

The new benchmark is more representative of the true opportunity set in the “technology” space after the Global Industry Classification Standard (GICS) updated the industry classification and introduced a new Communication Services sector to their industry classification scheme.

There is no change to the investment objective and no material change in the portfolio positioning.

GreatLink ASEAN Growth Fund and GreatLink Far East ex Japan Equities Fund (the “Fund”)

Effective 18 April 2019, the investment philosophy and process to the Fund shall be updated as below. The Manager, Lion Global Investors Limited, has provided more details to the process. The Fund’s respective investment objective remains the same. The updated fund details and product highlights sheet may be obtained at www.greateasternlife.com or through your financial representative on or around 18 April 2019.

ANNOUNCEMENT

Investment Philosophy

The Manager believes that Asian equity markets are structurally inefficient and this inefficiency provides the opportunity for the Manager to add value through a disciplined investment process. The Manager believes that consistent long term returns can be achieved through in-depth fundamental research, a disciplined focus on valuations, understanding what is “priced in” by the market and what the key stock catalysts are.

5

Source: Lion Global Investors Limited

Investment Process

The investment process comprises research and portfolio construction. Research is a critical component to the Manager’s investment approach. Direct company management contact coupled with industry data and feedback form the backbone of the Manager’s research effort. Risk reward analysis for each stock combines fundamental bottom up analysis with a rigorous examination of stock drivers. Below are the key areas of the Manager’s focus:

Business• Industry outlook• Company’s trend in market share and profitability• Barriers to entry and pricing power dynamics• Business risks

Management• Business strategy• Execution track record• Corporate dynamics• Capital management potential, like share buybacks or dividend

payout increase

Valuation• Varied valuation approach depending on the industry and what

point of the cycle the industry is in• Valuation relative to historic range as well as at similar points of

the industry cycle• Valuation relative to market average

Catalysts• Positive/negative earnings surprises• M&A opportunities• Improving/deteriorating industry cycle• Restructuring/turnaround• Capital management/capital raising risks

The Manager constructs the portfolio in a manner consistent with the objective of the Fund as well as taking into account the prevailing macro directions and sector/thematic considerations. Positions in the Fund are sized according to several factors:• Expected returns based on fundamentals and valuations• Specific risk factors• Conviction on management’s ability to deliver• Liquidity and market capitalization

This disclaimer applies to the fund factsheets that follow.DISCLAIMER: The fact sheets on GreatLink Funds are compiled by The Great Eastern Life Assurance Company Limited (GELS). The information presented is for informational use only. A product summary and a Product Highlights Sheet in relation to the funds may be obtained through GELS or its Financial Representatives. Potential investors should read the product summary and the Product Highlights Sheet before deciding whether to invest in the funds. Returns on the units of the funds are not guaranteed. The value of the units in the funds and the income accruing to the units, if any, may fall or rise. The fees and charges payable through deduction of premium or cancellation of units are excluded in the calculation of fund returns. Past returns, and any other economic or market predictions, projections or forecasts, are not necessarily indicative of future or likely performance.

Fund Factsheet

Fund

Facts

heet

Disc

laime

r

6

7

Inception Date 25 March 2002Dealing Frequency DailyFund Currency SGDBid Offer Spread 5.0%Fund Manager Lion Global Investors LtdFund Management Fee^ Dynamic 1.58% p.a. Progressive 1.43% p.a. Balanced 1.27% p.a. Steady 1.10% p.a. Secure 0.92% p.a.Benchmark Composite of Constituent Funds’ Benchmarks

^ These are weighted average fund management charge which could be used as an indicative fund management charge for the

Lifestyle Portfolios.

GREATLINK LIFESTYLE PORTFOLIOS (ASSET ALLOCATION)GreatLink Constituent Funds Secure Steady Balanced Progressive DynamicGreatLink Short Duration Bond Fund 20% 10% 5% 0% 0%GreatLink Global Bond Fund 60% 50% 35% 20% 0%GreatLink Global Equity Alpha Fund 5% 10% 15% 20% 25%GreatLink Global Opportunities Fund 5% 10% 15% 20% 25%GreatLink Asia Pacific Equity Fund 10% 20% 15% 20% 25%GreatLink Global Emerging Markets Equity Fund 0% 0% 15% 20% 25%

Source: Great Eastern Life

FUND OBJECTIVE

The investment objectives of the 5 Lifestyle Portfolios are to achieve medium to long term capital appreciation for the investor. The investment policies for the GreatLink Lifestyle Secure Portfolio, GreatLink Lifestyle Steady Portfolio, GreatLink Lifestyle Balanced Portfolio, and GreatLink Lifestyle Progressive Portfolio are to invest the assets of each of these Lifestyle Portfolios in equities and bonds in the proportion of approximately 20:80, 40:60, 60:40, 80:20 respectively. The investment policy for GreatLink Lifestyle Dynamic Portfolio is to invest the assets only in equities (or in one or more different mutual fund(s) and unit trust(s) reflecting an underlying investment in equities). A separate portfolio account is maintained for each Lifestyle Portfolio which is invested in accordance with the investment objective applicable to the Lifestyle Portfolio to which such portfolio relates.

Each individual Lifestyle Portfolio is invested in some of the underlying GreatLink Funds as shown in the table below. However, the asset proportion may vary, depending on market conditions.

GREATLINK LIFESTYLE PORTFOLIOS report as at 31 December 2018

FUND FACTS

Lifes

tyle P

ortfo

lios


8

Offer Price SGD 1.399 Bid Price SGD 1.329Bid Offer Spread 5.0%Fund Size SGD 29.4 m Risk Category Higher Risk –

Broadly Diversified Subscription Mode Cash, SRS & CPFIS – OA

DYNAMIC

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

GreatLink Lifestyle Dynamic Portfolio -9.90% -10.02% -12.28% 3.52% 3.12% 5.51% 2.02%

Benchmark -10.97% -9.10% -9.47% 6.36% 5.55% 9.05% 4.80%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.

PORTFOLIO WEIGHTINGS


FUND FACTS

PORTFOLIO PERFORMANCE SINCE INCEPTION

Lifes

tyle P

ortfo

lios

Global Equities, 75.2% Asia Pacific Ex-Japan

Equities, 24.8%


9

Lifes

tyle P

ortfo

lios


GreatLink Lifestyle Progressive Portfolio -7.95% -8.11% -10.02% 3.08% 3.00% 5.50% 3.01%

Benchmark -8.57% -7.11% -7.35% 5.57% 5.16% 8.19% 4.98%



Offer Price SGD 1.646 Bid Price SGD 1.563Bid Offer Spread 5.0%Fund Size SGD 87.7 m Risk Category Higher Risk –


PROGRESSIVE

PORTFOLIO WEIGHTINGSFUND FACTS



Global Equities, 59.6% Global Bonds, 20.7% Asia Pacific Ex-Japan

Equities, 19.8%

10

Lifes

tyle P

ortfo

lios

BALANCED




Offer Price SGD 1.672 Bid Price SGD 1.588Bid Offer Spread 5.0%Fund Size SGD 397.3 m Risk Category Medium to High Risk –


& SA


GreatLink Lifestyle Balanced Portfolio -5.81% -6.04% -7.51% 3.17% 3.15% 5.02% 3.11%

Benchmark -6.18% -5.13% -5.22% 4.70% 4.61% 6.73% 4.48%


Global Equities, 43.9% Global Bonds, 36.2% Asia Pacific Ex-Japan

Equities, 14.7% Investment Grade Bonds

and REITs, 5.2%


11

STEADY


Lifes

tyle P

ortfo

lios




GreatLink Lifestyle Steady Portfolio -3.40% -3.28% -4.05% 3.13% 2.93% 4.45% 3.02%

Benchmark -3.91% -3.31% -3.01% 3.69% 4.15% 5.29% 3.92%


Offer Price SGD 1.647 Bid Price SGD 1.564Bid Offer Spread 5.0%Fund Size SGD 31.0 mRisk Category Medium to High Risk –


& SA

Global Bonds, 50.9% Asia Pacific Ex-Japan

Equities, 19.4% Global Equities, 19.4% Investment Grade Bonds

and REITs, 10.3%


12

Lifes

tyle P

ortfo

lios

SECURE




Offer Price SGD 1.748 Bid Price SGD 1.660Bid Offer Spread 5.0%Fund Size SGD 76.9 m Risk Category Medium to High Risk –


& SA


GreatLink Lifestyle Secure Portfolio -1.48% -1.48% -2.01% 2.25% 2.61% 4.04% 3.38%

Benchmark -1.47% -1.25% -0.93% 2.75% 3.33% 4.00% 3.60%


Global Bonds, 60.0% Investment Grade Bonds

and REITs, 20.3% Global Equities, 9.7% Asia Pacific Ex-Japan

Equities, 9.7%


13

GREATLINK GLOBAL SUPREME FUND report as at 31 December 2018

Inception Date 1 July 1999Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OA & SARisk Category Medium to High Risk – Broadly

DiversifiedBenchmark 50% MSCI World Net & 50%

FTSE World Gov Bond Index (unhedged)

Offer Price SGD 1.744Bid Price SGD 1.656Bid Offer Spread 5.0%Fund Size SGD 341.1 mFund Manager Lion Global Investors LtdSub Managers Equity:

Acadian Asset Management, Capital Group, INTECH

Fixed Income: Brandywine, PIMCO

Fund Management Fee 1.35% p.a.


FUND FACTS FUND OBJECTIVE

The Fund's objective is to maximize total returns in Singapore Dollar terms over the longer term by investing in a balanced but diversified portfolio of equities and debt securities of the major stock markets and bond markets around the world. It shall invest in a broad mix of global equities and bonds in a wide range of industries and companies in various countries. The allocation for each asset class will be actively managed and altered constantly in such a way that seeks to maximize the overall risk-adjusted performance of the Fund. The Fund’s asset allocation split is 50% global equities and 50% global bonds.

Balan

ced F

unds


GreatLink Global Supreme Fund -7.80% -6.12% -4.61% 2.41% 3.24% 5.14% 2.89%

Benchmark -6.19% -4.45% -2.70% 3.28% 4.41% 5.18% 3.25%




United States of America, 41.42%

Europe ex-UK, 31.69% Cash & Cash Equivalents,

8.53% United Kingdom, 7.83% Japan, 7.61% Asia Pacific Ex-Japan,

5.29%

14

Balan

ced F

unds

GREATLINK GLOBAL OPTIMUM FUND report as at 31 December 2018


FUND FACTS


FUND OBJECTIVE

The Fund's objective is to provide long-term total return in excess of the custom benchmark while managing the overall risk of the portfolio. The Fund shall invest in a broad mix of global equities and bonds in a wide range of industries and companies in various countries. The allocation for each asset class will be managed in such a way that seeks to maximize the overall risk-adjusted performance of the Fund. The Fund is 40% invested in global equities which invest into AB FCP I – Global Equity Blend Portfolio managed by AllianceBernstein (Singapore) Ltd, and 60% in global bonds managed by Loomis, Sayles & Company, L.P.

Inception Date 23 May 2001Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Medium to High Risk – Broadly

DiversifiedBenchmark 40% MSCI World, net & 60%

FTSE World Government Bond Index (unhedged)^

Offer Price SGD 1.272Bid Price SGD 1.208Bid Offer Spread 5.0%Fund Size SGD 28.5 mFund Manager Lion Global Investors LtdSub Managers Equity:

AllianceBernstein (Singapore) Ltd Fixed Income: Loomis, Sayles & Company, L.P.

Fund Management Fee 1.35% p.a.


GreatLink Global Optimum Fund -5.85% -5.40% -5.55% 1.71% 2.69% 3.23% 1.38%

Benchmark ^ -4.68% -3.53% -1.90% 2.91% 4.02% 4.37% 3.34%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.^ Benchmark: 40% MSCI World, gross & 60% Citigroup World Government Bond Index, unhedged from launch till

14 May 2007, 40% MSCI World, net & 60% Citigroup World Government Bond Index^^, unhedged with effect from 15 May 2007.

^^ The rebranded name of Citigroup World Government Bond Index is FTSE World Government Bond Index.

AllianceBernstein Global Equity Fund, 37.2%

Europe ex-UK, 20.6% United State of America,

19.6% Japan, 12.0% United Kingdom, 4.7% Asia Pacific Ex-Japan,

3.1% Cash & Cash Equivalents,

2.4% Other, 0.4%


15

PORTFOLIO WEIGHTINGS#

GREATLINK INCOME FOCUS FUND report as at 31 December 2018

FUND FACTS FUND OBJECTIVEThe Fund aims to provide regular income and long term capital growth by investing primarily in a portfolio of income generating securities globally. This Fund invests all or substantially into JPMorgan Investment Funds - Global Income Fund (SGD-Hedged) and JPM Funds – Asia Pacific Income Fund (SGD-Hedged) (“Underlying Funds”), both managed by JPMorgan Asset Management (Europe) S.à r.l.


Balan

ced F

unds

Inception Date 24 July 2007Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Higher Risk - Broadly

DiversifiedBenchmark Composite of Underlying Funds'

Benchmark^+

Fund Management Fee 1.35% p.a.Offer Price SGD 0.824Bid Price SGD 0.782Bid Offer Spread 5.0%Fund Size SGD 33.8 mFund Manager JPMorgan Asset Management

(Europe) S.à r.l.Underlying Funds JPMorgan Investment Funds(Fund Size) - Global Income Fund (USD 27,492.8 m) JPMorgan Funds - Asia Pacific

Income Fund (USD 2,262.6 m)

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

GreatLink Income Focus Fund -4.42% -3.14% -6.15% 3.48% 2.88% 2.72% -0.20% 2.95%

Benchmark -5.48% -4.23% -6.03% 5.77% 4.02% 3.47% 3.54% 4.27%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to 50% of JPMorgan Investment Funds - Global Income Fund and 50% of JPMorgan Funds – Asia Pacific

Income Fund. *JPMorgan Asset Management imposes a 30-day embargo on their holdings, hence there is a 1-month lag.+ Since inception to 30 April 2014: benchmark was 12-month Singapore Interbank Bid Rate + 2.5% From 1 May 2014 to

15 October 2014: benchmark was 12-month Singapore Inter-Bank Offer Rate (SIBOR) + 2.25%. Effective 16 October 2014, the benchmark is the new composite benchmark.

^ Composite benchmark comprises of ‘Barclays US High Yield 2% Issuer Cap Index (Total Return Gross) hedged to SGD, MSCI World Index (Total Return Net) hedged to SGD, Barclays Global Credit Index (Total Return Gross) hedged to SGD, MSCI All Country Asia Pacific ex Japan Index (Total Return Net), J.P.Morgan Asia Credit Index (Total Return Gross)’.

Equities, 38.6% High Yield Bonds, 23.8% Investment Grade Bonds, 10.9% Cash, 8.1% REITs, 5.3% US Agency Mortgages, 4.5% Preferred Equity, 4.3% Non Agency Mortgages, 2.4% Emerging Markets Debt, 1.1%

Convertible Bonds, 1.0%


16

Balan

ced F

unds

GREATLINK LION ASIAN BALANCED FUND report as at 31 December 2018




The ILP Sub-Fund aims to provide long-term total returns consistently in excess of the custom benchmark while managing the overall risk of the portfolio by investing into the equity markets of Asia Pacific (ex Japan) as well as primarily in bonds and other debt securities denominated in Singapore Dollars, through SGD share class of Aberdeen Standard Pacific Equity Fund (“Underlying Equity Fund”) and SGD share class of LionGlobal Singapore Fixed Income Investment (“Underlying FI Fund”) respectively.

Inception Date 1 February 2008Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS, CPFIS – OA & SARisk Category Medium to High Risk – Narrowly

FocusedFund Management Fee 1.35% p.a.Benchmark 50% MSCI AC Asia Pacific

Ex-Japan Index (Gross) + 50% JP Morgan Singapore Government Bond Index^

Offer Price SGD 1.128Bid Price SGD 1.071Bid Offer Spread 5.0%Fund Size SGD 56.9 mFund Manager Lion Global Investors LtdSub-Manager Aberdeen Standard Investments

(Asia) Limited Underlying Equity Fund(Fund Size)

Aberdeen Standard Pacific Equity Fund(SGD 1.3 b)

Underlying Bond Fund (Fund Size)

LionGlobal Singapore Fixed Income Investment (SGD 101.7 m)


GreatLink Lion Asian Balanced Fund -1.83% -2.28% -4.88% 4.33% 2.95% 3.34% 1.10%

Benchmark -2.82% -3.06% -4.82% 5.16% 4.09% 6.13% 3.19%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.^ Since inception to 30 June 2013: Benchmark was 50% MSCI All Countries Asia Pacific ex Japan Index (Net) + 50% JP

Morgan Singapore Government Bond Index. Effective 1 July 2013, the benchmark is 50% MSCI All Countries Asia Pacific ex Japan Index (Gross) + 50% JP Morgan Singapore Government Bond Index.

# Information refers to Aberdeen Standard Pacific Equity Fund and LionGlobal Singapore Fixed Income Investment.

Equities, 52.5% Fixed Income, 47.5%


17

GREATLINK GLOBAL EQUITY FUND report as at 31 December 2018



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


Glob

al Eq

uity

Inception Date 1 August 2000Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Higher Risk – Broadly

DiversifiedBenchmark MSCI World Index with Net

Dividends ReinvestedOffer Price SGD 1.109Bid Price SGD 1.053Bid Offer Spread 5.0%Fund Size SGD 60.0 mFund Manager Goldman Sachs (Singapore)

Pte. Ltd.Fund Management Fee 1.60% p.a.


GreatLink Global Equity Fund -16.82% -12.40% -8.91% 4.64% 7.08% 9.12% 0.56%

Benchmark -13.63% -9.14% -6.89% 4.90% 6.17% 9.06% 2.47%


United State of America, 70.9%

Europe ex-UK, 11.2% Japan, 10.4% Asia Pacific Ex-Japan,

2.8% Cash & Cash Equivalents,

2.5% United Kingdom, 2.5% Other, -0.4%


18

Glob

al Eq

uity

GREATLINK GLOBAL OPPORTUNITIES FUND report as at 31 December 2018



FUND FACTS FUND OBJECTIVE The Fund invests all or substantially all into the SGD share class of the Aberdeen Standard Global Opportunities Fund (“Underlying Fund”) managed by Aberdeen Standard Asset Management (Asia) Ltd. The Underlying Fund aims to provide long-term total return from an internationally diversified portfolio of securities through investing all or substantially all of its assets in the Aberdeen Global – World Equity Fund

(“underlying fund component”), a subfund of Luxembourg-registered Aberdeen Global, which will invest at least two-thirds of its assets in equities or equity-related securities. The country of domicile of the Underlying Fund is Singapore and its base currency is Singapore dollars.


GreatLink Global Opportunities Fund -10.79% -8.88% -10.79% 2.98% 1.41% 5.15% 0.70%

Benchmark -13.53% -8.93% -6.38% 5.49% 6.76% 9.56% 4.28%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to Aberdeen Standard Global Opportunities Fund.

Inception Date 25 March 2002Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk – Broadly DiversifiedBenchmark MSCI World Index with Gross

Dividends Reinvested^Fund Management Fee 1.60% p.a.Offer Price SGD 1.124Bid Price SGD 1.067Bid Offer Spread 5.0%Fund Size SGD 94.2 mUnderlying Fund Size SGD 164.6 mUnderlying Fund Aberdeen Standard Global

Opportunities FundFund Manager Aberdeen Standard Asset

Management (Asia) Ltd

North America, 34.4% Asia, 23.0% Europe ex-UK, 13.4% United Kingdom, 12.8% Japan, 8.2% Latin America, 4.9% Middle East, 2.0% Cash, 1.5%


19

GREATLINK GLOBAL THEMATIC FUND report as at 31 December 2018


FUND FACTS FUND OBJECTIVE The investment objective of the Fund is to seek long-term growth of capital. It invests all or substantially into Luxembourg-registered AB SICAV I – Sustainable Global Thematic Portfolio (“Underlying Fund”), managed by AllianceBernstein L.P. The country of domicile of the Underlying Fund is Luxembourg.


Glob

al Eq

uity


GreatLink Global Thematic Fund # -12.95% -10.07% -8.71% 4.87% 5.86% 7.11% 1.96%

Benchmark -12.97% -9.05% -7.61% 4.84% 6.14% 9.04% 3.84%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

* Performance figures longer than 1 year are annualised.^ Effective 28 October 2016, GreatLink Global Growth Trends Portfolio has been restructured to GreatLink Thematic

Research Portfolio. Accordingly, the benchmark has also been changed from the MSCI World Index (with Net Dividends Reinvested) to the MSCI AC World Index.

# Effective 31 October 2018, GreatLink Thematic Research Portfolio is renamed as GreatLink Global Thematic Fund and invests into AB SICAV I – Sustainable Global Thematic Portfolio, which was renamed from AB SICAV I – Global Growth Trends Portfolio.

## Information refers to AB SICAV I – Sustainable Global Thematic Portfolio

Inception Date 15 August, 2001Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Higher Risk - Broadly DiversifiedBenchmark MSCI AC World Index^Fund Management Fee 1.60% p.a.Offer Price SGD 1.402Bid Price SGD 1.331Bid Offer Spread 5.0%Fund Size USD 19.7 mUnderlying Fund Size USD 687.32 mUnderlying Fund AB SICAV I - Sustainable Global

Thematic Portfolio #

Fund Manager AllianceBernstein (Singapore) Ltd.

United States, 49.3% Other, 12.7% India, 6.4% France 5.8% Germany, 5.7% China, 5.5% Ireland, 4.5% Japan, 3.6% Netherlands, 3.3% United Kingdom, 3.2%


20

Glob

al Eq

uity

GREATLINK GLOBAL EQUITY ALPHA FUND report as at 31 December 2018


FUND FACTS


FUND OBJECTIVE

The Fund invests all or substantially into the USD share class of the Schroder International Selection Fund Global Equity Alpha* (“Underlying Fund”) managed by Schroder Investment Management Limited. The fund objective is to provide capital growth primarily through investment in equity and equity related securities of companies worldwide. In order to achieve the objective, Schroder Investment Management Limited will invest in a select portfolio of securities, which it believes offer the best potential for future growth. The country of domicile of the Underlying Fund is Luxembourg and its base currency is the US Dollar.


GreatLink Global Equity Alpha Fund -12.59% -9.56% -8.36% 2.88% 4.09% 5.54% 0.55%

Benchmark -13.63% -9.14% -6.89% 4.90% 6.17% 9.06% 4.17%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.^ Benchmark: MSCI World Index, gross dividends reinvested from launch till 14 May 2007, MSCI World Index, net dividends

reinvested wef 15 May 2007.# Information refers to Schroder International Selection Fund - Global Equity Alpha

Inception Date 25 March 2002Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk - Broadly DiversifiedBenchmark MSCI World Index with Net

Dividends Reinvested^Fund Management Fee 1.60% p.a.Offer Price SGD 1.096Bid Price SGD 1.041Bid Offer Spread 5.0%Fund Size SGD 100.2 mUnderlying Fund Size USD 1049.5 mUnderlying Fund Schroder International Selection

Fund - Global Equity AlphaFund Manager Schroder Investment Management

Ltd ('Schroders')

Americas,73.4% Europe ex-UK/Middle

East, 14.5% Emerging Markets, 3.9% Japan, 2.5% Pacific Ex-Japan,, 2.0% United Kingdom, 1.9% Liquid Assets, 1.8%


21

GREATLINK GLOBAL EMERGING MARKETS EQUITY FUND report as at 31 December 2018

FUND FACTS


FUND OBJECTIVE

The Fund invests principally in areas experiencing rapid economic growth including countries in Latin America, Emerging Asia, Africa, Eastern Europe (including Russia) and the Middle East. This ILP Sub-Fund invests all or substantially into the Fidelity Funds – Emerging Markets Fund (SR-ACC-SGD) managed by FIL Fund Management Limited. The country of domicile of the Underlying Fund is Luxembourg.


