MESSAGE - greateasternlife.com · MESSAGE Message At the beginning of this year, it was widely...

MESSAGE

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At the beginning of this year, it was widely expected that global economic growth will recover in 2020, due to the positive effects of monetary and fiscal policy stimuli, as well as diminished trade war risk. Unfortunately, with the COVID-19 coronavirus now a global pandemic simultaneously and severely affecting Asia, the US and Europe, the risk of a global recession has risen. The external shock caused by the COVID-19 pandemic has ravaged global economies and financial markets. In March, global equities had encountered unprecedented volatility on the downside, reflecting the heightened risk of a global recession. Meanwhile, global bond markets have also experienced significant disruption in funding and trading. The economic and financial market turmoil have prompted global policy makers to implement various monetary and fiscal stimulus measures to counteract the disruption caused by the pandemic.

In the near term, equities will remain vulnerable as COVID-19 cases rise and spread, and as disappointing economic data and corporate profit warnings hit the news headlines. If the outbreak is contained, economic activity and corporate earnings should recover in 2H20, supporting a recovery in global equities. However, if containment strategy fails and there is prolonged COVID-19 spread leading to significant fatalities, we are likely to experience another global recession, resulting in more downside risk for equities.

With the recent movements in financial markets, staying invested in a thoughtful diversified portfolio with discipline regular investment would provide a gentler ride through volatile times.

We remain committed to work with the fund managers to uncover opportunities and be vigilant with your financial goals.

Thank you for your continued support.

Yours sincerely

Khor Hock SengGroup Chief Executive Officer

Great Eastern Holdings

Please refer to page 3 for disclaimers. 1

Investment OutlookUSThe US economy has been supported by steady consumer spending and expectations that the outlook for manufacturing should improve with the bottoming of new orders index and easing of trade tensions. However, the rosy outlook at the beginning of 2020 has changed due to the worldwide spread of the COVID-19 coronavirus, with cases of new infection soaring in the US.

The Federal Reserve has extended almost unlimited funding to banks, USD swap lines to other central banks, and launched a purchase program for corporate commercial papers, standing ready to do more if needed. The Trump administration would soon be sending cheques to US households and small businesses via a $2 trillion fiscal package. However, for the US, which has been slow in responding to the threat of COVID-19, an aggressive and effective containment and control strategy is critical to end the current crisis of confidence and the ensuing market turmoil.

EuropeThe pre-emptive European Central Bank (ECB), together with a weaker Euro, have helped the Euro-zone to skirt around a recession. Despite a weak manufacturing sector, the services sector has been resilient, with improving employment and wages. After a year of contraction, the manufacturing Purchasing Manager’s Index surveys have been showing signs of bottoming. Political uncertainty is also set to decline with Brexit uncertainty removed. Unfortunately, economic activity will be adversely affected by the fallout from the COVID-19 coronavirus pandemic. With infections and fatalities rising sharply, Europe has become the new epicentre of the pandemic, resulting in major disruptions to the economy and financial markets. The ECB has committed to further large scale quantitative easing including open-ended purchases of peripheral European government bonds. Fiscal deficit limits would also be eased. However, the risk is that a loss of confidence in the social health infrastructure could render fiscal and monetary policies much less effective. Hence, signs of effective containment would be necessary for risk assets to find a bottom.

JapanEven before the COVID-19 coronavirus outbreak started, Japan’s economy had faltered following the imposition of a higher national sales tax in October 2019. In the fourth quarter of 2019, real GDP fell at an annualized rate of 6.3% from the previous quarter, the steepest decline since 2014 when the national sales tax was last increased. The COVID-19 pandemic has disrupted Japan’s manufacturing supply chain. It has also adversely affected tourism, a key source of demand for services. Hence, it is likely that GDP could contract again in the first quarter, placing Japan in a recession. In the short term, markets will Inv

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remain vulnerable to headline news relating to the virus. Nevertheless, Japan is well positioned to benefit from a recovery in global growth if the coronavirus outbreak is contained. Improving corporate governance will be an additional tailwind.

Asia Pacific ex JapanWhile Asian markets ended 2019 on a firm footing, buoyed by the first phase of the US-China trade deal being effectively done and the expected recovery in global growth, 2020 has proven to be as volatile as the previous year. The anticipated recovery has been disrupted as the coronavirus pandemic is likely to depress global growth over the next few months, and possibly longer if the brewing crisis is not contained. In Asia, where the transmission cycle of COVID-19 is more advanced, monetary and fiscal stimuli have already been aggressively applied. In countries where epidemic containment and control measures have been more successful (e.g. China, Korea, Hong Kong and Singapore), stimulative monetary and fiscal measures can be expected to be more effective. Nonetheless, the economic outlook will still be highly uncertain because of supply-chain disruptions and poor external demand, which could generate renewed weakness in manufacturing and export oriented sectors.

ConclusionComing into 2020, global growth was widely expected to stage a modest recovery in 2020 due to accommodative monetary policy, an improvement in the global manufacturing inventory cycle, reduced Brexit and trade war risks, as well as ongoing policy stimulus out of China. The COVID-19 coronavirus pandemic has altered the optimistic outlook, as the risk of a global recession has risen. Recovery in growth would be dependent on how soon the outbreak is contained and the extent of supportive policy response globally.

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INVESTMENT OUTLOOK

Disclaimer: The report is accurate at time of writing on 24 March 2020. 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.

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This disclaimer applies to the fund factsheets that follow.DISCLAIMER: The factsheets 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.

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5For disclaimer, please refer to page 4.

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 Perspective 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 2019

FUND FACTS

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Offer Price SGD 1.722 Bid Price SGD 1.635Bid Offer Spread 5.0%Fund Size SGD 37.0 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 7.21% 7.14% 23.02% 9.30% 5.86% 4.68% 3.10%

Benchmark 6.96% 7.24% 21.77% 9.82% 8.00% 7.69% 5.69%

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

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Global Equities, 76.3% Asia Pacific Ex-Japan

Equities, 23.7%

––––– GreatLink Lifestyle Dynamic Portfolio – – – Benchmark


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GreatLink Lifestyle Progressive Portfolio 5.42% 5.84% 19.39% 7.81% 5.20% 4.38% 3.87%

Benchmark 5.25% 6.06% 18.72% 8.49% 7.11% 6.94% 5.71%



Offer Price SGD 1.965 Bid Price SGD 1.866Bid Offer Spread 5.0%Fund Size SGD 104.2 m Risk Category Higher Risk –


PROGRESSIVE

PORTFOLIO WEIGHTINGSFUND FACTS


Global Equities, 62.2% Asia Pacific Ex-Japan

Equities, 19.5% Global Bonds, 18.3%

––––– GreatLink Lifestyle Progressive Portfolio – – – Benchmark


––––– GreatLink Lifestyle Balanced Portfolio – – – Benchmark

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BALANCED




Offer Price SGD 1.936 Bid Price SGD 1.839Bid Offer Spread 5.0%Fund Size SGD 458.1 m Risk Category Medium to High Risk –


& SA


GreatLink Lifestyle Balanced Portfolio 3.84% 4.67% 15.81% 6.70% 4.84% 4.11% 3.79%

Benchmark 3.65% 4.85% 15.41% 7.05% 6.08% 5.90% 5.06%


Global Equities, 47.2% Global Bonds, 33.1% Asia Pacific Ex-Japan

Equities, 14.9% Investment Grade Bonds

and REITs, 4.7%


––––– GreatLink Lifestyle Steady Portfolio – – – Benchmark

STEADY


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GreatLink Lifestyle Steady Portfolio 1.87% 3.01% 11.51% 5.13% 4.06% 3.59% 3.48%

Benchmark 1.94% 3.55% 12.19% 5.64% 5.09% 4.90% 4.37%


Offer Price SGD 1.836 Bid Price SGD 1.744Bid Offer Spread 5.0%Fund Size SGD 35.6 mRisk Category Medium to High Risk –


& SA

Global Bonds, 48.3% Global Equities, 21.5% Asia Pacific Ex-Japan

Equities, 20.5% Investment Grade Bonds

and REITs, 9.7%


––––– GreatLink Lifestyle Secure Portfolio – – – Benchmark

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SECURE




Offer Price SGD 1.898 Bid Price SGD 1.803Bid Offer Spread 5.0%Fund Size SGD 91.3 m Risk Category Medium to High Risk –


& SA


GreatLink Lifestyle Secure Portfolio 0.50% 2.04% 8.61% 3.74% 3.30% 3.21% 3.67%

Benchmark 0.53% 2.36% 8.64% 4.04% 3.84% 3.72% 3.87%


Global Bonds, 58.8% Investment Grade Bonds

and REITs, 19.7% Global Equities, 11% Asia Pacific Ex-Japan

Equities, 10.5%


––––– GreatLink Global Supreme Fund – – – Benchmark

GREATLINK GLOBAL SUPREME FUND report as at 31 December 2019

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 1.977Bid Price SGD 1.878Bid Offer Spread 5.0%Fund Size SGD 383.6 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.

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GreatLink Global Supreme Fund 1.24% 3.13% 13.41% 5.18% 4.36% 4.98% 3.38%

Benchmark 1.16% 4.16% 15.00% 5.90% 5.86% 5.37% 3.80%



United States of America, 42.9%

Europe ex-UK, 27.2% United Kingdom, 10.2% Japan, 8.3%

Asia Pacific Ex-Japan, 6.6%

Cash & Cash Equivalents, 5.7%

Other, -1.0%


––––– GreatLink Global Optimum Fund – – – Benchmark

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GREATLINK GLOBAL OPTIMUM FUND report as at 31 December 2019


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 1.416Bid Price SGD 1.345Bid Offer Spread 5.0%Fund Size SGD 29.9 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 0.30% 2.75% 11.34% 4.11% 3.78% 2.97% 1.89%

Benchmark ^ 0.30% 3.31% 12.86% 5.07% 5.18% 4.60% 3.83%

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, 41.5%

United State of America, 21.3%

Europe ex-UK, 17.8% Japan, 11.2% United Kingdom, 4.3% Cash & Cash Equivalents,

2.5% Asia Pacific Ex-Japan,

1.9% Other, -0.4%


––––– GreatLink Income Focus Fund – – – Benchmark

PORTFOLIO WEIGHTINGS#

GREATLINK INCOME FOCUS FUND report as at 31 December 2019

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.


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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 0.882Bid Price SGD 0.837Bid Offer Spread 5.0%Fund Size SGD 43.6 mFund Manager JPMorgan Asset Management

(Europe) S.à r.l.Underlying Funds JPMorgan Investment Funds(Fund Size) - Global Income Fund (USD 32,138.9 m) JPMorgan Funds - Asia Pacific

Income Fund (USD 2,190.7 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 2.79% 2.17% 11.75% 5.12% 4.06% 2.61% 0.72% 4.58%

Benchmark 4.72% 4.93% 16.19% 7.95% 6.29% 4.71% 4.50% 6.46%

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, 38.3% High Yield Bonds, 24.2% Investment Grade Bonds, 15.2% REITs, 5.1% Cash, 3.4% Preferred Equity, 3.0% Non Agency Mortgages, 2.9% US Agency Mortgages, 2.8%

Short Duration Fixed Income, 1.7%

Emerging Markets Debt, 1.4% Strategic Beta Global

Infrastructure, 1.0% Convertible Bonds, 1.0%

Since Inception Since Restructuring


––––– GreatLink Lion Asian Balanced Fund – – – Benchmark

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GREATLINK LION ASIAN BALANCED FUND report as at 31 December 2019




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 1.246Bid Price SGD 1.183Bid Offer Spread 5.0%Fund Size SGD 58.7 mFund Manager Lion Global Investors LtdSub-Manager Aberdeen Standard Investments

(Asia) Limited Underlying Equity Fund(Fund Size)

Aberdeen Standard Pacific Equity Fund(SGD 1.5 b)

Underlying Bond Fund (Fund Size)

LionGlobal Singapore Fixed Income Investment (SGD 106.5 m)


GreatLink Lion Asian Balanced Fund 3.41% 3.77% 10.46% 6.22% 3.86% 2.26% 1.86%

Benchmark 4.06% 4.63% 11.26% 6.82% 5.12% 4.40% 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.^ 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, 50.3% Fixed Income, 49.7%


––––– GreatLink Diversified Growth Portfolio

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GREATLINK DIVERSIFIED GROWTH PORTFOLIO report as at 31 December 2019



The Fund's objective aims to generate capital appreciation over the long term by investing primarily in a diversified portfolio of active funds and exchange-traded funds (ETFs). The Underlying Fund targets an above average level of portfolio risk and will be invested in a mix of asset classes that aims to suit an investor with an above average tolerance for risk. The country of domicile of the Underlying Fund is Singapore.

Inception Date 18 April 2019Dealing Frequency DailyFund Currency SGDSubscription Mode Cash & SRSRisk Category Higher Risk - Broadly DiversifiedBenchmark N.A.Fund Management Fee 0.50% p.a.Offer Price SGD 1.063Bid Price SGD 1.009Bid Offer Spread 5.0%Fund Size SGD 2.4 mUnderlying Fund Size SGD 32.9 mUnderlying Fund LionGlobal All Seasons Growth

FundFund Manager Lion Global Investors Ltd


Asia Pacific, 32.2% United States, 22.1% Singapore, 20.6% Europe, 17.7% Japan, 5.8% Cash Equivalent, 1.6%


GreatLink Diversified Growth Portfolio 4.56% 6.32% - - - - 6.21%

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 period is less than 1 year and the return is based

on cumulative basis.# Information refers to LionGlobal All Seasons Growth Fund^ As each of the active funds and ETFs has their own respective benchmarks, there is no suitable composite benchmark that

best represent the performance of these benchmarks.


––––– GreatLink Global Equity Fund – – – Benchmark

GREATLINK GLOBAL EQUITY FUND report as at 31 December 2019



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


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 1.330Bid Price SGD 1.263Bid Offer Spread 5.0%Fund Size SGD 68.9 mFund Manager Goldman Sachs (Singapore)

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


GreatLink Global Equity Fund 4.38% 5.78% 19.94% 7.66% 8.40% 8.69% 1.48%

Benchmark 5.56% 8.47% 25.95% 9.91% 9.06% 9.00% 3.57%



Europe ex-UK, 18.15% Japan, 4.9% United Kingdom, 2.3% Asia Pacific Ex-Japan,

1.9% Cash & Cash Equivalents,

1.33% Other, -0.36%

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––––– GreatLink Global Perspective Fund – – – Benchmark

GREATLINK GLOBAL PERSPECTIVE FUND report as at 31 December 2019



FUND FACTS FUND OBJECTIVE The ILP Sub-Fund seeks to take advantage of investment opportunities generated by changes in international trade patterns and economic and political relationships by investing in common stocks of companies located around the world. In pursuing its primary investment objective, the ILP Sub-Fund invests primarily in common stocks that the Investment Adviser believes have the potential for growth. In pursuing its secondary objective, the ILP Sub-Fund invests in common stocks of companies with the potential to pay dividends in the future. The eligible investment countries for the ILP Sub-Fund include any country.


GreatLink Global Perspective Fund 6.81% 8.28% 25.02% 8.24% 4.98% 5.19% 1.93%

Benchmark 5.94% 8.25% 26.50% 10.48% 9.65% 9.54% 5.41%

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 New Perspective Fund (Lux). The underlying fund was Aberdeen Standard Global

Opportunities prior 22 May 2019.^ Benchmark: MSCI AC World Index with Net Dividends Reinvested w.e.f 23 May 2019. MSCI World Index with Net Dividends

Reinvested from launch till 22 Nov 2010, MSCI World Index, gross dividends reinvested from 23 Nov 2010 till 22 May 2019.

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

Net Dividends Reinvested^Fund Management Fee 1.60% p.a.Offer Price SGD 1.405Bid Price SGD 1.334Bid Offer Spread 5.0%Fund Size SGD 118.1 mUnderlying Fund Size USD 7,881 mUnderlying Fund Capital Group New Perspective

Fund (LUX)Fund Manager Capital Group North America, 54.4%

Europe, 25.1% Emerging Markets, 8.0% Japan, 5.4% Cash, 4.3% Pacific ex Japan, 2.9%



––––– GreatLink Global Thematic Fund – – – Benchmark

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GREATLINK GLOBAL THEMATIC FUND report as at 31 December 2019


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.



GreatLink Global Thematic Fund # 5.89% 6.09% 26.90% 13.15% 9.52% 7.06% 3.18%

Benchmark 5.94% 8.25% 24.89% 9.79% 8.84% 8.89% 4.88%

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 1.778Bid Price SGD 1.689Bid Offer Spread 5.0%Fund Size SGD 24.3 mUnderlying Fund Size USD 835.77 mUnderlying Fund AB SICAV I - Sustainable Global

Thematic Portfolio #

Fund Manager AllianceBernstein (Singapore) Ltd.

