AXA Insurance Pte Ltd Company Reg No. 199903512M 8 Shenton Way, #24-01, AXA Tower Singapore 068811 Thank You for Investing with AXA

03/2018

AXA Insurance Pte Ltd Company Reg No. 199903512M 8 Shenton Way, #24-01, AXA Tower Singapore 068811 Thank you for investing with AXA

We are pleased to present to you the Annual Report of AXA Pulsar, AXA Polaris and AXA Optimus range of sub-funds for the 12 months ending 31 December 2017.

Bullish markets with low volatility 2017 was considered a very good year for investments in general as stock markets around the world had strong returns with very low volatility. Worries over the new US President Donald Trump initiating trade protectionist measures simmered down as he focused more on immigration measures and verbal sparring with the North Koreans. Economies around the world also reported generally better growth than previous years with unemployment numbers falling. Inflation remained weaker than expected, likely due to slow wage increases and technology disruptions bringing down costs.

Global equity markets had another good year (MSCI World was up about 14% in Singapore dollar terms) with the European markets driving the best returns in Singapore dollar terms. Emerging markets have outperformed global markets in 2017 as economic growth in this region is improving as well (MSCI Emerging Markets was up more than 27% in Singapore dollar terms with China being the main contributor). Fixed income markets on the other hand continue to face challenges with the anticipation of more Federal Reserve rate hikes and the gradual ending of Quantitative Easing by the other developed nations. Government bonds were mainly flat while bonds with higher risks delivered low positive returns.

We are pleased to share that our fixed income delivered mostly positive returns ranging from -2% to 11% while our mixed assets funds delivered positive returns from 4% to 12% (all in Singapore dollar terms). Our equity and alternatives funds also achieved mostly positive returns ranging from -1% to 55%, with the JPMorgan Funds - Greater China Fund delivering the highest return in 2017.

Staying attuned to your needs As part of our on-going review and due diligence, we are pleased to inform you that we have added one new fund in the second half of 2017: Fundsmith Equity Fund (EUR) from Fundsmith, a new manager on our platform. With the addition of this new fund, we now have about 90 funds for you to select from in order to construct a diversified investment portfolio. We will continue to seek more value-added funds to on-board our platform in the future.

We hope you find this report beneficial and informative. Do continue to regularly engage your personal financial consultant with regards to your wealth management needs.

Thank you.

Yours sincerely,

Jean Drouffe Chief Executive Officer AXA Insurance Singapore

1 announcement announcement

We would like to inform you of the following summary of changes to various funds below. Please refer to the 7. H2O Allegro Fund Annual Funds Report for the details of the changes. Effective 20 November 2017, Natixis Global Asset Management changed its name to Natixis Investment Managers. The change better highlights its multi-affiliate business model and the value of what they do, 1. Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund which is to offer leading active investment solutions from a diverse range of managers, combined with Effective 18 December 2017, the wholly-owned Mauritius subsidiary merged into Aberdeen Global – the research, analytics and support to help its clients build portfolios that address its clients’ demanding Indian Equity Fund, the Underlying Fund of the Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund. investing challenges.

2. AllianceBernstein Emerging Markets Debt Portfolio Fund 8. JPMorgan Funds - US Equity Fund Effective 1 February 2018, the reference benchmark of the AllianceBernstein Emerging Markets Debt Effective 23 February 2018, JPM Funds – US Equity Fund was merged into the JPM Funds – US Select Portfolio Fund was changed from JP Morgan EMBI Global Index to JP Morgan EMBI Global Diversified Equity Fund. As we do not carry the JPM Funds – US Select Equity Fund on our platform, we have Index. transferred existing clients’ assets in the fund to the Threadneedle American Fund, a fund with similar investment objectives. There is no change to the fees which investors are paying. 3. AllianceBernstein Global High Yield Portfolio Fund Effective 22 February 2018, the manager have updated the investment policies of the fund to include 9. Mirae Asset Asia Great Consumer Equity Fund additional disclosures with respect to the use of certain financial derivative instruments to better manage Effective 13 November 2017, additional risk factors (i.e. risks linked to the use of securities lending, volatility and the portfolio’s exposure to currencies. repurchase, reverse repurchase, buy-sell back and sell-buy back transactions, depositary risk and collateral management risk) were inserted in the prospectus, section titled “Risk Factors”. 4. Franklin Technology Fund Effective 30 September 2017, the benchmark of the Franklin Technology Fund was changed from 10. Neuberger Berman US Strategic Income Fund BofAML Technology 100 Index to the MSCI World Information Technology Index. Effective 29 December 2017, the fund name of Neuberger Berman US Strategic Income Fund was amended to Neuberger Berman Strategic Income Fund. 5. Franklin U.S. Small-Mid Cap Growth Fund Effective 3 November 2017, Franklin U.S. Small-Mid Cap Growth Fund was merged into the Franklin 11. PineBridge Asia Ex Japan Small Cap Equity Fund U.S. Opportunities Fund. As we do not carry the Franklin U.S. Opportunities Fund on our platform, we Effective 13 February 2018, the fund may invest and have direct access to eligible China A-Shares via have transferred existing clients’ assets in the fund to the Threadneedle American Smaller Companies the Shenzhen-Hong Kong Stock Connect. Fund, a fund with similar investment objectives. There is no change to the fees which investors are paying. 12. Pioneer Funds Following the merger of Pioneer Asset Management S.A. and Amundi Group in July 2017, Pioneer Asset 6. Henderson Funds Management S.A. has changed its name to Amundi Luxembourg S.A. on 1 January 2018. As a result Following the merger of Henderson Group plc and Janus Capital Inc in May 2017, Henderson Global of the merger, the Pioneer Funds’ names were changed with effect from 16 February 2018: Investors rebranded its business as Janus Henderson Investors. As a result of the merger, the Henderson Old Name New Name Funds’ names were changed with effect from 15 December 2017: Pioneer Funds – U.S. Dollar Aggregate Bond Amundi Funds II – Pioneer U.S. Dollar Aggregate Old Name New Name (USD) Bond (USD) Henderson Global Technology Fund Janus Henderson Global Technology Fund Pioneer Funds – U.S. Dollar Aggregate Bond Amundi Funds II – Pioneer U.S. Dollar Aggregate Henderson Global Select Funds – Henderson Janus Henderson Global Select Funds – Janus (SGD Hedged) Bond (SGD Hedged) Asia-Pacific Property Equities Fund Henderson Asia-Pacific Property Equities Fund Pioneer Funds – U.S. Fundamental Growth Amundi Funds II – Pioneer U.S. Fundamental Henderson Global Select Funds – Henderson Janus Henderson Global Select Funds – Janus (USD) Growth (USD) Global Property Equities Fund Henderson Global Property Equities Fund Henderson Horizon Fund - Japan Janus Henderson Horizon Fund - Japan 13. Schroder ISF Asia Pacific Cities ealR Estate Fund Opportunities Fund Opportunities Fund Effective 1 February 2018, the manager of Schroder ISF Asia Pacific Cities Real Estate Fund made a minor modification to its investment policy. The manager increased its flexibility to invest in China Henderson Horizon Fund - Pan European Janus Henderson Horizon Fund - Pan European A-shares through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Alpha Fund Alpha Fund Connect to “less than 30%” of their assets from “up to 10%”. This is in light of the potential investment Henderson Gartmore Fund – Continental Janus Henderson Fund – Continental European opportunities in the China A shares market. European Fund Fund 14. Schroder Multi-Asset Revolution 30, Schroder Multi-Asset Revolution 50 & Schroder Multi- Henderson Gartmore Fund – Latin American Janus Henderson Fund – Latin American Fund Asset Revolution 70 Funds Fund Effective 7 November 2017, the manager of Schroder ISF US Large Cap Fund, one of the underlying funds of the Schroder Multi-Asset Revolution 30, Schroder Multi-Asset Revolution 50 & Schroder Multi- Asset Revolution 70 Funds, has decided to restructure their US Large Cap equity capabilities. Schroders

2 3 announcement contents

has decided to integrate responsibility for primary US stock coverage into the Global Equity Team in section page this section explains: London. Management of the Schroder ISF US Large Cap Fund and related strategies was also moved to London effective 7 November 2017. 16 • fund performance 1 Aberdeen Pacific Equity Fund 16 • at a glance 17 • schedule of investments 15. Schroder Singapore Fixed Income Fund Effective 1 February 2018, the investment objective of the fund was updated to reflect the fund’s aim AllianceBernstein Emerging Markets Debt 21 • fund performance 2 21 • at a glance Portfolio Fund to provide investors with diversified exposure to the Singapore fixed income market through investment 22 • schedule of investments in SGD denominated bonds or where in foreign currency, hedged back to SGD. All other key features of the fund will remain the same. AllianceBernstein Global High Yield Portfolio 26 • fund performance 3 27 • at a glance Fund 28 • schedule of investments 16. Templeton Latin America Fund Effective 31 May 2017, there was a change in the management structure of the Templeton Latin America AllianceBernstein Thematic Research 32 • fund performance 4 32 • at a glance Portfolio Fund Fund. The management structure of fund has changed from a co-investment management structure 33 • schedule of investments with Templeton Asset Management Limited and Franklin Templeton Investimentos (Brasil) Ltda. to a lead investment management structure with only Franklin Advisers, Inc. as investment manager, which AllianceBernstein US Thematic Research 37 • fund performance 5 37 • at a glance Portfolio Fund has appointed Franklin Templeton Investimentos (Brasil) Ltda. as sub-investment manager. There is no 38 • schedule of investments change to the fees and investment objective of the fund. AXA World Funds - Framlington Emerging 42 • fund performance 6 42 • at a glance Markets Fund 17. Wells Fargo Emerging Markets Equity Income Fund 43 • schedule of investments Effective 13 November 2017, the investment strategy of the Wells Fargo Emerging Markets Equity Income Fund was modified to allow investments into China A shares (up to 10%). The manager feels AXA World Funds - Framlington Europe Real 47 • fund performance 7 47 • at a glance Estate Securities Fund that the modification will provide portfolio management with increased flexibility and efficiency to 48 • schedule of investments capitalise on opportunities in China A-shares. 52 • fund performance 8 AXA World Funds - Global High Yield Bonds 52 • at a glance 18. Fundsmith Equity Fund Feeder (EUR) 53 • schedule of investments Fundsmith Equity Fund Feeder (EUR) (the “ILP Sub-Fund”) feeds substantially into the Fundsmith Equity 57 • fund performance Fund Feeder EUR R-Class (Accumulation) (the “Underlying Fund”), a sub-fund of the Fundsmith Equity 9 BlackRock China Fund 57 • at a glance Fund, managed by Fundsmith LLP. The ILP Sub-Fund was not included in the Annual Funds Report (as 58 • schedule of investments at 31 December 2017) in accordance with MAS Notice 307 as it was launched on 18 December 2017, 63 • fund performance which is within 3 months of the financial year ended 31 December 2017. 10 BlackRock Global Allocation Fund 63 • at a glance 64 • schedule of investments 69 • fund performance 11 BlackRock Global Equity Income Fund 69 • at a glance 70 • schedule of investments 75 • fund performance 12 BlackRock Latin American Fund 75 • at a glance 76 • schedule of investments 81 • fund performance 13 BlackRock World Energy Fund 81 • at a glance 82 • schedule of investments 87 • fund performance 14 BlackRock World Gold Fund 87 • at a glance 88 • schedule of investments 93 • fund performance 15 BlackRock World HealthScience Fund 93 • at a glance 94 • schedule of investments 99 • fund performance 16 BlackRock World Mining Fund 99 • at a glance 100 • schedule of investments 105 • fund performance 17 First Eagle Amundi International Fund 105 • at a glance 106 • schedule of investments

4 5 contents contents

section page this section explains: section page this section explains: 110 fund performance • Janus Henderson Horizon Fund - Pan 203 • fund performance 18 Franklin European Growth Fund 110 • at a glance 35 203 • at a glance European Alpha Fund 111 • schedule of investments 204 • schedule of investments 115 • fund performance 208 • fund performance 19 Franklin Global Small-Mid Cap Growth Fund 115 • at a glance 36 Invesco Asia Consumer Demand Fund 208 • at a glance 116 • schedule of investments 209 • schedule of investments 120 • fund performance 213 • fund performance 20 Franklin India Fund 120 • at a glance 37 Invesco Japanese Equity Core Fund 213 • at a glance 121 • schedule of investments 214 • schedule of investments 125 • fund performance 218 • fund performance 21 Franklin Mutual Global Discovery Fund 125 • at a glance 38 Invesco Korean Equity Fund 219 • at a glance 126 • schedule of investments 220 • schedule of investments 130 • fund performance 224 • fund performance 22 Franklin Technology Fund 130 • at a glance 39 Invesco Pacific Equity Fund 225 • at a glance 131 • schedule of investments 226 • schedule of investments 135 • fund performance 230 • fund performance 23 Franklin U.S. Equity Fund 135 • at a glance 40 JPMorgan Funds - Brazil Equity Fund 230 • at a glance 136 • schedule of investments 231 • schedule of investments

Fullerton Dynamic Strategies Fund - 139 • fund performance 235 • fund performance 24 140 • at a glance 41 JPMorgan Funds - Greater China Fund 235 at a glance Aggressive • 141 • schedule of investments 236 • schedule of investments

Fullerton Dynamic Strategies Fund - 145 • fund performance 240 • fund performance 25 145 • at a glance 42 JPMorgan Funds - India Fund 240 at a glance Balanced • 146 • schedule of investments 241 • schedule of investments

Goldman Sachs Emerging Markets CORE 150 • fund performance 245 • fund performance 26 151 • at a glance 43 JPMorgan Funds - Indonesia Equity Fund 245 at a glance Equity Portfolio • 152 • schedule of investments 246 • schedule of investments

Goldman Sachs Global Strategic Income 156 • fund performance 250 • fund performance 27 156 • at a glance 44 JPMorgan Funds - US Equity Fund 250 at a glance Bond Portfolio • 157 • schedule of investments 251 • schedule of investments 161 • fund performance 255 • fund performance 28 H2O Allegro Fund 162 • at a glance 45 Jupiter Merlin Real Return Portfolio (SGD) 255 • at a glance 163 • schedule of investments 256 • schedule of investments

Janus Henderson Asia-Pacific Property 167 • fund performance 260 • fund performance 29 168 • at a glance 46 Jupiter Merlin Real Return Portfolio (USD) 260 at a glance Equities Fund • 169 • schedule of investments 261 • schedule of investments 173 fund performance Janus Henderson Fund - Continental • Legg Mason Funds - Legg Mason Western 265 • fund performance 30 174 • at a glance 47 265 • at a glance European Fund Asset Singapore Dollar Fund 175 • schedule of investments 266 • schedule of investments 179 fund performance Janus Henderson Fund - Latin American • Legg Mason Martin Currie Southeast Asia 271 • fund performance 31 180 • at a glance 48 271 • at a glance Fund Trust 181 • schedule of investments 272 • schedule of investments 185 fund performance Janus Henderson Global Property Equities • Legg Mason Western Asset Asian 278 • fund performance 32 186 • at a glance 49 278 • at a glance Fund Opportunities Fund 187 • schedule of investments 279 • schedule of investments 191 fund performance • Legg Mason Western Asset Global Bond 283 • fund performance 33 Janus Henderson Global Technology Fund 192 • at a glance 50 283 • at a glance Trust 193 • schedule of investments 284 • schedule of investments 197 fund performance Janus Henderson Horizon Fund - Japan • Matthews Asia Funds - Asia Dividend Fund 288 • fund performance 34 198 • at a glance 51 288 • at a glance Opportunities Fund (USD) 199 • schedule of investments 289 • schedule of investments

6 7 contents contents

section page this section explains: section page this section explains: 386 fund performance Mirae Asset Asia Great Consumer Equity 293 • fund performance • 52 294 • at a glance 69 Schroder ISF Global Equity Alpha Fund 387 • at a glance Fund (USD) 295 • schedule of investments 388 • schedule of investments 392 fund performance Natixis Loomis Sayles Multisector Income 299 • fund performance • 53 300 • at a glance 70 Schroder ISF QEP Global Quality Fund 392 • at a glance Fund 301 • schedule of investments 393 • schedule of investments 305 • fund performance 397 • fund performance 54 Neuberger Berman Strategic Income Fund 305 • at a glance 71 Schroder ISF Taiwanese Equity Fund 397 • at a glance 306 • schedule of investments 398 • schedule of investments 310 • fund performance 402 • fund performance 55 Pictet Asian Local Currency Debt Fund 311 • at a glance 72 Schroder Multi-Asset Revolution 30 Fund 403 • at a glance 312 • schedule of investments 404 • schedule of investments 316 • fund performance 408 • fund performance 56 Pictet Emerging Europe Fund 316 • at a glance 73 Schroder Multi-Asset Revolution 50 Fund 409 • at a glance 317 • schedule of investments 410 • schedule of investments 321 • fund performance 414 • fund performance 57 Pictet Global Emerging Debt Fund 322 • at a glance 74 Schroder Multi-Asset Revolution 70 Fund 415 • at a glance 323 • schedule of investments 416 • schedule of investments 327 • fund performance 420 • fund performance 58 Pictet Health Fund 328 • at a glance 75 Schroder Singapore Fixed Income Fund 421 • at a glance 329 • schedule of investments 422 • schedule of investments 333 • fund performance 426 • fund performance 59 Pictet Premium Brands Fund 334 • at a glance 76 Schroder Singapore Trust 426 • at a glance 335 • schedule of investments 427 • schedule of investments 339 • fund performance 431 • fund performance 60 Pictet Security Fund 340 • at a glance 77 Templeton China Fund 431 • at a glance 341 • schedule of investments 432 • schedule of investments 436 fund performance PineBridge Asia ex-Japan Small Cap Equity 345 • fund performance • 61 345 • at a glance 78 Templeton Global Bond Fund 437 • at a glance Fund 346 • schedule of investments 438 • schedule of investments 442 fund performance Pioneer Funds - U.S. Dollar Aggregate Bond 350 • fund performance • 62 350 • at a glance 79 Templeton Global Total Return Fund 443 • at a glance Fund (SGD Hedged) 351 • schedule of investments 444 • schedule of investments 448 fund performance Pioneer Funds - U.S. Dollar Aggregate Bond 355 • fund performance • 63 355 • at a glance 80 Templeton Latin America Fund 448 • at a glance Fund (USD) 356 • schedule of investments 449 • schedule of investments 453 fund performance Pioneer Funds - U.S. Fundamental Growth 360 • fund performance • 64 360 • at a glance 81 Templeton Shariah Global Equity Fund 453 • at a glance Fund 361 • schedule of investments 454 • schedule of investments 365 • fund performance Threadneedle Investment Funds ICVC - 458 • fund performance 65 Schroder Asian Growth Fund 365 82 458 • at a glance • at a glance American Fund 366 • schedule of investments 459 • schedule of investments 370 • fund performance Threadneedle Investment Funds ICVC - 463 • fund performance 66 Schroder Asian Income Fund 370 83 463 • at a glance • at a glance American Smaller Companies Fund 371 • schedule of investments 464 • schedule of investments 468 fund performance Schroder Global Emerging Market 375 • fund performance Threadneedle Investment Funds ICVC - • 67 375 • at a glance 84 468 • at a glance Opportunities Fund European Select Fund 376 • schedule of investments 469 • schedule of investments 473 fund performance Schroder ISF Asia Pacific Cities Real Estate 380 • fund performance • 68 381 • at a glance 85 United Asian Bond Fund 473 • at a glance Fund 382 • schedule of investments 474 • schedule of investments 8 9 contents performance of PULSAR/POLARIS and OPTIMUS sub-funds

section page this section explains: fund performance summary as at 31 December 2017 478 • fund performance 86 United Emerging Markets Bond Fund 478 • at a glance Since 479 • schedule of investments 3 mths 6 mths 1 yr 3 yrs^ 5yrs^ 10 yrs^ Commencement^* 483 • fund performance (%) (%) (%) (%) (%) (%) (%) 87 United Singapore Bond Fund 483 • at a glance Aberdeen Pacific Equity Fund 5.13 6.59 23.01 N/A N/A N/A 19.89 484 • schedule of investments AllianceBernstein Emerging Markets Debt Portfolio Fund -0.48 2.08 8.86 5.76 2.52 N/A 5.10 488 • fund performance AllianceBernstein Global High Yield Portfolio Fund 0.19 1.78 6.72 5.08 N/A N/A 4.74 88 United SGD Fund 488 • at a glance AllianceBernstein Thematic Research Portfolio Fund 6.01 11.63 34.01 10.06 10.74 N/A 10.17 489 • schedule of investments AllianceBernstein US Thematic Research Portfolio Fund 6.36 10.86 31.82 12.64 15.77 N/A 15.60 25.03 16.86 19.77 8.62 N/A N/A 7.46 Wells Fargo Emerging Markets Equity Income 493 • fund performance AXA World Funds - Framlington Emerging Markets Fund 89 493 • at a glance AXA World Funds - Framlington Europe Real Estate Fund (USD) 26.93 17.24 14.30 8.03 12.43 N/A 13.75 494 • schedule of investments Securities Fund • fund performance AXA World Funds - Global High Yield Bonds 2.00 6.90 11.36 N/A N/A N/A 6.51 90 Financial Statements • at a glance BlackRock China Fund 5.53 14.75 35.78 11.57 10.52 N/A 11.50 • schedule of investments BlackRock Global Allocation Fund 2.55 4.82 12.12 4.40 5.59 N/A 5.64 497 • capital account BlackRock Global Equity Income Fund 3.92 4.73 17.70 7.33 N/A N/A 5.00 91 Notes to Financial Statements 543 • statement of asset and liabilities BlackRock Latin American Fund -1.74 13.59 24.68 2.21 -3.78 N/A -3.28 BlackRock World Energy Fund 7.10 16.52 -1.09 -4.12 -2.87 N/A -4.08 92 General Disclaimers 588 BlackRock World Gold Fund -0.56 1.33 1.71 5.40 -10.66 N/A -11.15 BlackRock World HealthScience Fund 2.41 3.35 21.78 5.41 15.83 N/A 15.69 93 Company Statistics 590 BlackRock World Mining Fund 11.21 27.30 29.87 4.41 -8.12 N/A -8.62 First Eagle Amundi International Fund 2.75 4.79 10.58 5.53 N/A N/A 4.93 Franklin European Growth Fund 0.78 2.50 7.22 5.99 7.66 N/A 10.28 Franklin Global Small-Mid Cap Growth Fund -1.55 3.89 17.27 6.68 7.13 N/A 10.77 Franklin India Fund 9.70 9.16 27.53 10.33 14.37 N/A 14.06 Franklin Mutual Global Discovery Fund 0.55 2.62 11.44 4.58 6.98 N/A 7.11 Franklin Technology Fund 5.41 14.49 40.00 17.13 18.18 N/A 17.37 Franklin U.S. Equity Fund 4.01 5.77 11.27 4.04 9.82 N/A 8.46 Fullerton Dynamic Strategies Fund - Aggressive 2.46 5.08 9.72 N/A N/A N/A 6.50 Fullerton Dynamic Strategies Fund - Balanced 1.17 2.58 4.49 N/A N/A N/A 3.61 Goldman Sachs Emerging Markets CORE Equity Portfolio 6.37 18.57 39.25 N/A N/A N/A 14.08 Goldman Sachs Global Strategic Income Bond Portfolio -0.83 -1.42 -0.89 N/A N/A N/A 1.35 H2O Allegr o Fund 3.77 9.40 20.22 N/A N/A N/A 16.20 Janus Henderson Asia-Pacific Property Equities Fund 4.75 4.36 6.17 3.46 3.84 N/A 7.88 Janus Henderson Fund - Continental European Fund -1.69 -0.16 7.45 6.58 10.61 N/A 11.94 Janus Henderson Fund - Latin American Fund 2.21 15.20 29.64 6.74 -2.04 N/A -2.14 Janus Henderson Global Property Equities Fund 1.41 1.64 2.71 4.43 6.81 N/A 8.88 Janus Henderson Global Technology Fund 6.48 13.53 31.98 16.71 18.98 N/A 16.77 Janus Henderson Horizon Fund - Japan Opportunities Fund 6.71 9.26 19.93 13.91 12.71 N/A 11.20 Janus Henderson Horizon Fund - Pan European Alpha Fund -0.83 -0.83 3.67 0.98 5.68 N/A 5.70 Invesco Asia Consumer Demand Fund 9.84 22.77 52.21 10.41 8.32 N/A 8.38 Invesco Japanese Equity Core Fund 9.44 11.69 22.12 11.69 10.83 N/A 10.35 Invesco Korean Equity Fund 13.90 9.08 25.68 3.52 5.23 N/A 4.08 Invesco Pacific Equity Fund 9.97 15.55 38.12 12.34 11.80 N/A 10.92 JPMorgan Funds - Brazil Equity Fund -2.87 16.07 19.05 1.97 -4.64 N/A -5.75 JPMorgan Funds - Greater China Fund 11.37 22.67 55.81 13.36 11.84 N/A 13.36 JPMorgan Funds - India Fund 8.92 13.98 37.50 7.90 8.70 N/A 9.67 JPMorgan Funds - Indonesia Equity Fund 8.16 5.88 17.52 1.81 N/A N/A 2.57 JPMorgan Funds - US Equity Fund 9.05 14.14 21.81 7.91 N/A N/A 10.66 Jupiter Merlin Real Return Portfolio (SGD) 3.37 6.17 12.27 N/A N/A N/A 7.76 10 11 performance of PULSAR/POLARIS and OPTIMUS sub-funds

Since Source: Fund house 2 May 2012 3 mths 6 mths 1 yr 3 yrs^ 5yrs^ 10 yrs^ Commencement^* ^Annual compounded return AXA World Funds - Framlington Europe Real Estate Securities (%) (%) (%) (%) (%) (%) (%) *Commencement Date: Fund Jupiter Merlin Real Return Portfolio (USD) 3.40 6.43 12.70 N/A N/A N/A 8.23 Franklin India Fund Legg Mason Funds - Legg Mason Western Asset 0.20 0.34 0.64 0.63 0.59 N/A 0.60 16 January 2012 Franklin Mutual Global Discovery Fund Singapore Dollar Fund AllianceBernstein Emerging Markets Debt Fund Franklin US Equity Fund Legg Mason Martin Currie Southeast Asia Trust 6.24 3.80 8.28 -2.65 -1.52 N/A 2.03 AllianceBernstein Thematic Research Fund Janus Henderson Fund - Continental European Fund Legg Mason Western Asset Asian Opportunities Fund 2.14 3.77 10.94 2.60 0.73 N/A 2.24 AllianceBernstein US Thematic Research Fund Janus Henderson Fund - Latin American Fund Legg Mason Western Asset Global Bond Trust 0.00 -0.07 2.01 1.23 2.16 N/A 2.86 BlackRock China Fund Invesco Asia Consumer Demand Fund BlackRock Global Allocation Fund Matthews Asia Funds - Asia Dividend Fund (USD) 8.38 12.84 N/A N/A N/A N/A 13.88 Invesco Japanese Equity Core Fund BlackRock Latin American Fund Invesco Korean Equity Fund Mirae Asset Asia Great Consumer Equity Fund (USD) 11.50 19.80 N/A N/A N/A N/A 23.36 BlackRock World Energy Fund Invesco Pacific Equity Fund 0.00 0.84 6.30 N/A N/A N/A 5.31 Natixis Loomis Sayles Multisector Income Fund BlackRock World Gold Fund Pictet Emerging Europe Fund Neuberger Berman Strategic Income Fund 0.53 1.70 5.70 N/A N/A N/A 4.82 BlackRock World HealthScience Fund Schroder ISF Taiwanese Equity Fund Pictet Asian Local Currency Debt Fund 2.88 3.85 10.47 2.49 0.44 N/A 1.51 BlackRock World Mining Fund Templeton China Fund Pictet Emerging Europe Fund -1.23 8.10 12.16 12.83 -0.22 N/A 1.56 Janus Henderson Asia-Pacific Property Equities Fund Templeton Latin America Fund Janus Henderson Global Property Equities Fund Pictet Global Emerging Debt Fund 1.21 3.43 7.59 5.21 3.07 N/A 5.30 Janus Henderson Global Technology Fund 28 May 2012 -2.22 -0.07 15.09 0.24 10.59 N/A 11.95 Pictet Health Fund Janus Henderson Horizon Fund - Japanese Opportunities Franklin European Growth Fund Pictet Pr emium Brands Fund 5.71 7.15 19.15 4.31 7.73 N/A 9.07 Fund Franklin Global Small-Mid Cap Growth Fund Pictet Security Fund 3.45 9.03 24.40 9.00 11.56 N/A 12.13 Janus Henderson Horizon Fund - Pan European Alpha Franklin Technology Fund PineBridge Asia ex Japan Small Cap Equity Fund 4.65 12.40 24.20 N/A N/A N/A 19.56 Fund Templeton Global Bond Fund Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD JPMorgan Funds - Greater China Fund Templeton Global Total Return Fund 0.73 1.47 3.28 2.56 N/A N/A 3.11 Hedged) JPMorgan Funds - India Fund 18 September 2013 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) 0.73 1.63 N/A N/A N/A N/A 3.65 JPMorgan Funds - Brazil Equity Fund Legg Mason Funds - Legg Mason Western Asset AllianceBernstein Global High Yield Portfolio Fund Pioneer Funds - U.S. Fundamental Growth Fund 4.19 7.93 21.75 9.43 14.20 N/A 11.76 Singapore Dollar Fund First Eagle Amundi International Fund Schroder Asian Growth Fund 8.28 15.74 43.20 16.22 13.46 N/A 14.35 Legg Mason Martin Currie Southeast Asia Trust JPMorgan Funds - Indonesia Equity Fund Schroder Asian Income Fund 2.33 3.24 8.96 4.90 N/A N/A 6.51 Legg Mason Western Asset Asian Opportunities Fund Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) Schroder Global Emerging Market Opportunities Fund 3.78 13.21 28.15 9.49 7.67 N/A 7.08 Legg Mason Western Asset Global Bond Trust Pioneer Funds - U.S. Fundamental Growth Fund Schroder ISF Asia Pacific Cities Real Estate Fund 4.16 5.06 12.57 2.20 0.91 N/A 6.42 Pictet Asian Local Currency Debt Fund Schroder Asian Income Fund Schroder ISF Global Equity Alpha Fund 5.16 11.04 24.46 7.55 9.28 N/A 9.75 Pictet Health Fund Threadneedle Investment Funds ICVC - American Fund Pictet Global Emerging Debt Fund Threadneedle Investment Funds ICVC - American Smaller Schroder ISF QEP Global Quality Fund 6.36 8.07 17.66 7.36 9.81 N/A 10.10 Pictet Premium Brands Fund Companies Fund Schroder ISF Taiwanese Equity Fund 6.60 9.19 26.56 12.46 9.69 N/A 10.35 Pictet Security Fund Threadneedle Investment Funds ICVC - European Select Fund Schroder Multi-Asset Revolution 30 Fund 1.79 3.04 5.83 3.51 3.54 N/A 3.89 Schroder Asian Growth Fund United Asian Bond Fund Schroder Multi-Asset Revolution 50 Fund 2.62 4.19 7.54 4.90 5.29 N/A 5.62 Schroder Global Emerging Market Opportunities Fund United Emerging Markets Bond Fund Schroder Multi-Asset Revolution 70 Fund 3.42 5.63 9.61 6.24 7.21 N/A 7.38 Schroder ISF Asia Pacific Property Securities Fund United Singapore Bond Fund Schroder Singapore Fixed Income Fund 0.64 0.63 3.88 2.53 1.67 N/A 2.00 Schroder ISF Global Equity Alpha Fund Schroder QEP Global Quality Fund 25 October 2013 Schroder Singapore Trust 7.57 8.94 23.79 5.06 5.90 N/A 7.66 Schroder Multi Assets Revolution Fund 30 JPMorgan Funds - US Equity Fund Templeton China Fund 1.92 10.05 25.89 8.50 5.68 N/A 4.89 Schroder Multi Assets Revolution Fund 50 Templeton Global Bond Fund -2.10 -1.04 1.56 0.46 0.72 N/A 2.96 Schroder Multi Assets Revolution Fund 70 29 October 2013 Templeton Global Total Return Fund -1.92 -0.77 2.88 1.17 1.32 N/A 3.92 Schroder Singapore Fixed Income Fund AXA World Funds - Framlington Emerging Markets Fund Templeton Latin America Fund -5.78 6.20 13.60 3.21 -4.11 N/A -3.70 Schroder Singapore Trust Templeton Shariah Global Equity Fund 3.49 6.99 9.48 6.39 N/A N/A 3.79 Threadneedle Investment Funds ICVC - American Fund 8.10 13.28 25.20 10.38 N/A N/A 12.49 Threadneedle Investment Funds ICVC - American 5.06 8.33 16.90 8.51 N/A N/A 11.16 Smaller Companies Fund Threadneedle Investment Funds ICVC - European 1.10 3.02 14.77 8.62 N/A N/A 9.66 Select Fund United Asian Bond Fund -1.25 -1.03 -2.13 4.17 N/A N/A 5.66 United Emerging Markets Bond Fund -0.66 0.96 1.97 4.75 N/A N/A 5.70 United Singapore Bond Fund 0.96 1.51 5.12 3.76 N/A N/A 3.98 United SGD Fund 0.00 0.33 2.15 2.81 N/A N/A 2.52 Wells Fargo Emerging Markets Equity Income Fund 5.68 10.88 26.10 N/A N/A N/A 20.10 (USD)

12 13 performance of PULSAR/POLARIS and OPTIMUS sub-funds

22 July 2014 BlackRock Global Equity Income Fund Templeton Shariah Global Equity Fund Aberdeen Pacific Equity Fund United SGD Fund

25 May 2015 H2O Allegro Fund

1 August 2015 Goldman Sachs Emerging Markets CORE Equity Portfolio

1 January 2016 Fullerton Dynamic Strategies Fund - Aggressive Fullerton Dynamic Strategies Fund - Balanced

15 January 2016 Aberdeen Pacific Equity Fund Goldman Sachs Global Strategic Income Bond Portfolio

20 June 2016 Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) Neuberger Berman US Strategic Income Fund (SGD Hedged) Wells Fargo Emerging Markets Equity Income Fund (USD)

29 July 2016 AXA World Funds - Global High Yield Bonds (SGD Hedged)

26 September 2016 Jupiter Merlin Real Return Portfolio (SGD) Jupiter Merlin Real Return Portfolio (USD)

12 October 2016 PineBridge Asia ex Japan Small Cap Equity Fund (SGD)

15 March 2017 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD)

29 May 2017 Matthews Asia Funds - Asia Dividend Fund (USD) Mirae Asset Asia Great Consumer Equity Fund (USD)

Performance is calculated in accordance with the share class of the fund and is net of fees.

14 fund performance schedule of investments

Aberdeen Pacific Equity Fund 23.01% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market V alue (S$) % of NAV table of per formance as at 31 December 2017 320,924 units in Aberdeen Pacific Equity Fund 1,972,781 99.59 Other Assets 8,192 0.41 Since Net assets attributable to unitholders 1,980,973 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) All figures have been rounded up to the nearest dollar. Aberdeen Pacific Equity 5.13 6.59 23.01 N/A N/A N/A 19.89 Fund MSCI AC Asia Pacific ex 6.27 11.13 27.03 N/A N/A N/A 23.99 portfolio statement - by top 10 holdings Japan No. Description Market V alue (S$) % of NAV Source: Aberdeen Asset Management (Singapore) Limited ^ Annual compounded return as at 30 September 2017 * Launch Date: 15 January 2016 1 Aberdeen Global – Indian Equity Fund* 124,108,094 8.30 Commencement Date: 15 January 2016 2 Aberdeen Singapore Equity Fund 108,144,679 7.23 3 Aberdeen China Opportunities Fund 105,035,188 7.02 Performance is calculated in accordance with the share class of the fund, in SGD terms. 4 Samsung Electronics (Preference Shares) 68,595,039 4.59 5 Taiwan Semiconductor Manufacturing Company 57,438,974 3.84 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. 6 Aberdeen Indonesia Equity Fund 50,433,162 3.37 7 Aberdeen Thailand Equity Fund 48,966,153 3.27 Past performance is not necessarily a guide to future performance. 8 AIA Group 46,839,934 3.13 9 Jardine Strategic Holdings 42,882,459 2.87 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 10 Rio Tinto 37,607,251 2.51

as at 30 September 2016 1 Aberdeen China Opportunities Fund 143,460,578 9.98 at a glance 2 Aberdeen Singapore Equity Fund 135,156,713 9.40 3 Aberdeen Global – Indian Equity Fund* 129,642,298 9.01 fund facts 4 Samsung Electronics (Preference Shares) 71,125,124 4.95 Launch Date 15 January 2016 5 Aberdeen Indonesia Equity Fund 54,363,708 3.78 Commencement Date 15 January 2016 6 Taiwan Semiconductor Manufacturing Company 52,802,268 3.67 Manager Aberdeen Asset Management (Singapore) Limited 7 Jardine Strategic Holdings 52,275,197 3.64 Currency of Fund SGD 8 AIA Group 48,731,067 3.38 Valuation Frequency Daily 9 Aberdeen Thailand Equity Fund 47,121,626 3.28 Annual Management Fee 1.50% 10 Rio Tinto 46,345,004 3.22 investment objectives *Fund is registered under the restricted foreign scheme and not authorised for public sale in Singapore. The fund seeks to provide investors with medium to long-term capital growth from a diversified portfolio of Source: Aberdeen Asset Management (Singapore) Limited. Information extracted from the underlying fund - Aberdeen Pacific Equity Fund. Asia-Pacific (excluding Japanese) equities. All figures have been rounded to the nearest dollar. The top 10 holdings of Aberdeen Pacific Equity Fund for the financial year ended 31 December 2017 is not available. The Pacific Equity Fund currently seeks to achieve its investment objective by investing all or substantially all of its assets in the Aberdeen Pacific Equity Fund. fund updates Effective 18 December 2017, there will be a merger of the wholly-owned Mauritius subsidiary into Aberdeen Global – Indian Equity Fund, the Underlying Fund of the Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund.

16 17 schedule of investments schedule of investments

annualised expense ratio (underlying fund) exposure to derivatives Nil as at as at 30 September 2017 30 September 2016 borrowings (%) (%) N/A Aberdeen Pacific Equity Fund 1.67 1.75 related-party transactions Nil The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (‘’IMAS’’). The calculation of the expense ratio at financial year end is based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include (where applicable) investments in collective investment schemes brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign Aberdeen Pacific Equity Fund, an ILP sub-fund, feeds 100% into the underlying Aberdeen Pacific Equity exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at Fund. source or arising out of income received. The sub-funds do not pay any performance fees. The average net asset value is based on the daily balances. Market Value (S$) % of NAV The expense ratio of Aberdeen Pacific Equity Fund for the financial year ended 31 December 2017 is not available. 1,972,781 99.59 turnover ratio (underlying fund) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund N/A as at as at 30 September 2017 30 September 2016 Source of the expense ratio, turnover ratio and soft dollar commission: Aberdeen Asset Management (Singapore) Limited. (%) (%) Aberdeen Pacific Equity Fund 15.43 9.73

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, divided by the average daily net asset value.

The turnover ratio of Aberdeen Pacific Equity Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Aberdeen Pacific Equity Fund (S$) Subscriptions 939,882 Redemptions (211,860) soft dollar commission The Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Pacific Equity Fund.

18 19 fund performance

AllianceBernstein Emerging Markets Debt AllianceBernstein Emerging Markets Debt Portfolio Fund 8.86% for the 1 year period ended 31 December 2017

Portfolio Fund table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) AllianceBernstein Emerging -0.48 2.08 8.86 5.76 2.52 N/A 5.10 Markets Debt Portfolio Fund JPMorgan Emerging Markets -1.05 -0.09 1.12 7.14 5.63 N/A 6.97** Bond Index Global

Source: AllianceBernstein (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 ** Since commencement performance of the benchmark is measured from closest month-end after inception through 31 December 2017

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager AllianceBernstein (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.10%

investment objectives The Portfolio seeks to maximize total returns from price appreciation and income by investing in sovereign debt obligations and non-U.S. corporate fixed-income securities from issuers in emerging and developing countries. The Portfolio invests in both U.S. dollar and non-U.S. dollar denominated securities. A significant portion of the portfolios assets may be held in below investment grade securities at any time. The Investment Manager utilizes the research of its global fixed income, global economic, and global credit teams in managing the Portfolio.

fund updates Effective 1 February 2018, the reference benchmark of the AllianceBernstein Emerging Markets Debt Portfolio Fund was changed from JP Morgan EMBI Global Index to JP Morgan EMBI Global Diversified Index. 21 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market V alue (S$) % of NAV 31 August 2017 31 August 2016 (%) (%) 84,102 units in AllianceBernstein Emerging Markets Debt Portfolio Fund 1,735,030 97.20 Other Assets 49,971 2.80 AllianceBernstein Emerging Markets Debts Portfolio Fund Class A2 SGD H 1.38* 1.41**

Net assets attributable to unitholders 1,785,001 100.00 The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase All figures have been rounded up to the nearest dollar. or sale of other funds and tax deducted at source or arising out of income received.

The expense ratio of AllianceBernstein Emerging Markets Debts Portfolio Fund Class A2 SGD H for the financial year ended 31 December 2017 is not available. portfolio statement - by top 10 holdings *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2017. No. Description Market V alue (US$) % of NAV **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2016. as at 31 December 2017 turnover ratio (underlying fund) 1 Ukraine Government International Bond 7.75%, (09/21 - 09/26) 33,284,512 2.72 2 Argentine Republic Government International Bond 6.88%, as at as at (04/21 - 01/27) 26,507,557 2.17 31 August 2017 31 August 2016 3 Turkey Government International Bond 4.88%, 04/16/43 20,336,033 1.66 (%) (%) 4 Russian Foreign Bond - Eurobond 4.50%, 04/04/22 18,400,500 1.50 5 Gabon Government International Bond 6.38%, 12/12/24 15,076,943 1.23 AllianceBernstein Emerging Markets Debt Portfolio Fund 87.16* 105.99** 6 Russian Foreign Bond - Eurobond 5.25%, 06/23/47 14,839,000 1.21 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment 7 Republic of South Africa Government International Bond 5.88%, Schemes. 09/16/25 14,336,563 1.17 8 Sinopec Group Overseas Development Ltd. 3.25%, (04/25 - 09/27) 14,103,270 1.15 The turnover ratio of AllianceBernstein Emerging Markets Debt Portfolio Fund for the financial year ended 31 December 9 Indonesia Government International Bond 3.85%, 07/18/27 13,274,544 1.09 2017 is not available. 10 Provincia de Buenos Aires/Argentina 9.13%, 03/16/24 13,169,520 1.08 *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2016. as at 31 December 2016 1 Brazil Notas do Tesouro Nacional 10.00%, (01/25 - 01/27) Series F 47,658,347 4.88 2 Turkey Government International Bond 4.88%, (10/26 - 04/43) 28,870,870 2.96 amount of redemptions and subscriptions for the financial yea 1 January 2017 to 31 December 2017 3 Petroleos Mexicanos 6.75%, 09/21/47 17,558,163 1.80 4 Mexico Government International Bond 4.13%, 01/21/26 16,261,856 1.67 AllianceBernstein Emerging Markets Debt Portfolio Fund 5 Argentine Republic Government International Bond 6.88%, 04/22/21 14,719,365 1.51 (S$) 6 Philippine Government International Bond 4.20%, (01/24 - 01/24) 14,523,250 1.49 7 Brazilian Government International Bond 2.63%, 01/05/23 14,261,360 1.46 Subscriptions 1,118,970 8 Petroleos Mexicanos 3.50%, 01/30/23 13,493,682 1.38 Redemptions (168,703) 9 Ukraine Government International Bond 7.75%, (09/20 - 09/26) 12,824,995 1.31 10 Provincia de Buenos Aires/Argentina 9.13%, 03/16/24 12,246,528 1.25 soft dollar commission Source: AllianceBernstein (Singapore) Limited. For the period ended 31 August 2017, the Investment Manager received and entered into soft-dollar Information extracted from the underlying fund - AllianceBernstein Emerging Markets Debt Portfolio Fund. commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity All figures have been rounded to the nearest dollar. 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.

22 23 schedule of investments

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 AllianceBernstein Global High Yield an improvement in the Underlying Fund’s performance.

For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, Portfolio Fund general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes AllianceBernstein Emerging Market Debt Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein Emerging Markets Debt Fund (Class A2 SGD H).

Market Value (S$) % of NAV 1,735,030 97.20 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund N/A

Source of all the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited.

24 fund performance at a glance

AllianceBernstein Global High Yield Portfolio Fund 6.72% fund facts Launch Date 18 September 2013 for the 1 year period ended 31 December 2017 Commencement Date 18 September 2013 Manager AllianceBernstein (Luxembourg) S.à r.l table of per formance Currency of Fund Singapore Dollars as at 31 December 2017 Valuation Frequency Daily Annual Management Fee 1.70% Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* investment objectives (%) (%) (%) (%) (%) (%) (%) The Portfolio seeks to produce high current income as well as overall total return by investing primarily in a portfolio of high yield debt securities of issuers located throughout the world, including the U.S. and AllianceBernstein Global 0.19 1.78 6.72 5.08 N/A N/A 4.74 emerging countries. The Portfolio invests in both U.S. dollar and non-U.S. dollar denominated securities. The High Yield Portfolio Fund Investment Manager utilizes the investment research of both its global fixed income and high yield teams. Barclays Global High Yield -0.91 -0.03 0.29 7.87 N/A N/A 7.46** Index (USD Hedged)# fund updates Effective 22 February 2018, the manager have updated the investment policies of the fund to include Source: AllianceBernstein (Singapore) Limited additional disclosures with respect to the use of certain financial derivative instruments to better manage ^ Annual compounded return volatility and the portfolio’s exposure to currencies. * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 ** Since commencement performance of the benchmark is measured from closest month-end after inception through 31 December 2017 # The fund previously has two benchmarks; the primary blended benchmark consisting of 33% Barclays High Yield 2% Constrained Index / 33% JP Morgan GBI-EM and / 33% JP Morgan EMBI Global and the secondary benchmark, the Barclays Global High Yield Index (USD Hedged). The Barclays Global High Yield Index (USD Hedged) will become the only benchmark for the fund with effect from 31 August 2016.

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

26 27 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market V alue (S$) % of NAV 31 August 2017 31 August 2016 (%) (%) 86,287 units in AllianceBernstein Global High Yield Portfolio Fund 1,780,959 99.32 AllianceBernstein Global High Yield Portfolio Fund Class A2 SGD H 1.80* 1.82** Other Assets 12,125 0.68 Net assets attributable to unitholders 1,793,084 100.00 The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. All figures have been rounded up to the nearest dollar. The expense ratio of AllianceBernstein Global High Yield Portfolio Fund Class A2 SGD H for the financial year ended 31 December 2017 is not available. portfolio statement - by top 10 holdings *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2016. No. Description Market V alue (US$) % of NAV as at 31 December 2017 turnover ratio (underlying fund) 1 Brazil Notas do Tesouro Nacional 10.00%, (01/21 - 01/27) Series F 1,161,319,098 4.64 as at as at 2 U.S. Treasury Bonds 8.13%, (05/21 - 08/21) 652,328,145 2.61 31 August 2017 31 August 2016 (%) (%) 3 U.S. Treasury Bonds 8.00%, 11/15/21 562,557,164 2.25 4 Mexican Bonos 8.00%, 06/11/20 Series M 487,647,917 1.95 AllianceBernstein Global High Yield Portfolio Fund 28.99* 44.51** 5 Turkey Government Bond 11.10%, 05/15/19 343,750,949 1.37 6 Mexican Bonos 10.00%, 12/05/24 Series M 20 331,070,651 1.32 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment 7 Mexican Bonos 6.50%, 06/10/21 Series M 328,461,117 1.31 Schemes. 8 Turkey Government Bond 11.00%, 02/24/27 251,248,129 1.00 The turnover ratio of AllianceBernstein Global High Yield Portfolio Fund for the financial year ended 31 December 2017 9 Turkey Government Bond 10.70%, 02/17/21 216,050,058 0.86 is not available. 10 AB SICAV I - Emerging Market Local Currency Debt Portfolio - Class ZT 202,282,619 0.81 *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2016. as at 31 December 2016 1 Brazil Notas do Tesouro Nacional 10.00%, (01/21 - 01/27) Series F 805,443,407 4.11 amount of redemptions and subscriptions for the period 2 U.S. Treasury Bonds 8.00%, 11/15/21 708,271,893 3.62 1 January 2017 to 31 December 2017 3 U.S. Treasury Bonds 8.13%, (08/19 - 08/21) 689,579,230 3.52 4 Republic of South Africa Government Bond 10.50%, AllianceBernstein Global High Yield Portfolio Fund 12/21/26 Series R186 303,140,518 1.55 (S$) 5 AB SICAV I - Emerging Market Corporate Debt Portfolio - Class S 167,048,835 0.85 Subscriptions 1,502,071 6 Turkey Government Bond 9.60%, 06/14/17 161,345,445 0.82 Redemptions (221,691) 7 U.S. Treasury Bonds 8.88%, 08/15/17 153,254,594 0.78 8 Turkey Government Bond 9.00%, 03/08/17 Series 5YR 143,496,224 0.73 9 U.S. Treasury Bonds 5.25%, 11/15/28 136,978,584 0.70 soft dollar commission 10 Ivory Coast Government International Bond 5.75%, 12/31/32 108,199,126 0.55 For the period ended 31 August 2017, the Investment Manager received and entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity Source: AllianceBernstein (Singapore) Limited securities, in respect of which certain goods and services used to support the investment decision making Information extracted from the underlying fund - AllianceBernstein Global High Yield Portfolio Fund. process were received. The soft commission arrangements were entered into on the basis that the execution All figures have been rounded to the nearest dollar. 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.

28 29 schedule of investments

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 AllianceBernstein Thematic Research an improvement in the Underlying Fund’s performance.

For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, Portfolio Fund general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes AllianceBernstein Global High Yield Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein Global High Yield Portfolio Fund (Class A2 SGD H).

Market Value (S$) % of NAV 1,780,959 99.32 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund N/A

Source of all the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited.

30 fund performance schedule of investments

AllianceBernstein Thematic Research Portfolio Fund 34.01% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market V alue (S$) % of NAV table of per formance as at 31 December 2017 8,799 units in AllianceBernstein Thematic Research Portfolio Fund 179,944 98.06 Other Assets 3,567 1.94

Since Net assets attributable to unitholders 183,511 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) AllianceBernstein Thematic 6.01 11.63 34.01 10.06 10.74 N/A 10.17 Research Portfolio Fund MSCI All Country World Index 4.05 7.94 14.68 9.61 12.81 N/A 11.95** portfolio statement - by top 10 holdings

Source: AllianceBernstein (Singapore) Limited No. Description Market V alue (US$) % of NAV ^ Annual compounded return * Launch Date: 16 January 2012 as at 31 December 2017 Commencement Date: 16 January 2012 1 MSCI, Inc. - Class A 23,129,140 2.39 ** Since commencement performance of the benchmark is measured from closest month-end after inception through 2 American Water Works Co., Inc. 22,796,045 2.35 31 December 2017 3 Kingspan Group PLC (London) 22,676,600 2.34 4 Housing Development Finance Corp., Ltd. 22,323,995 2.31 Performance figures are calculated in accordance with the currency of the fund, in SGD terms. 5 Hexcel Corp. 21,846,618 2.26 6 Abbott Laboratories 21,305,445 2.20 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 7 Apollo Hospitals Enterprise Ltd. 20,144,010 2.08 account all charges which would have been payable upon such reinvestment. 8 UnitedHealth Group, Inc. 19,852,239 2.05 Past performance is not necessarily a guide to future performance. 9 AIA Group Ltd. 19,729,767 2.04 10 Xylem, Inc./NY 19,709,149 2.04 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. as at 31 December 2016 1 Partners Group Holding AG 16,176,215 2.57 2 Kingspan Group PLC 14,429,589 2.29 at a glance 3 Alphabet, Inc. - Class C 14,229,421 2.26 4 Apple, Inc. 14,164,195 2.25 5 Xylem, Inc./NY 13,939,004 2.21 fund facts 6 Ecolab, Inc. 13,909,058 2.21 Launch Date 16 January 2012 7 West Pharmaceutical Services, Inc. 13,691,491 2.17 Commencement Date 16 January 2012 8 MSCI, Inc. - Class A 13,598,921 2.16 Manager AllianceBernstein (Singapore) Limited 9 Tesla Motors, Inc. 13,587,302 2.16 Currency of Fund Singapore Dollars 10 Facebook, Inc. - Class A 13,065,602 2.07 Valuation Frequency Daily Annual Management Fee 1.70% Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein Thematic Research Portfolio Fund. investment objectives All figures have been rounded to the nearest dollar. The investment objective of the Portfolio is to achieve long-term capital appreciation. The Portfolio pursues opportunistic growth by investing in a global universe of companies in multiple industries that may benefit from innovation. The Investment Manager utilizes top-down research to find those secular themes that are the long-term drivers of the market outlook across industries. The Manager also uses bottom-up research to identify the most attractive candidates—those with compelling earnings growth prospects and valuations that are aligned with the themes identified in top-down research. The result of this philosophy is a reiterative investment process where the top-down thematic outlook is validated by our bottom up research. It is the combination of the two research views that allow for the conviction to capitalize on compelling investment opportunities that have the potential to add substantial return value.

32 33 schedule of investments schedule of investments annualised expense ratio (underlying fund) 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 as at as at an improvement in the Underlying Fund’s performance. 30 November 2017 30 November 2016 (%) (%) For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, AllianceBernstein Thematic Research Portfolio Fund Class A SGD H 2.02* 2.25** general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments. The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase exposure to derivatives or sale of other funds and tax deducted at source or arising out of income received. N/A

The expense ratio of AllianceBernstein Thematic Research Portfolio Fund Class A SGD H for the financial year ended 31 December 2017 is not available. borrowings N/A *Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov 2016. related-party transactions Nil turnover ratio (underlying fund) investments in collective investment schemes as at as at AllianceBernstein Thematic Research Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying 30 November 2017 30 November 2016 Luxembourg registered AllianceBernstein Thematic Research Portfolio Fund (Class A SGD H). (%) (%) AllianceBernstein Thematic Research Portfolio Fund 46.32* 44.51** Market Value (S$) % of NAV 179,944 98.06 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. any other material infor mation that will adversely af fect the valuation of the ILP sub-fund N/A The turnover ratio of AllianceBernstein Thematic Research Portfolio Fund for the financial year ended 31 December 2017 is not available. Source of all the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited. *Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov 2016. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

AllianceBernstein Thematic Research Por tfolio Fund (S$) Subscriptions 85,578 Redemptions (29,484) soft dollar commission For the period ended 30 November 2017, the Investment Manager received and 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.

34 35 fund performance

AllianceBernstein US Thematic Research AllianceBernstein US Thematic Research Portfolio Fund 31.82% for the 1 year period ended 31 December 2017

Portfolio Fund table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) AllianceBernstein US Thematic Research 6.36 10.86 31.82 12.64 15.77 N/A 15.60 Portfolio Fund S&P 500 Index 4.80 7.83 12.02 11.03 17.15 N/A 15.68**

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

investment objectives The investment objective of the Portfolio is to achieve long-term capital appreciation. The Portfolio pursues opportunistic growth by investing in a universe of US companies in multiple industries that may benefit from economic, demographic, or technological innovation. The Investment Manager employs a combination of top-down and bottom-up investment processes with the goal of identifying the most attractive securities, fitting into our broader themes. Drawing on the global fundamental and quantitative research capabilities of the Investment Manager, and its economists’ macro-economic insights, the Portfolio’s investment strategy seeks to identify long-term trends that will affect multiple industries.

37 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market V alue (S$) % of NAV 31 August 2017 31 August 2016 (%) (%) 9,842 units in AllianceBernstein US Thematic Research Portfolio Fund 289,443 93.58 Other Assets 19,861 6.42 AllianceBernstein US Thematic Research Portfolio Fund Class A SGD H 1.99* 1.99**

Net assets attributable to unitholders 309,304 100.00 The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase All figures have been rounded up to the nearest dollar. or sale of other funds and tax deducted at source or arising out of income received.

The expense ratio of AllianceBernstein US Thematic Research Portfolio Fund Class A SGD H for the financial year ended portfolio statement - by top 10 holdings 31 December 2017 is not available. *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2017. No. Description Market V alue (US$) % of NAV **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2016. as at 31 December 2017 1 UnitedHealth Group, Inc. 3,257,076 3.05 turnover ratio (underlying fund) 2 Visa, Inc. - Class A 3,117,877 2.92 3 Charles Schwab Corp. (The) 3,047,988 2.85 as at as at 4 Home Depot, Inc. (The) 2,985,856 2.79 31 August 2017 31 August 2016 5 Xylem, Inc./NY 2,906,343 2.72 (%) (%) 6 American Water Works Co., Inc. 2,633,265 2.46 AllianceBernstein US Thematic Research Portfolio Fund 42.33* 30.73** 7 Abbott Laboratories 2,600,680 2.43 8 MSCI, Inc. - Class A 2,556,235 2.39 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment 9 Hexcel Corp. 2,432,808 2.28 Schemes. 10 Ecolab, Inc. 2,371,363 2.22 The turnover ratio of AllianceBernstein US Thematic Research Portfolio Fund for the financial year ended 31 December 2017 is not available. as at 31 December 2016 1 Apple, Inc. 1,085,465 2.51 *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2017. 2 Broadcom Ltd. 1,085,368 2.51 **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug 2016. 3 West Pharmaceutical Services, Inc. 1,079,038 2.50 4 Xylem, Inc./NY 1,071,613 2.48 amount of redemptions and subscriptions for the period 5 Visa, Inc. - Class A 1,064,973 2.46 1 January 2017 to 31 December 2017 6 Comcast Corp. - Class A 1,051,632 2.43 7 Ecolab, Inc. 1,042,086 2.41 AllianceBernstein US Thematic Research Por tfolio Fund 8 Alphabet, Inc. - Class C 1,021,890 2.36 (S$) 9 Netflix, Inc. 1,021,350 2.36 Subscriptions 128,975 10 Facebook, Inc. - Class A 974,474 2.25 Redemptions (21,525)

Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein US Thematic Research Portfolio Fund. All figures have been rounded to the nearest dollar.

38 39 schedule of investments soft dollar commission For the period ended 31 August 2017, the Investment Manager received and entered into soft-dollar AXA W orld Funds - Framlington Emerging 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 Markets Fund 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. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes AllianceBernstein US Thematic Research Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein US Thematic Research Portfolio Fund (Class A SGD H).

Market Value (S$) % of NAV 289,443 93.58 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund N/A

Source of the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited.

40 fund performance schedule of investments

AXA World Funds - Framlington Emerging Markets Fund 19.77% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 487 units in AXA World Funds - Framlington Emerging Markets Fund 102,889 100.13 Other Liabilities (138) -0.13 Since Net assets attributable to unitholders 102,751 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) AXA W orld Funds - Framlington Emerging 25.03 16.86 19.77 8.62 N/A N/A 7.46 Markets Fund portfolio statement - by top 10 holdings MSCI Emerging Markets TR 25.24 21.29 20.65 9.39 N/A N/A 8.62 No. Description Market Value (EUR) % of NAV Net as at 31 December 2017 Source: AXA Investment Manager 1 Tencent Holdings Ltd 2,825,941 6.13 ^ Annual compounded return 2 Samsung Electronics Co Ltd 1,985,146 4.31 * Launch Date: 29 October 2013 Commencement Date: 29 October 2013 3 Alibaba Group Holding Ltd 1,602,364 3.48 4 CNOOC Ltd 1,478,100 3.21 Performance is calculated in accordance with the currency of the fund, in Euro terms. 5 Taiwan Semiconductor Manufacturing Co Ltd 1,331,661 2.89 6 Zee Entertainment Enterprises Ltd 1,243,418 2.70 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 7 Fleury SA 1,140,215 2.47 account all charges which would have been payable upon such reinvestment. 8 China Construction Bank Corp 956,297 2.07 9 Hero MotoCorp Ltd 907,285 1.97 Past performance is not necessarily a guide to future performance. 10 Alsea SAB de CV 884,370 1.92 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. as at 31 December 2016 1 Tencent Holdings Ltd 1,352,833 5.29 2 CNOOC Ltd 863,008 3.37 3 Baidu Inc 853,453 3.34 4 Hikma Pharmaceuticals PLC 833,154 3.26 at a glance 5 Alibaba Group Holding Ltd 787,955 3.08 6 Samsung Electronics Co Ltd 739,585 2.89 7 Zee Entertainment Enterprises Ltd 629,464 2.46 fund facts 8 China Construction Bank Corp 616,833 2.41 Launch Date 29 October 2013 9 Naspers Ltd 580,315 2.27 Commencement Date 29 October 2013 10 Luxoft Holding Inc 526,567 2.06 Manager AXA Funds Management S.A. (Luxembourg) Sub-Manager AXA Investment Managers UK Limited (London) Source: AXA Investment Manager. Currency of Fund Euro Dollars Information extracted from the underlying fund - AXA World Funds - Framlington Emerging Markets Fund. Valuation Frequency Daily All figures have been rounded to the nearest dollar. Annual Management Fee 1.50% investment objectives To achieve long-term capital growth by investing mainly in equities issued companies domiciled or operating predominantly in emerging markets.

42 43 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 30 June 2017 30 June 2016 borrowings (%) (%) N/A AXA World Funds - Framlington Emerging Markets Fund Class A Capitalisation EUR 1.84 1.72 related-party transactions Nil The expense ratio represents a weighted average of administrative expenses which shareholders could normally have expected to pay when being invested in the chosen share class. investments in collective investment schemes AXA World Funds - Framlington Emerging Markets Fund, an ILP sub-fund, feeds 100% into the underlying The expense ratio of AXA World Funds - Framlington Emerging Markets Fund Class A Capitalisation EUR for the financial Luxembourg registered AXA World Funds - Framlington Emerging Markets Fund (Class A Capitalisation EUR). year ended 31 December 2017 is not available. Market Value (S$) % of NAV turnover ratio (underlying fund) 102,889 100.13 as at as at 31 December 2017 31 December 2016 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund (%) (%) Nil

AXA World Funds - Framlington Emerging Markets Fund 55.96 141.74 Source of the expense ratio, turnover ratio and soft dollar commission: AXA Investment Manager.

((abs(buys)+abs(sells)) - abs(Subscriptions-Redemptions) average(AUM) *2

Data are captured on a daily basis from which a monthly turnover figure is calculated. Annual turnover is the sum of the last 12 months.