Glob

al Eq

uity

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

GreatLink Global Emerging MarketsEquity Fund

-9.55% -13.98% -19.00% 2.52% 2.53% 3.97%

Benchmark -7.70% -8.52% -12.88% 7.80% 3.22% 2.36%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to Fidelity Funds – Emerging Markets Fund SR-ACC-SGD

Inception Date 23 January 2013Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk – Narrowly FocusedBenchmark MSCI Emerging Markets Free Net

of Luxembourg Tax IndexFund Management Fee 1.60% p.a.Offer Price SGD 1.257Bid Price SGD 1.194Bid Offer Spread 5.0%Fund Size SGD 106.6 mUnderlying Fund Size SGD 7,189 mUnderlying Fund Fidelity Funds – Emerging

Markets FundFund Manager FIL Fund Management Limited

('Fidelity')

China, 17.5% India, 13.4% South Africa, 10.4% Hong Kong, 9.6% Russia, 9.6% Cash, 9.3% Taiwan, 7.0% Korea (South), 6.5% Other Countries, 5.9% Brazil, 5.3%

Indonesia, 3.7% USA, 2.0%


22

Glob

al Eq

uity

GREATLINK EUROPEAN EQUITY FUND report as at 31 December 2018



The Fund aims for long-term capital growth and income through investment primarily in listed equity, of issuers domiciled and/or having their principal place of business in European countries. Preservation of capital is also a priority. The Fund shall invest substantially into Capital Group European Growth and Income Fund (LUX)(“Underlying Fund”) managed by Capital Group through its member, Capital Research and Management Company (CRMC). The country of domicile of the Underlying Fund is Luxembourg.


GreatLink European Equity Fund -14.06% -14.30% -15.63% -2.51% 0.13% 5.01% -0.16%

Benchmark -12.93% -12.05% -13.17% 0.74% 0.93% 5.56% 1.38%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to Capital Group European Growth and Income Fund (LUX).

Inception Date 10 July 2000Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk – Narrowly FocusedBenchmark MSCI Europe Index with Net

Dividends ReinvestedFund Management Fee 1.60% p.a.Offer Price SGD 0.972Bid Price SGD 0.923Bid Offer Spread 5.0%Fund Size SGD 16.4 mUnderlying Fund Size SGD 611.3 mUnderlying Fund Capital Group European Growth

and Income Fund (LUX)Fund Manager Capital Group



United Kingdom, 32.5% France, 22.0% Germany, 10.9% Spain, 9.3% Switzerland, 8.9% Other, 2.8% Denmark, 2.4% Ireland, 2.3% Netherlands, 2.2% Finland, 1.7%

Portugal, 1.6% Norway, 1.2% Italy, 1.2% Cash, 1.0%

23

GREATLINK GLOBAL TECHNOLOGY FUND report as at 31 December 2018


The objective of the Fund is to achieve long-term capital growth through investment in global technology stocks. It offers exposure to the rapidly growing adoption of technology across economies worldwide. Specifically, it aims to achieve high returns by investing in technology companies as well as in a range of industries where the growth opportunities have been impacted by technological developments.


Glob

al Eq

uityPERFORMANCE ON BID–BID BASIS (%)

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

GreatLink Global Technology Fund -16.52% -13.54% -5.33% 9.90% 13.66% 16.68% 0.64%

Benchmark -17.32% -12.13% -3.93% 12.91% 13.97% 15.26% 2.48%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.^ Benchmark: 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.

Inception Date 15 January 2001Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk – Narrowly FocusedBenchmark MSCI AC World IT Free with Net

Dividends Reinvested^Fund Management Fee 1.60% p.a.Offer Price SGD 1.123Bid Price SGD 1.066Bid Offer Spread 5.0%Fund Size SGD 110.8 mFund Manager Lion Global Investors LtdSub Manager Wellington International

Management Company Pte Ltd


Software & Services, 63.6%

Semiconductors & Semiconductor Equipment, 17.3%

Retailing, 6.4% Technology Hardware &

Equipment, 3.9% Media, 3.3% Commercial & Professional

Services, 2.5% Capital Goods, 2.0% Cash & Cash Equivalents,

1.2% Other, -2.0%


24


United State of America, 53.3%

Asia Pacific ex-Japan, 16.0%

Europe ex-UK, 14.4% Japan, 11.3% United Kingdom, 3.5% Cash & Cash Equivalents,

1.9% Other, -0.4%

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 31 December 2018

FUND FACTS FUND OBJECTIVE The investment objective of the Fund is to seek to provide investors with medium to long term capital appreciation and to make regular income distributions by investing globally in (a) equity securities of companies that derive a substantial part of their revenue from the ownership, management and/or development of real estate and (b) Real Estate Investment Trusts (REITs) listed or traded in a regulated market.

Glob

al Eq

uity

Inception Date 8 June 2005Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk – Narrowly FocusedBenchmark FTSE EPRA/NAREIT Developed

Index Net TRI^Fund Management Fee 1.60% p.a.Offer Price SGD 0.852Bid Price SGD 0.809Bid Offer Spread 5.0%Fund Size SGD 289.2 mFund Manager Lion Global Investors LtdSub Manager PGIM Inc





-6.15% -6.05% -4.24% -0.13% 5.14% 8.28% 2.88%

Benchmark -5.92% -6.00% -3.76% 1.35% 5.98% 9.23% 3.32%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.^ Benchmark was changed on 1 October 2016 from S&P Citigroup BMI World Property Index, Net Total Return Index to

FTSE EPRA/NAREIT Developed Index Net TRI.

25

Asian

Equit

y

GREATLINK ASIA HIGH DIVIDEND EQUITY FUND report as at 31 December 2018

FUND FACTS


FUND OBJECTIVE

This Fund constituted in Singapore aims to provide long term capital growth by investing primarily in equities or equity-linked securities (including, but not limited to, preference shares, real estate investment trusts, depository receipts) of companies in the Asia Pacific (ex Japan) region that offer attractive dividend yields and sustainable dividend payments.

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


-9.03% -9.40% -12.78% 2.34% 1.11% 4.50% 0.10% -0.53%

Benchmark -9.10% -10.22% -12.21% 6.54% 5.12% 7.24% 2.12% 3.34%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.^ MSCI AC Asia Pacific Index from launch till 31 Oct 2001, MSCI AC Asia Pacific (Free) Index wef 1 Nov 2001 (subsequently

named MSCI AC Asia Pacific Index on 30 Jan 2004). With effect from 13 July 2015, the benchmark is changed to MSCI AC Asia Pacific ex Japan Index.

# Information refers to LGlobal Funds - Asia High Dividend Equity Fund

Inception Date 10 July 2000Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Higher Risk – Narrowly FocusedBenchmark MSCI AC Asia Pacific Ex-Japan

Index^Fund Management Fee 1.50% p.a.Offer Price SGD 0.876Bid Price SGD 0.832Bid Offer Spread 5.0%Fund Size SGD 32.0 mUnderlying Fund Size SGD 67.0 mUnderlying Fund LGlobal Funds – Asia High

Dividend Equity FundFund Manager Lion Global Investors Ltd


China, 27.8% Hong Kong, 14.9% Australia, 13.2% Taiwan, 10.0% Korea, South, 8.6% India, 6.2% Singapore, 5.7% Cash Equivalent, 4.4% Indonesia, 3.1% Philippines, 2.6% Malaysia, 2.1% Thailand, 1.5%


26


GREATLINK ASIA PACIFIC EQUITY FUND report as at 31 December 2018

FUND FACTS FUND OBJECTIVE The ILP Sub-Fund aims to provide holders with medium to long-term capital growth by investing all or substantially all its assets in the Aberdeen Standard Pacific Equity Fund (“Underlying Fund”) which in turns invests in a diversified portfolio of Asian-Pacific equities excluding Japanese equities and as a feeder fund to invest in the equity-based Asia Pacific sub-funds of the Aberdeen Standard Select Portfolio, namely the Aberdeen Standard China Opportunities Fund, the Aberdeen Standard Indonesia Equity Fund, the Aberdeen Standard Malaysian Equity Fund, the Aberdeen Standard Singapore Equity Fund and the Aberdeen Standard Thailand Equity Fund, and invests up to 10% of its deposited property in the Aberdeen Global – Indian Equity Fund1, a sub-fund of the Luxembourg-registered Aberdeen Global. Aberdeen Standard Pacific Equity Fund (“Underlying Fund”) is managed by Aberdeen Standard Investments (Asia) Limited, its country of domicile is Singapore and base currency is Singapore dollars.

Inception Date 26 April 1996Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk – Narrowly FocusedBenchmark MSCI AC Asia Pacific ex-Japan

Index (Gross)^Fund Management Fee 1.50% p.a.Offer Price SGD 2.368Bid Price SGD 2.249Bid Offer Spread 5.0%Fund Size SGD 529.7 mUnderlying Fund Size SGD 1.3 bUnderlying Fund Aberdeen Standard Pacific Equity

Fund Sub Manager Aberdeen Standard Investments

(Asia) Limited




GreatLink Asia Pacific Equity Fund -6.33% -7.56% -10.47% 5.54% 2.75% 4.20% 3.87%

Benchmark -9.05% -10.07% -11.97% 6.83% 5.12% 9.42% 4.00%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to Aberdeen Standard Pacific Equity Fund.1 Aberdeen Global – Indian Equity Fund is offered in Singapore as a restricted foreign scheme.^ The benchmark was changed in January 1999 from the DBS CPF index to the MSCI All Country Asia Pacific Free ex Japan

(Net). Effective 1 July 2013, benchmark is MSCI All Countries Asia Pacific ex Japan (Gross).

China/Hong Kong, 35.5% India, 13.3% Singapore, 12.5% Australia, 8.1% South Korea, 8.0% Taiwan, 5.2% Indonesia, 5.0% Philippines, 4.0% Thailand, 3.1% Cash, 2.8%

Malaysia, 1.4% United Kingdom, 0.9% Sri Lanka, 0.3%

Asian

Equit

y

27

Asian

Equit

y

GREATLINK FAR EAST EX JAPAN EQUITIES FUND report as at 31 December 2018


FUND FACTS


FUND OBJECTIVE

The Fund's objective is to maximize capital growth through investing primarily in equities of companies based in China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand, and also in other Asia Pacific regions except Japan.


GreatLink Far East Ex-Japan Equities Fund

-9.62% -11.34% -14.33% 5.71% 4.08% 6.62% 5.23%

Benchmark -10.07% -11.23% -13.45% 7.18% 5.24% 9.43% 6.49%


Inception Date 25 March 2002Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Higher Risk – Narrowly FocusedBenchmark MSCI AC Far East Ex-Japan Index

with Net Dividends ReinvestedFund Management Fee 1.50% p.a.Offer Price SGD 2.353Bid Price SGD 2.235Bid Offer Spread 5.0%Fund Size SGD 52.6 mFund Manager Lion Global Investors Ltd

Hong Kong, 39.1% Korea, Republic of, 11.7% Taiwan, province of

China, 11.6% United States, 8.5% Cash & Cash Equivalents,

7.0% China, 5.7% Philippines, 5.4% Singapore, 5.3% Indonesia, 2.5% Thailand, 2.0%

Australia, 1.0% Other, 0.2%


28

GREATLINK ASEAN GROWTH FUND report as at 31 December 2018


The Fund's objective is to achieve long term capital appreciation by investing in equities in the economies of the ASEAN region.


Asian

Equit

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

GreatLink ASEAN Growth Fund -5.25% -2.60% -10.14% 5.76% 2.68% 9.35% 5.25%

Benchmark -3.70% 1.02% -6.73% 6.54% 3.29% 10.04% 2.31%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.^ Composite of MSCI Singapore/Malaysia/Philippines/Thailand and Indonesia (Net) from launch till 28 February 2011, then

MSCI AC South East Asia Index with Net Dividends Reinvested, from 1 March 2011 to 28 February 2017. From 1 March 2017, the benchmark has been renamed to MSCI AC ASEAN Index with Net Dividends Reinvested.

Inception Date 26 April 1996Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Higher Risk – Narrowly FocusedBenchmark MSCI AC ASEAN Index with Net

Dividends ReinvestedÔffer Price SGD 3.191Bid Price SGD 3.031Bid Offer Spread 5.0%Fund Size SGD 249.9 mFund Manager Lion Global Investors LtdFund Management Fee 1.50% p.a.


Singapore, 27.1% Thailand, 22.2% Indonesia, 21.2% Malaysia, 14.0% Philippines, 12.7% Cash & Cash Equivalents,

2.9% Other, -0.1%


29

Asian

Equit

y

GREATLINK LION JAPAN GROWTH FUND report as at 31 December 2018

FUND FACTS


FUND OBJECTIVE The Fund aims to provide long-term capital growth of assets by investing primarily in quoted or listed securities in any Recognized Stock Exchange or OTC market in Japan. The investment strategy is to invest the majority of the deposited property in mid to small market capitalisation companies. There is no target industry or sector. The Fund invests all or substantially into the SGD-Hedged share class of LionGlobal Japan Growth Fund (“Underlying Fund”) managed by Lion Global Investors Limited (“Manager”). The Underlying Fund will invest the majority of the deposited property of the Underlying Fund in mid to small market capitalisation companies. The Underlying Fund will not target any specific industry or sector. The country of domicile of the Underlying Fund is Singapore.

Inception Date 9 January 2007Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk – Narrowly FocusedBenchmark TOPIX Total Return Index, in SGD-

Hedged terms^Fund Management Fee 1.50% p.a.Offer Price SGD 0.909Bid Price SGD 0.863Bid Offer Spread 5.0%Fund Size SGD 9.7 mUnderlying Fund Size SGD 216.2 mUnderlying Fund LionGlobal Japan Growth Fund

(SGD-Hedged)Fund Manager Lion Global Investors Ltd


Industrial, 24.9% Consumer, Non-cyclical,

19.7% Technology, 15.7% Consumer, Cyclical,

14.2% Financial, 10.7% Basic Materials, 6.8% Real Estate, 3.3% Communication, 2.2% Cash Equivalent, 1.4% Energy, 1.0% Utilities, 0.3%



GreatLink Lion Japan Growth Fund -17.42% -12.47% -16.62% 1.76% 3.32% 5.87% -0.80%

Benchmark -17.57% -12.59% -15.42% 1.43% 4.35% 3.55% -0.94%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to LionGlobal Japan Growth Fund^ Effective 1 March 2014, the benchmark is changed from TOPIX Price Index to TOPIX Total Return Index. Effective

30 November 2015, the benchmark is changed to TOPIX Total Return Index (calculated in SGD-Hedged).

30

GREATLINK CHINA GROWTH FUND report as at 31 December 2018

FUND FACTS


FUND OBJECTIVE

The Fund aims to provide capital growth by investing in equities of People's Republic of China, Hong Kong SAR and Taiwan companies. The Fund invests at least two-thirds of its assets in equities of companies in People's Republic of China, Hong Kong and Taiwan.The Fund may invest directly in China B-Shares and China H-Shares and may invest up to 10% of its assets in China A-Shares through Shanghai-Hong Kong Stock Connect.The Fund may use derivatives with the aim of reducing risk or managing the fund more efficiently. The Fund may also hold cash.


Asian

Equit

y

Inception Date 9 January 2007Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS - OARisk Category Higher Risk – Narrowly FocusedBenchmark MSCI Golden Dragon Index with

Net Dividends ReinvestedFund Management Fee 1.50% p.a.Offer Price SGD 1.455Bid Price SGD 1.382Bid Offer Spread 5.0%Fund Size SGD 163.3 mUnderlying Fund Size USD 1101.1 mUnderlying Fund Schroder International Selection

Fund - Greater ChinaFund Manager Schroder Investment Management

(Hong Kong) Ltd ('Schroders')

Communication Services, 12.3%

Consumer Discretionary, 23.0%

Consumer Staples, 3.7% Energy, 3.2% Financial, 23.3% Health Care, 3.8% Industrials, 6.9% Information Technology,

12.4% Liquid Assets, 3.0% Materials, 5.2% Real Estate, 3.1%



GreatLink China Growth Fund -10.72% -12.81% -9.91% 8.33% 6.33% 7.40% 3.18%

Benchmark -10.51% -13.30% -13.10% 7.45% 6.80% 9.34% 4.01%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to Schroder International Selection Fund - Greater China

31

Asian

Equit

y

GREATLINK LION INDIA FUND report as at 31 December 2018


FUND FACTS FUND OBJECTIVE The Fund aims for medium to long-term capital appreciation by investing in Indian equities and equity-related instruments. There is no target industry or sector for the investment. The Fund invests all or substantially into the LionGlobal India Fund (“Underlying Fund”) managed by Lion Global Investors Limited. The Underlying Fund shall invest in equities and equity-related instruments (including, without limitation, interests in property funds) of companies or institutions incorporated in, operating principally from, or deriving significant revenue from the Indian subcontinent, which includes, but is not limited to India, Bangladesh, Pakistan and Sri Lanka. The country of domicile of the Underlying Fund is Singapore.


Inception Date 9 January 2007Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Higher Risk – Narrowly FocusedBenchmark MSCI India with Net Dividends

Reinvested, in SGD termsFund Management Fee 1.50% p.a.Offer Price SGD 1.295Bid Price SGD 1.230Bid Offer Spread 5.0%Fund Size SGD 74.9 mUnderlying Fund Size SGD 114.2 mUnderlying Fund LionGlobal India FundFund Manager Lion Global Investors Ltd

Financial, 27.26% Consumer, Non-cyclical,

16.21% Energy, 16.08% Technology, 15.15% Consumer, Cyclical,

7.21% Industrial, 6.54% Basic Materials, 5.90% Utilities, 3.56% Communications, 1.20% Real Estate, 0.69% Cash Equivalent, 0.20%



GreatLink Lion India Fund 1.49% -2.07% -8.07% 3.83% 6.88% 7.21% 2.18%

Benchmark 2.28% 0.19% -5.46% 6.80% 9.74% 10.04% 3.53%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to LionGlobal India Fund

32

GREATLINK SINGAPORE EQUITIES FUND report as at 31 December 2018


The ILP Sub-Fund aims to achieve medium to long-term capital growth from a portfolio of Singapore equities. The ILP Sub-Fund invests all or substantially all into the Aberdeen Standard Singapore Equity Fund (“Underlying Fund”) managed by Aberdeen Standard Investments (Asia) Limited. The country of domicile of the Underlying Fund is Singapore and base currency is Singapore dollars.


Asian

Equit

y


GreatLink Singapore Equities Fund -6.47% -5.92% -10.15% 5.60% 1.65% 6.71% 4.83%

Benchmark -5.49% -4.29% -6.45% 5.84% 2.91% 8.62% 6.02%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to Aberdeen Standard Singapore Equity Fund^ From 25 March 2002 till 30 June 2013, the benchmark was MSCI Singapore Free Index Net. Effective 1 July 2013, the

benchmark was changed to Straits Times Index.

Inception Date 25 March 2002Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk – Narrowly FocusedBenchmark Straits Times Index^

Fund Management Fee 1.50% p.a.Offer Price SGD 2.208Bid Price SGD 2.097Bid Offer Spread 5.0%Fund Size SGD 153.4 mUnderlying Fund Size SGD 759.9mUnderlying Fund Aberdeen Standard Singapore

Equity FundFund Manager Aberdeen Standard Investments

(Asia) Limited


Financials, 53.4% Industrials, 18.5% Consumer Services, 8.3% Telecommunications,

6.1% Oil & Gas, 5.2% Health Care, 5.0% Cash, 1.8% Technology, 0.9% Consumer Goods, 0.9%


33

Asian

Equit

y

GREATLINK LION VIETNAM FUND report as at 31 December 2018



The Fund aims to achieve medium to long-term capital appreciation by investing in Vietnam. It will invest in companies listed in Vietnam and other companies listed elsewhere that have operations in, or derive part of their revenue from Vietnam and the Indo-China region. The Fund may also invest in short-term fixed income instruments listed or traded on recognized markets within the Indo-China region. The Fund invests all or substantially into the SGD share class of LionGlobal Vietnam Fund (“Underlying Fund”) managed by Lion Global Investors Limited. The country of domicile of the Underlying Fund is Singapore.

Inception Date 1 February 2008Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Higher Risk – Narrowly FocusedBenchmark FTSE Vietnam Index^

Fund Management Fee 1.50% p.a.Offer Price SGD 0.858Bid Price SGD 0.815Bid Offer Spread 5.0%Fund Size SGD 10.0 mUnderlying Fund Size SGD 90.4 mUnderlying Fund LionGlobal Vietnam FundFund Manager Lion Global Investors Ltd


Real Estate, 25.2% Consumer, Non-cyclical,

22.4% Industrial, 12.9% Financial, 11.5% Basic Materials, 9.6% Consumer, Cyclical, 8.8% Technology, 5.1% Energy, 2.3%

Cash Equivalent, 2.2%



GreatLink Lion Vietnam Fund -12.83% -8.53% -5.56% 15.21% 11.08% 6.12% -1.39%

Benchmark -13.57% -8.55% -8.94% 8.34% 6.48% 3.63% -6.22%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to LionGlobal Vietnam Fund^ Benchmark was changed from Vietnam Stock Index to FTSE Vietnam Index wef 1 May 2012.

34

GREATLINK CASH FUND report as at 31 December 2018


The Fund's objective is to generate a return comparable to S$ time deposits.



GreatLink Cash Fund 0.38% 0.69% 1.24% 1.07% 0.91% 0.80% 1.41%

Benchmark 0.33% 0.64% 1.15% 0.77% 0.59% 0.34% 1.25%


Important Note: The GreatLink Cash Fund is recommended to be used as a short term holding fund and not as a form of long term investment as the GreatLink Cash Fund may not yield returns that are higher than the prevailing CPF interest rates.^ The fund does not accept new CPF monies with effect from 1 May 2013.

Inception Date 26 April 1996Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRS^Risk Category Lower Risk – Broadly DiversifiedBenchmark 1-month SIBOR less 0.25% Offer Price SGD 1.375Bid Price SGD 1.306Bid Offer Spread 5.0%Fund Size SGD 39.5 m Fund Manager Lion Global Investors LtdFund Management Fee 0.30% p.a.


Non-

Equit

y


Cash & Cash Equivalents, 53.3%

Singapore, 29.4% Other, 3.7% Virgin Islands (British),

3.1% Malaysia, 2.6% China, 2.5% Korea, Republic of, 2.1% Hong Kong, 1.7% Japan, 1.3%

35

Non-

Equit

y


GreatLink Short Duration Bond Fund 0.21% 0.86% 0.21% 1.82% 2.11% 2.51% 2.36%

Benchmark 0.44% 0.86% 1.59% 1.28% 1.00% 0.72% 1.13%

Source: Morningstar. Performance figures are calculated on a bid-bid basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.* Performance figures longer than 1 year are annualised.# Information refers to LionGlobal Short Duration Bond Fund^ Benchmark was 6 Months SIBOR (Singapore Interbank Offered Rate) – 0.125% since inception till 15 October 2014. With

effect from 16 October 2014, the benchmark is changed to 12-Month SIBOR – 0.25% to align the benchmark with that of the new Underlying Fund.

GREATLINK SHORT DURATION BOND FUND report as at 31 December 2018

FUND FACTS



FUND OBJECTIVE The Fund invests all or substantially into LionGlobal Short Duration Bond Fund SGD Share Class A (“Underlying Fund”), managed by Lion Global Investors Limited. The investment objective is to provide total return of capital growth and income over the medium to long term, through an actively managed portfolio of Singapore and international bonds, high quality interest rate securities and other related securities. There is no target industry or sector.

While the Underlying Fund will generally invest in bonds with investment grade quality, the Underlying Fund may nonetheless also invest or expose to sub-investment grade securities. The country of domicile of the Underlying Fund is Singapore.