United States, 45.8% Netherlands, 8.5% Other, 7.7% Japan, 6.7% Ireland, 5.8%

India, 4.7% Denmark, 4.6% Switzerland, 4.2% China, 4.1% France 4.0% Germany, 4.0%


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––––– GreatLink Global Equity Alpha Fund – – – Benchmark

GREATLINK GLOBAL EQUITY ALPHA FUND report as at 31 December 2019


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 6.59% 7.22% 22.67% 9.04% 7.18% 6.11% 1.68%

Benchmark 5.56% 8.47% 25.95% 9.91% 9.06% 9.00% 5.28%

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.^ 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 1.345Bid Price SGD 1.277Bid Offer Spread 5.0%Fund Size SGD 122.6 mUnderlying Fund Size USD 1358.0 mUnderlying Fund Schroder International Selection

Fund - Global Equity AlphaFund Manager Schroder Investment Management

Ltd ('Schroders') Americas, 64% Europe ex-UK/Middle

East, 22.5% Emerging Markets, 6.4% United Kingdom, 3.4% Liquid Assets, 2.0% Pacific Ex-Japan, 1.8%


––––– GreatLink European Equity Fund – – – Benchmark

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GREATLINK EUROPEAN EQUITY FUND report as at 31 December 2019



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 8.41% 6.15% 21.56% 4.69% 3.45% 4.54% 0.86%

Benchmark 5.83% 6.23% 22.11% 7.17% 5.37% 4.71% 2.35%

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 1.182Bid Price SGD 1.122Bid Offer Spread 5.0%Fund Size SGD 19.1 mUnderlying Fund Size SGD 478.0 mUnderlying Fund Capital Group European Growth

and Income Fund (LUX)Fund Manager Capital Group


United Kingdom, 27.4% France, 20.4% Germany, 14.0% Spain, 10.1% Switzerland, 6.0% Netherlands, 5.4% Other, 3.6% Sweden, 3.4% Cash, 3.4% Portugal, 2.6% Italy, 2.5% Finland, 1.2%


––––– GreatLink Global Technology Fund – – – Benchmark

GREATLINK GLOBAL TECHNOLOGY FUND report as at 31 December 2019


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

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

GreatLink Global Technology Fund 8.39% 10.92% 42.96% 20.87% 16.90% 15.49% 2.52%

Benchmark 10.33% 14.37% 40.18% 20.87% 17.39% 14.17% 4.19%

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.^ 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 & MSCI All Country World Custom Technology Index, net of dividends reinvested, converted into Singapore dollars wef 1 Jan 2019.

Inception Date 15 January 2001Dealing Frequency DailyFund Currency SGDSubscription Mode Cash, SRS & CPFIS – OARisk Category Higher Risk – Narrowly FocusedBenchmark MSCI All Country World Custom

Technology Index with Net Dividends Reinvested, converted into Singapore dollars

Fund Management Fee 1.60% p.a.Offer Price SGD 1.605Bid Price SGD 1.524Bid Offer Spread 5.0%Fund Size SGD 154.1 mFund Manager Lion Global Investors LtdSub Manager Wellington Management Singapore

Pte Ltd


Software & Services, 33.5%

Media, 27.7% Semiconductors

& Semiconductor Equipment, 18.3%

Technology Hardware & Equipment, 9.2%

Retailing, 6.4% Commercial & Professional

Services, 2.1% Cash & Cash Equivalents,

1.8% Capital Goods, 1.2% Other, -0.2%


––––– GreatLink Global Real Estate Securities Fund – – – Benchmark



Europe ex-UK, 13.84% Asia Pacific ex-Japan,

13.49% Japan, 11.21% United Kingdom, 5.44% Cash & Cash Equivalents,

2.2% Other, -1.38%

GREATLINK GLOBAL REAL ESTATE SECURITIES FUND report as at 31 December 2019

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.

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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 0.995Bid Price SGD 0.945Bid Offer Spread 5.0%Fund Size SGD 349.9 mFund Manager Lion Global Investors LtdSub Manager PGIM Inc



GreatLink Global Real Estate Securities Fund

-1.05% 5.34% 22.27% 5.81% 5.51% 7.39% 4.11%

Benchmark -1.07% 5.81% 20.27% 5.72% 6.04% 8.16% 4.40%

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.


––––– GreatLink Global Emerging Markets Equity Fund – – – Benchmark

GREATLINK GLOBAL EMERGING MARKETS EQUITY FUND report as at 31 December 2019

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.


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

GreatLink Global Emerging MarketsEquity Fund

8.94% 8.24% 26.55% 10.60% 6.31% 6.95%

Benchmark 8.74% 6.43% 16.84% 8.93% 5.92% 4.32%

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.# 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 1.591Bid Price SGD 1.511Bid Offer Spread 5.0%Fund Size SGD 138.3 mUnderlying Fund Size SGD 7,179 mUnderlying Fund Fidelity Funds – Emerging

Markets FundFund Manager FIL Fund Management Limited

('Fidelity')

China, 29.2% India, 13.2% Russia, 9.9% Taiwan, 7.9% Other, 7.8% Korea (South), 7.3% South Africa, 6.7% Hong Kong, 6.6% Brazil, 4.0% Mexico, 3.8%

Indonesia, 3.4% Cash, 0.4%

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GREATLINK CASH FUND report as at 31 December 2019


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


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 1.397Bid Price SGD 1.327Bid Offer Spread 5.0%Fund Size SGD 36.5 m Fund Manager Lion Global Investors LtdFund Management Fee 0.30% p.a.

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––––– GreatLink Cash Fund – – – Benchmark


GreatLink Cash Fund 0.38% 0.84% 1.61% 1.26% 1.17% 0.81% 1.42%

Benchmark 0.39% 0.80% 1.58% 1.11% 0.88% 0.48% 1.27%

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.^ The fund does not accept new CPF monies with effect from 1 May 2013.

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.


Cash & Cash Equivalents, 30.0%

Singapore, 27.5% Cayman Islands, 10.3% Malaysia, 7.9% Hong Kong, 5.1% Other, 4.2% Virgin Islands (British),

4.2% United Arab Emirates,

2.9% Korea, Republic of, 2.9%

China, 2.8% Japan, 2.1%


Singapore, 34% China, 32.1% India, 5.5% Cash Equivalent, 4.2% Other, 3.7% Qatar, 3.5% United Arab Emirates, 3.2% Malaysia, 1.9% Australia, 1.8% Canada, 1.6% United Kingdom, 1.5% Hong Kong, 1.3% Philippines, 1.3% Germany, 1.3% Netherlands, 1.1%

Indonesia, 1.1% Saudi Arabia, 1.0%

––––– GreatLink Short Duration Bond Fund – – – Benchmark

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GreatLink Short Duration Bond Fund 0.75% 1.79% 5.27% 2.76% 2.84% 2.56% 2.52%

Benchmark 0.45% 0.93% 1.88% 1.54% 1.31% 0.84% 1.17%

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.# 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 2019

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 1.556Bid Price SGD 1.478Bid Offer Spread 5.0%Fund Size SGD 176.9 mUnderlying Fund Size SGD 511.8 mUnderlying Fund LionGlobal Short Duration Bond

FundFund Manager Lion Global Investors Ltd



––––– GreatLink Global Bond Fund – – – Benchmark

Non-

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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 -1.61% 0.65% 5.82% 2.41% 2.70% 2.92% 3.32%

Benchmark -1.44% 1.25% 6.53% 2.79% 3.08% 3.06% 3.47%


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 1.799Bid Price SGD 1.709Bid Offer Spread 5.0%Fund Size SGD 336.6 mFund Manager Lion Global Investors LtdSub Manager PIMCO


Europe ex-UK, 13.84%

Asia Pacific ex-Japan, 13.49%

Japan, 11.21% United Kingdom, 5.44% Cash & Cash Equivalents,

2.20% Other, -1.38%



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GREATLINK ASIA HIGH DIVIDEND EQUITY FUND report as at 31 December 2019


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 Inception*

GreatLink Asia High Dividend Equity Fund

7.74% 5.78% 16.56% 6.85% 3.76% 3.32% 0.89% 3.06%

Benchmark 7.47% 5.51% 17.55% 9.35% 7.54% 5.83% 2.86% 6.36%

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.^ 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.

China, 34.8% Australia, 13.0% Taiwan, 10.6% Korea, South, 9.9% Hong Kong, 9.4% Cash & Cash Equivalents,

8.2% India, 6.2% Indonesia, 2.9% Singapore, 2.9% Thailand, 2.0%

––––– GreatLink Asia High Dividend Equity Fund – – – Benchmark



FUND FACTS

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 1.50% p.a.Offer Price SGD 0.987Bid Price SGD 0.937Bid Offer Spread 5.0%Fund Size SGD 39.5 mUnderlying Fund Size SGD 73.6 mUnderlying Fund LGlobal Funds - Asia High Dividend

Equity FundFund Manager Lion Global Investors Ltd



GREATLINK ASIA PACIFIC EQUITY FUND report as at 31 December 2019

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 2.783Bid Price SGD 2.643Bid Offer Spread 5.0%Fund Size SGD 607.8 mUnderlying Fund Size SGD 1.5 bUnderlying Fund Aberdeen Standard Pacific Equity

Fund Sub Manager Aberdeen Standard Investments

(Asia) Limited

––––– GreatLink Asia Pacific Equity Fund – – – Benchmark



GreatLink Asia Pacific Equity Fund 6.44% 4.63% 17.52% 9.03% 4.68% 1.75% 4.42%

Benchmark 7.53% 5.68% 17.88% 9.65% 6.93% 5.56% 4.55%

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, 40.1% India, 13.3% Australia, 8.4% South Korea, 8.0% Singapore, 7.8% Taiwan, 6.9% Indonesia, 6.1% Thailand, 2.6% Philippines, 2.4% Malaysia, 1.4%

Cash, 1.1% United Kingdom, 0.7%

Netherlands, 0.7% Sri Lanka, 0.6%

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––––– GreatLink Far East Ex Japan Equities Fund – – – Benchmark

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GREATLINK FAR EAST EX JAPAN EQUITIES FUND report as at 31 December 2019


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

9.97% 9.19% 23.36% 11.44% 7.40% 3.82% 6.18%

Benchmark 9.43% 6.90% 17.84% 10.28% 7.04% 5.84% 7.10%


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 2.903Bid Price SGD 2.757Bid Offer Spread 5.0%Fund Size SGD 62.7 mFund Manager Lion Global Investors Ltd

Hong Kong, 38.6% Korea, Republic of, 12.8% Taiwan, province of

China, 12.2% United States, 9.1% Cash & Cash Equivalents,

8.6% China, 7.7% Singapore, 6.1% Indonesia, 2.9% Philippines, 1.3% Other, 0.6%


––––– GreatLink ASEAN Growth Fund – – – Benchmark

GREATLINK ASEAN GROWTH FUND report as at 31 December 2019


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


Asian

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

GreatLink ASEAN Growth Fund 0.93% -2.14% 7.23% 4.91% 1.86% 4.23% 5.33%

Benchmark 1.12% -2.54% 7.07% 6.25% 2.46% 5.06% 2.51%

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 Reinvested^Offer Price SGD 3.422Bid Price SGD 3.250Bid Offer Spread 5.0%Fund Size SGD 267.8 mFund Manager Lion Global Investors LtdFund Management Fee 1.50% p.a.


Singapore, 26.9% Thailand, 22.8% Indonesia, 22.7% Malaysia, 12.7% Philippines, 12.0% Cash & Cash Equivalents,

3.1% Other, -0.2%


––––– GreatLink Lion Japan Growth Fund – – – Benchmark

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GREATLINK LION JAPAN GROWTH FUND report as at 31 December 2019

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 1.111Bid Price SGD 1.055Bid Offer Spread 5.0%Fund Size SGD 27.3 mUnderlying Fund Size SGD 277.1 mUnderlying Fund LionGlobal Japan Growth Fund

(SGD-Hedged)Fund Manager Lion Global Investors Ltd


Industrial, 24.2% Consumer, Non-cyclical,

19.7% Technology, 16.4% Consumer, Cyclical,

14.5% Financial, 8.8% Basic Materials, 4.6% Real Estate, 4.0% Communication, 1.4% Energy, 1.4% Utilities, 1.1%


GreatLink Lion Japan Growth Fund 7.98% 13.08% 22.25% 9.16% 7.21% 6.11% 0.81%

Benchmark 9.06% 12.94% 19.54% 7.60% 7.84% 5.39% 0.50%

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 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).


––––– GreatLink China Growth Fund – – – Benchmark

GREATLINK CHINA GROWTH FUND report as at 31 December 2019

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.


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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 1.799Bid Price SGD 1.709Bid Offer Spread 5.0%Fund Size SGD 191.8 mUnderlying Fund Size USD 1341.7 mUnderlying Fund Schroder International Selection

Fund - Greater ChinaFund Manager Schroder Investment Management

(Hong Kong) Ltd ('Schroders')

Information Technology, 24.1%

Consumer Discretionary, 19.0%

Communication Services, 15.0%

Financial, 12.1% Industrials, 10.0% Materials, 5.7% Real Estate, 4.3% Consumer Staples, 4.0% Health Care, 2.8% Energy, 1.5% Liquid Assets, 1.3%


GreatLink China Growth Fund 10.97% 11.85% 23.66% 13.98% 8.72% 5.31% 4.63%

Benchmark 11.03% 8.83% 22.11% 12.17% 8.47% 6.26% 5.30%

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


––––– GreatLink Lion India Fund – – – Benchmark

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GREATLINK LION INDIA FUND report as at 31 December 2019


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 1.307Bid Price SGD 1.241Bid Offer Spread 5.0%Fund Size SGD 70.5 mUnderlying Fund Size SGD 106.2 m Underlying Fund LionGlobal India FundFund Manager Lion Global Investors Ltd

Financial, 18.8% Technology, 16.4% Energy, 14.7% Consumer, Non-cyclical,

13.1% Basic Materials, 9.2% Consumer, Cyclical, 7.7% Industrial, 5.1% Cash Equivalent, 5.1% Utilities, 4.6% Communications, 3.8% Real Estate, 1.5%


GreatLink Lion India Fund -0.56% -3.72% 0.89% 4.74% 2.70% 1.40% 2.08%

Benchmark 2.40% -0.73% 6.13% 8.80% 5.37% 3.41% 3.73%

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


––––– GreatLink Singapore Equities Fund – – – Benchmark

GREATLINK SINGAPORE EQUITIES FUND report as at 31 December 2019


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.


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GreatLink Singapore Equities Fund 4.81% -0.26% 10.06% 6.94% 2.42% 2.23% 5.12%

Benchmark 3.89% -1.01% 9.40% 7.71% 2.87% 3.97% 6.20%

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 2.430Bid Price SGD 2.308Bid Offer Spread 5.0%Fund Size SGD 173.6 mUnderlying Fund Size SGD 773.2 mUnderlying Fund Aberdeen Standard Singapore

Equity FundFund Manager Aberdeen Standard Investments

(Asia) Limited


Financials, 53.9% Industrials, 17.5% Oil & Gas, 7.5% Consumer Services, 6.6% Telecommunications,

6.1% Healthcare, 3.7% Technology, 3.1% Cash, 1.0% Consumer Goods, 0.7%


––––– GreatLink Lion Vietnam Fund – – – Benchmark

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GREATLINK LION VIETNAM FUND report as at 31 December 2019



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 0.895Bid Price SGD 0.850Bid Offer Spread 5.0%Fund Size SGD 11.0 mUnderlying Fund Size SGD 118.8 mUnderlying Fund LionGlobal Vietnam FundFund Manager Lion Global Investors Ltd


Consumer, Non-cyclical, 24%

Real Estate, 20.6% Financial, 10.3% Industrial, 10.0% Cash Equivalent, 8.7% Consumer, Cyclical, 8.6% Basic Materials, 7.2% Technology, 5.5%

Energy, 4.3% Utilities, 1.0%


GreatLink Lion Vietnam Fund -8.41% -1.39% 4.29% 11.76% 8.70% 3.74% -0.93%

Benchmark -7.57% -2.01% 5.69% 9.99% 4.58% 0.44% -5.28%

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 LionGlobal Vietnam Fund^ Benchmark was changed from Vietnam Stock Index to FTSE Vietnam Index wef 1 May 2012.

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GREATLINK LIFESTYLE DYNAMIC PORTFOLIO report as at 31 December 2019

Investments in Collective Investment Schemes

Market ValueS$

% of NetAssets

FundsGreatLink Global Perspective Fund 9,040,652 24.42 GreatLink Global Equity Alpha Fund 9,787,903 26.43 GreatLink Asia Pacific Equity Fund 8,789,404 23.74 GreatLink Global Emerging Markets Equity Fund

9,406,771 25.41

37,024,730 100.00

Top 10 Holdings as at 31 December 2018 Market ValueS$

% of Net Assets

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


% of NetAssets

GreatLink Global Equity Alpha Fund 9,787,903 26.43 GreatLink Global Emerging Markets Equity Fund

9,406,771 25.41

GreatLink Global Perspective Fund 9,040,652 24.42 GreatLink Asia Pacific Equity Fund 8,789,404 23.74

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GREATLINK LIFESTYLE DYNAMIC PORTFOLIO report as at 31 December 2019

Expense/Turnover RatiosExpense Ratio Turnover Ratio

31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Lifestyle Dynamic Portfolio 1.58% 1.60% 46.45% 55.19%

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 34 - Futures - - Foreign Exchange Spot Contracts (29) -

ii) Net loss on derivative realised (18,509)

iii) Net loss on outstanding derivatives (16)

BorrowingsPlease refer to respective ILP sub-funds.