Buys and sells are Equity only (except for Convertibles & Balanced funds, where equity & debt instruments are integrated in the calculation). amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

AXA W orld Funds - Framlington Emerging Markets Fund (S$) Subscriptions 35,729 Redemptions (6,360) soft dollar commission The entities with the AXA Investment Managers (“AXA IM”) group have not entered into soft dollar or soft commission agreements. Instead, AXA IM has signed Commission Sharing Agreements (“CSAs”) with selected brokers, which allow surplus commissions to generate a balance of cash with these brokers who will fund, at AXA IM’s request, third-party research and permitted market data services. In no circumstances, will such CSAs allow the Company to deviate from its obligation of best execution.

44 45 fund performance

AXA World Funds - Framlington Europe Real Estate Securities Fund 14.30% AXA W orld Funds - Framlington for the 1 year period ended 31 December 2017

Europe Real Estate Securities Fund table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) AXA W orld Funds - Framlington Europe Real 26.93 17.24 14.30 8.03 12.43 N/A 13.75 Estate Securities Fund FTSE EPRA/NAREIT Developed Europe Capped 26.18 14.86 12.58 7.99 11.84 N/A 13.13 10% TR Net

Source: AXA Investment Manager ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012

Performance is calculated in accordance with the currency of the fund, in Euro terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager AXA Funds Management S.A. (Luxembourg); Sub-Manager AXA Investment Managers Paris Currency of Fund Euro Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives AXA World Funds - Framlington Europe Real Estate Securities Fund seeks to achieve long term capital growth measured in Euros by investing mainly in listed equity issued by companies engaged in the real estate sector, domiciled or exercising the main part of their activities in Europe.

47 schedule of investments schedule of investments

portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market V alue (S$) % of NAV 30 June 2017 30 June 2016 1,130 units in AXA World Funds - Framlington Europe Real Estate (%) (%) Securities Fund 400,117 100.04 AXA World Funds - Framlington Europe Real Estate Securities Fund Other Liabilities (168) -0.04 Class A Capitalisation EUR 1.74 1.65 Net assets attributable to unitholders 399,949 100.00 The expense ratio represents a weighted average of administrative expenses which shareholders could normally have

expected to pay when being invested in the chosen share class. All figures have been rounded up to the nearest dollar.

The expense ratio of AXA World Funds - Framlington Europe Real Estate Securities Fund Class A Capitalisation EUR for the financial year ended 31 December 2017 is not available. portfolio statement - by top 10 holdings turnover ratio (underlying fund) No. Description Market V alue (EUR) % of NAV as at as at as at 31 December 2017 31 December 2017 31 December 2016 1 Unibail-Rodamco SE 16,603,700 6.49 (%) (%) 2 Leg Immobilien AG 15,526,237 6.07 AXA World Funds - Framlington Europe Real Estate Securities Fund 32.19 -22.85 3 Klepierre SA 15,318,138 5.98 4 Vonovia SE 14,923,150 5.83 ((abs(buys)+abs(sells)) - abs(Subscriptions-Redemptions) 5 Land Securities Group PLC 14,632,843 5.72 average(AUM) *2 6 Deutsche Wohnen SE 13,709,243 5.36 7 Segro PLC 12,209,907 4.77 Data are captured on a daily basis from which a monthly turnover figure is calculated. Annual turnover is the sum of 8 Buwog AG 8,936,451 3.49 the last 12 months. 9 Unite Group PLC 8,827,807 3.45 10 Wihlborgs Fastigheter AB 8,591,911 3.36 Buys and sells are Equity only (except for Convertibles & Balanced funds, where equity & debt instruments are integrated in the calculation). as at 31 December 2016 1 Land Securities Group PLC 20,192,763 7.57 amount of redemptions and subscriptions for the period 2 Klepierre 17,390,726 6.52 1 January 2017 to 31 December 2017 3 Deutsche Wohnen AG 13,567,206 5.08 AXA W orld Funds - Framlington Eur ope Real Estate Securities Fund 4 Vonovia SE 13,192,449 4.94 (S$) 5 Leg Immobilien AG 13,014,910 4.88 6 Hammerson PLC 11,862,772 4.45 Subscriptions 175,261 7 Unibail-Rodamco SE 9,848,444 3.69 Redemptions (31,513) 8 Unibail-Rodamco SE 9,607,928 3.60 9 Psp Swiss Property AG 9,080,643 3.40 10 Segro PLC 8,946,925 3.35 soft dollar commission The entities with the AXA Investment Managers (“AXA IM”) group have not entered into soft dollar or soft Source: AXA Investment Manager commission agreements. Instead, AXA IM has signed Commission Sharing Agreements (“CSAs”) with Information extracted from the underlying fund - AXA World Funds - Framlington Europe Real Estate Securities Fund. selected brokers, which allow surplus commissions to generate a balance of cash with these brokers who All figures have been rounded to the nearest dollar. will fund, at AXA IM’s request, third-party research and permitted market data services. In no circumstances, will such CSAs allow the Company to deviate from its obligation of best execution.

48 49 schedule of investments exposure to derivatives N/A AXA W orld Funds - Global High Yield borrowings N/A Bonds (SGD Hedged) related-party transactions Nil investments in collective investment schemes AXA World Funds - Framlington Europe Real Estate Securities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AXA World Funds - Framlington Europe Real Estate Securities Fund (Class A Capitalisation EUR).

Market Value (S$) % of NAV 400,117 100.04 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: AXA Investment Manager.

50 fund performance schedule of investments

AXA World Funds - Global High Yield Bonds (SGD Hedged) 11.36% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 11,154 units in AXA World Funds - Global High Yield Bonds (SGD Hedged) 1,244,771 98.46 Other Assets 19,419 1.54

Since Net assets attributable to unitholders 1,264,190 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) AXA W orld Funds - Global High Yield Bonds (SGD 2.00 6.90 11.36 N/A N/A N/A 6.51 portfolio statement - by top 10 holdings Hedged) 100% BofA Merrill Lynch No. Description Market Value (US$) % of NAV Global High Yield Hedged -4.00 4.95 7.49 N/A N/A N/A 5.19 (USD) as at 31 December 2017 1 Sophia LP / Sophia Finance Inc 9% 09/30/2023 - US29359FAA03 9,319,013 0.94 Source: AXA Investment Manager 2 Kenan Advantage Group Inc 7.875% 07/31/2023 - US67109EAA64 8,870,032 0.90 ^ Annual compounded return 3 Altice Luxembourg SA 7.75% 05/15/2022 - US02154VAA98 8,443,604 0.85 * Launch Date: 22 June 2016 4 Cequel Comm Hld I / Cequel CP 6.375% 09/15/2020 - Commencement Date: 29 July 2016 US15672JAA16 8,114,471 0.82 Performance is calculated in accordance with the currency of the fund, in SGD terms. 5 Staples Inc 8.5% 09/15/2025 - US03939PAA21 7,738,525 0.78 6 Intrepid Aviation Grp Hldg /Fin 6.875% 02/15/2019 - Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into US46122XAA19 7,723,079 0.78 account all charges which would have been payable upon such reinvestment. 7 Jaguar Hldg II /Pharma Pdt Dvlpt 6.375% 08/01/2023 - US47010DAA81 7,602,569 0.77 Past performance is not necessarily a guide to future performance. 8 Dell International EMC Corp 5.875% 06/15/2021 - US25272KAU79 7,320,217 0.74 9 CURO Financial Technologies Corp 12% 03/01/2022 - The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. US23131JAA07 7,306,849 0.74 10 Stearns Holdings Inc 9.375% 08/15/2020 - US85800TAA79 7,174,188 0.72

as at 31 December 2016 at a glance 1 Capsugel SA 7% 05/15/2019 - US14070HAA68 10,530,441 1.04 2 Columbus International Inc 7.375% 03/30/2021 - US199300AB04 9,900,483 0.98 3 Ziggo Secured Finance BV 5.5% 01/15/2027 - US98954NAA72 8,786,571 0.87 fund facts 4 Rayonier AM Products Inc 5.5% 06/01/2024 - US75508EAA64 8,713,781 0.86 Launch Date 22 June 2016 5 Stearns Holdings Inc 9.375% 08/15/2020 - US85800TAA79 8,640,660 0.85 Commencement Date 29 July 2016 6 Sprint Capital Corp 8.75% 03/15/2032 - US852060AT99 8,636,860 0.85 Manager AXA Funds Management S.A. (Luxembourg) 7 Jaguar Hldg II /Pharma Pdt Dvlpt 6.375% 08/01/2023 - Currency of Fund SGD Hedged US47010DAA81 8,567,192 0.85 Valuation Frequency Daily 8 T-Mobile USA Inc 6.54% 04/28/2020 - US87264AAF21 8,516,908 0.84 Annual Management Fee 1.25% 9 Digicel Group Ltd 8.25% 09/30/2020 - US25380WAE66 8,440,521 0.84 10 Cequel Comm Hld I / Cequel CP 6.375% 09/15/2020 - investment objectives US15672JAA16 8,437,500 0.83 To seek high income and secondary capital growth by investing in a broadly international high yield corporate debt securities over a long term period. The share class aims at hedging the foreign exchange risk resulting Source: AXA Investment Manager from the divergence between the reference currency of the sub-fund and the currency of this share class by Information extracted from the underlying fund - AXA World Funds - Global High Yield Bonds (SGD Hedged). using derivatives instruments whilst retaining the exposure to investment policy described above. All figures have been rounded to the nearest dollar.

52 53 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 30 June 2017 30 June 2016 borrowings (%) (%) N/A AXA World Funds - Global High Yield Bonds (SGD Hedged) 1.50 1.42 related-party transactions The expense ratio represents a weighted average of administrative expenses which shareholders could normally have Nil expected to pay when being invested in the chosen share class. investments in collective investment schemes The expense ratio of AXA World Funds - Global High Yield Bonds (SGD Hedged) for the financial year ended 31 December AXA World Funds - Global High Yield (SGD Hedged), an ILP sub-fund, feeds 100% into the underlying 2017 is not available. Luxembourg registered AXA World Funds - Global High Yield Bonds (SGD Hedged). turnover ratio (underlying fund) Market Value (S$) % of NAV 1,244,771 98.46 as at as at 31 December 2017 31 December 2016 (%) (%) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil AXA World Funds - Global High Yield Bonds (SGD Hedged) -17.25 -26.60 Source of the expense ratio, turnover ratio and soft dollar commission: AXA Investment Manager. ((abs(buys)+abs(sells)) - abs(Subscriptions-Redemptions) average(AUM) *2

Data are captured on a daily basis from which a monthly turnover figure is calculated. Annual turnover is the sum of the last 12 months.

AXA W orld Funds - Global High Yield (SGD Hedged) (S$) Subscriptions 873,850 Redemptions (246,344) soft dollar commission The entities with the AXA Investment Managers (“AXA IM”) group have not entered into soft dollar or soft commission agreements. Instead, AXA IM has signed Commission Sharing Agreements (“CSAs”) with selected brokers, which allow surplus commissions to generate a balance of cash with these brokers who will fund, at AXA IM’s request, third-party research and permitted market data services. In no circumstances, will such CSAs allow the Company to deviate from its obligation of best execution.

54 55 fund performance

BlackRock China Fund 35.78% BlackRock China Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) BlackRock China Fund 5.53 14.75 35.78 11.57 10.52 N/A 11.50 MSCI China 10/40 (net)USD 5.14 18.04 38.13 11.64 11.16 N/A 11.41

Source: BlackRock ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager BlackRock (Luxembourg) S.A. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives The China Fund seeks to maximise total return. The fund invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, the People’s Republic of China. The base currency of the fund is the USD. The fund is an equity fund.

57 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 269,208 units in BlackRock China Fund 5,088,037 99.65 Other Assets 17,937 0.35 BlackRock China Fund Class A2 SGD Hedged 1.83 1.84

Net assets attributable to unitholders 5,105,974 100.00 Expense ratio shown are rolling 12 months expense figures to end Dec of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total All figures have been rounded up to the nearest dollar. of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at No. Description Market Value (US$) % of NAV 31 December 2017 31 December 2016 (%) (%) as at 31 December 2017 1 Tencent Holdings Ltd 150,768,944 9.21 BlackRock China Fund 100.04 101.71 2 China Construction Bank Corp 140,619,460 8.59 3 Alibaba Group Holding Ltd 134,889,913 8.24 Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the 12 months period ending Dec of the year indicated. 4 Bank Of China Ltd 93,964,575 5.74

5 Baidu Inc 76,775,933 4.69 6 China Pacific Insurance Group Co Ltd 65,153,137 3.98 amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 7 Netease Inc 56,476,966 3.45 8 Guangshen Railway Co Ltd 53,857,744 3.29 BlackRock China Fund 9 China Taiping Insurance Holdings Co Ltd 53,530,342 3.27 (S$) 10 CNOOC Ltd 52,548,133 3.21 Subscriptions 2,554,993 as at 31 December 2016 Redemptions (621,524) 1 Alibaba Group Holding Ltd 156,896,449 9.25 2 Tencent Holdings Ltd 143,364,720 8.45 3 China Construction Bank Corp 98,886,035 5.83 soft dollar commission In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on 4 Bank Of China Ltd 98,464,224 5.80 markets in financial instruments referred to as “MiFID II”, BlackRock Group will no longer pay for external 5 China Mobile Ltd 94,907,367 5.60 research via client trading commissions for its MiFID II-impacted funds (“MIFID II-impacted funds”). The 6 China Life Insurance Co Ltd 73,852,460 4.35 BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are 7 Petrochina Company Ltd 58,332,662 3.44 those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 8 China Petroleum & Chemical Corp 57,388,584 3.38 management has been delegated by such firm to an overseas affiliate. Funds which have directly appointed 9 Semiconductor Manufacturing International Corp 47,965,814 2.83 an overseas affiliate of the BlackRock Group within a third country (i.e. outside the European Union) to 10 Guansheng Railway Co Ltd 1,759,936 2.76 perform portfolio management are not in-scope for the purposes of MiFID II and will be subject to the local

Source: BlackRock laws and market practices governing external research in the applicable jurisdiction of the relevant affiliate. Information extracted from the underlying fund - BlackRock China Fund. This means that costs of external research may continue to be met out of the assets of such funds. A list of All figures have been rounded to the nearest dollar. such funds is available on request from the Management Company.

Where investments are made in non-BlackRock Group funds, they will continue to be subject to the external manager’s approach to paying for external research in each case. This approach may be different from that of the BlackRock Group and may include the collection of a research charge alongside trading commissions in accordance with applicable laws and market practice. This means that the costs of external research may continue to be met out of the assets within the fund. Where permitted by applicable regulation

58 59 schedule of investments schedule of investments

(excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group exposure to derivatives companies acting as investment adviser to the Funds may accept commissions generated when trading N/A equities with certain brokers in certain jurisdictions. Commissions may be reallocated to purchase eligible research services. Such arrangements may benefit one Fund over another because research can be used borrowings for a broader range of clients than just those whose trading funded it. BlackRock Group has a Use of N/A Commissions Policy designed to ensure only eligible services are purchased and excess commissions are reallocated to an eligible service provider where appropriate. related-party transactions Nil To the extent that investment advisers within the BlackRock Group are permitted to receive trading commissions or soft dollar commissions, with respect to the Funds (or portion of a Fund) for which they investments in collective investment schemes provide investment management and advice, they may select brokers (including, without limitation, brokers BlackRock China Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or Global Funds - China Fund (Class A2 SGD Hedged). through third-party or correspondent relationships, with research or execution services which provide, in BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in Market Value (S$) % of NAV the investment decision-making or trade execution processes and the nature of which is that their provision 5,088,037 99.65 can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the Funds’ performance. Such research or execution services may include, without limitation and to the any other material infor mation that will adversely af fect the valuation of the ILP sub-fund extent permitted by applicable law: research reports on companies, industries and securities; economic Nil and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments.

To the extent that BlackRock uses its clients’ commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves. BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company.

Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns.

BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law.

60 61 fund performance

BlackRock Global Allocation Fund 12.12%

BlackRock Global Allocation Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) BlackRock Global 2.55 4.82 12.12 4.40 5.59 N/A 5.64 Allocation Fund Composite Benchmark# 2.00 4.06 7.02 7.08 9.54 N/A 8.60

Source: BlackRock, Morningstar ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # 36% S&P 500 Composite; 24% FTSE World (ex-US); 24% ML US Treasury Current 5 Year; 16% Citigroup Non-USD World Government Bond Index

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager BlackRock (Luxembourg) S.A. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives The Global Allocation Fund seeks to maximise total return. The fund invests globally in equity, debt and short term securities, of both corporate and governmental issuers, with no prescribed limits. In normal market conditions the fund will invest at least 70% of its total assets in the securities of corporate and governmental issuers. The fund generally will seek to invest in securities that are, in the opinion of the Investment Adviser, undervalued. The fund may also invest in the equity securities of small and emerging growth companies. The fund may also invest a portion of its debt portfolio in high yield fixed income transferable securities. Currency exposure is flexibly managed. The base currency of the fund is the USD. The fund is a mixed fund.

63 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 204,455 units in BlackRock Global Allocation Fund 2,798,991 99.99 Other Assets 402 0.01 BlackRock Global Allocation Fund Class A2 SGD Hedged 1.78 1.77

Net assets attributable to unitholders 2,799,393 100.00 Expense ratio shown are rolling 12 months expense figures to end December of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total All figures have been rounded up to the nearest dollar. of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class. portfolio statement - by top 10 holdings turnover ratio (underlying fund)

No. Description Market Value (US$) % of NAV as at as at 31 December 2017 31 December 2016 as at 31 December 2017 (%) (%) 1 Treasury Note (2OLD) 2.00 11/30/2022 622,932,564 3.30 BlackRock Global Allocation Fund 197.09 208.04 2 Treasury Note (OTR) 2.25 11/15/2027 604,055,820 3.20 3 Treasury Note (2OLD) 2.125 10/31/2022 585,179,075 3.10 Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average 4 SPDR Gold Shares 585,179,075 3.10 net asset value, over the 12 months period ending Dec of the year indicated. 5 Treasury Note (2OLD) 2.125 10/31/2024 471,918,609 2.50 6 Treasury Note 2.125 09/30/2024 453,041,865 2.40 amount of redemptions and subscriptions for the period 7 Microsoft Corp 339,781,399 1.80 1 January 2017 to 31 December 2017 8 Apple 245,397,677 1.30 9 Alphabet 188,767,444 1.00 BlackRock Global Allocation Fund 10 Bank of America Corp 188,767,444 1.00 (S$)

Subscriptions 948,640 as at 31 December 2016 1 Treasury Note (2OLD) 1.25 10/31/2021 699,615,002 3.90 Redemptions (513,470) 2 SPDR Gold Shares 405,689,299 2.30 3 Apple 303,771,306 1.70 soft dollar commission 4 Alphabet 183,022,448 1.00 In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on 5 Treasury (CPI) Note 0.625 01/15/2026 178,469,061 1.00 markets in financial instruments referred to as “MiFID II”, BlackRock Group will no longer pay for external 6 Treasury (CPI) Note 0.125 04/15/2021 163,182,671 0.90 research via client trading commissions for its MiFID II-impacted funds (“MIFID II-impacted funds”). The 7 Marathon Petroleum 152,306,887 0.80 BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are 8 Canada (Government of) 0.5 08/01/2018 150,679,360 0.80 those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 9 Treasury (CPI) Note 0.125 07/15/2026 147,703,103 0.80 management has been delegated by such firm to an overseas affiliate. Funds which have directly appointed 10 Australia (Commonwealth of) 5.75 07/15/2022 143,587,476 0.80 an overseas affiliate of the BlackRock Group within a third country (i.e. outside the European Union) to perform portfolio management are not in-scope for the purposes of MiFID II and will be subject to the local Source: BlackRock. laws and market practices governing external research in the applicable jurisdiction of the relevant affiliate. Information extracted from the underlying fund - BlackRock Global Allocation Fund. All figures have been rounded to the nearest dollar. This means that costs of external research may continue to be met out of the assets of such funds. A list of such funds is available on request from the Management Company.

64 65 schedule of investments schedule of investments

(excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group exposure to derivatives companies acting as investment adviser to the Funds may accept commissions generated when trading N/A equities with certain brokers in certain jurisdictions. Commissions may be reallocated to purchase eligible research services. Such arrangements may benefit one Fund over another because research can be used borrowings for a broader range of clients than just those whose trading funded it. BlackRock Group has a Use of N/A Commissions Policy designed to ensure only eligible services are purchased and excess commissions are reallocated to an eligible service provider where appropriate. related-party transactions Nil To the extent that investment advisers within the BlackRock Group are permitted to receive trading commissions or soft dollar commissions, with respect to the Funds (or portion of a Fund) for which they investments in collective investment schemes provide investment management and advice, they may select brokers (including, without limitation, brokers BlackRock Global Allocation Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or BlackRock Global Funds - Global Allocation Fund (Class A2 SGD Hedged). through third-party or correspondent relationships, with research or execution services which provide, in BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in Market Value (S$) % of NAV the investment decision-making or trade execution processes and the nature of which is that their provision 2,798,991 99.99 can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the Funds’ performance. Such research or execution services may include, without limitation and to the any other material infor mation that will adversely af fect the valuation of the ILP sub-fund extent permitted by applicable law: research reports on companies, industries and securities; economic Nil and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments.

66 67 fund performance

BlackRock Global Equity Income Fund 17.70%

BlackRock Global Equity Income Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) BlackRock Global Equity 3.92 4.73 17.70 7.33 N/A N/A 5.00 Income Fund MSCI All Country World Index 4.05 7.94 14.68 9.61 N/A N/A 9.59 (Net Total Return) USD

Source: BlackRock, Morningstar ^ Annual compounded return * Launch Date: 22 July 2014 Commencement Date: 22 July 2014

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 22 July 2014 Commencement Date 22 July 2014 Manager BlackRock (Luxembourg) S.A. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives To seek an above average income from its equity investments without sacrificing long term capital growth. The fund invests globally at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in developed markets. Currency exposure is flexibly managed.

69 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 142,807 units in BlackRock Global Equity Income Fund 2,307,765 99.32 Other Assets 15,761 0.68 BlackRock Global Equity Income Fund Class A2 SGD Hedged 1.82 1.80

Net assets attributable to unitholders 2,323,526 100.00 Expense ratio shown are rolling 12 months expense figures to end Dec of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total All figures have been rounded up to the nearest dollar. of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class. portfolio statement - by top 10 holdings turnover ratio (underlying fund)

No. Description Market Value (US$) % of NAV as at as at 31 December 2017 31 December 2016 as at 31 December 2017 (%) (%) 1 British American Tobacco Plc 89,609,387 4.05 BlackRock Global Equity Income Fund 21.78 28.19 2 Altria Group Inc 86,733,036 3.92 3 Imperial Brands Plc 80,095,304 3.62 Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average 4 Johnson & Johnson 75,227,634 3.40 net asset value, over the 12 months period ending Dec of the year indicated. 5 Sanofi Sa 69,253,675 3.13 6 Cisco Systems Inc 66,156,066 2.99 amount of redemptions and subscriptions for the period 7 Novartis Ag 65,271,035 2.95 1 January 2017 to 31 December 2017 8 Philip Morris International Inc 61,952,169 2.80 9 Rogers Communications Non-Voting I 61,288,396 2.77 BlackRock Global Equity Income Fund 10 Genuine Parts 61,067,138 2.76 (S$)

Subscriptions 1,098,287 as at 31 December 2016 Redemptions (138,988) 1 British American Tobacco Plc 88,184,412 4.06

2 Astrazeneca Plc 86,474,017 3.99 3 British Brands Plc 77,764,967 3.58 soft dollar commission 4 Johnson & Johnson 67,859,151 3.13 In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on 5 Altria Group Inc 66,580,004 3.07 markets in financial instruments referred to as “MiFID II”, BlackRock Group will no longer pay for external 6 Novartis Ag 61,132,737 2.82 research via client trading commissions for its MiFID II-impacted funds (“MIFID II-impacted funds”). The 7 Telus Corp. 59,048,778 2.72 BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are 8 Nestle Sa 58,738,568 2.71 those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 9 Philip Morris International Inc 57,860,197 2.67 management has been delegated by such firm to an overseas affiliate. Funds which have directly appointed 10 Sanofi Sa 57,199,615 2.64 an overseas affiliate of the BlackRock Group within a third country (i.e. outside the European Union) to perform portfolio management are not in-scope for the purposes of MiFID II and will be subject to the local Source: BlackRock laws and market practices governing external research in the applicable jurisdiction of the relevant affiliate. Information extracted from the underlying fund - BlackRock Global Equity Income Fund. This means that costs of external research may continue to be met out of the assets of such funds. A list of All figures have been rounded to the nearest dollar. such funds is available on request from the Management Company.

70 71 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation exposure to derivatives (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group N/A companies acting as investment adviser to the Funds may accept commissions generated when trading equities with certain brokers in certain jurisdictions. Commissions may be reallocated to purchase eligible borrowings research services. Such arrangements may benefit one Fund over another because research can be used N/A for a broader range of clients than just those whose trading funded it. BlackRock Group has a Use of Commissions Policy designed to ensure only eligible services are purchased and excess commissions are related-party transactions reallocated to an eligible service provider where appropriate. Nil

To the extent that investment advisers within the BlackRock Group are permitted to receive trading investments in collective investment schemes commissions or soft dollar commissions, with respect to the Funds (or portion of a Fund) for which they BlackRock Global Equity Income Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg provide investment management and advice, they may select brokers (including, without limitation, brokers registered BlackRock Global Equity Income Fund (Class A2 SGD Hedged). who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through third-party or correspondent relationships, with research or execution services which provide, in Market Value (S$) % of NAV BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in 2,307,765 99.32 the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in any other material infor mation that will adversely af fect the valuation of the ILP sub-fund the Funds’ performance. Such research or execution services may include, without limitation and to the Nil extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments.

72 73 fund performance

BlackRock Latin American Fund 24.68%

BlackRock Latin American Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) BlackRock Latin American -1.74 13.59 24.68 2.21 -3.78 N/A -3.28 Fund MSCI EM Latin America net -3.89 9.07 14.47 4.09 -1.45 N/A -1.87 (USD)

Source: BlackRock, Morningstar ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager BlackRock (Luxembourg) S.A. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.75%

investment objectives The Latin American Fund seeks to maximise total return. The fund invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, Latin America (i.e. Mexico, Central America, South America and the islands of the Caribbean, including Puerto Rico). The base currency of the fund is the USD. The fund is an equity fund.

75 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 88,435 units in BlackRock Latin American Fund 598,708 99.90 Other Assets 598 0.10 BlackRock Latin American Fund Class A2 SGD Hedged 2.12 2.08

Net assets attributable to unitholders 599,306 100.00 Expense ratio shown are rolling 12 months expense figures to end Dec of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total All figures have been rounded up to the nearest dollar. of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class. portfolio statement - by top 10 holdings turnover ratio (underlying fund)

No. Description Market Value (US$) % of NAV as at as at as at 31 December 2017 31 December 2017 31 December 2016 (%) (%) 1 Vale Sa 120,439,599 8.19 2 Itau Unibanco Holding Sa 113,822,039 7.74 BlackRock Latin American Fund 43.10 52.93 3 Banco Bradesco S/A 104,410,397 7.10 4 Petroleo Brasileiro Sa 103,086,885 7.01 Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average 5 Ambev Sa 81,616,578 5.55 net asset value, over the 12 months period ending Dec of the year indicated. 6 America Movil Sab De Cv 65,293,263 4.44 7 Fomento Economico Mexicano Sab De Cv 58,381,588 3.97 amount of redemptions and subscriptions for the period 8 B3 Sa Brasil Bolsa Balcao 46,175,866 3.14 1 January 2017 to 31 December 2017 9 Grupo Financiero Banorte Sab De Cv 44,558,240 3.03 10 Credicorp Ltd 43,381,785 2.95 BlackRock Latin American Fund (S$) as at 31 December 2016 Subscriptions 317,409 1 Banco Bradesco S/A 126,599,850 9.74 Redemptions (66,070) 2 Petroleo Brasileiro Sa 110,836,500 8.53 3 Itau Unibanco Holding Sa 97,660,000 7.51 4 Vale Sa 60,289,500 4.64 soft dollar commission 5 Ambev Sa 51,555,000 3.97 In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on 6 BM&F Bovespa Sa Bolsa De Valores Mercadorias E Futuros 50,695,917 3.90 markets in financial instruments referred to as “MiFID II”, BlackRock Group will no longer pay for external 7 Fomento Economico Mexicano Sab De Cv 49,917,550 3.84 research via client trading commissions for its MiFID II-impacted funds (“MIFID II-impacted funds”). The 8 Grupo Financiero Banorte Sab De Cv 46,925,467 3.61 BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are 9 Telefonica Brasil Sa 42,960,266 3.31 those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 10 Wal Mart De Mexico Sab De Cv 40,734,048 3.13 management has been delegated by such firm to an overseas affiliate. Funds which have directly appointed an overseas affiliate of the BlackRock Group within a third country (i.e. outside the European Union) to Source: BlackRock. perform portfolio management are not in-scope for the purposes of MiFID II and will be subject to the local Information extracted from the underlying fund - BlackRock Global Funds - BlackRock Latin American Fund. laws and market practices governing external research in the applicable jurisdiction of the relevant affiliate. All figures have been rounded to the nearest dollar. This means that costs of external research may continue to be met out of the assets of such funds. A list of such funds is available on request from the Management Company.

76 77 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation exposure to derivatives (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group N/A companies acting as investment adviser to the Funds may accept commissions generated when trading equities with certain brokers in certain jurisdictions. Commissions may be reallocated to purchase eligible borrowings research services. Such arrangements may benefit one Fund over another because research can be used N/A for a broader range of clients than just those whose trading funded it. BlackRock Group has a Use of Commissions Policy designed to ensure only eligible services are purchased and excess commissions are related-party transactions reallocated to an eligible service provider where appropriate. Nil

To the extent that investment advisers within the BlackRock Group are permitted to receive trading investments in collective investment schemes commissions or soft dollar commissions, with respect to the Funds (or portion of a Fund) for which they BlackRock Latin American Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered provide investment management and advice, they may select brokers (including, without limitation, brokers BlackRock Global Funds - Latin American Fund (Class A2 SGD Hedged). who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through third-party or correspondent relationships, with research or execution services which provide, in Market Value (S$) % of NAV BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in 598,708 99.90 the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in any other material infor mation that will adversely af fect the valuation of the ILP sub-fund the Funds’ performance. Such research or execution services may include, without limitation and to the Nil extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments.

78 79 fund performance

BlackRock World Energy Fund -1.09%

BlackRock W orld Energy Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) BlackRock W orld Energy 7.10 16.52 -1.09 -4.12 -2.87 N/A -4.08 Fund MSCI World Energy 10/40 5.03 13.15 -2.54 1.30 3.27 N/A 2.10 Net Total Return Index

Source: BlackRock, Morningstar ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager BlackRock (Luxembourg) S.A. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.75%

investment objectives The BlackRock World Energy Fund seeks to maximise total return. The Fund invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is in the exploration, development, production and distribution of energy. The base currency of the Fund is the USD. The Fund is an Equity Fund.

81 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 556,665 units in BlackRock World Energy Fund 3,022,692 99.30 Other Assets 21,252 0.70 BlackRock World Energy Fund Class A2 SGD Hedged 2.07 2.06

Net assets attributable to unitholders 3,043,944 100.00 Expense ratio shown are rolling 12 months expense figures to end Dec of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total All figures have been rounded up to the nearest dollar. of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at No. Description Market Value (US$) % of NAV 31 December 2017 31 December 2016 (%) (%) as at 31 December 2017 BlackRock World Energy Fund 65.86 69.54 1 Royal Dutch Shell Plc 232,580,799 10.07 2 Chevron Corp 226,575,734 9.81 Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average 3 BP Plc 150,588,561 6.52 net asset value, over the 12 months period ending Dec of the year indicated. 4 Conocophillips 124,489,623 5.39 5 Halliburton Company 104,395,751 4.52 amount of redemptions and subscriptions for the period 6 Eog Resources Inc 103,240,931 4.47 1 January 2017 to 31 December 2017 7 Exxon Mobil Corp 92,847,548 4.02 8 Pioneer Natural Resources Company 91,230,800 3.95 BlackRock W orld Energy Fund 9 Total Sa 87,304,411 3.78 (S$) 10 Devon Energy Corporation 79,220,669 3.43 Subscriptions 2,009,708 as at 31 December 2016 Redemptions (673,582) 1 Royal Dutch Shell Plc 214,403,763 10.17 2 BP Plc 140,551,658 6.67 soft dollar commission 3 Exxon Mobil Corp 138,934,510 6.59 In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on 4 Conocophillips 117,374,230 5.57 markets in financial instruments referred to as “MiFID II”, BlackRock Group will no longer pay for external 5 Eog Resources Inc 114,020,883 5.41 research via client trading commissions for its MiFID II-impacted funds (“MIFID II-impacted funds”). The 6 Chevron Corp 107,231,762 5.09 BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are 7 Schlumberger Nv 100,658,149 4.77 those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 8 Anadarko Petroleum Corporation 95,392,035 4.52 management has been delegated by such firm to an overseas affiliate. Funds which have directly appointed 9 Baker Hughes Incorporated 87,339,951 4.14 an overseas affiliate of the BlackRock Group within a third country (i.e. outside the European Union) to 10 Occidental Petroleum Corporation 78,956,674 3.75 perform portfolio management are not in-scope for the purposes of MiFID II and will be subject to the local laws and market practices governing external research in the applicable jurisdiction of the relevant affiliate. Source: BlackRock. This means that costs of external research may continue to be met out of the assets of such funds. A list of Information extracted from the underlying fund - BlackRock Global Funds - World Energy Fund. All figures have been rounded to the nearest dollar. such funds is available on request from the Management Company.

82 83 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation exposure to derivatives (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group N/A companies acting as investment adviser to the Funds may accept commissions generated when trading equities with certain brokers in certain jurisdictions. Commissions may be reallocated to purchase eligible borrowings research services. Such arrangements may benefit one Fund over another because research can be used N/A for a broader range of clients than just those whose trading funded it. BlackRock Group has a Use of Commissions Policy designed to ensure only eligible services are purchased and excess commissions are related-party transactions reallocated to an eligible service provider where appropriate. Nil

To the extent that investment advisers within the BlackRock Group are permitted to receive trading investments in collective investment schemes commissions or soft dollar commissions, with respect to the Funds (or portion of a Fund) for which they BlackRock World Energy Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered provide investment management and advice, they may select brokers (including, without limitation, brokers BlackRock Global Funds - World Energy Fund (Class A2 SGD Hedged). who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through third-party or correspondent relationships, with research or execution services which provide, in Market Value (S$) % of NAV BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in 3,022,692 99.30 the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in any other material infor mation that will adversely af fect the valuation of the ILP sub-fund the Funds’ performance. Such research or execution services may include, without limitation and to the Nil extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments.

84 85 fund performance

BlackRock World Gold Fund 1.71%

BlackRock W orld Gold Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) BlackRock W orld Gold -0.56 1.33 1.71 5.40 -10.66 N/A -11.15 Fund FTSE Gold Mines Index -0.18 2.66 0.93 11.34 -9.88 N/A -12.56 (cap only) (USD)

Source: BlackRock, Morningstar ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager BlackRock (Luxembourg) S.A. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.75%

investment objectives The BlackRock World Gold Fund seeks to maximise total return. The Fund invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is gold-mining. It may also invest in the equity securities of companies whose predominant economic activity is other precious metal or mineral and base metal or mineral mining. The Fund does not hold physical gold or metal. The base currency of the Fund is the USD. The Fund is an Equity Fund.

87 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 1,597,749 units in BlackRock World Gold Fund 8,531,981 98.79 Other Assets 104,352 1.21 BlackRock World Gold Fund Class A2 SGD Hedged 2.07 2.05

Net assets attributable to unitholders 8,636,333 100.00 Expense ratio shown are rolling 12 months expense figures to end Dec of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total All figures have been rounded up to the nearest dollar. of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class. portfolio statement - by top 10 holdings turnover ratio (underlying fund)

No. Description Market Value (US$) % of NAV as at as at 31 December 2017 31 December 2016 as at 31 December 2017 (%) (%) 1 Newcrest Mining Ltd 465,570,775 9.39 2 Randgold Resources Limited 465,074,959 9.38 BlackRock World Gold Fund 39.02 47.03 3 Agnico Eagle Mines Limited 404,089,650 8.15 Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average 4 Newmont Mining Corp 296,993,498 5.99 net asset value, over the 12 months period ending Dec of the year indicated. 5 Franco Nevada Corp 248,899,392 5.02 6 Wheaton Precious Metals Corp 221,629,538 4.47 amount of redemptions and subscriptions for the period 7 Northern Star Resources Ltd 208,242,519 4.20 1 January 2017 to 31 December 2017 8 Kinross Gold Corp 200,309,471 4.04 9 Fresnillo Plc 189,897,345 3.83 BlackRock W orld Gold Fund 10 B2gold Corp 180,972,665 3.65 (S$) as at 31 December 2016 Subscriptions 5,761,525 1 Newcrest Mining Ltd 389,920,774 9.37 Redemptions (1,305,419) 2 Randgold Resources Limited 292,382,200 7.03 3 Newmont Mining Corp 260,567,871 6.26 soft dollar commission 4 Agnico Eagle Mines Limited 229,411,655 5.51 In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on 5 Silver Wheaton Corp 209,605,819 5.04 markets in financial instruments referred to as “MiFID II”, BlackRock Group will no longer pay for external 6 Franco Nevada Corp 196,163,780 4.71 research via client trading commissions for its MiFID II-impacted funds (“MIFID II-impacted funds”). The 7 Barrick Gold Corporation 194,481,122 4.67 BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are 8 Anglogold Ashanti Ltd 159,049,333 3.82 those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 9 Eldorado Gold Corporation 154,686,410 3.72 management has been delegated by such firm to an overseas affiliate. Funds which have directly appointed 10 Detour Gold Corp 154,114,305 3.70 an overseas affiliate of the BlackRock Group within a third country (i.e. outside the European Union) to

perform portfolio management are not in-scope for the purposes of MiFID II and will be subject to the local Source: BlackRock. Information extracted from the underlying fund - BlackRock Global Funds - World Gold Fund. laws and market practices governing external research in the applicable jurisdiction of the relevant affiliate. All figures have been rounded to the nearest dollar. This means that costs of external research may continue to be met out of the assets of such funds. A list of such funds is available on request from the Management Company.

88 89 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation exposure to derivatives (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group N/A companies acting as investment adviser to the Funds may accept commissions generated when trading equities with certain brokers in certain jurisdictions. Commissions may be reallocated to purchase eligible borrowings research services. Such arrangements may benefit one Fund over another because research can be used N/A for a broader range of clients than just those whose trading funded it. BlackRock Group has a Use of Commissions Policy designed to ensure only eligible services are purchased and excess commissions are related-party transactions reallocated to an eligible service provider where appropriate. Nil

To the extent that investment advisers within the BlackRock Group are permitted to receive trading investments in collective investment schemes commissions or soft dollar commissions, with respect to the Funds (or portion of a Fund) for which they BlackRock World Gold Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered provide investment management and advice, they may select brokers (including, without limitation, brokers BlackRock Global Funds - World Gold Fund (Class A2 SGD Hedged). who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through third-party or correspondent relationships, with research or execution services which provide, in Market Value (S$) % of NAV BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in 8,531,981 98.79 the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in any other material infor mation that will adversely af fect the valuation of the ILP sub-fund the Funds’ performance. Such research or execution services may include, without limitation and to the Nil extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments.

90 91 fund performance

BlackRock World HealthScience Fund 21.78%

BlackRock W orld HealthScience Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) BlackRock W orld 2.41 3.35 21.78 5.41 15.83 N/A 15.69 HealthScience Fund MSCI World Healthcare Net 0.87 3.31 19.80 5.97 13.88 N/A 14.36

Source: BlackRock, Morningstar ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager BlackRock (Luxembourg) S.A. Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives The BlackRock World Healthscience Fund seeks to maximise total return. The Fund invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is in healthcare, pharmaceuticals, medical technology and supplies and the development of biotechnology. Currency exposure is flexibly managed. The base currency of the Fund is the USD. The Fund is an Equity Fund.

93 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 218,201 units in BlackRock World Healthscience Fund 11,543,076 98.71 Other Assets 151,421 1.29 BlackRock World HealthScience Fund Class A2 USD 1.82 1.81

Net assets attributable to unitholders 11,694,497 100.00 Expense ratio shown are rolling 12 months expense figures to end Dec of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total All figures have been rounded up to the nearest dollar. of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class. portfolio statement - by top 10 holdings turnover ratio (underlying fund)

No. Description Market Value (US$) % of NAV as at as at 31 December 2017 31 December 2016 as at 31 December 2017 (%) (%) 1 Unitedhealth Group Inc 175,236,871 5.80 2 Pfizer Inc 142,908,690 4.73 BlackRock World Healthscience Fund 28.40 50.10 3 Johnson & Johnson 123,270,075 4.08 4 Novartis Ag 114,206,099 3.78 Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the 12 months period ending Dec of the year indicated. 5 Medtronic Plc 110,882,641 3.67

6 Stryker Corp 100,005,870 3.31 7 Astrazeneca Plc 95,473,882 3.16 amount of redemptions and subscriptions for the period 8 Sanofi Sa 91,244,026 3.02 1 January 2017 to 31 December 2017 9 Abbott Laboratories 90,035,496 2.98 BlackRock W orld HealthScience Fund 10 Roche Holding Par Ag 87,618,436 2.90 (S$) as at 31 December 2016 Subscriptions 4,538,229 1 Unitedhealth Group Inc 179,602,169 5.97 Redemptions (1,433,073) 2 Pfizer Inc 159,182,824 5.29 3 Johnson & Johnson 119,852,963 3.98 4 Celgene Corp 116,109,751 3.86 soft dollar commission 5 Medtronic Plc 108,959,035 3.62 In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on 6 Amgen Inc 95,401,440 3.17 markets in financial instruments referred to as “MiFID II”, BlackRock Group will no longer pay for external 7 Bristol Myers Squibb 86,476,648 2.87 research via client trading commissions for its MiFID II-impacted funds (“MIFID II-impacted funds”). The 8 Stryker Corp 77,624,899 2.58 BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are 9 Sanofi Sa 73,323,689 2.44 those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 10 Roche Holding Par Ag 71,266,434 2.37 management has been delegated by such firm to an overseas affiliate. Funds which have directly appointed an overseas affiliate of the BlackRock Group within a third country (i.e. outside the European Union) to Source: BlackRock. perform portfolio management are not in-scope for the purposes of MiFID II and will be subject to the local Information extracted from the underlying fund - BlackRock World Healthscience Fund. laws and market practices governing external research in the applicable jurisdiction of the relevant affiliate. All figures have been rounded to the nearest dollar. This means that costs of external research may continue to be met out of the assets of such funds. A list of such funds is available on request from the Management Company.

94 95 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation exposure to derivatives (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group N/A companies acting as investment adviser to the Funds may accept commissions generated when trading equities with certain brokers in certain jurisdictions. Commissions may be reallocated to purchase eligible borrowings research services. Such arrangements may benefit one Fund over another because research can be used N/A for a broader range of clients than just those whose trading funded it. BlackRock Group has a Use of Commissions Policy designed to ensure only eligible services are purchased and excess commissions are related-party transactions reallocated to an eligible service provider where appropriate. Nil

To the extent that investment advisers within the BlackRock Group are permitted to receive trading investments in collective investment schemes commissions or soft dollar commissions, with respect to the Funds (or portion of a Fund) for which they BlackRock World HealthScience Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg provide investment management and advice, they may select brokers (including, without limitation, brokers registered BlackRock Global Funds - World HealthScience Fund (Class A2 USD). who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through third-party or correspondent relationships, with research or execution services which provide, in Market Value (S$) % of NAV BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in 11,543,076 98.71 the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in any other material infor mation that will adversely af fect the valuation of the ILP sub-fund the Funds’ performance. Such research or execution services may include, without limitation and to the Nil extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments.

96 97 fund performance

BlackRock World Mining Fund 29.87%

BlackRock W orld Mining Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) BlackRock W orld Mining 11.21 27.30 29.87 4.41 -8.12 N/A -8.62 Fund Euromoney Global Mining 8.96 22.15 21.35 9.17 -2.51 N/A -4.11 Constrained Weights Net Total Return Index

Source: BlackRock, Morningstar ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager BlackRock (Luxembourg) S.A. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.75%

investment objectives The BlackRock World Mining Fund seeks to maximise total return. The Fund invests globally at least 70% of its total assets in the equity securities of mining and metals companies whose predominant economic activity is the production of base metals and industrial minerals such as iron ore and coal. The Fund may also hold the equity securities of companies whose predominant economic activity is in gold or other precious metal or mineral mining. The Fund does not hold physical gold or metal. The base currency of the Fund is the USD. The Fund is an Equity Fund.

99 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 1,483,339 units in BlackRock World Mining Fund 5,740,522 98.98 Other Assets 59,283 1.02 BlackRock World Mining Fund Class A2 SGD Hedged 2.07 2.06

Net assets attributable to unitholders 5,799,805 100.00 Expense ratio shown are rolling 12 months expense figures to end Dec of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total All figures have been rounded up to the nearest dollar. of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at No. Description Market Value (US$) % of NAV 31 December 2017 31 December 2016 (%) (%) as at 31 December 2017 1 Glencore Plc 625,737,523 9.77 BlackRock World Mining Fund 34.46 50.22 2 Bhp Billiton Plc 614,209,094 9.59 3 Rio Tinto Plc 605,883,006 9.46 Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average 4 Vale Sa 589,230,831 9.20 net asset value. 5 First Quantum Minerals Ltd 337,526,791 5.27 6 Teck Resources Ltd 298,458,225 4.66 amount of redemptions and subscriptions for the period 7 South32 Ltd 258,108,723 4.03 1 January 2017 to 31 December 2017 8 Newmont Mining Corp 255,546,849 3.99 9 Randgold Resources Limited 229,287,649 3.58 BlackRock W orld Mining Fund 10 Newcrest Mining Ltd 184,454,869 2.88 (S$) Subscriptions 2,849,598 as at 31 December 2016 Redemptions (916,483) 1 Rio Tinto Plc 522,975,270 10.34 2 Glencore Plc 445,519,786 8.80 3 Bhp Billiton Plc 379,378,530 7.50 soft dollar commission 4 Vale Sa 310,050,000 6.13 In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on 5 First Quantum Minerals Ltd 260,582,642 5.15 markets in financial instruments referred to as “MiFID II”, BlackRock Group will no longer pay for external 6 Teck Resources Ltd 224,409,232 4.44 research via client trading commissions for its MiFID II-impacted funds (“MIFID II-impacted funds”). The 7 Newmont Mining Corp 221,455,000 4.38 BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are 8 Gmk Noril ‘Skiy Nikel’ Pao 201,480,000 3.98 those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 9 Newcrest Mining Ltd 178,888,905 3.54 management has been delegated by such firm to an overseas affiliate. Funds which have directly appointed 10 Randgold Resources Limited 171,765,000 3.39 an overseas affiliate of the BlackRock Group within a third country (i.e. outside the European Union) to perform portfolio management are not in-scope for the purposes of MiFID II and will be subject to the local Source: BlackRock laws and market practices governing external research in the applicable jurisdiction of the relevant affiliate. Information extracted from the underlying fund - BlackRock Global Funds - World Mining Fund. This means that costs of external research may continue to be met out of the assets of such funds. A list of All figures have been rounded to the nearest dollar. such funds is available on request from the Management Company.

100 101 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation exposure to derivatives (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group N/A companies acting as investment adviser to the Funds may accept commissions generated when trading equities with certain brokers in certain jurisdictions. Commissions may be reallocated to purchase eligible borrowings research services. Such arrangements may benefit one Fund over another because research can be used N/A for a broader range of clients than just those whose trading funded it. BlackRock Group has a Use of Commissions Policy designed to ensure only eligible services are purchased and excess commissions are related-party transactions reallocated to an eligible service provider where appropriate. Nil

To the extent that investment advisers within the BlackRock Group are permitted to receive trading investments in collective investment schemes commissions or soft dollar commissions, with respect to the Funds (or portion of a Fund) for which they BlackRock World Mining Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered provide investment management and advice, they may select brokers (including, without limitation, brokers BlackRock Global Funds - World Mining Fund (Class A2 SGD Hedged). who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through third-party or correspondent relationships, with research or execution services which provide, in Market Value (S$) % of NAV BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in 5,740,522 98.98 the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in any other material infor mation that will adversely af fect the valuation of the ILP sub-fund the Funds’ performance. Such research or execution services may include, without limitation and to the Nil extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments.

102 103 fund performance

First Eagle Amundi International Fund 10.58%

First Eagle Amundi International Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) First Eagle Amundi 2.75 4.79 10.58 5.53 N/A N/A 4.93 International Fund

Source: Amundi Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013

Benchmark: Not applicable as there is currently no benchmark that can accurately reflect the investment objectives, focus and approach of the fund.

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager Amundi Luxembourg S.A. Sub-manager First Eagle Investment Management LLC Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 2.00%

investment objectives To offer investors capital growth through a dynamic diversification of its investments over all categories of assets. To pursue its goal, it invests primarily in equities and bonds without any restriction in terms of market capitalisation, geographical diversification or even in terms of part of assets of the sub-fund invested in a particular class of assets or a particular market.

105 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 28 February 2017 28 February 2016 (%) (%) 417,666 units in First Eagle Amundi International Fund 44,677,158 101.03 Other Liabilities (454,924) -1.03 First Eagle Amundi International Fund Class AHS (QD) 2.20 2.20

Net assets attributable to unitholders 44,222,234 100.00 The expense ratio consists primarily of management fees, administration fees (of which namely legal fees, auditor fees and other operational expenses), Luxembourg “Taxe d’Abonnement” and Custodian handling fees on transactions. All figures have been rounded up to the nearest dollar. The expense ratio of First Eagle Amundi International Fund Class AHS (QD) for the financial year ended 31 December 2017 is not available. portfolio statement - by top 10 holdings turnover ratio (underlying fund) No. Description Market Value (US$) % of NAV as at as at as at 31 December 2017 28 February 2017 28 February 2016 1 Oracle Corporation 237,562,270 2.39 (%) (%) 2 Microsoft Corporation 230,604,379 2.32 First Eagle Amundi International Fund 9.94 23.61 3 Fanuc Corporation 200,784,847 2.02 4 KDDI Corporation 155,061,565 1.56 “Turnover ratio” means a ratio calculated based on the lesser of purchases or sales expressed as a percentage over 5 American Express Company 154,067,581 1.55 “average net asset value”. “Average net asset value” means the net asset value for each day averaged over, as far as 6 Weyerhaeuser Company 152,079,612 1.53 possible, the same period used for calculating the expense ratio. 7 Comcast Corporation Class A 152,079,612 1.53 8 Schlumberger NV 146,115,706 1.47 The turnover ratio of First Eagle Amundi International Fund for the financial year ended 31 December 2017 is not available. 9 Omnicom Group Inc 128,223,987 1.29 10 Bank of New York Mellon Corporation 127,230,002 1.28 amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 as at 31 December 2016 1 Oracle Corporation 165,560,079 2.08 First Eagle Amundi International Fund 2 Microsoft Corporation 164,764,117 2.07 (S$) 3 Comcast Corporation 163,968,155 2.06 4 American Express Company 135,313,526 1.70 Subscriptions 18,916,873 5 KDDI Corporation 125,761,983 1.58 Redemptions (3,502,286) 6 Fanuc Corporation 122,578,135 1.54 7 Omnicom Group Inc 118,598,326 1.49 8 Bank of New York Mellon Corp 114,618,516 1.44 soft dollar commission 9 Weyerhaeuser Company 111,434,668 1.40 The Management Company does not receive or intend to receive soft dollars in relation to the Sub-Funds. 10 Heidelberg Cement AG 108,250,821 1.36 The Investment Manager may select broker-dealers that furnish directly or indirectly through correspondent relationships, third party research or other services which provide in its view appropriate assistance in the Source: Amundi Asset Management investment decision-making process, in a manner that is permitted in accordance with section 28(e) of the Information extracted from the underlying fund - First Eagle Amundi International Fund. U.S. Securities and Exchange Act of 1934, as amended. All figures have been rounded to the nearest dollar.

106 107 schedule of investments exposure to derivatives N/A Franklin European Growth Fund borrowings N/A related-party transactions Nil investments in collective investment schemes First Eagle Amundi International Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered First Eagle Amundi International Fund (Class AHS (D)).

Market Value (S$) % of NAV 44,677,158 101.03 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Amundi Asset Management.

108 fund performance schedule of investments

Franklin European Growth Fund 7.22% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 92,917 units in Franklin European Growth Fund 2,494,399 100.08 Other Liabilities (1,902) -0.08 Since Net assets attributable to unitholders 2,492,497 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) All figures have been rounded up to the nearest dollar. Franklin European Growth 0.78 2.50 7.22 5.99 7.66 N/A 10.28 Fund MSCI Europe Index 0.67 3.43 10.88 7.58 10.02 N/A 11.94 portfolio statement - by top 10 holdings Source: Franklin Templeton Investments ^ Annual compounded return No. Description Market Value (EUR) % of NAV * Launch Date: 28 May 2012 Commencement Date: 28 May 2012 as at 31 December 2017 1 Roche Holding Ag 30,507,765 5.30 Performance is calculated in accordance with the currency of the fund, in Euro terms. 2 Shire Plc 24,382,627 4.24 3 Banca Generali Spa 23,416,802 4.07 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 4 Hunting Plc 23,302,330 4.05 account all charges which would have been payable upon such reinvestment. 5 John Wood Group Plc 22,929,575 3.99 6 Ashmore Group Plc 22,627,575 3.93 Past performance is not necessarily a guide to future performance. 7 ASR Nederland Nv 22,490,668 3.91 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 8 SPIE Sa 21,527,144 3.74 9 IMI Plc 21,417,274 3.72 10 Scandinavian Tobacco Group A/S 21,126,778 3.67

as at 31 December 2016 at a glance 1 Novartis Ag 34,987,395 4.75 2 Roche Holding Ag 34,953,543 4.75 3 Sanofi 29,667,497 4.03 fund facts 4 Schneider Electric Se 27,910,879 3.79 Launch Date 28 May 2012 5 Braas Monier Building Group Sa 27,718,070 3.77 Commencement Date 28 May 2012 6 Applus Services Sa 24,580,148 3.34 Manager Franklin Templeton Investments Management Limited 7 Tecnicas Reunidas Sa 24,462,402 3.32 Currency of Fund Euro Dollars 8 Prysmian Spa 23,430,656 3.18 Valuation Frequency Daily 9 Schoeller-Bleckmann Oilfield Equipment Ag 23,214,298 3.15 Annual Management Fee 1.50% 10 John Wood Group Plc 22,798,509 3.10 investment objectives Source: Franklin Templeton Investments. The fund aims to achieve long-term capital appreciation by investing principally in equity and/ or equity- Information extracted from the underlying fund - Franklin European Growth Fund. All figures have been rounded to the nearest dollar. related securities of companies of any market capitalization in European countries.

110 111 schedule of investments schedule of investments annualised expense ratio (underlying fund) soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company as at as at may be directed by the Investment Managers to broker-dealers in recognition of research services furnished 31 December 2017 31 December 2016 by them as well as for services rendered in the execution of orders by such broker-dealers. The receipt of (%) (%) investment research and information and related services permits the Investment Managers to supplement Franklin European Growth Fund A (acc) EUR 1.83* 1.83* their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) general administrative goods or services, general office equipment or premises, membership fees, employee guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. salaries or direct money payment, which are paid for directly by the Investment Managers.

The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction For the period 1 July 2017 to 31 December 2017, The Franklin European Growth Fund paid US$199,099 costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs in commission dollars generated from portfolio transactions to pay for goods or services provided by third arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission received including withholding tax; interest expense; and dividends and other distributions paid to Investors. were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of *unaudited trades. turnover ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 (%) (%) borrowings N/A Franklin European Growth Fund 60.94* 50.38* related-party transactions The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial Nil Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are based on the following formula: investments in collective investment schemes Turnover = [(Total 1 - Total 2)/M]*100 with: Franklin European Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin European Growth Fund (Class A (acc) EUR). Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period Market Value (S$) % of NAV (Daily 􀀶 S – T); 2,494,399 100.08 M = average monthly assets of the relevant fund.

*unaudited any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.

Franklin European Growth Fund (S$) Subscriptions 748,934 Redemptions (397,763)

112 113 fund performance

Franklin Global Small-Mid Cap Growth Fund 17.27%

Franklin Global Small-Mid Cap Growth for the 1 year period ended 31 December 2017

Fund table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Franklin Global Small-Mid -1.55 3.89 17.27 6.68 7.13 N/A 10.77 Cap Growth Fund MSCI World Small Cap Index 5.23 11.79 22.66 11.28 13.21 N/A 14.34

Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 28 May 2012 Commencement Date: 28 May 2012

Performance is calculated in accordance with the currency of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 28 May 2012 Commencement Date 28 May 2012 Manager Franklin Templeton Institutional, LLC Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives The fund aims to achieve long-term capital appreciation by investing principally in the equity and/or equityrelated securities of small and mid-cap companies (those with market capitalisation above USD 100 million and below USD 8 billion) in any developed country in the world.

115 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 56,792 units in Franklin Global Small-Mid Cap Growth Fund 2,615,207 100.14 Other Liabilities (3,637) -0.14 Franklin Global Small-Mid Cap Growth Fund Class A (acc) USD 1.84* 1.85*

Net assets attributable to unitholders 2,611,570 100.00 The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. All figures have been rounded up to the nearest dollar. The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign portfolio statement - by top 10 holdings exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to Investors. No. Description Market Value (US$) % of NAV as at 31 December 2017 *unaudited 1 Markel Corp 9,682,675 6.57 2 58.com Inc 8,824,618 5.98 turnover ratio (underlying fund) 3 Fairfax India Holdings Corp 7,988,974 5.42 4 Scandinavian Tobacco Group A/S 6,192,494 4.20 as at as at 30 June 2017 30 June 2016 5 Major Drilling Group International Inc 6,127,760 4.16 (%) (%) 6 ISS A/S 6,033,682 4.09 7 Grafton Group Plc 6,025,130 4.09 Franklin Global Small-Mid Cap Growth Fund 21.35* 21.97* 8 John Wood Group Plc 5,974,109 4.05 9 Fairfax Financial Holdings Ltd 5,963,345 4.04 The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial 10 Hang Lung Properties Ltd 5,863,811 3.98 Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are based on the following formula: as at 31 December 2016 Turnover = [(Total 1 - Total 2)/M]*100 with: 1 Pagegroup Plc 7,333,228 4.35 2 Kennedy-Wilson Holdings Inc 7,185,183 4.27 Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); 3 Markel Corp 7,145,603 4.24 Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period 4 Renaissancere Holdings Ltd 7,137,855 4.24 (Daily 􀀶 S – T); 5 Nexeo Solutions Inc 7,051,453 4.19 M = average monthly assets of the relevant fund. 6 ARA Asset Management Ltd 6,861,470 4.07 *audited 7 AMEC Foster Wheeler Plc 6,836,543 4.06 8 Fairfax India Holdings Corp 6,809,932 4.04 The turnover ratio of Franklin Global Small-Mid Cap Growth Fund for the financial year ended 31 December 2017 is not 9 Irish Residential Properties REIT Plc 6,584,916 3.91 available. 10 SI Financial Group Inc 6,118,715 3.63 amount of redemptions and subscriptions for the period Source: Franklin Templeton Investments 1 January 2017 to 31 December 2017 Information extracted from the underlying fund - Franklin Global Small-Mid Cap Growth Fund. All figures have been rounded to the nearest dollar. Franklin Global Small-Mid Cap Growth Fund (S$) Subscriptions 835,323 Redemptions (574,608)

116 117 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company Franklin India Fund may be directed by the Investment Managers to broker-dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such broker-dealers. The receipt of investment research and information and related services permits the Investment Managers to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid for directly by the Investment Managers.

For the period 1 July 2017 to 31 December 2017, The Franklin Templeton Investment Fund - Franklin Global Small-Mid Cap Growth Fund paid US$41,221 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes Franklin Global Small-Mid Cap Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin Global Small-Mid Cap Growth Fund (Class A (acc) USD).

Market Value (S$) % of NAV 2,615,207 100.14 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.

118 fund performance schedule of investments

Franklin India Fund 27.53% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 174,328 units in Franklin India Fund 2,681,165 98.84 Other Assets 31,331 1.16

Since Net assets attributable to unitholders 2,712,496 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) All figures have been rounded up to the nearest dollar. Franklin India Fund 9.70 9.16 27.53 10.33 14.37 N/A 14.06 MSCI India Index 10.05 11.74 28.35 8.99 10.85 N/A 11.22

Source: Franklin Templeton Investments portfolio statement - by top 10 holdings ^ Annual compounded return * Launch Date: 2 May 2012 No. Description Market Value (US$) % of NAV Commencement Date: 2 May 2012 as at 31 December 2017 Performance is calculated in accordance with the currency of the fund, in SGD terms. 1 HDFC Bank Ltd 338,502,295 7.62 2 Kotak Mahindra Bank Limited 255,530,081 5.75 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 3 Tata Motors Ltd 196,635,398 4.43 account all charges which would have been payable upon such reinvestment. 4 Yes Bank Ltd 181,183,317 4.08 5 Ultratech Cement Ltd 178,931,461 4.03 Past performance is not necessarily a guide to future performance. 6 Larsen & Toubro Ltd 170,243,830 3.83 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 7 Infosys Ltd 168,484,984 3.79 8 State Bank of India 163,177,356 3.67 9 Hindustan Unilever Ltd 156,626,100 3.53 10 Axis Bank Ltd 136,021,844 3.06

as at 31 December 2016 at a glance 1 HDFC Bank Ltd 250,888,209 7.76 2 Tata Motors Ltd 204,538,838 6.32 3 Kotak Mahindra Bank Limited 163,180,191 5.05 fund facts 4 Indusind Bank Limited 159,570,568 4.93 Launch Date 2 May 2012 5 State Bank of India 158,325,313 4.90 Commencement Date 2 May 2012 6 Yes Bank Ltd 153,137,288 4.73 Manager Franklin Advisers, Inc. and Templeton Asset Management Ltd 7 Hindustan Unilever Ltd 130,088,745 4.02 (as Co-Investment Managers) 8 Sun Pharmaceutical Industries Ltd 123,564,901 3.82 Currency of Fund Singapore Dollars 9 Ultratech Cement Ltd 113,098,288 3.50 Valuation Frequency Daily 10 Cognizant Technology Solutions Corp 112,913,926 3.49 Annual Management Fee 1.50% Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin India Fund. investment objectives All figures have been rounded to the nearest dollar. The fund aims to achieve long-term capital appreciation by principally investing in equity securities of companies of any size located or performing business predominately in India.