Inception Date 25 March 2002Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OA & SARisk Category Low to Medium Risk – Narrowly

FocusedBenchmark 12-month SIBOR less 0.25%^Fund Management 0.50% p.a.Offer Price SGD 1.478Bid Price SGD 1.404Bid Offer Spread 5.0%Fund Size SGD 133.3 mUnderlying Fund Size SGD 349.3 mUnderlying Fund LionGlobal Short Duration Bond

FundFund Manager Lion Global Investors Ltd


Singapore, 43.4% China, 27.8% Hong Kong, 4.5% India, 4.1% Cash Equivalent, 4.0% Other, 3.8% Malaysia, 3.2% Australia, 2.1% United Kingdom, 1.8% Netherlands, 1.6%

Germany, 1.4% Canada, 1.2% Qatar, 1.1%

36

Non-

Equit

y GREATLINK GLOBAL BOND FUND report as at 31 December 2018

FUND FACTS


FUND OBJECTIVE

The Fund's objective is to achieve excess return relative to the index while minimizing volatility of return relative to the benchmark. The Fund is a diverse, actively managed portfolio of global fixed–income securities. The Fund invests primarily in a diversified portfolio of investment grade bonds denominated in major world currencies.


GreatLink Global Bond Fund 0.69% 0.19% 0.19% 1.82% 2.69% 3.70% 3.18%

Benchmark 1.24% 0.78% 0.92% 1.99% 3.10% 2.90% 3.30%


Inception Date 15 January 2002Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OA & SARisk Category Low to Medium Risk – Broadly

DiversifiedBenchmark Barclays Global Aggregate Bond

Index 50% Hedged into SGDFund Management Fee 0.85% p.a.Offer Price SGD 1.700Bid Price SGD 1.615Bid Offer Spread 5.0%Fund Size SGD 279.7 mFund Manager Lion Global Investors LtdSub Manager PIMCO

Europe ex-UK, 50.9% United State of America,

38.0% United Kingdom, 9.3% Cash & Cash Equivalents,

8.4% Japan, 2.7% Asia Pacific ex-Japan,

1.1% Other, -10.3%



37

(This page is intentionally left blank)

Fund

s Inf

orma

tion

38

GREATLINK LIFESTYLE DYNAMIC PORTFOLIO report as at 31 December 2018

Investments in Collective Investment Schemes

Market ValueS$

% of NetAssets

FundsGreatLink Global Opportunities Fund 7,067,496 24.00 GreatLink Global Equity Alpha Fund 7,809,084 26.52 GreatLink Asia Pacific Equity Fund 7,302,857 24.80 GreatLink Global Emerging Markets Equity Fund

7,266,809 24.68

29,446,246 100.00

Top 10 Holdings as at 31 December 2017 Market ValueS$

% of Net Assets


8,872,689 26.67

GreatLink Global Equity Alpha Fund 8,459,232 25.43 GreatLink Asia Pacific Equity Fund 8,078,191 24.29 GreatLink Global Opportunities Fund 7,854,186 23.61


% of NetAssets

GreatLink Global Equity Alpha Fund 7,809,084 26.52 GreatLink Asia Pacific Equity Fund 7,302,857 24.80 GreatLink Global Emerging Markets Equity Fund

7,266,809 24.68

GreatLink Global Opportunities Fund 7,067,496 24.00

Fund

s Inf

orma

tion

39

GREATLINK LIFESTYLE DYNAMIC PORTFOLIO report as at 31 December 2018

Expense/Turnover RatiosExpense Ratio Turnover Ratio

31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Lifestyle Dynamic Portfolio 1.60% 1.61% 55.19% 44.26%

Note: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and other distributions paid to unit holders and is calculated for the preceding 12 months.

Exposure to Derivatives Market Value % of NetS$ Assets

i) Market value of derivatives Foreign Exchange Forward Contracts 28 - Futures - - Foreign Exchange Spot Contracts (8) -

ii) Net loss on derivative realised (844)

iii) Net gain on outstanding derivatives 24

BorrowingsPlease refer to respective ILP sub-funds.

Total amount of Subscriptions and Redemptions for the year ended 31 December 2018S$

Subscriptions 3,107,070 Redemptions 2,836,351

Related-Party TransactionsPlease refer to respective ILP sub-funds.

Any material information that will adversely impact the valuation of the fundPlease refer to respective ILP sub-funds.

Fund

s Inf

orma

tion

40

GREATLINK LIFESTYLE PROGRESSIVE PORTFOLIO report as at 31 December 2018


Market ValueS$

% of NetAssets

FundsGreatLink Global Bond Fund 18,114,917 20.67GreatLink Global Opportunities Fund 16,713,285 19.07GreatLink Global Equity Alpha Fund 18,392,795 20.98GreatLink Asia Pacific Equity Fund 17,321,399 19.76GreatLink Global Emerging Markets Equity Fund

17,111,507 19.52

87,653,903 100.00


% of Net Assets

GreatLink Global Emerging Markets EquityFund

20,628,351 21.68

GreatLink Global Equity Alpha Fund 19,656,944 20.66GreatLink Asia Pacific Equity Fund 18,890,596 19.86GreatLink Global Opportunities Fund 18,298,948 19.23Japan Government 20-Yr 1.500 Maturity 20340320

986,879 1.04

FGLMC 3 2/17 3.000 Maturity 765,465 0.80FNCL 3 2/17 3.000 Maturity 626,437 0.66GNSF 3 1/18 3.000 Maturity 544,280 0.57Slovenia 5.250 Maturity 20240218 380,755 0.40Stadshypotek Ab 2.500 Maturity 20190918

345,034 0.36


% of NetAssets

GreatLink Global Equity Alpha Fund 18,392,795 20.98GreatLink Asia Pacific Equity Fund 17,321,399 19.76GreatLink Global Emerging Markets EquityFund

17,111,507 19.52


16,713,285 19.07

Nykredit 1.000 Maturity 20190401 814,270 0.93FGLMC 3 1/18 3.000 Maturity 740,307 0.84FNCL 3 1/18 3.000 Maturity 723,271 0.83US Treasury N/B 1.875 Maturity 20220731

571,030 0.65

GNSF 3 1/18 3.000 Maturity 539,674 0.62Spanish Government 5.150 Maturity20281031

474,239 0.54

Fund

s Inf

orma

tion

41

GREATLINK LIFESTYLE PROGRESSIVE PORTFOLIO report as at 31 December 2018


31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Lifestyle Progressive Portfolio 1.51% 1.54% 51.32% 45.45%



i) Market value of derivatives Foreign Exchange Forward Contracts 39,744 0.05 Futures 76,975 0.09 Foreign Exchange Spot Contracts 81 -

ii) Net gain on derivative realised 307,728

iii) Net gain on outstanding derivatives 79,174






Fund

s Inf

orma

tion

42

GREATLINK LIFESTYLE BALANCED PORTFOLIO report as at 31 December 2018

The GreatLink Lifestyle Balanced Portfolio invested more than 30% of its assets in the GreatLink Global Bond Fund. The following are the top 10 holdings in the GreatLink Global Bond:


Market ValueS$

% of NetAssets

FundsGreatLink Global Bond Fund 143,936,973 36.23GreatLink Global Opportunities Fund 57,402,645 14.45GreatLink Global Equity Alpha Fund 60,269,469 15.17GreatLink Asia Pacific Equity Fund 58,411,070 14.70GreatLink Short Duration Bond Fund 20,670,590 5.20GreatLink Global Emerging Markets Equity Fund

56,597,826 14.25

397,288,573 100.00


% of NetAssets

GreatLink Global Equity Alpha Fund 60,269,469 15.17GreatLink Asia Pacific Equity Fund 58,411,070 14.70GreatLink Global Opportunities Fund 57,402,645 14.45GreatLink Global Emerging Markets EquityFund

56,597,826 14.25

GreatLink Short Duration Bond Fund 20,670,590 5.20Nykredit 1.000 Maturity 20190401 6,469,999 1.63FGLMC 3 1/18 3.000 Maturity 5,882,307 1.48FNCL 3 1/18 3.000 Maturity 5,746,942 1.45US Treasury N/B 1.875 Maturity 20220731 4,537,272 1.14GNSF 3 1/18 3.000 Maturity 4,288,123 1.08


% of Net Assets

GreatLink Global Emerging Markets EquityFund

69,266,770 16.25

GreatLink Global Equity Alpha Fund 65,310,459 15.32GreatLink Asia Pacific Equity Fund 64,718,952 15.18GreatLink Global Opportunities Fund 63,850,412 14.98GreatLink Short Duration Bond Fund 20,483,602 4.80Japan Government 20-Yr 1.500 Maturity 20340320

7,968,156 1.87

FGLMC 3 2/17 3.000 Maturity 6,180,435 1.45FNCL 3 2/17 3.000 Maturity 5,057,914 1.19GNSF 3 1/18 3.000 Maturity 4,394,567 1.03Slovenia 5.250 Maturity 20240218 3,074,251 0.72

Top 10 Holdings of Underlying Fund as at 31 December 2018

Market ValueS$

% of NetAssets

Nykredit 1.000 Maturity 20190401 12,564,640 4.49FGLMC 3 1/18 3.000 Maturity 11,423,350 4.08FNCL 3 1/18 3.000 Maturity 11,160,474 3.99US Treasury N/B 1.8750 Maturity 20220731

8,811,312 3.15

GNSF 3 1/18 3.000 Maturity 8,327,469 2.98Spanish Government 5.150 Maturity 20281031

7,317,769 2.62

Japan Government 20-Yr 1.500 Maturity20340320

6,938,997 2.48

TSY INFL IX N/B 0.750 Maturity 20280715 5,245,091 1.88Nykredit 2.000 Maturity 20501001 5,030,860 1.80Stadshypotek Ab 2.500 Maturity 20190918 4,857,957 1.74


Market ValueS$

% of Net Assets

Japan Government 20-Yr 1.500 Maturity 20340320

15,139,816 5.58

FGLMC 3 2/17 3.000 Maturity 11,743,074 4.33FNCL 3 2/17 3.000 Maturity 9,610,240 3.54GNSF 3 1/18 3.000 Maturity 8,349,854 3.08Slovenia 5.250 Maturity 20240218 5,841,200 2.15Stadshypotek Ab 2.500 Maturity 20190918 5,293,206 1.95Erste Abwicklungsanstalt 0 Maturity20190607

5,167,187 1.91

Nykredit 2.000 Maturity 20471001 4,824,167 1.78Slovenia 4.125 Maturity 20190218 4,651,901 1.72Spanish Government 1.450 Maturity20271031

4,295,437 1.58

Fund

s Inf

orma

tion

43

GREATLINK LIFESTYLE BALANCED PORTFOLIO report as at 31 December 2018


31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Lifestyle Balanced Portfolio 1.34% 1.36% 46.37% 44.69%




ii) Net gain on derivative realised 2,454,420







Fund

s Inf

orma

tion

44

GREATLINK LIFESTYLE STEADY PORTFOLIO report as at 31 December 2018


Market ValueS$

% of NetAssets

FundsGreatLink Global Bond Fund 15,799,529 50.91GreatLink Global Opportunities Fund 2,938,084 9.47GreatLink Global Equity Alpha Fund 3,077,283 9.92GreatLink Asia Pacific Equity Fund 6,027,437 19.42GreatLink Short Duration Bond Fund 3,190,394 10.28

31,032,727 100.00

The GreatLink Lifestyle Steady Portfolio invested more than 30% of its assets in the GreatLink Global Bond Fund. The following are the top 10 holdings in the GreatLink Global Bond:


% of NetAssets

GreatLink Asia Pacific Equity Fund 6,027,437 19.42Greatlink Short Duration Bond Fund 3,190,394 10.28Greatlink Global Equity Alpha Fund 3,077,283 9.92GreatLink Global Opportunities Fund 2,938,084 9.47Nykredit 1.000 Maturity 20190401 710,192 2.29FGLMC 3 1/18 3.000 Maturity 645,683 2.08FNCL 3 1/18 3.000 Maturity 630,825 2.03US Treasury N/B 1.875 Maturity 20220731 498,043 1.60GNSF 3 1/18 3.000 Maturity 470,694 1.52Spanish Government 5.150 Maturity20281031

413,623 1.33


% of Net Assets

GreatLink Asia Pacific Equity Fund 6,789,047 20.77GreatLink Global Equity Alpha Fund 3,392,932 10.38GreatLink Global Opportunities Fund 3,325,524 10.17GreatLink Short Duration Bond Fund 3,221,269 9.86Japan Government 20-Yr 1.500 Maturity 20340320

891,307 2.73

FGLMC 3 2/17 3.000 Maturity 691,335 2.11FNCL 3 2/17 3.000 Maturity 565,771 1.73GNSF 3 1/18 3.000 Maturity 491,570 1.50Slovenia 5.250 Maturity 20240218 343,881 1.05Stadshypotek Ab 2.500 Maturity 20190918 311,620 0.95


Market ValueS$

% of NetAssets

Nykredit 1.000 Maturity 20190401 12,564,640 4.49FGLMC 3 1/18 3.000 Maturity 11,423,350 4.08FNCL 3 1/18 3.000 Maturity 11,160,474 3.99US Treasury N/B 1.875 Maturity 20220731 8,811,312 3.15GNSF 3 1/18 3.000 Maturity 8,327,469 2.98Spanish Government 5.150 Maturity20281031

7,317,769 2.62


6,938,997 2.48

TSY INFL IX N/B 0.750 Maturity 20280715 5,245,091 1.88Nykredit 2.000 Maturity 20501001 5,030,860 1.80Stadshypotek AB 2.500 Maturity 20190918 4,857,957 1.74


Market ValueS$

% of Net Assets


15,139,816 5.58

FGLMC 3 2/17 3.000 Maturity 11,743,074 4.33FNCL 3 2/17 3.000 Maturity 9,610,240 3.54GNSF 3 1/18 3.000 Maturity 8,349,854 3.08Slovenia 5.250 Maturity 20240218 5,841,200 2.15Stadshypotek Ab 2.500 Maturity 20190918 5,293,206 1.95Erste Abwicklungsanstalt 0 Maturity20190607

5,167,187 1.91

Nykredit 2.000 Maturity 20471001 4,824,167 1.78Slovenia 4.125 Maturity 20190218 4,651,901 1.72Spanish Government 1.450 Maturity20271031

4,295,437 1.58

Fund

s Inf

orma

tion

45

GREATLINK LIFESTYLE STEADY PORTFOLIO report as at 31 December 2018


31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Lifestyle Steady Portfolio 1.15% 1.18% 33.86% 35.35%

Note: The expense rratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes, tax deducted at source or arising out of income received, dividend and other distributions paid to unit holders and is calculated for the preceding 12 months.










Fund

s Inf

orma

tion

46

GREATLINK LIFESTYLE SECURE PORTFOLIO report as at 31 December 2018

The GreatLink Lifestyle Secure Portfolio invested more than 30% of its assets in the GreatLink Global Bond Fund. The following are the top 10 holdings in the GreatLink Global Bond:


Market ValueS$

% of NetAssets

FundsGreatLink Global Bond Fund 46,324,255 60.20 GreatLink Global Opportunities Fund 3,583,021 4.66 GreatLink Global Equity Alpha Fund 3,913,902 5.09 GreatLink Asia Pacific Equity Fund 7,467,628 9.70 GreatLink Short Duration Bond Fund 15,657,174 20.35

76,945,980 100.00


% of NetAssets

GreatLink Short Duration Bond Fund 15,657,174 20.35GreatLink Asia Pacific Equity Fund 7,467,628 9.70GreatLink Global Equity Alpha Fund 3,913,902 5.09GreatLink Global Opportunities Fund 3,583,021 4.66Nykredit 1.000 Maturity 20190401 2,082,286 2.71FGLMC 3 1/18 3.00 Maturity 1,893,144 2.46FNCL 3 1/18 3.000 Maturity 1,849,579 2.40US Treasury N/B 1.875 Maturity 20220731 1,460,262 1.90GNSF 3 1/18 3.00 Maturity 1,380,077 1.79Spanish Government 5.150 Maturity20281031

1,212,744 1.57


% of Net Assets

GreatLink Short Duration Bond Fund 14,103,694 19.91GreatLink Asia Pacific Equity Fund 7,532,399 10.64GreatLink Global Equity Alpha Fund 3,889,469 5.49GreatLink Global Opportunities Fund 3,622,705 5.12Japan Government 20-Yr 1.500 Maturity 20340320

2,327,552 3.29

FGLMC 3 2/17 3.000 Maturity 1,805,347 2.55FNCL 3 2/17 3.000 Maturity 1,477,451 2.09GNSF 3 1/18 3.000 Maturity 1,283,683 1.81Slovenia 5.25 Maturity 20240218 898,009 1.27Stadshypotek Ab 2.500 Maturity 20190918 813,762 1.15


Market ValueS$

% of NetAssets

Nykredit 1.000 Maturity 20190401 12,564,640 4.49FGLMC 3 1/18 3.000 Maturity 11,423,350 4.08FNCL 3 1/18 3.000 Maturity 11,160,474 3.99US Treasury N/B 1.875 Maturity 20220731 8,811,312 3.15GNSF 3 1/18 3.000 Maturity 8,327,469 2.98Spanish Government 5.150 Maturity20281031

7,317,769 2.62


6,938,997 2.48

TSY INFL IX N/B 0.750 Maturity 20280715 5,245,091 1.88Nykredit 2.000 Maturity 20501001 5,030,860 1.80Stadshypotek AB 2.500 Maturity 20190918 4,857,957 1.74


Market ValueS$

% of Net Assets


15,139,816 5.58

FGLMC 3 2/17 3.000 Maturity 11,743,074 4.33FNCL 3 2/17 3.000 Maturity 9,610,240 3.54GNSF 3 1/18 3.000 Maturity 8,349,854 3.08Slovenia 5.250 Maturity 20240218 5,841,200 2.15Stadshypotek Ab 2.500 Maturity 20190918 5,293,206 1.95Erste Abwicklungsanstalt 0 Maturity 20190607

5,167,187 1.91

Nykredit 2.000 Maturity 20471001 4,824,167 1.78Slovenia 4.125 Maturity 20190218 4,651,901 1.72Spanish Government 1.450 Maturity 20271031

4,295,437 1.58

Fund

s Inf

orma

tion

47

GREATLINK LIFESTYLE SECURE PORTFOLIO report as at 31 December 2018


31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Lifestyle Secure Portfolio 0.99% 0.99% 33.19% 37.13%











Fund

s Inf

orma

tion

48


Top Ten Holdings as at 31 December 2017 Market ValueS$

% of Net Assets

Public Utilities 3.900 Maturity 20180831 3,303,609 8.54 Joynote Ltd 3.408 Maturity 20180720 1,515,752 3.92 UOL Treasury 2.500 Maturity 20180420 1,493,214 3.86 AIA Group 1.750 Maturity 20180313 1,337,061 3.46 State Grid Overseas 1.750 Maturity 20180522

1,267,008 3.28

Singapore Government 2.500 Maturity 20190601

1,264,938 3.27

Housing & Development 2.365 Maturity 20180919

1,257,138 3.25

Korea Development Bank 2.050 Maturity 20180723

1,251,081 3.24

Want Want China 1.875 Maturity 20180514 1,199,702 3.10 City Development 2.780 Maturity 20180921

1,007,322 2.61


% of NetAssets

Singapore Government 2.500 Maturity 20190601

4,260,625 10.79

Ntl Uni Of Spore 1.708 Maturity 20190213 2,248,605 5.69 PSA Corp Ltd 4.000 Maturity 20190605 1,262,068 3.20 SP Powerassets 4.390 Maturity 20190515 1,261,236 3.19 Capitaland Ltd 2.950 Maturity 20220620 1,252,420 3.17 Petronas Cap Ltd 5.250 Maturity 20190812 1,035,558 2.62 Bank of China/Sg 2.750 Maturity 20190630 1,002,222 2.54 Housing & Dev 2.223 Maturity 20190528 1,000,673 2.53 Korea Midland Pw 2.750 Maturity 20190211

817,568 2.07

Housing & Dev 1.520 Maturity 20190618 748,187 1.89

Allocation By Industry Market Value % of Netas at 31 December 2018 S$ AssetsConsumer Cyclical 501,312 1.27 Consumer Non-Cyclical 3,510,673 8.89 Energy 1,716,564 4.35 Financial 2,520,815 6.38 Government 6,009,484 15.22 Utilities 2,623,491 6.64 Accrued interest receivable on Fixed Income Securities

87,859 0.23

Others ** 22,516,779 57.02 Total 39,486,977 100.00

** Includes any other industries and net current assets

Allocation By Country Market Value % of Netas at 31 December 2018 S$ AssetsChina 1,002,222 2.54 Hong Kong 679,299 1.72 Japan 499,609 1.27 Korea, Republic Of 817,568 2.07 Malaysia 1,035,558 2.62 Singapore 11,622,391 29.43 Accrued interest receivable on Fixed Income Securities

87,859 0.22

Others ** 23,742,471 60.13 Total 39,486,977 100.00

** Includes any other countries and net current assets.

Allocation By Asset Class Market Value % of Netas at 31 December 2018 S$ AssetsFixed Income Securities (Including accrued interest on Fixed Income Securities)

16,970,198 42.98

Embedded Derivatives 1,252,420 3.17 Derivatives 20,314 0.05 Cash and cash equivalents 21,126,838 53.50 Other net assets/ (liabilities) 117,207 0.30 Total 39,486,977 100.00

Credit Rating of Debt Securities Market Value % of Netas at 31 December 2018 (by S&P or equivalent)

S$ Assets

AAA 8,258,090 20.92 AA 3,680,557 9.32 A+ 2,727,523 6.91 A 679,299 1.72 A- 1,035,558 2.62 Not Rated 501,312 1.27 Accrued interest receivable on Fixed Income Securities

87,859 0.22

16,970,198 42.98

Fund

s Inf

orma

tion

49



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Cash Fund 0.32% 0.32% 52.57% 77.48%



i) Market value of derivatives Foreign Exchange Forward Contracts 20,314 0.05


iii) Net loss on outstanding derivatives (108,437)

Investments in Collective Investment SchemesNot applicable.

Borrowings Nil.



Related-Party TransactionsNot applicable.

Any material information that will adversely impact the valuation of the fundNil.

Investments By Maturity Market Value % of Netas at 31 December 2018 S$ AssetsUp to 30 Days - 0.00 More than 30 Days to 3 Months 3,817,869 9.67 More than 3 Months to 6 Months 11,440,001 28.97 More than 6 Months to 1 Year 1,624,469 4.12 More than 1 Year - 0.00 Accrued interest receivable on Fixed Income Securities

87,859 0.22

16,970,198 42.98

Fund

s Inf

orma

tion

50



% of Net Assets

DBS Group Holdings Ltd 21,300,749 7.60 United Overseas Bank Ltd 19,206,958 6.85 Singapore Telecommunications Ltd 9,956,730 3.55 Bank Central Asia Tbk PT 9,375,846 3.34 Bank Rakyat Indonesia Persero Tbk PT 8,924,607 3.18 Bank Mandiri Persero Tbk PT 7,934,310 2.83 Telekomunikasi Indonesia Persero Tbk PT 7,468,550 2.66 CP ALL PCL-Nvdr 7,136,889 2.54 Airports Of Thailand PCL 7,074,268 2.52 Kasikornbank-For 6,963,284 2.48


% of NetAssets

DBS Group Holdings Ltd 20,410,664 8.17 United Overseas Bank Ltd 14,775,440 5.91 Bank Central Asia Tbk PT 9,871,627 3.95 Singapore Telecommunications Ltd 8,171,770 3.27 Bank Rakyat Indonesia Persero Tbk PT 6,661,940 2.67 Malayan Banking Bhd 6,400,341 2.56 Bank Mandiri Persero Tbk PT 6,037,784 2.42 CP All PCL-NVDR 5,982,695 2.39 Telekomunikasi Indonesia Persero Tbk PT 5,699,755 2.28 PTT PCL-NVDR 5,557,323 2.22

Allocation By Industry Market Value % of Netas at 31 December 2018 S$ AssetsBasic Materials 9,481,463 3.79 Communications 19,558,577 7.83 Consumer, Cyclical 34,851,991 13.95 Consumer, Non-Cyclical 10,949,135 4.38 Diversified 2,821,434 1.13 Energy 13,601,588 5.44 Financials 121,952,935 48.81 Industrials 23,150,245 9.27 Utilities 4,560,972 1.83 Others ** 8,926,751 3.57 Total 249,855,091 100.00


Allocation By Country Market Value % of Netas at 31 December 2018 S$ AssetsIndonesia 52,881,730 21.16 Malaysia 34,943,770 13.99 Philippines 31,805,764 12.73 Singapore 67,723,532 27.11 Thailand 55,500,339 22.21 Others ** 6,999,956 2.80 Total 249,855,091 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2018 S$ AssetsEquity 242,855,135 97.20 Cash and cash equivalents 7,299,064 2.92 Other net assets/ (liabilities) (299,108) (0.12)Total 249,855,091 100.00

Credit Rating of Debt Securities Market Value % of Netas at 31 December 2018 S$ AssetsNot applicable.