Total amount of Subscriptions and Redemptions for the year ended 31 December 2019S$

Subscriptions 3,765,522 Redemptions 2,997,909

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.

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GREATLINK LIFESTYLE PROGRESSIVE PORTFOLIO report as at 31 December 2019


Market ValueS$

% of NetAssets

FundsGreatLink Global Bond Fund 19,088,021 18.31GreatLink Global Perspective Fund 20,813,187 19.97GreatLink Global Equity Alpha Fund 22,485,549 21.57GreatLink Asia Pacific Equity Fund 20,281,132 19.45GreatLink Global Emerging Markets Equity Fund

21,576,624 20.70

104,244,513 100.00


% of Net Assets

GreatLink 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

GreatLink Global Opportunities Fund 16,713,285 19.07Nykredit 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 0.65GNSF 3 1/18 3.000 Maturity 539,674 0.62Spanish Government 5.150 Maturity 20281031

474,239 0.54


% of NetAssets

GreatLink Global Equity Alpha Fund 22,485,548 21.57GreatLink Global Emerging Markets Equity Fund

21,576,624 20.70

GreatLink Global Perspective Fund 20,813,187 19.97GreatLink Asia Pacific Equity Fund 20,281,132 19.46GNSF 2.5 1/20 2.500 Maturity 827,589 0.79TSY INFL IX N/B 0.625 Maturity 20230415 577,982 0.55Nykredit 1.000 Maturity 20501001 537,693 0.52FNCL 3 1/20 3.000 Maturity 533,982 0.51TSY INFL IX N/B 0.750 Maturity 20280715 397,559 0.38Japan Government 20-Yr 1.500 Maturity 20340320

397,117 0.38

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GREATLINK LIFESTYLE PROGRESSIVE PORTFOLIO report as at 31 December 2019


31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Lifestyle Progressive Portfolio 1.53% 1.51% 43.98% 51.32%



i) Market value of derivatives Foreign Exchange Forward Contracts 42,520 0.04 Futures (39,188) (0.04) Foreign Exchange Spot Contracts (206) -

ii) Net gain on derivative realised 612,110

iii) Net loss on outstanding derivatives (99,143)






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GREATLINK LIFESTYLE BALANCED PORTFOLIO report as at 31 December 2019

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 151,682,594 33.11Greatlink Global Perspective Fund 71,428,784 15.59GreatLink Global Equity Alpha Fund 73,627,000 16.07GreatLink Asia Pacific Equity Fund 68,361,842 14.93GreatLink Short Duration Bond Fund 21,670,830 4.73GreatLink Global Emerging Markets Equity Fund

71,306,552 15.57

458,077,602 100.00


% of NetAssets

GreatLink Global Equity Alpha Fund 73,627,000 16.07GreatLink Global Perspective Fund 71,428,784 15.59GreatLink Global Emerging Markets Equity Fund

71,306,552 15.57

GreatLink Asia Pacific Equity Fund 68,361,842 14.92GreatLink Short Duration Bond Fund 21,670,829 4.73GNSF 2.5 1/20 2.500 Maturity 6,576,424 1.44TSY INFL IX N/B 0.625 Maturity 20230415 4,592,926 1.00Nykredit 1.000 Maturity 20501001 4,272,771 0.93FNCL 3 1/20 3.000 Maturity 4,243,275 0.93TSY INFL IX N/B 0.750 Maturity 20280715 3,159,194 0.69


% of Net Assets

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 Equity Fund

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

Top 10 Holdings of Underlying Fund as at 31 December 2019

Market ValueS$

% of NetAssets

GNSF 2.5 1/20 2.500 Maturity 14,585,186 4.33TSY INFL IX N/B 0.625 Maturity 20230415 10,186,186 3.03Nykredit 1.000 Maturity 20501001 9,476,146 2.82FNCL 3 1/20 3.000 Maturity 9,410,732 2.80TSY Inflation IX N/B 0.750 Maturity 20280715

7,006,458 2.08

Japan Government 20-Yr 1.500 Maturity 20340320

6,998,675 2.08


6,554,485 1.95

FR ZT1952 4.000 Maturity 20490501 6,469,507 1.92Spanish Government 5.150 Maturity 20281031

5,980,871 1.78

Spanish Government 1.450 Maturity 20271031

4,448,753 1.32


Market ValueS$

% of Net Assets

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 Maturity 20281031

7,317,769 2.62


6,938,997 2.48

TSY Inflation IX N/B 0.750 Maturity 20280715

5,245,091 1.88

Nykredit 2.000 Maturity 20501001 5,030,860 1.80Stadshypotek AB 2.500 Maturity 20190918 4,857,957 1.74

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GREATLINK LIFESTYLE BALANCED PORTFOLIO report as at 31 December 2019


31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Lifestyle Balanced Portfolio 1.35% 1.34% 40.58% 46.37%



i) Market value of derivatives Foreign Exchange Forward Contracts 337,526 0.07 Futures (311,407) (0.07) Foreign Exchange Spot Contracts (1,326) -

ii) Net gain on derivative realised 5,056,795







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GREATLINK LIFESTYLE STEADY PORTFOLIO report as at 31 December 2019


Market ValueS$

% of NetAssets

FundsGreatLink Global Bond Fund 17,202,137 48.33GreatLink Global Perspective Fund 3,777,485 10.61GreatLink Global Equity Alpha Fund 3,876,988 10.89GreatLink Asia Pacific Equity Fund 7,283,731 20.47GreatLink Short Duration Bond Fund 3,453,434 9.70

35,593,775 100.00

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 7,283,731 20.46GreatLink Global Equity Alpha Fund 3,876,988 10.89GreatLink Global Perspective Fund 3,777,486 10.61GreatLink Short Duration Bond Fund 3,453,434 9.70GNSF 2.5 1/20 2.500 Maturity 745,824 2.10TSY INFL IX N/B 0.625 Maturity 20230415 520,878 1.46Nykredit 1.000 Maturity 20501001 484,570 1.36FNCL 3 1/20 3.000 Maturity 481,225 1.35TSY INFL IX N/B 0.750 Maturity 20280715 358,280 1.01Japan Government 20-Yr 1.500 Maturity 20340320

357,882 1.01


% of Net Assets

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 Maturity 20281031

413,623 1.33


Market ValueS$

% of NetAssets

GNSF 2.5 1/20 2.500 Maturity 14,585,186 4.33 TSY INFL IX N/B 0.625 Maturity 20230415 10,186,186 3.03 Nykredit 1.000 Maturity 20501001 9,476,146 2.82 FNCL 3 1/20 3.000 Maturity 9,410,732 2.80 TSY Inflation IX N/B 0.750 Maturity 20280715

7,006,458 2.08


6,998,675 2.08


6,554,485 1.95

FR ZT1952 4.000 Maturity 20490501 6,469,507 1.92 Spanish Government 5.150 Maturity 20281031

5,980,871 1.78


4,448,753 1.32


Market ValueS$

% of Net Assets


7,317,769 2.62


6,938,997 2.48


5,245,091 1.88


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GREATLINK LIFESTYLE STEADY PORTFOLIO report as at 31 December 2019


31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Lifestyle Steady Portfolio 1.18% 1.15% 30.88% 33.86%

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.










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GREATLINK LIFESTYLE SECURE PORTFOLIO report as at 31 December 2019

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 53,614,148 58.75 GreatLink Global Perspective Fund 4,887,445 5.36 GreatLink Global Equity Alpha Fund 5,196,175 5.69 GreatLink Asia Pacific Equity Fund 9,550,652 10.47 GreatLink Short Duration Bond Fund 18,006,099 19.73

91,254,519 100.00


% of NetAssets

GreatLink Short Duration Bond Fund 18,006,099 19.73GreatLink Asia Pacific Equity Fund 9,550,652 10.47GreatLink Global Equity Alpha Fund 5,196,175 5.69Greatlink Global Perspective Fund 4,887,445 5.36GNSF 2.5 1/20 2.500 Maturity 2,324,521 2.55TSY INFL IX N/B 0.625 Maturity 20230415 1,623,428 1.78Nykredit 1.000 Maturity 20501001 1,510,265 1.66FNCL 3 1/20 3.000 Maturity 1,499,840 1.64TSY INFL IX N/B 0.750 Maturity 20280715 1,116,658 1.22Japan Government 20-Yr 1.500 Maturity 20340320

1,115,417 1.22


% of Net Assets

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 3.000 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 3.000 Maturity 1,380,077 1.79Spanish Government 5.150 Maturity 20281031

1,212,744 1.57


Market ValueS$

% of NetAssets


7,006,458 2.08


6,998,675 2.08


6,554,485 1.95


5,980,871 1.78


4,448,753 1.32


Market ValueS$

% of Net Assets


7,317,769 2.62


6,938,997 2.48


5,245,091 1.88


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GREATLINK LIFESTYLE SECURE PORTFOLIO report as at 31 December 2019


31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Lifestyle Secure Portfolio 0.99% 0.99% 30.11% 33.19%











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Top Ten Holdings as at 31 December 2018 Market ValueS$

% of Net Assets

Singapore Government 2.500 Maturity 20190601

4,260,625 10.79

National University Of Singapore 1.708 Maturity 20190213

2,248,605 5.69

PSA Corporation 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 Capital Ltd 5.250 Maturity 20190812

1,035,558 2.62

Bank of China Ltd 2.750 Maturity 20190630

1,002,222 2.54

Housing & Development Board 2.223 Maturity 20190528

1,000,673 2.53

Korea Midland Power Co. Ltd 2.750 Maturity 20190211

817,568 2.07

Housing & Development Board 1.520 Maturity 20190618

748,187 1.89


% of NetAssets

Temasek Financial I 3.265 Maturity 20200219

2,505,538 6.87

CIMB Bank Bhd 2.693 Maturity 20200315 1,614,648 4.43 Singtel Group Treasury 3.487 Maturity 20200408

1,507,416 4.13

Bank Of China HK 5.550 Maturity 20200211

1,348,886 3.70

Danga Capital Bhd 3.725 Maturity 20200811

1,262,103 3.46

Singapore Air 3.220 Maturity 20200709 1,257,014 3.45 PSA Corporation Ltd 3.385 Maturity 20200428

1,256,046 3.44

Capitaland Ltd 1.850 Maturity 20200619 1,251,317 3.43 Eastern Creation 3.250 Maturity 20200120 1,250,935 3.43 QNB Finance Ltd 3.250 Maturity 20200212 1,077,753 2.95

Allocation By Industry Market Value % of Netas at 31 December 2019 S$ AssetsCommunications 1,507,416 4.13 Consumer Cyclical 3,586,062 9.83 Consumer Non-Cyclical 1,256,046 3.44 Financials 14,100,318 38.65 Government 2,290,958 6.28 Industrials 1,250,935 3.43 Accrued interest receivable on Fixed Income Securities

207,759 0.57

Others ** 12,286,889 33.67 Total 36,486,383 100.00

** Includes any other industries and net current assets

Allocation By Country Market Value % of Netas at 31 December 2019 S$ AssetsCayman Islands 3,769,478 10.33 China 1,003,698 2.75 Hong Kong 1,873,598 5.14 Japan 752,567 2.06 Korea, Republic Of 1,074,400 2.94 Malaysia 2,876,751 7.88 Singapore 10,045,489 27.53 United Arab Emirates 1,075,902 2.95 Virgin Islands (British) 1,519,852 4.17 Accrued interest receivable on Fixed Income Securities

207,759 0.57

Others ** 12,286,889 33.68 Total 36,486,383 100.00

** Includes any other countries and net current assets.

Allocation By Asset Class Market Value % of Netas at 31 December 2019 S$ AssetsFixed Income Securities (Including accrued interest on Fixed Income Securities)

24,199,494 66.32

Embedded Derivatives 1,251,317 3.43 Derivatives 151,287 0.42 Cash and cash equivalents 10,964,092 30.05 Other net assets/ (liabilities) (79,807) (0.22)Total 36,486,383 100.00

Credit Rating of Debt Securities Market Value % of Netas at 31 December 2019 (by S&P or equivalent)

S$ Assets

AAA 3,265,029 8.95 AA- 1,075,902 2.95 AA 1,525,409 4.18 A+ 2,528,900 6.93 A- 1,884,534 5.16 A 7,037,150 19.29 Not Rated 6,674,811 18.29 Accrued interest receivable on Fixed Income Securities

207,759 0.57

24,199,494 66.32

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31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Cash Fund 0.32% 0.32% 82.88% 52.57%



i) Market value of derivatives Foreign Exchange Forward Contracts 151,287 0.41


iii) Net gain on outstanding derivatives 137,008

Investments in Collective Investment SchemesNot applicable.

Borrowings Not applicable.



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 2019 S$ AssetsUp to 30 Days 1,250,935 3.43 More than 30 Days to 3 Months 9,088,992 24.91 More than 3 Months to 6 Months 6,618,118 18.14 More than 6 Months to 1 Year 5,959,290 16.33 More than 1 Year 1,074,400 2.94 Accrued interest receivable on Fixed Income Securities

207,759 0.57

24,199,494 66.32

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% of Net Assets

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


% of NetAssets

DBS Group Holdings Ltd 20,278,869 7.57 United Overseas Bank Ltd 15,881,944 5.93 Bank Central Asia Tbk PT 12,365,075 4.62 Bank Rakyat Indonesia Persero Tbk PT 8,751,929 3.27 Singapore Telecommunications Ltd 7,427,817 2.77 CP All PCL-NVDR 7,062,104 2.64 Airports Of Thailand PCL 6,606,298 2.47 SM Prime Holdings Inc 6,145,532 2.30 Telekomunikasi Indonesia Persero Tbk PT 5,930,170 2.21 Bank Mandiri Persero Tbk PT 5,449,990 2.04

Allocation By Industry Market Value % of Netas at 31 December 2019 S$ AssetsCommunications 25,906,596 9.67 Consumer Cyclical 34,164,495 12.76 Consumer Non-Cyclical 20,698,311 7.73 Diversified 3,880,188 1.45 Energy 13,825,286 5.16 Financials 135,729,495 50.69 Industrials 21,682,757 8.10 Utilities 4,249,050 1.59 Others ** 7,639,400 2.85 Total 267,775,578 100.00


Allocation By Country Market Value % of Netas at 31 December 2019 S$ AssetsIndonesia 60,904,270 22.75 Malaysia 34,088,775 12.73 Philippines 32,175,252 12.02 Singapore 71,935,529 26.86 Thailand 61,032,352 22.79 Others ** 7,639,400 2.85 Total 267,775,578 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2019 S$ AssetsEquities 260,136,177 97.15 Cash and cash equivalents 8,208,963 3.06 Other net assets/ (liabilities) (569,562) (0.21)Total 267,775,578 100.00

Credit Rating of Debt Securities Market Value % of Netas at 31 December 2019 S$ AssetsNot applicable.

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31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink ASEAN Growth Fund 1.54% 1.55% 30.51% 27.37%



i) Market value of derivatives - -


iii) Net gain on outstanding derivatives -


Borrowings Nil.