Note: The annual management fee of 1.00% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.50%.

120 121 schedule of investments schedule of investments annualised expense ratio (underlying fund) soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company as at as at may be directed by the Investment Managers to broker-dealers in recognition of research services furnished 31 December 2017 31 December 2016 by them as well as for services rendered in the execution of orders by such broker-dealers. The receipt of (%) (%) investment research and information and related services permits the Investment Managers to supplement Franklin India Fund Class A (acc) SGD 1.88* 1.88* their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) general administrative goods or services, general office equipment or premises, membership fees, employee guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. salaries or direct money payment, which are paid for directly by the Investment Managers.

The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction For the period 1 July 2017 to 31 December 2017, The Franklin India Fund paid US$845,575 in commission costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs dollars generated from portfolio transactions to pay for goods or services provided by third parties under arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the received including withholding tax; interest expense; and dividends and other distributions paid to investors. benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. *unaudited exposure to derivatives turnover ratio (underlying fund) N/A

as at as at borrowings 31 December 2017 31 December 2016 N/A (%) (%) Franklin India Fund 31.29* 28.78* related-party transactions Nil The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are investments in collective investment schemes based on the following formula: Franklin India Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin India Fund (Class A (acc) SGD). Turnover = [(Total 1 - Total 2)/M]*100 with: Market Value (S$) % of NAV Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); 2,681,165 98.84 Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period (Daily 􀀶 S – T); M = average monthly assets of the relevant fund. any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil *unaudited Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Franklin India Fund (S$) Subscriptions 1,503,440 Redemptions (561,399)

122 123 fund performance

Franklin Mutual Global Discovery Fund 11.44%

Franklin Mutual Global Discovery Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Franklin Mutual Global 0.55 2.62 11.44 4.58 6.98 N/A 7.11 Discovery Fund MSCI World Index 5.62 10.86 23.07 9.88 12.26 N/A 11.82

Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012

Performance is calculated in accordance with the currency of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Franklin Mutual Advisers, LLC Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives The fund aims to achieve capital appreciation by investing primarily in equity securities of companies of any nation that the investment manager believes are available at market prices less than their intrinsic value. The fund primarily invests in mid- and large-cap companies with a market capitalisation around or greater than US$1.5 billion. To a lesser extent, the fund may also invest in distressed securities and merger arbitrage situations.

Note: The annual management fee of 1.00% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.50%.

125 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 3,344 units in Franklin Mutual Global Discovery Fund 89,399 102.44 Other Liabilities (2,133) -2.44 Franklin Mutual Global Discovery Fund Class A (acc) USD 1.84* 1.84*

Net assets attributable to unitholders 87,266 100.00 The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. All figures have been rounded up to the nearest dollar. The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income portfolio statement - by top 10 holdings received including withholding tax; interest expense; and dividends and other distributions paid to investors.

No. Description Market Value (US$) % of NAV *unaudited as at 31 December 2017 turnover ratio (underlying fund) 1 British American Tobacco Plc 21,197,243 2.43 2 Medtronic Plc 20,926,714 2.40 as at as at 3 NN Group Nv 20,688,474 2.37 31 December 2017 31 December 2016 4 Novartis Ag 20,555,828 2.36 (%) (%) 5 Royal Dutch Shell Plc 20,397,001 2.34 6 Time Warner Inc 19,948,447 2.29 Franklin Mutual Global Discovery Fund 4.91* 24.82* 7 Eli Lilly & Co 19,100,208 2.19 8 Merck & Co Inc 18,469,265 2.12 The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) 9 Walt Disney Co 17,544,231 2.01 simplified prospectus and are based on the following formula: 10 Accor Sa 16,988,338 1.95 Turnover = [(Total 1 - Total 2)/M]*100 with: Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); as at 31 December 2016 Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period 1 Royal Dutch Shell Plc 21,421,674 2.15 (Daily 􀀶 S – T); 2 Merck & Co Inc 21,259,048 2.13 M = average monthly assets of the relevant fund. 3 Eli Lilly & Co 20,579,613 2.06 *unaudited 4 Time Warner Inc 20,506,781 2.06 5 Novartis Ag 20,453,902 2.05 6 Microsoft Corp 20,451,907 2.05 amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 7 NN Group Nv 17,522,652 1.76 8 Medtronic Plc 17,328,100 1.74 Franklin Mutual Global Discovery Fund 9 American International Group Inc 16,943,984 1.70 (S$) 10 CitiGroup Inc 16,762,403 1.68 Subscriptions 39,390 Source: Franklin Templeton Investments Redemptions (18,522) Information extracted from the underlying fund - Franklin Mutual Global Discovery Fund. All figures have been rounded to the nearest dollar.

126 127 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company Franklin Technology Fund may be directed by the Investment Managers to broker-dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such broker-dealers. The receipt of investment research and information and related services permits the Investment Managers to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid for directly by the Investment Managers.

For the period 1 July 2017 to 31 December 2017, The Franklin Mutual Global Discovery Fund paid US$33,954 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes Franklin Mutual Global Discovery Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin Mutual Global Discovery Fund (Class A (acc) USD).

Market Value (S$) % of NAV 89,399 102.44 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.

128 fund performance schedule of investments

Franklin Technology Fund 40.00% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 135,979 units in Franklin Technology Fund 3,120,853 96.40 Other Assets 116,598 3.60 Since Net assets attributable to unitholders 3,237,451 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) All figures have been rounded up to the nearest dollar. Franklin Technology Fund 5.41 14.49 40.00 17.13 18.18 N/A 17.37 MSCI World Information 8.41 17.63 38.74 17.79 19.77 N/A 18.71 Technology Index portfolio statement - by top 10 holdings

Source: Franklin Templeton Investments ^ Annual compounded return No. Description Market Value (US$) % of NAV * Launch Date: 28 May 2012 as at 31 December 2017 Commencement Date: 28 May 2012 1 Alibaba Group Holding 72,058,867 4.00 # Benchmark changed to MSCI World Information Technology Index effective 30 September 2017 onwards. Prior to this, the benchmark was BofA Merrill Lynch 100 Technology Index. 2 Microsoft Corp 69,595,485 3.87 3 Amazon.com Inc 67,947,233 3.78 Performance is calculated in accordance with the currency of the fund, in USD terms. 4 Facebook Inc 64,972,820 3.61 5 Salesforce.com Inc 62,667,786 3.48 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 6 Servicenow Inc 58,401,403 3.25 account all charges which would have been payable upon such reinvestment. 7 Apple Inc 51,734,617 2.88 8 Alphabet Inc 50,017,987 2.78 Past performance is not necessarily a guide to future performance. 9 Analog Devices Inc 41,425,841 2.30 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 10 Tencent Holdings Ltd 41,359,263 2.30

as at 31 December 2016 1 Facebook Inc 33,709,751 3.78 at a glance 2 Microsoft Corp 32,685,214 3.66 3 Amazon.com Inc 31,869,512 3.57 fund facts 4 Texas Instruments Inc 27,546,467 3.09 Launch Date 28 May 2012 5 Salesforce.com Inc 27,315,322 3.06 Commencement Date 28 May 2012 6 Alphabet Inc 26,628,133 2.98 Manager Franklin Advisers, Inc. 7 Servicenow Inc 25,127,026 2.82 Currency of Fund US Dollars 8 Fidelity National Information Services Inc 24,658,488 2.76 Valuation Frequency Daily 9 Broadcom Ltd 23,864,205 2.67 Annual Management Fee 1.50% 10 Apple Inc 23,163,629 2.60

Source: Franklin Templeton Investments investment objectives Information extracted from the underlying fund - Franklin Technology Fund. The fund aims to achieve capital appreciation by investing at least two-thirds of its assets in equity securities All figures have been rounded to the nearest dollar. of companies expected to benefit from the development, advancement and use of technology. fund updates Effective 30 September 2017, the benchmark of the Franklin Technology Fund was changed from BofAML Technology 100 Index to the MSCI World Information Technology Index.

Note: The annual management fee of 1.00% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.50%.

130 131 schedule of investments schedule of investments annualised expense ratio (underlying fund) soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company as at as at may be directed by the Investment Managers to broker-dealers in recognition of research services furnished 31 December 2017 31 December 2016 by them as well as for services rendered in the execution of orders by such broker-dealers. The receipt of (%) (%) investment research and information and related services permits the Investment Managers to supplement Franklin Technology Fund Class A (acc) USD 1.82* 1.83* their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) general administrative goods or services, general office equipment or premises, membership fees, employee guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. salaries or direct money payment, which are paid for directly by the Investment Managers.

The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction For the period 1 July 2017 to 31 December 2017, The Franklin Technology Fund paid US$139,643 in costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs commission dollars generated from portfolio transactions to pay for goods or services provided by third arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission received including withholding tax; interest expense; and dividends and other distributions paid to investors. were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of *unaudited trades. turnover ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 (%) (%) borrowings N/A Franklin Technology Fund 47.03* 40.22* related-party transactions The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial Nil Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are based on the following formula: investments in collective investment schemes Turnover = [(Total 1 - Total 2)/M]*100 with: Franklin Technology Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin Technology Fund (Class A (acc) USD). Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period Market Value (S$) % of NAV (Daily 􀀶 S – T); 3,120,853 96.40 M = average monthly assets of the relevant fund.

*audited any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.

Franklin Technology Fund (S$) Subscriptions 1,823,786 Redemptions (374,922)

132 133 fund performance

Franklin U.S. Equity Fund 11.27%

Franklin U.S. Equity Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Franklin U.S. Equity Fund 4.01 5.77 11.27 4.04 9.82 N/A 8.46 S&P 500 Index 6.64 11.42 21.83 11.41 15.79 N/A 14.48

Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012

Performance is calculated in accordance with the currency of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Franklin Advisers, Inc. Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives The fund aims to achieve long-term capital appreciation by investing principally in US equity securities or convertibles as well as American Depository Receipts and American Depository Shares listed on the major US stock exchanges.

Note: The annual management fee of 1.00% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.50%.

135 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 10,295 units in Franklin U.S. Equity Fund 371,303 99.15 Other Assets 3,182 0.85 Franklin U.S. Equity Fund Class A (acc) USD 1.83* 1.83*

Net assets attributable to unitholders 374,485 100.00 The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. All figures have been rounded up to the nearest dollar. The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign portfolio statement - by top 10 holdings exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to investors. No. Description Market Value (US$) % of NAV as at 31 December 2017 *unaudited 1 Alphabet Inc 33,051,666 7.46 2 Charles Schwab Corp 26,649,952 6.01 turnover ratio (underlying fund) 3 Mastercard Inc 23,680,181 5.34 4 Genesee & Wyoming Inc 23,666,887 5.34 as at as at 31 December 2017 31 December 2016 5 Microsoft Corp 23,616,815 5.33 (%) (%) 6 JPMorgan Chase & Co 18,478,429 4.17 7 Equinix Inc 17,090,142 3.86 Franklin U.S. Equity Fund 39.23* 26.71* 8 Twenty-first Century Fox Inc 16,209,226 3.66 9 Synchrony Financial 15,324,764 3.46 The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial 10 Aetna Inc 15,134,666 3.42 Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are based on the following formula: as at 31 December 2016 Turnover = [(Total 1 - Total 2)/M]*100 with: 1 Microsoft Corp 27,645,418 5.68 2 Allergan Plc 26,855,410 5.51 Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); 3 Alphabet Inc 25,709,362 5.28 Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period 4 Anadarko Petroleum Corp 22,089,059 4.54 (Daily 􀀶 S – T); 5 Charles Schwab Corp 21,679,444 4.45 M = average monthly assets of the relevant fund. 6 Willis Towers Watson Plc 19,676,661 4.04 *audited 7 Altice Nv 18,897,855 3.88

8 Hartford Financial Services Group Inc 18,299,260 3.76 9 Schlumberger Ltd 18,094,209 3.72 amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 10 Equinix Inc 17,837,529 3.66

Franklin U.S. Equity Fund Source: Franklin Templeton Investments. (S$) Information extracted from the underlying fund - Franklin U.S. Equity Fund. All figures have been rounded to the nearest dollar. Subscriptions 227,677 Redemptions (202,049)

136 137 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company Fullerton Dynamic Strategies Fund - may be directed by the Investment Managers to broker-dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such broker-dealers. The receipt of investment research and information and related services permits the Investment Managers to supplement Aggressive their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid for directly by the Investment Managers.

For the period 1 July 2017 to 31 December 2017, The Franklin US Equity Fund paid US$39,393 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.

The Management Company and/or the Investment Managers may enter, with brokers/dealers that are entities and not individuals, into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Management Company and/or the Investment Managers, including the Company, and where the Management Company and/or the Investment Managers are satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interest of the Company. Any such arrangement must be made by the Management Company and/or the Investment Managers on terms commensurate with best market practice. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes Franklin U.S. Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin U.S. Equity Fund (Class A (acc) USD).

Market Value (S$) % of NAV 371,303 99.15 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.

138 fund performance schedule of investments

Fullerton Dynamic Strategies Fund - Aggressive 9.72% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017

Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 936,782 units in Fullerton Dynamic Strategies Fund - Aggressive 1,259,784 100.36 Other Liabilities (4,481) -0.36 Since Net assets attributable to unitholders 1,255,303 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) All figures have been rounded up to the nearest dollar. Fullerton Dynamic Strategies 2.46 5.08 9.72 N/A N/A N/A 6.50 Fund - Aggressive 20% Citigroup World portfolio statement - by top 10 holdings Government Bond Index and 3.20 6.41 11.63 N/A N/A N/A 10.21 80% MSCI AC World Net Index No. Description Market Value (S$) % of NAV

Source: Fullerton Fund Management as at 31 December 2017 ^ Annual compounded return 1 SSGA Global Treasury Bond 4,178,165 11.44 * Launch Date: 15 December 2015 2 Egerton Capital Equity 3,739,100 10.24 Commencement Date: 1 January 2016 3 SPDR Emerging Markets 3,593,200 9.84 4 Dimension Global Core Equity 3,552,352 9.73 Performance is calculated in accordance with the currency of the fund, in SGD terms. 5 Winton Global Equity Fund 3,497,396 9.58 6 Vanguard Global Equity 3,464,664 9.49 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. 7 China AMC CSI 300 Index ETF 3,321,928 9.10 8 iShares MSCI W UCITS 2,684,627 7.35 Past performance is not necessarily a guide to future performance. 9 Lyxor ETF MSCI WORLD 2,609,464 7.15 10 Vanguard UCITS 2,248,445 6.16 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. as at 31 December 2016 1 SPDR MSCI ACWI 7,655,495 18.09 2 Winton Global Equity Fund 4,590,673 10.85 3 SSGA Global Treasury Bond 4,234,661 10.01 4 Lyxor ETF MSCI WORLD 3,841,950 9.08 at a glance 5 iShares S&P 500 Index 3,155,557 7.46 6 Vanguard Global Equity 2,990,926 7.07 7 Dimension Global Core Equity 2,685,317 6.35 fund facts Launch Date 15 December 2015 8 iShares Global Government Bond 2,344,493 5.54 Commencement Date 1 January 2016 9 Dimension Emerging Market 2,123,281 5.02 Manager Fullerton Fund Management Company 10 Egerton Capital Equity 1,798,832 4.25 Currency of Fund Singapore Dollars Source: Fullerton Fund Management. Valuation Frequency Daily Information extracted from the underlying fund - Fullerton Dynamic Strategies Fund - Aggressive. Annual Management Fee 1.20% All figures have been rounded to the nearest dollar. investment objectives The Fund aims to generate medium to long term capital appreciation for investors by investing into various asset classes.

140 141 schedule of investments schedule of investments annualised expense ratio (underlying fund) soft dollar commission We have adopted the standards as set out by Investment Management Association of Singapore (IMAS) as at as at and Monetary Authority of Singapore (MAS) on receipt of soft dollar commissions. Fullerton’s policy towards 30 September 2017 30 September 2016 such arrangements is as follows: (%) (%) Fullerton Dynamics Strategies Fund - Aggressive 1.84 1.71 • All deals are carried out on a basis consistent with ”best execution”. • All the goods and services received are used to support the investment decision-making process. We do The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction not soft purely administrative services. costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the fund, whether realised or unrealised; front-end loads, back-end loads and other costs Fullerton’s legal and compliance teams review all soft commission arrangements before they are entered arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income into to ensure compliance with the standards set out by IMAS and MAS. Fullerton will only enter into soft received including withholding tax; interest expense; and dividends and other distributions paid to investors. dollar arrangements with brokers if the goods or services can reasonably be expected to assist in the provision of the investment services to Fullerton’s clients. The expense ratio of Fullerton Dynamics Strategies Fund - Aggressive for the financial year ended 31 December 2017 is not available. exposure to derivatives turnover ratio (underlying fund) N/A

as at as at borrowings 30 September 2017 30 September 2016 N/A (%) (%) related-party transactions Fullerton Dynamics Strategies Fund - Aggressive 25.05 53.10 Nil

The turnover ratios are calculated based on the following formula: investments in collective investment schemes Turnover = [(Total 1 – Total 2)/M]*100 with: Fullerton Dynamic Strategies Fund - Aggressive, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fullerton Dynamic Strategies Fund – Aggressive. Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period Market Value (S$) % of NAV (Daily = S – T); 1,259,784 100.36 M = average monthly assets of the relevant fund.

The turnover ratio of Fullerton Dynamics Strategies Fund - Aggressive for the financial year ended 31 December 2017 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund is not available. Nil amount of redemptions and subscriptions for the period Source of the expense ratio, turnover ratio and soft dollar commission: Fullerton Fund Management. 1 January 2017 to 31 December 2017

Fullerton Dynamics Strategies Fund - Aggr essive (S$) Subscriptions 469,393 Redemptions (201,899)

142 143 fund performance

Fullerton Dynamic Strategies Fund - Balanced 4.49%

Fullerton Dynamic Strategies Fund - for the 1 year period ended 31 December 2017

Balanced table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Fullerton Dynamic 1.17 2.58 4.49 N/A N/A N/A 3.61 Strategies Fund - Balanced 50% Citigroup World Government Index and 50% 1.86 4.03 7.05 N/A N/A N/A 7.31 MSCI AC World Net Index

Source: Fullerton Fund Management ^ Annual compounded return * Launch Date: 15 December 2015 Commencement Date: 1 January 2016

Performance is calculated in accordance with the currency of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 15 December 2015 Commencement Date 1 January 2016 Manager Fullerton Fund Management Company Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.20%

investment objectives The Fund aims to generate medium to long term capital appreciation for investors by investing into various asset classes.

145 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 30 September 2017 30 September 2016 (%) (%) 1,948,068 units in Fullerton Dynamic Strategies Fund - Balanced 2,299,695 100.00 Other Liabilities (15) 0.00 Fullerton Dynamic Strategies Fund - Balanced 1.99 1.86

Net assets attributable to unitholders 2,299,680 100.00 The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign All figures have been rounded up to the nearest dollar. exchange gains/losses of the fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to investors. portfolio statement - by top 10 holdings The expense ratio of Fullerton Dynamic Strategies Fund - Balanced for the financial year ended 31 December 2017 is not available. No. Description Market Value (S$) % of NAV as at 31 December 2017 turnover ratio (underlying fund) 1 SSGA Global Treasury Bond 2,446,067 18.99 2 Vanguard UCITS 1,949,315 15.14 as at as at 3 iShares Global Govt 1,907,269 14.81 30 September 2017 30 September 2016 4 Aberdeen Global II 1,437,283 11.16 (%) (%) 5 Egerton Capital Equity 857,209 6.66 Fullerton Dynamic Strategies Fund - Balanced 34.53 42.48 6 SPDR Emerging Markets 842,553 6.54 7 Dimension Global Core Equity 805,188 6.25 The turnover ratios are calculated based on the following formula: 8 Winton Global Equity Fund 792,918 6.16 9 China AMC CSI 300 Index ETF 712,677 5.53 Turnover = [(Total 1 – Total 2)/M]*100 with: 10 Lyxor ETF MSCI WORLD 522,451 4.06 Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); as at 31 December 2016 Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period 1 iShares Global Government Bond 2,616,851 18.70 (Daily = S – T); M = average monthly assets of the relevant fund. 2 SSGA Global Treasury Bond 2,581,481 18.50 3 SPDR MSCI ACWI 1,544,359 11.00 The turnover ratio of Fullerton Dynamic Strategies Fund - Balanced for the financial year ended 31 December 2017 is 4 Lyxor ETF MSCI WORLD 1,188,530 8.50 not available. 5 Winton Global Equity Fund 1,173,404 8.40 6 Egerton Capital Equity 743,586 5.30 amount of redemptions and subscriptions for the period 7 Fullerton Short Term Interest Rate Fund Class B 686,025 4.90 1 January 2017 to 31 December 2017 8 iShares MSCI World UCITS ETF 655,978 4.70 9 Dimension Global Core Equity 433,209 3.10 Fullerton Dynamic Strategies Fund - Balanced 10 iShares S&P 500 IDX 416,251 3.00 (S$)

Subscriptions 861,618 Source: Fullerton Fund Management. Information extracted from the underlying fund - Fullerton Dynamic Strategies Fund - Balanced. Redemptions (66,867) All figures have been rounded to the nearest dollar.

146 147 schedule of investments soft dollar commission We have adopted the standards as set out by Investment Management Association of Singapore (IMAS) Goldman Sachs Emerging Markets CORE and Monetary Authority of Singapore (MAS) on receipt of soft dollar commissions. Fullerton’s policy towards such arrangements is as follows: Equity Portfolio • All deals are carried out on a basis consistent with “best execution”. • All the goods and services received are used to support the investment decision-making process. We do not soft purely administrative services.

Fullerton’s legal and compliance teams review all soft commission arrangements before they are entered into to ensure compliance with the standards set out by IMAS and MAS. Fullerton will only enter into soft dollar arrangements with brokers if the goods or services can reasonably be expected to assist in the provision of the investment services to Fullerton’s clients. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes Fullerton Dynamic Strategies Fund - Balanced, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fullerton Dynamic Strategies Fund – Balanced.

Market Value (S$) % of NAV 2,299,695 100.00 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Fullerton Fund Management.

148 fund performance at a glance

Goldman Sachs Emerging Markets CORE Equity Portfolio 39.25% fund facts Launch Date 1 August 2015 for the 1 year period ended 31 December 2017 Commencement Date 1 August 2015 Manager Goldman Sachs Asset Management International, table of per formance Quantitative Equity Team as at 31 December 2017 Currency of Fund US Dollars Valuation Frequency Daily Since Annual Management Fee 1.35% 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) investment objectives To achieve consistent relative outperformance. We aim to create portfolios with style, sector, risk and Goldman Sachs capitalization characteristics similar to the benchmark but positioned to potentially outperform through Emerging Markets CORE 6.37 18.57 39.25 N/A N/A N/A 14.08 country selection and stock selection. There is no guarantee that these objectives will be met. Equity Portfolio MSCI Emerging Markets (EM) 7.44 15.92 37.28 N/A N/A N/A 13.38 fund updates - Net With effect from 31 May 2016, the Goldman Sachs Growth and Emerging Markets CORE Equity Portfolio Source: Goldman Sachs Asset Management has been renamed Goldman Sachs Emerging Markets CORE Equity Portfolio. ^ Annual compounded return * Launch Date: 1 August 2015 With effect from 7 August 2017, the annual management fee of the portfolio was lowered from 1.75% to Commencement Date: 1 August 2015 1.35%.

Performance is calculated in accordance with the currency of the fund, in USD terms. With effect from 7 August 2017, the investment policy was amended to allow for potentially more allocation to China A shares. The investment policy of the portfolio was updated to allow it to invest up to 30% Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. of its net assets (or any other threshold as imposed from time to time by the regulator of the country where the portfolio is registered for distribution (the “Applicable Regulator”) in People’s Republic of China Past performance is not necessarily a guide to future performance. Equity Securities either directly (e.g., through the Stock Connect scheme or the Renminbi Qualified Foreign Institutional Investor Program) or indirectly (e.g., through Access Products or Permitted Funds investing in The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. China A-Shares)).

150 151 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 30 November 2017 30 November 2016 (%) (%) 513,846 units in Goldman Sachs Emerging Markets CORE Equity Portfolio 12,467,163 98.72 Goldman Sachs Emerging Markets CORE Equity Portfolio Base Acc 1.63 2.15 Other Assets 161,502 1.28 Expense ratio is calculated as Total Expenses/Average AUM, at the share class level. Net assets attributable to unitholders 12,628,665 100.00 The expense ratio of Goldman Sachs Emerging Markets CORE Equity Portfolio Base Acc for the financial year ended 31 All figures have been rounded up to the nearest dollar. December 2017 is not available.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at 30 November 2017 30 November 2016 No. Description Market Value (US$) % of NAV (%) (%) as at 31 December 2017 Goldman Sachs Emerging Markets CORE Equity Portfolio 147.00 153.00 1 Samsung Electronics Co Ltd 108,412,872 5.39 2 Tencent Holdings Ltd 104,625,254 5.21 Turnover ratio is calculated as lower of purchases and sales / yearly average total net assets. 3 Taiwan Semiconductor Manufacturing Co Ltd 101,852,920 5.07 4 Alibaba Group Holding Ltd 59,022,789 2.94 The turnover ratio of Goldman Sachs Emerging Markets CORE Equity Portfolio for the financial year ended 31 December 5 China Construction Bank Corp 51,973,034 2.59 2017 is not available. 6 Sberbank of Russia PJSC 45,823,274 2.28 7 Industrial & Commercial Bank of China Ltd 45,298,010 2.25 amount of redemptions and subscriptions for the period 8 SK Hynix Inc 45,206,780 2.25 1 January 2017 to 31 December 2017 9 Naspers Ltd 43,655,429 2.17 10 Wal-Mart de Mexico SAB de CV 35,213,132 1.75 Goldman Sachs Gr owth and Emer ging Markets CORE Equity Portfolio (S$) as at 31 December 2016 Subscriptions 6,446,834 1 Samsung Electronics Co Ltd 26,382,241 4.97 Redemptions (901,147) 2 Taiwan Semiconductor Manufacturing Co Ltd 23,153,782 4.36 3 China Constructuon Bank C 18,003,248 3.39 soft dollar commission 4 Tencent Holdings Limited 16,223,925 3.06 The QIS team does not use soft dollars or other mixed-use services obtained with client commissions. 5 China Mobile Limited 14,685,368 2.77 6 Standard Bank Group Limit 9,930,025 1.87 7 Banco Bradesco Sa 9,762,348 1.84 8 Industrial and Commercial 9,683,679 1.82 9 Agricultural Bank of China 9,431,984 1.78 10 China Petroleum & Chemical 8,789,756 1.66

Source: Goldman Sachs Asset Management. Information extracted from the underlying fund - Goldman Sachs Emerging Markets CORE Equity Portfolio. All figures have been rounded to the nearest dollar.

152 153 schedule of investments exposure to derivatives N/A Goldman Sachs Global Strategic borrowings N/A Income Bond Portfolio related-party transactions Nil investments in collective investment schemes Goldman Sachs Emerging Markets CORE Equity Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Goldman Sachs Emerging Markets CORE Equity Portfolio (Base Acc).

Market Value (S$) % of NAV 12,467,163 98.72 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Goldman Sachs Asset Management.

154 fund performance schedule of investments

Goldman Sachs Global Strategic Income Bond Portfolio -0.89% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 8,596 units in Goldman Sachs Global Strategic Income Bond Portfolio 808,153 98.81 Other Assets 9,729 1.19 Since Net assets attributable to unitholders 817,882 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Goldman Sachs Global -0.83 -1.42 -0.89 N/A N/A N/A 1.35 Strategic Income Bond portfolio statement - by top 10 holdings Portfolio

3 Month Libor (USD) 0.38 0.71 1.29 N/A N/A N/A 1.08 No. Description Market Value (US$) % of NAV

Source: Goldman Sachs Asset Management as at 31 December 2017 ^ Annual compounded return 1 LCH IR USD S 20Nov20 FIX 1,535,133,461 43.67 * Share Class Launch Date: 15 January 2016 2 LCH IR GBP S 21Mar20 FIX 973,297,299 27.69 Commencement Date: 30 March 2016 3 LCH IR USD S 6Aug20 FIX 902,802,480 25.68 4 LCH IR USD Q 20Nov23 FLT 671,895,574 19.11 Performance figures are calculated in accordance with the currency of the fund, in SGD terms. 5 ICE CD CXPEM528 20Dec22 O 571,895,000 16.27

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 6 LCH IR EUR A 16Dec21 FIX 510,926,144 14.54 account all charges which would have been payable upon such reinvestment. 7 CURRENCY CONTRACT - SEK 507,116,052 14.43 8 LCH IR SEK A 29Jun19 FIX 505,972,120 14.39 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 9 JAPAN T Bills 489,323,983 13.92 10 LCH IR EUR S 21Mar23 FLT 486,649,677 13.84 Past performance is not necessarily a guide to future performance. as at 31 December 2016 1 Forward US Dollar 2,362,013,531 51.98 2 LCH IR USD 2.2500 S 20Dec19 FIX 1,566,878,600 34.48 at a glance 3 LCH IR USD Q 15Mar19 FLT 1,156,250,110 25.45 4 Japanese Govt T-Bill #642 06 Feb 2017 951,496,013 20.94 5 LCH IR GBP 0.6000 S 15Mar19 FIX 852,706,367 18.77 fund facts 6 LCH IR CAD 1.0000 S 15Mar19 FIX 837,594,591 18.43 Launch Date 15 January 2016 7 LCH IR NZD 2.3500 S 22Feb19 FIX 541,536,776 11.92 Commencement Date 30 March 2016 8 LCH IR USD 2.2500 S 19Dec19 FIX 524,200,649 11.54 Manager Goldman Sachs Asset Management International, Fixed Income Team 9 Forward Swedish Krone 353,612,313 7.78 Currency of Fund Singapore Dollars 10 LCH IR SEK 0.0500 A 15Jun18 FIX 341,992,172 7.53 Valuation Frequency Daily Annual Management Fee 1.20% Source: Goldman Sachs Asset Management. Information extracted from the underlying fund - Goldman Sachs Global Strategic Income Bond Portfolio. investment objectives All figures have been rounded to the nearest dollar. The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly Note: The “% of NAV” reported in the 31 December 2016 annual funds report was incorrect. invest in publicly traded securities, currencies and financial derivative instruments, mostly in the global fixed income and currency markets.

156 157 schedule of investments schedule of investments annualised expense ratio (underlying fund) investments in collective investment schemes Goldman Sachs Global Strategic Income Bond Portfolio, an ILP sub-fund, feeds 100% into the underlying as at as at Luxembourg registered Goldman Sachs Global Strategic Income Bond Portfolio. 30 November 2017 30 November 2016 (%) (%) Market Value (S$) % of NAV Goldman Sachs Global Strategic Income Bond Portfolio 1.45 1.45 808,153 98.81

Expense ratio is calculated as Total Expenses/Average AUM, at the share class level. any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil The expense ratio of Goldman Sachs Global Strategic Income Bond Portfolio for the financial year ended 31 December 2017 is not available. Source of the expense ratio, turnover ratio and soft dollar commission: Goldman Sachs Asset Management. turnover ratio (underlying fund)

as at as at 30 November 2017 30 November 2016 (%) (%) Goldman Sachs Global Strategic Income Bond Portfolio 245.24 257.58

Turnover ratio is calculated as lower of purchases and sales / yearly average total net assets.

The turnover ratio of Goldman Sachs Global Strategic Income Bond Portfolio for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Goldman Sachs Global Strategic Income Bond Portfolio (S$) Subscriptions 526,389 Redemptions (47,893) soft dollar commission Because Fixed Income accounts typically trade on a principal basis, they do not utilize soft dollars. exposure to derivatives N/A borrowings N/A related-party transactions Nil

158 159 fund performance

H2O Allegro Fund H2O Allegro Fund 20.22% for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) H2O Allegro Fund 3.77 9.40 20.22 N/A N/A N/A 16.20 SGD 1 Month SIBOR 0.26 0.51 0.89 N/A N/A N/A 0.77

Source: Natixis Investment Managers & H2O Asset Management ^ Annual compounded return * Launch Date: 25 May 2015 Commencement Date: 25 May 2015

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

161 at a glance schedule of investments fund facts portfolio statement Launch Date 25 May 2015 as at 31 December 2017 Commencement Date 25 May 2015 Manager H2O Asset Management LLP Description Market Value (S$) % of NAV Currency of Fund Singapore Dollars 64,670 units in H2O Allegro Fund 10,945,336 100.30 Valuation Frequency Daily Other Liabilities (32,844) -0.30 Annual Management Fee 1.20% Net assets attributable to unitholders 10,912,492 100.00 investment objectives The fund’s investment objective is to outperform, over its recommended minimum investment term of 3 All figures have been rounded up to the nearest dollar. to 4 years, the SGD 1-month (Singapore dollars) SIBOR rate (Singapore Interbank Offered Rate), after deduction of management fees. This objective is to be achieved by by implementing a management process based upon strategic and tactical positions, as well as arbitrages on all global fixed income and international portfolio statement - by top 10 holdings currency markets, over the minimum recommended term of investment after the deduction of operating and management fees. The SGD 1-month SIBOR is the average interbank loan rate in Singapore dollars No. Description Market Value (EUR) % of NAV over a 1-month period. as at 30 June 2017 1 Mexico MBONO 10 12/05/24 68,251,156 15.90 fund updates 2 Portugal PGB 5.65 02/15/24 63,697,879 14.80 With effect from 20 June 2017, the fund manager has decided to implement a net asset value adjustment 3 Portugal PGB 2 7/8 10/15/25 47,459,736 11.00 mechanism – known as “swing pricing” – for all units of the fund. 4 Greece GGB 4 3/4 04/17/19 35,499,787 8.30

5 Greece GGB 3 3/4 01/30/28 29,230,006 6.80 This mechanism consists of making investors subscribing for or redeeming their units of the fund bear 6 Portugal PGB 4.1 02/15/45 23,474,793 5.50 the costs associated with transactions carried out on the assets of fund as a result of the movements 7 Greece GGB 3 02/24/23 19,819,187 4.60 (subscriptions or redemptions). 8 Italy BTPS 4 3/4 09/01/44 18,738,461 4.40

9 Portugal PGB 4 1/8 04/14/27 18,318,574 4.30 Its purpose is to protect the non-trading investors who remain in the fund from the dilution effect of these 10 Civitas Properties Civits 4 11/24/22 18,479,160 4.30 costs, which impact the fund’s performance by making them bear the lowest possible costs. The result is an adjusted “swing” net asset value. as at 31 December 2016 1 Portugal PGB 5.65 02/15/24 37,968,365 15.90 Effective 20 November 2017, Natixis Global Asset Management changed its name to Natixis Investment 2 Greece GGB 4 3/4 04/17/19 34,138,187 14.30 Managers. The change better highlights its multi-affiliate business model and the value of what they do, 3 Portugal PGB 2 7/8 10/15/25 32,547,290 13.60 which is to offer leading active investment solutions from a diverse range of managers, combined with 4 Portugal PGB 4.1 02/15/45 28,194,488 11.80 the research, analytics and support to help its clients build portfolios that address its clients’ demanding 5 Spain 3.8 04/30/24 24,296,576 10.20 investing challenges. 6 Italy BTPS 4 3/4 09/01/44 19,137,881 8.00 7 Portugal PGB 4.1 04/15/37 12,625,891 5.30 8 Greece GGB 3 02/24/27 11,297,186 4.70 9 Greece GGB 3 02/24/26 8,826,885 3.70 10 Greece GGB 3 02/24/25 8,666,227 3.60

Source: Natixis Investment Managers & H2O Asset Management. Information extracted from the underlying fund - H2O Allegro Fund. All figures have been rounded to the nearest dollar.

162 163 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 30 June 2017 30 June 2016 (%) (%) borrowings N/A H2O Allegro Fund Class HSGD-R(C) 1.20 1.20 related-party transactions Total expense ratio excludes transactions-related fees (brokerage fees, settlement fees payable to the Custodian, and Nil transaction fees payable to the Manager) and performance fees.

The expense ratio of H2O Allegro Fund Class HSGD-R(C) for the financial year ended 31 December 2017 is not investments in collective investment schemes available. H20 Allegro Fund, an ILP sub-fund, feeds 100% into the underlying France registered H2O Allegro Fund (Class HSGD-R(C)). turnover ratio (underlying fund) Market Value (S$) % of NAV as at as at 10,945,336 100.16 30 June 2017 30 June 2016 (%) (%) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund H2O Allegro Fund 170.00 170.00 Nil

The turnover ratio is estimated based upon thesum of the purchases and sales of cash bonds, futures contracts and currencies, expressed as a percentage of the average net asset value times 2, over a 12-month period. It excludes all Source of the expense ratio, turnover ratio and soft dollar commission: Natixis Investment Managers & H2O Asset cash management-related transactions. Management.

The turnover ratio of H2O Allegro Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

H2O Allegro Fund (S$) Subscriptions 6,048,375 Redemptions (533,643) soft dollar commission H2O AM LLP does not receive or enter into soft dollar commission or arrangements in the management of the ILP Sub-Fund.

164 165 fund performance

Janus Henderson Asia-Pacific Property Janus Henderson Asia-Pacific Property Equities Fund 6.17% for the 1 year period ended 31 December 2017 (previously known as Henderson Equities Fund table of per formance Asia-Pacific Property Equities Fund) as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Janus Henderson Asia- Pacific Property Equities 4.75 4.36 6.17 3.46 3.84 N/A 7.88 Fund FTSE EPRA/NAREIT Pure Asia total return net dividend 3.31 3.89 7.07 4.79 5.80 N/A 10.13 Index (Capital constrained)

Source: Janus Henderson Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the currency of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

167 at a glance schedule of investments fund facts portfolio statement Launch Date 16 January 2012 as at 31 December 2017 Commencement Date 16 January 2012 Manager Henderson Global Investors (Singapore) Limited Description Market Value (S$) % of NAV Currency of Fund Singapore Dollars 91,904 units in Janus Henderson Asia-Pacific Property Equities Fund 82,024 100.44 Valuation Frequency Daily Other Liabilities (361) -0.44 Annual Management Fee 1.33% Net assets attributable to unitholders 81,663 100.00 investment objectives To seek to provide investors through investment as a feeder fund in the Luxembourg- based Henderson All figures have been rounded up to the nearest dollar. Horizon Fund – Asia-Pacific Property Equities Fund with long-term capital appreciation by investing at least 75% of its total assets in the quoted equity securities of companies or real estate investment trusts (or their equivalents) having their registered offices in the Asia-Pacific Region and listed or traded on a regulated portfolio statement - by top 10 holdings market, which derive the predominant part of their revenue from the ownership, management and/or development of real estate in the Asia-Pacific Region. No. Description Market Value (US$) % of NAV fund updates as at 31 December 2017 Following the merger of Henderson Group plc and Janus Capital Inc in May 2017, Henderson Global 1 Sun Hung Kai Properties 26,415,899 8.53 Investors rebranded its business as Janus Henderson Investors. 2 Mitsui Fudosan 25,883,686 8.36 3 Link REIT 23,530,362 7.60 As a result of the merger, and with effect from 15 December 2017, the Henderson Global Select Funds 4 Goodman Group 15,342,517 4.96 – Henderson Global Property Equities Fund has been renamed to Janus Henderson Global Select Funds – 5 Hang Lung Properties 13,378,008 4.32 Janus Henderson Global Property Equities Fund. 6 CK Asset 13,180,721 4.26 7 Scentre Group 13,108,912 4.23 8 Sumitomo Realty & Development 12,856,315 4.15 9 Hulic 12,131,257 3.92 10 Mirvac Group 11,804,066 3.81

as at 31 December 2016 1 Scentre Group 26,918,489 9.69 2 Mitsui Fudosan 22,275,168 8.01 3 Sun Hung Kai Properties 21,536,829 7.75 4 Cheung Kong Property 20,844,789 7.50 5 Link REIT 15,826,213 5.69 6 Activia Properties 13,423,264 4.83 7 Goodman Group 13,000,886 4.68 8 Orix JREIT 12,822,865 4.61 9 Mitsubishi Estate 12,624,998 4.54 10 Stockland 12,445,185 4.48

Source: Janus Henderson Investors. Information extracted from the underlying fund - Janus Henderson Asia-Pacific Property Equities Fund. All figures have been rounded to the nearest dollar.

168 169 schedule of investments schedule of investments annualised expense ratio (underlying fund) The Managers, Sub-Managers and the Underlying Investment Managers use investment research, both internally generated and externally sourced, to inform their decision making. The below sets out the as at as at provisions for payment to third parties for investment research. 30 June 2017 30 June 2016 (%) (%) In respect of the Underlying Entities, the Underlying Investment Managers that are based within the European Janus Henderson Asia-Pacific Property Equities Fund Class A2 SGD 2.26* 2.05* Union pay for research they use from their own resources. Underlying Investment Managers that are based outside the European Union may receive research (and other services permitted by local regulation) from The expense ratio has been computed based on the guidelines laid down by the Investment Management Association investment brokers who are paid for that research (or services) from the commission the relevant Underlying of Singapore (“IMAS”). The total operating expenses do not include (where applicable) brokerage and other transactions Entity pays for transactions. costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income Where the Managers, Sub-Managers or Underlying Investment Managers for the Fund or Underlying Entities received. The fund does not pay any performance fee. The average net asset value is based on daily balances. (as the case may be) enter into commission sharing arrangements, they will ensure that the broker or counterparty to the arrangement has agreed to provide best execution to the Fund or the relevant Underlying *audited Entity, the benefits provided under the arrangements assist in the provision of investment services to the The expense ratio of Janus Henderson Asia-Pacific Property Equities Fund Class A2 SGD for the financial year ended 31 Fund or the relevant Underlying Entity and the Managers, Sub-Managers or Underlying Investment Managers December 2017 is not available. do not enter into unnecessary trades in order to achieve a sufficient volume of transactions to qualify for soft dollars. turnover ratio (underlying fund) The above provisions shall be subject to the provisions of the Code in relation to any commission sharing as at as at arrangements undertaken by the Managers and the Sub-Managers. 30 June 2017 30 June 2016 (%) (%) exposure to derivatives Janus Henderson Asia-Pacific Property Equities Fund SGD 0.69* 0.64* N/A

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment borrowings Schemes.The calculation of the portfolio turnover ratio was based on the lower of total value of purchases or sales of N/A the underlying investments divided by the average daily net asset value. related-party transactions *audited Nil The turnover ratio of Janus Henderson Asia-Pacific Property Equities Fund SGD for the financial year ended 31 December 2017 is not available. investments in collective investment schemes Janus Henderson Asia-Pacific Property Equities Fund, an ILP sub-fund, feeds 100% into the underlying amount of redemptions and subscriptions for the period Luxembourg registered Henderson Horizon Fund - Asia-Pacific Property Equities Fund (Class A2 SGD). 1 January 2017 to 31 December 2017 Market Value (S$) % of NAV Janus Henderson Asia-Pacific Property Equities Fund 82,024 100.44 (S$) Subscriptions 28,273 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil Redemptions (1,569) soft dollar commission Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. No cash rebates in relation to broker transactions are retained by the Managers, the Sub-Managers, the Underlying Managers and the Underlying Investment Managers or any of their connected persons in respect of the Fund or the Underlying Entities (as the case may be). All transactions carried out on behalf of the Fund or the Underlying Entities are conducted on an arm’s length basis and are executed on the best available terms.

170 171 fund performance

Janus Henderson Fund – Continental Janus Henderson Fund – Continental European Fund 7.45% for the 1 year period ended 31 December 2017

European Fund (previously known as Henderson table of per formance Gartmore Continental European Fund) as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Janus Henderson Fund – -1.69 -0.16 7.45 6.58 10.61 N/A 11.94 Continental European Fund MSCI Europe (ex UK) Index -0.66 2.49 11.40 8.33 10.92 N/A 12.16

Source: Janus Henderson Investors ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012

Performance is calculated in accordance with the currency of the fund, in Euro terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

173 at a glance schedule of investments fund facts portfolio statement Launch Date 2 May 2012 as at 31 December 2017 Commencement Date 2 May 2012 Manager Henderson Global Investors Limited No. Description Market Value (S$) % of NAV Currency of Fund Euro Dollars 4,384 units in Janus Henderson Fund – Continental European Fund 72,298 100.15 Valuation Frequency Daily Other Liabilities (111) -0.15 Annual Management Fee 1.50% Net assets attributable to unitholders 72,187 100.00 investment objectives To achieve a long-term return, in excess of the long-term return that is typically achieved from Continental All figures have been rounded up to the nearest dollar. European equity markets, by investing at any given time at least two-thirds of its net assets in: companies having their registered office in Continental Europe; companies that do not have their registered office in Continental Europe but either (i) carry out a predominant proportion of their business activity in Continental portfolio statement - by top 10 holdings Europe, or (ii) are holding companies which predominantly own companies with registered offices in Continental Europe. No. Description Market Value (EUR) % of NAV fund updates as at 31 December 2017 1 Nestlé 181,308,817 4.47 Following the merger of Henderson Group plc and Janus Capital Inc in May 2017, Henderson Global 2 Galp Energia SGPS 134,722,929 3.32 Investors rebranded its business as Janus Henderson Investors. 3 SAP 133,882,971 3.30 4 Autoliv 131,573,233 3.25 As a result of the merger, and with effect from 15 December 2017, the Henderson Gartmore Fund – 5 ABN AMRO Group 124,836,404 3.08 Continental European Fund has been renamed to Janus Henderson Fund – Continental European Fund. 6 Carlsberg 118,330,226 2.92 7 Novo Nordisk 114,484,671 2.82 8 Novartis 109,432,726 2.70 9 RELX 107,018,308 2.64 10 Nordea Bank 102,890,057 2.54

as at 31 December 2016 1 Novartis 176,083,282 4.06 2 Autoliv 172,384,883 3.98 3 Nestlé 165,806,765 3.83 4 Roche 163,396,240 3.77 5 SAP 154,062,987 3.55 6 Nordea Bank 141,938,740 3.27 7 KBC Group 123,002,757 2.84 8 ING Groep 111,197,003 2.57 9 Galp Energia SGPS 110,388,521 2.55 10 BNP Paribas 105,702,373 2.44

Source: Janus Henderson Investors. Information extracted from the underlying fund - Janus Henderson Fund – Continental European Fund. All figures have been rounded to the nearest dollar.

174 175 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 30 September 2017 30 September 2016 borrowings (%) (%) N/A Janus Henderson Fund – Continental European Fund (Class R Acc EUR) 1.63* 1.68* related-party transactions The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). Nil *audited The expense ratio of Janus Henderson Fund – Continental European Fund (Class R Acc EUR) for the financial year ended investments in collective investment schemes 31 December 2017 is not available. Janus Henderson Fund – Continental European Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Janus Henderson Fund – Continental European Fund (Class R Acc EUR). turnover ratio (underlying fund) Market Value (S$) % of NAV as at as at 72,298 100.15 30 September 2017 30 September 2016 (%) (%) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Janus Henderson Fund – Continental European Fund (Class R Acc EUR) 121.71* 108.82* Nil

The portfolio turnover ratio is calculatedin accordance with SFAMA (Swiss Funds and Asset Management Association). Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. *audited The turnover ratio of Janus Henderson Fund – Continental European Fund (Class R Acc EUR) for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Janus Henderson Fund – Continental Eur opean Fund (S$) Subscriptions 134,467 Redemptions (156,062) soft dollar commission The Investment Manager is authorised to effect transactions through brokers whereby the broker agrees to use a proportion of the commission earned on such transactions to discharge the broker’s own costs or the costs of third parties in providing certain services to the Investment Manager. The services which can be paid for under such arrangements are those permitted under the rules of the Financial Conduct Authority (“FCA”) namely those that relate to the execution of transactions on behalf of customers or the provision of investment research to the Investment Manager.

176 177 fund performance

Janus Henderson Fund - Latin American Fund 29.64% Janus Henderson Fund - Latin American for the 1 year period ended 31 December 2017

Fund (previously known as Henderson Gartmore Latin table of per formance American Fund) as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Janus Henderson Fund - 2.21 15.20 29.64 6.74 -2.04 N/A -2.14 Latin American Fund MSCI EM Latin America -2.34 12.37 23.74 3.87 -3.06 N/A -2.94 Index

Source: Janus Henderson Investors ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012

Performance is calculated in accordance with the currency of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

179 at a glance schedule of investments fund facts portfolio statement Launch Date 2 May 2012 as at 31 December 2017 Commencement Date 2 May 2012 Manager Henderson Global Investors Limited Description Market Value (S$) % of NAV Currency of Fund US Dollars 6,452 units in Janus Henderson Fund - Latin American Fund 123,847 100.12 Valuation Frequency Daily Other Liabilities (147) -0.12 Annual Management Fee 1.50% Net assets attributable to unitholders 123,700 100.00 investment objectives To achieve a long-term return, in excess of the long-term return that is typically achieved from Latin American All figures have been rounded up to the nearest dollar. equity markets, by investing at any given time at least two-thirds of its net assets in: companies having their registered office in Latin American markets; companies that do not have their registered office in Latin American markets but either (i) carry out a predominant proportion of their business activity in these portfolio statement - by top 10 holdings markets, or (ii) are holding companies which predominantly own companies with registered offices in Latin American markets. No. Description Market Value (US$) % of NAV as at 31 December 2017 fund updates 1 Quinenco 5,968,941 7.81 Following the merger of Henderson Group plc and Janus Capital Inc in May 2017, Henderson Global 2 Cia Cervecerias Unidas 5,545,017 7.26 Investors rebranded its business as Janus Henderson Investors. 3 Duratex 3,996,761 5.23 4 Banco Bradesco 3,892,977 5.10 As a result of the merger, and with effect from 15 December 2017, the Henderson Gartmore Fund – Latin 5 Grupo Herdez 3,522,134 4.61 American Fund has been renamed to Janus Henderson Fund – Latin American Fund. 6 Embotelladora Andina 3,500,601 4.58 7 Sociedad Matriz SAAM 3,471,008 4.54 8 Inversiones Aguas Metropolitanas 3,362,983 4.40 9 Grupo Nutresa 3,332,031 4.36 10 WEG 2,942,274 3.85

as at 31 December 2016 1 Quinenco 3,783,861 6.25 2 Mahle-Metal Leve 3,730,548 6.16 3 Cia Cervecerias Unidas 3,691,262 6.09 4 Duratex 3,223,257 5.32 5 Empresa Nacional de Telecomunicaciones 3,211,436 5.30 6 WEG SA ORD BRL 3,194,198 5.27 7 Grupo Herdez 2,828,194 4.67 8 Banco Bradesco 2,722,812 4.50 9 Sociedad Matriz SAAM SA 2,583,506 4.27 10 Inversiones Aguas Metropolitanas 2,329,308 3.85

Source: Janus Henderson Investors. Information extracted from the underlying fund - Janus Henderson Fund - Latin American Fund. All figures have been rounded to the nearest dollar.

180 181 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 30 September 2017 30 September 2016 borrowings (%) (%) N/A Janus Henderson Fund - Latin American Fund Class Acc USD (R) 1.72* 1.74* related-party transactions The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). Nil *audited

The expense ratio of Janus Henderson Fund - Latin American Fund Class Acc USD (R) for the financial year ended 31 investments in collective investment schemes December 2017 is not available. Janus Henderson Fund - Latin American Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Janus Henderson Fund - Latin American Fund (Class Acc USD (R)). turnover ratio (underlying fund) Market Value (S$) % of NAV as at as at 123,847 100.12 30 September 2017 30 September 2016 (%) (%) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil Janus Henderson Fund - Latin American Fund -61.98* -7.76* Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. The portfolio turnover ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *audited

The turnover ratio of Janus Henderson Fund - Latin American Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Janus Henderson Fund - Latin American Fund (S$) Subscriptions 131,655 Redemptions (122,257) soft dollar commission The Investment Manager is authorised to effect transactions through brokers whereby the broker agrees to use a proportion of the commission earned on such transactions to discharge the broker’s own costs or the costs of third parties in providing certain services to the Investment Manager. The services which can be paid for under such arrangements are those permitted under the rules of the Financial Conduct Authority (“FCA”) namely those that relate to the execution of transactions on behalf of customers or the provision of investment research to the Investment Manager.

182 183 fund performance

Janus Henderson Global Property Equities Janus Henderson Global Property Equities Fund 2.71% for the 1 year period ended 31 December 2017 (previously known as Henderson Global Property Fund table of per formance Equities Fund) as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Janus Henderson Global 1.41 1.64 2.71 4.43 6.81 N/A 8.88 Property Equities Fund FTSE EPRA/NAREIT 1.95 2.18 2.09 4.74 8.25 N/A 10.06 Developed Index

Source: Janus Henderson Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

185 at a glance schedule of investments fund facts portfolio statement Launch Date 16 January 2012 as at 31 December 2017 Commencement Date 16 January 2012 Manager Henderson Global Investors (Singapore) Limited Description Market Value (S$) % of NAV Currency of Fund Singapore Dollars 68,146 units in Janus Henderson Global Property Equities Fund 75,710 100.73 Valuation Frequency Daily Other Liabilities (546) -0.73 Annual Management Fee 1.33% Net assets attributable to unitholders 75,164 100.00 investment objectives To seek to provide investors through investment as a feeder fund in the Luxembourg-based Henderson All figures have been rounded up to the nearest dollar. Horizon Fund – Global Property Equities Fund with long-term capital appreciation by investing in the quoted equity securities of companies or real estate investment trusts (or their equivalents) listed or traded on a regulated market, which derive the main part of their revenue from the ownership, management and/or portfolio statement - by top 10 holdings development of real estate, throughout the world. No. Description Market V alue (US$) % of NAV fund updates as at 31 December 2017 Following the merger of Henderson Group plc and Janus Capital Inc in May 2017, Henderson Global 1 Simon Property Group 18,490,567 5.30 Investors rebranded its business as Janus Henderson Investors. 2 Deutsche Wohnen 13,535,426 3.88 3 Mitsui Fudosan 12,982,181 3.72 As a result of the merger, and with effect from 15 December 2017, the Henderson Global Select Funds 4 Alexandria Real Estate Equities 12,899,129 3.70 – Henderson Global Property Equities Fund has been renamed to Janus Henderson Global Select Funds – 5 Sun Hung Kai Properties 12,211,276 3.50 Janus Henderson Global Property Equities Fund. 6 Public Storage 11,335,132 3.25 7 Invitation Homes 10,209,805 2.93 8 Hang Lung Properties 8,342,959 2.39 9 Goodman Group 8,131,768 2.33 10 UDR 8,052,573 2.31

as at 31 December 2016 1 Simon Property Group 22,435,928 5.49 2 Mitsui Fudosan 16,967,141 4.15 3 AvalonBay Communities 16,868,807 4.13 4 General Growth Properties 13,256,866 3.24 5 Deutsche Wohnen 12,912,400 3.16 6 Scentre Group 12,261,755 3.00 7 Rexford Industrial Realty 12,257,514 3.00 8 Sun Hung Kai Properties 11,731,605 2.87 9 Hudson Pacific Properties 10,936,251 2.68 10 Physicians Realty Trust 10,740,794 2.63

Source: Janus Henderson Investors. Information extracted from the underlying fund - Janus Henderson Global Property Equities Fund. All figures have been rounded to the nearest dollar.

186 187 schedule of investments schedule of investments annualised expense ratio (underlying fund) The Managers, Sub-Managers and the Underlying Investment Managers use investment research, both internally generated and externally sourced, to inform their decision making. The below sets out the as at as at provisions for payment to third parties for investment research. 30 June 2017 30 June 2016 (%) (%) In respect of the Underlying Entities, the Underlying Investment Managers that are based within the European Janus Henderson Global Property Equities Fund Class A2 SGD 2.42* 1.71* Union pay for research they use from their own resources. Underlying Investment Managers that are based outside the European Union may receive research (and other services permitted by local regulation) from The total operating expenses do not include brokerage and other transaction costs, performance fee, interest expense, investment brokers who are paid for that research (or services) from the commission the relevant Underlying distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or Entity pays for transactions. sale of other funds and tax deducted at source or arising out of income received. Where the Managers, Sub-Managers or Underlying Investment Managers for the Fund or Underlying Entities *audited (as the case may be) enter into commission sharing arrangements, they will ensure that the broker or The expense ratio of Janus Henderson Global Property Equities Fund Class A2 SGD for the financial year ended 31 counterparty to the arrangement has agreed to provide best execution to the Fund or the relevant Underlying December 2017 is not available. Entity, the benefits provided under the arrangements assist in the provision of investment services to the Fund or the relevant Underlying Entity and the Managers, Sub-Managers or Underlying Investment Managers turnover ratio (underlying fund) do not enter into unnecessary trades in order to achieve a sufficient volume of transactions to qualify for soft dollars. as at as at 30 June 2017 30 June 2016 (%) (%) The above provisions shall be subject to the provisions of the Code in relation to any commission sharing arrangements undertaken by the Managers and the Sub-Managers. Janus Henderson Global Property Equities Fund 5.73* 18.52* exposure to derivatives The portfolio turnover ratios are calculated in accordance with the formula stated in the Code on Collective Investment N/A Schemes. The calculation of the portfolio turnover ratio was based on the lower of total value of purchases or sales of the underlying investments divided by the average daily net asset value. borrowings *audited N/A The turnover ratio of Janus Henderson Global Property Equities Fund for the financial year ended 31 December 2017 is not available. related-party transactions Nil amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 investments in collective investment schemes Janus Henderson Global Property Equities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg Janus Henderson Global Property Equities Fund registered Henderson Horizon Fund - Global Property Equities Fund (Class A2 SGD). (S$) Subscriptions 37,912 Market Value (S$) % of NAV Redemptions (5,312) 75,710 100.73

any other material infor mation that will adversely af fect the valuation of the ILP sub-fund soft dollar commission Nil No cash rebates in relation to broker transactions are retained by the Managers, the Sub-Managers, the Underlying Managers and the Underlying Investment Managers or any of their connected persons in respect Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. of the Fund or the Underlying Entities (as the case may be). All transactions carried out on behalf of the Fund or the Underlying Entities are conducted on an arm’s length basis and are executed on the best available terms.

188 189 fund performance

Janus Henderson Global Technology Fund Janus Henderson Global Technology Fund 31.98% (previously known as Henderson Global Technology Fund) for the 1 year period ended 31 December 2017 table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Janus Henderson Global 6.48 13.53 31.98 16.71 18.98 N/A 16.77 Technology Fund MSCI AC World Information 6.39 14.23 31.14 18.43 21.51 N/A 19.17 Technology Index

Source: Janus Henderson Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

191 at a glance schedule of investments fund facts portfolio statement Launch Date 16 January 2012 as at 31 December 2017 Commencement Date 16 January 2012 Manager Henderson Global Investors (Singapore) Limited Description Market Value (S$) % of NAV Currency of Fund Singapore Dollars 1,360,820 units in Janus Henderson Global Technology Fund 4,867,108 99.93 Valuation Frequency Daily Other Assets 3,381 0.07 Annual Management Fee 1.33% Net assets attributable to unitholders 4,870,489 100.00 investment objectives To seek to provide investors through investment as a feeder fund in the Luxembourg-based Henderson All figures have been rounded up to the nearest dollar. Horizon Fund - Global Technology Fund with long-term capital growth by investing in a globally diversified portfolio of technology-related companies. The fund aims to take advantage of market trends internationally. The fund takes a geographically diversified approach and operates within broad asset allocation ranges. portfolio statement - by top 10 holdings There are no specified limits on the amounts that the fund can or must invest in any geographical region or single country. No. Description Market V alue (US$) % of NAV fund updates as at 31 December 2017 1 Alphabet 255,968,397 9.15 Following the merger of Henderson Group plc and Janus Capital Inc in May 2017, Henderson Global 2 Apple 233,683,645 8.35 Investors rebranded its business as Janus Henderson Investors. 3 Facebook 190,700,134 6.81 4 Microsoft 154,667,084 5.53 As a result of the merger, and with effect from 15 December 2017, the Henderson Global Technology Fund 5 Samsung Electronics 124,055,325 4.43 has been renamed to Janus Henderson Global Technology Fund. 6 Alibaba Group 109,524,532 3.91

7 Visa 99,797,362 3.57 8 Cisco Systems 95,285,493 3.40 9 Broadcom 83,936,925 3.00 10 Mastercard 74,791,121 2.67

as at 31 December 2016 1 Apple 174,876,982 8.67 2 Facebook 128,995,331 6.39 3 Microsoft 127,341,051 6.31 4 Alphabet ‘A’ 108,314,190 5.37 5 Alphabet ‘C’ 86,115,464 4.27 6 Samsung Electronics 82,352,729 4.08 7 Visa 80,718,963 4.00 8 Intel 75,769,152 3.76 9 Cisco Systems 74,307,217 3.68 10 Tencent Holdings 70,742,512 3.51

Source: Janus Henderson Investors. Information extracted from the underlying fund - Janus Henderson Global Technology Fund. All figures have been rounded to the nearest dollar.

192 193 schedule of investments schedule of investments annualised expense ratio (underlying fund) The Managers, Sub-Managers and the Underlying Investment Managers use investment research, both internally generated and externally sourced, to inform their decision making. The below sets out the as at as at provisions for payment to third parties for investment research. 30 June 2017 30 June 2016 (%) (%) In respect of the Underlying Entities, the Underlying Investment Managers that are based within the European Janus Henderson Global Technology Fund Class A2 SGD 2.20* 1.72* Union pay for research they use from their own resources. Underlying Investment Managers that are based outside the European Union may receive research (and other services permitted by local regulation) from The expense ratio has been computed based on the guidelines laid down by the Investment Management Association investment brokers who are paid for that research (or services) from the commission the relevant Underlying of Singapore (“IMAS”). The total operating expenses do not include (where applicable) brokerage and other transactions Entity pays for transactions. costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income Where the Managers, Sub-Managers or Underlying Investment Managers for the Fund or Underlying Entities received. The fund does not pay any performance fee. The average net asset value is based on daily balances. (as the case may be) enter into commission sharing arrangements, they will ensure that the broker or counterparty to the arrangement has agreed to provide best execution to the Fund or the relevant Underlying *audited The expense ratio of Janus Henderson Global Technology Fund Class A2 SGD for the financial year ended 31 December Entity, the benefits provided under the arrangements assist in the provision of investment services to the 2017 is not available. Fund or the relevant Underlying Entity and the Managers, Sub-Managers or Underlying Investment Managers do not enter into unnecessary trades in order to achieve a sufficient volume of transactions to qualify for turnover ratio (underlying fund) soft dollars.

as at as at The above provisions shall be subject to the provisions of the Code in relation to any commission sharing 30 June 2017 30 June 2016 arrangements undertaken by the Managers and the Sub-Managers. (%) (%) Janus Henderson Global Technology Fund SGD 11.00* 8.85* exposure to derivatives N/A The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of total value of borrowings purchases or sales of the underlying investments divided by the average daily net asset value. N/A

*audited related-party transactions The turnover ratio of Janus Henderson Global Technology Fund SGD for the financial year ended 31 December 2017 is Nil not available. amount of redemptions and subscriptions for the period investments in collective investment schemes 1 January 2017 to 31 December 2017 Janus Henderson Global Technology Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund - Global Technology Fund (Class A2). Janus Henderson Global Technology Fund (S$) Market Value (S$) % of NAV 4,867,108 99.93 Subscriptions 1,937,437 Redemptions (291,408) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil soft dollar commission No cash rebates in relation to broker transactions are retained by the Managers, the Sub-Managers, the Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. Underlying Managers and the Underlying Investment Managers or any of their connected persons in respect of the Fund or the Underlying Entities (as the case may be). All transactions carried out on behalf of the Fund or the Underlying Entities are conducted on an arm’s length basis and are executed on the best available terms.