Fund

s Inf

orma

tion

51



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink ASEAN Growth Fund 1.55% 1.54% 27.37% 35.53%



i) Market value of derivatives - -

ii) Net loss on derivative realised (51,384)



Borrowings Nil.





Fund

s Inf

orma

tion

52



Market ValueS$

% of NetAssets

Unit TrustAberdeen Standard Pacific Equity Fund - Singapore

528,880,731 99.84

Other net assets/(liabilities) 845,064 0.16 529,725,795 100.00

Top 10 Holdings of Underlying Fund as at 31 December 2018 ^

Market ValueS$

% of NetAssets

Aberdeen Standard Singapore Equity Fund

102,718,291 7.19

Aberdeen Global - Indian Equity Fund # 101,469,651 7.11 Samsung Electronics Co. Ltd (Pref) 81,044,609 5.68 Aberdeen Standard China Opportunities Fund

68,821,212 4.82

Taiwan Semiconductor Manufacturing Co. Ltd

65,931,444 4.62

Tencent 62,932,707 4.41 Aberdeen Standard Thailand Equity Fund 47,607,967 3.33 AIA Group Ltd 39,881,430 2.79 China Resources Land 39,769,245 2.79 Ping An Insurance 35,954,904 2.52

# The underlying fund is not authorised for public sale in Singapore

Allocation By Country of Underlying Fund

Market Value % of Net

as at 31 December 2018 ^ S$ AssetsAustralia 65,295,539 4.57 China 276,035,562 19.35 Hong Kong 176,431,836 12.36 India 140,871,588 9.87 Indonesia 64,933,096 4.55 Korea, Republic Of 141,470,390 9.90 Malaysia 23,410,687 1.64 Philippines 50,471,685 3.54 Singapore 187,961,949 13.16 Taiwan, Province Of China 80,108,591 5.61 Thailand 47,607,967 3.33 United Kingdom 109,661,661 7.67 United States 32,050,060 2.24 Others** 31,522,424 2.21Total 1,427,833,035 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsEquities 1,399,825,934 98.04 Cash 28,007,101 1.96 Total 1,427,833,035 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018^

S$ Assets

Not applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsAberdeen Global - Indian Equity Fund # 124,108,094 8.30 Aberdeen Singapore Equity Fund 108,144,679 7.23 Aberdeen China Opportunities Fund 105,035,188 7.02 Samsung Electronics Co. Ltd (Pref) 68,595,039 4.59 Taiwan Semiconductor Manufacturing Co. Ltd

57,438,974 3.84

Aberdeen Indonesia Equity Fund 50,433,162 3.37 Aberdeen Thailand Equity Fund 48,966,153 3.27 AIA Group Ltd 46,839,934 3.13 Jardine Strategic Holdings Ltd 42,882,459 2.87 Rio Tinto 37,607,251 2.51

# The underlying fund is not authorised for public sale in Singapore

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsCommunication Services 133,382,683 9.34 Consumer Discretionary 37,115,634 2.59 Consumer Staples 22,782,293 1.59Financials 294,298,911 20.61 Healthcare 36,168,852 2.54Industrials 67,830,082 4.76 Information Technology 181,248,815 12.70 Materials 132,722,235 9.29 Real Estate 114,812,386 8.04 Unit Trusts 379,464,043 26.58 Others** 28,007,101 1.96 Total 1,427,833,035 100.00

** Includes any other industries and net current assets.

Fund

s Inf

orma

tion

53



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Asia Pacific Equity Fund * 1.63% 1.60% 17.69% 15.43%Underlying Fund # ^ 1.70% 1.67% 17.69% 15.43%


* The expense ratio of the underlying fund was included to compute the final ratio.# The expense and turnover ratios of the underlying fund were computed for the period ended 30 September 2018. The ratios for the period ended 31 December 2018 are not

available. The expense and turnover ratios of the underlying fund were based on unaudited draft accounts.

Exposure to Derivatives ^(Underlying Fund)Nil.

Borrowings ^Nil.



Related-Party Transactions^Not applicable.

Any material information that will adversely impact the valuation of the fund ^Nil.

^ Source: Aberdeen Standard Investments (Asia) Limited

Fund

s Inf

orma

tion

54



% of Net Assets


8,244,869 2.19

Japan Government 10-Yr .100 Maturity 20260920

6,004,487 1.60

Norwegian Government 4.500 Maturity 20190522

5,798,845 1.54

UK TSY Gilt 1.750 Maturity 20190722 4,999,175 1.33 UK TSY Gilt 1.250 Maturity 20180722 4,679,330 1.24 Apple Inc 4,065,433 1.08 Asian Development Bank 6.450 Maturity 20210808

3,846,447 1.02

New Zealand Government 5.000 Maturity 20190315

3,807,383 1.01

Mexican Bonos 7.750 Maturity 20421113 3,534,044 0.94 European Investment Bank 7.200 Maturity 20190709

3,363,270 0.89


% of NetAssets


10,700,185 3.14

Nykredit 1.000 Maturity 20190401 7,748,194 2.27 UK TSY Gilt 1.750 Maturity 20190722 4,442,247 1.30 FNCL 3 2/18 3.000 Maturity 4,381,772 1.28 Kommuninvest 2.500 Maturity 20201201 4,198,127 1.23 FGLMC 3.5 1/19 3.500 Maturity 4,086,965 1.20 Rentenbank Floating Coupon 0 Maturity 20200716

3,922,214 1.15

Slovenia 5.250 Maturity 20240218 3,102,764 0.91 European Invt Bk 7.500 Maturity 20190130 2,899,088 0.85 Norwegian Government 4.500 Maturity 20190522

2,855,514 0.84

Allocation By Industry Market Value % of Netas at 31 December 2018 S$ AssetsAsset Backed Securities 6,041,326 1.77 Basic Materials 8,547,002 2.51 Communications 17,228,726 5.05 Consumer Cyclical 22,155,132 6.49 Consumer Non-Cyclical 44,467,001 13.04 Energy 11,366,232 3.33 Financial 72,427,106 21.23 Government 83,398,313 24.45 Industrial 15,860,927 4.65 Mortgage Securities 17,470,099 5.12 Technology 18,411,964 5.40 Utilities 5,759,296 1.69 Accrued interest receivable on Fixed Income Securities

1,354,934 0.40

Others** 16,613,992 4.87 Total 341,102,050 100.00


Allocation By Country Market Value % of Netas at 31 December 2018 S$ AssetsAustralia 7,348,943 2.16 Canada 11,916,919 3.49 Denmark 22,344,181 6.55 France 11,983,679 3.51 Germany 13,178,759 3.86 Hong Kong 3,716,531 1.09 Japan 25,945,466 7.61 Luxembourg 7,586,829 2.22 Malaysia 3,649,260 1.07 Mexico 6,520,681 1.91 Netherlands 7,686,254 2.26 Norway 5,647,404 1.66 Slovenia 4,194,689 1.23 Spain 10,816,256 3.17 Sweden 8,449,995 2.48 Switzerland 4,001,767 1.17 United Kingdom 26,709,875 7.83 United States 117,446,910 34.43 Accrued interest receivable on Fixed Income Securities

1,354,934 0.40

Others** 40,602,718 11.90 Total 341,102,050 100.00

** Includes any other countries and net current assets


167,030,623 48.97

Equity 157,545,530 46.19Derivatives 599,996 0.17 Cash and cash equivalents 29,087,628 8.53 Other net assets/ (liabilities) (13,161,727) (3.86)Total 341,102,050 100.00

Fund

s Inf

orma

tion

55



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Supreme Fund 1.38% 1.37% 147.37% 125.11%



i) Market value of derivativesForeign Exchange Forward Contracts (26,881) (0.01)Futures 616,862 0.18 Foreign Exchange Spot Contracts (3) 0.00 Rights 10,018 0.00


iii) Net gain on outstanding derivatives 1,057,700


Borrowings Nil.





Credit Rating of Debt Securities as at Market Value % of Net31 December 2018 (by S&P or equivalent) S$ AssetsAAA 69,218,040 20.29 AA+ 3,580,042 1.05 AA 944,219 0.28 AAu 10,553,795 3.09 AA- 2,453,540 0.72 A+ 19,044,012 5.58 A 9,728,226 2.85 A /*- 542,131 0.16 A- 11,446,310 3.36 BBB+ 14,999,159 4.40 BBB 5,633,816 1.65 BBB- 2,283,503 0.67 BB- 2,305,833 0.68 Not Rated 12,943,063 3.79Accrued interest receivable on Fixed Income Securities

1,354,934 0.40

Total 167,030,623 48.97

Note: Some S&P ratings are unsolicited – indicated by the "u" *- indicates negative outlook

Fund

s Inf

orma

tion

56



Market ValueS$

% of NetAssets

Unit TrustLionGlobal Asia High Dividend Fund CL A – Singapore

32,097,065 100.18

Other net assets/(liabilities) (56,301) (0.18) 32,040,764 100.00

Top 10 Holdings of Underlying Fund as at 31 December 2018 ^

Market ValueS$

% of NetAssets

Taiwan Semiconductor Manufacturing Co. Ltd 3,879,827 5.79Tencent Holdings Ltd 3,202,107 4.78AIA Group Ltd 2,938,739 4.38Alibaba Group Holding-Sp Adr 2,393,443 3.57DBS Group Holdings Ltd 2,256,541 3.37BHP Group 2,104,241 3.14HDFC Bank Limited 2,011,039 3.00China Construction Bank-H 1,980,829 2.96Ping An Insurance Group Co-H 1,787,011 2.67China Petroleum & Chemical-H 1,733,517 2.59

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsAustralia 8,814,642 13.15China 17,938,181 26.77Great Britain 1,265,816 1.89Hong Kong 9,397,858 14.02India 4,143,486 6.18Indonesia 2,073,702 3.10Korea, Republic Of 5,766,749 8.60Malaysia 1,392,818 2.08Philipines 1,750,337 2.61Singapore 3,810,402 5.69Taiwan, Province Of China 6,668,823 9.95Thailand 1,038,115 1.55Others ** 2,957,940 4.41Total 67,018,869 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsEquities 64,060,929 95.59 Other net assets/(liabilities) 2,957,940 4.41 Total 67,018,869 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018 ^

S$ Assets

Not applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsChina Construction Bank Corporation 3,142,769 5.12Australia and New Zealand Banking Group Ltd

2,885,385 4.70

Tencent Holdings Ltd 2,337,273 3.81Ping An Insurance Group Co. of China Ltd 2,133,450 3.47Taiwan Semiconductor Manufacturing Co. Ltd

2,035,990 3.32

DBS Group Holdings Ltd 1,698,503 2.77BHP Billiton Ltd 1,632,783 2.66China Petroleum & Chemical Corporation 1,592,155 2.59KB Financial Group Inc 1,592,121 2.59Malayan Banking Bhd 1,415,744 2.31

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsBanks 14,091,660 21.03Building materials 1,722,385 2.57Chemical 1,682,174 2.51Distribution & Wholesale 3,216,906 4.80Diversified machinery 2,506,506 3.74Electric & Electronic 6,480,725 9.67Energy 4,563,985 6.81Financial services 4,845,464 7.23Insurance 5,656,392 8.44Internet 6,487,426 9.68Metal 3,438,068 5.13Real estate 4,436,649 6.62Others ** 7,890,529 11.77Total 67,018,869 100.00


Fund

s Inf

orma

tion

57



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Asia High Dividend Equity Fund * 1.98% 1.99% 78.55% 413.16%Underlying Fund # ^ 1.95% 1.96% 78.55% 413.16%


* The expense ratio of the underlying fund was included to compute the final ratio.# The expense and turnover ratios of the underlying fund were based on unaudited draft accounts.

Exposure to Derivatives ^(Underlying Fund)

Market Value S$

% of Net Assets

i) Market value of derivative contracts - -

ii) Net gain on derivative realised 571

iii) Net gain on outstanding derivatives -

Borrowings ^Nil.



Related-Party TransactionsThe GreatLink Asia High Dividend Equity Fund invests 100% of its net assets value in LionGlobal Asia High Dividend Fund, which is managed By Lion Global Investors Ltd, a related company of The Great Eastern Life Assurance Co. Ltd.


^ Source: Lion Global Investors Ltd

Fund

s Inf

orma

tion

58



% of Net Assets

Banco Santander SA 960,168 1.39 Chevron Corporation 920,506 1.33 BASF SE 859,763 1.24 Unitedhealth Group Inc 848,219 1.23 Boeing Co/The 837,500 1.21 Bayer AG-Reg 826,125 1.19 Amazon.Com Inc 797,069 1.15 International Consolidated Airlines Group SA (London)

525,869 0.76

International Consolidated Airlines Group SA (Sociedad De Bolsas)

229,975 0.33

Deutsche Lufthansa AG 755,047 1.09


% of NetAssets

Apple Inc 1,480,057 2.47 Johnson & Johnson 1,191,513 1.99 Amazon.Com Inc 1,144,376 1.91 Boeing Co/The 934,081 1.56 International Consolidated Airlines Group Sa 806,132 1.34 Bp Plc-Adr 698,832 1.16 Eni Spa 688,812 1.15 Comcast Corp-A 658,977 1.10 Paypal Holdings Inc 652,157 1.09 Citigroup Inc 651,392 1.09

Allocation By Country Market Value % of Netas at 31 December 2018 S$ AssetsAustralia 1,612,574 2.69 Canada 1,417,107 2.36 France 865,951 1.44 Germany 1,070,108 1.78 Italy 776,396 1.29 Japan 6,266,630 10.44 Netherlands 993,421 1.66 Spain 895,802 1.49 Spain/United Kingdom 806,132 1.35 Sweden 762,099 1.27 United Kingdom 1,014,533 1.69 United States 41,107,264 68.51 Others ** 2,416,306 4.03 Total 60,004,323 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2018 S$ AssetsEquity 58,721,097 97.86 Derivatives (30,913) (0.05)Cash and cash equivalents 1,529,296 2.55 Other net assets/(liabilities) (215,157) (0.36)Total 60,004,323 100.00


Allocation By Industry Market Value % of Netas at 31 December 2018 S$ AssetsBasic Materials 2,792,547 4.65 Communications 7,173,065 11.95 Consumer Cyclical 6,190,181 10.32 Consumer Non-Cyclical 14,554,472 24.25 Energy 5,041,061 8.40 Financial 9,983,004 16.64 Industrial 5,500,084 9.17 Technology 5,589,860 9.32 Utilities 1,896,825 3.16 Others ** 1,283,224 2.14 Total 60,004,323 100.00


Fund

s Inf

orma

tion

59



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Equity Fund 1.67% 1.66% 119.40% 141.24%



i) Market value of derivatives Futures (38,849) (0.06) Rights 7,936 0.01




Borrowings Nil.





Fund

s Inf

orma

tion

60



% of Net Assets

AB FCP I - Global Equity Blend Portfolio 10,622,906 37.22 Japan Government 20-Yr 2.100 Maturity 20301220

989,453 3.47


620,164 2.17

France O.A.T. 4.500 Maturity 20410425 561,295 1.97 Spanish Government 1.300 Maturity 20261031

483,138 1.69

BTPS 1.250 Maturity 20261201 425,142 1.49 Japan Government 30-Yr 1.700 Maturity 20431220

418,537 1.47

Queensland Treasury 6.250 Maturity 20200221

406,584 1.42


404,761 1.42

Spanish Government 1.450 Maturity 20271031

395,259 1.38


% of NetAssets

AB FCP I - Global Equity Blend Portfolio 13,149,372 40.25 Japan Government 20-Yr 2.100 Maturity 20301220

1,035,045 3.17

BTPS 4. Maturity 20200901 921,090 2.82 France O.A.T. 4.500 Maturity 20410425 820,093 2.51 Japan Fin Muni Ent 1.900 Maturity 20180622

598,196 1.83

Queensland Treasury 4.250 Maturity 20230721

458,254 1.40


394,033 1.21

US Treasury N/B 0.875 Maturity 20180331 387,081 1.19 Japan Government 30-Yr 2.000 Maturity 20331220

386,932 1.18

Deutschland Rep 0.500 Maturity 20260215

377,664 1.16

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018^ US$ AssetsAB FCP I - Global Equity Blend PortfolioApple, Inc. 1,878,704 1.34 ICON PLC 1,728,651 1.23 MSCI, Inc. - Class A 1,673,080 1.19 American Water Works Co., Inc. 1,648,985 1.17 Kingspan Group PLC (London) 1,640,345 1.17 Housing Development Finance Corp., Ltd. 1,614,838 1.15 Hexcel Corporation 1,580,307 1.12 Abbott Laboratories 1,541,160 1.10 Tyson Foods, Inc. - Class A 1,473,735 1.05 Apollo Hospitals Enterprise Ltd. 1,457,146 1.04

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017^ US$ AssetsAB FCP I - Global Equity Blend PortfolioApple, Inc. 5,735,440 1.83 Roche Holding AG 4,920,178 1.57 Partners Group Holding AG 3,921,884 1.25 Kingspan Group PLC 3,498,419 1.12 Alphabet, Inc. - Class C 3,449,888 1.10 Xylem, Inc./NY 3,379,478 1.08 Ecolab, Inc. 3,372,217 1.08 West Pharmaceutical Services, Inc. 3,319,469 1.06 MSCI, Inc. - Class A 3,297,025 1.05 Tesla Motors, Inc. 3,294,208 1.05

Allocation By Country Market Value % of Netas at 31 December 2018 S$ AssetsAustralia 636,823 2.23 Canada 323,888 1.13 France 580,375 2.03 Italy 1,498,289 5.25 Japan 3,416,131 11.97 Luxembourg 10,898,634 38.19 Netherlands 680,958 2.39 Spain 1,381,189 4.84 United Kingdom 1,346,518 4.72 United States 5,015,418 17.57 Accrued interest receivable on Fixed Income Securities

122,922 0.43

Others** 2,639,741 9.25 Total 28,540,886 100.00


Allocation By Industry Market Value % of Netas at 31 December 2018 S$ AssetsAB FCP I - Global Equity Blend Portfolio 10,622,906 37.22 Asset-backed Securities 801,950 2.81 Consumer, Non-Cyclical 757,405 2.66 Financials 2,575,641 9.02 Government 10,874,235 38.10 Mortgage Securities 1,193,389 4.18 Accrued interest receivable on Fixed Income Securities

122,922 0.43

Others** 1,592,438 5.58 Total 28,540,886 100.00


Fund

s Inf

orma

tion

61



17,335,139 60.74

Hedge Fund 10,622,906 37.22 Derivatives (2,652) (0.01)Cash and cash equivalents 677,481 2.37 Other net assets/(liabilities) (91,988) (0.32)Total 28,540,886 100.00


S$ Assets

AAA 3,773,380 13.22 AAAu 551,112 1.93 AA+ 1,356,533 4.75 AA 33,314 0.12 AAu 959,950 3.36 A+ 3,537,067 12.39 A 374,013 1.31 A- 674,061 2.36 BBB+ 1,918,531 6.72 BBB 1,327,305 4.65 BBBu 1,226,344 4.30 BBB- 394,387 1.38 BB+ 75,992 0.27 BB 73,053 0.26 Not Rated 937,176 3.29Accrued interest receivable on Fixed Income Securities

122,922 0.43

17,335,139 60.74

Note: Some S&P ratings are unsolicited - indicated by the “u” *- indicates negative outlook

Fund

s Inf

orma

tion

62



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Optimum Fund * 1.39% 1.39% 39.18% 47.93%Underlying Fund # ^ 0.80% 0.79% 44.75% 63.15%


* The expense and turnover ratios of the underlying fund – AB FCP 1 – Global Equity Blend Portfolio S1 Class, which accounts for 40% of investments in GreatLink Global Optimum Fund have been included to compute the final ratio.

# The expense and turnover ratios of the underlying fund were computed for the period ended 31 August 2018. The ratios for the period ended 31 December 2018 are not available. The expense and turnover ratios of the underlying fund were based on unaudited draft accounts.


i) Market value of derivatives Foreign Exchange Forward Contracts (2,652) (0.01)



Investments in Collective Investment SchemesMarket Value % of Net

S$ AssetsAB FCP I - Global Equity Blend Portfolio S1 Class 10,622,906 37.22

Borrowings Securities lending amount of USD 224,342.41, which was 0.21% of the total portfolio as of 31 December 2018.


Subscriptions 266,089 Redemptions 2,714,161

Related-Party TransactionsNil.


^ Source: AllianceBernstein (Singapore) Ltd

Fund

s Inf

orma

tion

63


Top Ten Holdings as at 31 December 2017 Market Value S$

% of Net Assets

Tencent Holdings Ltd 5,997,007 5.71 Facebook Inc 5,045,629 4.80 Apple Inc 4,989,293 4.75 Alphabet Inc 4,977,852 4.74 Visa Inc 4,716,047 4.49 Global Payments Inc 3,613,189 3.44 Taiwan Semiconductor Manufacturing Co. Ltd

3,236,218 3.08

Alibaba Group Holding Ltd 3,081,152 2.93 Fleetcor Technologies Inc 2,733,133 2.60 Paypal Holdings Inc 2,575,247 2.45


% of NetAssets

Tencent Holdings Ltd 6,941,318 6.26 Microsoft Corporation 6,858,034 6.19 Visa Inc-Class A 6,045,844 5.46 Alphabet Inc-A 5,333,928 4.81 Alibaba Group Holding Ltd 4,880,464 4.40 Salesforce.Com Inc 4,725,872 4.27 Taiwan Semiconductor Manufacturing Co. Ltd

4,490,043 4.05

Advanced Micro Devices Inc 4,424,682 3.99 Global Payments Inc 4,240,740 3.83 Workday Inc-A 3,467,718 3.13

Allocation By Country Market Value % of Netas at 31 December 2018 S$ AssetsHong Kong 6,941,318 6.26 Japan 2,170,224 1.96 Taiwan, Province Of China 4,490,043 4.05 United States 96,140,753 86.77 Others** 1,060,185 0.96 Total 110,802,523 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2018 S$ AssetsEquity 109,742,338 99.04 Cash and cash equivalents 1,312,327 1.19 Derivatives (53) 0.00 Other net assets/(liabilities) (252,089) (0.23)Total 110,802,523 100.00


Allocation By Industry Market Value % of Netas at 31 December 2018 S$ AssetsCommunications 32,452,808 29.29 Consumer, Non-Cyclical 17,891,068 16.15 Financials 6,045,844 5.46 Industrials 4,826,990 4.36 Technology 48,525,628 43.78 Others** 1,060,185 0.96 Total 110,802,523 100.00


Fund

s Inf

orma

tion

64



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Technology Fund 1.64% 1.63% 77.00% 70.70%



i) Market value of derivatives Foreign Exchange Spot Contracts (53) -




Borrowings Nil.