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Market ValueS$

% of NetAssets

Unit TrustAberdeen Standard Pacific Equity Fund - Singapore

607,971,433 99.89

Other net assets/(liabilities) (137,597) 0.11 607,833,836 100.00

Top 10 Holdings of Underlying Fund as at 31 December 2019 ^

Market ValueS$

% of NetAssets

Aberdeen Standard SICAV I - Indian Equity Fund #

110,057,276 7.92

Tencent Holdings Ltd 89,033,767 6.41 Samsung Electronics Co. Ltd (Pref) 78,667,945 5.66 Taiwan Semiconductor Manufacturing Co. Ltd

70,376,634 5.07

Aberdeen Standard Singapore Equity Fund

69,061,803 4.97

Aberdeen Standard China Opportunities Fund

68,132,579 4.90

Ping An Insurance Group Co. of China Ltd 49,339,802 3.55 AIA Group Ltd 41,524,126 2.99 Aberdeen Standard Thailand Equity Fund 39,821,367 2.87 China Resources Land Ltd 39,069,365 2.81

# 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 2019 ^ S$ AssetsAustralia 94,925,563 6.83 China 362,998,817 26.13 Hong Kong 169,936,814 12.23 India 158,119,802 11.38 Indonesia 78,800,688 5.67 Korea, Republic Of 102,116,690 7.35 Malaysia 19,944,131 1.44 Philippines 38,376,321 2.76 Singapore 124,532,458 8.96 Taiwan, Province Of China 84,820,410 6.11 Thailand 39,821,367 2.87 United Kingdom 80,759,422 5.81 Others** 34,219,778 2.46 Total 1,389,372,261 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsEquities 1,372,185,995 98.76 Cash and cash equivalents 17,186,266 1.24 Total 1,389,372,261 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019^

S$ Assets

Not applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsAberdeen 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 Holdings Ltd 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 Ltd 39,769,245 2.79 Ping An Insurance Group Co. of China Ltd 35,954,904 2.52

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

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsCommunication Services 135,012,865 9.72 Consumer Discretionary 54,180,733 3.90 Consumer Staples 24,964,822 1.80 Energy 26,469,091 1.90 Financials 252,841,587 18.20 Healthcare 63,001,790 4.53 Industrials 63,605,293 4.58 Information Technology 203,108,787 14.62 Materials 77,625,093 5.59 Real Estate 100,406,583 7.22 Unit Trusts 370,969,351 26.70 Others** 17,186,266 1.24 Total 1,389,372,261 100.00

** Includes any other industries and net current assets.

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31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Asia Pacific Equity Fund * 1.62% 1.63% 17.02% 17.69%Underlying Fund # ^ 1.69% 1.70% 17.02% 17.69%


* 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 2019. The ratios for the period ended 31 December 2019 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.



Related-Party Transactions ^Not applicable.

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

^ Source: Aberdeen Standard Investments (Asia) Limited

The information is published based on Aberdeen Standard Select Portfolio Annual Report and Financial Statements 1 October 2018 to 30 September 2019

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% of Net Assets


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 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


% of NetAssets

UK TSY Gilt 2.000 Maturity 20200722 8,920,999 2.33 Japan Government 20-Yr 1.500 Maturity 20340320

7,983,279 2.08

Microsoft Corporation 6,732,204 1.75 Slovenia 5.250 Maturity 20240218 4,734,532 1.23 FNCL 3 1/20 3.000 Maturity 4,500,785 1.17 Nykredit 1.000 Maturity 20501001 4,275,083 1.11 TSY INFL IX N/B 0.625 Maturity 20230415 4,102,769 1.07 Australian Government 5.750 Maturity 20220715

3,936,214 1.03

Tesoreria Pesos 4.500 Maturity 20210301 3,631,450 0.95 Norwegian Government 3.750 Maturity 20210525

3,274,302 0.85

Allocation By Industry Market Value % of Netas at 31 December 2019 S$ AssetsAsset Backed Securities 5,880,511 1.53 Basic Materials 8,970,835 2.34 Communications 24,804,299 6.47 Consumer Cyclical 20,487,205 5.34 Consumer Non-Cyclical 51,215,331 13.35 Energy 6,644,208 1.73 Financials 67,162,854 17.51 Government 111,014,048 28.94 Industrials 17,167,008 4.48 Mortgage Securities 18,882,906 4.92 Technology 31,455,181 8.20 Utilities 4,580,018 1.19 Accrued interest receivable on Fixed Income Securities

1,246,006 0.32

Others** 14,104,362 3.68 Total 383,614,772 100.00


Allocation By Country Market Value % of Netas at 31 December 2019 S$ AssetsAustralia 9,107,196 2.37 Canada 9,596,972 2.50 Denmark 15,041,290 3.92 Finland 4,006,997 1.04 France 12,442,345 3.24 Germany 12,143,915 3.17 Hong Kong 5,716,468 1.49 Italy 9,670,131 2.52 Japan 31,995,022 8.34 Mexico 8,274,967 2.16 Netherlands 6,240,229 1.63 Norway 4,791,551 1.25 Slovenia 5,863,618 1.53 Spain 11,160,911 2.91 Sweden 4,641,663 1.21 Switzerland 8,313,239 2.17 United Kingdom 39,058,003 10.18 United States 137,622,583 35.88 Accrued interest receivable on Fixed Income Securities

1,246,006 0.32

Others** 46,681,666 12.17 Total 383,614,772 100.00

** Includes any other countries and net current assets

Allocation By Asset Class Market Value % of Netas at 31 December 2019 S$ AssetsEquities 192,547,932 50.19Fixed Income Securities (Include accrued interest on Fixed Income Securities)

177,204,306 46.19

Derivatives (345,818) (0.09)Cash and cash equivalents 21,891,765 5.71 Other net assets/ (liabilities) (7,683,413) (2.00)Total 383,614,772 100.00

Fund

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31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Supreme Fund 1.33% 1.38% 123.07% 147.37%



i) Market value of derivativesForeign Exchange Forward Contracts 37,606 0.01 Futures (383,325) (0.10)Foreign Exchange Spot Contracts (99) 0.00




Borrowings Nil.





Credit Rating of Debt Securities as at Market Value % of Net31 December 2019 (by S&P or equivalent) S$ AssetsAAA 55,306,412 14.42 AA+ 5,550,559 1.45 AA+u 2,124,530 0.55 AAu 17,246,415 4.50 AA 2,046,998 0.53 AA- 9,084,054 2.37 A+ 23,135,872 6.03 A+u 1,279,103 0.33 Au 1,284,152 0.33 A 5,861,837 1.53 A- 13,030,326 3.40 BBB+ 12,525,571 3.26 BBB- 1,986,098 0.52 BBBu 4,805,801 1.25 BBB 5,141,122 1.34 BB- 2,408,212 0.63 Not Rated 13,141,238 3.43 Accrued interest receivable on Fixed Income Securities

1,246,006 0.32

177,204,306 46.19

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

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54



Market ValueS$

% of NetAssets

Unit TrustLionGlobal Asia High Dividend Fund CL A - Singapore

39,127,711 98.99

Other net assets/(liabilities) 398,942 1.01 39,526,653 100.00

Top 10 Holdings of Underlying Fund as at 31 December 2019 ^

Market ValueS$

% of NetAssets

Alibaba Group Holding - SP ADR 3,084,214 5.62Taiwan Semiconductor Manufacturing Co. Ltd

2,992,327 5.45

Samsung Electronics Co. Ltd 2,972,558 5.42Tencent Holdings Ltd 2,706,036 4.93China Construction Bank -H 2,217,771 4.04HDFC Bank Ltd 1,618,972 2.95BHP Billiton Ltd 1,441,815 2.63DBS Group Holdings Ltd 1,427,134 2.60Ping An Insurance Group Co. of China Ltd 1,348,371 2.46AIA Group Ltd 1,016,889 1.85

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsAustralia 7,141,215 13.01Cayman Islands 3,328,034 6.07China 15,058,575 27.44Hong Kong 4,995,749 9.10India 3,415,560 6.22Indonesia 1,605,275 2.93Korea, Republic Of 5,450,517 9.93Singapore 1,580,365 2.88Taiwan, Province Of China 5,828,612 10.62Thailand 1,093,381 1.99Others** 5,383,785 9.81Total 54,881,068 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsEquities 50,385,275 91.81 Cash and cash equivalents 4,495,793 8.19 Total 54,881,068 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019 ^

S$ Assets

Not applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsTaiwan Semiconductor Manufacturing Co. Ltd

3,879,827 5.79

Tencent 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 Billiton Ltd 2,104,241 3.14HDFC Bank Ltd 2,011,039 3.00China Construction Bank -H 1,980,829 2.96Ping An Insurance Group Co. of China Ltd 1,787,011 2.67China Petroleum & Chemical Corporation 1,733,517 2.59

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsAuto Parts & Equipment 1,053,695 1.92Banks 9,560,086 17.42Cosmetics 1,531,150 2.79Electric & Electronic 8,720,423 15.89Energy 4,181,852 7.62Financial services 2,809,853 5.12Food services 2,475,085 4.51Insurance 2,370,814 4.32Internet 6,766,697 12.33Metal 2,041,534 3.72Real Estate 3,572,684 6.51Telecommunication 2,074,462 3.78Others ** 7,722,733 14.07Total 54,881,068 100.00


For disclaimer, please refer to page 4.

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55



31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Asia High Dividend Equity Fund * 2.08% 1.98% 120.10% 78.55%Underlying Fund # ^ 2.05% 1.95% 120.10% 78.55%


* 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 - -



Borrowings ^Not applicable.



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


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% of Net Assets

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


% of NetAssets

Apple Inc. 2,790,845 4.05 Microsoft Corporation 1,889,589 2.74 Amazon.Com Inc. 1,828,738 2.66 Facebook Inc-A 1,382,431 2.01 Alphabet Inc-A 1,201,274 1.74 Visa Inc-Class A 1,037,168 1.51 Paypal Holdings Inc. 827,615 1.20 Alphabet Inc-C 738,906 1.07 Sherwin-Williams Co./The 728,162 1.06 Roche Holding AG 721,614 1.05

Allocation By Country Market Value % of Netas at 31 December 2019 S$ AssetsAustralia 998,037 1.45 France 3,245,269 4.71 Germany 1,592,436 2.31 Italy 1,752,097 2.54 Japan 3,374,973 4.90 Netherlands 1,323,406 1.92 Switzerland 2,717,647 3.95 United Kingdom 1,584,623 2.30 United States 49,052,519 71.20 Others ** 3,248,571 4.72 Total 68,889,578 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2019 S$ AssetsEquities 68,218,583 99.03 Cash and cash equivalents 917,365 1.33 Other net assets/(liabilities) (246,370) (0.36)Total 68,889,578 100.00


Allocation By Industry Market Value % of Netas at 31 December 2019 S$ AssetsBasic Materials 3,261,333 4.73 Communications 7,365,940 10.69 Consumer Cyclical 8,114,122 11.78 Consumer Non-Cyclical 15,642,456 22.71 Energy 2,161,034 3.14 Financials 14,611,012 21.21 Industrials 7,413,610 10.76 Technology 8,313,883 12.07 Utilities 1,335,193 1.94 Others ** 670,995 0.97 Total 68,889,578 100.00


Fund

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31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Equity Fund 1.66% 1.67% 147.09% 119.40%







Borrowings Nil.





Fund

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tion




% of Net Assets

AB FCP I - Global Equity Blend Portfolio 12,394,711 41.49 Japan Government 20-Yr 2.100 Maturity 20301220

690,477 2.31


621,971 2.08

France O.A.T. 4.500 Maturity 20410425 547,133 1.83 US Treasury N/B 2.500 Maturity 20201231 508,508 1.70 Spanish Government 1.300 Maturity 20261031

495,965 1.66

BTPS 5.250 Maturity 20291101 440,777 1.48 Japan Government 30-Yr 1.700 Maturity 20431220

438,743 1.47


411,922 1.38


405,654 1.36


% of NetAssets

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

989,453 3.47

Japan Governmentt 10-Yr 1.400 Maturity 20200320

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


395,259 1.38

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsAB FCP I - Global Equity Blend PortfolioApple Inc. 2,505,064 2.30 Microsoft Corporation 2,041,438 1.87 UnitedHealth Group Inc. 1,804,181 1.65 NXP Semiconductors NV 1,727,342 1.58 Erste Group Bank AG 1,518,434 1.39 NIKE Inc. - Class B 1,516,684 1.39 Koninklijke Philips NV 1,499,473 1.38 HDFC Bank Ltd 1,346,992 1.24 Vestas Wind Systems A/S 1,327,437 1.22 American Water Works Co. Inc. 1,323,381 1.21

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 1.34ICON PLC 1,728,651 1.23MSCI Inc. - Class A 1,673,080 1.19American Water Works Co. Inc. 1,648,985 1.17Kingspan Group PLC (London) 1,640,345 1.17Housing Development Finance Corp. Ltd 1,614,838 1.15Hexcel Corporation 1,580,307 1.12Abbott Laboratories 1,541,160 1.10Tyson Foods Inc. - Class A 1,473,735 1.05Apollo Hospitals Enterprise Ltd 1,457,146 1.04

Allocation By Country Market Value % of Netas at 31 December 2019 S$ AssetsAustralia 439,756 1.47 Canada 330,372 1.11 France 565,935 1.89 Italy 1,584,588 5.30 Japan 3,350,359 11.21 Luxembourg 12,732,841 42.62 Spain 1,567,535 5.25 United Kingdom 1,274,192 4.27 United States 5,757,732 19.27 Accrued interest receivable on Fixed Income Securities

99,351 0.33

Others** 2,175,203 7.28 Total 29,877,864 100.00


Allocation By Industry Market Value % of Netas at 31 December 2019 S$ AssetsAB FCP I - Global Equity Blend Portfolio 12,394,711 41.48 Asset Backed Securities 1,023,772 3.43 Consumer Non-Cyclical 821,146 2.75 Financials 2,023,459 6.77 Government 11,361,707 38.03 Mortgage Securities 1,098,245 3.68 Accrued interest receivable on Fixed Income Securities

99,351 0.33

Others** 1,055,473 3.53 Total 29,877,864 100.00


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Allocation By Asset Class Market Value % of Netas at 31 December 2019 S$ AssetsFixed Income Securities (Include accrued interest on Fixed Income Securities)

17,052,946 57.08

Hedge Fund 12,394,711 41.48 Derivatives (1,186) 0.00 Cash and cash equivalents 734,829 2.46 Other net assets/(liabilities) (303,436) (1.02)Total 29,877,864 100.00


S$ Assets

AAA 4,504,713 15.08 AAAu 61,224 0.20 AA+ 853,295 2.86 AA+u 202,355 0.68 AA 126,003 0.42 AAu 1,129,995 3.78 A+ 3,474,122 11.63 A 355,401 1.19 A- 579,871 1.94 BBB+ 1,825,469 6.11 BBB 1,012,960 3.39 BBB- 154,144 0.52 BBBu 1,287,494 4.31 BB+ 79,432 0.27 Not Rated 1,307,118 4.37 Accrued interest receivable on Fixed Income Securities

99,351 0.33

17,052,946 57.08

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

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tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Optimum Fund * 1.42% 1.39% 38.92% 39.18%Underlying Fund # ^ 0.80% 0.80% 42.68% 44.75%


* 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 2019. The ratios for the period ended 31 December 2019 are not available. The expense and turnover ratios of the underlying fund were based on audited accounts.


i) Market value of derivatives Foreign Exchange Forward Contracts (1,186) 0.00



Investments in Collective Investment SchemesMarket Value % of Net

S$ AssetsAB FCP I - Global Equity Blend Portfolio S1 Class 12,394,711 41.49

Borrowings Nil.


Subscriptions 220,091 Redemptions 2,055,955



^ Source: AllianceBernstein (Singapore) Ltd

Fund

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Top Ten Holdings as at 31 December 2018 Market Value S$

% of Net Assets

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


% of NetAssets

Global Payments Inc. 10,844,784 7.04 Microsoft Corporation 10,507,990 6.82 Alphabet Inc-A 8,120,757 5.27 Visa Inc-Class A 8,065,909 5.23 Advanced Micro Devices Inc. 7,296,217 4.73 Alibaba Group Holding Ltd 6,522,815 4.23 Salesforce.Com Inc. 6,040,106 3.92 Tencent Holdings Ltd 5,829,296 3.78 Marvell Technology Group Ltd 5,279,657 3.43 KlA Corporation 5,218,450 3.39

Allocation By Country Market Value % of Netas at 31 December 2019 S$ AssetsHong Kong 5,829,296 3.78 Japan 6,980,550 4.53 Korea, Republic Of 1,717,140 1.11United States 137,147,731 88.99 Others** 2,446,044 1.59 Total 154,120,761 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2019 S$ AssetsEquities 151,674,717 98.41 Cash and cash equivalents 2,715,670 1.76 Other net assets/(liabilities) (269,626) (0.17)Total 154,120,761 100.00


Allocation By Industry Market Value % of Netas at 31 December 2019 S$ AssetsCommunications 30,878,909 20.03 Consumer Non-Cyclical 25,643,382 16.64 Financials 8,065,909 5.23 Industrials 4,495,908 2.92 Technology 82,590,609 53.59 Others** 2,446,044 1.59 Total 154,120,761 100.00


Fund

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tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Technology Fund 1.63% 1.64% 45.12% 77.00%





iii) Net gain on outstanding derivatives 53


Borrowings Nil.