194 195 fund performance

Janus Henderson Horizon Fund - Japan Opportunities Fund 19.93% Janus Henderson Horizon Fund - Japan for the 1 year period ended 31 December 2017

Opportunities Fund (previously known as table of per formance Henderson Horizon Fund - Japan Opportunities Fund) as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Janus Henderson Horizon Fund - Japan Oppor tunities 6.71 9.26 19.93 13.91 12.71 N/A 11.20 Fund Tokyo SE First Section Index 8.59 13.38 26.15 13.14 12.17 N/A 11.68

Source: Janus Henderson Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance figures are calculated in accordance with the currency of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

197 at a glance schedule of investments fund facts portfolio statement Launch Date 16 January 2012 as at 31 December 2017 Commencement Date 16 January 2012 Manager Henderson Global Investors Limited Description Market Value (S$) % of NAV Currency of Fund US Dollars 55,415 units in Janus Henderson Horizon Fund - Valuation Frequency Daily Japan Opportunities Fund 1,320,766 99.46 Annual Management Fee 1.20% Other Assets 7,200 0.54 investment objectives Net assets attributable to unitholders 1,327,966 100.00 The investment objective of the Henderson Horizon Fund – Japan Opportunities Fund is to seek long-term capital appreciation by investing primarily in equity and equity related securities of Japanese companies All figures have been rounded up to the nearest dollar. across a variety of sectors. The Fund is not restricted in the size of the companies in which it can invest. fund updates portfolio statement - by top 10 holdings Following the merger of Henderson Group plc and Janus Capital Inc in May 2017, Henderson Global Investors rebranded its business as Janus Henderson Investors. No. Description Market V alue (JPY) % of NAV

As a result of the merger, and with effect from 15 December 2017, the Henderson Horizon Fund - Japan as at 31 December 2017 1 Mitsubishi UFJ Financial Group 302,058,720 5.32 Opportunities Fund has been renamed to Janus Henderson Horizon Fund - Japan Opportunities Fund. 2 Fujitsu 261,007,500 4.60

3 TDK 258,013,000 4.55 4 Japan Tobacco 250,435,500 4.41 5 Mitsui Fudosan 234,526,050 4.13 6 Sony 218,655,000 3.85 7 Don Quijote 212,400,000 3.74 8 SoftBank Group 208,821,600 3.68 9 Disco 205,492,000 3.62 10 Komatsu 199,724,000 3.52

as at 31 December 2016 1 Mitsubishi UFJ Financial Group 248,711,040 4.27 2 Fujitsu 224,588,600 3.85 3 Disco 213,740,500 3.67 4 Inpex 209,447,175 3.59 5 Denso 209,421,900 3.59 6 Don Quijote 206,302,500 3.54 7 Japan Tobacco 205,242,900 3.52 8 Murata Manufacturing 203,417,500 3.49 9 Seibu 202,425,300 3.47 10 Fujifilm 198,996,800 3.41

Source: Janus Henderson Investors. Information extracted from the underlying fund - Janus Henderson Horizon Fund - Japan Opportunities Fund. All figures have been rounded to the nearest dollar.

198 199 schedule of investments schedule of investments

annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 30 June 2017 30 June 2016 borrowings (%) (%) N/A

Janus Henderson Horizon Fund - Japan Opportunities Fund 2.04* 1.92* related-party transactions The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). Nil

*unaudited investments in collective investment schemes The expense ratio of Janus Henderson Horizon Fund - Japan Opportunities Fund Class A2 for the financial year ended Janus Henderson Horizon Fund - Japan Opportunities Fund , an ILP sub-fund, feeds 100% into the underlying 31 December 2017 is not available. Luxembourg registered Janus Henderson Horizon Fund - Japan Opportunities Fund (Class A2). turnover ratio (underlying fund) Market Value (S$) % of NAV 1,320,766 99.46 as at as at 30 June 2017 30 June 2016 (%) (%) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil Janus Henderson Horizon Fund - Japan Opportunities Fund 12.32* -35.63* Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. The portfolio turnover ratio is calculatedin accordance with SFAMA (Swiss Funds and Asset Management Association).

*unaudited The turnover ratio of Janus Henderson Horizon Fund - Japan Opportunities Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Janus Henderson Horizon Fund - Japan Oppor tunities Fund (S$) Subscriptions 759,234 Redemptions (48,605) soft dollar commission The Investment Manager is authorised to effect transactions through brokers whereby the broker agrees to use a proportion of the commission earned on such transactions to discharge the broker’s own costs or the costs of third parties in providing certain services to the Investment Manager. The services which can be paid for under such arrangements are those permitted under the rules of the Financial Conduct Authority (“FCA”) namely those that relate to the execution of transactions on behalf of customers or the provision of investment research to the Investment Manager.

200 201 fund performance

Janus Henderson Horizon Fund - Pan European Alpha Fund 3.67% Janus Henderson Horizon Fund - for the 1 year period ended 31 December 2017

Pan European Alpha Fund (previously known table of per formance as Henderson Horizon Fund - Pan European Alpha Fund) as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Janus Henderson Horizon Fund - Pan European Alpha -0.83 -0.83 3.67 0.98 5.68 N/A 5.70 Fund Euro Base Rate (Euro Main 0.00 0.00 0.00 0.02 2.30 N/A 3.20 Refinancing Rate)

Source: Janus Henderson Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Henderson Global Investors Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.20%

investment objectives To seek long-term capital appreciation through exposure primarily to European equities.

fund updates Following the merger of Henderson Group plc and Janus Capital Inc in May 2017, Henderson Global Investors rebranded its business as Janus Henderson Investors.

As a result of the merger, and with effect from 15 December 2017, the Henderson Horizon Fund - Pan European Alpha Fund has been renamed to Janus Henderson Horizon Fund - Pan European Alpha Fund.

203 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 30 June 2017 30 June 2016 (%) (%) 15,111 units in Janus Henderson Horizon Fund - Pan European Alpha Fund 215,174 100.00 Other Assets 8 0.00 Janus Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR 2.37* 1.89*

Net assets attributable to unitholders 215,182 100.00 The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association).

All figures have been rounded up to the nearest dollar. *audited The expense ratio of Janus Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR for the financial year ended 31 December 2017 is not available. portfolio statement - by top 10 holdings turnover ratio (underlying fund)

No. Description Market V alue (EUR) % of NAV as at as at 30 June 2017 30 June 2016 as at 31 December 2017 (%) (%) 1 Autoliv 31,230,689 2.99 Janus Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR 80.38* 65.94* 2 Carlsberg 30,090,731 2.88 3 Nordea Bank 28,875,146 2.76 The portfolio turnover ratio is calculatedin accordance with SFAMA (Swiss Funds and Asset Management Association). 4 ABN AMRO Group 22,470,744 2.15 5 United Internet 17,916,800 1.71 *audited 6 Novo Nordisk 16,282,125 1.56 The turnover ratio of Janus Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR for the financial year 7 Svenska Handelsbanken 15,878,085 1.52 ended 31 December 2017 is not available. 8 Merck 15,416,998 1.47 9 ING Groep 15,239,127 1.46 amount of redemptions and subscriptions for the period 10 Nokian Renkaat 14,394,487 1.38 1 January 2017 to 31 December 2017 as at 31 December 2016 Janus Henderson Horizon Fund - Pan Eur opean Alpha Fund 1 Novartis 29,179,293 2.59 (S$) 2 Autoliv 20,420,038 1.81 Subscriptions 127,792 3 KBC Group 18,439,484 1.64 Redemptions (60,419) 4 Nordea Bank 17,577,209 1.56 5 RELX 17,307,924 1.54 6 ABN AMRO Group 17,199,324 1.53 soft dollar commission 7 Linde 16,298,493 1.45 The Investment Manager is authorised to effect transactions through brokers whereby the broker agrees to 8 Societe BIC 15,300,004 1.36 use a proportion of the commission earned on such transactions to discharge the broker’s own costs or the 9 Koninklijke Philips 14,288,388 1.27 costs of third parties in providing certain services to the Investment Manager. The services which can be 10 SAP 13,983,807 1.24 paid for under such arrangements are those permitted under the rules of the Financial Conduct Authority (“FCA”) namely those that relate to the execution of transactions on behalf of customers or the provision of Source: Janus Henderson Investors. investment research to the Investment Manager. Information extracted from the underlying fund - Janus Henderson Horizon Fund - Pan European Alpha Fund. All figures have been rounded to the nearest dollar.

204 205 schedule of investments exposure to derivatives N/A Invesco Asia Consumer Demand Fund borrowings N/A related-party transactions Nil investments in collective investment schemes Janus Henderson Horizon Fund - Pan European Alpha Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Janus Henderson Horizon Fund - Pan European Alpha Fund (Class A2 EUR).

Market Value (S$) % of NAV 215,174 100.00 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors.

206 fund performance schedule of investments

Invesco Asia Consumer Demand Fund 52.21% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 22,893 units in Invesco Asia Consumer Demand Fund 581,477 98.32 Other Assets 9,924 1.68 Since Net assets attributable to unitholders 591,401 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Invesco Asia Consumer 9.84 22.77 52.21 10.41 8.32 N/A 8.38 Demand Fund portfolio statement - by top 10 holdings MSCI AC Asia ex Japan ND 8.23 15.40 41.72 10.72 7.95 N/A 8.37 No. Description Market Value (US$) % of NAV Source: Invesco ^ Annual compounded return as at 31 December 2017 * Launch Date: 2 May 2012 1 Tencent 38,594,360 5.80 Commencement Date: 2 May 2012 2 Samsung Electronics 33,271,000 5.00 3 Alibaba 25,951,380 3.90 Performance is calculated in accordance with the currency of the fund, in USD terms. 4 China Mobile 18,631,760 2.80 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 5 Bajaj Finance 18,631,760 2.80 account all charges which would have been payable upon such reinvestment. 6 AIA 18,631,760 2.80 7 Ctrip ADR 17,966,340 2.70 Past performance is not necessarily a guide to future performance. 8 Hengan International 17,300,920 2.60 9 Maruti Suzuki India 17,300,920 2.60 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 10 Yili 16,635,500 2.50

as at 31 December 2016 1 Tencent 22,742,487 7.43 at a glance 2 Tingyi (Cayman Islands) 11,141,676 3.64 3 China Mobile 11,111,067 3.63 4 Brilliance China Automotive 10,223,406 3.34 fund facts 5 American Institute of Architects 9,580,617 3.13 Launch Date 2 May 2012 6 Ping An Insurance 9,519,399 3.11 Commencement Date 2 May 2012 7 Hengan International 9,458,181 3.09 Manager Invesco Management S.A. 8 Bajaj Finance 9,182,700 3.00 Investment Advisor Invesco Hong Kong Ltd, located in Hong Kong 9 Baidu ADR 8,876,610 2.90 Currency of Fund US Dollars 10 Ctrip ADR 8,784,783 2.87 Valuation Frequency Daily Annual Management Fee 1.50% Source: Invesco. Information extracted from the underlying fund - Invesco Asia Consumer Demand Fund. All figures have been rounded to the nearest dollar. investment objectives To achieve long-term capital appreciation by investing at least 70% of the total assets of the Fund (without taking into account ancillary liquid assets) in equity securities of Asian companies whose business is likely to benefit from, or is related to growth in domestic consumption in Asian economies, excluding Japan.

208 209 schedule of investments schedule of investments annualised expense ratio (underlying fund) or direct money payments. The Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being cash commission repayment made by a broker or dealer to the Manager and/or as at as at any Connected Person) paid or payable for any such broker or dealer in respect of any business placed with 31 December 2017 31 December 2016 such broker or dealer by the Manager or any Connected Persons for the account of and on behalf of the (%) (%) funds or any one of the funds. Any such cash commission rebate received from any such broker or dealer Invesco Asia Consumer Demand Fund Class A Acc 2.02 2.02 shall be held by the Manager and any Connected Persons for the account of the funds or the relevant fund as appropriate. The Manager may also at its discretion and on behalf of the funds transact foreign exchange The operational expenses as a percentage of the average NAV for the period. The following expenses are included: business with parties which are related to the Manager or the Trustee but will endeavour to adhere to its management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & policy of best execution in relation to all such transactions. prof fees and registration fees. exposure to derivatives turnover ratio (underlying fund) N/A

as at as at borrowings 31 December 2017 31 December 2016 N/A (%) (%)

Invesco Asia Consumer Demand Fund 82.45 36.77 related-party transactions Nil Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 100%. investments in collective investment schemes

Invesco Asia Consumer Demand Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg amount of redemptions and subscriptions for the period registered Invesco Asia Consumer Demand Fund (Class A Acc). 1 January 2017 to 31 December 2017 Market Value (S$) % of NAV Invesco Asia Consumer Demand Fund 581,477 98.32 (S$)

Subscriptions 292,925 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Redemptions (126,515) Nil soft dollar commission Source of the expense ratio, turnover ratio and soft dollar commission: Invesco. The Manager and any of its Connected Persons may effect transactions by or through the agency of another person with whom the 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 Manager and any of its Connected Persons, group services or other benefits such as research and advisory services, computer hardware associated with specialised software or research services and performance methods, portfolio valuation and analysis, market price services etc. The provision of such services can reasonably be expected to benefit the funds as a whole and may contribute to an improvement in the funds’ performance and that of the Manager or any of its Connected Persons in providing services to the funds and for which no direct payment is made but instead the Manager and any of its Connected Persons undertake to place business with that party. It is the policy of the Invesco Group to obtain best execution on all transactions for all customers. 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

210 211 fund performance

Invesco Japanese Equity Core Fund Invesco Japanese Equity Core Fund 22.12% for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Invesco Japanese Equity 9.44 11.69 22.12 11.69 10.83 N/A 10.35 Core Fund Japan Topix 8.61 13.55 26.55 13.51 12.42 N/A 11.33

Source: Invesco ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012

Performance is calculated in accordance with the currency of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Invesco Global Asset Management DAC Investment Advisor Invesco Asset Management Ltd, located in the UK Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives To achieve capital growth in Japan. The Manager will invest mainly in shares of companies organised under the laws of Japan, although it may include shares of companies organised elsewhere which derive revenues from or have substantial interest in Japan as the Manager considers appropriate. The fund will invest in securities listed or traded on recognised markets.

fund updates Effective 24 April 2017, the manager is Invesco Global Asset Management DAC (formerly known as Invesco Global Asset Management Limited).

213 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 17,271 units in Invesco Japanese Equity Core Fund 541,058 94.31 Other Assets 32,645 5.69 Invesco Japanese Equity Core Fund Class A (Acc) USD 1.94 1.95

Net assets attributable to unitholders 573,703 100.00 The operational expenses as a percentage of the average NAV for the period. The following expenses are included: management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & prof All figures have been rounded up to the nearest dollar. fees and registration fees.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at No. Description Market Value (US$) % of NAV 31 December 2017 31 December 2016 (%) (%) as at 31 December 2017 1 Inpex 21,814,233 6.80 Invesco Japanese Equity Core Fund 133.03 111.19 2 Honda Motor 21,814,233 6.80 Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 3 Mitsubishi UFJ Financial 21,172,638 6.60 100%. 4 Toyota Motor 21,172,638 6.60 5 Sumitomo Mitsui Financial 20,531,043 6.40 amount of redemptions and subscriptions for the period 6 NTT Urban Development 14,435,890 4.50 1 January 2017 to 31 December 2017 7 Tokio Marine 14,115,092 4.40 8 Mizuho Financial 13,473,497 4.20 Invesco Japanese Equity Core Fund 9 Hitachi Metals 13,473,497 4.20 (S$) 10 Mitsubishi Estate 11,548,712 3.60 Subscriptions 248,191 as at 31 December 2016 Redemptions (42,298) 1 Honda Motor 25,595,507 5.79 2 Mitsubishi UFJ Financial 25,544,189 5.78 soft dollar commission 3 Inpex 24,526,030 5.55 The Manager and any of its Connected Persons may effect transactions by or through the agency of another 4 Sumitomo Mitsui Financial 24,038,955 5.44 person with whom the Manager and any of its Connected Persons have an arrangement under which that 5 Toyota Motor 22,836,968 5.17 party will, from time to time, provide to or procure for the Manager and any of its Connected Persons, 6 Casio Computer 21,469,781 4.86 group services or other benefits such as research and advisory services, computer hardware associated 7 Japan Airlines Co 20,267,213 4.59 with specialised software or research services and performance methods, portfolio valuation and analysis, 8 Konica Minolta 19,425,956 4.39 market price services etc. The provision of such services can reasonably be expected to benefit the funds 9 Murata 18,311,638 4.14 as a whole and may contribute to an improvement in the funds’ performance and that of the Manager or 10 NTN 17,478,663 3.95 any of its Connected Persons in providing services to the funds and for which no direct payment is made but instead the Manager and any of its Connected Persons undertake to place business with that party. Source: Invesco. It is the policy of the Invesco Group to obtain best execution on all transactions for all customers. For the Information extracted from the underlying fund - Invesco Japanese Equity Core Fund . avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general All figures have been rounded to the nearest dollar. administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. The Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being cash commission repayment made by a broker or dealer to the Manager and/or any Connected Person) paid or payable for any such broker or dealer in respect of any business placed with such broker or dealer by the Manager or any Connected Persons for the account of and on behalf of the funds or any one of the funds. Any such cash commission rebate received from any such broker or dealer shall be held by the Manager and any Connected Persons for the account of the funds or the relevant fund as appropriate. The Manager may also at its discretion and on behalf of the funds transact foreign exchange business with parties which are related to the Manager or the Trustee but will endeavour to adhere to its policy of best execution in relation to all such transactions.

214 215 schedule of investments exposure to derivatives N/A Invesco Kor ean Equity Fund borrowings N/A related-party transactions Nil investments in collective investment schemes Invesco Japanese Equity Core Fund , an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Invesco Japanese Equity Core Fund (Class A (Acc) USD).

Market Value (S$) % of NAV 541,058 94.31 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Invesco.

216 fund performance at a glance

Invesco Korean Equity Fund 25.68% fund facts Launch Date 2 May 2012 for the 1 year period ended 31 December 2017 Commencement Date 2 May 2012 Manager Invesco Global Asset Management DAC table of per formance Investment Advisor Invesco Hong Kong Ltd, located in Hong Kong as at 31 December 2017 Currency of Fund US Dollars Valuation Frequency Daily Since Annual Management Fee 2.00% 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) investment objectives To achieve long-term capital growth by investing directly or indirectly in securities of Korean companies or Invesco Kor ean Equity 13.90 9.08 25.68 3.52 5.23 N/A 4.08 other entities or subsidaries of Korean companies and securities listed or traded on the Korean securities Fund markets. The Manager will seek to achieve the investment objective by investing primarily in equity or KOSPI PR 10.25 10.26 37.37 9.77 4.32 N/A 4.94 equityrelated securities (including warrants and convertible securities however, no more than 10% of the net asset value of the fund may be invested in warrants.) The fund may invest in the securities of investment Source: Invesco funds which provide access to certain markets where there are currently restrictions on foreign investment, ^ Annual compounded return or where the Manager perceives that such funds provide other investment opportunities. * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 fund updates Performance is calculated in accordance with the currency of the fund, in USD terms. Effective 24 April 2017, the manager is Invesco Global Asset Management DAC (formerly known as Invesco Global Asset Management Limited). Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

218 219 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 23,421 units in Invesco Korean Equity Fund 937,152 100.00 Other Assets 13 0.00 Invesco Korean Equity Fund Class A Inc 2.38 2.39

Net assets attributable to unitholders 937,165 100.00 The operational expenses as a percentage of the average NAV for the period. The following expenses are included: management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & prof All figures have been rounded up to the nearest dollar. fees and registration fees.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at 31 December 2017 31 December 2016 (%) (%) No. Description Market Value (US$) % of NAV Invesco Korean Equity Fund 220.15 152.12 as at 31 December 2017 1 Samsung Electronics 9,994,300 8.50 Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 2 Green Cross Holdings 7,760,280 6.60 100%. 3 E-Mart 7,525,120 6.40 4 Hanmi Pharm 7,525,120 6.40 amount of redemptions and subscriptions for the period 5 Kepco Plant Service & Engineering 5,879,000 5.00 1 January 2017 to 31 December 2017 6 Yuhan 5,408,680 4.60 7 Ncsoft 5,173,520 4.40 Invesco Kor ean Equity Fund 8 Dongsuh 5,173,520 4.40 (S$) 9 Ottogi 5,173,520 4.40 10 Hanssem 5,055,940 4.30 Subscriptions 455,074 Redemptions (269,478) as at 31 December 2016 1 Samsung Electronics 9,393,408 7.68 soft dollar commission 2 Nong Shim 8,414,928 6.88 The Manager and any of its Connected Persons may effect transactions by or through the agency of another 3 Dongsuh 7,497,603 6.13 person with whom the Manager and any of its Connected Persons have an arrangement under which that 4 Green Cross Holdings 7,497,603 6.13 party will, from time to time, provide to or procure for the Manager and any of its Connected Persons, 5 Ottogi 7,130,673 5.83 group services or other benefits such as research and advisory services, computer hardware associated 6 Hyundai Mobis 6,983,901 5.71 with specialised software or research services and performance methods, portfolio valuation and analysis, 7 Hanssem 5,601,798 4.58 market price services etc. The provision of such services can reasonably be expected to benefit the funds 8 Amorepacific 5,601,798 4.58 as a whole and may contribute to an improvement in the funds’ performance and that of the Manager or 9 Yuhan 5,552,874 4.54 any of its Connected Persons in providing services to the funds and for which no direct payment is made 10 Woongjin Coway 5,479,488 4.48 but instead the Manager and any of its Connected Persons undertake to place business with that party. It is the policy of the Invesco Group to obtain best execution on all transactions for all customers. For the Source: Invesco. avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general Information extracted from the underlying fund - Invesco Korean Equity Fund. administrative goods or services, general office equipment or premises, membership fees, employee salaries All figures have been rounded to the nearest dollar. or direct money payments. The Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being cash commission repayment made by a broker or dealer to the Manager and/or any Connected Person) paid or payable for any such broker or dealer in respect of any business placed with such broker or dealer by the Manager or any Connected Persons for the account of and on behalf of the funds or any one of the funds. Any such cash commission rebate received from any such broker or dealer shall be held by the Manager and any Connected Persons for the account of the funds or the relevant fund as appropriate. The Manager may also at its discretion and on behalf of the funds transact foreign exchange business with parties which are related to the Manager or the Trustee but will endeavour to adhere to its policy of best execution in relation to all such transactions.

220 221 schedule of investments exposure to derivatives N/A Invesco Pacific Equity Fund borrowings N/A related-party transactions Nil investments in collective investment schemes Invesco Korean Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Invesco Korean Equity Fund (Class A Inc).

Market Value (S$) % of NAV 937,152 100.00 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Invesco.

222 fund performance at a glance

Invesco Pacific Equity Fund 38.12% fund facts Launch Date 2 May 2012 for the 1 year period ended 31 December 2017 Commencement Date 2 May 2012 Manager Invesco Global Asset Management DAC table of per formance Investment Advisor Invesco Asset Management Ltd, located in the UK as at 31 December 2017 Currency of Fund US Dollars Valuation Frequency Daily Since Annual Management Fee 1.50% 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) investment objectives To achieve long-term capital growth by investing in the securites of companies throughout Asia, but with 9.97 15.55 38.12 12.34 11.80 N/A 10.92 Invesco Pacific Equity Fund particular emphasis on those based in the Asian Pacific region. For the purposes of the fund, the Manager MSCI AC Pacific ND 7.97 13.69 31.37 10.72 8.68 N/A 8.73 has defined the Asian Pacfic region as South East Asia (including Singapore, Malaysia, Thailand, Indonesia and the Philippines), East Asia (including Taiwan, South and North Korea, Hong Kong and Japan), China, Source: Invesco Australia and New Zealand. At least 70% of the fund’s total assets (after deducting ancillary liquid assets) ^ Annual compounded return will be invested in listed equity or equity-related securities of (i) companies having their registered office * Launch Date: 2 May 2012 in the Asia Pacific region, (ii) companies with their registered office outside this region carrying out their Commencement Date: 2 May 2012 business activities predominantly in the Asia Pacific region, or (iii) holding companies, the interest of which Performance is calculated in accordance with the currency of the fund, in USD terms. are predominately invested in companies with their registered office in the Asia Pacific region. Up to 30% in aggregate of the total assets of the fund may be invested in cash and cash equivalents, equity and equity Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into related securities of companies which do not meet their requirements set out above but stand to benefit account all charges which would have been payable upon such reinvestment. from their business links with countries in Asia other than the Asia Pacific region or debt securities (including convertible debt) of issuers in the Asian region. The fund’s exposure to the various markets in the region will Past performance is not necessarily a guide to future performance. vary from time to time according to the Manager’s opinion as to the prevailing conditions in and prospects for those markets. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. Up to 30% in aggregate of the total assets of the fund may be invested in cash and cash equivalents, equity and equity related securities of companies which do not meet their requirements set out above but stand to benefit from their business links with countries in Asia other than the Asia Pacific region or debt securities (including convertible debt) of issuers in the Asian region. The fund’s exposure to the various markets in the region will vary from time to time according to the Manager’s opinion as to the prevailing conditions in and prospects for those markets.

fund updates Effective 24 April 2017, the manager is Invesco Global Asset Management DAC (formerly known as Invesco Global Asset Management Limited).

224 225 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 17,499 units in Invesco Pacific Equity Fund 1,623,593 98.91 Other Assets 17,968 1.09 Invesco Pacific Equity Fund Class A USD 1.98 2.01

Net assets attributable to unitholders 1,641,561 100.00 The operational expenses as a percentage of the average NAV for the period. The following expenses are included: management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & prof All figures have been rounded up to the nearest dollar. fees and registration fees.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at 31 December 2017 31 December 2016 No. Description Market Value (US$) % of NAV (%) (%) as at 31 December 2017 Invesco Pacific Equity Fund 85.72 42.78 1 Samsung Electronics Co Ltd 8,056,640 3.40 2 Inpex Corp 7,582,720 3.20 Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 3 Sumitomo Mitsui Financial Group Inc 7,345,760 3.10 100%. 4 Toyota Motor Corp 6,871,840 2.90 5 Mitsubishi UFJ Financial Group Inc 6,634,880 2.80 amount of redemptions and subscriptions for the period 6 Honda Motor Co Ltd 5,924,000 2.50 1 January 2017 to 31 December 2017 7 JD.com Inc 5,687,040 2.40 8 NetEase Inc 4,976,160 2.10 Invesco Pacific Equity Fund (S$) 9 East Japan Railway Co 4,739,200 2.00 10 Baidu Inc 4,739,200 2.00 Subscriptions 726,428 Redemptions (140,640) as at 31 December 2016 1 Samsung Electronics Co Ltd 3,908,088 3.33 soft dollar commission 2 NetEase Inc 3,908,088 3.33 The Manager and any of its Connected Persons may effect transactions by or through the agency of another 3 Honda Motor Co Ltd 3,192,192 2.72 person with whom the Manager and any of its Connected Persons have an arrangement under which that 4 Inpex Corp 3,074,832 2.62 party will, from time to time, provide to or procure for the Manager and any of its Connected Persons, 5 Mitsubishi UFJ Financial Group Inc 3,004,416 2.56 group services or other benefits such as research and advisory services, computer hardware associated 6 Sumitomo Mitsui Financial Group Inc 2,980,944 2.54 with specialised software or research services and performance methods, portfolio valuation and analysis, 7 Baidu Inc 2,769,696 2.36 market price services etc. The provision of such services can reasonably be expected to benefit the funds 8 JD.com Inc 2,757,960 2.35 as a whole and may contribute to an improvement in the funds’ performance and that of the Manager or 9 Toyota Motor Corp 2,534,976 2.16 any of its Connected Persons in providing services to the funds and for which no direct payment is made 10 CK Hutchison Holdings Ltd 2,464,560 2.10 but instead the Manager and any of its Connected Persons undertake to place business with that party. It is the policy of the Invesco Group to obtain best execution on all transactions for all customers. For the Source: Invesco. Information extracted from the underlying fund - Invesco Pacific Equity Fund. avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general All figures have been rounded to the nearest dollar. administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. The Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being cash commission repayment made by a broker or dealer to the Manager and/or any Connected Person) paid or payable for any such broker or dealer in respect of any business placed with such broker or dealer by the Manager or any Connected Persons for the account of and on behalf of the funds or any one of the funds. Any such cash commission rebate received from any such broker or dealer shall be held by the Manager and any Connected Persons for the account of the funds or the relevant fund as appropriate. The Manager may also at its discretion and on behalf of the funds transact foreign exchange business with parties which are related to the Manager or the Trustee but will endeavour to adhere to its policy of best execution in relation to all such transactions.

226 227 schedule of investments exposure to derivatives N/A JPMorgan Funds - Brazil Equity Fund borrowings N/A related-party transactions Nil investments in collective investment schemes Invesco Pacific Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Invesco Pacific Equity Fund (Class A USD).

Market Value (S$) % of NAV 1,623,593 98.91 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Invesco.

228 fund performance schedule of investments

JPMorgan Funds - Brazil Equity Fund 19.05% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 15,375 units in JPMorgan Funds - Brazil Equity Fund 135,451 100.27 Other Liabilities (359) -0.27 Since Net assets attributable to unitholders 135,092 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) JPMorgan Funds - Brazil -2.87 16.07 19.05 1.97 -4.64 N/A -5.75 Equity Fund MSCI Brazil 10/40 Total portfolio statement - by top 10 holdings -2.89 16.82 13.62 7.48 0.10 N/A -1.45 Return Net SGD No. Description Market Value (US$) % of NAV Source: J.P. Morgan Asset Management ^ Annual compounded return as at 31 December 2017 * Launch Date: 16 January 2012 1 Petrobras 20,890,966 8.77 Commencement Date: 16 January 2012 2 Itau Unibanco 17,889,528 7.51 3 B3 SA Brasil Bolsa Balcao 14,697,521 6.17 Performance is calculated in accordance with the share class of the fund, in SGD terms. 4 Banco Bradesco 13,911,430 5.84 5 Lojas Renner 12,672,741 5.32 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 6 Raia Drogasil 12,315,427 5.17 account all charges which would have been payable upon such reinvestment. 7 Vale 11,719,904 4.92 Past performance is not necessarily a guide to future performance. 8 Kroton Educacional 11,505,515 4.83 9 AmBev 10,981,454 4.61 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 10 WEG 10,052,438 4.22

as at 31 December 2016 1 Petrobras 17,210,400 8.77 at a glance 2 Itau Unibanco 16,913,308 8.62 3 Banco Bradesco 16,001,345 8.16 fund facts 4 Vale 11,751,462 5.99 Launch Date 16 January 2012 5 Itausa 10,999,358 5.61 Commencement Date 16 January 2012 6 Fleury 9,134,893 4.66 Manager JPMorgan Asset Management (Europe) S.à.r.l. 7 Kroton Educacional 8,822,914 4.50 Currency of Fund Singapore Dollars 8 Lojas Renner 8,039,072 4.10 Valuation Frequency Daily 9 Raia Drogasil 7,743,765 3.95 Annual Management Fee 1.50% 10 BB Seguridade Participacoes 7,270,828 3.71

Source: J.P. Morgan Asset Management. investment objectives Information extracted from the underlying fund - JPMorgan Funds - Brazil Equity Fund. To provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies. All figures have been rounded to the nearest dollar. Our investment process in Brazil has been designed to exploit the opportunities that exist in inefficient and volatile emerging markets. We add value primarily through fundamental stock selection based on local knowledge and frequent company contact. Our Brazilian equity process seeks to achieve superior returns by combining ideas from our well-resourced and experienced team in an appropriate way according to each client’s or fund’s risk profile and performance requirements. The fund is managed from a primarily bottomup perspective using the ideas generated by both the portfolio manager and our team of emerging markets investment professionals. The key differentiating characteristic of the fund include its flexible portfolio construction, long-term approach, growth bias and the concentrated nature of the portfolio (holding 25-50 stocks).

230 231 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 30 June 2017 30 June 2016 borrowings (%) (%) N/A JPMorgan Funds - Brazil Equity Fund Class A (acc) SGD 1.80 1.80 related-party transactions The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other Nil transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase investments in collective investment schemes or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends JPMorgan Funds - Brazil Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered and other distributions paid to shareholders. JPMorgan Funds - Brazil Equity Fund (Class A (acc) SGD). The expense ratio of JPMorgan Funds - Brazil Equity Fund Class A (acc) SGD for the financial year ended 31 December 2017 is not available. Market Value (S$) % of NAV 135,451 100.27 turnover ratio (underlying fund) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund as at as at Nil 30 June 2017 30 June 2016 (%) (%) Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management. JPMorgan Funds - Brazil Equity Fund 73.90 37.10

Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds - Brazil Equity Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

JPMorgan Funds - Brazil Equity Fund (S$) Subscriptions 75,787 Redemptions (55,982) soft dollar commission 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 Fund, 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 Fund 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.

232 233 fund performance

JPMorgan Funds - Greater China Fund JPMorgan Funds - Greater China Fund 55.81% for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) JPMorgan Funds - Greater 11.37 22.67 55.81 13.36 11.84 N/A 13.36 China Fund MSCI Golden Dragon Net 6.60 16.55 43.79 11.95 10.07 N/A 11.34 Index

Source: J.P. Morgan Asset Management ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager JF Asset Management Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives To provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”).

235 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 30 June 2017 30 June 2016 (%) (%) 75,641 units in JPMorgan Funds - Greater China Fund 3,965,030 97.82 Other Assets 88,455 2.18 JPMorgan Funds - Greater China Fund Class A (acc) USD 1.80 1.77

Net assets attributable to unitholders 4,053,485 100.00 The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains All figures have been rounded up to the nearest dollar. and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends and other distributions paid to shareholders. portfolio statement - by top 10 holdings The expense ratio of JPMorgan Funds - Greater China Fund Class A (acc) USD for the financial year ended 31 December 2017 is not available. No. Description Market Value (US$) % of NAV turnover ratio (underlying fund) as at 31 December 2017 1 Tencent Holdings Ltd. 60,028,249 9.60 as at as at 2 Alibaba Group Holding Ltd. 58,902,719 9.42 30 June 2017 30 June 2016 3 Taiwan Semiconductor Manufacturing Co., Ltd. 49,835,952 7.97 (%) (%) 4 Ping An Insurance (Group) Company of China, Ltd. 31,639,889 5.06 JPMorgan Funds - Greater China Fund Class A (acc) USD 62.45 71.92 5 AIA Group Limited 28,013,183 4.48 6 Bank of China Limited 18,321,122 2.93 Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / 7 AAC Technologies Holdings Inc. 16,632,827 2.66 Average net sub-fund assets in sub-fund currency. 8 JD.com, Inc. 15,132,121 2.42 9 China Merchants Bank Co., Ltd. 14,819,474 2.37 The turnover ratio of JPMorgan Funds - Brazil Equity Fund for the financial year ended 31 December 2017 is not 10 CK Asset Holdings Limited 12,693,473 2.03 available. as at 31 December 2016 amount of redemptions and subscriptions for the period 1 Tencent Holdings Ltd. 41,277,393 9.21 1 January 2017 to 31 December 2017 2 Taiwan Semiconductor Manufacturing Co. Ltd. 38,781,128 8.65 3 Alibaba Group Holding Ltd. 30,980,653 6.91 JPMorgan Funds - Greater China Fund 4 AIA Group Limited 20,936,545 4.67 (S$) 5 China Construction Bank Corporation 20,612,600 4.60 Subscriptions 1,851,053 6 Ping An Insurance (Group) Company of China, Ltd. 18,011,682 4.02 Redemptions (304,833) 7 CNOOC Limited 13,793,782 3.08 8 China Merchants Bank Co., Ltd. 11,698,492 2.61 9 Hong Kong Exchanges & Clearing Ltd. 11,283,834 2.52 soft dollar commission 10 Largan Precision Co., Ltd. 10,485,508 2.34 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 Fund, and where the Source: J.P. Morgan Asset Management. Investment Managers are satisfied that the transactions generating the shared commissions are made Information extracted from the underlying fund - JPMorgan Funds - Greater China Fund. in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the All figures have been rounded to the nearest dollar. Fund 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.

236 237 schedule of investments exposure to derivatives N/A JPMorgan Funds - India Fund borrowings N/A related-party transactions Nil investments in collective investment schemes JPMorgan Funds - Greater China Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Greater China Fund (Class A (acc) USD).

Market Value (S$) % of NAV 3,965,030 97.82 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management.

238 fund performance schedule of investments

JPMorgan Funds - India Fund 37.50% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 43,340 units in JPMorgan Funds - India Fund 2,118,147 99.67 Other Assets 6,988 0.33

Since Net assets attributable to unitholders 2,125,135 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) JPMorgan Funds - India 8.92 13.98 37.50 7.90 8.70 N/A 9.67 Fund portfolio statement - by top 10 holdings MSCI India 10/40 Capped 11.82 15.12 38.76 8.81 9.03 N/A 10.26 Net Index No. Description Market Value (US$) % of NAV

Source: J.P. Morgan Asset Management as at 31 December 2017 ^ Annual compounded return 1 HDFC Bank Limited 117,156,186 9.87 * Launch Date: 16 January 2012 2 Housing Development Finance Corporation Limited 111,458,621 9.39 Commencement Date: 16 January 2012 3 Maruti Suzuki India Limited 78,935,019 6.65 4 IndusInd Bank Ltd. 71,694,363 6.04 Performance is calculated in accordance with the share class of the fund, in USD terms. 5 UltraTech Cement Limited 62,554,519 5.27 6 Bajaj Auto Limited. 58,400,044 4.92 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. 7 ITC Limited 49,616,298 4.18 8 Ashok Leyland Limited 48,785,403 4.11 Past performance is not necessarily a guide to future performance. 9 Kotak Mahindra Bank Limited 48,073,207 4.05 10 Axis Bank Limited 47,479,711 4.00 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. as at 31 December 2016 1 HDFC Bank Limited 87,904,805 9.09 2 Housing Development Finance Corporation Limited 87,794,339 9.08 3 Infosys Limited 66,514,412 6.88 at a glance 4 UltraTech Cement Limited 56,076,804 5.80 5 Maruti Suzuki India Limited 54,445,373 5.63 6 Sun Pharmaceutical Industries Limited 46,395,896 4.80 fund facts 7 IndusInd Bank Ltd. 46,353,264 4.79 Launch Date 16 January 2012 8 Kotak Mahindra Bank Limited 45,764,478 4.73 Commencement Date 16 January 2012 9 Tata Motors Limited 43,965,636 4.55 Manager JF Asset Management 10 Ambuja Cements Limited 43,553,223 4.50 Currency of Fund US Dollars Valuation Frequency Daily Source: J.P. Morgan Asset Management. Annual Management Fee 1.50% Information extracted from the underlying fund - JPMorgan Funds - India Fund. All figures have been rounded to the nearest dollar. investment objectives To provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy. These include, but are not restricted to, securities traded on the stock exchanges of India and the rest of the Indian sub-continent including Pakistan, Bangladesh and Sri Lanka.

240 241 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 30 June 2017 30 June 2016 borrowings (%) (%) N/A JPMorgan Funds - India Fund Class A (acc) USD 1.79 1.79 related-party transactions The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other Nil transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase investments in collective investment schemes or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends JPMorgan Funds - India Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered and other distributions paid to shareholders. JPMorgan Funds - India Fund (Class A (acc) USD). The expense ratio of JPMorgan Funds - India Fund Class A (acc) USD for the financial year ended 31 December 2017 is not available. Market Value (S$) % of NAV 2,118,147 99.67 turnover ratio (underlying fund) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund as at as at Nil 30 June 2017 30 June 2016 (%) (%) Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management. JPMorgan Funds - India Fund 5.80 10.00

Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency.

The turnover ratio of JPMorgan Funds - India Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

JPMorgan Funds - India Fund (S$) Subscriptions 1,037,034 Redemptions (293,673) soft dollar commission 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 Fund, 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 Fund 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.

242 243 fund performance

JPMorgan Funds - Indonesia Equity Fund 17.52% JPMorgan Funds - Indonesia Equity Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) JPMorgan Funds - 8.16 5.88 17.52 1.81 N/A N/A 2.57 Indonesia Equity Fund MSCI Indonesia Net 8.23 7.07 24.22 5.56 N/A N/A 6.29

Source: J.P. Morgan Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager JF Asset Management Limited Sub-manager JPMorgan Asset Management (Singapore) Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives To provide long-term capital growth by investing primarily in a portfolio of Indonesian companies.

fund updates With effect from 6 January 2017, JF Asset Management Limited has been appointed as the manager of the fund, and JPMorgan Asset Management (Singapore) Limited has been appointed as the sub-manager.

There is no change to the investment objectives and policies and the risk profiles of the fund, and the change will not have any material adverse impact on the interests of the investors.

245 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 30 June 2017 30 June 2016 (%) (%) 2,712 units in JPMorgan Funds - Indonesia Equity Fund 400,353 99.98 Other Assets 61 0.02 JPMorgan Funds - Indonesia Equity Fund Class A Acc USD 1.80 1.80

Net assets attributable to unitholders 400,414 100.00 The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains All figures have been rounded up to the nearest dollar. and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends and other distributions paid to shareholders. portfolio statement - by top 10 holdings The expense ratio of JPMorgan Funds - Indonesia Equity Fund Class A Acc USD for the financial year ended 31 December 2017 is not available.

No. Description Market Value (US$) % of NAV turnover ratio (underlying fund) as at 31 December 2017 1 PT Bank Mandiri (Persero) Tbk 5,246,852 10.09 as at as at 2 PT Bank Rakyat Indonesia (Persero) Tbk 4,680,046 9.00 30 June 2017 30 June 2016 3 PT Bank Central Asia Tbk 4,607,246 8.86 (%) (%) 4 PT Telekomunikasi Indonesia, Tbk 4,175,641 8.03 JPMorgan Funds - Indonesia Equity Fund 97.84 92.51 5 PT Astra International Tbk 3,463,234 6.66 6 PT Gudang Garam Tbk 2,288,023 4.40 Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / 7 PT Indofood CBP Sukses Makmur Tbk 2,158,021 4.15 Average net sub-fund assets in sub-fund currency. 8 PT Kalbe Farma Tbk 2,059,220 3.96 9 PT Hanjaya Mandala Sampoerna Tbk 1,950,019 3.75 The turnover ratio of JPMorgan Funds - Indonesia Equity Fund for the financial year ended 31 December 2017 is not 10 PT Unilever Indonesia Tbk 1,840,818 3.54 available. as at 31 December 2016 amount of redemptions and subscriptions for the financial yea 1 PT Bank Central Asia Tbk 4,712,821 9.83 1 January 2017 to 31 December 2017 2 PT Astra International Tbk 4,546,824 9.48 3 PT Telekomunikasi Indonesia, Tbk 4,537,695 9.47 JPMorgan Funds - Indonesia Equity Fund 4 PT Bank Rakyat Indonesia (Persero) Tbk 3,763,483 7.85 (S$) 5 PT Bank Mandiri (Persero) Tbk 2,340,667 4.88 Subscriptions 115,836 6 PT Hanjaya Mandala Sampoerna Tbk 2,293,508 4.78 Redemptions (76,602) 7 PT United Tractors Tbk 2,247,572 4.69 8 PT Surya Citra Media Tbk 1,925,432 4.02 9 PT Indofood CBP Sukses Makmur Tbk 1,557,498 3.25 soft dollar commission 10 PT Kalbe Farma Tbk 1,527,859 3.19 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 Fund, and where the Source: J.P. Morgan Asset Management. Investment Managers are satisfied that the transactions generating the shared commissions are made Information extracted from the underlying fund - JPMorgan Funds - Indonesia Equity Fund. in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the All figures have been rounded to the nearest dollar. Fund 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.

246 247 schedule of investments exposure to derivatives N/A JPMorgan Funds - US Equity Fund borrowings N/A related-party transactions Nil investments in collective investment schemes JPMorgan Funds - Indonesia Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Indonesia Equity Fund (Class A (acc) USD).

Market Value (S$) % of NAV 400,353 99.98 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management.

248 fund performance schedule of investments

JPMorgan Funds - US Equity Fund 21.81% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 3,734 units in JPMorgan Funds - US Equity Fund 740,655 99.03 Other Assets 7,246 0.97 Since Net assets attributable to unitholders 747,901 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) JPMorgan Funds - US 9.05 14.14 21.81 7.91 N/A N/A 10.66 Equity Fund S&P 500 Index 6.49 11.09 21.10 10.71 N/A N/A 12.26 portfolio statement - by top 10 holdings

Source: J.P. Morgan Asset Management; No. Description Market Value (US$) % of NAV ^ Annual compounded return * Launch Date: 25 October 2013 as at 31 December 2017 Commencement Date: 25 October 2013 1 Microsoft 7,613,244 4.11 Performance is calculated in accordance with the share class of the fund, in USD terms. 2 Apple Computers 7,353,912 3.97 3 Boeing 4,982,877 2.69 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 4 Bank of America 4,797,640 2.59 account all charges which would have been payable upon such reinvestment. 5 Citigroup 4,723,545 2.55 Past performance is not necessarily a guide to future performance. 6 Anthem 4,593,879 2.48 7 Caterpillar 4,464,213 2.41 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 8 Wal-Mart 3,982,597 2.15 9 Valero Energy 3,871,455 2.09 10 HP 3,778,836 2.04

as at 31 December 2016 1 Microsoft 9,677,944 3.63 at a glance 2 Bank of America 7,784,491 2.92 3 Apple Computers 7,005,775 2.63 fund facts 4 Citigroup 6,288,397 2.36 Launch Date 25 October 2013 5 Amgen 5,928,374 2.22 Commencement Date 25 October 2013 6 Wal-Mart 5,629,688 2.11 Manager J.P. Morgan Investment Management Inc 7 Gilead Sciences 5,451,011 2.04 Currency of Fund US Dollars 8 Express Scripts 5,384,340 2.02 Valuation Frequency Daily 9 Lowe’s Companies 5,341,670 2.00 Annual Management Fee 1.50% 10 Valero Energy 5,122,990 1.92 investment objectives Source: J.P. Morgan Asset Management. To provide long-term capital growth by investing primarily in an actively managed portfolio of medium to large Information extracted from the underlying fund - JPMorgan Funds - US Equity Fund. capitalisation US companies. All figures have been rounded to the nearest dollar. fund updates Effective 23 February 2018, JPM Funds – US Equity Fund was merged into the JPM Funds – US Select Equity Fund. As we do not carry the JPM Funds – US Select Equity Fund on our platform, we have transferred existing clients’ assets in the fund to the Threadneedle American Fund, a fund with similar investment objectives. There is no change to the fees which investors are paying.

250 251 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 30 June 2017 30 June 2016 borrowings (%) (%) N/A JPMorgan Funds - US Equity Fund Class A (Acc) USD 1.75 1.75 related-party transactions The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other Nil transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase investments in collective investment schemes or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends JPMorgan Funds - US Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered and other distributions paid to shareholders. JPMorgan Funds - US Equity Fund (Class A (Acc) USD). The expense ratio of JPMorgan Funds - US Equity Fund Class A (Acc) USD for the financial year ended 31 December 2017 is not available. Market Value (S$) % of NAV 740,655 99.03 turnover ratio (underlying fund) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund as at as at Nil 30 June 2017 30 June 2016 (%) (%) Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management. JPMorgan Funds US Equity Fund 56.17 74.30

Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds US Equity Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

JPMorgan Funds - US Equity Fund (S$) Subscriptions 508,841 Redemption (70,291) soft dollar commission 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 Fund, 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 Fund 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.

252 253 fund performance

Jupiter Merlin Real Return Portfolio Jupiter Merlin Real Return Portfolio (SGD) 12.27% for the 1 year period ended 31 December 2017

(SGD) table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Jupiter Merlin Real Return 3.37 6.17 12.27 N/A N/A N/A 7.76 Portfolio (SGD) 3M SGD SIBOR 0.26 0.50 0.99 N/A N/A N/A 0.97

Source: Jupiter Merlin ^ Annual compounded return * Launch Date: 26 September 2016 Commencement Date: 26 September 2016

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 26 September 2016 Commencement Date 26 September 2016 Manager Jupiter Asset Management Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives The investment objective of the Jupiter Merlin Real Return Portfolio is to achieve long term real returns over a 3 year rolling period.

255 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 30,293 units in Jupiter Merlin Real Return Portfolio (SGD) 390,780 96.18 Other Assets 15,535 3.82 Jupiter Merlin Real Return Portfolio (SGD) 2.49 2.51

Net assets attributable to unitholders 406,315 100.00 The expense ratio does not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising All figures have been rounded up to the nearest dollar. from the purchase or sale of other funds and tax deducted at source or arising out of income received.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at 31 December 2017 31 December 2016 No. Description Market Value (EUR) % of NAV (%) (%) as at 31 December 2017 Jupiter Merlin Real Return Portfolio (SGD) 29.84 96.15 1 Polar Capital UK Absolute Equity 30,384,900 18.21 2 Old Mutual UK Specialist Equity 29,264,508 17.54 The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. 3 Fundsmith Equity 13,264,194 7.95 The calculation of the portfolio turnover ratio was based on the lower of the total value of purchase or sales of the 4 Prusik Asian Equity Income 12,744,996 7.64 underlying investments divided by the average daily net asset value. 5 Findlay Park American 12,608,783 7.56 6 Jupiter Global Value 12,405,280 7.44 amount of redemptions and subscriptions for the period 7 Jupiter Absolute Return 12,049,475 7.22 1 January 2017 to 31 December 2017 8 Jupiter Global Levered Absolute Return 11,701,200 7.01 9 ETF Securities - Physical Gold ETF 8,303,858 4.98 Jupiter Merlin Real Retur n Portfolio (SGD) 10 Artemis Strategic Assets 6,144,485 3.68 (S$) Subscriptions 307,738 as at 31 December 2016 Redemptions (13,419) 1 CF Odey Absolute Return 18,280,920 10.81 2 Fundsmith Equity 16,881,630 9.98 3 JGF - Jupiter Dynamic Bond 16,740,000 9.90 soft dollar commission 4 Old Mutual Global Equity Absolute Return 16,714,500 9.88 Jupiter made the decision to pay for the costs of investment research from its own account from 2018. No 5 Jupiter Absolute Return 15,767,607 9.32 costs will be passed on to clients. 6 Findlay Park American 11,201,382 6.62 7 F&C Real Estate Securities 10,907,700 6.45 8 Old Mutual UK Specialist Equity 10,000,000 5.91 9 Prusik Asian Equity Income 8,945,586 5.29 10 ETF Securities - Physical Gold ETF 8,893,491 5.26

Source: Jupiter Merlin. Information extracted from the underlying fund - Jupiter Merlin Real Return Portfolio (SGD). All figures have been rounded to the nearest dollar.

256 257 schedule of investments exposure to derivatives N/A Jupiter Merlin Real Return Portfolio borrowings N/A (USD) related-party transactions Nil investments in collective investment schemes Jupiter Merlin Real Return Portfolio (SGD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Merlin Real Return Portfolio.

Market Value (S$) % of NAV 390,780 96.18 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Jupiter Merlin.

258 fund performance schedule of investments

Jupiter Merlin Real Return Portfolio (USD) 12.70% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 2,247 units in Jupiter Merlin Real Return Portfolio (USD) 37,340 99.79 Other Liabilities (79) -0.21 Since Net assets attributable to unitholders 37,261 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Jupiter Merlin Real Return 3.40 6.43 12.70 N/A N/A N/A 8.23 Portfolio (USD) 3M USD SIBOR -0.09 0.69 1.26 N/A N/A N/A 1.18 portfolio statement - by top 10 holdings

Source: Jupiter Merlin No. Description Market Value (USD) % of NAV ^ Annual compounded return * Launch Date: 26 September 2016 as at 31 December 2017 Commencement Date: 26 September 2016 1 Polar Capital UK Absolute Equity 36,486,187 18.21 2 Old Mutual UK Specialist Equity 35,140,821 17.54 Performance is calculated in accordance with the share class of the fund, in USD terms. 3 Fundsmith Equity 17,943,139 7.95 4 Prusik Asian Equity Income 12,744,996 7.64 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 5 Findlay Park American 12,608,783 7.56 account all charges which would have been payable upon such reinvestment. 6 Jupiter Global Value 16,781,243 7.44 7 Jupiter Absolute Return 16,299,928 7.22 Past performance is not necessarily a guide to future performance. 8 Jupiter Global Levered Absolute Return 14,050,801 7.01 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 9 ETF Securities - Physical Gold ETF 8,303,858 4.98 10 Artemis Strategic Assets 8,311,952 3.68

as at 31 December 2016 1 CF Odey Absolute Return 18,280,920 10.81 at a glance 2 Fundsmith Equity 16,881,630 9.98 3 JGF - Jupiter Dynamic Bond 16,740,000 9.90 4 Old Mutual Global Equity Absolute Return 16,714,500 9.88 fund facts 5 Jupiter Absolute Return 15,767,607 9.32 Launch Date 26 September 2016 6 Findlay Park American 11,201,382 6.62 Commencement Date 26 September 2016 7 F&C Real Estate Securities 10,907,700 6.45 Manager Jupiter Asset Management Limited 8 Old Mutual UK Specialist Equity 10,000,000 5.91 Currency of Fund US Dollars 9 Prusik Asian Equity Income 8,945,586 5.29 Valuation Frequency Daily 10 ETF Securities - Physical Gold ETF 8,893,491 5.26 Annual Management Fee 1.50% Source: Jupiter Merlin. investment objectives Information extracted from the underlying fund - Jupiter Merlin Real Return Portfolio (USD). The investment objective of the Jupiter Merlin Real Return Portfolio is to achieve long term real returns over All figures have been rounded to the nearest dollar. a 3 year rolling period.

260 261 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 borrowings (%) (%) N/A Jupiter Merlin Real Return Portfolio (USD) 2.49 2.51 related-party transactions The expense ratio does not include (where applicable) brokerage and other transactions costs, performance fee, Nil interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes Jupiter Merlin Real Return Portfolio (USD), an ILP sub-fund, feeds 100% into the underlying Luxembourg turnover ratio (underlying fund) registered Jupiter Merlin Real Return Portfolio.

as at as at Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 37,340 99.79

Jupiter Merlin Real Return Portfolio (USD) 29.84 96.15 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchase or sales of the Source of the expense ratio, turnover ratio and soft dollar commission: Jupiter Merlin. underlying investments divided by the average daily net asset value. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Jupiter Merlin Real Return Portfolio (USD) (S$) Subscriptions 26,508 Redemptions - soft dollar commission Jupiter made the decision to pay for the costs of investment research from its own account from 2018. No costs will be passed on to clients.

262 263 fund performance

Legg Mason Funds - Legg Mason Western Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund 0.64% for the 1 year period ended 31 December 2017 (previously known Asset Singapor e Dollar Fund table of per formance as Legg Mason Western Asset Singapore Dollar Fund) as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Legg Mason Funds - Legg Mason Western Asset 0.20 0.34 0.64 0.63 0.59 N/A 0.60 Singapore Dollar Fund MAS Government Bill Yield 3 0.34 0.62 1.07 0.92 0.67 N/A 0.61 Month#

Source: Legg Mason Asset Management Singapore Private Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # The benchmark is changed from the 1-month Singapore Inter-Bank Bid Rate Average to the Monetary Authority of Singapore Benchmark Govt Bill Yield 3 Month with effect from 3 October 2016 because the benchmark data of the 1-month Singapore Inter-Bank Bid Rate Average is no longer published from 30 September 2015. Benchmark performance shown is based on the Monetary Authority of Singapore Benchmark Govt Bill Yield 3 Month and performance prior to 3 October 2016 is for reference only.

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

265 at a glance schedule of investments fund facts portfolio statement Launch Date 16 January 2012 as at 31 December 2017 Commencement Date 16 January 2012 Manager Legg Mason Asset Management Singapore Pte. Limited Description Market Value (S$) % of NAV Sub-Manager Western Asset Management Company Pte. Ltd 3,259,156 units in Legg Mason Funds - Currency of Fund Singapore Dollars Legg Mason Western Asset Singapore Dollar Fund 3,954,986 100.00 Valuation Frequency Daily Other Liabilities (161) -0.00 Annual Management Fee 0.25% (Class B) Net assets attributable to unitholders 3,954,825 100.00 investment objectives To invest as a money market fund, in Singapore Dollar denominated money market instruments and debt All figures have been rounded up to the nearest dollar. securities to achieve a return above short term cash deposit whilst managing liquidity and risk to preserve capital. portfolio statement - by asset class fund updates as at 31 December 2017 With effect from 3 April 2017, the Legg Mason Western Asset Singapore Dollar Fund was renamed Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund, with the retirement of Western Asset Asset Class Market Value (S$) % of NAV Management Company Private Limited as the manager in favour of Legg Mason Asset Management Singapore Pte. Limited. Money Market Instruments 25,997,925 98.37 Cash 431,789 1.63 The change is administrative in nature, and the fund will continue to be managed by the same investment Total 26,429,714 100.00 team utilising the same investment process. There will be no change to the investment objective, focus, approach of the fund. Fees and charges payable by you will not change as well. Source: Legg Mason Asset Management Singapore Private Limited. All figures have been rounded to the nearest dollar.

portfolio statement - by cr edit rating as at 31 December 2017

Credit Rating Market Value (S$) % of NAV AAA 24,998,232 94.59 A 0 0.00 A2 0 0.00 A3 0 0.00 NR 999,694 3.78 Cash 431,789 1.63 Total 26,429,714 100.00

Source: Legg Mason Asset Management Singapore Private Limited. All figures have been rounded to the nearest dollar.

266 267 schedule of investments schedule of investments portfolio statement - by investment maturity annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Investment Maturity Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 30 days or less 8,843,275 33.46 31-60 days 15,159,502 57.36 Legg Mason Funds - Legg Mason Western Asset 61-90 days 995,455 3.77 Singapore Dollar Fund Class B 0.45 0.35 91-180 days 999,694 3.78 The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, 185-365 days 0 0.00 distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase Cash 431,789 1.63 or sale of other funds and tax deducted at source or arising out of income received. Total 26,429,714 100.00 turnover ratio (underlying fund) Source: Legg Mason Asset Management Singapore Private Limited. All figures have been rounded to the nearest dollar. as at as at 31 December 2017 31 December 2016 portfolio statement - by top 10 holdings (%) (%) Legg Mason Funds - Legg Mason Western Asset No. Description Market Value (S$) % of NAV Singapore Dollar Fund 493.63 286.94 as at 31 December 2017 The portfolio turnover ratio is calculated in accordance with the forumla stated in the Code on Collective Investment 1 MAS Bills Ser 84 02/02/2018 7,391,523 27.96 Schemes. 2 MAS Bills Ser 84 09/02/2018 6,770,238 25.62 3 MAS Bills Ser 84 19/01/2018 5,995,886 22.69 amount of redemptions and subscriptions for the period 4 MAS Bills Ser 84 26/01/2018 2,847,389 10.77 1 January 2017 to 31 December 2017 5 Housing & Development BRD (Reg S) (Br) Ser MTN 1.368% 29/05/2018 999,694 3.78 Legg Mason Funds - Legg Mason Western Asset Singapor e Dollar Fund 6 MAS Bills Ser 84 23/02/2018 997,741 3.78 (S$) 7 MAS Bills Ser 84 23/03/2018 995,455 3.77 8 - - - Subscriptions 3,858,038 9 - - - Redemptions (5,299,099) 10 - - - soft dollar commission as at 31 December 2016 The Manager currently does not receive but shall be entitled to receive or enter into, soft dollar commissions 1 MAS Bills Ser 84 17/02/2017 6,492,720 20.32 or arrangements in respect of the underlying fund. 2 MAS Bills Ser 84 20/01/2017 4,298,229 13.45 3 MAS Bills Ser 84 24/02/2017 3,994,762 12.50 4 MAS Bills Ser 84 03/02/2017 3,497,360 10.95 exposure to derivatives 5 Export -Import Bank Korea Ser EMTN (Reg S) (Br) 1.75% 15/06/2018 2,500,000 7.83 N/A 6 MAS Bills Ser 168 17/01/2017 2,499,137 7.82 7 MAS Bills Ser 84 27/01/2017 1,998,920 6.26 borrowings N/A 8 Sumitomo Mitsui BKG/SG Ser FXCD (Reg S) 1.9% 27/02/2017 1,800,000 5.64 9 MAS Bills Ser 84 06/01/2017 1,299,818 4.07 related-party transactions 10 MAS Bills Ser 168 14/03/2017 998,579 3.13 Nil Source: Legg Mason Asset Management Singapore Private Limited. Information extracted from the underlying fund - Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund. All figures have been rounded to the nearest dollar.

268 269 schedule of investments investments in collective investment schemes Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund, an ILP sub-fund, feeds 100% Legg Mason Martin Currie Southeast Asia into the underlying Singapore registered Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund. Trust (previously known as Legg Mason Western Asset Southeast Market Value (S$) % of NAV Asia Special Situations Fund) 3,954,986 100.00 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management Singapore Private Limited.