Fund

s Inf

orma

tion

65

GREATLINK GLOBAL BOND FUND report as at 31 December 2018


% of Net Assets


15,139,816 5.58

FGLMC 3 2/17 3.000 Maturity 11,743,074 4.33 FNCL 3 2/17 3.000 Maturity 9,610,240 3.54 GNSF 3 1/18 3.000 Maturity 8,349,854 3.08 Slovenia 5.250 Maturity 20240218 5,841,200 2.15 Stadshypotek Ab 2.500 Maturity 20190918 5,293,206 1.95 Erste Abwicklungsanstalt 0 Maturity 20190607

5,167,187 1.91

Nykredit 2.000 Maturity 20471001 4,824,167 1.78 Slovenia 4.125 Maturity 20190218 4,651,901 1.72 Spanish Government 1.450 Maturity 20271031

4,295,437 1.58


% of NetAssets

Nykredit 1.000 Maturity 20190401 12,564,640 4.49 FGLMC 3 1/18 3.000 Maturity 11,423,350 4.08 FNCL 3 1/18 3.000 Maturity 11,160,474 3.99 US Treasury N/B 1.875 Maturity 20220731 8,811,312 3.15 GNSF 3 1/18 3.000 Maturity 8,327,469 2.98 Spanish Government 5.150 Maturity 20281031

7,317,769 2.62


6,938,997 2.48

TSY INFL IX N/B 0.750 Maturity 20280715 5,245,091 1.88 Nykredit 2.000 Maturity 20501001 5,030,860 1.80 Stadshypotek Ab 2.500 Maturity 20190918 4,857,957 1.74

Allocation By Country Market Value % of Netas at 31 December 2018 S$ AssetsCanada 5,607,651 2.01 Denmark 34,843,687 12.46 Finland 3,473,168 1.24 France 10,735,265 3.84 Germany 13,239,999 4.73 Ireland 17,263,955 6.17 Japan 7,471,684 2.67 Luxembourg 5,753,152 2.06 Netherlands 17,874,101 6.39 Slovenia 7,784,755 2.78 Spain 15,332,087 5.48 Sweden 6,726,779 2.41 Switzerland 3,416,333 1.22 United Kingdom 25,904,163 9.26 United States 97,472,263 34.86 Accrued interest receivable on Fixed Income Securities

1,672,920 0.60

Others** 5,078,066 1.82 Total 279,650,028 100.00


Allocation By Industry Market Value % of Netas at 31 December 2018 S$ AssetsAsset Backed Securities 35,112,289 12.55 Communications 6,964,996 2.49 Consumer Cyclical 10,262,241 3.67 Consumer Non-Cyclical 14,438,975 5.16 Financial 102,734,563 36.74 Government 59,337,606 21.22 Industrial 3,223,645 1.15 Mortgage Securities 51,508,449 18.42 Technology 3,007,285 1.08 Accrued interest receivable on Fixed Income Securities

1,672,920 0.60

Others** (8,612,941) (3.08)

Total 279,650,028 100.00



293,213,380 104.85

Derivatives 1,802,376 0.64 Cash and cash equivalents 22,562,306 8.07 Other net assets/(liabilities) (37,928,034) (13.56)Total 279,650,028 100.00


S$ Assets

AAA 117,717,518 42.09 AA+ 5,850,699 2.09 AA 5,757,994 2.06 AA- 6,849,205 2.45 AAu 5,072,735 1.81 A+ 23,189,437 8.29 A 9,284,514 3.32 A /*- 1,084,263 0.39 A- 5,831,228 2.09 BBB+ 35,553,466 12.71 BBB 20,464,923 7.32 BBB- 13,339,988 4.77 CCC 226,188 0.08 Not Rated 41,318,300 14.77 Accrued interest receivable on Fixed Income Securities

1,672,920 0.60

Total 293,213,380 104.85

Note: Some S&P ratings are unsolicited - indicated by the “u”

Fund

s Inf

orma

tion

66

GREATLINK GLOBAL BOND FUND report as at 31 December 2018


31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Bond Fund 0.89% 0.88% 36.87% 51.63%



i) Market value of derivativesForeign Exchange Forward Contracts 612,523 0.22 Futures 1,188,299 0.42 Foreign Exchange Spot Contracts 1,554 0.00


iii) Net gain on outstanding derivatives 1,221,383


Borrowings Nil.





Fund

s Inf

orma

tion

67



% of Net Assets

Tencent Holdings Ltd 5,719,169 9.10 Samsung Electronics Co. Ltd 4,694,781 7.47 Alibaba Group Holding Ltd 4,056,585 6.45 Ping An Insurance (Group) Company Of China, Ltd

3,838,366 6.11

China Construction Bank Corporation 3,442,288 5.48 Taiwan Semiconductor Manufacturing Co. Ltd

2,947,638 4.69

KB Financial Group Inc 2,166,175 3.45 United Overseas Bank Ltd 1,981,184 3.15 China Petroleum & Chemical Corporation 1,823,954 2.90 AIA Group Ltd 1,488,069 2.37


% of NetAssets

Tencent Holdings Ltd 3,974,058 7.55 Samsung Electronics Co. Ltd 3,542,415 6.73 Taiwan Semiconductor Manufacturing Co. Ltd

3,279,856 6.23

Alibaba Group Holding Ltd 3,214,534 6.11 China Construction Bank Corporation 2,897,709 5.51 Ping An Insurance (Group) Company Of China, Ltd

2,299,300 4.37

DBS Group Holdings Ltd 1,994,698 3.79 KB Financial Group Inc 1,554,667 2.95 China Petroleum & Chemical Corporation 1,481,142 2.82 AIA Group Ltd 1,477,837 2.81

Allocation By Country Market Value % of Netas at 31 December 2018 S$ AssetsChina 3,006,656 5.71 Hong Kong 20,575,014 39.11 Indonesia 1,300,855 2.47 Korea, Republic Of 6,162,023 11.71 Philippines 2,848,416 5.41 Singapore 2,791,918 5.31 Taiwan, Province Of China 6,079,383 11.56 Thailand 1,068,654 2.03 United States 4,480,111 8.52 Others** 4,299,458 8.17 Total 52,612,488 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2018 S$ AssetsEquity 48,827,062 92.81 Cash and cash equivalents 3,704,768 7.04 Derivatives 40 0.00 Other net assets/(liabilities) 80,618 0.15 Total 52,612,488 100.00


Allocation By Industry Market Value % of Netas at 31 December 2018 S$ AssetsBasic Materials 1,187,462 2.26 Communications 8,335,701 15.84 Consumer, Cyclical 2,423,899 4.61 Consumer, Non-Cyclical 2,974,412 5.66 Energy 1,995,175 3.79 Financial 20,607,055 39.17 Industrial 3,637,046 6.91 Technology 7,666,313 14.57 Others** 3,785,425 7.19 Total 52,612,488 100.00


Fund

s Inf

orma

tion

68



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Far East Ex-Japan Equities Fund 1.55% 1.54% 54.10% 89.63%



i) Market value of derivativesForeign Exchange Spot Contracts 40 0.00


iii) Net loss on outstanding derivatives (538)


Borrowings Nil.





Fund

s Inf

orma

tion

69



Market Value S$

% of Net Assets

Unit TrustAberdeen Standard Singapore Equity Fund - Singapore

152,960,937 99.97


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsDBS Group Holdings 115,390,722 14.30 Oversea-Chinese Banking Corporation Ltd 103,409,009 12.81 United Overseas Bank 64,970,526 8.05 Singapore Telecommunications 51,492,866 6.38 Keppel Corporation 41,341,008 5.12 Venture Corporation 40,825,791 5.06 CapitaLand 37,688,395 4.67 Jardine Strategic Holdings 35,221,854 4.36 ComfortDelGro 31,450,168 3.90 Jardine Cycle & Carriage 27,905,229 3.46

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsHong Kong 35,221,854 4.36 Malaysia 14,196,000 1.76Singapore 746,187,579 92.46 Others** 11,492,865 1.42 Total 807,098,298 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsEquities 795,605,433 98.58 Cash and cash equivalents 11,492,865 1.42 Total 807,098,298 100.00

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsOversea-Chinese Banking Corporation Ltd 86,726,023 10.58 DBS Group Holdings 75,472,396 9.29 City Developments 56,217,194 7.17 Singapore Telecommunications 55,281,917 7.08 United Overseas Bank 52,621,364 6.85 Venture Corporation 40,831,308 6.82 Keppel Corporation 39,620,152 4.82 Jardine Strategic Holdings 38,431,365 3.83 Jardine Cycle & Carriage 32,900,475 3.63 Comfort DelGro 30,508,308 3.50

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsConsumer Goods 6,040,832 0.75 Consumer Services 67,264,837 8.34 Financials 430,471,049 53.34 Healthcare 42,562,814 5.27 Industrials 150,310,987 18.62 Oil & Gas 41,341,008 5.12 Technology 6,121,040 0.76 Telecommunications 51,492,866 6.38 Others ** 11,492,865 1.42 Total 807,098,298 100.00


Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018 ^ S$ AssetsNot applicable.

Fund

s Inf

orma

tion

70



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Singapore Equities Fund * 1.65% 1.67% 14.32% 14.34%Underlying Fund # ^ 1.63% 1.65% 14.32% 14.34%


* The expense ratio of the underlying fund was included to compute the final ratio.# The expense and turnover ratios of the underlying fund were computed for the period ended 30 September 2018 The ratios for the period ended 31 December 2018 are not

available. The expense and turnover ratios of the underlying fund were based on unaudited draft accounts.


Borrowings ^Nil.



Related-Party Transactions ^Not applicable.



Fund

s Inf

orma

tion

71



% of Net Assets

Simon Property Group Inc 9,268,437 3.14 Avalonbay Communities Inc 6,897,696 2.34 Equity Residential 5,963,510 2.02 Ck Asset Holdings Ltd 5,610,400 1.90 Welltower Inc 5,572,085 1.89 Sun Hung Kai Properties Ltd 5,550,813 1.88 Vonovia SE 5,440,379 1.84 Duke Realty Corporation 5,360,262 1.82 Forest City Realty Trust Inc 5,301,795 1.80 Mitsubishi Estate Co. Ltd 5,257,290 1.78


% of NetAssets

Welltower Inc 11,689,303 4.04 Avalonbay Communities Inc 10,650,681 3.68 Equity Lifestyle Properties Inc 8,138,164 2.81 Prologis Inc 7,682,831 2.66 Simon Property Group Inc 7,499,006 2.59 Vonovia Se 7,131,483 2.47 Americold Realty Trust 6,256,478 2.16 Digital Realty Trust Inc 6,019,248 2.08 Kilroy Realty Corp 5,495,859 1.90 Link Reit 5,453,062 1.89

Allocation By Country Market Value % of Netas at 31 December 2018 S$ AssetsAustralia 14,116,460 4.88 Canada 8,633,806 2.99 France 5,008,918 1.73 Germany 12,945,499 4.48 Hong Kong 24,333,697 8.42 Ireland 9,846,338 3.40 Japan 32,574,123 11.27 Netherlands 5,067,674 1.75 Singapore 7,719,309 2.67 Sweden 3,767,545 1.30 United Kingdom 10,078,117 3.49 United States 145,452,672 50.30 Others** 9,607,186 3.32 Total 289,151,344 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2018 S$ AssetsEquity 284,625,365 98.44 Derivatives (17,213) (0.01)Cash and cash equivalents 5,554,079 1.92 Other net assets/(liabilities) (1,010,887) (0.35)Total 289,151,344 100.00


Allocation By Industry Market Value % of Netas at 31 December 2018 S$ AssetsFinancials 282,907,572 97.84 Others** 6,243,772 2.16 Total 289,151,344 100.00


Fund

s Inf

orma

tion

72



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Real Estate Securities Fund 1.66% 1.65% 94.88% 89.24%



i) Market value of derivatives Foreign Exchange Forward Contracts (17,861) (0.01) Foreign Exchange Spot Contracts 648 0.00




Borrowings Nil.





Fund

s Inf

orma

tion

73


Top Ten Holdings Top 10 Holdings of Underlying Fund as at 31 December 2017 ^

Market Value S$

% of Net Assets

Tencent Holdings Ltd 110,764,824 9.73 Taiwan Semiconductor Manufacturing Co. Ltd 82,313,974 7.23 Alibaba Group Holding Ltd 76,116,454 6.69 China Construction Bank Corporation 40,259,232 3.54 China Mobile Ltd 37,104,937 3.26 Ping An Insurance Group Co. Of China Ltd 36,479,681 3.21 AIA Group Ltd 36,307,167 3.19 Industrial & Commercial Bank Of China Ltd 33,320,393 2.93 China Pacific Insurance Group Co. Ltd 30,534,198 2.68 Bank of China (Hong Kong) Ltd 27,320,830 2.40

Top 10 Holdings of Underlying Fundas at 31 December 2018 ^

Market Value US$

% of NetAssets


87,280,903 7.93

Tencent Holdings Ltd 86,426,175 7.85 Alibaba Group Holding Ltd 56,838,433 5.16 China Construction Bank Corporation 47,330,033 4.30 Industrial & Commercial Bank Of China Ltd 39,085,252 3.55 AIA Group Ltd 38,757,661 3.52 Hong Kong Exchanges & Clearing 30,000,197 2.72 Sands China 26,593,887 2.42 PetroChina 26,041,205 2.36 Zhaojin Mining Industry 25,951,695 2.36


Market ValueS$

% of NetAssets

Unit TrustSchroder ISF Greater China Fund SGD 162,999,823 99.80Other net assets/(liabilities) 327,167 0.20

163,326,990 100.00

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsAustralia 10,596,128 0.96China 673,616,656 61.17 Hong Kong 258,846,776 23.51 Taiwan, Province Of China 124,698,443 11.33Others** 33,381,933 3.03 Total 1,101,139,936 100.00


Allocation By Asset Class of Underlying Fund Market Value % of Netas at 31 December 2018 US$ AssetsEquities 1,067,758,003 96.97 Other net assets/(liabilities) 33,381,933 3.03 Total 1,101,139,936 100.00

Credit Rating of Debt Securities Market Value % of Netas at 31 December 2018 ^ US$ AssetsNot applicable.

Allocation By Industry of Underlying Market Value % of NetFund as at 31 December 2018^ US$ AssetsCommunication services 135,373,306 12.29 Consumer Discretionary 252,877,885 22.97 Consumer Staples 41,247,113 3.75 Energy 35,667,750 3.24 Financials 257,023,873 23.34 Health Care 41,441,695 3.76 Industrials 76,273,809 6.93 Information Technology 136,525,791 12.40 Materials 57,314,009 5.20 Real Estate 34,012,772 3.09 Others** 33,381,933 3.03 Total 1,101,139,936 100.00


Fund

s Inf

orma

tion

74


31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink China Growth Fund * 1.63% 1.56% 59.02% 64.31%Underlying Fund # ^ 1.71% 1.71% 59.02% 64.31%


* The expense ratio of the underlying fund was included to compute the final ratio.# The expense and turnover ratios of the underlying fund were based on audited accounts.

Exposure to Derivatives ^ Market Value % of Net(Underlying Fund) S$ Assets




Borrowings ^ Nil.




Any material information that will adversely impact the valuation of the fund^Nil.

^ Source: Schroder Investment Management Ltd. The base currency of the underlying fund is in USD.


Fund

s Inf

orma

tion

75



Market ValueS$

% of NetAssets

Unit TrustCapital Group European Growth and Income Fund (LUX)

16,346,984 99.87


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ Eur € AssetsNovartis AG 15,942,972 4.07Barclays PLC 15,407,616 3.93Prudential PLC 14,897,953 3.80Total SA 14,675,773 3.74British American Tobacco PLC 12,961,546 3.31Daily Mail & General Trust PLC 12,793,286 3.26Royal Dutch Shell PLC 11,459,925 2.92Banco Santander SA 9,674,136 2.47Orsted AS 9,602,956 2.45Aena Sme SA 9,236,294 2.36

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ Eur € AssetsDenmark 9,602,956 2.45Finland 6,853,573 1.75France 86,179,036 21.98Germany 42,832,834 10.93Ireland 8,849,176 2.26Italy 4,546,347 1.16Netherlands 8,691,527 2.22Norway 4,749,500 1.21Portugal 6,282,200 1.60Russian Federation 8,361,852 2.13Spain 36,305,433 9.26Sweden 2,211,512 0.56Switzerland 34,894,296 8.90United Kingdom 127,573,432 32.54Others** 4,096,896 1.05Total 392,030,571 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ Eur € AssetsEquities 386,487,170 98.59Fixed Income Securities 1,446,505 0.37Cash and cash equivalents 4,096,896 1.04Total 392,030,571 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018 ^ Eur € AssetsBA 1,446,505 0.37

1,446,505 0.37

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ Eur € AssetsPrudential PLC 20,481,339 4.42Royal Dutch Shell PLC 18,373,706 3.51Prosiebensat.1 Media SE 16,863,470 3.32Banco Santander SA 16,708,797 3.17Sampo OYJ 14,703,266 3.15Novartis AG 14,231,903 3.12Daily Mail & General Trust PLC 13,424,420 3.01Barclays PLC 12,915,941 2.95Glencore PLC 12,178,188 2.77TOTAL S.A. 11,819,613 2.31

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ Eur € AssetsCommunication Services 36,154,129 9.22Consumer Discretionary 34,312,118 8.75Consumer Staples 39,182,181 9.99Energy 30,185,355 7.70Financials 71,492,631 18.24Health Care 24,418,084 6.23Industrials 47,177,337 12.03Information Technology 2,180,844 0.56Materials 44,670,410 11.39Real Estate 8,222,360 2.10Utilities 49,938,226 12.74Others** 4,096,896 1.05Total 392,030,571 100.00


Fund

s Inf

orma

tion

76



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink European Equity Fund * 1.57% 1.08% 33.69% 35.80%Underlying Fund # ^ 0.90% 0.90% 33.69% 35.80%


* The expense ratio of the underlying fund was included to compute the final ratio. # The expense ratio of the underlying fund as of 31 December 2018 are based on audited accounts.


Borrowings ^Nil.





^ Source: Capital Group

Fund

s Inf

orma

tion

77



Market Value S$

% of Net Assets

Unit TrustAberdeen Standard Global Opportunities Fund - Singapore

94,046,420 99.83


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsVisa Inc. 24,666,389 3.51Novartis AG 21,095,897 3.01M&T Bank 19,403,717 2.76EOG Resources 17,833,258 2.54Taiwan Semiconductor Manufacturing Co. Ltd

17,410,249 2.48

Samsung Electronics (Preference Shares) 17,347,303 2.47Vodafone 16,795,937 2.39Henkel 16,619,712 2.37Amdocs 15,264,787 2.17Banco Bradesco 15,264,040 2.17

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsBrazil 15,264,040 2.17Canada 11,699,912 1.67China 24,042,223 3.43Germany 40,458,922 5.76Hong Kong 32,045,446 4.56India 22,638,104 3.23Israel 13,764,088 1.96Japan 70,984,961 10.11Korea, Republic of 17,347,304 2.47Mexico 14,515,978 2.07Singapore 10,515,082 1.50Sweden 17,175,540 2.45Switzerland 49,036,487 6.99Taiwan, Province Of China 17,410,249 2.48Thailand 14,086,829 2.01United Kingdom 88,446,484 12.60United States 216,280,242 30.81Others ** 26,149,394 3.73Total 701,861,285 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsEquity 675,711,891 96.27Cash and cash equivalents 26,149,394 3.73Total 701,861,285 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018 ^ S$ AssetsNot applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsEOG Resources Inc. 22,900,943 3.43Roche Holdings 22,570,722 3.38M&T Bank 21,970,310 3.29Visa Inc. 21,033,178 3.15Samsung Electronics Co. Ltd (Pref) 20,553,682 3.08Novartis AG 20,494,702 3.07Oracle Corporation 19,041,264 2.85Banco Bradesco 16,635,713 2.49Vodafone 16,436,904 2.46Shin-Etsu Chemical Co. Ltd 16,395,472 2.46

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsCommunication Services 16,795,937 2.39Consumer Discretionary 34,991,746 4.99Consumer Staples 117,798,546 16.78Energy 41,457,057 5.91Financials 112,787,591 16.07Healthcare 72,445,533 10.32Industrials 58,558,532 8.34Information Technology 161,506,515 23.01Materials 45,942,566 6.55Real Estate 13,427,868 1.91Others ** 26,149,394 3.73Total 701,861,285 100.00


Fund

s Inf

orma

tion

78



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Opportunities Fund * 1.74% 1.74% 9.38% 13.24%Underlying Fund # ^ 1.75% 1.75% 9.38% 13.24%


* The expense ratio of the underlying fund was included to compute the final ratio. # The expense and turnover ratios of the underlying fund were computed for the period ended 30 September 2018. The ratios for the period ended 31 December 2018 are not

available. ^ The expense and turnover ratios of the underlying fund were based on audited accounts.

Exposure to Derivatives ^ (Underlying Fund)Nil.

Borrowings ^Nil.

Total amount of Subscriptions and Redemptions for the year ended 31 December 2018 S$





Fund

s Inf

orma

tion

79



Market Value S$

% of Net Assets

Unit TrustAB SICAV I - Sustainable Global Thematic Portfolio S1X Class

19,678,201 99.72


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsHexcel Corp. 17,483,394 2.54MSCI, Inc. - Class A 17,394,931 2.53Visa, Inc. - Class A 17,212,843 2.50Xylem, Inc./NY 16,852,007 2.45American Water Works Co., Inc. 16,644,267 2.42Unicharm Corp. 16,326,212 2.38Ecolab, Inc. 15,426,135 2.24Vestas Wind Systems A/S 15,113,359 2.20Danaher Corp. 15,087,409 2.20Kingspan Group PLC (London) 15,060,476 2.19

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsChina 36,153,332 5.26Denmark 15,113,359 2.20France 38,362,729 5.58Germany 37,488,683 5.45Hong Kong 12,981,648 1.89India 41,818,659 6.09Indonesia 8,819,071 1.28Ireland 29,562,350 4.30Japan 23,412,377 3.41Netherlands 21,698,583 3.16Peru 13,550,533 1.97Sweden 12,450,590 1.81Switzerland 20,852,478 3.04United Kingdom 20,977,918 3.05United States 324,418,562 47.20Others** 29,649,236 4.31Total 687,310,108 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ US$ AssetsEquities 657,660,872 95.69Other net assets/(liabilities) 29,649,236 4.31Total 687,310,108 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018 ^ US$ AssetsNot applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ US$ AssetsMSCI, Inc. - Class A 23,129,140 2.39American Water Works Co., Inc. 22,796,045 2.35Kingspan Group PLC (London) 22,676,600 2.34Housing Development Finance Corp., Ltd. 22,323,995 2.31Hexcel Corporation 21,846,618 2.26Abbott Laboratories 21,305,445 2.20Apollo Hospitals Enterprise Ltd. 20,144,010 2.08UnitedHealth Group, Inc. 19,852,239 2.05AIA Group Ltd. 19,729,767 2.04Xylem, Inc./NY 19,709,149 2.04

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsCommunication Services 20,240,746 2.94Consumer Discretionary 65,462,872 9.52Consumer Staples 52,398,199 7.63Financials 125,723,056 18.30Health Care 127,543,648 18.55Industrials 96,322,540 14.01Information Technology 94,847,852 13.81Materials 30,377,206 4.42Real Estate 11,000,981 1.60Utilities 33,743,772 4.91Others** 29,649,236 4.31Total 687,310,108 100.00


Fund

s Inf

orma

tion

80



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Thematic Fund * 1.72% 1.72% 37.73% 46.32%Underlying Fund # ^ 0.79% 0.79% 37.73% 46.32%


* The expense ratio of the underlying fund was included to compute the final ratio. # The expense and turnover ratios of the underlying fund were computed for the period ended 30 November 2018. The ratios for the period ended 31 December 2018 are not

available. ^ The expense and turnover ratios of the underlying fund were based on unaudited draft accounts.


i) Market value of derivative contracts Foreign Exchange Forward Contracts (712,274) (0.10)

ii) Net gain on derivative realised -


Borrowings ^Nil.