Fund

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tion


GREATLINK GLOBAL BOND FUND report as at 31 December 2019


% of Net Assets

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


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


% of NetAssets


7,006,458 2.08


6,998,675 2.08


6,554,485 1.95


5,980,871 1.78


4,448,753 1.32

Allocation By Country Market Value % of Netas at 31 December 2019 S$ AssetsCanada 3,811,649 1.13 Denmark 22,460,140 6.67 Finland 3,453,803 1.03 France 19,849,234 5.90 Germany 14,827,499 4.41 Ireland 21,244,657 6.31 Japan 18,891,206 5.61 Luxembourg 7,524,302 2.24 Netherlands 25,341,063 7.53 Slovenia 6,080,170 1.81Spain 17,882,330 5.31 Switzerland 10,002,512 2.97 United Kingdom 36,791,573 10.93 United States 100,517,581 29.87Accrued interest receivable on Fixed Income Securities

1,613,468 0.48

Others** 26,267,782 7.80 Total 336,558,969 100.00


Allocation By Industry Market Value % of Netas at 31 December 2019 S$ AssetsAsset Backed Securities 40,479,529 12.03 Communications 5,427,870 1.61 Consumer Cyclical 6,252,463 1.86 Consumer Non-Cyclical 15,039,584 4.47 Energy 4,682,729 1.39 Financials 103,459,844 30.74 Government 87,600,561 26.03 Mortgage Securities 63,582,101 18.89Accrued interest receivable on Fixed Income Securities

1,613,468 0.48

Others** 8,420,820 2.50

Total 336,558,969 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2019 S$ AssetsFixed Income Securities (Including accrued interest on Fixed Income Securities)

334,364,990 99.35

Derivatives 54,929 0.02 Cash and cash equivalents 33,259,108 9.88 Other net assets/(liabilities) (31,120,058) (9.25)Total 336,558,969 100.00


S$ Assets

AAA 122,209,940 36.31 AAu 7,165,857 2.13 AA+ 9,023,305 2.68 AA 17,837,518 5.30 AA- 11,141,644 3.31 A+ 22,928,957 6.81 A+u 3,069,847 0.91 A- 8,348,215 2.48 A 9,910,499 2.94 Au 2,649,133 0.79 BBB+ 33,376,811 9.92 BBB- 13,221,615 3.93 BBB 25,634,057 7.62 BBBu 1,141,507 0.34 BB- 10,046 0.00 CCC 151,849 0.05 Not Rated 44,930,722 13.35 Accrued interest receivable on Fixed Income Securities

1,613,468 0.48

334,364,990 99.35

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

Fund

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GREATLINK GLOBAL BOND FUND report as at 31 December 2019


31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Bond Fund 0.88% 0.89% 33.22% 36.87%



i) Market value of derivatives Foreign Exchange Forward Contracts 748,335 0.22 Futures (690,962) (0.21) Foreign Exchange Spot Contracts (2,444) 0.00


iii) Net loss on outstanding derivatives (1,747,447)


Borrowings Nil.





Fund

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tion




% of Net Assets

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 Co. 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


% of NetAssets

Tencent Holdings Ltd 4,731,729 7.54 Samsung Electronics Co. Ltd 4,647,546 7.41 Taiwan Semiconductor Manufacturing Co. Ltd

4,587,833 7.31

Alibaba Group Holding Ltd 4,319,928 6.89 China Construction Bank Corporation 2,728,890 4.35 DBS Group Holdings Ltd 2,062,636 3.29 AIA Group Ltd 1,900,071 3.03 Ping An Insurance Group Co. Of China Ltd 1,803,960 2.88 SK Hynix Inc. 1,378,723 2.20 KB Financial Group Inc. 1,348,990 2.15

Allocation By Country Market Value % of Netas at 31 December 2019 S$ AssetsChina 4,824,007 7.69 Hong Kong 24,229,837 38.62 Indonesia 1,794,940 2.86 Korea, Republic Of 8,052,934 12.84 Philippines 798,012 1.27 Singapore 3,837,968 6.12 Taiwan, Province Of China 7,683,992 12.25 United States 5,688,922 9.07 Accrued income receivable on Equities 905 0.00Others** 5,822,265 9.28 Total 62,733,782 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2019 S$ AssetsEquities (Including accrued income on equity)

57,498,605 91.66

Cash and cash equivalents 5,424,456 8.64 Derivatives (78) 0.00 Other net assets/(liabilities) (189,201) (0.30)Total 62,733,782 100.00


Allocation By Industry Market Value % of Netas at 31 December 2019 S$ AssetsCommunications 11,468,349 18.28 Consumer Cyclical 1,541,607 2.46 Consumer Non-Cyclical 5,278,202 8.41 Energy 1,364,772 2.17 Financials 20,781,244 33.13 Industrials 4,341,908 6.92 Technology 12,721,618 20.28 Accrued income receivable on Equities 905 0.00 Others** 5,235,177 8.35 Total 62,733,782 100.00


Fund

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tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Far East Ex-Japan Equities Fund 1.54% 1.55% 50.98% 54.10%



i) Market value of derivativesForeign Exchange Spot Contracts (78) 0.00


iii) Net loss on outstanding derivatives (118)


Borrowings Nil.





Fund

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Market Value S$

% of Net Assets

Unit TrustAberdeen Standard Singapore Equity Fund - Singapore

173,509,009 99.98


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsOversea-Chinese Banking Corporation Ltd 105,479,650 14.19 DBS Group Holdings Ltd 105,209,875 14.16 United Overseas Bank Ltd 60,868,266 8.19 Singapore Telecommunications Ltd 43,022,296 5.79 CapitaLand Ltd 41,046,487 5.52 Venture Corporation Ltd 39,708,016 5.34 Keppel Corporation Ltd 37,466,333 5.04 Jardine Strategic Holdings 32,979,601 4.44 SATS Ltd 26,529,976 3.57 City Developments Ltd 23,731,012 3.19

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsHong Kong 32,979,601 4.44 Malaysia 14,507,480 1.95 Singapore 683,305,731 91.94 Others** 12,440,857 1.67 Total 743,233,669 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsEquities 730,792,812 98.33 Cash and cash equivalents 12,440,857 1.67 Total 743,233,669 100.00

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

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsConsumer Services 54,989,024 7.40Financials 393,174,807 52.90Healthcare 26,474,274 3.56Industrials 137,589,619 18.51Oil & Gas 51,829,175 6.97Technology 17,241,297 2.32Telecommunications 43,022,296 5.79Others** 18,913,177 2.55Total 743,233,669 100.00


Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019 ^ S$ AssetsNot applicable.

Fund

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31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Singapore Equities Fund * 1.66% 1.65% 12.41% 14.32%Underlying Fund # ^ 1.64% 1.63% 12.41% 14.32%


* 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 September 2019. The ratios for the period ended 31 December 2019 are not

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


Borrowings ^Nil.





^ Source: Aberdeen Standard Investments (Asia) Limited

The information is published based on Aberdeen Standard Select Portfolio Annual Report and Financial Statements 1 October 2018 to 30 September 2019

Fund

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tion




% of Net Assets

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 Corporation 5,495,859 1.90 Link REIT 5,453,062 1.89


% of NetAssets

Prologis Inc. 15,543,836 4.44 Invitation Homes Inc. 13,009,938 3.72 Equity Lifestyle Properties Inc. 10,856,818 3.10 Avalonbay Communities Inc. 10,306,962 2.95 Medical Properties Trust Inc. 8,830,549 2.52 Vonovia SE 8,040,753 2.30 Americold Realty Trust 7,909,865 2.26 Healthpeak Properties Inc. 7,282,108 2.08 Goldman Sachs Plc - US$ Liquid Reserves Fund

7,258,374 2.07

Extra Space Storage Inc. 6,635,122 1.90

Allocation By Country Market Value % of Netas at 31 December 2019 S$ AssetsAustralia 12,589,306 3.60 Canada 13,842,045 3.96 Finland 4,566,048 1.31France 6,715,840 1.92 Germany 10,535,385 3.01 Hong Kong 21,396,253 6.11 Ireland 9,766,281 2.79 Japan 39,226,552 11.21 Singapore 12,367,464 3.53 Spain 5,387,748 1.54 Sweden 5,168,911 1.48 United Kingdom 19,016,651 5.43 United States 179,305,296 51.25 Others** 9,998,683 2.86 Total 349,882,463 100.00


Allocation By Asset Class Market Value % of Netas at 31 December 2019 S$ AssetsEquities 347,036,288 99.18 Derivatives 1,689 0.00 Cash and cash equivalents 7,685,689 2.20 Other net assets/(liabilities) (4,841,203) (1.38)Total 349,882,463 100.00


Allocation By Industry Market Value % of Netas at 31 December 2019 S$ AssetsFinancials 342,773,687 97.97 Others** 7,108,776 2.03 Total 349,882,463 100.00


Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Real Estate Securities Fund 1.65% 1.66% 130.63% 94.88%



i) Market value of derivatives Foreign Exchange Forward Contracts 1,689 0.00




Borrowings Nil.


Subscriptions 77,215,225Redemptions 63,941,710



Fund

s Inf

orma

tion



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

Market Value S$

% of Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd 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 Ltd 30,000,197 2.72 Sands China Ltd 26,593,887 2.42 PetroChina Co. Ltd 26,041,205 2.36 Zhaojin Mining Industry Co. Ltd 25,951,695 2.36

Top 10 Holdings of Underlying Fundas at 31 December 2019 ^

Market Value US$

% of NetAssets


129,063,662 9.60

Tencent Holdings Ltd 94,748,305 7.05 Alibaba Group Holding Ltd 90,806,923 6.75 AIA Group Ltd 56,262,344 4.18 Prada SpA 36,074,685 2.68 Weibo Corporation 35,538,477 2.64 iQIYI Inc. 30,268,306 2.25 China Mobile Ltd 29,692,728 2.21 China Overseas Land & Investment Ltd 26,535,913 1.97 Jiangsu Hengli Hydraulic Co. Ltd 26,390,870 1.96


Market ValueS$

% of NetAssets

Unit TrustSchroder ISF Greater China Fund SGD 191,704,008 99.96Other net assets/(liabilities) 74,815 0.04

191,778,823 100.00

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsCanada 19,640,685 1.46 China 828,422,580 61.61 Hong Kong 162,955,622 12.12 Italy 36,074,685 2.68 Taiwan, Province Of China 270,655,416 20.13Others** 26,911,210 2.00 Total 1,344,660,198 100.00


Allocation By Asset Class of Underlying Fund Market Value % of Netas at 31 December 2019 US$ AssetsEquities 1,326,832,208 98.67 Other net assets/(liabilities) 17,827,990 1.33 Total 1,344,660,198 100.00

Credit Rating of Debt Securities Market Value % of Netas at 31 December 2019 ^ US$ AssetsNot applicable.

Allocation By Industry of Underlying Market Value % of NetFund as at 31 December 2019 ^ US$ AssetsCommunication Services 202,353,834 15.05 Consumer Discretionary 255,590,836 19.01 Consumer Staples 54,420,013 4.05 Energy 20,542,466 1.53 Financials 162,587,589 12.09 Health Care 37,917,704 2.82 Industrials 134,408,772 9.99 Information Technology 323,809,103 24.08 Materials 77,177,981 5.74 Real Estate 58,023,910 4.31 Others** 17,827,990 1.33 Total 1,344,660,198 100.00


Fund

s Inf

orma

tion



31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink China Growth Fund * 1.62% 1.63% 77.73% 59.02%Underlying Fund # ^ 1.70% 1.71% 77.73% 59.02%




Borrowings ^ Nil.





^ Source: Schroder Investment Management Ltd.


Fund

s Inf

orma

tion




Market ValueS$

% of NetAssets

Unit TrustCapital Group European Growth and Income Fund (LUX)

19,065,667 99.91


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ Eur € AssetsE.ON SE 14,820,011 4.67Novartis AG 13,263,766 4.18TAG Immobilien AG 12,270,435 3.87Pernod Ricard SA 11,517,447 3.63TOTAL SA 11,360,280 3.58Rio Tinto PLC 11,123,472 3.51Kering SA 10,469,228 3.30BP PLC 8,803,343 2.78BASF SE 8,689,497 2.74British American Tobacco PLC 8,456,442 2.67

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ Eur € AssetsFinland 3,793,746 1.20France 64,810,442 20.43Germany 44,284,217 13.96Hungary 3,459,426 1.09Italy 7,791,117 2.46Netherlands 17,053,461 5.38Portugal 8,237,248 2.60Russian Federation 6,915,042 2.18Spain 32,030,043 10.10Sweden 10,767,773 3.39Switzerland 18,999,982 5.99United Kingdom 87,033,453 27.44Others** 11,993,320 3.78Total 317,169,270 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ Eur € AssetsEquities 304,940,645 96.15Fixed Income Securities 1,376,345 0.43Cash and cash equivalents 10,852,280 3.42Total 317,169,270 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019 ^ Eur € AssetsBA 1,376,345 0.43

1,376,345 0.43

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 A/S 9,602,956 2.45Aena SME SA 9,236,294 2.36

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ Eur € AssetsCommunication Services 12,145,603 3.83Consumer Discretionary 47,949,208 15.12Consumer Staples 24,047,046 7.58Energy 30,076,921 9.48Financials 37,243,136 11.74Health Care 32,080,185 10.12Industrials 41,164,421 12.98Information Technology 8,931,356 2.82Materials 25,255,996 7.96Real Estate 12,270,435 3.87Utilities 35,152,683 11.08Others** 10,852,280 3.42Total 317,169,270 100.00


Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink European Equity Fund * 1.57% 1.57% 56.00% 33.69%Underlying Fund # ^ 0.90% 0.90% 56.00% 33.69%


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


Borrowings ^Nil.


Subscriptions 990,675 Redemptions 1,754,873



^ Source: Capital Group

Fund

s Inf

orma

tion




Market Value S$

% of Net Assets

Unit TrustCapital Group New Perspective Fund (LUX) 118,117,706 100.03Other net assets/(liabilities) (33,722) (0.03)

118,083,984 100.00

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsAmazon.Com Inc. 179,632,222 3.06Facebook Inc. 170,573,218 2.91Microsoft Corporation 160,578,656 2.74Taiwan Semiconductor Manufacturing Co. Ltd

142,357,175 2.43

Alphabet Inc. 116,254,296 1.98ASML Holding NV 112,168,374 1.91Mastercard Inc. 111,509,033 1.90JPMorgan Chase & Co 107,925,292 1.84Broadcom Inc. 100,143,578 1.71Visa Inc. 86,923,292 1.48

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsBrazil 72,853,960 1.30Canada 72,007,806 1.28Denmark 138,565,666 2.47France 384,504,652 6.85Germany 88,932,936 1.58Hong Kong 154,694,214 2.76Japan 316,972,920 5.65Korea, Republic of 64,512,867 1.15Netherlands 233,155,445 4.16Switzerland 129,264,527 2.30Taiwan, Province of China 152,024,662 2.71United Kingdom 278,815,167 4.97United States 3,114,274,297 55.51Others ** 660,634,830 7.31Total 5,861,213,949 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ US$ AssetsEquities 5,610,051,464 95.72Fixed Income Securities 620,989 0.01Cash and cash equivalents 250,541,496 4.27Total 5,861,213,949 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019 ^ US$ AssetsB 620,989 0.01

620,989 0.01

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsAmazon.Com Inc. 151,493,200 4.26Taiwan Semiconductor Manufacturing Co. Ltd

82,071,876 2.31

Alphabet Inc. 77,042,270 2.16Microsoft Corporation 74,422,675 2.09Facebook Inc. 72,866,508 2.05Broadcom Inc. 67,760,534 1.90JPMorgan Chase & Co 59,655,094 1.68CME Group Inc. 57,899,197 1.63Mastercard Inc. 54,392,889 1.53Tesla Inc. 51,347,046 1.44

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsCommunication Services 493,069,789 8.41Consumer Discretionary 864,574,220 14.75Consumer Staples 431,028,891 7.35Energy 202,058,800 3.45Financials 627,429,196 10.71Health Care 750,628,370 12.81Industrials 526,137,047 8.98Information Technology 1,292,007,890 22.04Materials 291,425,574 4.97Utilities 80,148,488 1.37Others ** 302,705,684 5.16Total 5,861,213,949 100.00


Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Perspective Fund * 1.69% 1.74% 28.40% 9.38%Underlying Fund # ^ 0.87% 1.75% 28.40% 9.38%


* The expense ratio of the underlying fund was included to compute the final ratio. # The underlying fund was restructured from Aberdeen Standard Global Opportunities to Capital Group New Perspective Fund (Lux) with effect from 23 May 2019.^ 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 2019 S$




^ Source: Capital Group

Fund

s Inf

orma

tion




Market Value S$

% of Net Assets

Unit TrustAB SICAV I - Sustainable Global Thematic Portfolio S1X Class

24,212,581 99.79


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsNIKE, Inc. - Class B 23,276,913 2.79Koninklijke Philips NV 23,012,775 2.75HDFC Bank Ltd 20,672,612 2.47Vestas Wind Systems A/S 20,372,498 2.44American Water Works Co. Inc. 20,310,258 2.43Bio-Rad Laboratories Inc. - Class A 19,724,011 2.36West Pharmaceutical Services Inc. 19,027,962 2.28Erste Group Bank AG 18,912,298 2.26MSCI Inc. - Class A 18,365,626 2.20Xylem Inc./NY 18,214,577 2.18

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsAustria 18,912,298 2.26Brazil 13,786,499 1.65China 32,401,730 3.88Denmark 36,862,707 4.41France 32,016,837 3.83Germany 31,420,225 3.76Hong Kong 15,175,220 1.82India 37,509,027 4.49Ireland 45,821,013 5.48Japan 52,997,991 6.34Netherlands 67,373,969 8.06Switzerland 32,949,941 3.94United Kingdom 13,640,956 1.63United States 363,993,620 43.55Others** 40,898,159 4.90Total 835,760,192 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ US$ AssetsEquities 794,862,033 95.11Derivatives (96,772) (0.01)Other net assets/(liabilities) 40,994,931 4.90Total 835,760,192 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019 ^ US$ AssetsNot applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ US$ AssetsHexcel Corporation 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 Corporation 16,326,212 2.38Ecolab Inc. 15,426,135 2.24Vestas Wind Systems A/S 15,113,359 2.20Danaher Corporation 15,087,409 2.20Kingspan Group PLC 15,060,476 2.19

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsCommunication Services 10,199,164 1.22Consumer Discretionary 66,774,850 7.99Consumer Staples 49,634,152 5.94Financials 101,075,133 12.09Health Care 182,836,185 21.88Industrials 106,309,364 12.72Information Technology 207,357,384 24.81Materials 48,620,005 5.82Utilities 22,055,796 2.64Others** 40,898,159 4.89Total 835,760,192 100.00


Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Thematic Fund * 1.70% 1.72% 37.42% 37.73%Underlying Fund # ^ 0.77% 0.79% 37.42% 37.73%


* 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 2019. The ratios for the period ended 31 December 2019 are not

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

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

i) Market value of derivative contracts Foreign Exchange Forward Contracts (436,847) (0.05)

ii) Net gain on derivative realised -


Borrowings ^Nil.