270 fund performance at a glance

Legg Mason Martin Currie Southeast Asia Trust 8.28% fund facts Launch Date 16 January 2012 for the 1 year period ended 31 December 2017 Commencement Date 16 January 2012 Manager Legg Mason Asset Management Singapore Pte. Limited table of per formance Sub-Manager Martin Currie Investment Management Limited as at 31 December 2017 Currency of Fund Singapore Dollars Valuation Frequency Daily Since Annual Management Fee 1.50% 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) investment objectives To achieve medium to long-term capital appreciation by investing at least 70% of the fund in securities Legg Mason Martin Currie 6.24 3.80 8.28 -2.65 -1.52 N/A 2.03 issued by companies that are incorporated, domiciled or listed, or have a significant economic interest, in Southeast Asia Trust South and South-East Asia countries. + MSCI AC ASEAN Index# 7.11 9.21 20.38 4.40 4.64 N/A 6.39 fund updates Source: Legg Mason Asset Management Singapore Private Limited ^ Annual compounded return With effect from 1 August 2017, the Fund has been renamed Legg Mason Martin Currie Southeast Asia * Launch Date: 16 January 2012 Trust with the retirement of Havenport Asset Management Pte. Ltd. as the sub-manager in favour of Martin Commencement Date: 16 January 2012 Currie Investment Management Limited. + With effect from 1 August 2017, the Fund has been renamed Legg Mason Martin Currie Southeast Asia Trust with the retirement of Havenport Asset Management Pte. Ltd. as the sub-manager in favour of Martin Currie Investment There was a clarification to the investment focus of the Fund by removing the term “special situations” from Management Limited. the investment policy. # Due to MSCI’s re-branding effort, the benchmark for the fund has been renamed from MSCI South East Asia Index to MSCI AC ASEAN Index. This is not a change in the benchmark, but merely a renaming exercise. The effective date is 1 August 2017.

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

272 273 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 364,421 units in Legg Mason Martin Currie Southeast Asia Trust 676,729 99.91 Legg Mason Martin Currie Southeast Asia Trust 1.72 1.73 Other Assets 631 0.09 Net assets attributable to unitholders 677,360 100.00 The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase All figures have been rounded up to the nearest dollar. or sale of other funds and tax deducted at source or arising out of income received. turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at 31 December 2017 31 December 2016 (%) (%) No. Description Market Value (S$) % of NAV Legg Mason Martin Currie Southeast Asia Trust 112.40 80.30 as at 31 December 2017 1 DBS Group Holdings Ltd 11,483,185 7.45 The portfolio turnover ratio is calculated in accordance with the forumla stated in the Code on Collective Investment 2 United Overseas Bank Ltd 10,220,280 6.63 Schemes. 3 BDO Unibank Inc 7,373,704 4.78 4 Bank Central Asia 6,667,541 4.32 amount of redemptions and subscriptions for the period 5 Kasikornbank PCL 6,362,624 4.13 1 January 2017 to 31 December 2017 6 Singapore Telecommunications Ltd 6,175,029 4.01 7 Cityneon Holdings Ltd 5,951,485 3.86 Legg Mason Mar tin Currie Southeast Asia Trust 8 Malayan Banking 5,805,662 3.77 (S$) 9 PTT PCL 4,765,112 3.09 10 Ascendas Real Estate Investment Trust REIT NPV 4,012,544 2.60 Subscriptions 253,888 Redemptions (182,925) as at 31 December 2016 1 Ezion Holdings Ltd 6,898,553 4.18 soft dollar commission 2 Singapore O&G Ltd 6,896,898 4.13 The Managers currently do not but shall be entitled to receive and enter into soft-dollar commissions/ 3 Cardig Aero Services 6,474,269 3.88 arrangements in respect of the Underlying Fund . 4 Astra International Inc 6,056,642 3.63 5 Singapore Medical Group Ltd 6,003,305 3.60 The Sub-Manager currently receives and enters into soft-dollar commissions/arrangements in respect of 6 Telekomunikasi Indonesia TBK PT 5,948,149 3.56 the Underlying Fund. The Manager and Sub-Manager will comply with applicable regulatory and industry 7 Bank Central Asia 5,309,461 3.18 standards on soft-dollars. The soft-dollar commissions which the Sub-Manager receives and which the 8 Cityneon Holdings Ltd 5,103,378 3.06 Manager may receive include specific advice as to the advisability of dealing in, or the value of any 9 Kasikornbank PCL 4,754,816 2.85 investments, research and advisory services, economic and political analyses, portfolio analyses including 10 MM2 Asia Ltd 4,707,612 2.82 valuation and performance measurements, market analyses, data and quotation services, computer hardware and software or any other information facilities to the extent that they are used to support the Source: Legg Mason Asset Management Singapore Private Limited. investment decision making process, the giving of advice, or the conduct of research or analysis, and Information extracted from the underlying fund - Legg Mason Martin Currie Southeast Asia Trust. custodial service in relation to the investments managed for clients. All figures have been rounded to the nearest dollar. Soft-dollar commissions received shall not include travel, accommodation, entertainment, general administrative goods and services, general offi ce equipment or premises, membership fees, employees’ salaries or direct money payment. The Manager and the Sub-Manager will not accept or enter into soft dollar commissions/arrangements unless such soft-dollar commissions/arrangements would, in the opinion of the Manager or the Sub-Manager (as the case may be), assist it in its management of the Underlyign Fund, provided that it shall ensure at all times that best execution is carried out for the transactions, and that no unnecessary trades are entered into in order to qualify for such soft-dollar commissions/arrangements.

274 275 schedule of investments exposure to derivatives N/A Legg Mason Western Asset Asian borrowings N/A Opportunities Fund related-party transactions Nil investments in collective investment schemes Legg Mason Martin Currie Southeast Asia Trust, an ILP sub-fund, feeds 100% into the underlying Singapore registered Legg Mason Martin Currie Southeast Asia Trust.

Market Value (S$) % of NAV 676,729 99.91 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management Singapore Private Limited.

276 fund performance schedule of investments

Legg Mason Western Asset Asian Opportunities Fund 10.94% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 140,256 units in Legg Mason Western Asset Asian Opportunities Fund 200,566 100.00 Other Liabilities (7) 0.00

Since Net assets attributable to unitholders 200,559 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Legg Mason Western Asset 2.14 3.77 10.94 2.60 0.73 N/A 2.24 Asian Oppor tunities Fund Market iBoxx Asian Local portfolio statement - by top 10 holdings -0.09 0.40 2.45 2.19 1.00 N/A 2.28 Bond Index# No. Description Market Value (US$) % of NAV Source: Legg Mason Asset Management Singapore Private Limited ^ Annual compounded return as at 31 December 2017 * Launch Date: 16 January 2012 1 Republic of Philippines 6.25 1/14/2036 29,107,847 5.37 Commencement Date: 16 January 2012 2 Malaysian Government 4.23 6/30/2031 24,879,892 4.59 # Effective 01 May 2016, the performance benchmark of the Legg Mason Western Asset Asian Opportunities Fund 3 India Government 8.15 6/11/2022 24,066,823 4.44 changed from HSBC Asian Local Bond Overall Index to Market iBoxx Asian Local Bond Index. 4 India Government 7.28 6/3/2019 19,080,004 3.52 5 Thailand Government 3.85 12/12/2025 17,995,913 3.32 Performance is calculated in accordance with the share class of the fund, in SGD terms. 6 Malaysian Government 3.96 9/15/2025 16,478,185 3.04 7 India Government 8.24 2/15/2027 16,423,981 3.03 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. 8 Singapore Government 2.75% 03/01/2046 16,098,754 2.97 9 India Government 8.15 11/24/2026 15,556,708 2.87 Past performance is not necessarily a guide to future performance. 10 PT Pelabuhan Inco II 5.38% 05/05/2045 15,014,662 2.77

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. as at 31 December 2016 1 Republic of Philippines 6.25 1/14/2036 32,847,503 5.94 2 India Government 7.28 6/3/2019 25,935,149 4.69 3 India Government 8.15 6/11/2022 23,446,702 4.24 at a glance 4 Malaysian Government 4.23 6/30/2031 21,677,140 3.92 5 Republic Of Indonesia 8.38 3/15/2024 16,644,947 3.01 6 India Government 8.24 2/15/2027 16,202,556 2.93 7 Thailand Government 3.85 12/12/2025 15,981,361 2.89 fund facts 8 Malaysian Government 3.96 9/15/2025 14,432,994 2.61 Launch Date 16 January 2012 9 Singapore Government 2.75% 03/01/2046 14,045,902 2.54 Commencement Date 16 January 2012 10 India Government 8.15 11/24/2026 13,714,109 2.48 Manager Legg Mason Investments (Europe) Limited Currency of Fund Singapore Dollars Source: Legg Mason Asset Management (Singapore) Private Limited. Valuation Frequency Daily Information extracted from the underlying fund - Legg Mason Western Asset Asian Opportunities Fund. Annual Management Fee 1.10% All figures have been rounded to the nearest dollar. investment objectives To maximise total return through income and capital appreciation by investing at least 70% of its Total Asset Value in debt securities issued by Asian issuers and in derivatives on Asian interest rates and currencies. The fund seeks to achieve its investment objective by investing primarily in debt securities of issuers located in a number of different Asian and Emerging Asia/Pacific countries.

278 279 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 (%) (%) borrowings N/A Legg Mason Western Asset Asian Opportunities Fund – Class A SGD Accumulating (Hedged) 1.36 1.39 related-party transactions Nil The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes Legg Mason Western Asset Asian Opportunities Fund, an ILP sub-fund, feeds 100% into the underlying turnover ratio (underlying fund) Dublin registered Legg Mason Western Asset Asian Opportunities Fund – Class A SGD Accumulating (Hedged). as at as at 31 December 2017 31 December 2016 Market Value (S$) % of NAV (%) (%) 200,566 100.00 Legg Mason Western Asset Asian Opportunities Fund 31.29 35.45 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund The turnover ratios are calculated using the lesser of purchases or sales of underlying investments of a scheme Nil expressed as a percentage of daily average NAV. Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management (Singapore) Private amount of redemptions and subscriptions for the period Limited. 1 January 2017 to 31 December 2017

Legg Mason Western Asset Asian Oppor tunities Fund (S$) Subscriptions 131,453 Redemptions (134,270) soft dollar commission The Investment Manager and the Sub-Investment Managers may direct transactions to brokers in return for research services (such as written research reports on companies, sectors, or economies or the subscription of on-line data bases that provide real time and historical pricing information) furnished by them to the Sub- Investment Managers. In such circumstances, the Sub-Investment Managers will enter into soft commission agreements or similar arrangements with such brokers.

280 281 fund performance

Legg Mason Western Asset Global Bond Legg Mason Western Asset Global Bond Trust 2.01% for the 1 year period ended 31 December 2017

Trust table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Legg Mason Western Asset 0.00 -0.07 2.01 1.23 2.16 N/A 2.86 Global Bond Trust FTSE World Government Bond Index ex Japan hedged 0.63 1.09 1.94 2.58 3.26 N/A 3.65 to S$

Source: Legg Mason Asset Management Singapore Private Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Western Asset Management Company Private Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 0.75%

investment objectives To maximise total returns in Singapore Dollar terms over the longer term by investing in a portfolio of high quality debt securities of Singapore and major global bond markets such as the G10 countries and Australia and New Zealand. The fund aims to outperform its Benchmark.

283 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 2,805,476 units in Legg Mason Western Asset Global Bond Trust 3,980,970 99.59 Other Assets 16,544 0.41 Legg Mason Western Asset Global Bond Trust 0.91 0.88

Net assets attributable to unitholders 3,997,514 100.00 The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase All figures have been rounded up to the nearest dollar. or sale of other funds and tax deducted at source or arising out of income received.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at 31 December 2017 31 December 2016 No. Description Market Value (S$) % of NAV (%) (%) as at 31 December 2017 Legg Mason Western Asset Global Bond Trust 45.84 39.81 1 US Treasury Bond 1.5% 31/12/2018 34,013,342 9.19 2 Buoni Poliennali Del Tes 1.45% 15/09/2022 21,544,849 5.82 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment 3 France (Govt of) (Reg S) 0.25% 25/11/2016 21,226,590 5.74 Schemes. 4 US Treasury Bond 4.5% 15/08/2039 18,919,819 5.11 5 US Treasury Bond 2.125% 29/02/2024 14,978,916 4.05 amount of redemptions and subscriptions for the period 6 Japan (Govt of) CPI Linked Ser 16 1.4% 10/06/2018 14,367,212 3.88 1 January 2017 to 31 December 2017 7 Poland Government Bond Ser 726 2.5% 25/07/2026 13,735,071 3.71 8 US Treasury Bond 2.875% 15/05/2043 13,497,014 3.65 Legg Mason Western Asset Global Bond T rust 9 UK Treasury 4.25% 07/12/2040 12,777,637 3.45 (S$) 10 Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/2042 12,474,361 3.37 Subscriptions 1,786,215 Redemptions (987,857) as at 31 December 2016 1 US Treasury Bond 1.5% 31/12/2018 36,032,741 9.99 2 France (Govt of) (Reg S) 0.25% 25/11/2016 25,412,336 7.05 soft dollar commission 3 TSY Infl IX Bond 0.250% 15/01/2025 20,582,369 5.71 The Managers currently do not but shall be entitled to receive or enter into soft-dollar commissions/ 4 Buoni Poliennali Del Tes 1.45% 15/09/2022 20,461,423 5.68 arrangements in respect of the underlying fund. 5 US Treasury Bond 4.5% 15/08/2039 19,640,579 5.45 6 Poland Government Bond Ser 726 2.5% 25/07/2026 18,887,384 5.24 7 Japan (Govt of) CPI Linked Ser 16 1.4% 10/06/2018 15,728,530 4.36 8 Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/2042 14,672,077 4.06 9 US Treasury Bond 2.875% 15/05/2043 13,696,376 3.79 10 US Treasury N/B 1.00% 15/09/2017 13,397,199 3.71

Source: Legg Mason Asset Management Singapore Private Limited. Information extracted from the underlying fund - Legg Mason Western Asset Global Bond Trust. All figures have been rounded to the nearest dollar.

284 285 schedule of investments exposure to derivatives N/A Matthews Asia Funds – Asia Dividend borrowings N/A Fund (USD) related-party transactions Nil investments in collective investment schemes Legg Mason Western Asset Global Bond Trust, an ILP sub-fund, feeds 100% into the underlying Singapore registered Legg Mason Western Asset Global Bond Trust (SGD).

Market Value (S$) % of NAV 3,980,970 99.59 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management Singapore Private Limited.

286 fund performance schedule of investments

Matthews Asia Funds – Asia Dividend Fund (USD) N/A portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 3,800 units in Matthews Asia Funds – Asia Dividend Fund (USD) 94,732 99.53 Other Assets 449 0.47 Since Net assets attributable to unitholders 95,181 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Matthews Asia Funds – 8.38 12.84 N/A N/A N/A N/A 13.88 Asia Dividend Fund (USD) MSCI All Country Asia Pacific portfolio statement - by top 10 holdings 8.19 13.91 N/A N/A N/A N/A 15.73 Index No. Description Market Value (US$) % of NAV Source: Brown Brothers Harriman (Luxembourg) S.C.A. ^ Annual compounded return as at 31 December 2017 * Launch Date: 29 May 2017 1 Minth Group, Ltd. 27,406,387 5.22 Commencement Date: 29 May 2017 2 Shenzhou International Group Holdings, Ltd. 18,393,760 3.51 3 Ping An Insurance Group Co. of China, Ltd. H Shares 17,348,157 3.31 Performance is calculated in accordance with the share class of the fund, in USD terms. 4 China Construction Bank Corp. H Shares 16,571,376 3.16 5 Hyundai Mobis Co., Ltd. 16,361,005 3.12 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 6 HSBC Holdings PLC 16,153,833 3.08 account all charges which would have been payable upon such reinvestment. 7 LG Chem, Ltd., Pfd. 15,706,619 2.99 Past performance is not necessarily a guide to future performance. 8 Samsung Electronics Co., Ltd., Pfd. 15,329,205 2.92 9 Midea Group Co., Ltd. A Shares 14,301,739 2.73 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 10 Nitori Holdings Co., Ltd. 12,012,434 2.29

as at 31 December 2016 1 Minth Group, Ltd. 14,403,132 3.86 at a glance 2 Shenzhou International Group Holdings, Ltd. 13,324,241 3.57 3 ITOCHU Corp. 12,971,228 3.47 4 HSBC Holdings PLC 12,086,006 3.24 5 Mitsubishi UFJ Financial Group, Inc. 11,887,849 3.18 fund facts 6 Sumitomo Mitsui Financial Group, Inc. 11,844,951 3.17 Launch Date 29 May 2017 7 LG Chem, Ltd., Pfd. 11,012,262 2.95 Commencement Date 29 May 2017 8 United Overseas Bank, Ltd. 9,812,448 2.63 Manager Matthews Asia 9 Sands China, Ltd. 9,548,675 2.56 Currency of Fund US Dollars 10 Samsung Electronics Co., Ltd., Pfd. 8,695,527 2.33 Valuation Frequency Daily

Annual Management Fee 1.25% Source: Brown Brothers Harriman (Luxembourg) S.C.A. Information extracted from the underlying fund - Matthews Asia Funds – Asia Dividend Fund (USD). investment objectives All figures have been rounded to the nearest dollar. Seeks to provide a level of current income that is higher than the yield generally available in Asia Pacific equity over the longer term.

288 289 schedule of investments schedule of investments annualised expense ratio (underlying fund) soft dollar commission When appropriate under our discretionary authority, and consistent with our duty to seek best execution, as at as at we may select broker-dealers to execute client transactions who provide us with research and brokerage 30 September 2017 30 September 2016 products and services. By doing so, we attempt to allocate transactions in a manner that we believe (%) (%) maximizes the overall value of brokerage as a client asset. The brokerage commissions used to acquire Matthews Asia Funds – Asia Dividend Fund (USD) 1.82 1.79 research or brokerage services in these arrangements are known as “soft dollars.”

The Total Expense Ratio includes such fees as the Management and Administration fee, Domiciliation, Administration To help manage the selection of counterparties and individual transactions, Matthews Asia has adopted a and Transfer agency fees, Professional fees, Printing fees, Depositary fee and Taxe d’abonnement. Brokerage and Trading Policy (the “Trading Policies”). The Trading Policies govern our trading activities for our clients and helps us to address any potential conflicts of interest. Our Trade Management Oversight Total Expense Ratios presented above capture 12 months up to 30 September and are published in the Matthews Asia Committee, described above, oversees our Trading Policies and supervises all aspects of our trading Funds’ annual report. activities, including soft dollar usage. The expense ratio of Matthews Asia Funds – Asia Dividend Fund (USD) for the financial year ended 31 December 2017 is not available. It is Matthews Asia’s policy not to engage in directed brokerage arrangements on behalf of clients (i.e., payments for distribution of mutual fund shares with brokerage commissions) with third parties. Additionally, turnover ratio (underlying fund) Matthews Asia does not participate in any commission recapture programs.

as at as at exposure to derivatives 30 September 2017 30 September 2016 N/A (%) (%) Matthews Asia Funds – Asia Dividend Fund (USD) 19.14 21.40 borrowings N/A The Portfolio Turnover Ratio is calculated in accordance with the CSSF Circular 03/122 i.e. the aggregated sales and purchases less aggregated subscriptions and redemptions, divided by average net assets of the period. The portfolio related-party transactions turnover ratio may be negative as a result of shareholder transactions exceeding the investment transactions for the Nil accounting period. Turnover ratios presented here capture 12 months leading up to 30 September. investments in collective investment schemes Matthews Asia Funds – Asia Dividend Fund (USD), an ILP sub-fund, feeds 100% into the underlying The turnover ratio of Matthews Asia Funds – Asia Dividend Fund (USD) for the financial year ended 31 December 2017 Luxembourg registered Matthews Asia Funds – Asia Dividend Fund (USD) Class A (acc). is not available. Market Value (S$) % of NAV amount of redemptions and subscriptions for the period 94,732 99.53 1 January 2017 to 31 December 2017 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Matthews Asia Funds – Asia Dividend Fund (USD) Nil (S$) Subscriptions 41,828 Source of the expense ratio, turnover ratio and soft dollar commission: Brown Brothers Harriman (Luxembourg) S.C.A..

Redemptions (4,459)

290 291 fund performance

Mirae Asset Asia Great Consumer Equity Mirae Asset Asia Great Consumer Equity Fund (USD) N/A for the 1 year period ended 31 December 2017

Fund (USD) table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Mirae Asset Asia Great Consumer Equity Fund 11.50 19.80 N/A N/A N/A N/A 23.36# (USD) MSCI AC Asia ex Japan Index 8.27 15.58 N/A N/A N/A N/A 17.00#

Source: Mirae Asset Global Investments (Hong Kong) Limited ^ Annual compounded return * Launch Date: 29 May 2017 Commencement Date: 29 May 2017 # Since commencement performance returns are not annualised as the period is less than 1 year.

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

293 at a glance schedule of investments fund facts portfolio statement Launch Date 29 May 2017 as at 31 December 2017 Commencement Date 29 May 2017 Manager Mirae Asset Global Investments (Hong Kong) Limited Description Market Value (S$) % of NAV Currency of Fund US Dollars 63,357 units in Mirae Asset Asia Great Consumer Equity Fund (USD) 1,446,483 98.58 Valuation Frequency Daily Other Assets 20,881 1.42 Annual Management Fee 1.50% Net assets attributable to unitholders 1,467,364 100.00 investment objectives The primary objective of the Mirae Asset Asia Great Consumer Equity Fund is to achieve long term growth All figures have been rounded up to the nearest dollar. in the share price through capital appreciation of the underlying equity portfolio. The Principal Investment Manager will seek to achieve the objective by investing mainly in equities and equity related securities of Asian companies which are expected to benefit from growing consumption activities in the Asian region, portfolio statement - by top 10 holdings excluding Japan. No. Description Market Value (US$) % of NAV “Asian companies” shall mean companies domiciled or exercising a large portion of their economic activity in the Asia ex Japan region, or companies listed on the stock exchanges of these markets. as at 31 December 2017 1 Tencent Holdings Ltd. 58,176,684 9.46 fund updates 2 Alibaba Group Holding Ltd. Sponsored ADR 51,394,333 8.35 Effective 13 November 2017, additional risk factors (i.e. risks linked to the use of securities lending, 3 Shanghai International Airport Co., Ltd. Class A 25,123,649 4.08 repurchase, reverse repurchase, buy-sell back and sell-buy back transactions, depositary risk and collateral 4 HDFC Bank Limited 24,541,985 3.99 management risk) were inserted in the prospectus, section titled “Risk Factors”. 5 TAL Education Group Sponsored ADR Class A 23,853,275 3.88 6 Netmarble Games Corp. 23,462,197 3.81 7 NetEase, Inc. Sponsored ADR 21,265,762 3.46 8 Britannia Industries Ltd 21,163,151 3.44 9 E-Mart, Inc. 19,659,191 3.20 10 China Merchants Bank Co., Ltd. Class H 19,327,344 3.14

as at 31 December 2016 1 Tencent Holdings Ltd. 58,924,372 9.96 2 Alibaba Group Holding Ltd. Sponsored ADR 55,979,316 9.46 3 Ctrip.com International Ltd Sponsored ADR 36,547,181 6.18 4 Ping An Insurance (Group) Company of China, Ltd. Class H 32,265,274 5.45 5 PT Kalbe Farma Tbk 25,711,215 4.35 6 Universal Robina Corp. 24,555,486 4.15 7 Apollo Hospitals Enterprise Limited 24,374,561 4.12 8 Sands China Ltd. 24,326,335 4.11 9 Britannia Industries Ltd 23,780,615 4.02 10 Amorepacific Corp. 22,055,101 3.73

Source: Mirae Asset Global Investments (Hong Kong) Limited Information extracted from the underlying fund - Mirae Asset Asia Great Consumer Equity Fund (USD). All figures have been rounded to the nearest dollar.

294 295 schedule of investments schedule of investments annualised expense ratio (underlying fund) soft dollar commission Mirae Asset Global Investments (Hong Kong) Limited (the “Principal Investment Manager”) does not enter as at as at into any soft commission arrangements in relation to the Mirae Asset Asia Great Consumer Equity Fund (the 31 December 2017 31 December 2016 “Fund”). Neither the Principal Investment Manager nor any of their connected persons have or are entitled (%) (%) to retain any cash rebates from any broker or dealer in consideration for directing transactions on behalf of Mirae Asset Asia Great Consumer Equity Fund (USD) 1.74 1.71 the Fund to that broker or dealer.

The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) exposure to derivatives guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. N/A

The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction borrowings costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs N/A arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to investors. related-party transactions Nil turnover ratio (underlying fund) investments in collective investment schemes as at as at Mirae Asset Asia Great Consumer Equity Fund (USD), an ILP sub-fund, feeds 100% into the underlying 31 December 2017 31 December 2016 Luxembourg registered Mirae Asset Global Discvoery Fund - Mirae Asset Asia Great Consumer Equity Fund (%) (%) (USD) Class A (acc) . Mirae Asset Asia Great Consumer Equity Fund (USD) 66.41 18.84 Market Value (S$) % of NAV The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and 1,446,483 98.58 selling investments according to its investment policy. The Portfolio Turnover Ratio is calculated in accordance with the CSSF circular 03/122 as outlined below: any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil (Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares)/Average net Sub-Fund assets in Sub-Fund currency Source of the expense ratio, turnover ratio and soft dollar commission: Mirae Asset Global Investments (Hong Kong) Limited. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Mirae Asset Asia Great Consumer Equity Fund (USD) (S$) Subscriptions 775,536 Redemptions (43,206)

296 297 fund performance

Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) 6.30% Natixis Loomis Sayles Multisector Income for the 1 year period ended 31 December 2017

Fund (SGD Hedged) table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Natixis Loomis Sayles Multisector Income Fund 0.00 0.84 6.30 N/A N/A N/A 5.31 (SGD Hedged) Bloomberg Barclays US Government / Credit Index 0.49 1.30 4.00 N/A N/A N/A 1.27 TR USD

Source: Natixis Investment Managers, S.A. ^ Annual compounded return * Launch Date: 20 June 2016 Commencement Date: 20 June 2016

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

299 at a glance schedule of investments fund facts portfolio statement Launch Date 20 June 2016 as at 31 December 2017 Commencement Date 20 June 2016 Manager Loomis, Sayles & Company, L.P. Description Market Value (S$) % of NAV Currency of Fund Singapore Dollars 13,244 units in Natixis Loomis Sayles Multisector Income Fund Valuation Frequency Daily (SGD Hedged) 142,767 100.20 Annual Management Fee Up to 1.25% Other Liabilities (287) -0.20 investment objectives Net assets attributable to unitholders 142,480 100.00 The investment objective of Natixis International Funds (Dublin) I – Loomis Sayles Multisector Income Fund is high total investment return through a combination of current income and capital appreciation. All figures have been rounded up to the nearest dollar.

The Fund invests at least 80% of its total assets in bonds and other related fixed income securities. Bonds and other related fixed income securities in which the Fund may invest include corporate fixed income portfolio statement - by top 10 holdings securities, fixed income securities issued or guaranteed by the U.S. Government or its authorities or instrumentalities or fixed income securities issued by supranational entities (e.g. the World Bank), as well as No. Description Market Value (US$) % of NAV commercial paper, zero coupon securities, asset-backed securities, mortgage-backed securities (including as at 31 December 2017 collateralised mortgage obligations), when-issued securities, Regulation S Securities, Rule 144A securities, 1 US Treasury Notes 1.25% 03/31/19 74,685,815 6.74 structured notes and convertible securities in accordance with the UCITS Regulations. 2 US Treasury Bill ZCP 02/01/18 49,947,274 4.51 3 US Treasury Notes 1.25% 06/30/19 49,558,367 4.47 The Fund may invest up to 20% of its total assets in securities other than those described above, such as 4 New Zealand G 5% 03/15/19/NZD/ 38,937,922 3.51 common stocks, preferred stocks, and closed-ended U.S. real estate investment trusts (“REITS”). The Fund 5 Mex Bonos Desarr Fix Rt Bonds 34,951,150 3.15 may invest up to 10% of its net assets in units of undertakings for collective investment. 6 National Aust 5% 03/11/24/AUD/ 24,911,009 2.25 7 Bristol-Myers Squibb Co 21,864,704 1.97 The Fund may invest any amount of its assets in securities of U.S. and Canadian issuers which are also 8 Canadian G 1.75% 09/01/19/CAD/ 21,802,012 1.97 listed or traded on the markets set out in Appendix I of the Prospectus and up to 30% of its total assets 9 US Treasury Notes 1% 08/15/18 19,995,856 1.80 in securities of other non-U.S. or non-Canadian issuers including issuers in emerging markets. The Fund 10 Federal Home Loans Bank Discount Note 17,004,638 1.53 may invest any amount of its assets in securities issued by supranational issuers. The Fund may invest in securities denominated in any currency including currencies of emerging markets countries. The Fund may as at 31 December 2016 invest in securities of any maturity. The Fund may also invest up to 35% of its total assets in securities of 1 Intel Corporation 63,080,965 6.14 below investment grade quality. Securities of below investment grade quality are securities rated less than 2 New Zealand G 5% 03/15/19/NZD/ 38,378,098 3.74 BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), an equivalent rating by 3 Mex Bonos De 10% 12/05/24/MXN/ 33,927,640 3.30 Fitch Ratings or, if unrated, determined by the Investment Manager to be comparable. The Fund does not 4 US Treasury Bill ZCP 06/22/17 29,908,052 2.91 impose limits on the amount of its assets invested in cash or money market instruments. 5 Canadian G 0.25% 05/01/17/CAD/ 28,927,744 2.82 6 National Aust 5% 03/11/24/AUD/ 22,437,021 2.18 fund updates 7 Bristol-Myers Squibb Co. 20,851,392 2.03 With effect from 21 November 2017, the company was renamed from ‘Natixis Global Asset Management, 8 Canadian G 1.75% 09/01/19/CAD/ 20,704,226 2.02 S.A.’ to ‘Natixis Investment Managers, S.A.’. 9 Ford Motor Company 16,352,368 1.59 10 New South Wales 5.5% 03/01/17/AUD/ 16,248,052 1.58

Source: Natixis Investment Managers, S.A. & Loomis Sayles Information extracted from the underlying fund - Natixis Loomis Sayles Multisector Income Fund (SGD Hedged). All figures have been rounded to the nearest dollar.

300 301 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 (%) (%) borrowings N/A Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) 1.50 1.50 related-party transactions The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, Nil distribution paid out to unit shareholders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes

Natixis Loomis Sayles Multisector Income Fund (SGD Hedged), an ILP sub-fund, feeds 100% into the turnover ratio (underlying fund) Hedged-R/A SGD share class of the underlying Ireland registered Natixis International Funds (Dublin) I Public as at as at Limited Company - Loomis Sayles Multisector Income Fund. 31 December 2017 31 December 2016 (%) (%) Market Value (S$) % of NAV Natixis Loomis Sayles Multisector Income Fund 14.20 2.97 142,767 100.20

The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments any other material infor mation that will adversely af fect the valuation of the ILP sub-fund expressed as a percentage over the average net asset value. Nil amount of redemptions and subscriptions for the period Source of the expense ratio, turnover ratio and soft dollar commission: Natixis Investment Managers, S.A.& Loomis Sayles. 1 January 2017 to 31 December 2017

Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) (S$) Subscriptions 32,835 Redemptions (5,951) soft dollar commission The Investment Manager or the Delegate Investment Manager may make use of soft commission arrangements to enable it to obtain specialist services the benefits of which must be those which assist in the provision of investment services to the Company, and are beneficial to the management of the Funds and that may include the provision of services which are not available from traditional brokering services. All transactions undertaken on a soft commission basis in respect of the Funds will be subject to the fundamental rule of best execution (except to the extent that under applicable law, the Investment Manager or the Delegate Investment Manager may cause the Funds to pay higher commissions to brokers in recognition of their soft commission services), will also be disclosed in the subsequent relevant semi-annual and annual reports of the Company and will comply with the requirements and notices or other publications of the Central Bank, then in effect.

302 303 fund performance

Neuberger Berman Strategic Income Fund (SGD Hedged) 5.70% Neuberger Berman Strategic Income Fund for the 1 year period ended 31 December 2017

(SGD Hedged) (previously known as Neuberger table of per formance Berman US Strategic income Fund) as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Neuberger Berman Strategic Income Fund 0.53 1.70 5.70 N/A N/A N/A 4.82 (SGD Hedged) Bloomberg Barclays U.S. 0.39 1.24 3.54 N/A N/A N/A 1.09 Aggregate Bond Index

Source: Neuberger Berman ^ Annual compounded return * Launch Date: 20 June 2016 Commencement Date: 20 June 2016

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 20 June 2016 Commencement Date 20 June 2016 Manager Neuberger Berman Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.00%

investment objectives Maximize total return from high current income and long-term capital appreciation by opportunistically investing in a diversified mix of fixed rate and floating rate debt securities under varying market environments.

fund updates Effective 29 December 2017, the fund name of Neuberger Berman US Strategic Income Fund was amended to Neuberger Berman Strategic Income Fund.

305 schedule of investments schedule of investments

portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 20,022 units in Neuberger Berman Strategic Income Fund (SGD Hedged) 385,218 96.22 Other Assets 15,144 3.78 Neuberger Berman Strategic Income Fund (SGD Hedged) 1.19 1.20

Net assets attributable to unitholders 400,362 100.00 The expense ratios are calculated in accordance with the guidelines on the disclosure of expense ratios issued by the Investment Management Association of Singapore (IMAS). The following expenses (where applicable) are excluded from All figures have been rounded up to the nearest dollar. the calculation of the expense ratios: (i) brokerage and other transaction costs associated with the purchase and sales of investments; (ii) foreign exchange gains and losses of the relevant Portfolio, whether realised or unrealised; (iii) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; (iv) tax deducted at source or arising on income received, including withholding tax; portfolio statement - by top 10 holdings (v) dividends and other distributions paid to Shareholders; and (vi) interest expense. No. Description Market Value (US$) % of NAV The Investment Manager agreed to waive its fees on certain Share Classes in order to cap the Portfolios’ total expense as at 31 December 2017 ratios. These fee waivers are voluntary and may be discontinued by the Investment Manager at any time without prior 1 Federal National Mortgage Association 30 Year TBA 58,232,206 5.35 notice. 2 Treasury Note 53,172,091 4.89 3 Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 52,279,504 4.81 turnover ratio (underlying fund) 4 Treasury Note 44,158,447 4.06 5 Treasury Note 41,951,531 3.86 as at as at 31 December 2017 31 December 2016 6 Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 40,203,211 3.70 (%) (%) 7 Federal National Mortgage Association 30 Year TBA 35,278,625 3.24 8 Treasury Note 34,012,617 3.13 Neuberger Berman Strategic Income Fund (SGD Hedged) 29.01 385.00 9 Treasury (CPI) Note 30,524,425 2.81 10 Treasury Note 26,067,975 2.40 The turnover ratio of the relevant portfolio’s assets during the year is calculated based on the lesser of purchases or sales of underlying investments of the portfolio expressed as a percentage of daily average net assets. as at 31 December 2016 1 Federal National Mortgage Association 30 Year TBA 46,077,043 5.62 amount of redemptions and subscriptions for the period 2 Treasury (CPI) Note 36,026,394 4.39 1 January 2017 to 31 December 2017 3 Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 34,484,835 4.20 Neuberger Berman Strategic Income Fund (SGD Hedged) 4 Federal National Mortgage Association 30 Year TBA 25,515,176 3.11 (S$) 5 Treasury Note 21,012,772 2.56 6 Nurberger Berman Investment 19,576,308 2.39 Subscriptions 255,436 7 iShares $ High Yield Corporate Bond UCIT 19,498,125 2.38 Redemptions (128,856) 8 Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 16,307,220 1.99 9 Chase Issuance Trust Class A (2016-7) 15,930,015 1.94 soft dollar commission 10 Treasury Note 15,185,225 1.85 In selecting brokers to make purchases and sales for the Company for the account of a Portfolio, the Investment Manager will choose those brokers who have agreed to provide best execution to the Company. Source: Neuberger Berman In this regard, best execution means taking all reasonable steps to obtain the best possible result for the Information extracted from the underlying fund - Neuberger Berman Strategic Income Fund (SGD Hedged). All figures have been rounded to the nearest dollar. Company, taking into account price, costs, speed, likelihood of execution and settlement, the size and nature of the order and any other considerations relevant to the execution of the order. In managing the assets of each Portfolio, the Investment Manager may receive certain research and statistical and other information and assistance from brokers. The Investment Manager may allocate brokerage business to brokers who have provided such research and assistance to the Company and/or other accounts for which the Investment Manager exercises investment discretion. The benefits provided under any soft commission arrangements must assist in the provision of investment services to the Company. The Investment Manager shall notify the Company of any soft commission arrangements and these arrangements shall be disclosed in the periodic reports, including the annual audited accounts of the Company and in this Prospectus.

306 307 schedule of investments

In circumstances where the Investment Manager or any Sub-Investment Manager recaptures a portion of brokerage fees from a broker in relation to the purchase and/or sale of securities for a Portfolio, such rebate Pictet Asian Local Cur rency Debt Fund (less any reasonable properly vouched fees and expenses directly incurred by the Investment Manager or the Sub-Investment Manager in arranging such rebate and agreed with the Company) must be paid into that Portfolio.

Neuberger Berman Investment Advisers LLC currently engages in soft commission arrangements on behalf of the Portfolios managed by it. Appropriate disclosure will be in the periodic reports.

exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes Neuberger Berman Strategic Income Fund (SGD Hedged), an ILP sub-fund, feeds 100% into the underlying Ireland registered Neuberger Berman US Strategic Income Fund.

Market Value (S$) % of NAV 385,218 96.22

any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Neuberger Berman.

308 fund performance at a glance

Pictet Asian Local Currency Debt Fund 10.47% fund facts Launch Date 16 January 2012 for the 1 year period ended 31 December 2017 Commencement Date 16 January 2012 Manager Pictet Asset Management Limited table of per formance Sub-Manager Pictet Asset Management (Singapore) Pte. Ltd as at 31 December 2017 Currency of Fund US Dollars Valuation Frequency Daily Since Annual Management Fee 1.20% 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) investment objectives To seek revenue and capital growth by investing a minimum of two-thirds of its total assets or wealth in a Pictet Asian Local Cur rency 2.88 3.85 10.47 2.49 0.44 N/A 1.51 diversified portfolio of bonds and other debt securities linked to Asian local emerging debt. Debt Fund

JPM Jade Broad Asia 3.01 4.70 12.00 3.30 1.64 N/A 2.72 fund updates Diversified Composite# With effect from 31 July 2017, the fund manager has decided to update the investment policy and objective of the fund by adding clarification concerning the investment on the China Interbank Bond Source: Pictet Asset Management Market (CIBM). ^ Annual compounded return * Launch Date: 16 January 2012 The disclosures will be revised as follows (changes underlined): Commencement Date: 16 January 2012 # Effective 2 May 2016, the performance benchmark of the Pictet Asian Local Currency Debt Fund changed from Investments in China may be performed, inter alia, on the China Interbank Bond Market (“CIBM”) directly, HSBC Asia Local Bond Index to JPM Jade Broad Asia Diversified Composite. or through the Qualified Foreign Institutional Investor (“QFII”) or RMB Qualified Foreign Institutional Investor (“RQFII”) quota granted to the Manager for up to 49% of the fund’s net assets. Investments in China may also be performed on any acceptable securities trading programs which may be available to the fund in the Performance is calculated in accordance with the share class of the fund, in USD terms. future as approved by the relevant regulators from time to time.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into With effect from 31 July 2017, due to an internal re-organisation of the Pictet Group, it has been decided account all charges which would have been payable upon such reinvestment. that the fund, which is currently managed by Pictet Asset Management Limited which had appointed Pictet Past performance is not necessarily a guide to future performance. Asset Management S.A. and Pictet Asset Management (Singapore) Pte. Ltd as sub-managers will be managed by Pictet Asset Management Limited as manager and Pictet Asset Management (Singapore) Pte. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. Ltd as sub-manager. Pictet Asset Management S.A. will cease to be a sub-manager in respect of the fund. Pictet Asset Management (Europe) S.A. as management company in respect of the fund has at all times delegated the discretionary investment power of the fund to Pictet Asset Management Limited, and this delegation arrangement will remain unchanged.

This change will not affect the way that the fund is managed and will not cause an increase of the management fee.

310 311 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 1,519 units in Pictet Asian Local Currency Debt Fund 322,142 100.09 Pictet Asian Local Currency Debt Fund Class P USD 1.54 1.57 Other Liabilities (301) -0.09 Net assets attributable to unitholders 321,841 100.00 The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase All figures have been rounded up to the nearest dollar. or sale of other funds and tax deducted at source or arising out of income received.

turnover ratio (underlying fund) as at as at portfolio statement - by top 10 holdings 31 December 2017 31 December 2016 (%) (%) No. Description Market Value (US$) % of NAV Pictet Asian Local Currency Debt Fund 128.13 137.53 as at 31 December 2017 1 Singapore Gov’T 3.375% 01.09.2033 Sr 38,956,253 7.15 The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size 2 Singapore Gov’T 3.5% 01.03.2027 Sr 24,326,766 4.46 over the period. 3 Indonesia Gov’T 8.375% 15.03.2034 Sr 22,631,954 4.15 4 Korea Trsy Bd 5% 10.06.2020 Sr 22,414,241 4.11 amount of redemptions and subscriptions for the period 5 India Govt Bond 8.24% 15.02.2027 Sr 19,850,806 3.64 1 January 2017 to 31 December 2017 6 Malaysia Govt 3.492% 31.03.2020 Sr 19,230,058 3.25 7 Singapore Gov’T 2.25% 01.06.2021 Sr 17,685,772 2.99 Pictet Asian Local Cur rency Debt Fund 8 Indonesia Gov’T 10.5% 15.07.2038 Sr 16,270,009 2.92 (S$) 9 Korea Trsy Bd 4% 10.12.2031 Sr 15,893,981 2.44 Subscriptions 148,751 10 Thailand Govt 2.125% 17.12.2026 Sr 13,271,066 2.39 Redemptions (77,178)

as at 31 December 2016 1 Korea 3yr Bnd Fut Mar17 97,250,447 13.77 soft dollar commission 2 Korea 10yr Bnd Fu Mar17 47,116,099 6.67 Pictet Asset Management ended our soft commission programme in December 2005 and introduced 3 Korea Trsy Bd 5% 10.06.2020 Sr 45,999,752 6.51 the use of commission sharing agreements. Our policy in relation to commission sharing agreements is 4 Philippines(Rep) 4.95% 15.01.2021 Sr 45,181,097 6.40 as follows: we use clients’ commissions to secure certain research from brokers. However, some of the 5 Fx Forward 502554404 Bought Sgd 22.02.2017 31,718,781 4.49 research services we require for the management of our clients’ funds come from sources independent 6 Us 10yr Note (Cbt)Mar17 30,821,750 4.36 of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our 7 Fx Forward 502182878 Bought Hkd 07.11.2017 27,812,312 3.94 clients, where permitted by relevant regulatory authorities. 8 Fx Forward 502146365 Bought Usd 07.11.2017 27,709,351 3.92 9 Singapore Gov’T 3% 01.09.2024 Sr 27,229,427 3.86 10 Indonesia Gov’T 8.375% 15.09.2026 Sr 22,990,920 3.26

Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Asian Local Currency Debt Fund. All figures have been rounded to the nearest dollar.

312 313 schedule of investments exposure to derivatives N/A Pictet Emerging Europe Fund borrowings (previously known as Pictet Eastern Europe Fund) N/A related-party transactions Nil investments in collective investment schemes Pictet Asian Local Currency Debt Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Asian Local Currency Debt Fund (Class P USD).

Market Value (S$) % of NAV 322,142 100.09 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited.

314 fund performance schedule of investments

Pictet Emerging Europe Fund 12.16% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 458 units in Pictet Emerging Europe Fund 266,674 100.06 Other Liabilities (170) -0.06

Since Net assets attributable to unitholders 266,504 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Pictet Emerging Europe Fund -1.23 8.10 12.16 12.83 -0.22 N/A 1.56 MSCI Emerging Europe 10-40 3.33 9.82 5.70 9.14 8.81 N/A 0.95 portfolio statement - by top 10 holdings Source: Pictet Asset Management No. Description Market Value (EUR) % of NAV ^ Annual compounded return * Launch Date: 2 May 2012 as at 31 December 2017 Commencement Date: 2 May 2012 1 Sberbank Of Russia Pjsc 10,193,231 7.09 Performance is calculated in accordance with the currency of the fund, in Euro terms. 2 Tcs Group Holding - Reg S 8,195,786 5.70 3 Ccc Sa 6,359,170 4.43 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 4 Grupa Lotos Sa 5,446,028 3.79 account all charges which would have been payable upon such reinvestment. 5 Turkiye Garanti Bankasi 5,410,101 3.77 6 Otp Bank Plc 5,385,549 3.75 Past performance is not necessarily a guide to future performance. 7 Alior Bank Sa 5,338,937 3.72 8 Akbank T.A.S. 4,763,356 3.32 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 9 Lenta Ltd-Reg S 4,431,633 3.08 10 Tupras-Turkiye Petrol Rafine 4,350,251 3.03

as at 31 December 2016 1 Sberbank Of Russia Pjsc 7,797,822 7.91 2 Gazprom Pao - Spon Adr 4,444,360 4.51 at a glance 3 Tupras-Turkiye Petrol Rafine 4,228,117 4.29 4 Akbank T.A.S. 3,605,804 3.66 5 Otp Bank Plc 3,603,260 3.66 fund facts 6 Turkiye Garanti Bankasi 3,547,315 3.60 Launch Date 2 May 2012 7 Tcs Group Holding - Reg S 3,455,502 3.51 Commencement Date 2 May 2012 8 Etalon Group-Gdr Reg S 2,918,457 2.96 Manager Pictet Asset Management Limited 9 X 5 Retail Group Nv - Regs Gdr 2,874,674 2.92 Currency of Fund Euro 10 Aeroflot-Russian Airlines 2,717,722 2.76 Valuation Frequency Daily Annual Management 1.60% Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Emerging Europe Fund. All figures have been rounded to the nearest dollar. investment objectives To achieve capital growth by investing at least two-thirds of its total assets in the shares of companies whose main business and/or registered office is in Emerging Europe (including Russia and Turkey).

316 317 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 borrowings (%) (%) N/A Pictet Emerging Europe Fund Class P EUR 1.76 1.98 related-party transactions The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, Nil distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes Pictet Emerging Europe Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet turnover ratio (underlying fund) Emerging Europe Fund (Class P EUR).

as at as at Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 266,674 100.06

Pictet Emerging Europe Fund 125.81 169.27 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period. Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Pictet Emerging Europe Fund (S$) Subscriptions 125,770 Redemptions (15,876) soft dollar commission Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.

318 319 fund performance

Pictet Global Emerging Debt Fund Pictet Global Emerging Debt Fund 7.59% for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Pictet Global Emerging 1.21 3.43 7.59 5.21 3.07 N/A 5.30 Debt Fund JP Morgan EMBI Global 1.16 3.82 10.26 7.11 4.58 N/A 6.78 Diversified Composite

Source: Pictet Asset Management Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

321 at a glance schedule of investments fund facts portfolio statement Launch Date 16 January 2012 as at 31 December 2017 Commencement Date 16 January 2012 Manager Pictet Asset Management Limited Description Market Value (S$) % of NAV Currency of Fund US Dollars 4,698 units in Pictet Global Emerging Debt Fund 2,396,273 99.71 Valuation Frequency Daily Other Assets 6,896 0.29 Annual Management Fee 1.10% Net assets attributable to unitholders 2,403,169 100.00 investment objectives To seek revenue and capital growth by investing its portfolio in bonds and money market instruments in All figures have been rounded up to the nearest dollar. emerging countries, within the limits allowed by the investment restrictions. fund updates The fund manager has decided to update the investment policy and objective of the fund by adding portfolio statement - by top 10 holdings clarification concerning the investment on the China Interbank Bond Market (CIBM). No. Description Market Value (US$) % of NAV The disclosures will be revised as follows (changes underlined): Investments in China may be performed, inter alia, on the China Interbank Bond Market (“CIBM”) directly, as at 31 December 2017 1 Natl Power Corp 9.625% 15.05.2028 Sr 116,498,628 1.59 or through the Qualified Foreign Institutional Investor (“QFII”) or RMB Qualified Foreign Institutional Investor 2 Bolivia Govt 4.5% 20.03.2028 ‘Regs’ Sr 82,893,433 1.13 (“RQFII”) quota granted to the Manager for up to 30% of the fund’s net assets. Investments in China may 3 Indonesia (Rep) 5.125% 15.01.2045 ‘Regs’ Sr 82,667,218 1.13 also be performed on any acceptable securities trading programs which may be available to the fund in the 4 Hungary 5.375% 21.02.2023 Sr 82,020,042 1.12 future as approved by the relevant regulators from time to time. 5 Uruguay 5.1% 18.06.2050 Sr 80,833,580 1.10 6 Republic Of Peru 5.625% 18.11.2050 Sr 74,148,949 1.01 7 Jordan 6.125% 29.01.2026 ‘Regs’ Sr 73,244,064 1.00 8 Arab Rep Egypt 8.5% 31.01.2047 ‘Regs’ Sr 69,536,269 0.95 9 Romania 4.375% 22.08.2023 ‘Regs’ Sr 59,176,562 0.81 10 Malaysia Govt 3.58% 28.09.2018 Sr 58,852,287 0.80

as at 31 December 2016 1 Argent-$Par 2.5% 31.12.2038 Sr 129,575,063 1.74 2 Psalm 9.625% 15.05.2028 Sr 117,660,556 1.58 3 Indonesia (Rep) 5.95% 08.01.2046 ‘Regs’ Sr 110,934,556 1.49 4 Majapahit Hold 7.75% 20.01.2020 ‘Regs’ Sr 108,471,133 1.46 5 Republic Of Peru 5.625% 18.11.2050 Sr 85,028,370 1.14 6 Oman Intrnl Bond 4.75% 15.06.2026 ‘Regs’ Sr 75,388,822 1.01 7 Uruguay 5.1% 18.06.2050 Sr 75,069,669 1.01 8 Turkey Rep Of 3.25% 23.03.2023 Sr 74,173,309 1.00 9 Rep Of Poland 3% 17.03.2023 Sr 67,006,785 0.90 10 Vietnam (Rep Of) 6.75% 29.01.2020 ‘Regs’ Sr 56,160,922 0.76

Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Global Emerging Debt Fund. All figures have been rounded to the nearest dollar. Note: The top 10 holdings as at 31 December 2016 reported in the 31 December 2016 annual funds report had included the FX forward/cash positions. The top 10 holdings as at 31 December 2016 in this report has been amended to reflect only bond holdings.

322 323 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 (%) (%) borrowings N/A Pictet Global Emerging Debt Fund Class P USD 1.38 1.41 related-party transactions The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, Nil distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes turnover ratio (underlying fund) Pictet Global Emerging Debt Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Global Emerging Debt Fund (Class P USD). as at as at 31 December 2017 31 December 2016 Market Value (S$) % of NAV (%) (%) 2,396,273 99.71 Pictet Global Emerging Debt Fund 112.68 103.18 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size Nil over the period. Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Pictet Global Emerging Debt Fund (S$) Subscriptions 786,167 Redemptions (559,000) soft dollar commission Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.

324 325 fund performance

Pictet Health Fund 15.09% Pictet Health Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Pictet Health Fund # -2.22 -0.07 15.09 0.24 10.59 N/A 11.95 MSCI World 5.51 10.61 22.40 9.26 11.96 N/A 12.53

Source: Pictet Asset Management ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

327 at a glance schedule of investments fund facts portfolio statement Launch Date 16 January 2012 as at 31 December 2017 Commencement Date 16 January 2012 Manager Pictet Asset Management S.A., incorporated in Switzerland Description Market Value (S$) % of NAV Currency of Fund US Dollars 27,716 units in Pictet Health Fund 9,404,562 99.56 Valuation Frequency Daily Other Assets 41,331 0.44 Annual Management Fee 1.60% Net assets attributable to unitholders 9,445,893 100.00 investment objectives To achieve capital growth by investing at least two-thirds of its total assets or wealth in equities or similar All figures have been rounded up to the nearest dollar. securities issued by companies that are active in the field of generic drugs. Geographically, the compartment’s investment universe is not restricted to a particular area. portfolio statement - by top 10 holdings fund updates Due to an internal re-organization of the Pictet Group, it has been decided that the fund which is currently No. Description Market Value (US$) % of NAV managed by Pictet Asset Management Limited which had appointed Pictet Asset Management S.A. as sub-manager will, as from the net asset calculated as at 31 July 2017, only be managed by Pictet Asset as at 31 December 2017 Management S.A. 1 Unitedhealth Group Inc 27,696,744 5.58 2 Roche Holding Ag-Genusschein 21,383,497 4.31 This change will not affect the way the fund is managed and will not cause an increase in the management 3 Thermo Fisher Scientific Inc 19,918,354 4.02 fee. 4 Celgene Corp 18,981,900 3.83 5 Abbvie Inc 17,970,535 3.63 The fund manager has decided to allow for the possibility for the fund to invest in China A Shares through the 6 Aetna Inc 17,281,231 3.49 Shenzhen-Hong Kong Stock Connect program and/or any similar acceptances securities trading and clearing 7 Cigna Corp 15,077,044 3.04 linked programs or access instruments which may be available to the fund in the future. 8 Abbott Laboratories 14,981,842 3.02 9 Eli Lilly & Co 14,766,603 2.98 This change will take effect for the net asset value calculated as at 8 May 2017. 10 Pfizer Inc 14,396,811 2.90

as at 31 December 2016 1 Unitedhealth Group Inc 24,836,735 4.98 2 Johnson & Johnson 22,981,567 4.61 3 Pfizer Inc 22,949,765 4.60 4 Celgene Corp 22,949,093 4.60 5 Roche Holding Ag-Genusschein 20,707,015 4.15 6 Amgen Inc 20,322,780 4.07 7 Allergan Plc 19,034,378 3.82 8 Medtronic Plc 18,241,310 3.66 9 Thermo Fisher Scientific Inc 17,182,103 3.44 10 Gilead Sciences Inc 15,931,247 3.19

Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Health Fund. All figures have been rounded to the nearest dollar.

328 329 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at

31 December 2017 31 December 2016 (%) (%) borrowings N/A Pictet Health Fund Class P USD 2.02 2.02 related-party transactions The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, Nil distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes turnover ratio (underlying fund) Pictet Health Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Health Fund (Class P USD). as at as at 31 December 2017 31 December 2016 Market Value (S$) % of NAV (%) (%) 9,404,562 99.56 Pictet Health Fund 54.41 77.47 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size Nil over the period. Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Pictet Health Fund (S$) Subscriptions 4,179,559 Redemptions (1,604,999) soft dollar commission Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.

330 331 fund performance

Pictet Premium Brands Fund 19.15% Pictet Pr emium Brands Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Pictet Pr emium Brands 5.71 7.15 19.15 4.31 7.73 N/A 9.07 Fund MSCI World Hedged in SGD 4.09 5.49 8.34 9.74 13.84 N/A 14.24

Source: Pictet Asset Management ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

333 at a glance schedule of investments fund facts portfolio statement Launch Date 16 January 2012 as at 31 December 2017 Commencement Date 16 January 2012 Manager Pictet Asset Management S.A., incorporated in Switzerland Description Market Value (S$) % of NAV Currency of Fund Singapore Dollars 40,307 units in Pictet Premium Brands Fund 10,773,971 99.51 Valuation Frequency Daily Other Assets 52,702 0.49 Annual Management Fee 1.60% Net assets attributable to unitholders 10,826,673 100.00 investment objectives To apply a capital growth strategy by investing at least two-thirds of its total assets or wealth in equities All figures have been rounded up to the nearest dollar. issued by companies operating in the premium brands sector, which offer high quality services and products. These companies benefit from strong market recognition because they have the ability to create or channel consumer trends. They may also have a certain capacity to set prices. These companiesare particularly portfolio statement - by top 10 holdings specialised in highend products and services or in financing this type of activity. The compartment’s investment universe will not be limited to any particular region. No. Description Market Value (S$) % of NAV fund updates as at 31 December 2017 With effect from 31 July 2017, the funds’ investment policy will be amended to allow for the possibility 1 Visa Inc-Class A Shares 26,828,061 4.63 for the funds to invest China A shares through any acceptable securities trading programs which may be 2 Diageo Plc 24,588,942 4.24 available to the funds in the future as approved by the relevant regulators from time to time. 3 Apple Inc 22,431,626 3.87 4 Las Vegas Sands Corp 21,677,163 3.74 Currently, the funds may invest up to 5% of the net assets in China A shares through the Shenzhen-Hong 5 Marriott International -Cl A 20,891,599 3.61 Kong Stock Connect program. The fund manager has decided to remove the limitation of the maximum 6 Estee Lauder Companies-Cl A 20,276,408 3.50 exposure of up to 5% of the funds’ net assets to China A shares through the program. 7 American Express Co 19,133,275 3.30 8 Pernod Ricard Sa 18,545,177 3.20 Currently, Pictet Asset Management (Europe) S.A. has delegated the discretionary investment power to 9 Adidas Ag 17,288,112 2.98 Pictet Asset Management Limited, which has sub-delegated the investment management functions to Pictet 10 Cie Financiere Richemont-Reg 17,085,369 2.95 Asset Management S.A.. Due to an internal re-organisation of the Pictet Group, it has been decided that the fund which is currently managed by Pictet Asset Management Limited, which had appointed Pictet Asset as at 31 December 2016 Management S.A. as sub-manager, will only be managed by Pictet Asset Management S.A. as manager. 1 Lvmh Moet Hennessy Louis Vui 35,456,501 7.36 2 Royal Caribbean Cruises Ltd 24,112,923 5.01 From 31 July 2017, Pictet Asset Management Limited will cease to be a manager and there will be no 3 Las Vegas Sands Corp 23,827,425 4.95 sub-manager. Pictet Asset Management (Europe) S.A. will at all times delegate the discretionary investment 4 Cie Financiere Richemont-Reg 22,897,780 4.75 power of the fund to Pictet Asset Management S.A.. 5 Pernod Ricard Sa 20,158,924 4.19 6 Diageo Plc 19,518,302 4.05 This change will not affect the way that the fund is managed including the management style or operations 7 Nike Inc - Class B 19,304,571 4.01 of the fund, and will not have any impact on the investment objective and policy of the fund and will not 8 Apple Inc 15,096,003 3.13 cause an increase of the management fee. 9 Starbucks Corp 14,235,107 2.96 10 Christian Dior Se 13,665,473 2.84

Source: Pictet Asset Management S.A.. Information extracted from the underlying fund - Pictet Premium Brands Fund. All figures have been rounded to the nearest dollar.

334 335 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at

31 December 2017 31 December 2016 (%) (%) borrowings N/A Pictet Premium Brands Fund Class HP SGD 2.04 2.02 related-party transactions The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, Nil distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes turnover ratio (underlying fund) Pictet Premium Brands Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Premium Brands Fund (Class HP SGD). as at as at 31 December 2017 31 December 2016 Market Value (S$) % of NAV (%) (%) 10,773,971 99.51 Pictet Premium Brands Fund 72.23 87.49 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size Nil over the period. Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management S.A.. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Pictet Pr emium Brands Fund (S$) Subscriptions 3,782,620 Redemptions (1,615,807) soft dollar commission Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.

336 337 fund performance

Pictet Security Fund 24.40% Pictet Security Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Pictet Security Fund 3.45 9.03 24.40 9.00 11.56 N/A 12.13 MSCI World 5.51 10.61 22.40 9.26 11.64 N/A 12.04

Source: Pictet Asset Management S.A. ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

339 at a glance schedule of investments fund facts portfolio statement Launch Date 16 January 2012 as at 31 December 2017 Commencement Date 16 January 2012 Manager Pictet Asset Management S.A., incorporated in Switzerland Description Market Value (S$) % of NAV Currency of Fund US Dollars 6,446 units in Pictet Security Fund 1,980,738 99.37 Valuation Frequency Daily Other Assets 12,590 0.63 Annual Management Fee 1.60% Net assets attributable to unitholders 1,993,328 100.00 investment objectives To apply a capital growth strategy by investing primarily in shares or similar securities issued by companies All figures have been rounded up to the nearest dollar. that contribute to providing integrity, health, and freedom, whether it be individual, corporate or political. The compartment will invest at least two-thirds of its total assets or wealth in equities issued by companies operating in this sector. The targeted companies will be active, mainly, but not exclusively, in the following areas: internet security; software, telecommunications and computer hardware security; physical safety portfolio statement - by top 10 holdings and health protection; access and identification security; traffic security; workplace security and national defence, etc. No. Description Market Value (US$) % of NAV as at 31 December 2017 fund updates 1 Thermo Fisher Scientific Inc 144,610,195 4.02 With effect from 31 July 2017, the funds’ investment policy will be amended to allow for the possibility 2 3m Co 130,008,976 3.61 for the funds to invest China A shares through any acceptable securities trading programs which may be 3 Fidelity National Info Serv 127,566,541 3.54 available to the funds in the future as approved by the relevant regulators from time to time. 4 Equinix Inc 125,170,302 3.48 5 Stanley Black & Decker Inc 107,931,481 3.00 Currently, the funds may invest up to 5% of the net assets in China A shares through the Shenzhen-Hong 6 Fiserv Inc 105,354,136 2.93 Kong Stock Connect program. The fund manager has decided to remove the limitation of the maximum 7 Global Payments Inc 97,314,452 2.70 exposure of up to 5% of the funds’ net assets to China A shares through the program. 8 Total System Services Inc 97,300,978 2.70 9 Intertek Group Plc 88,136,227 2.45 Currently, Pictet Asset Management (Europe) S.A. has delegated the discretionary investment power to 10 Continental Ag 82,550,718 2.29 Pictet Asset Management Limited, which has sub-delegated the investment management functions to Pictet Asset Management S.A.. Due to an internal re-organisation of the Pictet Group, it has been decided that as at 31 December 2016 the fund which is currently managed by Pictet Asset Management Limited, which had appointed Pictet Asset 1 Fidelity National Info Serv 69,449,825 4.19 Management S.A. as sub-manager, will only be managed by Pictet Asset Management S.A. as manager. 2 Johnson Controls Internation 57,690,184 3.48 3 Fiserv Inc 57,060,854 3.44 From 31 July 2017, Pictet Asset Management Limited will cease to be a manager and there will be no 4 Nxp Semiconductors Nv 53,383,379 3.22 sub-manager. Pictet Asset Management (Europe) S.A. will at all times delegate the discretionary investment 5 Secom Co Ltd 50,753,179 3.06 power of the fund to Pictet Asset Management S.A.. 6 3m Co 48,631,109 2.93 7 Thermo Fisher Scientific Inc 42,818,283 2.58 This change will not affect the way that the fund is managed including the management style or operations 8 Autoliv Inc 39,619,109 2.39 of the fund, and will not have any impact on the investment objective and policy of the fund and will not 9 Denso Corp 38,843,155 2.34 cause an increase of the management fee. 10 Wabtec Corp 38,758,915 2.34

Source: Pictet Asset Management S.A.. Information extracted from the underlying fund - Pictet Security Fund. All figures have been rounded to the nearest dollar.