Any material information that will adversely impact the valuation of the fund Ôn 31 October 2018, Thematic Research Portfolio has changed its name to Sustainable Global Thematic Portfolio. The Portfolio will update its investment policies to provide additional clarity that the Portfolio may allocate investments that are positively exposed to environmentally or socially oriented sustainable investment themes. These sustainable investment themes are identified by the Investment Manager as being broadly consistent with achieving the United Nations Sustainable Development Goals. Examples of these themes include, but are not limited to, Health, Climate, and Empowerment.

^ Source: AllianceBernstein(Singapore) Ltd

Fund

s Inf

orma

tion

81



Market Value S$

% of Net Assets

Unit TrustSchroders ISF Global Equity Alpha Fund - Singapore

99,989,906 99.75


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsNestle 46,070,840 4.39Alphabet Inc. 42,903,152 4.09Visa Inc. 41,216,210 3.93Novartis AG 36,785,389 3.51JPMorgan Chase 36,327,205 3.46Bank of America 32,666,198 3.11Intel 32,434,035 3.09Johnson & Johnson 31,381,569 2.99Adobe 30,320,097 2.89Philip Morris International 29,540,932 2.81

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsAustria 12,033,036 1.15Canada 19,053,649 1.82China 12,806,749 1.22France 39,924,449 3.80Germany 17,384,031 1.66Hong Kong 20,536,267 1.96India 16,738,016 1.59Japan 26,516,164 2.53Switzerland 82,856,230 7.90Turkey 11,087,603 1.06United Kingdom 20,130,552 1.92United States 751,021,955 71.56Others** 19,367,772 1.85Total 1,049,456,473 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ US$ AssetsEquities 1,030,088,701 98.15Other net assets/(liabilities) 19,367,772 1.85Total 1,049,456,473 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018 ^ US$ AssetsNot applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ US$ AssetsAlphabet Inc. 32,273,000 3.19Citigroup Inc. 29,294,114 2.90JPMorgan Chase & Company 29,026,338 2.87Amazon.com Inc. 24,526,176 2.42Taiwan Semiconductor Manufacturing Co. Ltd 23,472,030 2.32Home Depot 22,552,127 2.23Apple Inc. 22,433,207 2.22Visa Inc. 21,640,623 2.14Union Pacific 21,579,340 2.13U.S. Bancorp 21,391,413 2.11

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsCommunication services 72,036,641 6.86Consumer Discretionary 85,482,416 8.15Consumer Staples 75,611,773 7.20Energy 63,043,466 6.01Financials 155,911,223 14.86Health Care 190,761,289 18.18Industrials 137,206,429 13.07Information Technology 186,954,204 17.81Materials 63,081,260 6.01Others** 19,367,772 1.85Total 1,049,456,473 100.00


Fund

s Inf

orma

tion

82



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Equity Alpha Fund * 1.62% 1.70% 85.69% 44.39%Underlying Fund # ^ 0.85% 1.17% 85.69% 44.39%


* The expense ratio of the underlying fund was included to compute the final ratio.# The expense and turnover ratios of the underlying fund were based on audited account.


Borrowings ^Nil.





^ Source: Schroders Investment Management Ltd

Fund

s Inf

orma

tion

83



Market Value S$ % of Net Assets

Unit TrustLionGlobal Short Duration Bond Fund CL A - Singapore

133,188,616 99.95


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsDBS Group Holdings Limited Series GMTN Var Perpetual

7,850,880 2.30

United Overseas Bank Limitd Series EMTN Var due 16/09/2026

7,699,955 2.20

Ascott Real Estate Investment Trust MTN Pte Limited Series MTN 4.205% due 23/11/2022

7,009,335 2.00

Straits Trading Company Limited Series EMTN 3.73% due 19/07/2021

6,818,175 2.00

CapitaLand Limited 2.8% due 08/06/2025 6,783,245 2.00Keppel Land Financial Series EMTN 3.259% due 11/12/2019

6,779,323 2.00

Bagan Capital Limited 0% Convertible due 23/09/2021

6,546,046 1.90

Standard Chartered PLC Var due 23/01/2026 6,342,250 1.80ONGC Videsh Limited 3.25% due 15/7/2019 6,059,042 1.70FCOT Treasury Private Limited Series MTN FRN 03/05/2022

5,899,980 1.70

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsAustralia 7,194,435 2.07Canada 4,276,818 1.23China 97,096,654 27.96Germany 4,978,450 1.43Hong Kong 15,695,419 4.52India 14,342,863 4.13Malaysia 11,179,780 3.22Netherlands 5,562,032 1.60Qatar 3,889,997 1.12Singapore 151,515,836 43.63United Kingdom 6,342,250 1.83Accrued interest receivable on debt securities

3,084,548 0.89

Others** 22,126,373 6.37Total 347,285,455 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsDebt securities 338,853,247 97.57Financial derivatives at fair value 295,953 0.09Other net assets 8,136,255 2.34Total 347,285,455 100.00

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsDBS Capital Funding Il Corporation Var Perpetual

18,338,580 5.52

Alibaba Group Holding Ltd 3.6% 28/11/2024

11,145,469 3.36

ICBC Asia Ltd Series EMTN Var 10/10/2023 7,629,187 2.30Ascendas Hospitality Trust Series MTN 3.3% 07/04/2020

7,162,470 2.16

CapitaLand Ltd Series Capital 2.95% 20/06/2022

6,843,353 2.06

Overseas Union Enterprise Ltd Series MTN 4.25% 30/10/2019

6,096,240 1.84

ONGC Videsh Ltd 3.25% 15/7/2019 5,987,122 1.80FCOT Treasury Private Ltd Series MTN FRN 03/05/2022

5,935,920 1.79

Mapletree Logistics Trust Var Perpetual (SG72D0000009)

5,935,438 1.79

Bank of East Asia Ltd EMTN 6.125% 16/07/2020

5,717,894 1.72

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsBasic Materials 3,424,194 0.99Consumer, Cyclical 8,512,118 2.45Energy 10,915,403 3.14Financial 130,889,574 37.69Industrial 59,801,436 17.22Real Estate 109,326,955 31.48Sovereign 4,424,585 1.27Utilities 7,368,449 2.12Accrued interest receivable on debt securities

3,084,548 0.89

Others** 9,538,193 2.75Total 347,285,455 100.00


Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018 ^ S$ AssetsAaa 2,993,700 0.90Aa3 1,430,885 0.40A1 11,749,729 3.40A2 20,237,310 5.90A3 11,228,814 3.20Baa1 53,209,531 15.30Baa2 65,164,200 18.80Baa3 20,964,821 6.00B1 842,760 0.20Unrated 147,946,949 42.60Accrued interest on debt securities 3,084,548 0.90

338,853,247 97.60

Fund

s Inf

orma

tion

84



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Short Duration Bond Fund * 0.62% 0.59% 22.00% 10.00%Underlying Fund # ^ 0.60% 0.59% 22.00% 10.00%




i) Market value of derivative contracts Foreign Exchange Forward Contracts 668,732 0.19 Futures Contract (372,779) (0.11)



Borrowings ^Nil.



Related-Party Transactions ^Transaction fees charged by the Trustee: S$2,801 Registration fees charged by a related company of the Trustee: S$14,425 Valuation and administration fees charged by the Trustee: S$64,194 Custodian fees charged by a related company of the Trustee: S$31,468 Bank service fees charged by a bank which is a related company of the Trustee: S$1,462 Cash transfer fees charged by a related company of the Trustee: S$4,021 Cash and bank balances placed with a financial institution related to the Trustee as at 31 December 2018 were amounted to S$9,576,635. The GreatLink Short Duration Bond Fund invests 100% of its net assets value in LionGlobal Short Duration Bond Fund, which is managed by Lion Global Investors Ltd, a related company of The Great Eastern Life Assurance Co. Ltd.


^ Source: Lion Global Inbvestors Ltd

Fund

s Inf

orma

tion

85



Market Value S$

% of Net Assets

Unit TrustLionGlobal Japan Growth Fund SGD-Hedged

9,675,477 99.25


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsSony Corporation 5,438,796 2.79ORIX Corporation 4,872,632 2.50Murata Manufacturing Company Limited 4,533,212 2.33Chiba Bank Ltd 4,425,638 2.27Keyence Corporation 4,357,823 2.24ROHM Company Limited 4,198,012 2.15Denso Corporation 3,884,239 1.99Mitsui & Company Limited 3,519,808 1.81Koito Manufacturing Company Limited 3,147,118 1.61Shiseido Company Limited 3,099,443 1.59

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsJapan 192,532,504 98.80Others** 2,341,971 1.20Total 194,874,475 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsEquities 192,532,504 98.80 Derivatives (515,217) (0.26)Cash and cash equivalents 2,857,188 1.46 Total 194,874,475 100.00


S$ Assets

Not applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsORIX Corporation 5,747,822 2.55Chiba Bank Ltd 5,363,584 2.38Sony Corporation 4,956,752 2.20Keyence Corporation 4,717,509 2.09Komatsu Ltd 4,499,201 1.99Mitsubishi Corporation 4,165,752 1.85Nidec Corporation 4,032,511 1.79Concordia Financial Group Ltd 3,860,078 1.71Sanwa Holdings Corporation 3,691,572 1.64Chugai Pharmaceutical Co. Ltd 3,607,378 1.60

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsBasic Materials 13,208,345 6.78Communications 4,212,987 2.16Consumer, Cyclical 27,717,548 14.22Consumer, Non-cyclical 38,469,428 19.74Financial 20,864,892 10.71Industrial 48,574,887 24.93Real Estate 6,490,778 3.33Technology 30,574,847 15.69Others** 4,760,763 2.44Total 194,874,475 100.00


Fund

s Inf

orma

tion

86



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Lion Japan Growth Fund * 1.57% 1.62% 57.00% 53.00%Underlying Fund # ^ 1.56% 1.63% 57.00% 53.00%




i) Market value of derivative contracts Foreign Exchange Forward Contracts (514,096) (0.26) Foreign Exchange Spot Contracts (1,121) -



Borrowings ^Nil.



Related-Party Transactions Înterest expenses incurred with a bank which is a related company of the Trustee was S$2,603. Transaction fees charged by a related company of the Trustee was S$4,723. Custodian fees charged by a related company of the Trustee was S$24,125. Bank service fees charged by a bank which is a related company of the Trustee was S$770. The GreatLink Lion Japan Growth Fund invests 100% of its net assets value in LionGlobal Japan Growth Fund, which is managed By Lion Global Investors Ltd, a related company of The Great Eastern Life Assurance Co. Ltd.



Fund

s Inf

orma

tion

87



Market Value S$

% of Net Assets

Unit TrustLionGlobal India Fund - Singapore 74,798,931 99.86Other net assets/(liabilities) 102,893 0.14

74,901,824 100.00

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsOAI Mauritius Limited 102,651,205 89.87Glenmark Pharmaceuticals Limited 1,200,853 1.05HDFC Bank Limited 1,196,806 1.05Axis Bank Limited 1,086,680 0.95Prestige Estates Projects 588,384 0.52Mahindra & Mahindra Limited 576,786 0.50Power Grid Corporation Of India Limited 569,874 0.50Bharat Petroleum Corporation Limited 567,500 0.50NTPC Limited 565,540 0.50Nestle India Limited 556,822 0.49

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsIndia 113,133,798 99.04Others** 1,091,533 0.96

Total 114,225,331 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsEquities 113,133,798 99.04Others** 1,091,533 0.96

Total 114,225,331 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018^ S$ AssetsNot applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsHousing Development Finance Corporation Ltd

12,127,205 8.86

Reliance Industries Ltd 11,632,040 8.50Infosys Technologies Ltd 8,000,855 5.84ICICI Bank Ltd 6,038,281 4.41Maruti Suzuki India Ltd 5,715,610 4.18ITC Ltd 5,275,222 3.85Tata Consultancy Services Ltd 5,246,611 3.83Vedanta Ltd 4,822,347 3.52Larsen & Toubro Ltd 4,676,077 3.42Tata Motors Ltd 4,587,572 3.35

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsConsumer, Non-cyclical 2,580,855 2.26 Financial 2,836,290 2.48 Funds 102,651,205 89.87 Others** 6,156,981 5.39

Total 114,225,331 100.00


Fund

s Inf

orma

tion

88



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Lion India Fund * 2.29% 1.77% 8.81% 30.56%Underlying Fund # ^ 2.02% 1.50% 8.81% 30.56%







Borrowings ^Nil.



Related-Party Transactions Înterest expenses incurred with a bank which is a related company of the Trustee was S$1,207. Custodian fees charged by a related company of the Trustee was S$3,237. Bank service fees charged by a bank which is a related company of the Trustee was S$145. Cash transfer fees charged by a related company of the Trustee was $26,144. The GreatLink Lion India Fund invests 100% of its net assets value in LionGlobal India Fund, which is managed By Lion Global Investors Ltd, a related company of The Great Eastern Life Assurance Co. Ltd.



Fund

s Inf

orma

tion

89



Market Value S$

% of Net Assets

Unit TrustJPMorgan Investment Funds – Global Income Fund (SGD-Hedged)

16,869,750 49.97

JPMorgan Funds – Asia Pacific Income Fund (SGD-Hedged)

16,783,886 49.71


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsJPMorgan Global Income Fund SGD-HFN BM3788 3.5% 01 Mar 2048 264,178,723 0.96Pfizer Inc. 188,379,005 0.69Coca-Cola 174,590,803 0.64Novartis AG 172,465,189 0.63FG G67706 3.5% 01 Dec 2047 169,689,126 0.62Roche 163,040,319 0.59FN AS8784 3.0% 01 Feb 2047 153,201,565 0.56Total SA 135,282,499 0.49Iberdrola 109,696,535 0.40General Electric 106,081,281 0.39

JPMorgan Asia Pacific Income Fund SGD-HTaiwan Semiconductor Manufacturing Co. Ltd 6,244,850,241 2.76DBS Group Holdings Ltd 5,905,456,206 2.61Samsung Electronics Co. Ltd 5,430,304,558 2.40Transurban Group Ltd 4,706,263,950 2.08United Overseas Bank Ltd 4,434,748,722 1.96Bangkok Bank Public Company Ltd 4,366,869,915 1.93Australia and New Zealand Banking Group Ltd 4,095,354,687 1.81China Life Insurance Co. Ltd 3,688,081,845 1.63BOC Hong Kong (Holdings) Ltd 3,665,455,576 1.62Korea Electric Power Corporation 3,597,576,769 1.59

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ US$ AssetsJPMorgan Global Income Fund SGD-HNovartis AG 203,325,796 0.72HSBC 194,853,888 0.69Rio Tinto 166,614,194 0.59Vodafone Group 166,614,194 0.59Occidental Petroleum Corporation 163,790,225 0.58Pfizer Inc. 152,494,347 0.54Royal Dutch Shell PLC 141,198,469 0.50UPM 129,902,592 0.46Allianz 124,254,653 0.44Daimler 121,430,684 0.43

JPMorgan Asia Pacific Income Fund SGD-HBangkok Bank Public Company Ltd 87,085,253 3.30Korea Electric Power Corporation 82,335,148 3.12CK Hutchison Holdings Ltd 79,960,096 3.03DBS Group Holdings Ltd 71,251,570 2.70HSBC Holdings PLC 61,751,361 2.34Australia and New Zealand Banking Group Ltd

60,695,782 2.30

China Mobile Ltd 51,987,257 1.97Yuanta Financial Holdings Co. Ltd 46,181,573 1.75Amcor Ltd 45,125,995 1.71CNOOC Ltd 43,806,521 1.66

Fund

s Inf

orma

tion

90


Credit Rating of Debt Securities of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsJPMorgan Global Income Fund SGD-HAAA 5,119,169,662 18.62AA 129,216,420 0.47A 354,657,834 1.29BBB 3,117,689,794 11.34<BBB 18,068,304,521 65.72Not Rated 703,817,096 2.56

27,492,855,327 100.00

JPMorgan Asia Pacific Income Fund SGD-HAA 2,572,453 0.12A 182,435,031 8.06BBB 306,634,302 13.55<BBB 250,050,504 11.05Not Rated 86,178,363 3.81

827,870,653 36.59

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsJPMorgan Global Income Fund SGD-HAsia ex Japan 484,376,355 1.76Canada 477,793,686 1.74Emerging Markets 1,492,444,704 5.43Europe ex UK 4,936,870,721 17.95United Kingdom 1,373,862,755 5.00United States 15,184,664,366 55.23Others** 3,542,842,740 12.89Total 27,492,855,327 100.00

JPMorgan Asia Pacific Income Fund SGD-HAustralia 214,240,792 9.47China 777,796,355 34.38Hong Kong 241,560,219 10.68India 97,058,926 4.29Indonesia 126,359,281 5.58Korea, Republic Of 192,771,483 8.52Philippines 36,449,601 1.61Singapore 211,324,713 9.34Taiwan, Province Of China 124,545,474 5.50Thailand 103,110,899 4.56Others** 137,409,109 6.07Total 2,262,626,852 100.00


Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsJPMorgan Global Income Fund SGD-HNot applicable.

JPMorgan Asia Pacific Income Fund SGD-HConsumer Discretionary 36,160,092 1.60 Energy 58,840,834 2.60 Financials 538,493,430 23.80 Fixed Income Securities 827,870,653 36.59 Industrials 140,529,404 6.21 Information Technology 175,935,691 7.78 Materials 22,567,382 1.00 Real Estate 235,875,943 10.42 Utilities 102,381,347 4.52 Others** 123,972,076 5.48Total 2,262,626,852 100.00


Allocation By Asset Class of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsJPMorgan Global Income Fund SGD-HUS High Yield 6,957,516,971 25.31 Agency Securitised 2,483,540,743 9.03 Convertible Bonds 553,790,145 2.01 Emerging Markets Debt 588,306,554 2.14 Emerging Markets Equity 813,284,749 2.96 European Equity 1,468,843,885 5.34 European High Yield 2,069,734,148 7.53 Global Equity 3,957,823,125 14.40 Global REITs 1,598,868,410 5.82 Non-Agency Securitised 1,345,854,075 4.89 Preferred Equity 2,345,639,521 8.53 Cash and cash equivalents 3,309,653,001 12.04Total 27,492,855,327 100.00

JPMorgan Asia Pacific Income Fund SGD-HEquities 1,342,192,419 59.32 Fixed Income Securities 827,870,653 36.59 Cash and cash equivalents 92,563,780 4.09 Total 2,262,626,852 100.00

Fund

s Inf

orma

tion

91



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Income Focus Fund * 1.62% 1.62% 58.85% 31.03%Underlying Fund - JPMorgan Global Income Fund SGD-H # ^

1.45% 1.45% 63.82% 62.06%

Underlying Fund - JPMorgan Asia Pacific Income Fund SGD-H # ^

1.79% 1.78% 53.88% 0.00%


* The expense ratio of the underlying fund was included to compute the final ratio.# The expense ratios of the underlying funds JPMorgan Global Income fund SGD-H and JPMorgan Asia Pacific Income Fund SGH-H were computed for period ended 30 June 2018,

based on unaudited draft accounts and audited accounts respectively. The ratios for period ended 31 December 2018 are not available in time for publication.

Exposure to Derivatives ^ Market Value % of Net(Underlying Fund) Eur€ Assets

JPMorgan Global Income Fund SGD-H¹i) Market value of derivative contracts Forward Foreign Exchange Contracts (176,865,517) (0.69) Futures (2,251,003) (0.01)


iii) Net loss on outstanding derivatives (179,116,520)

Market Value % of Net US$ Assets

JPMorgan Asia Pacific Income Fund SGD-H²i) Market value of derivative contracts Foreign Exchange Forward Contracts (12,975,632) (0.47)


iii) Net loss on outstanding derivatives (12,975,632)

Borrowings ^Nil.





^ Source: JPMorgan Asset Management (Singapore) Ltd . There will be some slight/negligible differences due to decimal rounding issues.1 The information is based on the Fund's AUM 25,469,120,877 (in EUR terms), which is extracted from the JPMorgan Investment Funds' unaudited Semi-

Annual Report dated 30 June 2018. The information as at 31 December 2018 is not available in time for publication.2 The information is based on the Fund's AUM 2,749,079,075 (in USD terms), which is extracted from the JPMorgan Investment Funds' audited Annual

Report dated 30 June 2018. The information as at 31 December 2018 is not available in time for publication.