^ Source: AllianceBernstein(Singapore) Ltd

Fund

s Inf

orma

tion




Market Value S$

% of Net Assets

Unit TrustSchroders ISF Global Equity Alpha Fund - Singapore

122,453,892 99.90


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsVisa Inc. 57,925,430 4.27Alphabet Inc. 56,234,848 4.14Adobe Inc. 50,027,264 3.68JPMorgan Chase & Co. 44,817,150 3.30Philip Morris International Inc. 44,526,255 3.28Facebook Inc. 41,943,043 3.09Roche Holding AG 41,732,699 3.07UnitedHealth Group Inc. 38,305,418 2.82Union Pacific Corporation 36,323,695 2.67Nestle 36,236,392 2.67

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsAustria 19,143,714 1.41China 39,462,629 2.91Denmark 26,332,026 1.94France 84,881,547 6.25Germany 70,900,706 5.22Hong Kong 23,927,042 1.76India 18,528,415 1.36Switzerland 104,940,377 7.73Turkey 14,848,861 1.09United Kingdom 45,856,614 3.38United States 860,391,750 63.36Others** 48,760,951 3.59Total 1,357,974,632 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ US$ AssetsEquities 1,330,953,154 98.01Other net assets/(liabilities) 27,021,478 1.99Total 1,357,974,632 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019 ^ US$ AssetsNot applicable.

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 & Co. 36,327,205 3.46Bank of America Corporation 32,666,198 3.11Intel Corporation 32,434,035 3.09Johnson & Johnson 31,381,569 2.99Adobe Inc. 30,320,097 2.89Philip Morris International Inc. 29,540,932 2.81

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsCommunication Services 161,336,347 11.88Consumer Discretionary 137,011,351 10.09Consumer Staples 116,520,640 8.58Energy 31,224,751 2.30Financials 215,533,088 15.87Health Care 263,041,555 19.37Industrials 207,881,169 15.31Information Technology 168,663,330 12.42Real Estate 21,444,048 1.58Others** 35,318,353 2.60Total 1,357,974,632 100.00


Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Equity Alpha Fund * 1.61% 1.62% 58.64% 85.69%Underlying Fund # ^ 0.84% 0.85% 58.64% 85.69%



Exposure to Derivatives ^ Market Value % of Net(Underlying Fund) US$ Assetsi) Market value of derivative contracts Foreign Exchange Forward Contracts 336,385 0.02



Borrowings ^Nil.





^ Source: Schroders Investment Management Ltd

Fund

s Inf

orma

tion




Market Value S$ % of Net Assets

Unit TrustLionGlobal Short Duration Bond Fund CL A - Singapore

176,330,255 99.67


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsWing Tai Holdings Limited Series MTN 4% due 07/10/2021

9,200,070 1.81

IOI Investment Berhad Series EMTN 4.375% due 27/06/2022

8,982,692 1.77

CapitaLand Limited 2.8% due 08/06/2025 8,612,243 1.69China Mengniu Dairy Series 0% Conv due 05/06/2022

8,168,749 1.61

Lend Lease Retail Investments 3 Private Limited Series MTN 3.28% due 03/09/2021

8,043,600 1.58

Manulife Financial Corporation Var due 25/05/2026

7,891,438 1.55

Government of Singapore 3.25% due 01/09/2020

7,076,300 1.39

Ascott REIT MTN Private Limited Series MTN 4.205% due 23/11/2022

7,065,563 1.39

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

6,958,438 1.37

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

6,858,270 1.35

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsAustralia 9,304,785 1.83Canada 7,891,438 1.55China 164,118,741 32.27Germany 6,634,160 1.31Hong Kong 6,840,038 1.35India 28,334,673 5.57Indonesia 5,495,624 1.08Malaysia 9,616,726 1.89Netherlands 5,794,512 1.14Philippines 6,678,507 1.31Qatar 17,585,101 3.46Singapore 175,393,520 34.49United Arab Emirates 16,544,611 3.25United Kingdom 7,391,892 1.45Accrued interest receivable on debt securities

4,427,488 0.87

Others** 36,532,209 7.18Total 508,584,025 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsDebt securities (Include accrued interest on Debt Securities)

495,741,488 97.47

Derivatives 3,859,566 0.76Cash and cash equivalents 8,982,971 1.77Total 508,584,025 100.00

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 Limited 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 Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsBasic Materials 24,665,930 4.85Consumer Cyclical 8,975,599 1.77Consumer Non-cyclical 13,669,350 2.69Energy 12,710,133 2.50Financials 172,671,653 33.95Industrials 70,490,247 13.86Real Estate 162,243,330 31.90Sovereign 12,962,057 2.55Utilities 12,379,134 2.43Accrued interest receivable on debt securities

4,427,488 0.87

Others** 13,389,104 2.63Total 508,584,025 100.00


Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019 ^ S$ AssetsAaa 7,076,300 1.39Aa2 1,890,737 0.37Aa3 1,885,899 0.37A1 21,367,739 4.20A2 28,627,367 5.63A3 20,770,275 4.08Baa1 35,787,568 7.04Baa2 106,542,226 20.95Baa3 43,664,297 8.59Ba2 5,580,062 1.10Ba3 4,087,829 0.80B1 1,342,969 0.26Non Rated 212,690,732 41.82Accrued interest on debt securities 4,427,488 0.87

495,741,488 97.47

Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Short Duration Bond Fund * 0.61% 0.62% 20.00% 22.00%Underlying Fund # ^ 0.59% 0.60% 20.00% 22.00%



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

i) Market value of derivative contracts 3,857,230 0.76

ii) Net loss on derivative realised (2,153,537)

iii) Net gain on outstanding derivatives 3,857,230

Borrowings ^Nil.



Related-Party Transactions ^Transaction fees charged by the Trustee was S$4,634.Registration fees charged by a related company of the Trustee was S$16,974.Valuation and administration fees charged by the Trustee was S$88,175.Custodian fees charged by a related company of the Trustee was S$43,711.Bank service fees charged by a bank which is a related company of the Trustee was S$3,534.Cash transfer fees charged by a related company of the Trustee was S$5,721.Cash and bank balances placed with a financial institution related to the Trustee was S$8,744,222.Fixed deposits placed with the ultimate holding company of the Manager was S$2,501,551. 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




Market Value S$

% of Net Assets

Unit TrustLionGlobal Japan Growth Fund SGD-Hedged

27,373,883 100.33

Other net assets/(liabilities) (89,948) (0.33) 27,283,935 100.00

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsSony Corporation 8,552,968 3.09Keyence Corporation 6,476,888 2.34Orix Corporation 6,439,984 2.32Asahi Intecc Co. Ltd 6,026,209 2.18Denso Corporation 5,941,728 2.14Daiichi Sankyo Co. Ltd 5,696,881 2.06Murata Manufacturing Co. Ltd 5,225,168 1.89Chiba Bank Ltd 4,984,406 1.80Daikin Industries Ltd 4,702,655 1.70Shin-Etsu Chemical Co. Ltd 4,685,506 1.69

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsJapan 265,812,047 95.95Others** 11,226,424 4.05Total 277,038,471 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsEquities 265,812,047 95.95 Derivatives 12,707 0.00 Cash and cash equivalents 11,213,717 4.05 Total 277,038,471 100.00


S$ Assets

Not applicable.

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 Co. Ltd 4,533,212 2.33Chiba Bank Ltd 4,425,638 2.27Keyence Corporation 4,357,823 2.24Rohm Co. Ltd 4,198,012 2.15Denso Corporation 3,884,239 1.99Mitsui & Company Ltd 3,519,808 1.81Koito Manufacturing Co. Ltd 3,147,118 1.61Shiseido Co. Ltd 3,099,443 1.59

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsBasic Materials 12,765,552 4.61Communications 3,980,123 1.44Consumer Cyclical 40,152,228 14.49Consumer Non-cyclical 54,443,094 19.65Energy 3,777,032 1.36Financials 24,324,989 8.78Industrials 66,994,049 24.18Real Estate 10,925,849 3.95Technology 45,456,916 16.41Utilities 2,992,215 1.08Others** 11,226,424 4.05Total 277,038,471 100.00


Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Lion Japan Growth Fund * 1.60% 1.57% 48.00% 57.00%Underlying Fund # ^ 1.58% 1.56% 48.00% 57.00%




i) Market value of derivative contracts Foreign Exchange Forward Contracts 12,804 0.00 Foreign Exchange Spot Contracts (97) 0.00



Borrowings ^Nil.



Related-Party Transactions ^Interest expenses incurred with a bank which is a related company of the Trustee was S$ 9,956.Transaction fees charged by a related company of the Trustee was S$ 4,910.Custodian fees charged by a related company of the Trustee was S$ 39,876.Bank service fees charged by a bank which is a related company of the Trustee was S$ 147. 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




Market Value S$

% of Net Assets

Unit TrustLionGlobal India Fund - Singapore 70,532,124 99.99Other net assets/(liabilities) 10,337 0.01

70,542,461 100.00

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsInfosys Ltd 8,455,849 7.96Reliance Industries Ltd 7,829,963 7.37Tata Consultancy Services Ltd 7,004,349 6.59ICICI Bank Ltd 4,624,840 4.35Hindustan Unilever Ltd 4,455,573 4.19Maruti Suzuki India Ltd 3,653,270 3.44Axis Bank Ltd 3,224,855 3.04Bharti Airtel Ltd 3,077,657 2.90Housing Development Finance Corporation Ltd

2,554,392 2.40

Asian Paints Ltd 2,527,972 2.38

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsIndia 100,830,939 94.90Others** 5,415,113 5.10

Total 106,246,052 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsEquities 100,830,939 94.90 Cash and cash equivalents 5,415,113 5.10

Total 106,246,052 100.00

Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019^ S$ AssetsNot applicable.

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

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsBasic Materials 9,765,745 9.19Communications 4,041,695 3.80Consumer Cyclical 8,208,116 7.73Consumer Non-cyclical 13,869,060 13.06Energy 15,643,797 14.72 Financials 19,997,706 18.82 Industrials 5,421,288 5.10 Real Estate 1,551,367 1.46Technology 17,451,944 16.43Utilities 4,880,221 4.59Others** 5,415,113 5.10

Total 106,246,052 100.00


Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Lion India Fund * 2.02% 2.29% 57.00% 8.81%Underlying Fund # ^ 1.75% 2.02% 57.00% 8.81%




i) Market value of derivative contracts 49 0.00


iii) Net gain on outstanding derivatives 49

Borrowings ^Nil.



Related-Party Transactions ^Registration fees charged by a related company of the Trustee was S$102.Custodian fees charged by a related company of the Trustee was S$6,415.Bank service fees charged by a bank which is a related company of the Trustee was S$19,141.Cash transfer fees charged by a related company of the Trustee was $6,969.Cash and bank balances placed with a financial institution related to the Trustee was S$5,695,502. 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




Market Value S$

% of Net Assets

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

22,054,015 50.57

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

21,413,115 49.10


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsJPMorgan Global Income Fund SGD-HTaiwan Semiconductor Manufacturing Co. Ltd 224,972,969 0.70Coca-Cola Co./The 192,833,973 0.60Novartis AG 192,833,973 0.60Verizon Communications Inc. 160,694,978 0.50Roche Holding AG 160,694,978 0.50Merck & Co. Inc. 160,694,978 0.50FN BM3788 3.5% 01 Mar 2048 128,555,982 0.40Prologis Inc. 128,555,982 0.40FG G67706 3.5% 01 Dec 2047 128,555,982 0.40Allianz SE 128,555,982 0.40

JPMorgan Asia Pacific Income Fund SGD-HTaiwan Semiconductor Manufacturing Co. Ltd 78,868,637 3.60Samsung Electronics Co. Ltd 67,914,660 3.10Ping An Insurance Group Co. of China Ltd 46,006,705 2.10CLP Holdings Ltd 41,625,114 1.90China Construction Bank Corporation 35,052,728 1.60Power Grid Corp of India Ltd 32,861,932 1.50China Life Insurance Co. Ltd 32,861,932 1.50Telekomunikasi Indonesia Persero Tbk PT 28,480,341 1.30Sands China Ltd 28,480,341 1.30China Overseas Land & Investment Ltd 26,289,546 1.20

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 Co./The 174,590,803 0.64Novartis AG 172,465,189 0.63FG G67706 3.5% 01 Dec 2047 169,689,126 0.62Roche Holding AG 163,040,319 0.59FN AS8784 3.0% 01 Feb 2047 153,201,565 0.56Total SA 135,282,499 0.49Iberdrola SA 109,696,535 0.40General Electric Co. 106,081,281 0.39

JPMorgan Asia Pacific Income Fund SGD-HTaiwan Semiconductor Manufacturing Co. Ltd

6,244,850,241 2.76

DBS 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 1.81

China 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

Fund

s Inf

orma

tion



Credit Rating of Debt Securities of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsJPMorgan Global Income Fund SGD-HAAA 4,178,069,416 13.00AA 546,362,924 1.70A 1,831,922,744 5.70BBB 4,210,208,411 13.10<BBB 20,633,235,116 64.20Non Rated 739,196,897 2.30

32,138,995,508 100.00

JPMorgan Asia Pacific Income Fund SGD-HA 245,369,093 11.20BBB 400,915,571 18.30<BBB 247,559,888 11.30Not Rated 52,579,091 2.40

946,423,643 43.20

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsJPMorgan Global Income Fund SGD-HAsia ex-Japan 739,196,897 2.30Canada 739,196,897 2.30Emerging Markets 2,635,397,632 8.20Europe ex-UK 6,620,633,074 20.60Japan 482,084,933 1.50United Kingdom 1,574,810,780 4.90United States 18,319,227,439 57.00Others** 1,028,447,856 3.20Total 32,138,995,508 100.00

JPMorgan Asia Pacific Income Fund SGD-HAustralia 179,645,228 8.20China 812,785,119 37.10Hong Kong 236,605,911 10.80India 144,592,501 6.60Indonesia 190,599,206 8.70Korea, Republic Of 205,934,774 9.40Malaysia 24,098,750 1.10Philippines 30,671,137 1.40Singapore 109,539,773 5.00Taiwan, Province Of China 124,875,342 5.70Thailand 37,243,523 1.70Others** 94,204,205 4.30Total 2,190,795,469 100.00


Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsJPMorgan Global Income Fund SGD-HNot applicable.

JPMorgan Asia Pacific Income Fund SGD-HNot applicable.