340 341 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at

31 December 2017 31 December 2016 (%) (%) borrowings N/A Pictet Security Fund Class P USD 2.00 1.91 related-party transactions The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, Nil distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes turnover ratio (underlying fund) Pictet Security Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Security Fund (Class P USD). as at as at 31 December 2017 31 December 2016 Market Value (S$) % of NAV (%) (%) 1,980,738 99.37 Pictet Security Fund 130.72 132.38 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size Nil over the period. Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management S.A.. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Pictet Security Fund (S$) Subscriptions 1,015,773 Redemptions (310,465) soft dollar commission Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.

342 343 fund performance

PineBridge Asia ex Japan Small Cap Equity Fund (SGD) 24.20% PineBridge Asia ex Japan Small Cap for the 1 year period ended 31 December 2017

Equity Fund (SGD) table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) PineBridge Asia ex Japan Small Cap Equity Fund 4.65 12.40 24.20 N/A N/A N/A 19.56 (SGD) MSCI AC Asia Pacific Ex Japan small Cap USD Net 8.38 11.69 22.59 N/A N/A N/A 16.67 Index (SGD)

Source: PineBridge Investments ^ Annual compounded return * Launch Date: 20 June 2016 Commencement Date: 12 October 2016

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 20 June 2016 Commencement Date 12 October 2016 Manager PineBridge Investments Ireland Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.30%

investment objectives To seek long term capital appreciation by investing in smaller to medium-sized companies in the Asian Region i.e. companies whose assets, products or operations are in the Asian Region. In practice, at least 50% of the Fund’s investment will be in companies whose free float adjusted market capitalisation at the time of purchase is less than USD 1.5 billion.

fund updates Effective 13 February 2018, the fund may invest and have direct access to eligible China A-Shares via the Shenzhen-Hong Kong Stock Connect.

345 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at

31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 188,653 units in PineBridge Asia ex Japan Small Cap Equity Fund (SGD) 2,916,986 98.23 PineBridge Asia ex Japan Small Cap Equity Fund (SGD) 2.09 2.15 Other Assets 52,541 1.77 The total expense ratios are calculated in accordance with the Central Bank’s guidelines and are consistent with the Net assets attributable to unitholders 2,969,527 100.00 requirements in the Investment Management Association of Singapore’s guidelines on the disclosure of expense ratios (the “MAS Guidelines”) and based on the SubFunds’ financial statements for the financial year. As set out in the IMAS All figures have been rounded up to the nearest dollar. Guidelines (as may be updated from time to time), the following expenses (where applicable) are excluded from the calculation of the expense ratio: (a) interest expense; (b) brokerage and other transaction costs associated with the purchase and sales of portfolio statement - by top 10 holdings investments (such as registrar charges and remittance fees); (c) foreign exchange gains and losses of the Sub-Fund, whether realised or unrealised; No. Description Market Value (US$) % of NAV (d) tax deducted at source or arising from income received, including withholding tax; (e) front-end loads, back-end loads and other costs arising from the purchase or sale of a as at 31 December 2017 foreign unit trust or mutual fund; and 1 Airtac International Group 14,769,300 3.90 (f) dividends and other distributions paid to Unitholders 2 ASM Pacific Technology Limited 12,497,100 3.30 3 Mando Corp. 10,603,600 2.80 turnover ratio (underlying fund) 4 SINBON Electronics Co., Ltd. 9,846,200 2.60 5 Anhui Conch Cement Company Limited 9,846,200 2.60 as at as at 6 Shree Cement Limited 9,846,200 2.60 31 December 2017 31 December 2016 7 Zhuzhou CRRC Times Electric Co., Ltd. 9,846,200 2.60 (%) (%) 8 Nexteer Automotive Group Limited 9,467,500 2.50 PineBridge Asia ex Japan Small Cap Equity Fund (SGD) 23.03 33.24 9 Inari Amertron Berhad 9,467,500 2.50 10 Duluxgroup Limited 9,467,500 2.50 The turnover ratio for each Sub-Fund is calculated based on the lesser of purchases or sales expressed as a percentage over average Net Asset Value i.e. average daily Net Asset Value as at 31 December 2016 1 Airtac International Group 5,108,600 4.10 amount of redemptions and subscriptions for the period 2 Duluxgroup Limited 4,423,300 3.55 1 January 2017 to 31 December 2017 3 LARGAN Precision Co., Ltd. 4,223,940 3.39 4 Lee & Man Paper Manufacturing Limited 4,012,120 3.22 PineBridge Asia ex Japan Small Cap Equity Fund (SGD) 5 Shenzhou International Group Holdings Ltd. 4,012,120 3.22 (S$) 6 Vtech Holdings Limited 3,887,520 3.12 Subscriptions 1,495,814 7 Anhui Conch Cement Company Limited 3,700,620 2.97 Redemptions (329,974) 8 Hanon Systems 3,563,560 2.86 9 Mando Corp. 3,526,180 2.83 10 Domino’s Pizza Enterprises Limited 3,426,500 2.75

Source: PineBridge Investments. Information extracted from the underlying fund - PineBridge Asia ex Japan Small Cap Equity Fund (SGD). All figures have been rounded to the nearest dollar.

346 347 schedule of investments soft dollar commission The Investment Managers may utilise brokers with whom soft commission arrangements are in place. A Pioneer Funds - U.S. Dollar Aggregate report will be included in the Fund’s annual and semi-annual reports to the extent that Fund brokerage commissions are utilised to satisfy any soft commission obligations. Any such arrangements will provide for Best Execution (as defined below) and any goods or services received will be of a type which assists in the Bond Fund (SGD Hedged) provision of investment services to the Fund. Neither the Investment Managers nor any of their connected persons will retain cash commission rebates.

“Best Execution” means the best price the best possible result for the relevant Sub-Fund, taking into account price, costs, speed, likelihood of execution and settlement, order size and nature, or any other consideration relevant to the execution of the order. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes PineBridge Asia ex Japan Small Cap Equity Fund (SGD), an ILP sub-fund, feeds 100% into the underlying Ireland registered PineBridge Asia ex Japan Small Cap Equity Fund (SGD).

Market Value (S$) % of NAV 2,916,986 98.23 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: PineBridge Investments.

348 fund performance schedule of investments

Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) 3.28% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 4,859 units in Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) 275,579 99.97 Other Assets 96 0.03 Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* Net assets attributable to unitholders 275,675 100.00 (%) (%) (%) (%) (%) (%) (%) All figures have been rounded up to the nearest dollar. Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD 0.73 1.47 3.28 2.56 N/A N/A 3.11 Hedged) BarCap US Aggregated portfolio statement - by top 10 holdings 0.39 1.24 3.54 2.24 N/A N/A 2.98 Bond Index No. Description Market Value (US$) % of NAV Source: Pioneer Investments ^ Annual compounded return as at 31 December 2017 * Launch Date: 18 September 2013 1 United States Treasury Zero% 25Jan18 33,285,043 3.05 Commencement Date: 18 September 2013 2 Federal National Mortgage Association 3.5% 11Jan18 25,225,274 2.31 3 United States Treasury 1.75% 30Nov19 20,798,472 1.90 Performance is calculated in accordance with the share class of the fund, in SGD terms. 4 United States Treasury 1% 15Feb46 19,229,377 1.76 5 United States Treasury 0.75% 15Feb45 11,599,403 1.06 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 6 Federal National Mortgage Association 4% 11Jan18 8,709,335 0.80 account all charges which would have been payable upon such reinvestment. 7 United States Treasury 0.875% 15Feb47 5,749,156 0.53 Past performance is not necessarily a guide to future performance. 8 Wells Fargo & Company 7.5% 31Dec49 Perpetual 5,636,841 0.52 9 Bank of America Corp 7.25% 31Dec49 Perpetual 5,352,035 0.49 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 10 Federal National Mortgage Association 15 Yr Pool 3% #MA3218 01dec32 5,143,676 0.47 at a glance as at 31 December 2016 1 Federal National Mortgage Association 3.5% 18Jan17 31,388,955 2.74 2 United States Treasury 1% 15Feb46 20,171,255 1.76 fund facts 3 United States Treasury 0.75% 15Feb45 18,613,412 1.63 Launch Date 18 September 2013 4 United States Treasury Zero% 12Jan17 15,168,059 1.33 Commencement Date 18 September 2013 5 Government National Mortgage Association I 30 Yr Pool 3.5% Manager Pioneer Investment Management, Inc. #AA8274 15Jul42 6,951,020 0.61 Currency of Fund Singapore Dollars 6 Lower Neches Valley Auth Tex Indl Dev Corp FLT% 01Nov38 5,951,298 0.52 Valuation Frequency Daily 7 Government National Mortgage Association I 30 Yr Pool 3.5% Annual Management Fee 0.90% #AL5247 15Jan45 5,179,847 0.45 8 Wells Fargo & Company 7.5% 31Dec49 Perpetual 4,982,552 0.44 investment objectives 9 Federal National Mortgage Association 30 Yr Pool 4.5% The Fund seeks to increase the value of your investment and to provide income over the medium to long #AL4608 01Dec43 4,958,717 0.43 term and invests mainly in a broad range of U.S. dollar denominated investment grade bonds. 10 Everglades Re Ltd FLT% 28Apr17 144A 4,905,059 0.43 fund updates Source: Pioneer Investments. Following the merger of Pioneer Asset Management S.A. and Amundi Group in July 2017, Pioneer Asset Information extracted from the underlying fund - Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged). Management S.A. has changed its name to Amundi Luxembourg S.A. on 1 January 2018. All figures have been rounded to the nearest dollar.

As a result of the merger, and with effect from 16 February 2018, the Pioneer Funds – U.S. Dollar Aggregate Bond (SGD Hedged) has been renamed to Amundi Funds II – Pioneer U.S. Dollar Aggregate Bond (SGD Hedged).

350 351 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 (%) (%) borrowings N/A Pioneer Funds - U.S. Dollar Aggregate Bond Fund Class A SGD Hedged ND 1.33 1.33* related-party transactions Nil The expense ratio does not include portfolio transaction costs and performance fees.

*The expense ratio of 1.37% reported in the 31 December 2016 annual funds report has been updated to reflect the investments in collective investment schemes finalised figure. Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pioneer Funds - U.S. Dollar Aggregate Bond Fund (Class A SGD Hedged turnover ratio (underlying fund) ND). as at as at Market Value (S$) % of NAV 31 December 2017 31 December 2016 275,579 99.97 (%) (%) Pioneer Funds - U.S. Dollar Aggregate Bond Fund 95.22 150.15 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil The portfolio turnover ratio is calculated based on the minimum (between sales and purchases) divided by average NAV. Source of the expense ratio, turnover ratio and soft dollar commission: Pioneer Investments. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) (S$) Subscriptions 3,062,457 Redemptions (9,275,880) soft dollar commission The Investment Managers may enter into commission sharing or similar arrangements. Consistent with obtaining best execution, commission sharing agreements (“CSAs”) are agreements between the Investment Managers and nominated brokers that specify a certain proportion of dealing commission sent to a broker be reserved to pay for research with one or more third parties. The provision of research is subject to arrangements between the Investment Managers and the research providers and the commission split for execution and research is negotiated between the Investment Manager and the executing broker. Separate from any CSA, executing brokers may also provide research that is paid for through a deduction from the execution cost. The receipt of investment research and information and related services permits the Investment Manager to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Investment Managers.

352 353 fund performance

Pioneer Funds - U.S. Dollar Aggregate Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) N/A for the 1 year period ended 31 December 2017

Bond Fund (USD) table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Pioneer Funds - U.S. Dollar Aggregate Bond Fund 0.73 1.63 N/A N/A N/A N/A 3.65 (USD) BarCap US Aggregated 0.39 1.24 N/A N/A N/A N/A 3.44 Bond Index

Source: Pioneer Investments ^ Annual compounded return * Launch Date: 3 March 2017 Commencement Date: 15 March 2017

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 3 March 2017 Commencement Date 15 March 2017 Manager Pioneer Investment Management, Inc. Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 0.90%

investment objectives The Fund seeks to increase the value of your investment and to provide income over the medium to long term and invests mainly in a broad range of U.S. dollar denominated investment grade bonds.

fund updates Following the merger of Pioneer Asset Management S.A. and Amundi Group in July 2017, Pioneer Asset Management S.A. has changed its name to Amundi Luxembourg S.A. on 1 January 2018.

As a result of the merger, and with effect from 16 February 2018, the Pioneer Funds – U.S. Dollar Aggregate Bond (USD) has been renamed to Amundi Funds II – Pioneer U.S. Dollar Aggregate Bond (USD).

355 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 66,921 units in Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) 8,907,283 110.40 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (Class A USD) 1.23 1.23 Other Liabilities (838,887) -10.40 Net assets attributable to unitholders 8,068,396 100.00 The expense ratio does not include portfolio transaction costs and performance fees.

All figures have been rounded up to the nearest dollar. turnover ratio (underlying fund) as at as at 31 December 2017 31 December 2016 (%) (%) portfolio statement - by top 10 holdings Pioneer Funds - U.S. Dollar Aggregate Bond Fund 95.22 150.15 No. Description Market Value (US$) % of NAV The portfolio turnover ratio is calculated based on the minimum (between sales and purchases) divided by average as at 31 December 2017 NAV. 1 United States Treasury Zero% 25Jan18 33,285,043 3.05 2 Federal National Mortgage Association 3.5% 11Jan18 25,225,274 2.31 amount of redemptions and subscriptions for the period 3 United States Treasury 1.75% 30Nov19 20,798,472 1.90 1 January 2017 to 31 December 2017 4 United States Treasury 1% 15Feb46 19,229,377 1.76 5 United States Treasury 0.75% 15Feb45 11,599,403 1.06 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) 6 Federal National Mortgage Association 4% 11Jan18 8,709,335 0.80 (S$) 7 United States Treasury 0.875% 15Feb47 5,749,156 0.53 Subscriptions 10,386,259 8 Wells Fargo & Company 7.5% 31Dec49 Perpetual 5,636,841 0.52 Redemptions (1,418,671) 9 Bank Of America Corp 7.25% 31Dec49 Perpetual 5,352,035 0.49 10 Federal National Mortgage Association 15 Yr Pool 3% #MA3218 01Dec32 5,143,676 0.47 soft dollar commission The Investment Managers may enter into commission sharing or similar arrangements. Consistent with as at 31 December 2016 obtaining best execution, commission sharing agreements (“CSAs”) are agreements between the Investment 1 Federal National Mortgage Association 3.5% 18Jan17 31,388,955 2.74 Managers and nominated brokers that specify a certain proportion of dealing commission sent to a broker 2 United States Treasury 1% 15Feb46 20,171,255 1.76 be reserved to pay for research with one or more third parties. The provision of research is subject to 3 United States Treasury 0.75% 15Feb45 18,613,412 1.63 arrangements between the Investment Managers and the research providers and the commission split for 4 United States Treasury Zero% 12Jan17 15,168,059 1.33 execution and research is negotiated between the Investment Manager and the executing broker. Separate 5 Government National Mortgage Association I 30 Yr Pool 3.5% from any CSA, executing brokers may also provide research that is paid for through a deduction from #AA8274 15Jul42 6,951,020 0.61 the execution cost. The receipt of investment research and information and related services permits the 6 Lower Neches Valley Auth Tex Indl Dev Corp FLT% 01Nov38 5,951,298 0.52 Investment Manager to supplement their own research and analysis and makes available to them the 7 Government National Mortgage Association I 30 Yr Pool 3.5% views and information of individuals and research staffs of other firms. Such services do not include travel, #AL5247 15Jan45 5,179,847 0.45 accommodation, entertainment, general administrative goods or services, general office equipment or 8 Wells Fargo & Company 7.5% 31Dec49 Perpetual 4,982,552 0.44 premises, membership fees, employee salaries or direct money payment, which are paid by the Investment 9 Federal National Mortgage Association 30 Yr Pool 4.5% Managers. #AL4608 01Dec43 4,958,717 0.43 10 Everglades Re Ltd FLT% 28Apr17 144A 4,905,059 0.43

Source: Pioneer Investments. Information extracted from the underlying fund - Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD). All figures have been rounded to the nearest dollar.

356 357 schedule of investments exposure to derivatives N/A Pioneer Funds - U.S. Fundamental Growth borrowings N/A Fund related-party transactions Nil investments in collective investment schemes Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pioneer Funds - U.S. Dollar Aggregate Bond Fund (Class A USD).

Market Value (S$) % of NAV 8,907,283 110.40 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Pioneer Investments.

358 fund performance schedule of investments

Pioneer Funds - U.S. Fundamental Growth Fund 21.75% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 50,115 units in Pioneer Funds - U.S. Fundamental Growth Fund 17,150,959 98.83 Other Assets 203,667 1.17 Since Net assets attributable to unitholders 17,354,626 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Pioneer Funds - U.S. 4.19 7.93 21.75 9.43 14.20 N/A 11.76 Fundamental Growth Fund portfolio statement - by top 10 holdings Russel 1000 Growth (TR) 7.86 14.23 30.21 13.80 17.34 N/A 14.83

No. Description Market Value (US$) % of NAV Source: Pioneer Investments ^ Annual compounded return as at 31 December 2017 * Launch Date: 18 September 2013 1 Apple Inc 173,249,776 7.45 Commencement Date: 18 September 2013 2 Microsoft Corporation 172,532,285 7.42 Performance is calculated in accordance with the share class of the fund, in USD terms. 3 Alphabet Inc Class C 157,234,497 6.76 4 Home Depot Inc 114,348,860 4.92 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 5 Mastercard Inc 93,457,989 4.02 account all charges which would have been payable upon such reinvestment. 6 Pepsico Inc 76,296,116 3.28 7 Broadcom Ltd 72,565,051 3.12 Past performance is not necessarily a guide to future performance. 8 Intercontinental Exchange Inc 70,598,456 3.04 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 9 Raytheon 69,774,347 3.00 10 Time Warner Inc. 69,344,852 2.98

as at 31 December 2016 1 Apple Inc 148,653,144 6.28 at a glance 2 Alphabet Inc Class C 135,895,933 5.74 3 Microsoft Corporation 131,575,374 5.56 4 Amazon.Com Inc. 108,273,479 4.58 fund facts 5 Mastercard Inc 106,621,251 4.51 Launch Date 18 September 2013 6 Home Depot Inc 103,881,952 4.39 Commencement Date 18 September 2013 7 Celgene Corporation 90,969,678 3.85 Manager Pioneer Investment Management, Inc 8 Time Warner Inc. 89,207,744 3.77 Currency of Fund US Dollars 9 CVS Health Corp 87,373,679 3.69 Valuation Frequency Daily 10 Thermo Fisher Scientific Inc 79,993,844 3.38 Annual Management Fee 1.50% Source: Pioneer Investments. investment objectives Information extracted from the underlying fund - Pioneer Funds - U.S. Fundamental Growth Fund. The Fund seeks to increase the value of your investment over the medium to long-term by investing mainly All figures have been rounded to the nearest dollar. in a broad range of equities of companies that are based in, or do most of their business in the U.S.A. investment objectives Following the merger of Pioneer Asset Management S.A. and Amundi Group in July 2017, Pioneer Asset Management S.A. has changed its name to Amundi Luxembourg S.A. on 1 January 2018.

As a result of the merger, and with effect from 16 February 2018, the Pioneer Funds – U.S. Fundamental Growth (USD) has been renamed to Amundi Funds II – Pioneer U.S. Fundamental Growth (USD).

360 361 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 (%) (%) borrowings N/A Pioneer Funds - U.S. Fundamental Growth Fund Class A No Dis USD 1.67 1.68* related-party transactions The expense ratio does not include portfolio transaction costs and performance fees. Nil *The expense ratio of 1.73% reported in the 31 December 2016 annual funds report has been updated to reflect the finalised figure. investments in collective investment schemes Pioneer Funds - U.S. Fundamental Growth Fund, an ILP sub-fund, feeds 100% into the underlying turnover ratio (underlying fund) Luxembourg registered Pioneer Funds - U.S. Fundamental Growth Fund (Class A No Dis USD).

as at as at Market Value (S$) % of NAV 31 December 2017 31 December 2016 17,150,959 98.83 (%) (%) Pioneer Funds - U.S. Fundamental Growth Fund 54.17 25.71 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil The portfolio turnover ratio is calculated based on the minimum (between sales and purchases) divided by average NAV. Source of the expense ratio, turnover ratio and soft dollar commission: Pioneer Investments. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Pioneer Funds - U.S. Fundamental Growth Fund (S$) Subscriptions 7,097,029 Redemptions (1,844,348) soft dollar commission The Investment Manager may enter into commission sharing or similar arrangements. Consistent with obtaining best execution, commission sharing agreements (“CSA”) are agreements between the Investment Manager and nominated brokers that specify a certain proportion of dealing commission sent to a broker be reserved to pay for research with one or more third parties. The provision of research is subject to arrangements between the Investment Managers and the research providers and the commission split for execution and research is negotiated between the Investment Manager and the executing broker. Separately to CSA, executing brokers may also provide research with payment deducted from the execution cost. The receipt of investment research and information and related services permits the Investment Manager to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Investment Manager.

362 363 fund performance

Schroder Asian Growth Fund Schroder Asian Growth Fund 43.20% for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Schroder Asian Growth 8.28 15.74 43.20 16.22 13.46 N/A 14.35 Fund MSCI All Country Asia ex Japan Index (Net Dividend 6.51 12.00 31.09 11.14 9.78 N/A 10.13 Reinvested)

Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.125%

investment objectives To seek long-term capital growth by investing primarily in securities of companies quoted on stockmarkets in Asia, including Australia and New Zealand but excluding Japan. The fund may use or invest in derivatives. The net asset value (“NAV”) of the fund is likely to have high volatility due to its investment policies or portfolio management techniques.

365 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 9,625,984 units in Schroder Asian Growth Fund 37,562,479 98.99 Schroder Asian Growth Fund 1.35 1.36 Other Assets 381,989 1.01 Net assets attributable to unitholders 37,944,468 100.00 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio was based on total operating expenses divided by the All figures have been rounded up to the nearest dollar. average net asset value for the year. The total operating expenses do not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are portfolio statement - by top 10 holdings disclosed below. The average net asset value is based on daily balances.

No. Description Market Value (S$) % of NAV turnover ratio (underlying fund) as at 31 December 2017 as at as at 1 Samsung Electronics Co Ltd 88,660,096 7.59 31 December 2017 31 December 2016 2 Tencent Hldg Ltd 76,230,134 6.52 (%) (%) 3 Alibaba Group Hldg Ltd ADR 70,055,604 6.00 Schroder Asian Growth Fund 14.25 25.98 4 Taiwan Semiconductor Manufacturing Co Ltd 69,200,526 5.92 5 AIA Group Ltd 48,452,248 4.15 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment 6 HDFC Bank Ltd 43,425,845 3.72 Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the 7 China Lodging Group Ltd ADS 34,427,537 2.95 underlying investments divided by the average daily net asset value. 8 China Pacific Insurance Group Co Ltd H Shares 33,858,107 2.90 9 Techtronic Ind Co Ltd 32,893,747 2.82 amount of redemptions and subscriptions for the period 10 New Oriental Education & Technology Group Inc ADR 30,951,655 2.65 1 January 2017 to 31 December 2017 as at 31 December 2016 Schroder Asian Growth Fund 1 Taiwan Semiconductor Manufacturing Co Ltd 48,956,432 7.73 (S$) 2 Samsung Electronics Co Ltd 43,425,796 6.85 Subscriptions 14,082,738 3 Tencent Hldg Ltd 38,822,883 6.13 Redemptions (1,626,346) 4 Alibaba Group Hldg Ltd ADR 29,915,915 4.72 5 AIA Group Ltd 27,494,281 4.34 6 HDFC Bank Ltd 25,543,851 4.03 soft dollar commission 7 China Mobile Ltd 19,008,291 3.00 In the management of the Fund, the Manager may accept soft dollar commissions from, or enter into 8 Techtronic Ind Co Ltd 17,330,269 2.74 soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars 9 Jardine Strategic Hldg Ltd 16,470,851 2.60 received are restricted to the following kinds of services: 10 China Pacific Insurance (Group) Co Ltd H Shares 14,740,205 2.33 (i) research, analysis or price information; Source: Schroder Investment Management (Singapore) Limited. (ii) performance measurement; Information extracted from the underlying fund - Schroder Asian Growth Fund. (iii) portfolio valuations; and All figures have been rounded to the nearest dollar. (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.

366 367 schedule of investments exposure to derivatives as at 31 December 2017 Schroder Asian Income Fund

Market Value (S$) % of NAV i) Market value of derivative contracts Spot foreign exchange (7,322) (*)

* Less than 0.01% ii) Net loss on derivative realised The net loss on financial derivatives realised during the period 1 January 2017 to 31 December 2017 amounted to S$692,565. iii) Net loss on outstanding derivatives The net loss on outstanding financial derivatives marked to market as at 31 December 2017 amounted to S$7,322. borrowings N/A related-party transactions Nil investments in collective investment schemes Schroder Asian Growth Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Asian Growth Fund (SGD).

Market Value (S$) % of NAV 37,562,479 98.99 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

368 fund performance schedule of investments

Schroder Asian Income Fund 8.96% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 3,293,593 units in Schroder Asian Income Fund 3,638,236 94.63 Other Assets 206,317 5.37 Since Net assets attributable to unitholders 3,844,553 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Schroder Asian Income 2.33 3.24 8.96 4.90 N/A N/A 6.51 Fund SAI composite Benchmark portfolio statement - by top 10 holdings 3.27 6.28 15.66 7.73 N/A N/A 7.82 ((Reference benchmark)# No. Description Market Value (S$) % of NAV Source: Schroder Investment Management (Singapore) Limited as at 31 December 2017 ^ Annual compounded return * Launch Date: 18 September 2013 1 SISF - Global Multi-Asset Income I Acc 89,368,115 2.08 Commencement Date: 18 September 2013 2 HK Electric Investments and HK Electric Investments Ltd # 50% MSCI Asia Pacific ex Japan (NDR); 50% JPM Asian Credit (SGD Hedged) Stapled Shares 87,134,857 2.03 3 CapitaLand Commercial Trust 86,310,285 2.01 Performance is calculated in accordance with the share class of the fund, in SGD terms. 4 Mapletree Greater China Commercial Trust 81,287,379 1.89 5 Link REIT 79,069,853 1.84 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 6 Mapletree Industrial Trust 74,537,337 1.74 account all charges which would have been payable upon such reinvestment. 7 China Construction Bank Corp H Shares 74,530,405 1.74 Past performance is not necessarily a guide to future performance. 8 Ascendas Real Estate Investment Trust 74,287,280 1.73 9 Fortune REIT 73,441,824 1.71 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 10 Mapletree Commercial Trust 73,040,171 1.70

as at 31 December 2016 at a glance 1 SISF - Global Multi-Asset Income I Accumulation Share Class 90,262,498 3.41 2 HSBC Hldg PLC 53,863,383 2.03 3 National Australia Bank Ltd 48,394,871 1.83 4 Link REIT 47,938,365 1.81 fund facts 5 Mapletree Industrial Trust 43,880,540 1.66 Launch Date 18 September 2013 6 Mapletree Commercial Trust 43,871,529 1.66 Commencement Date 18 September 2013 7 Westpac Banking Corp 43,805,839 1.65 Manager Schroder Investment Management (Singapore) Limited 8 DUET Group 43,346,873 1.64 Currency of Fund Singapore Dollars 9 AusNet Services 43,012,918 1.62 Valuation Frequency Daily 10 HKT Trust and HKT Ltd Stapled Shares 42,956,697 1.62 Annual Management Fee 1.25%

Source: Schroder Investment Management (Singapore) Limited. investment objectives Information extracted from the underlying fund - Schroder Asian Income Fund. To provide income and capital growth over the medium to longer term by investing primarily in Asian equities All figures have been rounded to the nearest dollar. and Asian fixed income securities.

370 371 schedule of investments schedule of investments annualised expense ratio (underlying fund) 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, as at as at (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in 31 December 2017 31 December 2016 (%) (%) order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment. Schroder Asian Income Class SGD X 1.47 1.46* exposure to derivatives The expense ratio has been computed based on the guidelines laid down by the Investment Management Association as at 31 December 2017 of Singapore (“IMAS”). The calculation of the expense ratio was based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include brokerage and other transaction costs, Market Value (S$) % of NAV performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. i) Market value of derivative contracts The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are Contracts disclosed below. The average net asset value is based on daily balances. The Fund invests in real estate investment Forward foreign exchange 13,929,837 0.32 trusts (REITs), for which the expense ratios are not available or published. The expense ratio of the Fund does not include the expense ratios of those underlying REITs. Futures 1,117,435 0.03 Spot foreign exchange (17,322) (*) *The expense ratio of 1.45% reported in the 31 December 2016 annual funds report has been updated to reflect the Swaps (1,517,814) (0.04) finalised figure. * Less than 0.01% turnover ratio (underlying fund) ii) Net gain on derivative realised as at as at The net gain on financial derivatives realised during the period 1 January 2017 to 31 December 2017 31 December 2017 31 December 2016 (%) (%) amounted to S$38,613,465.

Schroder Asian Income 18.63 25.98* iii) Net gain on outstanding derivatives The net gain on outstanding financial derivatives marked to market as at 31 December 2017 amounted to The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment S$13,512,136. Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the underlying investments divided by the average daily net asset value. borrowings *The turnover ratio of 26.26% reported in the 31 December 2016 annual funds report has been updated to reflect the N/A finalised figure. related-party transactions amount of redemptions and subscriptions for the period Nil 1 January 2017 to 31 December 2017 investments in collective investment schemes Schroder Asian Income Fund Schroder Asian Income Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered (S$) Schroder Asian Income Fund (Class SGD X). Subscriptions 1,798,054 Redemptions (521,869) Market Value (S$) % of NAV 3,638,236 94.63 soft dollar commission any other material infor mation that will adversely af fect the valuation of the ILP sub-fund In the management of the Fund, the Manager may accept soft dollar commissions from, or enter into Nil 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: Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. (i) research, analysis or price information; (ii) performance measurement; (iii) portfolio valuations; and (iv) administration services.

372 373 fund performance

Schroder Global Emerging Market Schroder Global Emerging Market Opportunities Fund 28.15% for the 1 year period ended 31 December 2017

Opportunities Fund table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Schroder Global Emerging 3.78 13.21 28.15 9.49 7.67 N/A 7.23 Market Oppor tunities Fund MSCI Emerging Markets Index 5.73 12.51 26.99 9.42 6.25 N/A 7.15

Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 16 January 2012 Commencement Date 16 Jaunary 2012 Manager Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.20%

investment objectives The Schroder Global Emerging Market Opportunities Fund will invest substantially into the Schroder ISF Global Emerging Market Opportunities, whose investment objective is to provide a total return through investment in equity and equity related securities of emerging market countries worldwide. The Schroder ISF Global Emerging Market Opportunities may also invest in fixed income securities worldwide and liquidities for defensive purposes.

fund updates With effect from 16 September 2016, the annual management fee of the portfolio was lowered from 1.25% to 1.20%.

Note: The annual management fee of 1.25% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.20%. 375 schedule of investments schedule of investments

portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 5,183,079 units in Schroder Global Emerging Market Opportunities Fund 5,685,838 99.95 (%) (%) Other Assets 2,768 0.05 Schroder Global Emerging Market Opportunities Fund 1.68 1.74 Net assets attributable to unitholders 5,688,606 100.00 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association All figures have been rounded up to the nearest dollar. of Singapore (“IMAS”). The calculation of the expense ratio was based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include brokerage and other transaction costs, portfolio statement - by top 10 holdings performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. as at 31 December 2017 The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are No. Description Market Value (S$) % of NAV disclosed below. The average net asset value is based on daily balances.

Schroder Global Emerging Market Oppor tunities Fund turnover ratio (underlying fund) 1 Schroder International Selection Fund- Global Emerging Market Opportunities C Accumulation Share Class 59,683,579 98.50 as at as at 31 December 2017 31 December 2016 No. Description Market Value (US$) % of NAV (%) (%) Schroder ISF Global Emerging Market Oppor tunities Schroder Global Emerging Market Opportunities Fund 3.76 0.34 1 Samsung Electronics 49,034,879 5.19 2 Taiwan Semiconductor Manufacturing 32,998,254 3.49 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment 3 Alibaba Group Holding 32,654,730 3.46 Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the 4 Tencent Holdings 31,707,733 3.36 underlying investments divided by the average daily net asset value. 5 Sberbank of Russia 27,218,514 2.88 6 Barclays Africa Group 24,831,999 2.63 amount of redemptions and subscriptions for the period 7 Midea Group 22,118,259 2.34 1 January 2017 to 31 December 2017 8 SK Innovation 20,590,860 2.18 9 AIA Group 20,513,698 2.17 Schroder Global Emerging Market Oppor tunities Fund 10 Samsung SDI 20,130,473 2.13 (S$) as at 31 December 2016 Subscriptions 1,836,779 Redemptions (1,123,611) No. Description Market Value (S$) % of NAV

Schroder Global Emerging Market Oppor tunities Fund soft dollar commission 1 Schroder International Selection Fund- Global Emerging The fund invests substantially into the Schroder International Selection Fund Global Emerging Market Market Opportunities C Accumulation Share Class 40,995,636 98.85 Opportunities. In the management of the underlying Fund, the manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the underlying No. Description Market Value (US$) % of NAV Fund and the soft dollars received are restricted to the following kinds of services: Schroder ISF Global Emerging Market Oppor tunities 1 Samsung Electronics 14,700,759 2.76 (i) research, analysis or price information; 2 Tencent Holdings 13,528,959 2.54 (ii) performance measurement; 3 SK Hynix 13,369,168 2.51 (iii) portfolio valuations; and 4 Banco Do Brasil 12,410,423 2.33 (iv) administration services. 5 Hon Hai Precision Industry 12,357,160 2.32 6 OTP Bank 12,250,632 2.30 In the management of the Fund, the Manager currently does not receive or enter into any soft dollar 7 X5 Retail Group 12,144,105 2.28 8 Kasikornbank 12,144,105 2.28 commissions or arrangements. 9 Lukoil 12,037,578 2.26 10 Samsung SDI 12,037,578 2.26

Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Global Emerging Market Opportunities Fund. All figures have been rounded to the nearest dollar. 376 377 schedule of investments exposure to derivatives as at 31 December 2017 Schroder ISF Asia Pacific Cities Real Market Value (S$) % of NAV Estate Fund i) Market value of derivative contracts Spot foreign exchange (195) (*)

* Less than 0.01% ii) Net loss on derivative realised The net loss on financial derivatives realised during the period 1 January 2017 to 31 December 2017 amounted to S$12,245. iii) Net loss on outstanding derivatives The net loss on outstanding financial derivatives marked to market as at 31 December 2017 amounted to S$195. borrowings N/A related-party transactions Nil investments in collective investment schemes Schroder Global Emerging Market Opportunities Fund, an ILP sub-fund, invests 100% into the underlying Schroder Global Emerging Market Opportunities Fund, the sub-fund of the Schroder International Opportunities Portfolio, which is a Singapore-authorized open-ended umbrella unit trust. The underlying Schroder Global Emerging Market Opportunities Fund invests all or substantially all its assets in the shares of the Luxembourg registered Schroder ISF - Global Emerging Market Opportunities Fund.

Market Value (S$) % of NAV 5,685,838 99.95 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

378 fund performance at a glance

Schroder ISF Asia Pacific Cities Real Estate Fund 12.57% fund facts Launch Date 16 January 2012 for the 1 year period ended 31 December 2017 Commencement Date 16 January 2012 Manager Schroder Investment Management (Luxembourg) S.A. table of per formance Currency of Fund US Dollars as at 31 December 2017 Valuation Frequency Daily Annual Management Fee 1.50% Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* investment objectives (%) (%) (%) (%) (%) (%) (%) The Fund aims to provide income and capital growth by investing in equity and equity related securities of Schroder ISF Asia Pacific real estate companies in Asia Pacific. 4.16 5.06 12.57 2.20 0.91 N/A 6.42 Cities Real Estate Fund FTSE EPRA/NAREIT fund updates 5.60 7.66 16.10 5.15 4.19 N/A 9.35 Developed Asia# With effect from 1 December 2016, the Schroder ISF Asia Pacific Property Securities Fund has been renamed Schroder ISF Asia Pacific Cities Real Estate. Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return The investment objective was updated from “The Fund aims to provide capital growth and income by * Launch Date: 16 January 2012 investing in equity securities of Asia Pacific property companies including Japan and Australasia” to “The Commencement Date: 16 January 2012 Fund aims to provide income and capital growth by investing in equity and equity related securities of real # Effective 1 October 2015, the performance benchmark for the Schroder ISF Asia Pacific Cities Real Estate Fund estate companies in Asia Pacific”. changed from GPR General Asia Net to FTSE EPRA/NAREIT Developed Asia

Performance is calculated in accordance with the share class of the fund, in USD terms. Effective 1 February 2018, the manager of Schroder ISF Asia Pacific Cities Real Estate Fund made a minor modification to its investment policy. The manager increased its flexibility to invest in China A-shares through Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect to “less than 30%” of account all charges which would have been payable upon such reinvestment. their assets from “up to 10%”. This is in light of the potential investment opportunities in the China A shares market. Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

Note: The benchmark reported in the 31 December 2016 annual funds report was incorrect. The correct benchmark is FTSE EPRA/NAREIT Developed Asia.

380 381 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 552 units in Schroder ISF Asia Pacific Cities Real Estate Fund 116,327 100.04 Schroder ISF Asia Pacific Cities Real Estate Fund Class A Acc 1.87 1.90 Other Liabilities (41) -0.04 Net assets attributable to unitholders 116,286 100.00 The expense ratios are calculated in accordance with the Investment Management Association of Singapore’s (IMAS) guidelines on expense ratio and are based on the latest Sub-Funds’ audited accounts unless otherwise stated. The All figures have been rounded up to the nearest dollar. following expenses are excluded from calculating the Sub-Funds’ expense ratios:

* brokerage and other transactions costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); portfolio statement - by top 10 holdings * foreign exchange gains and losses of the Sub-Fund, whether realised or unrealised; * front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; * tax deducted at source or arising on income received including withholding tax; No. Description Market Value (US$) % of NAV * interest expense; and as at 31 December 2017 * dividends and other distributions paid to shareholders. 1 Sun Hung Kai 2,670,096 7.51 2 The Link REIT 2,266,974 6.38 turnover ratio (underlying fund) 3 Mitsui Fudosan 2,153,518 6.06 as at as at 4 Mitsubishi Estate 2,096,517 5.90 31 December 2017 31 December 2016 5 Goodman Group 1,955,099 5.50 (%) (%) 6 Cheung Kong Property Holding 1,870,526 5.26 Schroder ISF Asia Pacific Cities Real Estate Fund 26.50 24.27 7 Scentre Group 1,720,729 4.84 8 Stockland 1,607,789 4.52 The turnover ratio is calculated based on the lesser of purchases or sales of underlying investments expressed as a 9 Sumitomo Realty & Development 1,184,328 3.33 percentage of daily average net asset value. 10 Swire Properties 1,182,608 3.33 amount of redemptions and subscriptions for the period as at 31 December 2016 1 January 2017 to 31 December 2017 1 Mitsubishi Estate 8,141,870 6.87 2 Mitsui Fudosan 7,542,166 6.36 Schroder ISF Asia Pacific Cities Real Estate Fund 3 Scentre Group 7,199,760 6.07 (S$) 4 Sun Hung Kai Properties 7,127,181 6.01 5 Westfield 6,569,322 5.54 Subscriptions 16,067 6 Cheung Kong Property Holding 5,788,088 4.88 Redemptions (15,164) 7 The Link REIT 5,465,616 4.61 8 Goodman Group 4,832,050 4.07 soft dollar commission 9 Sumitomo Realty & Development 4,648,905 3.92 Each Investment Manager may enter into soft commission arrangements only where there is a direct and 10 Stockland 4,632,109 3.91 identifiable benefit to the clients of the Investment Manager, including the relevant Sub-Fund, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good Source: Schroder Investment Management (Singapore) Limited. faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant Information extracted from the underlying fund - Schroder ISF Asia Pacific Cities Real Estate Fund. All figures have been rounded to the nearest dollar. Sub-Fund. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice.

382 383 schedule of investments exposure to derivatives N/A Schroder ISF Global Equity Alpha Fund borrowings N/A related-party transactions Nil investments in collective investment schemes Schroder ISF Asia Pacific Cities Real Estate Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder ISF Asia Pacific Cities Real Estate Fund (Class A Acc).

Market Value (S$) % of NAV 116,327 100.04 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

384 fund performance at a glance

Schroder ISF Global Equity Alpha Fund 24.46% fund facts Launch Date 16 January 2012 for the 1 year period ended 31 December 2017 Commencement Date 16 Jaunary 2012 Manager Schroder Investment Management Limited table of per formance Currency of Fund US Dollars as at 31 December 2017 Valuation Frequency Daily Annual Management Fee 1.50% Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* investment objectives (%) (%) (%) (%) (%) (%) (%) To provide capital growth primarily through investment in equity securities of companies worldwide. In order to achieve the objective the Investment Manager will invest in a select portfolio of securities, which it Schroder ISF Global Equity 5.16 11.04 24.46 7.55 9.28 N/A 9.75 believes offer the best potential for future growth. Alpha Fund

MSCI World - Net Return 5.51 10.61 22.40 9.27 11.64 N/A 12.10 fund updates

With effect from 1 September 2017, the investment policy of the fund will be updated to remove the typical Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return holdings range. This provides the fund flexibility to diversify its holdings according to the market environment * Launch Date: 16 January 2012 and assessment of risk. Commencement Date: 16 January 2012 Investment Policy (New): Performance is calculated in accordance with the share class of the fund, in USD terms. The fund invests at least two-thirds of its assets in equity and equity related securities of companies worldwide. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Investment Policy (Previous): Past performance is not necessarily a guide to future performance. The fund invests at least two-thirds of its assets in a concentrated range of equity and equity related securities of companies worldwide. The fund typically holds fewer than 50 companies. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

386 387 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 1,431 units in Schroder ISF Global Equity Alpha Fund 382,239 100.00 Schroder ISF Global Equity Alpha Fund Class A Acc 1.85 1.89 Other Liabilities (11) 0.00 Net assets attributable to unitholders 382,228 100.00 The expense ratios are calculated in accordance with the Investment Management Association of Singapore’s (IMAS) guidelines on expense ratio and are based on the latest Sub-Funds’ audited accounts unless otherwise stated. The All figures have been rounded up to the nearest dollar. following expenses are excluded from calculating the Sub-Funds’ expense ratios:

* brokerage and other transactions costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); * foreign exchange gains and losses of the Sub-Fund, whether realised or unrealised; portfolio statement - by top 10 holdings * front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; * tax deducted at source or arising on income received including withholding tax; No. Description Market Value (US$) % of NAV * interest expense; and * dividends and other distributions paid to shareholders. as at 31 December 2017 1 Alphabet 32,273,000 3.19 turnover ratio (underlying fund) 2 Citigroup 29,294,114 2.90 3 JPMorgan Chase 29,026,338 2.87 as at as at 4 Amazon.com 24,526,176 2.42 31 December 2017 31 December 2016 5 Taiwan Semiconductor Manufacturing 23,472,030 2.32 (%) (%) 6 Home Depot 22,552,127 2.23 Schroder ISF Global Equity Alpha Fund 44.39 60.81 7 Apple 22,433,207 2.22 8 Visa 21,640,623 2.14 The turnover ratio is calculated based on the lesser of purchases or sales of underlying investments expressed as a 9 Union Pacific 21,579,340 2.13 percentage of daily average net asset value. 10 US Bancorp 21,391,413 2.11 amount of redemptions and subscriptions for the period as at 31 December 2016 1 January 2017 to 31 December 2017 1 Citigroup 29,240,790 3.22 2 Alphabet 27,944,238 3.07 Schroder ISF Global Equity Alpha Fund 3 Comcast 26,229,711 2.88 (S$) 4 US Bancorp 22,315,483 2.45 Subscriptions 156,108 5 JP Morgan Chase 22,221,547 2.44 Redemptions (60,170) 6 T-Mobile US 19,198,528 2.11 7 UnitedHealth Group 19,087,749 2.10 8 Nestle 18,833,574 2.07 soft dollar commission 9 Taiwan Semiconductor Manufacturing 18,288,703 2.01 Each Investment Manager may enter into soft commission arrangements only where there is a direct and 10 Apple 18,153,149 2.00 identifiable benefit to the clients of the Investment Manager, including the relevant Sub-Fund, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good Source: Schroder Investment Management (Singapore) Limited. faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant Information extracted from the underlying fund - Schroder ISF Global Equity Alpha Fund. Sub-Fund. Any such arrangements must be made by the Investment Manager on terms commensurate with All figures have been rounded to the nearest dollar. best market practice.

388 389 schedule of investments exposure to derivatives The net gain on financial derivatives realised during the period 1 January 2017 to 31 December 2017 Schroder ISF QEP Global Quality Fund amounted to US$282,330. borrowings N/A related-party transactions Nil investments in collective investment schemes Schroder ISF Global Equity Alpha Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder ISF Global Equity Alpha Fund (Class A Acc).

Market Value (S$) % of NAV 382,239 100.00 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

390 fund performance schedule of investments

Schroder ISF QEP Global Quality Fund 17.66% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 33,652 units in Schroder ISF QEP Global Quality Fund 7,281,403 99.96 Other Assets 2,691 0.04 Since Net assets attributable to unitholders 7,284,094 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Schroder ISF QEP Global 6.36 8.07 17.66 7.36 9.81 N/A 10.10 Quality Fund MSCI World - Net Return 5.73 11.21 23.97 9.30 10.81 N/A 11.39 portfolio statement - by top 10 holdings Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return No. Description Market Value (US$) % of NAV * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 as at 31 December 2017 1 Unilever 11,230,714 0.81 Performance is calculated in accordance with the share class of the fund, in USD terms. 2 GlaxoSmithKline 10,680,650 0.77 3 Legal & General Group 10,617,942 0.76 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 4 Roche Holding 10,585,016 0.76 account all charges which would have been payable upon such reinvestment. 5 Merck 10,551,479 0.76 Past performance is not necessarily a guide to future performance. 6 Taiwan Semiconductor Manufacturing 10,508,489 0.75 7 Kimberly-Clark 10,423,652 0.75 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 8 Amgen 10,347,624 0.74 9 Citrix Systems 10,335,471 0.74 10 Campbell Soup 10,332,982 0.74

as at 31 December 2016 at a glance 1 Unilever 12,051,921 1.00 2 Novartis 9,941,986 0.83 3 Nestle 9,706,994 0.81 fund facts 4 Johnson & Johnson 9,542,527 0.80 Launch Date 16 January 2012 5 Amgen 9,525,696 0.79 Commencement Date 16 January 2012 6 Novo Nordisk 9,472,747 0.79 Manager Schroder Investment Management Limited 7 Pfizer 9,324,365 0.78 Currency of Fund US Dollars 8 Roche Holding 9,192,623 0.77 Valuation Frequency Daily 9 Cisco Systems 9,174,442 0.76 Annual Management Fee 1.25% 10 Astellas Pharma 9,156,293 0.76 investment objectives Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder ISF QEP Global Quality Fund. To provide a total return primarily through investment in equity and equity related securities of companies All figures have been rounded to the nearest dollar. worldwide whose financial characteristics show a high quality bias. In order to achieve the objective, the Investment Manager will invest in a broadly diversified portfolio of securities selected through the application of analytical techniques that apply a quality screen, including factors such as low leverage and stable profitability.

392 393 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at

31 December 2017 31 December 2016 (%) (%) borrowings N/A Schroder ISF QEP Global Quality Fund Class A Acc 1.60 1.64 related-party transactions The expense ratios are calculated in accordance with the Investment Management Association of Singapore’s (IMAS) Nil guidelines on expense ratio and are based on the latest Sub-Funds’ audited accounts unless otherwise stated. The following expenses are excluded from calculating the Sub-Funds’ expense ratios: investments in collective investment schemes * brokerage and other transactions costs associated with the purchase and sales of investments (such as registrar Schroder ISF QEP Global Quality Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg charges and remittance fees); registered Schroder ISF QEP Global Quality Fund (Class A Acc). * foreign exchange gains and losses of the Sub-Fund, whether realised or unrealised; * front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; Market Value (S$) % of NAV * tax deducted at source or arising on income received including withholding tax; 7,281,403 99.96 * interest expense; and * dividends and other distributions paid to shareholders. any other material infor mation that will adversely af fect the valuation of the ILP sub-fund turnover ratio (underlying fund) Nil

as at as at Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 31 December 2017 31 December 2016 (%) (%) Schroder ISF QEP Global Quality Fund 80.99 75.03

The turnover ratio is calculated based on the lesser of purchases or sales of underlying investments expressed as a percentage of daily average net asset value. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Schroder ISF QEP Global Quality Fund (S$) Subscriptions 3,086,051 Redemptions (1,803,893) soft dollar commission Each Investment Manager may enter into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Investment Manager, including the relevant Sub-Fund, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant Sub-Fund. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice.

394 395 fund performance

Schroder ISF Taiwanese Equity Fund 26.56% Schroder ISF Taiwanese Equity Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Schroder ISF Taiwanese 6.60 9.19 26.56 12.46 9.69 N/A 10.35 Equity Fund TAIEX Total Return Index 5.00 7.76 29.45 10.98 10.01 N/A 10.06

Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012

Performance is calculated in accordance with the currency of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Schroder Investment Management (Hong Kong) Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives To provide capital growth primarily through investment in equity securities of Taiwanese companies.

397 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2017 Description Market Value (S$) % of NAV (%) (%) 1,788 units in Schroder ISF Taiwanese Equity Fund 50,977 100.04 Schroder ISF Taiwanese Equity Fund Class A Acc 1.91 1.95 Other Liabilities (20) -0.04 Net assets attributable to unitholders 50,957 100.00 The expense ratios are calculated in accordance with the Investment Management Association of Singapore’s (IMAS) guidelines on expense ratio and are based on the latest Sub-Funds’ audited accounts unless otherwise stated. The All figures have been rounded up to the nearest dollar. following expenses are excluded from calculating the Sub-Funds’ expense ratios:

1 Taiwan Semiconductor Manufacturing 27,041,674 9.76 turnover ratio (underlying fund) 2 Hon Hai Precision Industry 18,528,111 6.68 3 Cathay Financial Holding 15,194,463 5.48 as at as at 4 Formosa Plastics 11,468,178 4.14 31 December 2017 31 December 2017 5 Dadi Early-Childhood Education Group 11,399,919 4.11 (%) (%) 6 Fubon Financial Holding 10,008,445 3.61 Schroder ISF Taiwanese Equity Fund 64.32 93.01 7 Chunghwa Telecom 9,790,078 3.53 8 Getac Technology 8,059,518 2.91 The turnover ratio is calculated based on the lesser of purchases or sales of underlying investments expressed as a 9 Primax Electronics 7,951,912 2.87 percentage of daily average net asset value. 10 Far EasTone Telecommunications 7,812,422 2.82 amount of redemptions and subscriptions for the period as at 31 December 2016 1 January 2017 to 31 December 2017 1 Taiwan Semiconductor Manufacturing 24,835,528 9.77 2 Hon Hai Precision Industry 18,835,347 7.41 Schroder ISF Taiwanese Equity Fund 3 Cathay Financial Holding 17,956,857 7.07 (S$) 4 Fubon Financial Holding 9,861,488 3.88 5 Far EasTone Telecommunications 9,577,897 3.77 Subscriptions 22,347 6 Formosa Plastics 9,477,448 3.73 Redemptions (4,478) 7 Advanced Semiconductor Engineering 8,411,190 3.31 8 Turvo International 7,191,093 2.83 soft dollar commission 9 Dadi Early-Childhood Education Group 6,801,183 2.68 Each Investment Manager may enter into soft commission arrangements only where there is a direct and 10 Merida Industry 6,789,104 2.67 identifiable benefit to the clients of the Investment Manager, including the relevant Sub-Fund, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good Source: Schroder Investment Management (Singapore) Limited. faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant Information extracted from the underlying fund - Schroder ISF Taiwanese Equity Fund. Sub-Fund. Any such arrangements must be made by the Investment Manager on terms commensurate with All figures have been rounded to the nearest dollar. best market practice.

398 399 schedule of investments exposure to derivatives N/A Schroder Multi-Asset Revolution 30 Fund borrowings N/A related-party transactions Nil investments in collective investment schemes Schroder ISF Taiwanese Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder ISF Taiwanese Equity Fund (Class A Acc).

Market Value (S$) % of NAV 50,977 100.04 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

400 fund performance at a glance

Schroder Multi-Asset Revolution 30 Fund 5.83% fund facts Launch Date 16 January 2012 for the 1 year period ended 31 December 2017 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited table of per formance Currency of Fund Singapore Dollars as at 31 December 2017 Valuation Frequency Daily Annual Management Fee 1.25% Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* investment objectives (%) (%) (%) (%) (%) (%) (%) The investment objective of the Schroder Multi-Asset Revolution 30 is to achieve medium to long term capital growth through investment in investment funds investing in equities, bonds and other fixed income Schroder Multi-Asset 1.79 3.04 5.83 3.51 3.54 N/A 3.89 securities in global markets, as well as investment directly in those types of assets. The Schroder Multi-Asset Revolution 30 Fund Revolution 30 may also gain exposure to alternative asset classes including but not limited to real estate SMART30 - Composite # 1.60 2.97 5.15 4.87 6.30 N/A 5.23 and commodities related securities for additional diversification. The fund may use or invest in derivatives. Benchmark Index The net asset value (“NAV”) of the fund is likely to have high volatility due to its investment policies or

Source: Schroder Investment Management (Singapore) Limited portfolio management techniques. ^ Annual compounded return * Launch Date: 16 January 2012 fund updates Commencement Date: 16 January 2012 Effective 7 November 2017, the manager of Schroder ISF US Large Cap Fund, one of the underlying funds # 30% MSCI World Index; 70% Citi World Govt Bond Index of the Schroder Multi-Asset Revolution 30 has decided to restructure their US Large Cap equity capabilities. Schroders has decided to integrate responsibility for primary US stock coverage into the Global Equity Team Performance is calculated in accordance with the share class of the fund, in SGD terms. in London. Management of the Schroder ISF US Large Cap Fund and related strategies was also moved to Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into London effective 7 November 2017. account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

402 403 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 109,110 units in Schroder Multi-Asset Revolution 30 Fund 136,715 99.95 Schroder Multi-Asset Revolution 30 Fund 1.47 1.48 Other Assets 75 0.05 Net assets attributable to unitholders 136,790 100.00 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio was based on total operating expenses divided by the All figures have been rounded up to the nearest dollar. average net asset value for the year. The total operating expenses do not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are disclosed below. The average net asset value is based on daily balances. portfolio statement - by top 10 holdings

No. Description Market Value (S$) % of NAV turnover ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 1 Schroder Singapore Fixed Income Fund Class I 8,118,473 30.18 (%) (%) 2 Schroder Global Quality Bond Class I USD Acc 3,899,152 14.50 3 Schroder Asian Investment Grade Credit Class I 2,365,152 8.79 Schroder Multi-Asset Revolution 30 Fund 48.78 36.28 4 SISF - US Large Cap I Acc 1,899,433 7.06 5 SISF - Global Inflation Linked Bond I Acc 1,375,474 5.11 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment 6 SISF - QEP Global Core I Acc 1,335,536 4.96 Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the 7 SISF - Euro Equity I Acc 1,327,807 4.94 underlying investments divided by the average daily net asset value.

8 SISF - Japanese Equity I Acc 1,264,082 4.70 9 SISF - Asian Opportunities I Acc 841,442 3.13 amount of redemptions and subscriptions for the period 10 SISF - QEP Global Active Value I Acc 812,532 3.02 1 January 2017 to 31 December 2017

Schroder Multi-Asset Revolution 30 Fund as at 31 December 2016 (S$) 1 Schroder Singapore Fixed Income Fund Class I 8,199,728 31.88 2 Schroder Global Quality Bond USD I Accumulation Share Class 3,703,418 14.40 Subscriptions 108,495 3 SISF - US Large Cap I Accumulation Share Class 2,371,272 9.22 Redemptions - 4 SISF - QEP Global Core I Accumulation Share Class 2,366,878 9.20 5 Schroder Asian Investment Grade Credit Class I 2,328,137 9.05 6 SISF - QEP Global Active Value I Accumulation Share Class 2,234,809 8.69 soft dollar commission 7 SISF - Global Inflation Linked Bond I Accumulation Share Class 1,085,333 4.22 In the management of the Fund, the Manager may accept soft dollar commissions from, or enter into 8 SISF - Euro Equity I Accumulation Share Class 713,358 2.77 soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars 9 SISF - Global Corporate Bond I Accumulation Share Class 530,406 2.06 received are restricted to the following kinds of services: 10 SISF - QEP Global Quality I Accumulation Share Class 305,991 1.19 (i) research, analysis or price information; SISF: Schroder International Selection Fund (ii) performance measurement; Source: Schroder Investment Management (Singapore) Limited. (iii) portfolio valuations; and Information extracted from the underlying fund - Schroder Multi-Asset Revolution 30 Fund. (iv) administration services. All figures have been rounded to the nearest dollar. 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.

404 405 schedule of investments exposure to derivatives as at 31 December 2017 Schroder Multi-Asset Revolution 50 Fund

Market Value (S$) % of NAV i) Market value of derivative contracts Forward foreign exchange 43,515 0.16 Spot foreign exchange 123 (*)

* Less than 0.01% ii) Net gain on derivative realised The net gain on financial derivatives realised during the period 1 January 2017 to 31 December 2017 amounted to S$69,226. iii) Net gain on outstanding derivatives The net gain on outstanding financial derivatives marked to market as at 31 December 2017 amounted to S$43,638. borrowings N/A related-party transactions Nil investments in collective investment schemes Schroder Multi-Asset Revolution 30 Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution 30 Fund (SGD).

Market Value (S$) % of NAV 136,715 99.95 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

406 fund performance at a glance

Schroder Multi-Asset Revolution 50 Fund 7.54% fund facts Launch Date 16 January 2012 for the 1 year period ended 31 December 2017 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited table of per formance Currency of Fund Singapore Dollars as at 31 December 2017 Valuation Frequency Daily Annual Management Fee 1.25% Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* investment objectives (%) (%) (%) (%) (%) (%) (%) The investment objective of the Schroder Multi-Asset Revolution 50 is to achieve medium to long term capital growth through investment in investment funds investing in equities, bonds and other fixed income Schroder Multi-Asset 2.62 4.19 7.54 4.90 5.29 N/A 5.62 securities in global markets, as well as investment directly in those types of assets. The Schroder Multi-Asset Revolution 50 Fund Revolution 50 may also gain exposure to alternative asset classes including but not limited to real estate SMART 50-Composite 2.24 4.22 7.40 6.25 8.41 N/A 7.38 and commodities related securities for additional diversification. Benchmark Index#

Source: Schroder Investment Management (Singapore) Limited fund updates ^ Annual compounded return Effective 7 November 2017, the manager of Schroder ISF US Large Cap Fund, one of the underlying funds * Launch Date: 16 January 2012 of the Schroder Multi-Asset Revolution 50 has decided to restructure their US Large Cap equity capabilities. Commencement Date: 16 January 2012 Schroders has decided to integrate responsibility for primary US stock coverage into the Global Equity Team # 50% MSCI World Index; 50% Citi World Govt Bond Index in London. Management of the Schroder ISF US Large Cap Fund and related strategies was also moved to London effective 7 November 2017. Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

408 409 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 66,759 units in Schroder Multi-Asset Revolution 50 Fund 91,393 100.09 Schroder Multi-Asset Revolution 50 Fund 1.48 1.48 Other Liabilities (84) -0.09 Net assets attributable to unitholders 91,309 100.00 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio was based on total operating expenses divided by the All figures have been rounded up to the nearest dollar. average net asset value for the year. The total operating expenses do not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are disclosed below. The average net asset value is based on daily balances. portfolio statement - by top 10 holdings turnover ratio (underlying fund) No. Description Market Value (S$) % of NAV as at as at as at 31 December 2017 31 December 2017 31 December 2016 1 Schroder Singapore Fixed Income Fund Class I 13,379,603 17.62 (%) (%) 2 SISF - US Large Cap I Acc 9,887,171 13.02 3 Schroder Global Quality Bond Class I USD Acc 8,010,515 10.55 Schroder Multi-Asset Revolution 50 Fund 55.74 46.15 4 SISF - QEP Global Core I Acc 7,392,048 9.74 5 SISF - QEP Global Active Value I Acc 5,459,173 7.19 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the 6 SISF - EURO Equity I Acc 5,180,021 6.82 underlying investments divided by the average daily net asset value. 7 Schroder Asian Investment Grade Credit Class I 4,346,674 5.73 8 SISF - Japanese Equity I Acc 3,912,959 5.15 amount of redemptions and subscriptions for the period 9 SISF - Asian Opportunities I Acc 3,066,455 4.04 1 January 2017to 31 December 2017 10 SISF - Global Inflation Linked Bond I Acc 2,999,808 3.95

Schroder Multi-Asset Revolution 50 Fund as at 31 December 2016 (S$) 1 Schroder Singapore Fixed Income Fund Class I 14,257,654 19.86 2 SISF - QEP Global Core I Accumulation Share Class 11,596,832 16.15 Subscriptions 61,092 3 SISF - QEP Global Active Value I Accumulation Share Class 11,478,112 15.99 Redemptions (17,904) 4 SISF - US Large Cap I Accumulation Share Class 9,834,367 13.70 5 Schroder Global Quality Bond USD I Accumulation Share Class 7,404,431 10.31 soft dollar commission 6 Schroder Asian Investment Grade Credit Class I 4,184,261 5.83 In the management of the Fund, the Manager may accept soft dollar commissions from, or enter into 7 SISF - Euro Equity I Accumulation Share Class 3,001,819 4.18 soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars 8 SISF - Global Inflation Linked Bond I Accumulation Share Class 2,242,484 3.12 received are restricted to the following kinds of services: 9 SISF- Global Corporate Bond I Accumulation Share Class 1,522,428 2.12 10 SISF- Japanese Equity I Accumulation Share Class 1,288,025 1.79 (i) research, analysis or price information;

(ii) performance measurement; SISF: Schroder International Selection Fund Source: Schroder Investment Management (Singapore) Limited. (iii) portfolio valuations; and Information extracted from the underlying fund - Schroder Multi-Asset Revolution 50 Fund. (iv) administration services. All figures have been rounded to the nearest dollar. 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.