Fund

s Inf

orma

tion

92


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsAberdeen Pacific Equity FundAberdeen Global - Indian Equity Fund # 124,108,094 8.30 Aberdeen Singapore Equity Fund 108,144,679 7.23 Aberdeen China Opportunities Fund 105,035,188 7.02 Samsung Electronics Co. Ltd (Pref) 68,595,039 4.59 Taiwan Semiconductor Manufacturing Co. Ltd

57,438,974 3.84

Aberdeen Indonesia Equity Fund 50,433,162 3.37 Aberdeen Thailand Equity Fund 48,966,153 3.27 AIA Group Ltd 46,839,934 3.13 Jardine Strategic Holdings Ltd 42,882,459 2.87 Rio Tinto 37,607,251 2.51

# The underlying fund is not authorised for public sale in Singapore.

LionGlobal Singapore Fixed Income Investment Class AGovernment of Singapore 3.5% 01/03/2027

7,591,725 7.36

Government of Singapore 2.875% 01/09/2030

7,215,750 6.99

Government of Singapore 3% 01/09/2024 4,747,260 4.60DBS Capital Funding Il Corporation Var Perpetual

4,329,943 4.20


4,041,000 3.92


3,192,804 3.09


3,186,600 3.09

CapitaLand Ltd Series Capital 2.95% 20/06/2022

3,041,490 2.95

Housing & Development Board Series MTN 2.505% 27/06/2024

2,820,098 2.73

Public Utilities Board 3.62% 12/10/2027 2,238,900 2.17


Market Value S$

% of Net Assets

Unit TrustAberdeen Standard Pacific Equity Fund 26,957,023 47.40LionGlobal Singapore Fixed Income Investment CL A - Singapore

29,865,204 52.51


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsAberdeen Standard Pacific Equity FundAberdeen Standard Singapore Equity Fund 102,718,291 7.19 Aberdeen Global - Indian Equity Fund # 101,469,651 7.11 Samsung Electronics Co. Ltd (Pref) 81,044,609 5.68 Aberdeen Standard China Opportunities Fund

68,821,212 4.82


65,931,444 4.62

Tencent 62,932,707 4.41 Aberdeen Standard Thailand Equity Fund 47,607,967 3.33 AIA Group Ltd 39,881,430 2.79 China Resources Land 39,769,245 2.79 Ping An Insurance 35,954,904 2.52

# The underlying fund is not authorised for public sale in Singapore.

LionGlobal Singapore Fixed Income Investment Class AGovernment of Singapore 2.875% due 01/09/2030

7,801,725 7.67

Government of Singapore 3.5% due 01/03/2027

6,685,800 6.57

Government of Singapore 3% due 01/09/2024

4,276,800 4.20


4,244,000 4.17


4,034,625 3.96


3,775,504 3.71

CapitaLand Limited Series Capital 2.95% due 20/06/2022

3,000,000 2.95


2,748,980 2.70


2,674,910 2.63

Housing & Development Board Series MTN 2.505% due 27/06/2024

2,540,775 2.50

Fund

s Inf

orma

tion

93


Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsAberdeen Standard Pacific Equity FundAustralia 65,295,539 4.57 China 276,035,562 19.33 Hong Kong 176,431,836 12.36 India 140,871,588 9.87 Indonesia 64,933,096 4.55 Malaysia 23,410,687 1.64 Philippines 50,471,685 3.54 Singapore 187,961,949 13.16 Korea, Republic Of 141,470,390 9.90 Taiwan, Province Of China 80,108,591 5.61 Thailand 47,607,967 3.33 United Kingdom 109,661,661 7.68 United States 32,050,060 2.25 Others ** 31,522,424 2.21Total 1,427,833,035 100.00


LionGlobal Singapore Fixed Income Investment Class AAustralia 1,530,210 1.50Canada 1,893,940 1.86China 2,268,327 2.23France 1,017,147 1.00Hong Kong 2,569,640 2.53Malaysia 1,268,912 1.25Singapore 88,564,280 87.02Accrued interest receivable on debt securities

848,662 0.80

Others** 1,815,814 1.78Total 101,776,932 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsAberdeen Standard Pacific Equity FundEquities 1,399,825,934 98.04 Cash and cash equivalents 28,007,101 1.96 Total 1,427,833,035 100.00

LionGlobal Singapore Fixed Income Investment Class ADebt securities (including accrued interest receivable on debt securities)

100,707,356 98.95

Other net assets/(liabilities) 1,069,576 1.05Total 101,776,932 100.00

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsAberdeen Standard Pacific Equity FundCommunication Services 133,382,683 9.34 Consumer Discretionary 37,115,634 2.60 Consumer Staples 22,782,293 1.60 Financials 294,298,911 20.61 Healthcare 36,168,852 2.53 Industrials 67,830,082 4.75 Information Technology 181,248,815 12.69 Materials 132,722,235 9.30 Real Estate 114,812,386 8.04 Unit Trusts 379,464,043 26.58 Others ** 28,007,101 1.96 Total 1,427,833,035 100.00


LionGlobal Singapore Fixed Income Investment Class ACommunications 3,053,783 3.00Financial 20,256,759 19.90Industrial 5,293,223 5.20Real estate 27,993,008 27.50Sovereign 42,243,994 41.51Utilities 1,017,928 1.00Accrued interest receivable on debt securities 848,661 0.84Others** 1,069,576 1.05Total 101,776,932 100.00


Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2018 ^ S$ AssetsLionGlobal Singapore Fixed Income Investment Class AAaa 19,755,695 19.41Aa2 248,393 0.24A1 2,020,835 1.99A2 1,766,665 1.74A3 1,267,763 1.25Baa1 251,955 0.25Baa2 3,085,932 3.03Baa3 1,510,240 1.48Unrated (comprise primarily corporate debts issued by Singapore companies)

69,951,216 68.73

Accrued interest receivable on debt securities

848,662 0.83

100,707,356 98.95

Fund

s Inf

orma

tion

94



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Lion Asian Balanced Fund * 1.35% 1.33% 11.85% 12.72%Underlying Fund - Aberdeen Standard Pacific Equity Fund # ^

1.70% 1.67% 17.69% 15.43%

Underlying Fund - LionGlobal Singapore Fixed Income Investment Class A # ^

0.68% 0.68% 6.00% 10.00%


* The expense and turnover ratios of the two underlying funds based on 50% of investments into each underlying fund were included to compute the final ratio.# The expense and turnover ratios of the underlying fund - Aberdeen Standard Pacific Equity Fund were computed for the period ended 30 September 2018 based on audited

accounts. The ratios for the period ended 31 December 2018 are not available. The expense and turnover ratios of the underlying fund - LionGlobal Singapore Fixed Income Investment Class A were based on unaudited draft accounts.


Aberdeen Standard Pacific Equity Fund Nil

LionGlobal Singapore Fixed Income Investment Class Ai) Market value of derivative contracts - -



Borrowings ^Nil.



Related-Party TransactionsThe GreatLink Lion Asian Balanced Fund invests 47.51% of its net assets value in Aberdeen Standard Pacific Equity Fund and 52.49% of its net assets in LionGlobal Singapore Fixed Income Investment Class A, which is managed by Lion Global Investors Ltd, a related company of The Great Eastern Life Assurance Co. Ltd.

LionGlobal Singapore Fixed Income Investment Class AInterest expenses incurred from a bank which is a related company of the Trustee: S$104. Transaction fees charged by the Trustee: S$1,686. Registration fees charged by a related company of the Trustee: S$6,032. Trustee fee charged by the Trustee: S$18,849. Custodian fees charged by a related company of the Trustee: S$10,418. Bank service fees charged by a bank which is a related company of the Trustee: S$82. Valuation and administration fees charged by a related company of the Trustee: S$25,114. Cash transfer fees charged by a related company of the Trustee: S$2,686. Cash and bank balances placed with a financial institution related to the Trustee as at 31 December 2018 was S$983,631.


^ Source: Aberdeen Standard Investments (Asia) Limited, Lion Global Investors Ltd

Fund

s Inf

orma

tion

95



Market Value S$

% of Net Assets

Unit TrustLionGlobal Vietnam Fund - Singapore 9,961,075 99.94 Other net assets/(liabilities) 5,892 0.06

9,966,967 100.00

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018^ S$ AssetsVietnam Dairy Products JSC 10,281,926 11.39Hoa Phat Group JSC 8,678,790 9.61Mobile World Investment Corporation 7,974,067 8.83Vingroup JSC 7,736,703 8.57Vinhomes JSC 7,448,179 8.25Vincom Retail JSC 5,992,165 6.64Airports Corporation Of Vietnam 5,141,086 5.69Joint Stock Commercial Bank for Foreign Trade of Vietnam

4,977,802 5.51

Masan Group Corporation 4,673,037 5.18Bao Viet Holdings 4,225,531 4.68

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsVietnam 88,224,650 97.72Others** 2,056,589 2.28 Total 90,281,239 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsEquities 88,224,650 97.72Cash and other net assets 2,056,589 2.28 Total 90,281,239 100.00


S$ Assets

Not applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsVietnam Dairy Products JSC 15,655,753 16.80Hoa Phat Group JSC 13,906,644 14.92Vingroup JSC 9,063,988 9.73Mobile World Investment Corporation 9,018,416 9.68JSC Bank For Foreign Trade Of Vietnam 6,324,845 6.79Airports Corporation Of Vietnam JSC 6,206,962 6.66Ho Chi Minh Infrastructure Investment JSC 6,196,790 6.65Masan Group Corporation 4,631,587 4.97FPT Corporation 4,465,853 4.79Refrigeration Electrical Engineering Corporation

3,651,134 3.92

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsBasic Materials 8,678,790 9.61Consumer, Cyclical 7,974,067 8.83Consumer, Non-cyclical 20,181,678 22.35Energy 2,096,223 2.32Financial 10,360,876 11.48Industrial 11,652,405 12.91Real Estate 22,689,076 25.13Technology 4,591,535 5.09Others** 2,056,589 2.28Total 90,281,239 100.00


Fund

s Inf

orma

tion

96



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Lion Vietnam Fund * 1.87% 1.88% 26.00% 6.79%Underlying Fund # ^ 1.85% 1.86% 26.00% 6.79%







Borrowings ^Nil.



Related-Party Transactions Interest expenses incurred with a bank which is a related company of the Trustee was S$ 738. Transaction fees charged by the Trustee was S$ 10,736. Registration fee charged by a related company of the Trustee was S$ 28,047. Valuation and administration fees charged by the Trustee was S$ 38,957. Custodian fees charged by a related company of the Trustee was S$ 99,986. Cash transfer fees charged by a related company of the Trustee was S$ 60,562. Bank service fees charged by a bank which is a related company of the Trustee was S$ 3,138.

The GreatLink Lion Vietnam Fund invests 100% of its net assets value in LionGlobal Vietnam Fund, which is managed by Lion Global Investors Ltd, a related company of The Great Eastern Life Assurance Co. Ltd.



Fund

s Inf

orma

tion

97



Market Value S$

% of Net Assets

Unit TrustFidelity Global Emerging Markets Fund SR-ACC-SGD

106,338,030 99.79


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsAIA Group Ltd 513,811,368 7.15Naspers Ltd 456,881,449 6.36HDFC Bank Ltd 433,727,518 6.03Housing Development Finance Corp 334,761,064 4.66Taiwan Semiconductor Manufacturing Co. Ltd

318,163,772 4.43

Bank Central Asia 254,261,367 3.54China Mengniu Dairy 236,990,989 3.30Inner Mongolia Yili Industrial Group (A) 172,542,507 2.40Alibaba Group Holding ADR 157,004,690 2.18SK Hynix 152,817,266 2.13

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsBrazil 377,484,728 5.25China 1,022,180,630 14.22Hong Kong 902,454,534 12.55India 959,956,404 13.35Indonesia 263,011,497 3.66Ireland 273,943,940 3.81Korea, Republic Of 465,994,216 6.48Mexico 95,903,971 1.33Russia 652,418,078 9.08South Africa 748,137,577 10.41Taiwan, Province Of China 502,254,922 6.99United Arabic Emirates 75,979,840 1.06United States 136,255,444 1.90Others** 712,807,708 9.91Total 7,188,783,489 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2018 ^ S$ AssetsCommon Stock 6,371,239,996 88.63 Open Ended Fund 273,943,940 3.81 Preferred Stock 133,954,243 1.86 Contract for Difference (1,190,382) (0.02)Forward Rate Contracts 455,813 0.01 Other net assets/(liabilities) 410,379,880 5.71 Total 7,188,783,489 100.00


S$ Assets

Not applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2017 ^ S$ AssetsNaspers Ltd 587,984,093 7.17Taiwan Semiconductor Manufacturing Co. Ltd

509,819,537 6.22

AIA Group Ltd 416,219,131 5.07HDFC Bank Ltd 385,175,657 4.70Sberbank of Russia PJSC (USD) 369,736,560 4.51China Mengniu Dairy 233,183,893 2.84Housing Development Finance 221,908,689 2.71Alibaba Group Holdings ADR 219,491,759 2.68Grupo Mexico Service (B) 194,551,223 2.37Inner Mongoliyili A 187,298,407 2.28

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsConsumer Discretionary 1,214,730,229 16.90Consumer Staples 601,355,569 8.37Energy 276,176,381 3.84Financials 2,800,247,578 38.95Healthcare 103,794,906 1.44Industrials 133,687,405 1.86Information Technology 964,927,002 13.42Materials 342,831,637 4.77Open Ended Fund 273,943,940 3.81Others** 477,088,842 6.64Total 7,188,783,489 100.00


Fund

s Inf

orma

tion

98



31 December 2018 31 December 2017 31 December 2018 31 December 2017GreatLink Global Emerging Markets Equity Fund * 1.74% 1.73% 104.66% 101.35%Underlying Fund # ^ 1.72% 1.72% 104.66% 101.35%


# The expense and turnover ratios of the underlying fund were computed for the period ended 31 October 2018. The ratios for the period ended 31 December 2018 are not available.

^ The expense and turnover ratios of the underlying fund were based on unaudited draft accounts.


i) Market value of derivative contracts (734,569) (0.01)



Borrowings ^Bank overdrafts of S$ 217,961 which is less than 1% of the underlying fund's NAV as of 31 December 2018. This is based on the underlying fund's unaudited financial period.





^ Source: FIL Fund Management Limited

99

Funds managed by Lion Global Investors LtdThe soft dollar commissions from various brokers for the year were utilised on research and advisory services, economic and political analyses, portfolio analyses, market analyses, data and quotation analyses and computer hardware and software used for and in support of the investment process of fund managers. Goods and services received were for the benefit of the scheme and there was no churning of trades. These brokers also execute trades for other funds managed by the managers. The trades are conducted on best available terms and in accordance with best practices.

Fund managed by AllianceBernstein (Singapore) Ltd *For the period ended 31 December 2018, the Investment Manager does receive and has entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Underlying Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received include specialist industry, company and consumer research, portfolio and market analysis and computer software used for the delivery of such services. The nature of the goods and services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Underlying Fund and may contribute to an improvement in the Underlying Fund's performance.

For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees' salaries or direct money payments. Disclosure of soft commission arrangements will be made in the periodic reports of the Underlying Fund.

* AllianceBernstein (Singapore) Ltd has confirmed that their Investment Professionals are strictly prohibited from engaging in any portfolio or market manipulative practices, including, but not limited to churning of trade. The Investment Manager will not enter into unnecessary trades in order to qualify for soft-dollar commissions/arrangements.

Fund managed by JPMorgan Asset Management (Singapore) Ltd **The Investment Managers or Sub-Investment Managers (where applicable), may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers or Sub-Investment Managers (where applicable), including the Fund, and where the Investment Managers or Sub-Investment Managers (where applicable), are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the Shareholders. Any such arrangements must be made by the Investment Managers or Sub-Investment Managers (where applicable), on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers or Sub-Investment Managers (where applicable), may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations. From 1 January 2018, only certain Sub-Funds as disclosed on www.jpmorganam.com.sg may use commission sharing/soft commission to pay for external research.

SOFT DOLLAR COMMISSIONS report as at 31 December 2018

Soft

Dolla

r Com

miss

ions

100

Soft

Dolla

r Com

miss

ions


Fund managed by Schroders Investment Management (Singapore) LtdIn the management of the Fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars received are restricted to the following kinds of services:

(i) research, analysis or price information; (ii) performance measurement; (iii) portfolio valuations; and (iv) administration services.

The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the Fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment.

Fund managed by Capital GroupPrior to January 1, 2019, we had a long-standing practice of paying for our external research from client commissions and our own resources. Where we used client commissions to pay for third-party research, we utilized Commission Sharing Arrangements (or “CSAs”). Our CSAs separated – or “unbundled” – charges for research and execution. Our approach was designed to meet regulatory requirements across the multiple jurisdictions in which we operated, while ensuring that each client, no matter their location or the size of the assets that we managed for them, was able to benefit from the research resources and terms available to an asset manager of our size.

However, we are pleased to be able to inform you that Capital Group has decided, as of 1 January 2019, to bear the costs of all third-party investment research services for all client accounts it advises, including for CGEGILU, the fund in which Great Eastern is currently invested.

Fund managed by Aberdeen Standard Investments (Asia) LimitedNil.

Fund managed by Goldman Sachs (Singapore) Pte LtdNil.

** JPMorgan Asset Management (Singapore) Limited has confirmed that their Investment Professionals are strictly prohibited from engaging in any portfolio or market manipulative practices, including, but not limited to churning of trade. The Investment Manager will not enter into unnecessary trades in order to qualify for soft-dollar commissions/arrangements.

Soft

Dolla

r Com

miss

ions


Fund managed by FIL Fund Management LimitedThe Investment Manager and any of its Connected Persons1 may effect transactions by or through the agency of another person with whom the Investment Manager and any of its Connected Persons have an arrangement under which that party will from time to time provide to or procure for the Investment Manager and any of its Connected Persons goods, services or other benefits (such as research and advisory services), the nature of which is such that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the performance of the Fund or of the Investment Manager or any of its Connected Persons in providing services to the Fund and for which no direct payment is made but instead the Investment Manager and any of its Connected Persons undertake to place business with that party. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. The Investment Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being repayment of a cash commission made by a broker or dealer to the Investment Manager and/ or any Connected Person) paid or payable from any such broker or dealer in respect of any business placed with such broker or dealer by the Investment Manager or any Connected Person for or on behalf the Fund. Any such cash commission rebate from any such broker or dealer will be held by the Investment Manager and any Connected Person for the account of the Fund. Brokerage rates will not be excessive of customary brokerage rates. All transactions will be done with best execution.

With respect to FF Emerging Markets Fund SR-ACC-SGD that is included under the CPF Investment Scheme, a broker or dealer with whom the Investment Manager and/or any sub-manager has an arrangement as described above may execute trades for other collective Investment schemes managed by the Investment Manager and/or any sub-manager. The Investment Manager confirms that the trades were executed in accordance with the Investment Manager’s best execution policy and there was no churning of trades. 1 “Connected Persons” means (a) any person beneficially owning, directly or indirectly, 20% or more

of the ordinary share capital of that company or able to exercise, directly or indirectly, 20% or more of the total votes in that company; (b) any person controlled by a person who meets one or both of the requirements set out in (a) above; (c) any company 20% or more of whose ordinary share capital is beneficially owned, directly or indirectly, by any investment adviser, investment manager or Share Distributor taken together; and any company 20% or more of the total votes in which can be exercised, directly or indirectly by such investment adviser, investment manager or Share Distributor taken together; and (d) any director or officer of any investment adviser or investment manager or Share Distributor or of any Connected Person of that company, as defined in (a), (b) or (c) above.

101

Capit

al Ac

coun

tCAPITAL ACCOUNT (Audited) for the year ended 31 December 2018

102

GreatLink Cash Fund

GreatLink ASEAN Growth

Fund

GreatLink Asia Pacific Equity

Fund

GreatLink Global Supreme

Fund


GreatLink European

Equity Fund

S$ S$ S$ S$ S$ S$

Value of Fund at beginning of the period 38,666,340 280,446,485 598,278,463 376,343,768 37,425,471 19,817,947

Amount paid to the Fund for creation of units 11,694,589 14,813,310 22,681,080 4,871,072 17,917,205 1,323,548

Amount paid by the Fund for redemption of units (11,341,615) (17,428,510) (30,111,452) (23,967,464) (17,091,540) (1,756,665)

Net cash into/(out of) the Fund 352,974 (2,615,200) (7,430,372) (19,096,392) 825,665 (433,117)

Investment Income

Interest 694,713 13,027 - 3,776,963 - -

Dividends - 8,162,285 - 3,703,587 1,310,848 -

Other income 275 339,949 514,423 142,114 - 9,566

694,988 8,515,261 514,423 7,622,664 1,310,848 9,566

Fund Expenses

Management fees (118,451) (4,111,651) - (5,059,677) (1,258) (133,578)

Custody fees (3,842) (27,029) (126,182) (58,718) (7,772) (4,188)

Other expenses - - - - - -

(122,293) (4,138,680) (126,182) (5,118,395) (9,030) (137,766)

Net income/(loss) 572,695 4,376,581 388,241 2,504,269 1,301,818 (128,200)

Net gains/(losses) on investments

Realised gains/(losses) from investments sold (286,588) 5,334,381 6,096,398 16,700,160 134,471 122,549

Unrealised appreciation/(depreciation) in value of investments

131,387 (37,128,630) (67,606,935) (33,554,419) (6,336,293) (3,010,570)

Net gains/(losses) on foreign exchange 99,055 (26,944) - (3,686,151) - (1,708)

Net gains/(losses) in fair value on derivatives (48,886) (50,185) - 2,812,395 - 775

(105,032) (31,871,378) (61,510,537) (17,728,015) (6,201,822) (2,888,954)

Less: Income Tax - (481,397) - (921,580) - -

Less: Distribution - - - - (1,310,368) -

Value of Fund atend of the period 39,486,977 249,855,091 529,725,795 341,102,050 32,040,764 16,367,676

Capit

al Ac

coun

t

CAPITAL ACCOUNT (Audited) for the year ended 31 December 2018

103

GreatLink Global Equity

Fund

GreatLink Global

Optimum Fund

GreatLink Global

Technology Fund

GreatLink Global

Thematic Fund

GreatLink Global Bond

Fund

GreatLink Global

Opportunities Fund

S$ S$ S$ S$ S$ S$


Amount paid to the Fund for creation of units 1,473,189 266,089 23,501,946 1,323,784 17,234,922 2,967,277


Net cash into/(out of) the Fund (3,502,652) (2,448,072) 12,981,008 (936,270) 7,896,775 587,321

Investment Income

Interest 332 482,027 16,182 - 5,021,965 -

Dividends 1,353,002 - 812,289 - - -

Other income 70,669 2,001 18,564 - 12,248 30,245

1,424,003 484,028 847,035 - 5,034,213 30,245

Fund Expenses

Management fees (1,141,381) (337,085) (1,928,502) (198,385) (2,372,307) -

Custody fees (7,516) (3,141) (12,462) (4,839) (28,866) (22,508)


(1,148,897) (340,226) (1,940,964) (203,224) (2,401,173) (22,508)

Net income/(loss) 275,106 143,802 (1,093,929) (203,224) 2,633,040 7,737


Realised gains/(losses) from investments sold 5,470,309 94,792 15,158,662 946,660 24,044 1,259,761


(10,936,219) (1,804,520) (21,205,295) (2,618,775) (4,141,755) (12,570,757)

Net gains/(losses) on foreign exchange (4,949) (56,718) 93,950 - (3,911,709) 1

Net gains/(losses) in fair value on derivatives (153,947) (53,997) (21,920) - 6,002,643 -

(5,624,806) (1,820,443) (5,974,603) (1,672,115) (2,026,777) (11,310,995)

Less: Income Tax (331,448) (2,382) (174,337) - (1,600) -

Less: Distribution - - - - - -


Capit

al Ac

coun


104

GreatLink Far East ex Japan Equities Fund

GreatLink Singapore

Equities Fund


GreatLink Short Duration

Bond Fund

GreatLink Global

Real Estate Securities Fund

GreatLink Lion Japan Growth

Fund

S$ S$ S$ S$ S$ S$




Net cash into/(out of) the Fund (1,480,823) 5,510,936 1,801,756 30,230,016 19,030,605 (252,599)

Investment Income

Interest 5 - 23 - - -

Dividends 1,689,041 - - 3,343,102 1,781,571 -

Other income 35,214 - 66,777 - 8,981,925 6,493

1,724,260 - 66,800 3,343,102 10,763,496 6,493

Fund Expenses

Management fees (916,463) (547) (876,399) (1,655) (4,845,672) (5,405)

Custody fees (8,712) (35,105) (23,995) (25,303) (31,100) (2,436)

Other expenses (27) - - - (2,790) -

(925,202) (35,652) (900,394) (26,958) (4,879,562) (7,841)

Net income/(loss) 799,058 (35,652) (833,594) 3,316,144 5,883,934 (1,348)


Realised gains/(losses) from investments sold 1,910,673 2,393,038 1,470,234 (265,665) 343,249 597,326


(11,223,617) (18,666,156) (9,671,496) (2,600,705) (15,926,116) (2,482,014)

Net gains/(losses) on foreign exchange (46,927) - 3,234 - 75,878 -

Net gains/(losses) in fair value on derivatives (18,785) - (10,524) - (58,539) -

(9,378,656) (16,273,118) (8,208,552) (2,866,370) (15,565,528) (1,884,688)

Less: Income Tax (198,206) - - - (2,424,594) -

Less: Distribution - - - - (13,004,315) -


Capit

al Ac

coun

t

CAPITAL ACCOUNT (Audited) for the year ended 31 December 2018

105

GreatLink China Growth

Fund


GreatLink Income Focus

Fund

GreatLink Lion Asian Balanced

Fund


GreatLink Global

Emerging Markets

Equity Fund

S$ S$ S$ S$ S$ S$




Net cash into/(out of) the Fund (6,214,747) (7,226,512) 7,167,337 (1,971,239) (2,452,141) 8,573,007

Investment Income

Interest 18 - - - - -

Dividends - - 1,506,623 - - -

Other income 183,701 - 6,993 - 165 -

183,719 - 1,513,616 - 165 -

Fund Expenses

Management fees - (201,490) - (101,835) - (1,452)

Custody fees (40,460) (17,686) (7,027) (13,166) (2,668) (26,079)


(40,460) (219,176) (7,027) (115,001) (2,668) (27,531)