Allocation By Asset Class of Underlying Fund Market Value % of Netas at 31 December 2019 ^ US$ AssetsJPMorgan Global Income Fund SGD-HUS High Yield 8,163,304,859 25.40 Global Equity 5,045,822,295 15.70 European High Yield 2,924,648,591 9.10 Global REITs 2,089,034,708 6.50 Preferred Equity 1,928,339,731 6.00 Non-Agency Securitized 1,864,061,740 5.80 Agency Securitized 1,799,783,748 5.60 European Equity 1,767,644,753 5.50 Others 5,527,907,227 17.20Cash and cash equivalents 1,028,447,856 3.20 Total 32,138,995,508 100.00

JPMorgan Asia Pacific Income Fund SGD-HEquities 1,198,365,121 54.70 Fixed Income Securities 946,423,643 43.20 Cash and cash equivalents 46,006,705 2.10 Total 2,190,795,469 100.00

Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Income Focus Fund * 1.63% 1.62% 50.93% 58.85%Underlying Fund - JPMorgan Global Income Fund SGD-H # ^

1.43% 1.45% 36.76% 63.82%

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

1.78% 1.79% 65.09% 53.88%


* 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 2019,

based on unaudited draft accounts and audited accounts respectively. The ratios for period ended 31 December 2019 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 135,769,386 0.51 Futures (3,061,357) (0.01)



Market Value % of Net US$ Assets

JPMorgan Asia Pacific Income Fund SGD-H²i) Market value of derivative contracts Foreign Exchange Forward Contracts 10,194,317 0.43



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 26,807,700,326 (in EUR terms), which is extracted from the JPMorgan Investment Funds' unaudited

Semi-Annual Report dated 30 June 2019. The information as at 31 December 2019 is not available in time for publication.2 The information is based on the Fund's AUM 2,389,174,577 (in USD terms), which is extracted from the JPMorgan Investment Funds' audited Annual

Report dated 30 June 2019. The information as at 31 December 2019 is not available in time for publication.

Fund

s Inf

orma

tion



Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsAberdeen 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 Holdings Ltd 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 Ltd 39,769,245 2.79 Ping An Insurance Group Co. of China Ltd 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


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


Market Value S$

% of Net Assets

Unit TrustAberdeen Standard Pacific Equity Fund 29,484,350 50.23LionGlobal Singapore Fixed Income Investment CL A - Singapore

29,156,983 49.68


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsAberdeen Standard Pacific Equity FundAberdeen Standard SICAV I - Indian Equity Fund #

110,057,276 7.92

Tencent Holdings Ltd 89,033,767 6.41 Samsung Electronics Co. Ltd (Pref) 78,667,945 5.66 Taiwan Semiconductor Manufacturing Co. Ltd

70,376,634 5.07

Aberdeen Standard Singapore Equity Fund 69,061,803 4.97 Aberdeen Standard China Opportunities Fund

68,132,579 4.90

Ping An Insurance Group Co. of China Ltd 49,339,802 3.55 AIA Group Ltd 41,524,126 2.99 Aberdeen Standard Thailand Equity Fund 39,821,367 2.87 China Resources Land Ltd 39,069,365 2.81

# 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

9,145,125 8.58


6,744,600 6.33


6,218,819 5.84


5,105,376 4.79


4,794,790 4.50


4,669,900 4.38

Government of Singapore 3% due 01/09/2024

4,311,630 4.05


3,506,410 3.29


2,730,560 2.56

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

2,574,800 2.42

Fund

s Inf

orma

tion



Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsAberdeen Standard Pacific Equity FundAustralia 94,925,563 6.83 China 362,998,817 26.13 Hong Kong 169,936,814 12.23 India 158,119,802 11.38 Indonesia 78,800,688 5.67 Korea, Republic Of 102,116,690 7.35 Malaysia 19,944,131 1.44 Philippines 38,376,321 2.76 Singapore 124,532,458 8.96 Taiwan, Province Of China 84,820,410 6.11 Thailand 39,821,367 2.87 United Kingdom 80,759,422 5.81 Others** 34,219,778 2.46 Total 1,389,372,261 100.00


LionGlobal Singapore Fixed Income Investment Class AAustralia 1,569,860 1.47Canada 2,010,610 1.89Hong Kong 2,559,271 2.40Malaysia 1,262,963 1.19Singapore 95,583,960 89.70Accrued interest receivable on debt securities

871,077 0.82

Others** 2,698,244 2.53Total 106,555,985 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsAberdeen Standard Pacific Equity FundEquities 1,372,185,995 98.76 Cash and cash equivalents 17,186,266 1.24 Total 1,389,372,261 100.00

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

105,659,001 99.16

Other net assets/(liabilities) 896,984 0.84Total 106,555,985 100.00

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsAberdeen Standard Pacific Equity FundCommunication Services 135,012,865 9.72 Consumer Discretionary 54,180,733 3.90 Consumer Staples 24,964,822 1.80 Energy 26,469,091 1.90 Financials 252,841,587 18.20 Healthcare 63,001,790 4.53 Industrials 63,605,293 4.58 Information Technology 203,108,787 14.62 Materials 77,625,093 5.59 Real Estate 100,406,583 7.22 Unit Trusts 370,969,351 26.70Others** 17,186,266 1.24 Total 1,389,372,261 100.00


LionGlobal Singapore Fixed Income Investment Class ACommunications 2,827,588 2.65Financials 16,692,005 15.67Industrials 5,563,036 5.22Real Estate 26,033,250 24.43Sovereign 52,623,395 49.38Accrued interest receivable on debt securities 871,077 0.82Others** 1,945,634 1.83Total 106,555,985 100.00


Credit Rating of Debt Securities of Market Value % of NetUnderlying Fund as at 31 December 2019 ^ S$ AssetsLionGlobal Singapore Fixed Income Investment Class AAaa 20,482,701 19.22Aa2 251,492 0.24A1 1,255,213 1.18A2 2,083,468 1.96A3 1,524,395 1.43Baa1 521,210 0.49Baa2 3,339,223 3.13Baa3 1,046,750 0.98Non Rated 74,283,472 69.71Accrued interest receivable on debt securities

871,077 0.82

105,659,001 99.16

Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Lion Asian Balanced Fund * 1.39% 1.35% 9.51% 11.85%Underlying Fund - Aberdeen Standard Pacific Equity Fund # ^

1.69% 1.70% 17.02% 17.69%

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

0.68% 0.68% 2.00% 6.00%


* 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 2019 based on audited

accounts. The ratios for the period ended 31 December 2019 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.

Exposure to Derivatives ^ Market Value % of Net(Underlying Fund) S$ AssetsAberdeen Standard Pacific Equity Fund Nil

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

ii) Net gain on derivative realised 21


Borrowings ^Nil.



Related-Party TransactionsThe GreatLink Lion Asian Balanced Fund invests 49.66% of its net assets value in Aberdeen Standard Pacific Equity Fund and 50.34% 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 ATransaction fees charged by the Trustee was S$574.Registration fees charged by a related company of the Trustee was S$5,940.Trustee fee charged by the Trustee was S$19,742.Custodian fees charged by a related company of the Trustee was S$11,245.Bank service fees charged by a bank which is a related company of the Trustee was S$147.Cash transfer fees charged by a related company of the Trustee: S$2,551.


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

Fund

s Inf

orma

tion

93



Market Value S$

% of Net Assets

Unit TrustLionGlobal Vietnam Fund - Singapore 11,011,072 100.47 Other net assets/(liabilities) (51,179) (0.47)

10,959,893 100.00

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsVinhomes JSC 14,957,742 12.59Vietnam Dairy Products JSC 14,683,415 12.36Mobile World Investment Corporation 10,318,115 8.68Vincom Retail JSC 9,696,028 8.16Hoa Phat Group JSC 8,459,497 7.12Joint Stock Commercial Bank for Foreign Trade of Vietnam

8,287,533 6.97

Masan Group Corporation 6,360,348 5.35FPT Corporation 5,687,548 4.79Airports Corporation Of Vietnam 5,356,984 4.51Vingroup JSC 4,892,751 4.12

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsVietnam 110,850,695 93.27Others** 7,993,220 6.73 Total 118,843,915 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsEquities 110,850,695 93.27Cash and other net assets 7,993,220 6.73 Total 118,843,915 100.00


S$ Assets

Not applicable.

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 Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsBasic Materials 8,459,497 7.12Consumer Cyclical 10,318,115 8.68Consumer Non-cyclical 25,398,555 21.37Energy 3,791,197 3.19Financials 12,189,971 10.26Industrials 12,158,278 10.23Real Estate 30,656,324 25.79Technology 6,904,793 5.81Others** 8,967,185 7.55Total 118,843,915 100.00



Fund

s Inf

orma

tion

94



31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Lion Vietnam Fund * 1.79% 1.87% 6.00% 26.00%Underlying Fund # ^ 1.77% 1.85% 6.00% 26.00%







Borrowings ^Nil.



Related-Party Transactions Interest expenses incurred with a bank which is a related company of the Trustee was S$ 333.Transaction fees charged by the Trustee was S$ 5,231.Registration fee charged by a related company of the Trustee was S$ 17,380.Valuation and administration fees charged by the Trustee was S$ 42,109.Bank service fees charged by a bank which is a related company of the Trustee was S$ 1,054.Custodian fees charged by a related company of the Trustee was S$ 100,273.Cash transfer fees charged by a related company of the Trustee was S$ 38,468.

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




Market Value S$

% of Net Assets

Unit TrustFidelity Global Emerging Markets Fund SR-ACC-SGD

137,972,257 99.79


Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsAlibaba Group Holding ADR 524,908,013 7.31Naspers Ltd 455,036,040 6.34Taiwan Semiconductor Manufacturing Co. Ltd

441,081,639 6.14

AIA Group Ltd 369,003,842 5.14HDFC Bank Ltd 323,994,692 4.51China Mengniu Dairy Co. Ltd 289,430,758 4.03Samsung Electronics Co. Ltd 263,098,083 3.66SK Hynix Inc. 256,218,534 3.57Bank Central Asia Tbk PT 238,220,918 3.32Sberbank of Russia PJSC 236,892,656 3.30

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsBrazil 283,849,392 3.95China 1,742,274,694 24.27Germany 99,611,322 1.39Hong Kong 759,799,794 10.58India 947,178,965 13.19Indonesia 241,836,698 3.37Korea, Republic Of 525,366,413 7.32Mexico 270,379,229 3.77Panama 160,790,727 2.24Russia 656,444,517 9.14South Africa 478,579,803 6.67Taiwan, Province of China 568,605,059 7.92Other** 444,605,758 6.19Total 7,179,322,371 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsEquities 7,109,601,080 99.03 Open Ended Fund 6,105 0.00 Derivatives (1,968,787) (0.03)Other net assets/(liabilities) 71,683,973 1.00 Total 7,179,322,371 100.00


S$ Assets

Not applicable.

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 Corporation Ltd

334,761,064 4.66


318,163,772 4.43

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

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsConsumer Discretionary 1,807,755,656 25.18Consumer Staples 666,828,721 9.29Energy 77,531,559 1.08Financials 2,407,320,992 33.53Healthcare 165,513,754 2.30Industrials 543,192,316 7.57Information Technology 1,223,060,236 17.04Materials 199,675,675 2.78Other** 88,443,462 1.23Total 7,179,322,371 100.00


Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Global Emerging Markets Equity Fund 1.74% 1.74% 78.61% 104.66%Underlying Fund # ^ 1.72% 1.72% 78.61% 104.66%


# The expense and turnover ratios of the underlying fund were computed for the period ended 31 October 2019. The ratios for the period ended 31 December 2019 are not available.

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


i) Market value of derivative contracts (1,968,787) (0.03)

ii) Net loss on derivative realised (11,739,608)

iii) Net loss on outstanding derivatives (1,968,787)

Borrowings ^Bank overdrafts of S$ 8,552,319.58 which is less than 1% of the underlying fund's NAV as of 31 December 2019. This is based on the underlying fund's unaudited financial period.





^ Source: FIL Fund Management Limited

Fund

s Inf

orma

tion




Market Value S$

% of Net Assets

Unit TrustLionGlobal All Seasons Fund - Singapore 2,301,268 94.91 Other net assets/(liabilities) 123,326 5.09

2,424,594 100.00

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsLionGlobal Asia Pacific Fund 7,615,102 23.14Vanguard S&P 500 UCITS ETF 7,255,511 22.04Xtrackers Euro Stoxx 50 UCITS ETF 3,534,942 10.74LionGlobal Singapore Fixed Income Investment Fund

3,441,679 10.46

LionGlobal Short Duration Bond Fund 3,409,377 10.36LionGlobal Asia Bond Fund 2,940,450 8.93Lyxor Core STOXX Europe 600 DR 2,278,498 6.92LionGlobal Japan Growth Fund 1,898,327 5.77

Allocation By Country of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsAsia Pacific 12,453,879 37.84Europe 2,278,498 6.92Germany 3,534,942 10.74Ireland 7,255,511 22.04Singapore 6,851,056 20.82Others** 540,277 1.64 Total 32,914,163 100.00


Allocation By Asset Class of Underlying Market Value % of NetFund as at 31 December 2019 ^ S$ AssetsInvestment Funds 32,373,886 98.36Cash and cash equivalents 540,277 1.64 Total 32,914,163 100.00


S$ Assets

Not applicable.

Top 10 Holdings of Underlying Fund Market Value % of Netas at 31 December 2018 ^ S$ AssetsLionGlobal Asia Pacific Fund 2,598,221 23.80Vanguard S&P 500 UCITS ETF 2,315,241 21.20Xtrackers Euro Stoxx 50 UCITS ETF 1,459,094 13.30LionGlobal Singapore Fixed Income Investment Fund

1,190,843 10.90

LionGlobal Short Duration Bond Fund 1,167,353 10.70LionGlobal Asia Bond Fund 987,438 9.00LionGlobal Japan Growth Fund 874,542 8.00Lyxor Core STOXX Europe 600 DR 163,471 1.50

Allocation By Industry of Underlying Fund Market Value % of Netas at 31 December 2019 ^ S$ AssetsNot applicable.

Fund

s Inf

orma

tion




31 December 2019 31 December 2018 31 December 2019 31 December 2018GreatLink Diversified Growth Fund # * 0.75% N.A. 3.00% N.A.Underlying Fund # ^ 0.47% N.A. 3.00% N.A.


* 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. GreatLink Diversified Growth Portfolio was incepted on April 2019, prior year

data is not applicable.





Borrowings ^Nil.


Subscriptions 2,425,758 Redemptions 91,218

Related-Party TransactionsTransaction fees charged by the Trustee was S$ 1,186.Custodian fees charged by a related company of the Trustee was S$ 1,324.Valuation and administration fees charged by the Trustee was S$ 10,411.Bank service fees charged by a bank which is a related company of the Trustee was S$ 674.Cash transfer fees charged by a related company of the Trustee was S$ 1,029.

The GreatLink Diversified Growth Portfolio invests 100% of its net assets value in LionGlobal All Seasons Fund, which is managed By Lion Global Investors Ltd, a related company of The Great Eastern Life Assurance Co. Ltd.



SOFT DOLLAR COMMISSIONS report as at 31 December 2019

Soft

Dolla

r Com

miss

ions

Funds managed by Lion Global Investors LtdThe soft dollar commissions from various brokers for the period 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 2019, 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 may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the SICAV, and where the Investment Managers 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 SICAV and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers 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, where JPMorgan Asset Management (UK) Limited is the investment manager, all costs associated with the purchase of external research in relation to Soft Commission are being paid directly by JPMorgan Asset Management (UK) Limited.

99

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 GroupNil.

Fund managed by Aberdeen Standard Investments (Asia) LimitedNil.

Fund managed by Goldman Sachs (Singapore) Pte LtdNil.

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.

** 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


The Investment Manager and any of its delegates 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 delegates) 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 of its delegates 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 of its delegates 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 Fidelity Global 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.