410 411 schedule of investments exposure to derivatives as at 31 December 2017 Schroder Multi-Asset Revolution 70 Fund

Market Value (S$) % of NAV i) Market value of derivative contracts Forward foreign exchange 104,825 0.14 Spot foreign exchange (520) (*)

* Less than 0.01% ii) Net gain on derivative realised The net gain on financial derivatives realised during the period 1 January 2017 to 31 December 2017 amounted to S$168,309. iii) Net gain on outstanding derivatives The net gain on outstanding financial derivatives marked to market as at 31 December 2017 amounted to S$104,305. borrowings N/A related-party transactions Nil investments in collective investment schemes Schroder Multi-Asset Revolution 50 Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution 50 Fund (SGD).

Market Value (S$) % of NAV 91,393 100.09 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

412 fund performance at a glance

Schroder Multi-Asset Revolution 70 Fund 9.61% fund facts Launch Date 16 January 2012 for the 1 year period ended 31 December 2017 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited table of per formance Currency of Fund Singapore Dollars as at 31 December 2017 Valuation Frequency Daily Annual Management Fee 1.25% Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* investment objectives (%) (%) (%) (%) (%) (%) (%) The investment objective of the Schroder Multi-Asset Revolution 70 is to achieve medium to long term capital growth through investment in investment funds investing in equities, bonds and other fixed income Schroder Multi-Asset 3.42 5.63 9.61 6.24 7.21 N/A 7.38 securities in global markets, as well as investment directly in those types of assets. The Schroder Multi-Asset Revolution 70 Fund Revolution 70 may also gain exposure to alternative asset classes including but not limited to real estate SMART 70-Composite # 2.87 5.47 9.70 7.61 10.52 N/A 9.52 and commodities related securities for additional diversification. Benchmark Index

Source: Schroder Investment Management (Singapore) Limited fund updates ^ Annual compounded return Effective 7 November 2017, the manager of Schroder ISF US Large Cap Fund, one of the underlying funds * Launch Date: 16 January 2012 of the Schroder Multi-Asset Revolution 70 has decided to restructure their US Large Cap equity capabilities. Commencement Date: 16 January 2012 Schroders has decided to integrate responsibility for primary US stock coverage into the Global Equity Team # 70% MSCI World Index; 30% Citi World Govt Bond Index in London. Management of the Schroder ISF US Large Cap Fund and related strategies was also moved to London effective 7 November 2017. Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

414 415 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 549,237 units in Schroder Multi-Asset Revolution 70 Fund 814,519 99.96 Schroder Multi-Asset Revolution 70 Fund 1.51 1.51 Other Assets 295 0.04 Net assets attributable to unitholders 814,814 100.00 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio was based on total operating expenses divided by the All figures have been rounded up to the nearest dollar. average net asset value for the year. The total operating expenses do not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are disclosed below. The average net asset value is based on daily balances. portfolio statement - by top 10 holdings turnover ratio (underlying fund) No. Description Market Value (S$) % of NAV as at as at as at 31 December 2017 31 December 2017 31 December 2016 1 SISF - US Large Cap I Acc 27,363,832 17.09 (%) (%) 2 SISF - QEP Global Core I Acc 22,718,075 14.19 Schroder Multi-Asset Revolution 70 Fund 64.54 61.62 3 SISF - QEP Global Active Value I Acc 17,609,692 11.00 4 Schroder Singapore Fixed Income Fund Class I 15,651,909 9.78 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment 5 SISF - EURO Equity I Acc 15,571,387 9.73 Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the 6 SISF - Japanese Equity I Acc 9,835,258 6.14 underlying investments divided by the average daily net asset value. 7 SISF - Asian Opportunities I Acc 9,832,523 6.14 8 Schroder Global Quality Bond Class I USD Acc 5,594,975 3.49 amount of redemptions and subscriptions for the period 9 SISF - Global Inflation Linked Bond I Acc 5,067,704 3.17 1 January 2017 to 31 December 2017 10 SISF - QEP Global Quality I Acc 4,817,411 3.01 Schroder Multi-Asset Revolution 70 Fund as at 31 December 2016 (S$) 1 SISF - QEP Global Active Value I Accumulation Share Class 31,873,446 21.12 Subscriptions 405,553 2 SISF - QEP Global Core I Accumulation Share Class 31,772,968 21.05 Redemptions (61,967) 3 SISF - US Large Cap I Acc 28,621,398 18.96 4 Schroder Singapore Fixed Income Fund Class I 18,027,923 11.94 5 SISF - Euro Equity I Accumulation Share Class 7,883,235 5.22 soft dollar commission 6 SISF - Japanese Equity I Accumulation Share Class 6,170,237 4.09 In the management of the Fund, the Manager may accept soft dollar commissions from, or enter into 7 Schroder Global Quality Bond Class I USD Acc 5,687,560 3.77 soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars 8 SISF - QEP Global Quality I Accumulation Share Class 4,660,231 3.09 received are restricted to the following kinds of services: 9 SISF - Global Inflation Linked Bond I Accumulation Share Class 3,251,032 2.15 10 SISF - Global Corporate Bond I Accumulation Share Class 3,145,611 2.08 (i) research, analysis or price information; (ii) performance measurement; SISF: Schroder International Selection Fund (iii) portfolio valuations; and Source: Schroder Investment Management (Singapore) Limited. (iv) administration services. Information extracted from the underlying fund - Schroder Multi-Asset Revolution 70 Fund. All figures have been rounded to the nearest dollar. 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.

416 417 schedule of investments exposure to derivatives as at 31 December 2017 Schroder Singapore Fixed Income Fund

Market Value (S$) % of NAV i) Market value of derivative contracts Forward foreign exchange 178,899 0.11 Spot foreign exchange (3,279) (*)

* Less than 0.01% ii) Net gain on derivative realised The net gain on financial derivatives realised during the period 1 January 2017 to 31 December 2017 amounted to S$196,040. iii) Net gain on outstanding derivatives The net gain on outstanding financial derivatives marked to market as at 31 December 2017 amounted to S$175,620. borrowings N/A related-party transactions Nil investments in collective investment schemes Schroder Multi-Asset Revolution 70 Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution 70 Fund (SGD).

Market Value (S$) % of NAV 814,519 99.96 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

418 fund performance at a glance

Schroder Singapore Fixed Income Fund 3.88% fund facts Launch Date 16 January 2012 for the 1 year period ended 31 December 2017 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited table of per formance Currency of Fund Singapore Dollars as at 31 December 2017 Valuation Frequency Daily Annual Management Fee 0.50% Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* investment objectives (%) (%) (%) (%) (%) (%) (%) The Schroder Singapore Fixed Income Fund aims to provide investors with diversified exposure to the Singapore fixed income market through investment in Singapore dollar denominated bonds. The fund may Schroder Singapore Fixed 0.64 0.63 3.88 2.53 1.67 N/A 2.00 use or invest in derivatives. Income Fund

Markit iBoxx ALBI Singapore 0.69 0.81 4.73 2.90 1.76 N/A 2.00 fund updates Index# Effective 1 March 2017, the benchmark of Schroder Singapore Fixed Income Fund has changed from “UOB

Source: Schroder Investment Management (Singapore) Limited Singapore Government Securities Index - All” to the “Markit iBoxx ALBI Singapore Index”. ^ Annual compounded return * Launch Date: 16 January 2012 The change is due to the discontinuation of the existing benchmark by the index provider. There is no change Commencement Date: 16 January 2012 to the fees, investment objective and investment strategy of the fund. # Effective 1 March 2017, the benchmark of Schroder Singapore Fixed Income Fund has changed from “UOB Singapore Government Securities Index - All” to the “Markit iBoxx ALBI Singapore Index”. Effective 1 February 2018, the investment objective of the fund was updated to reflect the fund’s aim to provide investors with diversified exposure to the Singapore fixed income market through investment in SGD Performance is calculated in accordance with the share class of the fund, in SGD terms. denominated bonds or where in foreign currency, hedged back to SGD. All other key features of the fund Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into will remain the same. account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

420 421 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 2,765,610 units in Schroder Singapore Fixed Income Fund 3,413,869 99.99 Schroder Singapore Fixed Income Fund Class A 0.70 0.71 Other Assets 218 0.01 Net assets attributable to unitholders 3,414,087 100.00 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio was based on total operating expenses divided by the All figures have been rounded up to the nearest dollar. average net asset value for the year. The total operating expenses do not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are disclosed below. The average net asset value is based on daily balances. portfolio statement - by top 10 holdings turnover ratio (underlying fund) No. Description Market Value (S$) % of NAV as at as at as at 31 December 2017 31 December 2017 31 December 2016 1 MAS Bill Series 84 9 Mar 2018 60,791,990 13.29 (%) (%) 2 Singapore Government Bond 3% 1 Sep 2024 51,902,856 11.34 Schroder Singapore Fixed Income Fund 209.85 177.14 3 Singapore Government Bond 2.75% 1 Jul 2023 26,197,750 5.72 4 Singapore Government Bond 1.75% 1 Apr 2022 26,089,440 5.70 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment 5 Singapore Government Bond 2.25% 1 Jun 2021 25,475,750 5.57 Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the 6 Singapore Government Bond 2.875% 1 Sep 2030 25,390,047 5.55 underlying investments divided by the average daily net asset value. 7 Singapore Government Bond 1.625% 1 Oct 2019 24,988,750 5.46 8 Housing & Development Board MTN 1.91% 10 Aug 2023 15,914,080 3.48 amount of redemptions and subscriptions for the period 9 Singapore Government Bond 3.375% 1 Sep 2033 15,904,560 3.48 1 January 2017 to 31 December 2017 10 MAS Bill Series 84 2 Mar 2018 14,953,950 3.27 Schroder Singapore Fixed Income Fund as at 31 December 2016 (S$) 1 MAS BILLS Series 168 31 Jan 2017 54,952,150 14.29 Subscriptions 1,336,148 2 Singapore Government 1.25% 01 Oct 2021 34,067,250 8.86 Redemptions (952,635) 3 MAS BILLS Series 84 03 Feb 2017 26,974,080 7.01 4 Singapore Government Bond 2.125% 1 Jun 2026 26,227,800 6.82 5 Singapore Government Bond 2.875% 1 Jul 2029 20,973,960 5.45 soft dollar commission 6 Singapore Government Bond 3% 1 Sep 2024 17,315,460 4.50 In the management of the Fund, the Manager may accept soft dollar commissions from, or enter into 7 Singapore Government Bond 2.75% 1 Apr 2042 17,141,100 4.46 soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars 8 Singapore Government Bond 2.875% 1 Sep 2030 15,981,030 4.16 received are restricted to the following kinds of services: 9 Singapore Government Bond 3.5% 1 Mar 2027 15,964,347 4.15 10 Housing &Development Board MTN 1.91% 10 Aug 2023 15,328,320 3.99 (i) research, analysis or price information; (ii) performance measurement; SISF: Schroder International Selection Fund (iii) portfolio valuations; and Source: Schroder Investment Management (Singapore) Limited. (iv) administration services. Information extracted from the underlying fund - Schroder Singapore Fixed Income Fund. 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.

422 423 schedule of investments exposure to derivatives as at 31 December 2017 Schroder Singapore Trust

Market Value (S$) % of NAV i) Market value of derivative contracts Swaps (367,656) (0.08) ii) Net gain on derivative realised The net gain on financial derivatives realised during the period 1 January 2017 to 31 December 2017 amounted to S$474,095. iii) Net loss on outstanding derivatives The net loss on outstanding financial derivatives marked to market as at 31 December 2017 amounted to S$367,656. borrowings N/A related-party transactions Nil investments in collective investment schemes Schroder Singapore Fixed Income Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Singapore Fixed Income Fund (Class A).

Market Value (S$) % of NAV 3,413,869 99.99 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

424 fund performance schedule of investments

Schroder Singapore Trust 23.79% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 2,043,321 units in Schroder Singapore Trust 3,416,432 99.39 Other Assets 20,920 0.61 Since Net assets attributable to unitholders 3,437,352 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Schroder Singapore Trust 7.57 8.94 23.79 5.06 5.90 N/A 7.66 SST - Composite 8.34 10.18 25.40 4.50 5.34 N/A 7.17 Benchmark# portfolio statement - by top 10 holdings

Source: Schroder Investment Management (Singapore) Limited No. Description Market Value (S$) % of NAV ^ Annual compounded return as at 31 December 2017 * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 1 DBS Group Hldg Ltd 140,981,803 16.85 # MSCI Singapore Free Index 2 Oversea-Chinese Banking Corp Ltd 128,152,223 15.32 3 United Overseas Bank Ltd 109,655,405 13.11 Performance is calculated in accordance with the share class of the fund, in SGD terms. 4 Singapore Telecommunications Ltd 79,376,237 9.49 5 CapitaLand Ltd 43,713,755 5.23 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 6 Keppel Corp Ltd 41,606,145 4.97 account all charges which would have been payable upon such reinvestment. 7 UOL Group Ltd 27,644,233 3.30 Past performance is not necessarily a guide to future performance. 8 City Developments Ltd 24,560,761 2.94 9 Mapletree Industrial Trust 21,763,762 2.60 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 10 Hongkong Land Hldg Ltd 20,301,135 2.43

as at 31 December 2016 1 DBS Group Hldg Ltd 93,233,920 13.55 at a glance 2 Singapore Telecommunications Ltd 90,510,291 13.15 3 United Overseas Bank Ltd 77,886,425 11.32 4 Oversea-Chinese Banking Corp Ltd 75,273,186 10.94 5 CapitaLand Ltd 40,351,126 5.86 fund facts 6 ComfortDelGro Corp Ltd 35,674,951 5.18 Launch Date 16 January 2012 7 Keppel Corp Ltd 29,911,140 4.35 Commencement Date 16 January 2012 8 UOL Group Ltd 24,278,063 3.53 Manager Schroder Investment Management (Singapore) Limited 9 Hongkong Land Hldg Ltd 19,732,975 2.87 Currency of Fund Singapore Dollars 10 Mapletree Industrial Trust 17,636,152 2.56 Valuation Frequency Daily

Annual Management Fee 1.125% Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Singapore Trust. investment objectives All figures have been rounded to the nearest dollar. The Schroder Singapore Trust aims to seek long-term capital growth through investing in securities of companies quoted on the Singapore Exchange.

426 427 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives The net gain on financial derivatives realised during the period 1 January 2017 to 31 December 2017 as at as at amounted to S$379,839. 31 December 2017 31 December 2016 (%) (%) borrowings Schroder Singapore Trust Class A 1.33 1.33 N/A

The expense ratio has been computed based on the guidelines laid down by the Investment Management Association related-party transactions of Singapore (“IMAS”). The calculation of the expense ratio was based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include brokerage and other transaction costs, Nil performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are Schroder Singapore Trust, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder disclosed below. The average net asset value is based on daily balances. The Fund invests in real estate investment Singapore Trust (Class A). trusts (REITs), for which the expense ratios are not available or published. The expense ratio of the Fund does not include the expense ratios of those underlying REITs. Market Value (S$) % of NAV

3,416,432 99.39 turnover ratio (underlying fund)

as at as at any other material infor mation that will adversely af fect the valuation of the ILP sub-fund 31 December 2017 31 December 2016 Nil (%) (%) Schroder Singapore Trust 12.91 12.84 Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the underlying investments divided by the average daily net asset value. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Schroder Singapore Trust (S$) Subscriptions 1,350,248 Redemptions (387,310) soft dollar commission In 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.

428 429 fund performance

Templeton China Fund 25.89% Templeton China Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Templeton China Fund 1.92 10.05 25.89 8.50 5.68 N/A 4.89 MSCI Golden Dragon Index 4.91 13.34 33.38 12.62 12.42 N/A 12.00

Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012

Performance is calculated in accordance with the currency of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Templeton Asset Management Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 2.10%

investment objectives The Fund aims to achieve long-term capital appreciation by investing primarily in equity securities of companies organised under the laws of or having their principal offices in China, Hong Kong or Taiwan, as well as in companies which derive the principal portion of their revenues from goods or services sold or produced, or have the principal portion of their assets in China, Hong Kong or Taiwan.

Note: The annual management fee of 1.60% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 2.10%.

431 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 24,189 units in Templeton China Fund 230,517 99.97 Templeton China Fund Class A (acc) SGD 2.45* 2.46* Other Assets 65 0.03 Net assets attributable to unitholders 230,582 100.00 The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. All figures have been rounded up to the nearest dollar. The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income portfolio statement - by top 10 holdings received including withholding tax; interest expense; and dividends and other distributions paid to investors.

No. Description Market Value (US$) % of NAV *unaudited as at 31 December 2017 turnover ratio (underlying fund) 1 Tencent Holdings Limited 54,330,338 9.95 2 Taiwan Semiconductor Manufacturing Co Limited 53,185,805 9.74 as at as at 3 Alibaba Group Holding Limited 38,325,997 7.02 31 December 2017 31 December 2016 4 Anta Sports Products Limited 32,778,619 6.00 (%) (%) 5 Templeton China A Shares Fund 29,140,798 5.34 Templeton China Fund -0.15* -2.71** 6 China Construction Bank Corp 27,409,802 5.02 7 China Petroleum & Chemical Corp (Sinopec) 26,553,587 4.86 The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the 8 AIA Group Ltd 19,924,473 3.65 Financial Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus 9 Industrial And Commercial Bank Of China Ltd 18,444,117 3.38 and are based on the following formula: 10 Uni-President China Holdings Ltd 17,659,435 3.23 Turnover = [(Total 1 - Total 2)/M]*100 with: as at 31 December 2016 Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); 1 Taiwan Semiconductor Manufacturing Co Limited 50,806,453 9.67 Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period 2 Tencent Holdings Limited 50,333,590 9.58 (Daily 􀀶 S – T); 3 Nine Dragons Paper Holdings Limited 40,508,557 7.71 M = average monthly assets of the relevant fund. 4 Alibaba Group Holding Limited 30,736,065 5.85 5 China Petroleum & Chemical Corp (Sinopec) 29,264,937 5.57 *unaudited **audited 6 Anta Sports Products Limited 26,690,463 5.08

7 Templeton China A Shares Fund 24,799,013 4.72 8 China Construction Bank Corp 23,538,046 4.48 amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 9 AIA Group Ltd 18,178,938 3.46

10 Dairy Farm International Holdings Limited 17,758,615 3.38 Templeton China Fund (S$) Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton China Fund. Subscriptions 165,953 All figures have been rounded to the nearest dollar. Redemptions (138,660)

432 433 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company Templeton Global Bond Fund may be directed by the Investment Managers to broker-dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such broker-dealers. The receipt of investment research and information and related services permits the Investment Managers to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid for directly by the Investment Managers.

For the period 1 July 2017 to 31 December 2017, The Templeton China Fund paid US$89,803 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes Templeton China Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton China Fund (Class A (acc) SGD).

Market Value (S$) % of NAV 230,517 99.97 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.

434 fund performance at a glance

Templeton Global Bond Fund 1.56% fund facts Launch Date 28 May 2012 for the 1 year period ended 31 December 2017 Commencement Date 28 May 2012 Manager Franklin Advisors, Inc table of per formance Currency of Fund Singapore Dollars as at 31 December 2017 Valuation Frequency Daily Annual Management Fee 1.05% Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* investment objectives (%) (%) (%) (%) (%) (%) (%) The fund aims to maximise total investment return consisting of a combination of interest income, capital appreciation and currency gains by investing principally in a portfolio of fixed or floating-rate debt securities Templeton Global Bond -2.10 -1.04 1.56 0.46 0.72 N/A 2.96 and debt obligations issued by government or government-related issuers worldwide. Fund JP Morgan Global 0.99 2.66 6.83 1.86 0.32 N/A 1.32 fund updates Government Bond Index With effect from September 2016, the manager has adjusted and increased the expected level of leverage Source: Franklin Templeton Investments for the fund from the range of 110%-130% to 130%-200%. ^ Annual compounded return * Launch Date: 28 May 2012 The leverage is a measure of the aggregate derivative usage and therefore does not take into account other Commencement Date: 28 May 2012 physical assets directly held in the portfolio of the fund. Whilst there has been no change in the investment strategy, the amount of financial derivative instruments used to achieve this has gradually increased over Performance is calculated in accordance with the currency of the fund, in SGD terms. time. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. However, a higher expected level of leverage should not necessarily be interpreted as a greater level of risk as many of the derivatives are used for hedging purposes, including interest rate swaps that are used to Past performance is not necessarily a guide to future performance. hedge interest risk given the manager’s outlook for a rising rate environment.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. Note: The annual management fee of 0.75% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.05%.

436 437 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 162,533 units in Templeton Global Bond Fund 1,821,993 100.01 Templeton Global Bond Fund Class A (mdis) SGD-H1 1.14* 1.43* Other Liabilities (207) -0.01 Net assets attributable to unitholders 1,821,786 100.00 The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. All figures have been rounded up to the nearest dollar. The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income portfolio statement - by top 10 holdings received including withholding tax; interest expense; and dividends and other distributions paid to investors.

*unaudited No. Description Market Value (US$) % of NAV as at 31 December 2017 turnover ratio (underlying fund) 1 Korea Treasury Bond, senior note, 2.00%, 3/10/21 745,538,494 4.30 as at as at 2 Government of Mexico, senior note, M, 5.00%, 12/11/19 614,209,728 3.54 31 December 2017 31 December 2016 3 Nota Do Tesouro Nacional, 10.00%, 1/01/23 532,691,133 3.07 (%) (%) 4 Government of Indonesia, senior bond, FR56, 8.375%, 9/15/26 419,828,577 2.42 5 Korea Monetary Stabilization Bond, senior note, 1.45%, 6/02/18 400,373,106 2.31 Templeton Global Bond Fund 30.06* 60.08* 6 Letra Tesouro Nacional, Strip, 1/01/19 397,214,412 2.29 7 Korea Treasury Bond, senior note, 1.375%, 9/10/21 371,580,398 2.14 The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are 8 Korea Treasury Bond, senior bond, 4.25%, 6/10/21 345,148,032 1.99 based on the following formula: 9 Letra Tesouro Nacional, Strip, 7/01/20 322,603,290 1.86 10 Letra Tesouro Nacional, Strip, 7/01/19 308,198,258 1.78 Turnover = [(Total 1 - Total 2)/M]*100 with: as at 31 December 2016 Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); 1 Government of Mexico, senior note, M, 5.00%, 6/15/17 1,312,094,492 4.90 Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period 2 Korea Treasury Bond, senior note, 2.00%, 3/10/21 968,783,447 3.62 (Daily 􀀶 S – T); M = average monthly assets of the relevant fund. 3 Government of Malaysia, senior note, 3.394%, 3/15/17 911,730,040 3.41 4 Government of Mexico, senior note, M, 5.00%, 12/11/19 839,175,028 3.13 *unaudited 5 Nota Do Tesouro Nacional, 10.00%, 1/01/23 661,428,632 2.47 6 Nota Do Tesouro Nacional, 10.00%, 1/01/25 548,125,011 2.05 amount of redemptions and subscriptions for the period 7 Korea Monetary Stabilization Bond, senior note, 1.45%, 6/02/18 511,820,731 1.91 1 January 2017 to 31 December 2017 8 Letra Tesouro Nacional, Strip, 1/01/19 507,537,040 1.90 9 Government of Indonesia, senior bond, FR56, 8.375%, 9/15/26 494,739,514 1.85 Templeton Global Bond Fund 10 Korea Treasury Bond, senior note, 1.375%, 9/10/21 482,343,584 1.80 (S$)

Source: Franklin Templeton Investments. Subscriptions 672,725 Information extracted from the underlying fund - Templeton Global Bond Fund. Redemptions (396,614) All figures have been rounded to the nearest dollar.

438 439 schedule of investments soft dollar commission The Franklin Templeton Investment Funds - Templeton Global Bond Fund paid US$ 0 in commission dollars Templeton Global Total Return Fund generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes Templeton Global Bond Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton Global Bond Fund (Class A (mdis) SGD-H1).

Market Value (S$) % of NAV 1,821,993 100.01 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.

440 fund performance at a glance

Templeton Global Total Return Fund 2.88% fund facts Launch Date 28 May 2012 for the 1 year period ended 31 December 2017 Commencement Date 28 May 2012 Manager Franklin Advisors, Inc. table of per formance Currency of Fund Singapore Dollars as at 31 December 2017 Valuation Frequency Daily Annual Management Fee 1.05% Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* investment objectives (%) (%) (%) (%) (%) (%) (%) The Fund aims to maximise total investment return consisting of a combination of interest income, capital appreciation, and currency gains by investing principally in a portfolio of fixed and/or floating rate debt Templeton Global Total -1.92 -0.77 2.88 1.17 1.32 N/A 3.92 securities and debt obligations issued by government and government-related issuers or corporate entities Return Fund worldwide. The Fund may invest in investment grade and non-investment grade debt securities. The Fund Barclays Capital Multiverse 1.06 2.97 7.69 2.31 1.03 N/A 2.43 may also use various currency-related and other transactions involving derivative instruments. Index

Source: Franklin Templeton Investments fund updates ^ Annual compounded return With effect from September 2016, the manager has adjusted and increased the expected level of leverage * Launch Date: 28 May 2012 for the fund from the range of 100%-130% to 130%-200%. Commencement Date: 28 May 2012 The leverage is a measure of the aggregate derivative usage and therefore does not take into account other Performance is calculated in accordance with the currency of the fund, in SGD terms. physical assets directly held in the portfolio of the fund. Whilst there has been no change in the investment strategy, the amount of financial derivative instruments used to achieve this has gradually increased over Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. time.

Past performance is not necessarily a guide to future performance. However, a higher expected level of leverage should not necessarily be interpreted as a greater levle of risk as many of the derivatives are used for hedging purposes, including interest rate swaps that are used to The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. hedge interest risk given the manager’s outlook for a rising rate environment.

Note: The annual management fee of 0.75% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.05%.

442 443 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 1,194,691 units in Templeton Global Total Return Fund 11,911,074 100.02 Templeton Global Total Return Fund Class A (mdis) SGD-H1 1.41* 1.44* Other Liabilities (2,157) -0.02 Net assets attributable to unitholders 11,908,917 100.00 The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. All figures have been rounded up to the nearest dollar. The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income portfolio statement - by top 10 holdings received including withholding tax; interest expense; and dividends and other distributions paid to investors.

*unaudited No. Description Market Value (US$) % of NAV as at 31 December 2017 turnover ratio (underlying fund) 1 Korea Treasury Bond, senior note, 2.00%, 3/10/21 790,093,177 3.84 2 Letra Tesouro Nacional, Strip, 7/01/19 698,283,605 3.39 as at as at 3 Government of India, senior note, 7.68%, 12/15/23 574,375,662 2.79 31 December 2017 31 December 2016 (%) (%) 4 Government of Mexico, senior note, M, 5.00%, 12/11/19 495,487,742 2.41 5 Nota Do Tesouro Nacional, 10.00%, 1/01/21 460,693,930 2.24 Templeton Global Total Return Fund 25.67* 62.62* 6 Argentine Bonos del Tesoro, senior note, 15.50%, 10/17/26 421,394,002 2.05 7 Letra Tesouro Nacional, Strip, 1/01/19 409,192,505 1.99 The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial 8 Letra Tesouro Nacional, Strip, 7/01/20 408,040,256 1.98 Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are 9 Nota Do Tesouro Nacional, 10.00%, 1/01/23 388,513,747 1.89 based on the following formula: 10 Government of Indonesia, senior bond, FR56, 8.375%, 9/15/26 377,587,955 1.84 Turnover = [(Total 1 - Total 2)/M]*100 with: as at 31 December 2016 Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); 1 Government of Mexico, senior note, M, 5.00%, 6/15/17 852,741,029 4.51 Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period 2 Korea Treasury Bond, senior note, 2.00%, 3/10/21 709,180,596 3.75 (Daily 􀀶 S – T); 3 Letra Tesouro Nacional, Strip, 7/01/19 609,049,416 3.22 M = average monthly assets of the relevant fund. 4 Government of Mexico, senior note, M, 5.00%, 12/11/19 467,625,468 2.47 *unaudited 5 Argentine Bonos del Tesoro, senior note, 15.50%, 10/17/26 460,762,247 2.44 6 Nota Do Tesouro Nacional, 10.00%, 1/01/21 411,868,888 2.18 7 Nota Do Tesouro Nacional, 10.00%, 1/01/25 385,644,955 2.04 amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 8 Government of Portugal, Reg S, 5.125%, 10/15/24 374,622,206 1.98 9 Letra Tesouro Nacional, Strip, 1/01/19 361,160,462 1.91 Templeton Global Total Return Fund 10 Argentine Bonos del Tesoro, 18.20%, 10/03/21 359,591,185 1.90 (S$)

Source: Franklin Templeton Investments. Subscriptions 5,120,352 Information extracted from the underlying fund - Templeton Global Total Return Fund. Redemptions (2,100,231) All figures have been rounded to the nearest dollar.

444 445 schedule of investments soft dollar commission The Franklin Templeton Investment Funds - Templeton Global Total Return Fund paid US$0 in commission Templeton Latin America Fund dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes Templeton Global Total Return Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton Global Total Return Fund (Class A (mdis) SGD-H1).

Market Value (S$) % of NAV 11,911,074 100.02 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.

446 fund performance schedule of investments

Templeton Latin America Fund 13.60% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 44,852 units in Templeton Latin America Fund 307,238 100.04 Other Liabilities (113) -0.04 Since Net assets attributable to unitholders 307,125 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Templeton Latin America -5.78 6.20 13.60 3.21 -4.11 N/A -3.70 Fund MSCI EM Latin America portfolio statement - by top 10 holdings -3.80 9.23 14.85 4.43 -1.15 N/A -1.53 Index No. Description Market Value (US$) % of NAV Source: Franklin Templeton Investments ^ Annual compounded return as at 31 December 2017 * Launch Date: 2 May 2012 1 Itausa - Investimentos Itau Sa 103,569,284 8.35 Commencement Date: 2 May 2012 2 B3 Sa - Brasil Bolsa Balcao 71,863,161 5.79 3 Itau Unibanco Holding Sa 69,965,333 5.64 Performance is calculated in accordance with the currency of the fund, in SGD terms. 4 Wal-Mart De Mexico Sab De Cv 65,064,473 5.25 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 5 Banco Bradesco Sa 64,576,992 5.21 account all charges which would have been payable upon such reinvestment. 6 Grupo Mexico Sab De Cv 63,754,600 5.14 7 Ambev Sa 59,694,737 4.81 Past performance is not necessarily a guide to future performance. 8 Grupo Mexico Sab De Cv 58,224,851 4.69 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 9 Lojas Americanas Sa 57,949,480 4.67 10 Bolsa Mexicana De Valores Sab De Cv 48,023,718 3.87 at a glance as at 31 December 2016 1 Itausa - Investimentos Itau Sa 77,089,849 7.27 2 Itau Unibanco Holding Sa 65,512,012 6.18 fund facts 3 Banco Bradesco Sa 62,060,386 5.86 Launch Date 2 May 2012 4 Bm&F Bovespa Sa 55,551,363 5.24 Commencement Date 2 May 2012 5 Lojas Americanas Sa 50,250,462 4.74 Manager Franklin Advisers, Inc. 6 Ambev Sa 48,016,496 4.53 Currency of Fund Singapore Dollars 7 Grupo Mexico Sab De Cv 47,981,524 4.53 Valuation Frequency Daily 8 Wal-Mart De Mexico Sab De Cv 45,389,360 4.28 Annual Management Fee 1.90% 9 Grupo Financiero Banorte Sab De Cv 43,828,339 4.14 10 BRF Sa 40,944,743 3.86 investment objectives To achieve long-term capital appreciation by investing primarily in equity securities of issuers incorporated or Source: Franklin Templeton Investments. having their principal business activities in the Latin American region. Information extracted from the underlying fund - Templeton Latin America Fund. All figures have been rounded to the nearest dollar. fund updates Effective 31 May 2017, there was a change in the management structure of the Templeton Latin America Fund. The management structure of fund has changed from a co-investment management structure with Templeton Asset Management Limited and Franklin Templeton Investimentos (Brasil) Ltda. to a lead investment management structure with only Franklin Advisers, Inc. as investment manager, which has appointed Franklin Templeton Investimentos (Brasil) Ltda. as sub-investment manager. There is no change to the fees and investment objective of the fund.

Note: The annual management fee of 1.40% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.90%. 448 449 schedule of investments schedule of investments annualised expense ratio (underlying fund) soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company as at as at may be directed by the Investment Managers to broker-dealers in recognition of research services furnished 31 December 2017 31 December 2016 (%) (%) by them as well as for services rendered in the execution of orders by such broker-dealers. The receipt of investment research and information and related services permits the Investment Managers to supplement Templeton Latin America Fund Class A (acc) SGD 2.28* 2.29* their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) general administrative goods or services, general office equipment or premises, membership fees, employee guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. salaries or direct money payment, which are paid for directly by the Investment Managers. The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign For the period 1 July 2017 to 31 December 2017, The Templeton Latin America Fund paid US$137,869 exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs in commission dollars generated from portfolio transactions to pay for goods or services provided by third arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission received including withholding tax; interest expense; and dividends and other distributions paid to investors. were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of *unaudited trades. turnover ratio (underlying fund) exposure to derivatives as at as at N/A 31 December 2017 31 December 2016 (%) (%) borrowings Templeton Latin America Fund 16.17* 13.24* N/A

The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial related-party transactions Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are Nil based on the following formula: Turnover = [(Total 1 - Total 2)/M]*100 with: investments in collective investment schemes Templeton Latin America Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Franklin Templeton Investment Funds - Templeton Latin America Fund (Class A (acc) SGD). Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period (Daily 􀀶 S – T); M = average monthly assets of the relevant fund. Market Value (S$) % of NAV *unaudited 307,238 100.04 amount of redemptions and subscriptions for the period any other material infor mation that will adversely af fect the valuation of the ILP sub-fund 1 January 2017 to 31 December 2017 Nil

Templeton Latin America Fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. (S$) Subscriptions 171,840 Redemptions (47,428)

450 451 fund performance

Templeton Shariah Global Equity Fund 9.48% Templeton Shariah Global Equity Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Templeton Shariah Global 3.49 6.99 9.48 6.39 N/A N/A 3.79 Equity Fund MSCI AC World Islamic 3.22 7.84 13.14 8.32 N/A N/A 7.60 Index

Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 22 July 2014 Commencement Date: 22 July 2014

Performance is calculated in accordance with the currency of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 22 July 2014 Commencement Date 22 July 2014 Manager Templeton Asset Management Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives The Fund seeks long-term capital growth by investing primarily in Shariah compliant equity securities of companies of any nation, including Emerging Markets. The Fund’s managers believe that greater value can be found by looking at companies globally rather than by limiting oneself to a single market.

Note: The annual management fee of 1.60% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.50%.

453 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at 31 December 2017 31 December 2016 Description Market Value (S$) % of NAV (%) (%) 39,257 units in Templeton Shariah Global Equity Fund 535,078 99.52 Templeton Shariah Global Equity Fund Class A (acc) SGD 1.90* 1.90* Other Assets 2,560 0.48 Net assets attributable to unitholders 537,638 100.00 The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. All figures have been rounded up to the nearest dollar. The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the Fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income portfolio statement - by top 10 holdings received including withholding tax; interest expense; and dividends and other distributions paid to investors.

No. Description Market Value (US$) % of NAV *unaudited as at 31 December 2017 turnover ratio (underlying fund) 1 Royal Dutch Shell Plc 2,886,552 4.30 2 Samsung Electronics Co Limited 2,172,291 3.54 as at as at 3 Tencent Holdings Ltd 2,057,865 3.07 31 October 2017 31 October 2016 4 BP Plc 2,044,102 2.42 (%) (%) 5 Intel Corp 1,841,787 2.31 Templeton Shariah Global Equity Fund 17.33* -129.64* 6 Telefonica Deutschland Holding Ag 1,470,443 2.29 7 Bayer Ag 1,420,517 2.14 The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial 8 Galp Energia Sgps Sa 1,366,183 1.99 Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are 9 Eli Lilly & Co 1,359,796 1.86 based on the following formula: 10 Suncor Energy Inc 1,349,271 1.78 Turnover = [(Total 1 - Total 2)/M]*100 with: as at 31 December 2016 Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); 1 Royal Dutch Shell Plc 2,677,392 3.46 Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period 2 Samsung Electronics Co Limited 2,112,508 2.73 (Daily 􀀶 S – T); 3 BP Plc 1,864,888 2.41 M = average monthly assets of the relevant fund. 4 Pfizer Inc 1,702,388 2.20 5 Chevron Corporation 1,702,388 2.20 *unaudited 6 Suncor Energy Inc 1,385,125 1.79 The turnover ratio of Templeton Shariah Global Equity Fund for the financial year ended 31 December 2017 is not 7 Bayer Ag 1,377,386 1.78 available. 8 Eli Lilly & Co 1,377,386 1.78 9 Total Sa 1,354,172 1.75 amount of redemptions and subscriptions for the period 10 Sanofi 1,315,481 1.70 1 January 2017 to 31 December 2017 Source: Franklin Templeton Investments. Templeton Shariah Global Equity Fund Information extracted from the underlying fund - Templeton Shariah Global Equity Fund. (S$) All figures have been rounded to the nearest dollar. Subscriptions 354,250 Redemptions (217,434)

454 455 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company Threadneedle Investment Funds ICVC - may be directed by the Investment Managers to broker-dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such broker-dealers. The receipt of investment research and information and related services permits the Investment Managers American Fund to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid for directly by the Investment Manage rs. For the period 1 July 2017 to 31 December 2017, The Franklin Templeton Shariah Fund - Templeton Shariah Global Equity Fund paid US$12,020 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes Templeton Shariah Global Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Shariah Funds - Templeton Shariah Global Equity Fund (Class A (acc) SGD).

Market Value (S$) % of NAV 535,078 99.52 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.

456 fund performance schedule of investments

Threadneedle Investment Funds ICVC - American Fund 25.20% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 158,193 units in Threadneedle Investment Funds ICVC - American Fund 820,409 99.50 Other Assets 4,092 0.50 Since Net assets attributable to unitholders 824,501 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) Threadneedle Investment Funds ICVC - American 8.10 13.28 25.20 10.38 N/A N/A 12.49 Fund S&P 500 6.64 11.42 21.83 11.41 N/A N/A 13.40 portfolio statement - by top 10 holdings

Source: Threadneedle Investment Services Limited No. Description Market Value (US$) % of NAV ^ Annual compounded return * Launch Date: 18 September 2013 as at 31 December 2017 Commencement Date: 18 September 2013 1 Apple Inc. 150,410,312 4.72 2 Microsoft Corp 143,981,233 4.52 Performance is calculated in accordance with the share class of the fund, in USD terms. 3 JPMorgan Chase & Co 119,728,678 3.75 4 Bank of America Corp 110,092,362 3.45 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 5 Amazon.Com Inc 102,393,671 3.21 account all charges which would have been payable upon such reinvestment. 6 Berkshire Hathaway Inc-Class B 91,167,189 2.86 Past performance is not necessarily a guide to future performance. 7 Facebook Inc-A 89,145,655 2.80 8 Visa Inc-Class A 82,180,127 2.58 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 9 Comcast Corp-Class A 79,996,112 2.51 10 Boeing Co/The 76,835,060 2.41

as at 31 December 2016 at a glance 1 Apple Inc. 111,638,689 4.43 2 Alphabet Inc-Cl A 107,609,338 4.27 3 Microsoft Corp 107,086,625 4.25 fund facts 4 JPMorgan Chase & Co 96,214,659 3.81 Launch Date 18 September 2013 5 Amazon.Com Inc 73,987,211 2.93 Commencement Date 18 September 2013 6 Facebook Inc-A 66,430,944 2.63 Manager Threadneedle Investment Services Limited 7 AT&T Inc 65,733,089 2.61 Currency of Fund US Dollars 8 Johnson & Johnson 62,361,769 2.47 Valuation Frequency Daily 9 Comcast Corp-Class A 61,712,535 2.45 Annual Management Fee 1.50% 10 Citigroup Inc 57,013,143 2.26 investment objectives Source: Threadneedle Investment Services Limited. To achieve capital growth through investing primarily in the stocks of medium to large companies domiciled Information extracted from the underlying fund - Threadneedle Investment Funds ICVC - American Fund. All figures have been rounded to the nearest dollar. in North America or which have significant North American operations.

458 459 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 7 September 2017 7 September 2016 borrowings (%) (%) N/A Threadneedle Investment Funds ICVC - American Fund Class Retail Net Acc USD 1.63 1.64 related-party transactions Nil Based on the financial year’s expenses and may vary from year to year. It excludes the costs of buying and selling assets for the fund (unless these assets are shares of other funds). investments in collective investment schemes Threadneedle Investment Funds ICVC - American Fund, an ILP sub-fund, feeds 100% into the underlying UK The expense ratio of Threadneedle Investment Funds ICVC - American Fund Class Retail Net Acc USD for the financial registered Threadneedle Investment Funds ICVC - American Fund (Class Retail Net Acc USD). year ended 31 December 2017 is not available.

Market Value (S$) % of NAV turnover ratio (underlying fund) 820,409 99.50 as at as at 30 September 2017 30 September 2016 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund (%) (%) Nil Threadneedle Investment Funds ICVC - American Fund 75.56 171.33 Source of the expense ratio, turnover ratio and soft dollar commission: Threadneedle Investment Services Limited.

12-month rolling year-to-date turnover rates; calculated based on UK FSA Regulations.

The turnover ratio of Threadneedle Investment Funds ICVC - American Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Threadneedle Investment Funds ICVC - American Fund (S$) Subscriptions 374,461 Redemptions (151,552) soft dollar commission N/A

460 461 fund performance

Threadneedle Investment Funds ICVC - American Smaller Companies Fund 16.90% Threadneedle Investment Funds ICVC - for the 1 year period ended 31 December 2017

American Smaller Companies Fund table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Threadneedle Investment Funds ICVC - American 5.06 8.33 16.90 8.51 N/A N/A 11.16 Smaller Companies Fund S&P MidCap 400 6.25 9.68 16.24 11.14 N/A N/A 12.10

Source: Threadneedle Investment Services Limited ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager Threadneedle Investment Services Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%

investment objectives To achieve capital growth through investing primarily in the stocks of smaller companies that are domiciled in the US or have significant US operations.

463 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at

7 September 2017 7 September 2016 Description Market Value (S$) % of NAV (%) (%) 1,133,623 units in Threadneedle Investment Funds ICVC - Threadneedle Investment Funds ICVC - American Smaller American Smaller Companies Fund 6,476,678 98.20 Companies Fund Class Retail Net Acc USD 1.67 1.67 Other Assets 118,678 1.80 Net assets attributable to unitholders 6,595,356 100.00 Based on the financial year’s expenses and may vary from year to year. It excludes the costs of buying and selling assets for the fund (unless these assets are shares of other funds).

All figures have been rounded up to the nearest dollar. The expense ratio of Threadneedle Investment Funds ICVC - American Smaller Companies Fund Class Retail Net Acc USD for the financial year ended 31 December 2017 is not available.

turnover ratio (underlying fund) portfolio statement - by top 10 holdings as at as at No. Description Market Value (US$) % of NAV 30 September 2017 30 September 2016 (%) (%) as at 31 December 2017 1 American Homes 4 Rent- A 29,473,755 2.98 Threadneedle Investment Funds ICVC - American Smaller 2 Core Laboratories N.V. 28,492,678 2.88 Companies Fund 198.50 94.66 3 Nuance Communications Inc 26,794,364 2.70 4 Fair Isaac Corp 26,464,339 2.67 12-month rolling year-to-date turnover rates; calculated based on UK FSA Regulations.

5 Bank of the Ozarks 26,048,441 2.63 The turnover ratio of Threadneedle Investment Funds ICVC - American Smaller Companies Fund for the financial year 6 Associated Banc-Corp 25,475,291 2.57 ended 31 December 2017 is not available. 7 Axalta Coating Systems Ltd 25,251,384 2.55 8 FCB Financial Holdings-Class A 24,327,742 2.46 amount of redemptions and subscriptions for the period 9 Pool Corp 24,096,510 2.43 1 January 2017 to 31 December 2017 10 Ritchie Bros Auctioneers 23,734,863 2.40 Threadneedle Investment Funds ICVC - American Smaller Companies Fund as at 31 December 2016 (S$) 1 Pacwest Bancorp 32,452,076 3.24 Subscriptions 4,218,018 2 Associated Banc-Corp 32,199,293 3.22 Redemptions (780,752) 3 Zions Bancorporation 29,788,087 2.98

4 Leidos Holdings Inc 22,074,396 2.21 5 Nabors Industries Ltd 21,945,167 2.19 soft dollar commission 6 Jetblue Airways Corp 21,316,598 2.13 N/A 7 CNO Financial Group Inc 20,601,337 2.06 8 Cyrusone Inc 19,861,254 1.99 9 CSRA Inc 19,852,491 1.98 10 Watsco Inc 19,586,159 1.96

Source: Threadneedle Investment Services Limited. Information extracted from the underlying fund - Threadneedle Investment Funds ICVC - American Smaller Companies Fund. All figures have been rounded to the nearest dollar.

464 465 schedule of investments exposure to derivatives N/A Threadneedle Investment Funds ICVC - borrowings N/A European Select Fund related-party transactions Nil investments in collective investment schemes Threadneedle Investment Funds ICVC - American Smaller Companies Fund , an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds ICVC - American Smaller Companies Fund (Class Retail Net Acc USD).

Market Value (S$) % of NAV 6,476,678 98.20 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Threadneedle Investment Services Limited.

466 fund performance schedule of investments

Threadneedle Investment Funds ICVC - European Select Fund 14.77% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 847,148 units in Threadneedle Investment Funds ICVC - European Select Fund 4,633,824 98.53 Other Assets 69,082 1.47 Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* Net assets attributable to unitholders 4,702,906 100.00 (%) (%) (%) (%) (%) (%) (%) All figures have been rounded up to the nearest dollar. Threadneedle Investment 1.10 3.02 14.77 8.62 N/A N/A 9.66 Funds ICVC - Eur opean Select Fund FTSE World Europe Ex UK -0.35 2.88 13.01 9.01 N/A N/A 9.47 portfolio statement - by top 10 holdings

Source: Threadneedle Investment Services Limited No. Description Market Value (EUR) % of NAV ^ Annual compounded return * Launch Date: 18 September 2013 as at 31 December 2017 Commencement Date: 18 September 2013 1 Relx Nv 189,690,357 5.14 2 L’Oreal 179,496,575 4.86 Performance is calculated in accordance with the share class of the fund, in Euro terms. 3 Unilever N.V. 175,605,838 4.76 4 Pernod Ricard Sa 156,288,698 4.23 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 5 Sampo Oyj-A Shs 148,375,295 4.02 account all charges which would have been payable upon such reinvestment. 6 Fresenius Medical Care Ag & 145,393,550 3.94 Past performance is not necessarily a guide to future performance. 7 Anheuser-Busch InBev SA/NV 137,798,469 3.73 8 Dassault Systemes SA 119,957,712 3.25 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 9 IMCD Group NV 117,100,740 3.17 10 Elis Sa 110,600,233 3.00

as at 31 December 2016 at a glance 1 Unilever N.V. 214,464,633 6.03 2 Relx Nv 185,613,724 5.22 3 L’Oreal 164,635,490 4.63 fund facts 4 Novartis 144,396,935 4.06 Launch Date 18 September 2013 5 Fresenius Medical Care Ag & 142,608,105 4.01 Commencement Date 18 September 2013 6 Sampo Oyj-A Shs 142,599,682 4.01 Manager Threadneedle Investment Services Limited 7 Pernod Ricard Sa 140,925,201 3.96 Currency of Fund Euro Dollars 8 Svenska Handelsbanken-A Shs 134,943,476 3.79 Valuation Frequency Daily 9 Anheuser-Busch Inbev 131,185,791 3.69 Annual Management Fee 1.50% 10 Assa Abloy Ab 119,050,737 3.35 investment objectives Source: Threadneedle Investment Services Limited. Information extracted from the underlying fund - Threadneedle Investment Funds ICVC - European Select Fund. To achieve above average capital growth through investing mainly in a relatively concentrated portfolio of All figures have been rounded to the nearest dollar. equities of companies domiciled in Continental Europe or which have significant Continental European operations. The select investment approach means that the fund has the flexibility to take significant stock and sector positions.

468 469 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 7 September 2017 7 September 2016 borrowings (%) (%) N/A Threadneedle Investment Funds ICVC - European Select Fund Class Retail Acc EUR 1.63 1.64 related-party transactions Nil Based on the financial year’s expenses and may vary from year to year. It excludes the costs of buying and selling assets for the fund (unless these assets are shares of other funds). investments in collective investment schemes Threadneedle Investment Funds ICVC - European Select Fund, an ILP sub-fund, feeds 100% into the The expense ratio of Threadneedle Investment Funds ICVC - European Select Fund Class Retail Acc EUR for the financial underlying UK registered Threadneedle Investment Funds ICVC - European Select Fund (Class Retail Acc year ended 31 December 2017 is not available. EUR).

turnover ratio (underlying fund) Market Value (S$) % of NAV as at as at 4,633,824 98.53 30 September 2017 30 September 2016 (%) (%) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Threadneedle Investment Funds ICVC - European Select Fund 38.68 29.89 Nil

12-month rolling year-to-date turnover rates; calculated based on UK FSA Regulations. Source of the expense ratio, turnover ratio and soft dollar commission: Threadneedle Investment Services Limited.

The turnover ratio of Threadneedle Investment Funds ICVC - European Select Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

Threadneedle Investment Funds ICVC - Eur opean Select Fund (S$) Subscriptions 2,702,385 Redemptions (262,781) soft dollar commission N/A

470 471 fund performance

United Asian Bond Fund United Asian Bond Fund -2.13% for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) United Asian Bond Fund -1.25 -1.03 -2.13 4.17 N/A N/A 5.66 JP Morgan Asia Credit Index -1.18 -1.10 -2.15 5.08 N/A N/A 7.30 Total Return Composite

Source: UOB Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager UOB Asset Management Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.10% investment objectives To provide stable current income and capital appreciation by investing in debt securities issued by Asian corporations, financial institutions, governments and their agencies (including money market instruments). The Asian countries which the sub-fund will invest in include but not limited to Singapore, Malaysia, Thailand, Indonesia, Philippines, Hong Kong SAR, South Korea, Taiwan, China, Australia, New Zealand and Japan. fund updates With effect from 1 April 2017, the Custodian has been changed from BNP Paribas Securities Services, Singapore Branch to State Street Bank and Trust Company, Singapore Branch.

With effect from 16 March 2016, the annual management fee of the portfolio was increased from 1.00% to 1.10%. With effect from 1 April 2017, the Custodian has been changed from BNP Paribas Securities Services, Singapore Branch to State Street Bank and Trust Company, Singapore Branch. Note: The annual management fee of 1.00% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 1.10%. 473 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 5,443,890 units in United Asian Bond Fund 9,831,665 99.43 Other Assets 56,033 0.57 United Asian Bond Fund 1.35 1.32*

Net assets attributable to unitholders 9,887,698 100.00 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). This is the sum of the Sub-Fund’s expense ratio and the weighted average of the Investee Funds’ All figures have been rounded up to the nearest dollar. unaudited expense ratios. The unaudited expense ratios of the Investee Funds’ are obtained from Investee Funds’ Manager. The calculation of the Sub-Fund’s expense ratio at 31 December 2017was based on total operating expenses divided by the average net asset value respectively for the financial period. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to portfolio statement - by top 10 holdings unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average No. Description Market Value (S$) % of NAV net asset value is based on the daily balances. as at 31 December 2017 *The expense ratio of 1.29% reported in the 31 December 2016 annual funds report has been updated to reflect the 1 United Asian High Yield Bond Fund - Class Sgd Dist 11,391,311 6.02 finalised figure. 2 Ind + Comm Bk Of China Subordinated Regs 09/25 4.875 7,083,702 3.74 3 Perusahaan listrik negar sr unsecured regs 05/27 4.125 6,710,332 3.54 turnover ratio (underlying fund) 4 Korea Gas Corp Sr Unsecured Regs 07/25 3.5 5,148,279 2.72 5 Rhb Bank Sr Unsecured Regs 10/21 2.503 5,002,765 2.64 as at as at 6 Perusahaan Listrik Negar Sr Unsecured Regs 11/21 5.5 4,355,194 2.30 31 December 2017 31 December 2016 7 Yestar healthcare hld co sr unsecured regs 09/21 6.9 4,139,732 2.19 (%) (%) 8 Dah Sing Bank Ltd Subordinated Regs 01/24 Var 4,086,918 2.16 United Asian Bond Fund 60.64 26.57* 9 Ehi Car Services Ltd Company Guar Regs 08/22 5.875 4,079,533 2.16 10 Shougang Corp Sr Unsecured Regs 12/19 3.375 4,018,112 2.12 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales as at 31 December 2016 of the underlying investments divided by the average daily net asset value. 1 United Asian High Yield Bond Fund - Class SGD Dist 12,200,045 5.52 *The expense ratio of 27.34% reported in the 31 December 2016 annual funds report has been updated to reflect the 2 Industrial & Commercial Bank Of China Limited 4.875% finalised figure. Due 21/09/2025 7,409,880 3.35 3 China Railway Xunjie Company Limited 3.25% Due 28/07/2026 6,834,382 3.09 amount of redemptions and subscriptions for the period 4 Korea Gas Corporation 3.5% Due 21/07/2025 5,541,420 2.51 1 January 2017 to 31 December 2017 5 RHB Bank Berhad 2.503% Due 06/10/2021 5,252,817 2.38 6 Perusahaan Listrik Negara Pt 5.5% Due 22/11/2021 4,643,563 2.10 United Asian Bond Fund 7 Dah Sing Bank Limited 5.25% Due 29/01/2024 4,476,397 2.03 (S$) 8 Yestar International Holdings Company Limited 6.9% Due 15/09/2021 4,428,114 2.00 Subscriptions 4,877,527 9 MPM Global Private Limited 6.75% Due 19/09/2019 4,427,898 2.00 Redemptions (2,471,974) 10 Tingyi Cayman islands Holding Corporation 3.875% Due 20/06/2017 4,360,242 1.97

Source: UOB Asset Management. Information extracted from the underlying fund - United Asian Bond Fund. All figures have been rounded to the nearest dollar.

474 475 schedule of investments soft dollar commission UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom United Emerging Markets Bond Fund products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management’s duties to clients. As such services generally benefit all of UOB Asset Management’s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades. There are no soft dollars, rebates, commissions or other monetary incentives generated by the Fund. exposure to derivatives N/A borrowings N/A related-party transactions Nil investments in collective investment schemes United Asian Bond Fund, an ILP sub-fund, feeds 100% into the underlying United Asian Bond Fund (Class SGD).

Market Value (S$) % of NAV 9,831,665 99.43 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management.

476 fund performance schedule of investments

United Emerging Markets Bond Fund 1.97% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 1,987,776 units in United Emerging Markets Bond Fund 2,673,559 100.34 Other Liabilities (8,956) -0.34

Since Net assets attributable to unitholders 2,664,603 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* All figures have been rounded up to the nearest dollar. (%) (%) (%) (%) (%) (%) (%) United Emeging Markets -0.66 0.96 1.97 4.75 N/A N/A 5.70 Bond Fund JP Morgan EMBI Global portfolio statement - by top 10 holdings -0.44 0.77 1.99 7.41 N/A N/A 8.61 Diversified TR No. Description Market Value (S$) % of NAV Source: UOB Asset Management ^ Annual compounded return as at 31 December 2017 * Launch Date: 18 September 2013 1 Mongolia Intl Bond Sr Unsecured Regs 03/24 8.75 8,482,645 2.63 Commencement Date: 18 September 2013 2 Republic Of Ecuador Sr Unsecured Regs 06/23 8.75 8,149,534 2.53 3 United emerging markets local currency bond fund - class sgd acc 7,593,432 2.36 Performance is calculated in accordance with the share class of the fund, in SGD terms. 4 Republic of argentina sr unsecured regs 06/49 7.125 6,902,506 2.14 5 Ojsc Russ Agric Bk(Rshb) Subordinated Regs 10/23 8.5 6,772,501 2.10 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 6 Dominican republic sr unsecured regs 01/26 6.875 6,497,918 2.02 account all charges which would have been payable upon such reinvestment. 7 Eskom Holdings Soc Ltd Sr Unsecured Regs 01/21 5.75 5,959,068 1.85 Past performance is not necessarily a guide to future performance. 8 Uob United Renminbi Bond Fund (Sgd) 5,705,029 1.77 9 Ukraine Government Sr Unsecured Regs 09/26 7.75 5,532,482 1.72 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 10 Arab Republic Of Egypt Sr Unsecured Regs 01/47 8.5 5,382,331 1.67

as at 31 December 2016 1 Republic of Indonesia 3.375% Due 15/04/2023 9,191,001 2.67 at a glance 2 Fed Republic of Brazil 4.25% Due 07/01/2025 8,104,767 2.36 3 Republic Of Poland 3% Due 17/03/2023 7,816,730 2.27 4 United Emerging Mkt Local Currency Bond Fund - Class SGD Acc 7,616,555 2.22 fund facts 5 Treasury Bill UCP Due 30/03/2017 7,214,830 2.10 Launch Date 18 September 2013 6 Empresa Nacional Del Pet 3.75% Due 05/08/2026 6,785,106 1.97 Commencement Date 18 September 2013 7 Republic Of Hungary 5.375% Due 21/02/2023 6,284,445 1.83 Manager UOB Asset Management 8 UOB United Renminbi Bond Fund (SGD) 5,556,476 1.62 Currency of Fund Singapore Dollars 9 Republic Of Panama 6.7% Due 26/01/2036 5,294,515 1.54 Valuation Frequency Daily 10 Vnesheconombank(Veb) 4.224% Due 21/11/2018 5,285,435 1.54 Annual Management Fee 1.75% Source: UOB Asset Management . Information extracted from the underlying fund - United Emerging Markets Bond Fund. investment objectives All figures have been rounded to the nearest dollar. To maximize returns with high yield and capital appreciation over the longer term in Emerging Markets debt investment and products.

478 479 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 borrowings (%) (%) N/A United Emerging Markets Bond Fund 1.96 1.98 related-party transactions The expense ratio has been computed based on the guidelines laid down by the Investment Management Association Nil of Singapore (“IMAS”). The calculation of the Sub-Fund’s expense ratio at 31 December 2017 was based on total operating expenses divided by the average net asset value respectively for the financial period. The total operating investments in collective investment schemes expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, United Emerging Markets Bond Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any United Emerging Markets Bond Fund (Class SGD). performance fee. The average net asset value is based on the daily balances. Market Value (S$) % of NAV turnover ratio (underlying fund) 2,673,559 100.34

as at as at any other material infor mation that will adversely af fect the valuation of the ILP sub-fund 31 December 2017 31 December 2016 Nil (%) (%) United Emerging Markets Bond Fund 62.02 43.28 Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management.

United Emerging Markets Bond Fund (S$) Subscriptions 1,843,585 Redemptions (2,110,848) soft dollar commission UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management’s duties to clients. As such services generally benefit all of UOB Asset Management’s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades. There are no soft dollars, rebates, commissions or other monetary incentives generated by the Fund.

480 481 fund performance

United Singapore Bond Fund 5.12% United Singapore Bond Fund for the 1 year period ended 31 December 2017

table of per formance as at 31 December 2017 Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) United Singapore Bond 0.96 1.51 5.12 3.76 N/A N/A 3.98 Fund TR/SGX SFI Government 0.80 0.96 4.65 2.87 N/A N/A 3.19 Bond Index#

Source: UOB Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 # With effect from 1 June 2017, the current benchmark of the fund has been changed from Singapore Government Bond Index All UOB to the new TR/SGX SFI Government Index. This is due to the discontinuation of the Singapore Government Bond Index All UOB.

Performance is calculated in accordance with the share class of the fund, in SGD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager UOB Asset Management Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 0.55%

investment objectives To maximise returns over the longer term by investing mainly in SGD-denominated bonds and/or foreign currency-denominated bonds (including, without limitation, zero coupon bonds, callable bonds, equity- linked bonds and convertible bonds) and fixed income/debt securities of all maturities issued in Singapore by the government, statutory bodies, public and private entities, SGD denominated and/or foreign currency- denominated money market instruments, bond funds (including funds managed by the Managers) and/or time deposits in accordance with the CPF Investment Guidelines.

fund updates With effect from 16 May 2016, the annual management fee of the portfolio was increased from 0.50% to 0.55%.

Note: The annual management fee of 0.50% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 0.55%. 483 schedule of investments schedule of investments portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 (%) (%) 2,274,945 units in United Singapore Bond Fund 3,362,368 98.67 Other Assets 45,397 1.33 United Singapore Bond Fund 0.78 0.80

Net assets attributable to unitholders 3,407,765 100.00 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the Sub-Fund’s expense ratio at 31 December 2017 was based on total All figures have been rounded up to the nearest dollar. operating expenses divided by the average net asset value respectively for the financial period. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any portfolio statement - by top 10 holdings performance fee. The average net asset value is based on the daily balances.

No. Description Market Value (S$) % of NAV turnover ratio (underlying fund) as at 31 December 2017 as at as at 1 Singapore Government Sr Unsecured 03/27 3.5 21,053,488 9.48 31 December 2017 31 December 2016 2 Singapore Government Sr Unsecured 04/42 2.75 11,499,500 5.18 (%) (%) 3 Singapore Government Sr Unsecured 09/33 3.375 10,796,180 4.86 4 Singapore Government Sr Unsecured 09/24 3 10,675,000 4.81 United Singapore Bond Fund 38.58 24.15 5 Singapore Government Sr Unsecured 09/30 2.875 9,527,450 4.29 6 Singapore Government Sr Unsecured 03/46 2.75 9,302,171 4.19 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales 7 Singapore Government Sr Unsecured 06/25 2.375 8,334,900 3.76 of the underlying investments divided by the average daily net asset value. 8 Oversea Education Sr Unsecured Regs 04/19 5.2 7,028,602 3.17 9 Prime Asset Holdings Ltd Sr Secured Regs 10/24 2.9 7,024,220 3.16 amount of redemptions and subscriptions for the period 10 Citic Envirotech Ltd Sr Unsecured Regs 12/99 Var 6,955,410 3.13 1 January 2017 to 31 December 2017 as at 31 December 2016 United Singapore Bond Fund 1 Singapore Government Bond 3% Due 01/09/2024 10,326,690 5.42 (S$) 2 Singapore Government Bond 3.50% Due 01/03/2027 10,099,893 5.30 3 Singapore Government Bond 2.75% Due 01/04/2042 7,058,100 3.71 Subscriptions 1,827,989 4 Singapore Government Bond 2.875% Due 01/09/2030 5,394,870 2.83 Redemptions (1,796,399) 5 ABN Amro Bank Nv 4.75% Due 01/04/2026 5,168,875 2.71 6 Singapore Government Bond 2.5% Due 01/06/2019 5,116,400 2.69 soft dollar commission 7 Citic Environtech Limited 4.70% Due 29/04/2018 5,059,200 2.66 UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom 8 Indian Oil Corp Ltd 4.10% Due 15/10/2022 5,057,118 2.66 products and services are received from third parties. The products and services relate essentially to computer 9 Cambridge Mtn Pte Ltd 3.95% Due 21/05/2020 5,014,050 2.63 hardware and software to the extent that they are used to support the investment decision making process, 10 Singapore Government Bond 1.625% Due 01/10/2019 5,010,600 2.63 research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the Source: UOB Asset Management. overall discharge of UOB Asset Management’s duties to clients. As such services generally benefit all of UOB Information extracted from the underlying fund - United Singapore Bond Fund. Asset Management’s clients in terms of input into the investment decision making process, the soft credits All figures have been rounded to the nearest dollar. utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades. There are no soft dollars, rebates, commissions or other monetary incentives generated by the fund.