Net income/(loss) 143,259 (219,176) 1,506,589 (115,001) (2,503) (27,531)


Realised gains/(losses) from investments sold 3,223,872 1,490,460 (388,788) 1,276,636 1,819,109 827,870


(20,915,940) (8,262,212) (3,068,660) (4,100,056) (2,303,529) (25,073,986)

Net gains/(losses) on foreign exchange 72 - - - - -

Net gains/(losses) in fair value on derivatives - - - - - -

(17,691,996) (6,771,752) (3,457,448) (2,823,420) (484,420) (24,246,116)

Less: Income Tax - - - - - -

Less: Distribution - - (1,626,216) - - -


Capit

al Ac

coun


106






S$ S$ S$ S$ S$

Value of Fund at beginning of the period 70,823,894 32,687,927 426,302,783 95,145,255 33,264,298

Amount paid to the Fund for creation of units 15,812,373 3,352,078 19,976,173 7,245,222 3,107,070

Amount paid by the Fund for redemption of units (8,230,724) (3,726,733) (17,129,982) (5,191,677) (2,836,351)

Net cash into/(out of) the Fund 7,581,649 (374,655) 2,846,191 2,053,545 270,719

Investment Income

Interest 831,893 283,729 2,584,839 325,313 2

Dividends 392,802 80,040 518,577 - -

Other income 13,038 9,538 121,605 35,233 14,563

1,237,733 373,307 3,225,021 360,546 14,565

Fund Expenses

Management fees (427,387) (160,973) (1,748,979) (314,706) (68,371)

Custody fees (11,326) (5,111) (74,688) (18,579) (7,076)

Other expenses - - - - -

(438,713) (166,084) (1,823,667) (333,285) (75,447)

Net income/(loss) 799,020 207,223 1,401,354 27,261 (60,882)


Realised gains/(losses) from investments sold 164,028 148,788 2,734,643 827,092 349,541


(2,768,427) (1,754,375) (37,067,404) (10,533,253) (4,376,862)

Net gains/(losses) on foreign exchange (647,851) (220,902) (2,011,427) (252,796) 252

Net gains/(losses) in fair value on derivatives 993,932 338,811 3,083,257 386,903 (820)

(2,258,318) (1,487,678) (33,260,931) (9,572,054) (4,027,889)

Less: Income Tax (265) (90) (824) (104) -

Less: Distribution - - - - -

Value of fund at end of the period 76,945,980 31,032,727 397,288,573 87,653,903 29,446,246

Asse

ts an

d Liab

ilities

STATEMENT OF ASSETS AND LIABILITIES (Audited) as at 31 December 2018

107

GreatLink Cash Fund

GreatLink ASEAN Growth

Fund

GreatLink Asia Pacific Equity Fund

GreatLink Global

Supreme Fund

GreatLink Asia High Dividend

Equity Fund

GreatLink European

Equity Fund

S$ S$ S$ S$ S$ S$

INVESTMENT PORTFOLIO

Equities - 242,855,135 - 157,545,529 - -

Fixed Income Securities 16,882,339 - - 165,675,689 - -

Investments in funds - - 528,880,731 - 32,097,065 16,346,984

Value of Investments 16,882,339 242,855,135 528,880,731 323,221,218 32,097,065 16,346,984

CURRENT ASSETS

Fixed deposits 5,036,024 - - 95,410 - -

Cash at bank 2,879,368 7,299,064 182,723 6,406,399 2,867 35,633

Short term instruments 13,211,446 - - 22,585,819 - -

Accrued interest 87,860 - - 1,354,934 - -

Dividend receivable - 269,530 - 139,066 295,042 -

Due from brokers 165,408 415,567 1,268,754 12,781,974 679,637 38,443

Financial derivatives at fair value 20,314 - - 1,386,502 - 35

Embedded derivatives at fair value 1,252,420 - - - - -

Other assets - - 91,725 - - -

Total Assets 39,535,179 250,839,296 530,423,933 367,971,322 33,074,611 16,421,095

CURRENT LIABILITIES

Due to brokers - - 698,138 24,750,353 1,031,837 23,195

Financial derivativesat fair value - - - 786,506 - 38

Other liabilities 48,202 984,205 - 1,332,413 2,010 30,186

Value of fund at end of the period 39,486,977 249,855,091 529,725,795 341,102,050 32,040,764 16,367,676

Units in issue 30,227,703 82,432,470 235,442,573 205,948,310 38,475,897 17,727,934

Net Asset Valueper Unit 1.306 3.031 2.249 1.656 0.832 0.923

Asse

ts an

d Liab

ilities


108

GreatLink Global Equity

Fund

GreatLink Global

Optimum Fund

GreatLink Global

Technology Fund

GreatLink Global

Thematic Fund

GreatLink Global Bond

Fund

GreatLink Global

Opportunities Fund

S$ S$ S$ S$ S$ S$


Equities 58,721,097 - 109,742,338 - - -

Fixed Income Securities - 17,212,217 - - 291,540,460 -

Investments in funds - 10,622,906 - 19,678,201 - 94,046,420


CURRENT ASSETS

Fixed deposits - - - - 648,788 -

Cash at bank 1,529,296 677,481 1,312,326 79,794 1,432,965 34,129

Short term instruments - - - - 20,480,553 -

Accrued interest - 122,922 - - 1,672,920 -

Dividend receivable 30,503 - 15,841 - - -

Due from brokers 26,494 7,794 370,411 50,924 4,710,680 186,898

Financial derivatives at fair value 7,936 18,652 - - 3,064,779 -

Embedded derivatives at fair value - - - - - -

Other assets - - - - - 1,755

Total Assets 60,315,326 28,661,972 111,440,916 19,808,919 323,551,145 94,269,202

CURRENT LIABILITIES

Due to brokers - - 154,109 26,894 42,035,135 63,996

Financial derivativesat fair value 38,849 21,304 53 - 1,262,403 -

Other liabilities 272,154 99,782 484,231 49,434 603,579 -


Units in issue 56,933,749 23,612,316 103,882,994 14,820,554 173,079,512 88,278,471


Asse

ts an

d Liab

ilities


109

GreatLink Far East ex Japan Equities Fund

GreatLink Singapore

Equities Fund


GreatLink Short Duration

Bond Fund

GreatLink Global

Real Estate Securities

Fund

GreatLink Lion Japan

Growth Fund

S$ S$ S$ S$ S$ S$


Equities 48,827,062 - - - 284,625,365 -

Fixed Income Securities - - - - - -

Investments in funds - 152,960,937 99,989,906 133,188,616 - 9,675,477


CURRENT ASSETS

Fixed deposits - - - - - -

Cash at bank 3,704,768 16,615 315,206 12,934 5,554,078 1,053

Short term instruments - - - - - -

Accrued interest - - - - - -

Dividend receivable 97,345 - - - 856,721 -

Due from brokers 319,659 742,654 238,681 227,024 2,119,936 153,502

Financial derivatives at fair value 40 - 364 - 1,635 -


Other assets - - - - - -

Total Assets 52,948,874 153,720,206 100,544,157 133,428,574 293,157,735 9,830,032

CURRENT LIABILITIES

Due to brokers 127,688 319,000 88,510 164,259 2,776,058 80,864

Financial derivativesat fair value - - 109 - 18,848 -

Other liabilities 208,698 8,976 211,499 7,548 1,211,485 369


Units in issue 23,536,573 73,135,330 96,203,574 94,856,169 357,211,167 11,292,520


Asse

ts an

d Liab

ilities


110

GreatLink China Growth

Fund

GreatLink Lion India

Fund

GreatLink Income Focus

Fund

GreatLink Lion Asian Balanced

Fund


GreatLink Global

Emerging Markets

Equity Fund

S$ S$ S$ S$ S$ S$


Equities - - - - - -

Fixed Income Securities - - - - - -

Investments in funds 162,999,823 74,798,931 33,653,636 56,822,227 9,961,075 106,338,030


CURRENT ASSETS

Fixed deposits - - - - - -

Cash at bank 295,339 87,250 3,988 37,238 1,171 8,419

Short term instruments - - - - - -

Accrued interest - - - - - -

Dividend receivable - - - - - -

Due from brokers 394,025 230,453 823,121 107,014 24,707 416,038

Financial derivatives at fair value - - - - - -


Other assets 33,023 - - - - -

Total Assets 163,722,210 75,116,634 34,480,745 56,966,479 9,986,953 106,762,487

CURRENT LIABILITIES

Due to brokers 395,220 163,792 719,514 64,473 19,403 189,594

Financial derivativesat fair value - - - - - -

Other liabilities - 51,018 419 30,707 583 6,425


Units in issue 118,162,403 60,847,313 43,170,158 53,083,825 12,218,543 89,245,813


Asse

ts an

d Liab

ilities


111

GreatLink Lifestyle Secure

Portfolio



GreatLink Lifestyle Progressive

Portfolio


S$ S$ S$ S$ S$


Equities - - - - -

Fixed Income Securities 48,293,914 16,471,308 150,057,025 18,885,145 -

Investments in funds 30,585,844 15,209,198 252,876,976 69,399,874 29,387,309

Value of Investments 78,879,758 31,680,506 402,934,001 88,285,019 29,387,309

CURRENT ASSETS

Fixed deposits 107,472 36,655 333,934 42,027 -

Cash at bank 255,072 94,088 974,485 164,039 30,208

Short term instruments 3,392,620 1,157,100 10,541,421 1,326,671 -

Accrued interest 277,121 94,516 861,059 108,367 -

Dividend receivable - - - - -

Due from brokers 841,316 299,170 3,078,067 490,386 78,476

Financial derivatives at fair value 507,697 173,164 1,577,673 198,594 28

Embedded derivatives at fair value - - - - -

Other assets 1,360 1,098 11,184 3,310 1,396

Total Assets 84,262,416 33,536,297 420,311,824 90,618,413 29,497,417

CURRENT LIABILITIES

Due to brokers 6,998,186 2,391,470 21,931,015 2,803,779 34,249

Financial derivativesat fair value 209,122 71,326 649,829 81,795 8

Other liabilities 109,128 40,774 442,407 78,936 16,914

Value of fund at end of the period 76,945,980 31,032,727 397,288,573 87,653,903 29,446,246

Units in issue 46,328,506 19,837,267 250,134,780 56,051,212 22,144,612

Net Asset Valueper Unit 1.660 1.564 1.588 1.563 1.329

NOTES TO THE ACCOUNTSNo

tes to

the A

ccou

nts

112

1 GENERALThe GreatLink Funds comprise:

Direct FundsGreatLink Cash FundGreatLink ASEAN Growth FundGreatLink Global Supreme FundGreatLink Global Equity FundGreatLink Global Optimum FundGreatLink Global Technology FundGreatLink Global Bond FundGreatLink Far East Ex Japan Equities FundGreatLink Global Real Estate Securities Fund

Feeder FundsGreatLink Asia Pacific Equity FundGreatLink Asia High Dividend Equity FundGreatLink European Equity FundGreatLink Global Thematic Fund (Previously known as GreatLink Thematic Research Portfolio) GreatLink Global Opportunities Fund GreatLink Singapore Equities FundGreatLink Global Equity Alpha Fund GreatLink Short Duration Bond FundGreatLink Lion Japan Growth Fund GreatLink Lion India Fund GreatLink Income Focus FundGreatLink Lion Asian Balanced FundGreatLink Lion Vietnam FundGreatLink China Growth FundGreatLink Global Emerging Markets Equity 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 Opportunities Fund, GreatLink Global Equity Alpha Fund, GreatLink Asia Pacific Equity Fund, GreatLink Short Duration Bond Fund and GreatLink Global Emerging Markets Equity Fund.

2 SIGNIFICANT ACCOUNTING POLICIESa. Basis of accounting The financial statements are expressed in Singapore dollars, and are prepared in accordance with the historical cost convention,

except for investments and derivatives which are carried at fair value.

b. Recognition of income and expenses Dividend income is recognised when the shareholders' right to receive payment is established. Interest income is recognised

using the effective interest method.

Expenses are recognised on an accrual basis.

c. Investments All purchases of investments are recognised on their trade dates, i.e., the date the commitment exists to purchase the

investments. The investments are initially recorded at fair value (or cost representing fair value on trade date) which would include transaction costs directly attributable to the acquisition of the investments. After initial recognition, the unrealised gains or losses on remeasurement to fair value are taken to the capital account. Fair value is determined by using open market valuation at the year-end date. The closing price has been adopted for all investments except for quoted equity investments. For equity investments traded on exchanges, fair value is derived from the last traded price on the respective exchange.

NOTES TO THE ACCOUNTS

Notes

to th

e Acc

ounts

113

Certain investments have been valued using valuation techniques based on assumptions that are supported by prices from observable current market transactions. The valuation of these investments have either been provided by brokers or counterparties or valued using internal models.

d. Realised gains/losses from sale of investments All sales of investments are recognised on their trade dates i.e., the date the fund commits to sell the investments.

Realised gains/losses from sale of investments are taken to the Capital Account.

e. Foreign currency transactions Foreign currency transactions are translated into Singapore dollars at exchange rates prevailing at the transaction dates and

foreign currency monetary assets and liabilities are translated at the approximate rates ruling at year end. Differences on exchange are included in the Capital Account.

f. Derivative financial instruments All derivatives including embedded derivatives are carried at fair value. All fair value changes on derivatives are taken to the

Capital Account. The closing price has been adopted for the valuation of derivatives.

3 DERIVATIVES The GreatLink Funds enter into derivative contracts for the purposes of hedging foreign currency and interest risk exposures,

and efficient portfolio management. The derivative contracts traded include foreign exchange forward contracts, foreign exchange spot contracts, futures and rights.

Notional Amount

Fair Value Asset

Fair Value(Liability)

S$ S$ S$Foreign exchange forward contractsGreatLink Cash Fund 4,108,249 20,314 - GreatLink Global Supreme Fund 73,460,591 669,210 (696,091)GreatLink European Equity Fund 5,815 35 - GreatLink Global Optimum Fund 2,466,988 18,652 (21,304)GreatLink Global Bond Fund 332,382,380 1,451,777 (839,254)GreatLink Global Equity Alpha Fund 53,096 364 - GreatLink Global Real Estate Securities Fund

1,022,932 949 (18,810)

Futures purchasedGreatLink Global Supreme Fund 71,806,821 707,274 (90,412)GreatLink Global Equity Fund 424 - (38,849)GreatLink Global Bond Fund 246,704,480 1,610,676 (422,376)

Foreign exchange spot contractsGreatLink Global Supreme Fund 2,498 - (3)GreatLink European Equity Fund 18,004 - (38)GreatLink Global Technology Fund 30,965 - (53)GreatLink Global Bond Fund 2,595,487 2,326 (773)GreatLink Far East Ex Japan Equities Fund 22,915 40 - GreatLink Global Equity Alpha Fund 59,608 - (109)GreatLink Global Real Estate Securities Fund 266,400 686 (38)

Rights purchasedGreatLink Global Supreme Fund 25,045 10,018 - GreatLink Global Equity Fund 19,839 7,936 -

4 MANAGEMENT FEES Management fees are payable to The Great Eastern Life Assurance Company Limited and its related company, Lion Global

Investors Limited.

5 DISTRIBUTION TO POLICY HOLDERS GreatLink Asia High Dividend Equity Fund, GreatLink Global Real Estate Securities Fund and GreatLink Income Focus Fund have

made distributions of $1,310,368, $13,004,315 and $1,626,216 respectively to policyholders during the financial year.

No other sub-fund made any distribution to policyholders for the year ended 31 December 2018.

114

Indep

ende

nt Au

ditor

’s Re

port

INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR'S REPORT FOR FUNDSTo the Board of Directors of The Great Eastern Life Assurance Company Limited

OPINIONWe have audited the financial statements of GreatLink Funds (“Funds”) of The Great Eastern Life Assurance Company Limited (“Company”), set out on pages 102 to 113 which comprise the Statement of Assets and Liabilities as at 31 December 2018, the Capital Account for the year end ended, and notes to the financial statements, including a summary of significant accounting policies, as set out in Note 2 to the accounts.

In our opinion, the accompanying financial statements of the Funds for the year ended 31 December 2018 are prepared, in all material respects, in accordance with the accounting policies set out in Note 2 to the accounts.

BASIS FOR OPINIONWe conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements of the Funds section of our report. We are independent of the Company and the Funds in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

OTHER INFORMATION Management is responsible for the other information. The other information comprises the Message, Investment Outlook, Announcement and Fund Factsheets, but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

115

Indep

ende

nt Au

ditor

’s Re

port


EMPHASIS OF MATTER – BASIS OF ACCOUNTINGWe draw attention to Note 2 to the accounts, which describes the basis of accounting. The financial statements are prepared to assist the Company to comply with the requirements of the Monetary Authority of Singapore (“MAS”) Notice 307 Investment-Linked Life Insurance Policies. As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for the use of the Company. Our opinion is not modified in respect of this matter.

RESPONSIBILITIES OF MANAGEMENT AND DIRECTORS FOR THE FINANCIAL STATEMENTSManagement is responsible for the preparation of the financial statements of the Funds in accordance with the accounting policies set out in Note 2 and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Funds’ ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to liquidate the Funds or to cease operations, or has no realistic alternative but to do so.

The directors are responsible for overseeing the Funds financial reporting process.

AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF THE FINANCIAL STATEMENTSOur objectives are to obtain reasonable assurance about whether financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

116

Indep

ende

nt Au

ditor

’s Re

port


As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of these financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates, and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Funds to cease to continue as a going concern.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Ernst & Young LLPPublic Accountants and Chartered AccountantsSingapore21 March 2019


Printed by Medialink Printing Services Pte Ltd

The Great Eastern Life Assurance Company Limited (Reg. No. 1908 00011G)

1 Pickering Street #01-01 Great Eastern Centre Singapore 048659www.greateasternlife.com

contents






5 years(Annualised)




GREATLINK LIFESTYLE PORTFOLIOS





















BALANCED

GreatLink Global Supreme Fund

To maximise total returns in S$ terms over the longer term by investing in a balanced but diversifi ed portfolio of equities and debt securities of the major stock & bond markets around the world.


1-Jul-99 $341.10 mil 1.35% p.a. 50% MSCI World Net & 50% FTSE World Gov Bond Index (unhedged)

-7.80 -6.12 -4.61 2.41 3.24 5.14 74.32 2.89 Lion Global Investors Ltd Equity: Acadian Asset Management,

Capital Group, INTECH,Fixed Income:

Brandywine, PIMCO

GreatLink Global Optimum Fund

To provide long-term total return in excess of the custom benchmark while managing the overall risk of the portfolio.


23-May-01 $28.54 mil 1.35% p.a. 40% MSCI World, net & 60% FTSE World Government Bond Index (unhedged)

-5.85 -5.40 -5.55 1.71 2.69 3.23 27.29 1.38 Lion Global Investors Ltd Equity:AllianceBernstein (Singapore)

LtdFixed Income:

Loomis, Sayles & Company, L.P.

GreatLink Income Focus Fund

To provide regular income and long term capital growth by investing primarily in a portfolio of income generating securities globally.


24-Jul-07 $33.76 mil 1.35% p.a. Composite of Underlying Funds’ Benchmark

-4.42 -3.14 -6.15 3.48 2.88 2.72 -2.21 -0.20 JPMorgan Asset Management (Europe) S.à r.l.

-

GreatLink Lion Asian Balanced Fund

To provide long-term total returns consistently in excess of the custom benchmark while managing the overall risk of the portfolio by investing into the equity markets of Asia Pacifi c (ex Japan) as well as primarily in bonds and other debt securities denominated in Singapore Dollars.

Medium to High Risk / Narrowly Focused

1-Feb-08 $56.87 mil 1.35% p.a. 50% MSCI AC Asia Pacifi c ex Japan Index (Gross) + 50% JP Morgan Singapore Government Bond Index

-1.83 -2.28 -4.88 4.33 2.95 3.34 12.74 1.10 Lion Global Investors Ltd Aberdeen Standard Investments (Asia) Limited

GLOBAL EQUITY

GreatLink Global Equity Fund

To seek long-term capital appreciation by investing primarily in a diversifi ed portfolio of common stocks globally.


1-Aug-00 $60.00 mil 1.60% p.a. MSCI World Index with Net Dividends Reinvested

-16.82 -12.40 -8.91 4.64 7.08 9.12 10.84 0.56 Goldman Sachs (Singapore) Pte. Ltd.

-


To provide long-term total return from an internationally diversifi ed portfolio of securities through investing all or substantially all of its assets in the Aberdeen Global - World Equity Fund, which will invest at least two-thirds of its assets in equities or equity-related securities


25-Mar-02 $94.21 mil 1.60% p.a. MSCI World Index with Gross Dividends Reinvested


-

GreatLink Global Thematic Fund

To seek long-term growth of capital by investing in a global universe of companies in multiple industries that are positively exposed to environmentally- or socially-oriented sustainable investment themes.


15-Aug-01 $19.73 mil 1.60% p.a. MSCI AC World Index -12.95 -10.07 -8.71 4.87 5.86 7.11 40.11 1.96 AllianceBernstein (Singapore) Ltd.

-


To provide capital growth primarily through investment in equity securities and equity related securities of companies worldwide


25-Mar-02 $100.24 mil 1.60% p.a. MSCI World Index with Net Dividends Reinvested

-12.59 -9.56 -8.36 2.88 4.09 5.54 9.58 0.55 Schroder Investment Management Ltd

-

GreatLink European Equity Fund

To achieve long-term capital growth and income through investment primarily in listed equity, of issuers domiciled and/or having their principal place of business in European countries.


10-Jul-00 $16.37 mil 1.60% p.a. MSCI Europe Index with Net Dividends Reinvested

-14.06 -14.30 -15.63 -2.51 0.13 5.01 -2.84 -0.16 Capital Group -

GreatLink Global Technology Fund

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


15-Jan-01 $110.80 mil 1.60% p.a. MSCI AC World IT Free with Net Dividends Reinvested

-16.52 -13.54 -5.33 9.90 13.66 16.68 12.21 0.64 Lion Global Investors Ltd Wellington International Management Company Pte Ltd


To provide investors with medium to long term capital appreciation and to make regular income distributions by investing globally in (a) equities securities of companies that derive a substantial part of their revenue from the ownership, management and/or development of real estate and (b) Real Estate Investment Trusts (REITS) listed or traded in a regulated market.


8-Jun-05 $289.15 mil 1.60% p.a. FTSE EPRA/NAREIT Developed Index Net TRI

-6.15 -6.05 -4.24 -0.13 5.14 8.28 47.07 2.88 Lion Global Investors Ltd PGIM Inc


To achieve long-term capital growth through investment principally in areas experiencing rapid economic growth which include countries in Latin America, Emerging Asia, Africa, Eastern Europe (including Russia) and the Middle East.


23-Jan-13 $106.57 mil 1.60% p.a. MSCI Emerging Markets Free Net of Luxembourg Tax Index

-9.55 -13.98 -19.00 2.52 2.53 - 25.96 3.97 FIL Fund Management Limited

-

Message 1

Investment Outlook 2

Announcement 4

Disclaimer 6

Lifestyle Portfolios 7

Balanced 13

Global Equity 17

Asian Equity 25

Non-Equity 34

Funds Information 38

Soft Dollar Commissions 99

Capital Account 102

Statement Of Assets & Liabilities 107

Notes To The Accounts 112

Independent Auditor’s Report 114






5 years(Annualised)




NON-EQUITY












ASIAN EQUITY











-





















-










-










MCI

(P) 0

92/0

1/20

19






5 years(Annualised)




NON-EQUITY












ASIAN EQUITY











-





















-










-










MCI

(P) 0

92/0

1/20

19


Date post:	29-May-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

GREATLINK FUNDS SUMMARY · Risk Category Medium to High Risk – Broadly Diversified Subscription...

Documents