101

Capit

al Ac

coun

tCAPITAL ACCOUNT (Audited) for the year ended 31 December 2019

102

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$

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

Amount paid to the Fund for creation of units 8,755,398 15,001,361 20,958,083 11,679,753 20,582,299 990,675

Amount paid by the Fund for redemption of units (12,369,552) (15,209,873) (34,602,520) (14,551,257) (17,271,089) (1,754,873)

Net cash into/(out of) the Fund (3,614,154) (208,512) (13,644,437) (2,871,504) 3,311,210 (764,198)

Investment Income

Interest 691,630 8,085 - 3,758,099 - -

Dividends - 7,721,243 - 3,687,787 1,251,024 -

Other income - 229,996 514,787 174,025 - -

691,630 7,959,324 514,787 7,619,911 1,251,024 -

Fund Expenses

Management fees (117,928) (4,053,642) - (5,028,324) (1,085) (116,505)

Custody fees (3,823) (26,656) (126,113) (54,506) (7,337) (3,934)

Other expenses (34) - - - - -

(121,785) (4,080,298) (126,113) (5,082,830) (8,422) (120,439)

Net income/(loss) 569,845 3,879,026 388,674 2,537,081 1,242,602 (120,439)

Net gains/(losses) on investments

Realised gains/(losses) from investments sold (103,204) (15,474) 6,696,406 14,378,581 (196,080) 80,353

Unrealised appreciation/(depreciation) in value of investments

(5,941) 14,939,622 84,667,398 27,123,768 4,379,032 3,514,181

Net gains/(losses) on foreign exchange 57,235 (135,219) - (1,046,363) - 1,025

Net gains/(losses) in fair value on derivatives 95,625 32,840 - 3,163,883 - (4,006)

43,715 14,821,769 91,363,804 43,619,869 4,182,952 3,591,553

Less: Income Tax - (571,796) - (772,724) - -

Less: Distribution - - - - (1,250,875) -

Value of Fund atend of the period 36,486,383 267,775,578 607,833,836 383,614,772 39,526,653 19,074,592

Capit

al Ac

coun

t

CAPITAL ACCOUNT (Audited) for the year ended 31 December 2019

103

GreatLink Global Equity

Fund

GreatLink Global

Optimum Fund

GreatLink Global

Technology Fund

GreatLink Global

Thematic Fund

GreatLink Global Bond

Fund

GreatLink Global

Perspective Fund

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


Amount paid to the Fund for creation of units 1,498,377 220,091 18,482,112 1,271,970 50,789,086 3,690,610


Net cash into/(out of) the Fund (2,868,395) (1,835,864) (2,638,612) (681,252) 40,911,389 441,628

Investment Income

Interest 1,726 433,702 12,091 - 4,970,673 36

Dividends 1,311,663 - 616,299 - - -

Other income 62,493 901 4 - 118,705 710

1,375,882 434,603 628,394 - 5,089,378 746

Fund Expenses

Management fees (1,094,754) (322,169) (2,160,488) (202,832) (2,635,030) (493,592)

Custody fees (7,108) (2,993) (14,323) (4,947) (32,083) (23,465)

Other expenses - - - - - -

(1,101,862) (325,162) (2,174,811) (207,779) (2,667,113) (517,057)

Net income/(loss) 274,020 109,441 (1,546,417) (207,779) 2,422,265 (516,311)


Realised gains/(losses) from investments sold 2,126,890 333,841 11,132,777 871,900 3,623,286 30,008,368


9,501,555 3,031,186 36,670,288 4,548,078 6,625,447 (6,044,678)

Net gains/(losses) on foreign exchange (31,334) (287,539) (111,206) - (6,469,952) 220,012

Net gains/(losses) in fair value on derivatives 195,574 (12,016) (44,713) - 9,796,506 (230,241)

11,792,685 3,065,472 47,647,146 5,419,978 13,575,287 23,953,461

Less: Income Tax (313,055) (2,071) (143,879) - - -

Less: Distribution - - - - - -


Capit

al Ac

coun


104

GreatLink Far East ex

Japan Equities Fund

GreatLink Singapore

Equities Fund

GreatLink Global Equity Alpha Fund

GreatLink Short Duration

Bond Fund

GreatLink Global

Real Estate Securities Fund

GreatLink Lion Japan

Growth Fund

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


Amount paid to the Fund for creation of units 2,563,603 27,474,918 4,204,137 62,965,257 77,215,225 20,574,290


Net cash into/(out of) the Fund (1,970,039) 4,403,130 (172,393) 36,320,792 13,273,515 12,728,685

Investment Income

Interest 49,606 - 37 - - 880

Dividends 1,452,410 - - 4,290,060 1,446,650 -

Other income 35,359 - - - 9,054,645 -

1,537,375 - 37 4,290,060 10,501,295 880

Fund Expenses

Management fees (887,570) (487) (846,577) (2,071) (5,167,479) -

Custody fees (8,229) (36,270) (24,762) (32,692) (32,478) (4,238)

Other expenses - - - - (4,294) -

(895,799) (36,757) (871,339) (34,763) (5,204,251) (4,238)

Net income/(loss) 641,576 (36,757) (871,302) 4,255,297 5,297,044 (3,358)


Realised gains/(losses) from investments sold 1,476,260 2,739,465 2,037,438 (248,431) 24,394,739 661,561


10,169,281 13,052,608 21,344,833 3,326,570 35,047,057 4,148,248

Net gains/(losses) on foreign exchange (58,451) - 514 - 50,523 -

Net gains/(losses) in fair value on derivatives 15,895 - (11,243) - (151,030) -

11,602,985 15,792,073 23,371,542 3,078,139 59,341,289 4,809,809

Less: Income Tax (153,228) - - - (2,325,677) -

Less: Distribution - - - - (14,855,052) -


Capit

al Ac

coun

t

CAPITAL ACCOUNT (Audited) for the year ended 31 December 2019

105

GreatLink China Growth

Fund

GreatLink Lion India

Fund

GreatLink Income Focus

Fund

GreatLink Lion Asian

Balanced Fund

GreatLink Lion Vietnam

Fund

GreatLink Global

Emerging Markets

Equity Fund

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




Net cash into/(out of) the Fund (9,392,656) (4,990,828) 7,861,941 (3,908,438) 616,424 3,233,983

Investment Income

Interest 49 - 8,448 - - -

Dividends - - 1,735,825 - - -

Other income 176,900 - - - - -

176,949 - 1,744,273 - - -

Fund Expenses

Management fees - (182,655) - (102,478) (51) (1,208)

Custody fees (38,890) (16,015) (8,528) (12,667) (2,358) (26,858)


(38,890) (198,670) (8,528) (115,145) (2,409) (28,066)

Net income/(loss) 138,059 (198,670) 1,735,745 (115,145) (2,409) (28,066)


Realised gains/(losses) from investments sold 3,073,268 989,398 (280,455) 1,374,717 542,972 1,156,784


34,633,212 (159,263) 2,551,278 4,472,649 (164,061) 27,336,374

Net gains/(losses) on foreign exchange (50) - - - - -

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

37,706,430 830,135 2,270,823 5,847,366 378,911 28,493,158

Less: Income Tax - - - - - -

Less: Distribution - - (2,015,052) - - -


Capit

al Ac

coun


106

GreatLink Diversified

GrowthPortfolio

GreatLink Lifestyle Secure

Portfolio

GreatLink Lifestyle Steady

Portfolio

GreatLink Lifestyle Balanced Portfolio

GreatLink Lifestyle

Progressive Portfolio

GreatLink Lifestyle Dynamic Portfolio

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

Value of Fund at beginning of the period - 76,945,980 31,032,727 397,288,573 87,653,903 29,446,246


Amount paid by the Fund for redemption of units (91,218) (15,990,083) (3,650,004) (23,090,890) (6,157,172) (2,997,909)

Net cash into/(out of) the Fund 2,334,540 7,468,455 923,996 (1,598,247) (378,347) 767,613

Investment Income

Interest - 791,836 254,062 2,240,259 281,926 6

Dividends - 436,645 83,745 525,514 - -

Other income - 27,028 12,259 111,825 24,034 7,498

- 1,255,509 350,066 2,877,598 305,960 7,504

Fund Expenses

Management fees (1,625) (476,292) (177,289) (1,995,548) (391,937) (105,475)

Custody fees (141) (12,441) (5,323) (75,567) (18,897) (7,425)


(1,766) (488,733) (182,612) (2,071,115) (410,834) (112,900)

Net income/(loss) (1,766) 766,776 167,454 806,483 (104,874) (105,396)


Realised gains/(losses) from investments sold 2,383 1,985,531 1,284,994 22,328,108 6,272,411 2,635,707


89,437 3,558,732 2,015,245 37,766,085 10,616,525 4,282,200

Net gains/(losses) on foreign exchange - (1,021,541) (323,637) (2,782,527) (328,072) 16,885

Net gains/(losses) in fair value on derivatives - 1,550,586 492,996 4,269,127 512,967 (18,525)

91,820 6,073,308 3,469,598 61,580,793 17,073,831 6,916,267

Less: Income Tax - - - - - -

Less: Distribution - - - - - -

Value of fund at end of the period 2,424,594 91,254,519 35,593,775 458,077,602 104,244,513 37,024,730

Asse

ts an

d Liab

ilities

STATEMENT OF ASSETS AND LIABILITIES (Audited) as at 31 December 2019

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 - 260,136,177 - 192,547,932 - -

Fixed Income Securities 23,991,735 - - 175,958,300 - -

Investments in funds - - 607,971,433 - 39,127,711 19,065,667

Value of Investments 23,991,735 260,136,177 607,971,433 368,506,232 39,127,711 19,065,667

CURRENT ASSETS

Fixed deposits 5,113,481 - - 566,098 - -

Cash at bank 1,757,780 8,208,963 61,354 8,331,183 3,580 39,952

Short term instruments 4,092,831 - - 12,994,484 - -

Accrued interest 207,759 - - 1,246,006 - -

Dividend receivable - 248,867 - 220,865 331,980 -

Due from brokers - 251,502 1,663,914 9,067,623 540,697 35,171

Financial derivatives at fair value 151,287 - - 734,245 - 8

Embedded derivatives at fair value 1,251,317 - - - - -

Other assets - - 101,501 - - -

Total Assets 36,566,190 268,845,509 609,798,202 401,666,736 40,003,968 19,140,798

CURRENT LIABILITIES

Due to brokers 33,037 30,850 1,964,366 15,558,312 474,972 34,623

Financial derivativesat fair value - - - 1,080,063 - 16

Other liabilities 46,770 1,039,081 - 1,413,589 2,343 31,567


Units in issue 27,482,852 82,369,840 229,945,997 204,216,073 42,163,379 16,997,320

Net Asset Valueper Unit 1.327 3.250 2.643 1.878 0.937 1.122

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

Perspective Fund

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


Equities 68,218,583 - 151,674,717 - - -

Fixed Income Securities - 16,953,595 - - 332,751,522 -

Investments in funds - 12,394,711 - 24,212,581 - 118,117,706


CURRENT ASSETS

Fixed deposits - - - - 2,429,782 -

Cash at bank 917,365 734,829 2,715,670 92,263 4,137,368 219,697

Short term instruments - - - - 26,691,958 -

Accrued interest - 99,351 - - 1,613,468 -

Dividend receivable 28,596 - 33,277 - - -

Due from brokers 4,578 - 288,807 55,696 17,719,592 109,293

Financial derivatives at fair value - 7,041 - - 4,003,852 247

Embedded derivatives at fair value - - - - - -

Other assets - - - - - -

Total Assets 69,169,122 30,189,527 154,712,471 24,360,540 389,347,542 118,446,943

CURRENT LIABILITIES

Due to brokers - 203,544 - 41,664 48,121,803 148,181

Financial derivativesat fair value - 8,227 - - 3,948,923 177

Other liabilities 279,544 99,892 591,710 55,338 717,847 214,601


Units in issue 54,532,070 22,201,917 101,089,942 14,363,642 196,841,144 88,514,154


Asse

ts an

d Liab

ilities


109

GreatLink Far East ex

Japan Equities Fund

GreatLink Singapore

Equities Fund

GreatLink Global Equity Alpha Fund

GreatLink Short Duration

Bond Fund

GreatLink Global

Real Estate Securities

Fund

GreatLink Lion Japan

Growth Fund

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


Equities 57,497,700 - - - 347,036,288 -

Fixed Income Securities - - - - - -

Investments in funds - 173,509,009 122,453,892 176,330,255 - 27,373,883


CURRENT ASSETS

Fixed deposits 3,932,396 - - - - -

Cash at bank 1,492,060 18,757 379,995 16,462 7,685,689 1,815

Short term instruments - - - - - -

Accrued interest 905 - - - - -

Dividend receivable 133,802 - - - 917,675 -

Due from brokers 41,143 493,825 110,084 1,257,130 2,591,680 97,539

Financial derivatives at fair value 40 - 186 - 9,174 -


Other assets - - - - - -

Total Assets 63,098,046 174,021,591 122,944,157 177,603,847 358,240,506 27,473,237

CURRENT LIABILITIES

Due to brokers 133,101 461,050 139,923 682,682 7,008,792 188,446

Financial derivativesat fair value 118 - 196 - 7,485 -

Other liabilities 231,045 9,865 232,152 10,170 1,341,766 856


Units in issue 22,749,553 75,182,213 95,944,677 119,688,640 369,887,866 25,844,310


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 Lion Vietnam

Fund

GreatLink Global

Emerging Markets

Equity Fund

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


Equities - - - - - -

Fixed Income Securities - - - - - -

Investments in funds 191,704,008 70,532,124 43,467,130 58,641,333 11,011,072 137,972,257


CURRENT ASSETS

Fixed deposits - - - - - -

Cash at bank 295,314 92,847 (84,341) 39,791 1,332 10,376

Short term instruments - - - - - -

Accrued interest - - - - - -

Dividend receivable - - - - - -

Due from brokers 273,105 125,604 231,927 79,428 60,251 637,523

Financial derivatives at fair value - - - - - -


Other assets 35,927 - - - - -

Total Assets 192,308,354 70,750,575 43,614,716 58,760,552 11,072,655 138,620,156

CURRENT LIABILITIES

Due to brokers 529,531 158,476 - 36,356 112,095 346,819

Financial derivativesat fair value - - - - - -

Other liabilities - 49,638 447 29,114 667 7,794


Units in issue 112,156,038 56,832,184 52,084,833 49,599,896 12,892,044 91,475,370


Asse

ts an

d Liab

ilities


111

GreatLink Diversified

Growth Portfolio

GreatLink Lifestyle Secure

Portfolio

GreatLink Lifestyle Steady

Portfolio

GreatLink Lifestyle Balanced Portfolio

GreatLink Lifestyle

Progressive Portfolio

GreatLink Lifestyle Dynamic Portfolio

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


Equities - - - - - -

Fixed Income Securities - 53,007,618 17,007,531 149,966,629 18,872,081 -

Investments in funds 2,301,268 37,579,819 18,379,297 306,137,612 85,099,613 36,999,925


CURRENT ASSETS

Fixed deposits - 387,066 124,191 1,095,070 137,806 -

Cash at bank 1,053 686,928 231,572 2,240,075 346,751 48,758

Short term instruments - 4,252,053 1,364,274 12,029,706 1,513,841 -

Accrued interest - 257,027 82,467 727,168 91,508 -

Dividend receivable - - - - - -

Due from brokers 256,626 2,986,034 957,138 8,788,133 1,199,434 84,592

Financial derivatives at fair value - 637,835 204,658 1,804,743 227,157 34


Other assets - 1,595 1,216 11,416 3,387 1,468

Total Assets 2,558,947 99,795,975 38,352,344 482,800,552 107,491,578 37,134,777

CURRENT LIABILITIES

Due to brokers 133,272 7,778,261 2,505,624 22,344,948 2,900,691 74,519

Financial derivativesat fair value - 629,083 201,848 1,779,951 224,031 29

Other liabilities 1,081 134,112 51,097 598,051 122,343 35,499


Units in issue 2,402,193 50,603,140 20,400,905 249,066,517 55,839,626 22,635,505


NOTES TO THE ACCOUNTSNo

tes to

the A

ccou

nts

112

1 GENERALThe GreatLink Funds comprise:

Direct FundsGreatLink Cash Fund GreatLink ASEAN Growth Fund GreatLink Global Supreme Fund GreatLink Global Equity Fund GreatLink Global Optimum Fund GreatLink Global Technology Fund GreatLink Global Bond Fund GreatLink Far East Ex Japan Equities Fund GreatLink Global Real Estate Securities Fund

Feeder FundsGreatLink Asia Pacific Equity FundGreatLink Asia High Dividend Equity FundGreatLink European Equity FundGreatLink Global Thematic FundGreatLink Global Perspective FundGreatLink 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 FundGreatLink Diversified Growth Portfolio *

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 Perspective Fund, GreatLink Global Equity Alpha Fund, GreatLink Asia Pacific Equity Fund, GreatLink Short Duration Bond Fund and GreatLink Global Emerging Markets Equity Fund.

* GreatLink Diversified Growth Portfolio fund was incepted on 18 April 2019.

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

NOTES TO THE ACCOUNTS

Notes

to th

e Acc

ounts

113

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.

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 11,061,361 151,287 - GreatLink Global Supreme Fund 95,304,402 599,636 (562,030)GreatLink European Equity Fund 6,694 - (16)GreatLink Global Optimum Fund 1,164,709 7,041 (8,227)GreatLink Global Bond Fund 446,730,071 3,699,701 (2,951,366)GreatLink Global Perspective Fund 30,854 247 - GreatLink Far East Ex Japan Equities Fund 75,208 40 (118)GreatLink Global Equity Alpha Fund 23,208 186 - GreatLink Global Real Estate Securities Fund 3,626,863 9,174 (7,485)

Futures purchasedGreatLink Global Supreme Fund 83,667,092 134,609 (517,934)GreatLink Global Bond Fund 369,289,735 304,151 (995,113)

Foreign exchange spot contractsGreatLink Global Supreme Fund 15,096 - (99)GreatLink European Equity Fund 27,933 8 - GreatLink Global Bond Fund 3,347,227 - (2,444)GreatLink Global Perspective Fund 74,836 - (177)GreatLink Global Equity Alpha Fund 82,885 - (196)

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 $1,250,875, $14,855,052 and $2,015,052 respectively to policyholders during the financial year.

No other sub-fund made any distribution to policyholders for the year ended 31 December 2019.

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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 2019, the Capital Account for the year end ended, and notes to the accounts, 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 2019 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 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.

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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.

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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 AccountantsSingapore24 March 2020

MESSAGE - greateasternlife.com · MESSAGE Message At the beginning of this year, it was widely...

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Transcript of MESSAGE - greateasternlife.com · MESSAGE Message At the beginning of this year, it was widely...