484 485 schedule of investments exposure to derivatives N/A United SGD Fund borrowings N/A related-party transactions Nil investments in collective investment schemes United Singapore Bond Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United Singapore Bond Fund (SGD).

Market Value (S$) % of NAV 3,362,368 98.67 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management .

486 fund performance schedule of investments

United SGD Fund 2.15% portfolio statement as at 31 December 2017 for the 1 year period ended 31 December 2017 Description Market Value (S$) % of NAV table of per formance as at 31 December 2017 1,921,276 units in United SGD Fund 3,558,203 98.80 Other Assets 43,367 1.20

Since Net assets attributable to unitholders 3,601,570 100.00 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) All figures have been rounded up to the nearest dollar. United SGD Fund 0.00 0.33 2.15 2.81 N/A N/A 2.52 6-Month SIBID Rate 0.30 0.60 1.19 1.06 N/A N/A 0.95 portfolio statement - by top 10 holdings Source: UOB Asset Management ^ Annual compounded return No. Description Market Value (S$) % of NAV * Launch Date: 22 July 2014 Commencement Date: 22 July 2014 as at 31 December 2017 1 Bluestar Fin Holdings Company Guar Regs 12/49 Var 40,292,660 2.54 Performance is calculated in accordance with the share class of the fund, in SGD terms. 2 Mcc Holding Hk Corp Ltd Company Guar Regs 05/20 2.95 39,837,696 2.51 3 Shougang Corp Sr Unsecured Regs 08/20 1.35 37,125,069 2.34 Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into 4 Axiata Spv2 Bhd Sr Unsecured Regs 11/20 3.466 36,556,639 2.30 account all charges which would have been payable upon such reinvestment. 5 Hyundai Capital Services Sr Unsecured Regs 09/20 2.625 35,708,838 2.25 Past performance is not necessarily a guide to future performance. 6 Doosan Infracore Co Ltd Company Guar Regs 07/20 2.5 35,681,307 2.25 7 Incitec Pivot Fin Llc Company Guar Regs 12/19 6 35,109,895 2.21 The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. 8 Mas Bill Bills 02/18 0.00000 34,955,375 2.20 9 Mas Bill Bills 03/18 0.00000 34,897,030 2.20 10 Chugoku Electric Power Sr Secured Regs 03/20 2.701 33,576,215 2.12 at a glance as at 31 December 2016 1 MAF Global Securities Limited 5.25% Due 05/07/2019 30,592,732 2.33 fund facts Launch Date 22 July 2014 2 Singapore Government Bond 1.625% Due 01/10/2019 30,054,000 2.29 Commencement Date 22 July 2014 3 Huarong Finance Company Limited 4% Due 17/07/2019 29,537,522 2.25 Manager UOB Asset Management 4 OCBC Wing Hang Bank Limited 6% Due 29/04/2049 29,492,994 2.25 Currency of Fund Singapore Dollars 5 Guangzhou Metro Investment Finance BVI Limited 2.875% Valuation Frequency Daily Due 03/12/2018 29,051,813 2.21 Annual Management Fee 0.63% 6 Standard Chartered Public Listed Company 4% Due 12/07/2022 28,996,047 2.20 7 Zhejiang Energy Group Hong Kong Ltd 2.3% Due 30/09/2017 28,923,578 2.20 investment objectives 8 Anstock Ii Ltd 2.125% Due 24/07/2017 28,905,704 2.20 To invest substantially all its assets in money market and short term interest bearing debt instruments and 9 Jany Sukuk Company Limited 2.844% Due 23/09/2019 28,901,275 2.20 bank deposits with the objective of achieving a yield enhancement over Singapore Dollar deposits. 10 Midea Investment Development Company Limited 2.375% fund updates Due 03/06/2019 28,805,058 2.19 With effect from 1 April 2017, the Custodian has been changed from BNP Paribas Securities Services, Source: UOB Asset Management. Singapore Branch to State Street Bank and Trust Company, Singapore Branch. Information extracted from the underlying fund - United SGD Fund. All figures have been rounded to the nearest dollar. With effect from 1 November 2016, the annual management fee of the portfolio was increased from 0.50% to 0.63%. With effect from 1 April 2017, the Trustee and Custodian have been changed from BNP Paribas Trust Services Singapore Limited and BNP Paribas Securities Services, Singapore Branch to State Street Trust (SG) Limited and State Street Bank & Trust Company, Singapore Branch respectively. Note: The annual management fee of 0.50% reported in the 31 December 2016 annual funds report was incorrect. The correct annual management fee is 0.63%. 488 489 schedule of investments schedule of investments annualised expense ratio (underlying fund) exposure to derivatives N/A as at as at 31 December 2017 31 December 2016 (%) (%) borrowings N/A United SGD Fund 0.67 0.68 related-party transactions The expense ratio does not include (where applicable) brokerage and other transaction costs, performance fee, interest Nil expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. investments in collective investment schemes turnover ratio (underlying fund) United SGD Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United SGD Fund (SGD). as at as at 31 December 2017 31 December 2016 Market Value (S$) % of NAV (%) (%) 3,558,203 98.80 United SGD Fund 159.26 108.00 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. Nil The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, divided by the average daily net asset value. Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management . amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017

United SGD Fund (S$) Subscriptions 2,456,978 Redemptions (1,421,812) soft dollar commission UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management’s duties to clients. As such services generally benefit all of UOB Asset Management’s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades.

490 491 fund performance

Wells Fargo Emerging Markets Equity Wells Fargo Emerging Markets Equity Income Fund (USD) 26.10% for the 1 year period ended 31 December 2017

Income Fund (USD) table of per formance as at 31 December 2017

Since 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) (%) (%) (%) (%) Wells Fargo Emerging Markets Equity Income 5.68 10.88 26.10 N/A N/A N/A 20.10 Fund (USD) MSCI Emerging Markets 7.44 15.92 37.28 N/A N/A N/A 30.12 Index (Net)

Source: Wells Fargo ^ Annual compounded return * Launch Date: 20 June 2016 Commencement Date: 20 June 2016

Performance is calculated in accordance with the share class of the fund, in USD terms.

Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.

Past performance is not necessarily a guide to future performance.

The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.

at a glance

fund facts Launch Date 20 June 2016 Commencement Date 20 June 2016 Manager Wells Fargo Asset Management Currency of Fund USD Valuation Frequency Daily Annual Management Fee 1.85%

investment objectives The Emerging Markets Equity Income Fund seeks long-term capital appreciation and current income.

fund updates Effective 13 November 2017, the investment strategy of the Wells Fargo Emerging Markets Equity Income Fund was modified to allow investments into China A shares (up to 10%). The manager feels that the modification will provide portfolio management with increased flexibility and efficiency to capitalise on opportunities in China A-shares.

493 schedule of investments schedule of investments

portfolio statement annualised expense ratio (underlying fund) as at 31 December 2017 as at as at Description Market Value (S$) % of NAV 31 December 2017 31 December 2016 648 units in Wells Fargo Emerging Markets Equity Income Fund (USD) 115,387 100.21 (%) (%) Other Liabilities (244) -0.21 Wells Fargo Emerging Markets Equity Income Fund (USD) 1.27 1.85 Net assets attributable to unitholders 115,143 100.00 The total expense ratio which is the ratio of the gross amount of the expenses of the relevant Sub-Fund to its average net assets (excluding transaction costs). The TER includes all the expenses levied on the assets of the relevant Sub- All figures have been rounded up to the nearest dollar. Fund which include, but are not limited to, advisory fees, management company fees, administrative fees, custodian fees, Directors’ fees, registration costs, regulatory fees, audit fees, legal fees, registration fees, formation costs, translation costs, printing costs, publication costs and duties. portfolio statement - by top 10 holdings turnover ratio (underlying fund)

No. Description Market Value (US$) % of NAV as at as at 31 December 2017 31 December 2016 as at 31 December 2017 (%) (%) 1 Samsung Electronics Co., Ltd. 17,450,783 4.37 2 China Construction Bank Corporation Class H 14,119,201 3.54 Wells Fargo Emerging Markets Equity Income Fund 60.72 88.96 3 Taiwan Semiconductor Manufacturing Co., Ltd. 13,449,871 3.37 4 Industrial and Commercial Bank of China Limited Class H 11,569,795 2.90 All turnover numbers are estimates based on the trailing one year of trading activity. The turnover represented divides the lesser of amounts of purchases or sales of portfolio securities by the daily average market value of the portfolio for 5 Itausa - Investimentos Itau S.A. 6,590,838 1.65 the trailing one year. Whenever possible, the turnover numbers for a single representative account were used; however, 6 China Mobile Limited 6,067,514 1.52 in some cases multiple accounts were blended together to obtain the estimates. These numbers do not comply with the 7 CNOOC Limited 5,941,128 1.49 SEC Form N-1A standard for turnover calculations. 8 UBS AG 5,914,259 1.48 9 PICC Property & Casualty Co. Ltd. Class H 5,459,826 1.37 amount of redemptions and subscriptions for the period 10 Hon Hai Precision Industry Co., Ltd. 5,382,462 1.35 1 January 2017 to 31 December 2017 as at 31 December 2016 Wells Fargo Emerging Markets Equity Income Fund (USD) 1 iShares MSCI India ETF 16,060,879 4.56 (S$) 2 China Construction Bank Corporation Class H 11,382,610 3.23 Subscriptions 61,640 3 Industrial and Commercial Bank of China Limited Class H 8,786,649 2.50 Redemptions (27,365) 4 Taiwan Semiconductor Manufacturing Co., Ltd. 7,833,520 2.23 5 Banco Bradesco SA Pfd 7,715,335 2.17 6 China Petroleum & Chemical Corporation Class H 7,645,232 2.14 soft dollar commission 7 Itausa - Investimentos Itau SA Pfd 7,529,007 2.02 WellsCap believes research is extremely useful and a primary foundation of the money management 8 China Mobile Limited 6,791,239 1.93 industry. Generally, services provided by brokers may include information on the economy, industries, groups 9 Oil company LUKOIL PJSC ADR 6,069,964 1.72 of securities, individual companies, statistical information, accounting and tax law interpretations, political 10 SK Telecom Co., Ltd. 5,914,728 1.68 developments, legal developments affecting portfolio securities, technical market action, credit analysis, portfolio analysis, risk measurement analysis, performance analysis and analysis of corporate responsibility Source: Wells Fargo. issues. Such research services are received primarily in the form of written reports, telephone contacts Information extracted from the underlying fund - Wells Fargo Emerging Markets Equity Income Fund (USD). and personal meetings with security analysts. As such, having access to proprietary research (created All figures have been rounded to the nearest dollar. and provided by the broker-dealer, including tangible research products as well as access to analysts and traders) or third-party products (created by the third party but provided by the broker dealer) help the investment advisers make investment decisions on behalf of its client. WellsCap recognizes two fundamental principles when dealing with soft dollar arrangements. Firstly, commission is the property of the client. Secondly, WellsCap has an ongoing duty to ensure the quality of transactions effected on behalf of its client, including seeking to obtain best execution, minimizing transaction costs, and using client commission to benefit clients.

494 495 schedule of investments exposure to derivatives N/A Financial Statements borrowings N/A related-party transactions Nil investments in collective investment schemes Wells Fargo Emerging Markets Equity Income Fund (USD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Wells Fargo Emerging (Lux) Worldwide Fund: Markets Equity Income Fund USD (Class A).

Market Value (S$) % of NAV 115,387 100.21 any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Nil

Source of the expense ratio, turnover ratio and soft dollar commission: Wells Fargo.

496 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Aberdeen Pacific Equity Fund AllianceBernstein Global High Yield Portfolio Fund (SGD) (SGD) Value of Fund as at 1 January 2017 261,330 Value of Fund as at 1 January 2017 180,444 Amount received by Fund 939,882 Amount received by Fund 1,502,071 Amount paid by Fund (211,860) Amount paid by Fund (221,691) Net Amount received/(paid) by Fund 728,022 Net Amount received/(paid) by Fund 1,280,380 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 991,621 Net gain/(loss) on investment 332,260 Value of Fund as at 31 December 2017 1,980,973 Value of Fund as at 31 December 2017 1,793,084

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

AllianceBernstein Emerging Markets Debt Portfolio Fund AllianceBernstein Thematic Research Portfolio Fund (SGD) (SGD) Value of Fund as at 1 January 2017 152,114 Value of Fund as at 1 January 2017 42,568 Amount received by Fund 1,118,970 Amount received by Fund 85,578 Amount paid by Fund (168,703) Amount paid by Fund (29,484) Net Amount received/(paid) by Fund 950,266 Net Amount received/(paid) by Fund 56,094 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 682,621 Net gain/(loss) on investment 84,849 Value of Fund as at 31 December 2017 1,785,001 Value of Fund as at 31 December 2017 183,511

498 499 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

AllianceBernstein US Thematic Research Portfolio Fund AXA World Funds - Framlington Europe Real Estate Securities Fund (SGD) (SGD) Value of Fund as at 1 January 2017 67,329 Value of Fund as at 1 Januar y 2017 201,237 Amount received by Fund 128,975 Amount received by Fund 175,261 Amount paid by Fund (21,525) Amount paid by Fund (31,513) Net Amount received/(paid) by Fund 107,450 Net Amount received/(paid) by Fund 143,748 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 134,525 Net gain/(loss) on investment 54,964 Value of Fund as at 31 December 2017 309,304 Value of Fund as at 31 December 2017 399,949

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

AXA World Funds - Framlington Emerging Markets Fund AXA World Funds - Global High Yield Bonds (SGD Hedged) (SGD) (SGD) Value of Fund as at 1 January 2017 56,447 Value of Fund as at 1 January 2017 94,450 Amount received by Fund 35,729 Amount received by Fund 873,850 Amount paid by Fund (6,360) Amount paid by Fund (246,344) Net Amount received/(paid) by Fund 29,370 Net Amount received/(paid) by Fund 627,507 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 542,233 Net gain/(loss) on investment 16,934 Value of Fund as at 31 December 2017 1,264,190 Value of Fund as at 31 December 2017 102,751

500 501 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

BlackRock China Fund BlackRock Global Equity Income Fund (SGD) (SGD) Value of Fund as at 1 January 2017 1,517,429 Value of Fund as at 1 January 2017 869,760 Amount received by Fund 2,554,993 Amount received by Fund 1,098,287 Amount paid by Fund (621,524) Amount paid by Fund (138,988) Net Amount received/(paid) by Fund 1,933,469 Net Amount received/(paid) by Fund 959,299 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 1,655,076 Net gain/(loss) on investment 494,467 Value of Fund as at 31 December 2017 5,105,974 Value of Fund as at 31 December 2017 2,323,526

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

BlackRock Global Allocation Fund BlackRock Latin American Fund (SGD) (SGD) Value of Fund as at 1 January 2017 2,098,208 Value of Fund as at 1 January 2017 160,975 Amount received by Fund 948,640 Amount received by Fund 317,409 Amount paid by Fund (513,470) Amount paid by Fund (66,070) Net Amount received/(paid) by Fund 435,169 Net Amount received/(paid) by Fund 251,339 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 266,016 Net gain/(loss) on investment 186,992 Value of Fund as at 31 December 2017 2,799,393 Value of Fund as at 31 December 2017 599,306

502 503 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

BlackRock World Energy Fund BlackRock World HealthScience Fund (SGD) (SGD) Value of Fund as at 1 January 2017 1,186,181 Value of Fund as at 1 January 2017 5,638,690 Amount received by Fund 2,009,708 Amount received by Fund 4,538,229 Amount paid by Fund (673,582) Amount paid by Fund (1,433,073) Net Amount received/(paid) by Fund 1,336,126 Net Amount received/(paid) by Fund 3,105,156 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 521,637 Net gain/(loss) on investment 2,950,651 Value of Fund as at 31 December 2017 3,043,944 Value of Fund as at 31 December 2017 11,694,497

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

BlackRock World Gold Fund BlackRock World Mining Fund (SGD) (SGD) Value of Fund as at 1 January 2017 1,952,232 Value of Fund as at 1 January 2017 1,782,044 Amount received by Fund 5,761,525 Amount received by Fund 2,849,598 Amount paid by Fund (1,305,419) Amount paid by Fund (916,483) Net Amount received/(paid) by Fund 4,456,106 Net Amount received/(paid) by Fund 1,933,116 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 2,227,995 Net gain/(loss) on investment 2,084,645 Value of Fund as at 31 December 2017 8,636,333 Value of Fund as at 31 December 2017 5,799,805

504 505 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

First Eagle Amundi International Fund Franklin Global Small-Mid Cap Growth Fund (SGD) (SGD) Value of Fund as at 1 January 2017 12,551,317 Value of Fund as at 1 January 2017 2,174,242 Amount received by Fund 18,916,873 Amount received by Fund 835,323 Amount paid by Fund (3,502,286) Amount paid by Fund (574,608) Net Amount received/(paid) by Fund 15,414,587 Net Amount received/(paid) by Fund 260,714 Income on investments Income on investments Investment income 1,119,702 Investment income -

Net gain/(loss) on investment 15,136,628 Net gain/(loss) on investment 176,614 Value of Fund as at 31 December 2017 44,222,234 Value of Fund as at 31 December 2017 2,611,570

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Franklin European Growth Fund Franklin India Fund (SGD) (SGD) Value of Fund as at 1 January 2017 453,981 Value of Fund as at 1 January 2017 1,910,505 Amount received by Fund 1,503,440 Amount received by Fund 748,934 Amount paid by Fund (561,399) Amount paid by Fund (397,763) Net Amount received/(paid) by Fund 942,042 Net Amount received/(paid) by Fund 351,172 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 1,316,473 Net gain/(loss) on investment 230,820 Value of Fund as at 31 December 2017 2,712,496 Value of Fund as at 31 December 2017 2,492,497

506 507 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Franklin Mutual Global Discovery Fund Franklin U.S. Equity Fund (SGD) (SGD) Value of Fund as at 1 January 2017 60,228 Value of Fund as at 1 January 2017 305,090 Amount received by Fund 39,390 Amount received by Fund 227,677 Amount paid by Fund (18,522) Amount paid by Fund (202,049) Net Amount received/(paid) by Fund 20,867 Net Amount received/(paid) by Fund 25,628 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 6,171 Net gain/(loss) on investment 43,767 Value of Fund as at 31 December 2017 87,266 Value of Fund as at 31 December 2017 374,485

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Franklin Technology Fund Fullerton Dynamic Strategies Fund - Aggressive (SGD) (SGD) Value of Fund as at 1 January 2017 454,415 Value of Fund as at 1 January 2017 526,800 Amount received by Fund 1,823,786 Amount received by Fund 469,393 Amount paid by Fund (374,922) Amount paid by Fund (201,899) Net Amount received/(paid) by Fund 1,448,864 Net Amount received/(paid) by Fund 267,495 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 1,334,172 Net gain/(loss) on investment 461,008 Value of Fund as at 31 December 2017 3,237,451 Value of Fund as at 31 December 2017 1,255,303

508 509 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Fullerton Dynamic Strategies Fund - Balanced Goldman Sachs Global Strategic Income Bond Portfolio (SGD) (SGD) Value of Fund as at 1 January 2017 476,168 Value of Fund as at 1 January 2017 33,584 Amount received by Fund 861,618 Amount received by Fund 526,389 Amount paid by Fund (66,867) Amount paid by Fund (47,893) Net Amount received/(paid) by Fund 794,750 Net Amount received/(paid) by Fund 478,497 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 1,028,762 Net gain/(loss) on investment 305,801 Value of Fund as at 31 December 2017 2,299,680 Value of Fund as at 31 December 2017 817,882

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Goldman Sachs Emerging Markets CORE Equity Portfolio H2O Allegro Fund (SGD) (SGD) Value of Fund as at 1 January 2017 2,183,989 Value of Fund as at 1 January 2017 2,198,872 6,048,375 Amount received by Fund 6,446,834 Amount received by Fund Amount paid by Fund (901,147) Amount paid by Fund (533,643) Net Amount received/(paid) by Fund 5,545,687 Net Amount received/(paid) by Fund 5,514,732 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 4,898,989 Net gain/(loss) on investment 3,198,888 Value of Fund as at 31 December 2017 12,628,665 Value of Fund as at 31 December 2017 10,912,492

510 511 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Janus Henderson Asia-Pacific Property Equities Fund Janus Henderson Fund - Latin American Fund (SGD) (SGD) Value of Fund as at 1 January 2017 47,517 Value of Fund as at 1 January 2017 87,942 Amount received by Fund 28,273 Amount received by Fund 131,655 Amount paid by Fund (1,569) Amount paid by Fund (122,257) Net Amount received/(paid) by Fund 26,704 Net Amount received/(paid) by Fund 9,398 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 7,442 Net gain/(loss) on investment 26,360 Value of Fund as at 31 December 2017 81,663 Value of Fund as at 31 December 2017 123,700

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Janus Henderson Fund - Continental European Fund Janus Henderson Global Property Equities Fund (SGD) (SGD) Value of Fund as at 1 January 2017 80,664 Value of Fund as at 1 January 2017 39,004 Amount received by Fund 134,467 Amount received by Fund 37,912 Amount paid by Fund (156,062) Amount paid by Fund (5,312) Net Amount received/(paid) by Fund (21,594) Net Amount received/(paid) by Fund 32,600 Income on investments Income on investments Investment income - Investment income 835

Net gain/(loss) on investment 13,117 Net gain/(loss) on investment 2,725 Value of Fund as at 31 December 2017 72,187 Value of Fund as at 31 December 2017 75,164

512 513 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Janus Henderson Global Technology Fund Janus Henderson Horizon Fund - Pan European Alpha Fund (SGD) (SGD) Value of Fund as at 1 January 2017 1,802,005 Value of Fund as at 1 January 2017 121,598 Amount received by Fund 1,935,735 Amount received by Fund 127,792 Amount paid by Fund (291,408) Amount paid by Fund (60,419) Net Amount received/(paid) by Fund 1,646,030 Net Amount received/(paid) by Fund 67,373 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 1,422,454 Net gain/(loss) on investment 26,211 Value of Fund as at 31 December 2017 4,870,489 Value of Fund as at 31 December 2017 215,182

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Janus Henderson Horizon Fund - Japan Opportunities Fund Invesco Asia Consumer Demand Fund (SGD) (SGD) Value of Fund as at 1 January 2017 80,171 Value of Fund as at 1 January 2017 228,464 Amount received by Fund 759,234 Amount received by Fund 292,925 Amount paid by Fund (48,605) Amount paid by Fund (126,515) Net Amount received/(paid) by Fund 710,629 Net Amount received/(paid) by Fund 166,410 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 537,166 Net gain/(loss) on investment 196,527 Value of Fund as at 31 December 2017 1,327,966 Value of Fund as at 31 December 2017 591,401

514 515 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Invesco Japanese Equity Core Fund Invesco Pacific Equity Fund (SGD) (SGD) Value of Fund as at 1 January 2017 255,553 Value of Fund as at 1 January 2017 643,698 Amount received by Fund 248,191 Amount received by Fund 726,428 Amount paid by Fund (42,298) Amount paid by Fund (140,640) Net Amount received/(paid) by Fund 205,893 Net Amount received/(paid) by Fund 585,788 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 112,257 Net gain/(loss) on investment 412,075 Value of Fund as at 31 December 2017 573,703 Value of Fund as at 31 December 2017 1,641,561

capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017

Invesco Korean Equity Fund (USD) JPMorgan Funds - Brazil Equity Fund (SGD) Value of Fund as at 1 January 2017 496,485 Amount received by Fund 455,074 Value of Fund as at 1 January 2017 84,977 Amount paid by Fund (269,478) Amount received by Fund 75,787 Amount paid by Fund (55,982) Net Amount received/(paid) by Fund 185,596 Income on investments Net Amount received/(paid) by Fund 19,805 Investment income - Income on investments Investment income - Net gain/(loss) on investment 255,084 Value of Fund as at 31 December 2017 937,165 Net gain/(loss) on investment 30,310 Value of Fund as at 31 December 2017 135,092

516 517 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

JPMorgan Funds - Gr eater China Fund JPMorgan Funds - Indonesia Equity Fund (SGD) (SGD) Value of Fund as at 1 January 2017 849,009 Value of Fund as at 1 January 2017 260,098 Amount received by Fund 1,851,053 Amount received by Fund 115,836 Amount paid by Fund (304,833) Amount paid by Fund (76,602) Net Amount received/(paid) by Fund 1,546,219 Net Amount received/(paid) by Fund 39,235 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 1,658,257 Net gain/(loss) on investment 101,081 Value of Fund as at 31 December 2017 4,053,485 Value of Fund as at 31 December 2017 400,414

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

JPMorgan Funds - India Fund JPMorgan Funds - US Equity Fund (SGD) (SGD) Value of Fund as at 1 January 2017 459,478 Value of Fund as at 1 January 2017 183,639 Amount received by Fund 1,037,034 Amount received by Fund 508,841 Amount paid by Fund (293,673) Amount paid by Fund (70,291) Net Amount received/(paid) by Fund 743,361 Net Amount received/(paid) by Fund 438,550 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 922,296 Net gain/(loss) on investment 125,712 Value of Fund as at 31 December 2017 2,125,135 Value of Fund as at 31 December 2017 747,901

518 519 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Jupiter Merlin Real Return Portfolio (SGD) Legg Mason Western Asset Asian Opportunities Fund (SGD) (SGD) Value of Fund as at 1 January 2017 61,122 Value of Fund as at 1 January 2017 114,196 Amount received by Fund 307,738 Amount received by Fund 131,453 Amount paid by Fund (13,419) Amount paid by Fund (134,270) Net Amount received/(paid) by Fund 294,319 Net Amount received/(paid) by Fund (2,817) Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 50,874 Net gain/(loss) on investment 89,180 Value of Fund as at 31 December 2017 406,315 Value of Fund as at 31 December 2017 200,559

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Jupiter Merlin Real Return Portfolio (USD) Legg Mason Western Asset Global Bond Trust (SGD) (SGD) Value of Fund as at 1 January 2017 - Value of Fund as at 1 January 2017 1,938,700 Amount received by Fund 26,508 Amount received by Fund 1,786,215 Amount paid by Fund - Amount paid by Fund (987,857) Net Amount received/(paid) by Fund 26,508 Net Amount received/(paid) by Fund 798,357 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 10,753 Net gain/(loss) on investment 1,260,457 Value of Fund as at 31 December 2017 37,261 Value of Fund as at 31 December 2017 3,997,514

520 521 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial period ended 31 December 2017

Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Matthews Asia Funds – Asia Dividend Fund (USD) (SGD) (SGD) Value of Fund as at 1 January 2017 5,263,956 Value of Fund as at 29 May 2017 - Amount received by Fund 3,858,038 Amount received by Fund 41,828 Amount paid by Fund (5,299,099) Amount paid by Fund (4,459) Net Amount received/(paid) by Fund (1,441,061) Net Amount received/(paid) by Fund 37,370 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 131,930 Net gain/(loss) on investment 57,811 Value of Fund as at 31 December 2017 3,954,825 Value of Fund as at 31 December 2017 95,181

capital account capital account for the financial year ended 31 December 2017 for the financial period ended 31 December 2017

Legg Mason Martin Currie Southeast Asia Trust Mirae Asset Asia Great Consumer Equity Fund (USD) (SGD) (SGD) Value of Fund as at 1 January 2017 470,246 Value of Fund as at 29 May 2017 - Amount received by Fund 253,888 Amount received by Fund 775,536 Amount paid by Fund (182,925) Amount paid by Fund (43,206) Net Amount received/(paid) by Fund 70,962 Net Amount received/(paid) by Fund 732,330 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 136,152 Net gain/(loss) on investment 735,034 Value of Fund as at 31 December 2017 677,360 Value of Fund as at 31 December 2017 1,467,364

522 523 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) Pictet Asian Local Currency Debt Fund (SGD) (SGD) Value of Fund as at 1 January 2017 100,484 Value of Fund as at 1 January 2017 241,932 Amount received by Fund 32,835 Amount received by Fund 148,751 Amount paid by Fund (5,951) Amount paid by Fund (77,178) Net Amount received/(paid) by Fund 26,884 Net Amount received/(paid) by Fund 71,573 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 15,112 Net gain/(loss) on investment 8,336 Value of Fund as at 31 December 2017 142,480 Value of Fund as at 31 December 2017 321,841

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Neuberger Berman Strategic Income (SGD Hedged) Pictet Emerging Europe Fund (SGD) (SGD) Value of Fund as at 1 January 2017 98,130 Value of Fund as at 1 January 2017 55,056 Amount received by Fund 255,436 Amount received by Fund 125,770 Amount paid by Fund (128,856) Amount paid by Fund (15,876) Net Amount received/(paid) by Fund 126,580 Net Amount received/(paid) by Fund 109,894 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 175,652 Net gain/(loss) on investment 101,554 Value of Fund as at 31 December 2017 400,362 Value of Fund as at 31 December 2017 266,504

524 525 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Pictet Global Emerging Debt Fund Pictet Premium Brands Fund (SGD) (SGD) Value of Fund as at 1 January 2017 1,833,693 Value of Fund as at 1 January 2017 6,572,685 Amount received by Fund 786,167 Amount received by Fund 3,782,620 Amount paid by Fund (559,000) Amount paid by Fund (1,615,807) Net Amount received/(paid) by Fund 227,168 Net Amount received/(paid) by Fund 2,166,812 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 342,308 Net gain/(loss) on investment 2,087,176 Value of Fund as at 31 December 2017 2,403,169 Value of Fund as at 31 December 2017 10,826,673

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Pictet Health Fund Pictet Security Fund (SGD) (SGD) Value of Fund as at 1 January 2017 6,012,671 Value of Fund as at 1 January 2017 771,272 Amount received by Fund 4,179,559 Amount received by Fund 1,015,773 Amount paid by Fund (1,604,999) Amount paid by Fund (310,465) Net Amount received/(paid) by Fund 2,574,559 Net Amount received/(paid) by Fund 705,308 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 858,663 Net gain/(loss) on investment 516,748 Value of Fund as at 31 December 2017 9,445,893 Value of Fund as at 31 December 2017 1,993,328

526 527 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) Pioneer Funds - U.S. Fundamental Growth Fund (SGD) (SGD) Value of Fund as at 1 January 2017 6,478,063 Value of Fund as at 1 January 2017 6,217,429 Amount received by Fund 3,062,457 Amount received by Fund 7,097,029 Amount paid by Fund (9,275,880) Amount paid by Fund (1,844,348) Net Amount received/(paid) by Fund (6,213,432) Net Amount received/(paid) by Fund 5,252,681 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 11,035 Net gain/(loss) on investment 5,884,516 Value of Fund as at 31 December 2017 275,675 Value of Fund as at 31 December 2017 17,354,626

capital account capital account for the financial period ended 31 December 2017 for the financial year ended 31 December 2017

Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) PineBridge Asia Ex Japan Small Cap Equity Fund (SGD) (SGD) (SGD) Value of Fund as at 3 March 2017 - Value of Fund as at 1 January 2017 233,733 Amount received by Fund 10,386,259 Amount received by Fund 1,495,814 Amount paid by Fund (1,418,671) Amount paid by Fund (329,974) Net Amount received/(paid) by Fund 8,967,588 Net Amount received/(paid) by Fund 1,165,841 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment (899,192) Net gain/(loss) on investment 1,569,953 Value of Fund as at 31 December 2017 8,068,396 Value of Fund as at 31 December 2017 2,969,527

528 529 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Schroder Asian Growth Fund Schroder Global Emerging Market Opportunties Fund (SGD) (SGD) Value of Fund as at 1 January 2017 10,458,224 Value of Fund as at 1 January 2017 3,411,240 Amount received by Fund 14,082,738 Amount received by Fund 1,836,779 Amount paid by Fund (1,626,346) Amount paid by Fund (1,123,611) Net Amount received/(paid) by Fund 12,456,392 Net Amount received/(paid) by Fund 713,167 Income on investments Income on investments Investment income 585,509 Investment income -

Net gain/(loss) on investment 14,444,343 Net gain/(loss) on investment 1,564,199 Value of Fund as at 31 December 2017 37,944,468 Value of Fund as at 31 December 2017 5,688,606

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Schroder Asian Income Fund Schroder Asia Pacific Cities Real Estate Fund (SGD) (SGD) Value of Fund as at 1 January 2017 1,342,775 Value of Fund as at 1 January 2017 112,937 Amount received by Fund 1,798,054 Amount received by Fund 16,067 Amount paid by Fund (521,869) Amount paid by Fund (15,164) Net Amount received/(paid) by Fund 1,276,185 Net Amount received/(paid) by Fund 903 Income on investments Income on investments Investment income 104,189 Investment income -

Net gain/(loss) on investment 1,121,404 Net gain/(loss) on investment 2,446 Value of Fund as at 31 December 2017 3,844,553 Value of Fund as at 31 December 2017 116,286

530 531 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Schroder ISF Global Equity Alpha Fund Schroder ISF Taiwanese Equity Fund (SGD) (SGD) Value of Fund as at 1 January 2017 146,414 Value of Fund as at 1 January 2017 3,624 Amount received by Fund 156,108 Amount received by Fund 22,347 Amount paid by Fund (60,170) Amount paid by Fund (4,478) Net Amount received/(paid) by Fund 95,938 Net Amount received/(paid) by Fund 17,870 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 139,876 Net gain/(loss) on investment 29,463 Value of Fund as at 31 December 2017 382,228 Value of Fund as at 31 December 2017 50,957

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Schroder ISF QEP Global Quality Fund Schroder Multi-Asset Revolution 30 Fund (SGD) (SGD) Value of Fund as at 1 January 2017 4,652,890 Value of Fund as at 1 January 2017 17,020 Amount received by Fund 3,086,051 Amount received by Fund 108,495 Amount paid by Fund (1,803,893) Amount paid by Fund - Net Amount received/(paid) by Fund 1,282,159 Net Amount received/(paid) by Fund 108,495 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 1,349,045 Net gain/(loss) on investment 11,275 Value of Fund as at 31 December 2017 7,284,094 Value of Fund as at 31 December 2017 136,790

532 533 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Schroder Multi-Asset Revolution 50 Fund Schroder Singapore Fixed Income Fund (SGD) (SGD) Value of Fund as at 1 January 2017 35,903 Value of Fund as at 1 January 2017 2,650,805 Amount received by Fund 61,092 Amount received by Fund 1,336,148 Amount paid by Fund (17,904) Amount paid by Fund (952,635) Net Amount received/(paid) by Fund 43,188 Net Amount received/(paid) by Fund 383,513 Income on investments Income on investments Investment fee income - Investment income -

Net gain/(loss) on investment 12,218 Net gain/(loss) on investment 379,769 Value of Fund as at 31 December 2017 91,309 Value of Fund as at 31 December 2017 3,414,087

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Schroder Multi-Asset Revolution 70 Fund Schroder Singapore Trust (SGD) (SGD) Value of Fund as at 1 January 2017 357,990 Value of Fund as at 1 January 2017 1,512,246 Amount received by Fund 405,553 Amount received by Fund 1,350,248 Amount paid by Fund (61,967) Amount paid by Fund (387,310) Net Amount received/(paid) by Fund 343,586 Net Amount received/(paid) by Fund 962,939 Income on investments Income on investments Investment income - Investment income 84,411

Net gain/(loss) on investment 113,238 Net gain/(loss) on investment 877,756 Value of Fund as at 31 December 2017 814,814 Value of Fund as at 31 December 2017 3,437,352

534 535 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Templeton China Fund Templeton Global Total Return Fund (SGD) (SGD) Value of Fund as at 1 January 2017 76,502 Value of Fund as at 1 January 2017 6,251,345 Amount received by Fund 165,953 Amount received by Fund 5,120,352 Amount paid by Fund (138,660) Amount paid by Fund (2,100,231) Net Amount received/(paid) by Fund 27,293 Net Amount received/(paid) by Fund 3,020,121 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 126,787 Net gain/(loss) on investment 2,637,451 Value of Fund as at 31 December 2017 230,582 Value of Fund as at 31 December 2017 11,908,917

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Templeton Global Bond Fund Templeton Latin America Fund (SGD) (SGD) Value of Fund as at 1 January 2017 1,318,920 Value of Fund as at 1 January 2017 164,825 Amount received by Fund 672,725 Amount received by Fund 171,840 Amount paid by Fund (396,614) Amount paid by Fund (47,428) Net Amount received/(paid) by Fund 276,111 Net Amount received/(paid) by Fund 124,413 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 226,755 Net gain/(loss) on investment 17,887 Value of Fund as at 31 December 2017 1,821,786 Value of Fund as at 31 December 2017 307,125

536 537 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Templeton Shariah Global Equity Fund Threadneedle Investment Funds ICVC - American Smaller Companies Fund (SGD) (SGD) Value of Fund as at 1 January 2017 291,412 Value of Fund as at 1 January 2017 697,596 Amount received by Fund 354,250 Amount received by Fund 4,218,018 Amount paid by Fund (217,434) Amount paid by Fund (780,752) Net Amount received/(paid) by Fund 136,816 Net Amount received/(paid) by Fund 3,437,265 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 109,410 Net gain/(loss) on investment 2,460,495 Value of Fund as at 31 December 2017 537,638 Value of Fund as at 31 December 2017 6,595,356

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

Threadneedle Investment Funds ICVC - American Fund Threadneedle Investment Funds ICVC - European Select Fund (SGD) (SGD) Value of Fund as at 1 January 2017 439,599 Value of Fund as at 1 January 2017 604,367 Amount received by Fund 374,461 Amount received by Fund 2,702,385 Amount paid by Fund (151,552) Amount paid by Fund (262,781) Net Amount received/(paid) by Fund 222,909 Net Amount received/(paid) by Fund 2,439,604 Income on investments Income on investments Investment income - Investment income -

Net gain/(loss) on investment 161,993 Net gain/(loss) on investment 1,658,935 Value of Fund as at 31 December 2017 824,501 Value of Fund as at 31 December 2017 4,702,906

538 539 financial statements financial statements capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

United Asian Bond Fund United Singapore Bond Fund (SGD) (SGD) Value of Fund as at 1 January 2017 2,875,711 Value of Fund as at 1 January 2017 1,556,105 Amount received by Fund 4,877,527 Amount received by Fund 1,827,989 Amount paid by Fund (2,471,974) Amount paid by Fund (1,796,399) Net Amount received/(paid) by Fund 2,405,553 Net Amount received/(paid) by Fund 31,589 Income on investments Income on investments Investment income - Investment income - Net gain/(loss) on investment 1,820,071 Net gain/(loss) on investment 4,606,434 Value of Fund as at 31 December 2017 3,407,765 Value of Fund as at 31 December 2017 9,887,698

capital account capital account for the financial year ended 31 December 2017 for the financial year ended 31 December 2017

United Emerging Markets Bond Fund United SGD Fund (SGD) (SGD) Value of Fund as at 1 January 2017 2,393,243 Value of Fund as at 1 January 2017 1,459,625 Amount received by Fund 1,843,585 Amount received by Fund 2,456,978 Amount paid by Fund (2,110,848) Amount paid by Fund (1,421,812) Net Amount received/(paid) by Fund (267,264) Net Amount received/(paid) by Fund 1,035,165 Income on investments Income on investments Investment income - Investment income - Net gain/(loss) on investment 1,106,780 Net gain/(loss) on investment 538,624 Value of Fund as at 31 December 2017 3,601,570 Value of Fund as at 31 December 2017 2,664,603

540 541 financial statements financial statements capital account statement of assets and liabilities for the financial year ended 31 December 2017 as at 31 December 2017

Wells Fargo Emerging Markets Equity Income Fund (USD) Aberdeen Pacific Equity Fund (SGD) (SGD) Unit trust 1,972,781 Value of Fund as at 1 Januar y 2017 36,554 Amount received by Fund 61,640 Value of investments 1,972,781 Amount paid by Fund (27,365) Other assets 8,192 Net Amount r eceived/(paid) by Fund 34,276 Other liabilities - Income on investments Value of fund as at 31 December 2017 1,980,973 Investment income - Net gain/(loss) on investment 44,313 Value of Fund as at 31 December 2017 115,143

statement of assets and liabilities as at 31 December 2017

AllianceBernstein Emerging Markets Debt Portfolio Fund (SGD) Unit trust 1,735,030 Value of investments 1,735,030 Other assets 49,971 Other liabilities - Value of fund as at 31 December 2017 1,785,001

542 543 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

AllianceBernstein Global High Yield Portfolio Fund AllianceBernstein US Thematic Research Portfolio Fund (SGD) (SGD) Unit trust 1,780,959 Unit trust 289,443 Value of investments 1,780,959 Value of investments 289,443 Other assets 12,125 Other assets 19,861 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 1,793,084 Value of fund as at 31 December 2017 309,304

statement of assets and liabilities as at 31 December 2017 statement of assets and liabilities as at 31 December 2017

AllianceBernstein Thematic Research Portfolio Fund (SGD) AXA W orld Funds - Framlington Emerging Markets Fund (SGD) Unit trust 179,944 Unit trust 102,889 Value of investments 179,944 Value of investments 102,889 Other assets 3,567 Other assets - Other liabilities - Other liabilities (138) Value of fund as at 31 December 2017 183,511 Value of fund as at 31 December 2017 102,751

544 545 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

AXA W orld Funds - Framlington Europe Real Estate Securities Fund BlackRock China Fund (SGD) (SGD) Unit trust 400,117 Unit trust 5,088,037 Value of investments 400,117 Value of investments 5,088,037 Other assets - Other assets 17,937 Other liabilities (168) Other liabilities - Value of fund as at 31 December 2017 399,949 Value of fund as at 31 December 2017 5,105,974

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

AXA W orld Funds - Global High Yield Bonds (SGD Hedged) BlackRock Global Allocation Fund (SGD) (SGD) Unit trust 1,244,771 Unit trust 2,798,991 Value of investments 1,244,771 Value of investments 2,798,991 Other assets 19,419 Other assets 402 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 1,264,190 Value of fund as at 31 December 2017 2,799,393

546 547 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Blackrock Global Equity Income Fund BlackRock World Energy Fund (SGD) (SGD) Unit trust 2,307,765 Unit trust 3,022,692 Value of investments 2,307,765 Value of investments 3,022,692 Other assets 15,761 Other assets 21,252 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 2,323,526 Value of fund as at 31 December 2017 3,043,944

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

BlackRock World Gold Fund BlackRock Latin American Fund (SGD) (SGD) Unit trust 8,531,981 Unit trust 598,708 Value of investments 8,531,981 Value of investments 598,708 Other assets 104,352 Other assets 598 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 8,636,333 Value of fund as at 31 December 2017 599,306

548 549 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

BlackRock World HealthScience Fund First Eagle Amundi International Fund (SGD) (SGD) Unit trust 11,543,076 Unit trust 44,677,158 Value of investments 11,543,076 Value of investments 44,677,158 Other assets 151,421 Other assets - Other liabilities - Other liabilities (454,924) Value of fund as at 31 December 2017 11,694,497 Value of fund as at 31 December 2017 44,222,234

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

BlackRock World Mining Fund Franklin European Growth Fund (SGD) (SGD) Unit trust 5,740,522 Unit trust 2,494,399 Value of investments 5,740,522 Value of investments 2,494,399 Other assets 59,283 Other assets - Other liabilities - Other liabilities (1,902) Value of fund as at 31 December 2017 5,799,805 Value of fund as at 31 December 2017 2,492,497

550 551 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Franklin Global Small-Mid Cap Growth Fund Franklin Mutual Global Discovery Fund (SGD) (SGD) Unit trust 2,615,207 Unit trust 89,399 Value of investments 2,615,207 Value of investments 89,399 Other assets - Other assets - Other liabilities (3,637) Other liabilities (2,133) Value of fund as at 31 December 2017 2,611,570 Value of fund as at 31 December 2017 87,266

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Franklin India Fund Franklin Technology Fund (SGD) (SGD) Unit trust 2,681,165 Unit trust 3,120,853 Value of investments 2,681,165 Value of investments 3,120,853 Other assets 31,331 Other assets 116,598 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 2,712,496 Value of fund as at 31 December 2017 3,237,451

552 553 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Franklin U.S. Equity Fund Fullerton Dynamic Strategies Fund - Balanced (SGD) (SGD) Unit trust 371,303 Unit trust 2,299,695 Value of investments 371,303 Value of investments 2,299,695 Other assets 3,182 Other assets - Other liabilities - Other liabilities (15) Value of fund as at 31 December 2017 374,485 Value of fund as at 31 December 2017 2,299,680

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Fuller ton Dynamic Strategies Fund - Aggressive Goldman Sachs Global Strategic Income Bond Portfolio (SGD) (SGD) Unit trust 1,259,784 Unit trust 808,153 Value of investments 1,259,784 Value of investments 808,153 Other assets - Other assets 9,729 Other liabilities (4,481) Other liabilities - Value of fund as at 31 December 2017 1,255,303 Value of fund as at 31 December 2017 817,882

554 555 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Goldman Sachs Emerging Markets CORE Equity Portfolio Janus Henderson Asia-Pacific Property Equities Fund (SGD) (SGD) Unit trust 12,467,163 Unit trust 82,024 Value of investments 12,467,163 Value of investments 82,024 Other assets 161,502 Other assets - Other liabilities - Other liabilities (361) Value of fund as at 31 December 2017 12,628,665 Value of fund as at 31 December 2017 81,663

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

H2O Allegro Fund Janus Henderson Fund - Continental European Fund (SGD) (SGD) Unit trust 10,945,336 Unit trust 72,298 Value of investments 10,945,336 Value of investments 72,298 Other assets - Other assets - Other liabilities (32,844) Other liabilities (111) Value of fund as at 31 December 2017 10,912,492 Value of fund as at 31 December 2017 72,187

556 557 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Janus Henderson Fund - Latin American Fund Janus Henderson Global Technology Fund (SGD) (SGD) Unit trust 123,847 Unit trust 4,867,108 Value of investments 123,847 Value of investments 4,867,108 Other assets - Other assets 3,381 Other liabilities (147) Other liabilities - Value of fund as at 31 December 2017 123,700 Value of fund as at 31 December 2017 4,870,489

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Janus Henderson Global Property Equities Fund Janus Henderson Horizon Fund - Japan Opportunities Fund (SGD) (SGD) Unit trust 75,710 Unit trust 1,320,766 Value of investments 75,710 Value of investments 1,320,766 Other assets - Other assets 7,200 Other liabilities (546) Other liabilities - Value of fund as at 31 December 2017 75,164 Value of fund as at 31 December 2017 1,327,966

558 559 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Janus Henderson Horizon Fund - Pan European Alpha Fund Invesco Japanese Equity Core Fund (SGD) (SGD) Unit trust 215,174 Unit trust 541,058 Value of investments 215,174 Value of investments 541,058 Other assets 8 Other assets 32,645 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 215,182 Value of fund as at 31 December 2017 573,703

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Invesco Asia Consumer Demand Fund Invesco Korean Equity Fund (SGD) (SGD) Unit trust 581,477 Unit trust 937,152 Value of investments 581,477 Value of investments 937,152 Other assets 9,924 Other assets 13 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 591,401 Value of fund as at 31 December 2017 937,165

560 561 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Invesco Pacific Equity Fund JPMor gan Funds - Greater China Fund (SGD) (SGD) Unit trust 1,623,593 Unit trust 3,965,030 Value of investments 1,623,593 Value of investments 3,965,030 Other assets 17,968 Other assets 88,455 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 1,641,561 Value of fund as at 31 December 2017 4,053,485

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

JPMorgan Funds - Brazil Equity Fund JPMorgan Funds - India Fund (SGD) (SGD) Unit trust 135,451 Unit trust 2,118,147 Value of investments 135,451 Value of investments 2,118,147 Other assets - Other assets 6,988 Other liabilities (359) Other liabilities - Value of fund as at 31 December 2017 135,092 Value of fund as at 31 December 2017 2,125,135

562 563 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

JPMorgan Funds - Indonesia Equity Fund Jupiter Merlin Real Return Portfolio (SGD) (SGD) (SGD) Unit trust 400,353 Unit trust 390,780 Value of investments 400,353 Value of investments 390,780 Other assets 61 Other assets 15,535 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 400,414 Value of fund as at 31 December 2017 406,315

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

JPMorgan Funds - US Equity Fund Jupiter Merlin Real Return Portfolio (USD) (SGD) (SGD) Unit trust 740,655 Unit trust 37,340 Value of investments 740,655 Value of investments 37,340 Other assets 7,246 Other assets - Other liabilities - Other liabilities (79) Value of fund as at 31 December 2017 747,901 Value of fund as at 31 December 2017 37,261

564 565 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Legg Mason Western Asset Asian Opportunities Fund Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund (SGD) (SGD) Unit trust 200,566 Unit trust 3,954,986 Value of investments 200,566 Value of investments 3,954,986 Other assets - Other assets - Other liabilities (7) Other liabilities (161) Value of fund as at 31 December 2017 200,559 Value of fund as at 31 December 2017 3,954,825

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Legg Mason Western Asset Global Bond Trust Legg Mason Martin Currie Southeast Asia Trust (SGD) (SGD) Unit trust 3,980,970 Unit trust 676,729 Value of investments 3,980,970 Value of investments 676,729 Other assets 16,544 Other assets 631 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 3,997,514 Value of fund as at 31 December 2017 677,360

566 567 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Matthews Asia Funds - Asia Dividend Fund (USD) Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) (SGD) (SGD) Unit trust 94,732 Unit trust 385,218 Value of investments 94,732 Value of investments 385,218 Other assets 449 Other assets 15,144 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 95,181 Value of fund as at 31 December 2017 400,362

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Mirae Asset Asia Great Consumer Equity Fund (USD) Neuberger Berman Strategic Income (SGD Hedged) (SGD) (SGD) Unit trust 1,446,483 Unit trust 385,218 Value of investments 1,446,483 Value of investments 385,218 Other assets 20,881 Other assets 15,144 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 1,467,364 Value of fund as at 31 December 2017 400,362

568 569 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Pictet Asian Local Currency Debt Fund Pictet Global Emerging Debt Fund (SGD) (SGD) Unit trust 322,142 Unit trust 2,396,273 Value of investments 322,142 Value of investments 2,396,273 Other assets - Other assets 6,896 Other liabilities (301) Other liabilities - Value of fund as at 31 December 2017 321,841 Value of fund as at 31 December 2017 2,403,169

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Pictet Emerging Europe Fund Pictet Health Fund (SGD) (SGD) Unit trust 266,674 Unit trust 9,404,562 Value of investments 266,674 Value of investments 9,404,562 Other assets - Other assets 41,331 Other liabilities (170) Other liabilities - Value of fund as at 31 December 2017 266,504 Value of fund as at 31 December 2017 9,445,893

570 571 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Pictet Premium Brands Fund PineBridge Asia Ex Japan Small Cap Equity Fund (SGD) (SGD) (SGD) Unit trust 10,773,971 Unit trust 2,916,986 Value of investments 10,773,971 Value of investments 2,916,986 Other assets 52,702 Other assets 52,541 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 10,826,673 Value of fund as at 31 December 2017 2,969,527

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Pictet Security Fund Pioneer U.S. Dollar Aggregate Bond (SGD Hedged) (SGD) (SGD) Unit trust 1,980,738 Unit trust 275,579 Value of investments 1,980,738 Value of investments 275,579 Other assets 12,590 Other assets 96 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 1,993,328 Value of fund as at 31 December 2017 275,675

572 573 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Pioneer U.S. Dollar Aggregate Bond (USD) Schroder Asian Growth Fund (SGD) (SGD) Unit trust 8,907,283 Unit trust 37,562,479 Value of investments 8,907,283 Value of investments 37,562,479 Other assets - Other assets 381,989 Other liabilities (838,887) Other liabilities - Value of fund as at 31 December 2017 8,068,396 Value of fund as at 31 December 2017 37,944,468

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Pioneer Funds - U.S. Fundamental Growth Fund Schroder Asian Income Fund (SGD) (SGD) Unit trust 17,150,959 Unit trust 3,638,236 Value of investments 17,150,959 Value of investments 3,638,236 Other assets 203,667 Other assets 206,317 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 17,354,626 Value of fund as at 31 December 2017 3,844,553

574 575 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Schroder Global Emerging Market Opportunties Schroder ISF Global Equity Alpha Fund Fund (SGD) (SGD) Unit trust 5,685,838 Unit trust 382,239 Value of investments 5,685,838 Value of investments 382,239 Other assets 2,768 Other assets - Other liabilities - Other liabilities (11) Value of fund as at 31 December 2017 5,688,606 Value of fund as at 31 December 2017 382,228

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Schroder Asia Pacific Cities Real Estate Fund Schroder ISF QEP Global Quality Fund (SGD) (SGD) Unit trust 116,327 Unit trust 7,281,403 Value of investments 116,327 Value of investments 7,281,403 Other assets - Other assets 2,691 Other liabilities (41) Other liabilities - Value of fund as at 31 December 2017 116,286 Value of fund as at 31 December 2017 7,284,094

576 577 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Schroder ISF Taiwanese Equity Fund Schroder Multi-Asset Revolution 50 Fund (SGD) (SGD) Unit trust 50,977 Unit trust 91,393 Value of investments 50,977 Value of investments 91,393 Other assets - Other assets - Other liabilities (20) Other liabilities (84) Value of fund as at 31 December 2017 50,957 Value of fund as at 31 December 2017 91,309

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Schroder Multi-Asset Revolution 30 Fund Schroder Multi-Asset Revolution 70 Fund (SGD) (SGD) Unit trust 136,715 Unit trust 814,519 Value of investments 136,715 Value of investments 814,519 Other assets 75 Other assets 295 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 136,790 Value of fund as at 31 December 2017 814,814

578 579 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Schroder Singapore Fixed Income Fund Templeton China Fund (SGD) (SGD) Unit trust 3,413,869 Unit trust 230,517 Value of investments 3,413,869 Value of investments 230,517 Other assets 218 Other assets 65 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 3,414,087 Value of fund as at 31 December 2017 230,582

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Schroder Singapore Trust Templeton Global Bond Fund (SGD) (SGD) Unit trust 3,416,432 Unit trust 1,821,993 Value of investments 3,416,432 Value of investments 1,821,993 Other assets 20,920 Other assets - Other liabilities - Other liabilities (207) Value of fund as at 31 December 2017 3,437,352 Value of fund as at 31 December 2017 1,821,786

580 581 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Templeton Global Total Return Fund Templeton Shariah Global Equity Fund (SGD) (SGD) Unit trust 11,911,074 Unit trust 535,078 Value of investments 11,911,074 Value of investments 535,078 Other assets - Other assets 2,560 Other liabilities (2,157) Other liabilities - Value of fund as at 31 December 2017 11,908,917 Value of fund as at 31 December 2017 537,638

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Templeton Latin America Fund Threadneedle Investment Funds ICVC - American Fund (SGD) (SGD) Unit trust 307,238 Unit trust 820,409 Value of investments 307,238 Value of investments 820,409 Other assets - Other assets 4,092 Other liabilities (113) Other liabilities - Value of fund as at 31 December 2017 307,125 Value of fund as at 31 December 2017 824,501

582 583 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Threadneedle Investment Funds ICVC - American Smaller Companies Fund United Asian Bond Fund (SGD) (SGD) Unit trust 6,476,678 Unit trust 9,831,665 Value of investments 6,476,678 Value of investments 9,831,665

Other assets 118,678 Other assets 56,033 Other liabilities - Other liabilities - Value of fund as at 31 December 2017 6,595,356 Value of fund as at 31 December 2017 9,887,698

statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

Threadneedle Investment Funds ICVC - European Select Fund United Emerging Markets Bond Fund (SGD) (SGD) Unit trust 4,633,824 Unit trust 2,673,559 Value of investments 4,633,824 Value of investments 2,673,559 Other assets 69,082 Other assets - Other liabilities - Other liabilities (8,956) Value of fund as at 31 December 2017 4,702,906 Value of fund as at 31 December 2017 2,664,603

584 585 financial statements financial statements statement of assets and liabilities statement of assets and liabilities as at 31 December 2017 as at 31 December 2017

United Singapore Bond Fund Wells Fargo Emerging Markets Equity Income Fund (USD) (SGD) (SGD) Unit trust 3,362,368 Unit trust 115,387 Value of investments 3,362,368 Value of investments 115,387 Other assets 45,397 Other assets - Other liabilities - Other liabilities (244) Value of fund as at 31 December 2017 3,407,765 Value of fund as at 31 December 2017 115,143

statement of assets and liabilities as at 31 December 2017

United SGD Fund (SGD) Unit trust 3,558,203 Value of investments 3,558,203 Other assets 43,367 Other liabilities - Value of fund as at 31 December 2017 3,601,570

586 587 notes to the financial statement for the financial year ended 31 December 2017

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. Summary of significant accounting policies

1.1 Basis of presentation The financial statements, expressed in Singapore dollars, have been prepared under the historical cost convention, except for investments which are stated at fair value.

1.2 Investments Purchases of investments are recognised on the trade date and are initially recorded at fair value. Investments are subsequently carried at fair value based on the current market quoted net asset value of the underlying fund at the balance sheet date. Net change in fair value of investments are recognised in the Capital Account. Investments are derecognised on the trade date of disposal. The resultant realised gains and losses on the sales of investments are computed on the basis of the difference between the weighted average cost and selling price and are recognised in the Capital Account.

AXA Insurance Pte Ltd has dealing limits below which trades are not placed with external funds. As a result investments into certain funds are not made until the dealing limit is met.

Notwithstanding this, policyholders are given the unit price on the date in which their investment is made (‘investment date’). Any exposure to unit pricing fluctuations between the investment date and the actual trade date is borne by AXA Insurance Pte Ltd.

1.3 Foreign currency translation Foreign currency transactions are translated to Singapore dollars using the exchange rates prevailing at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at balance sheet date of monetary assets and liabilities denominated in foreign currencies are recognised in the Capital Account.

588 589 independent auditor’s report independent auditor’s report

To AXA Insurance Pte Ltd (formerly known as AXA Life Insurance Singapore Private Limited) Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. Our Opinion In our opinion, the accompanying financial statements of AXA Pulsar, AXA Polaris and AXA Optimus In connection with our audit of the financial statements, our responsibility is to read the other information Sub-funds (the “Funds”) of AXA Insurance Pte Ltd (the “Company”) set out on pages 498 to 587 are identified above and, in doing so, consider whether the other information is materially inconsistent with properly drawn up, in all material respects, in accordance with the stated accounting policies as set out the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially in Note 1. misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, 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. What we have audited The financial statements of the Funds comprise: Responsibilities of the Management and Those Charged with Governance for the Financial • the statements of assets and liabilities as at 31 December 2017; Statements • the capital accounts for the financial period from 1 January 2017 to 31 December 2017 (or date of Management is responsible for the preparation of these financial statements in accordance with commencement of the respective Funds, whichever is later) to 31 December 2017; and the accounting policies set out in Note 1, and for such internal control as management determines is • the notes to the financial statements, including a summary of significant accounting policies. necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Basis for Opinion In preparing the financial statements, management is responsible for assessing the Funds’ ability to continue We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities as a going concern, disclosing, as applicable, matters related to going concern and using the going concern under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial basis of accounting unless management either intends to terminate the Funds or to cease any of the Statements section of our report. Funds’ operations, or has no realistic alternative but to do so.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Those charged with governance are responsible for overseeing the Funds’ financial reporting process. audit opinion. Auditor’s Responsibilities for the Audit of the Financial Statements Independence Our objectives are to obtain reasonable assurance about whether the financial statements as a whole We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, Code. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Emphasis of Matter – Basis of Accounting and Restriction on Distribution and Use Without modifying our opinion, we draw attention to Note 1 to the financial statements which As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional describes the basis of accounting. The financial statements are prepared to assist the Company to skepticism throughout the audit. We also: comply with MAS Notice 307 Investment Linked-Life Insurance Policies. As a result, the financial statements may not be suitable for another purpose. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence This report is intended for the sole benefit and use of the Company and is not intended to nor may it be that is sufficient and appropriate to provide a basis for our opinion. The riskof not detecting a material relied upon by any other party, other than the Company. We accept no liability or responsibility to any misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve other party to whom this report is disclosed or otherwise make available to. This report relates solely collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. to the financial statements of the Funds of the Company and does not extend to the financial statements of the Company taken as a whole. Our report is not modified in respect of this matter. • 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. Other Information Management is responsible for the other information. The other information comprises the Fund Performance, • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting At a Glance, and Schedule of Investments and excludes the financial statements and our auditor’s report estimates and related disclosures made by management. thereon.

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• Conclude on the appropriateness of management’s use of the going concern basis of accounting GENERAL DISCLAIMERS: 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 The contents of this report is strictly for informational purposes only and shall not be deemed as any form conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to of advice or recommendation or constitute an offer, invitation or solicitation whatsoever, from or by AXA the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our Insurance Pte Ltd to any person to buy or sell any fund. The Pulsar sub-funds are investment-linked policy opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. sub-funds offered by AXA and are only available under AXA Insurance Pte Ltd Investment-Linked Policies. However, future events or conditions may cause the Funds to cease to continue as a going concern. AXA Insurance Pte Ltd is the product provider.

We communicate with those charged with governance regarding, among other matters, the planned scope A Product Summary and Product Highlights Sheet in relation to the investment-linked policy sub-funds are and timing of the audit and significant audit findings, including any significant deficiencies in internal control available and may be obtained through AXA, its Financial Consultants or representatives. The information that we identify during our audit. provided herein does not take into account the suitability, investment objectives, financial situation or particular needs of any specific person. Potential investors should read the Product Summary and Product Highlights Sheet or seek professional advice before deciding whether to subscribe for units in the investment- linked policy sub-funds.

Investments in investment-linked policies are not deposits in, guaranteed or insured by AXA. Investments in investment-linked policies are subject to investment risks including the possible loss of the principal invested. The value of the units of the investment-linked policy sub-fund and the income accruing to the Public Accountants and Chartered Accountants units, if any, may fall or rise. Past performances of the investment-linked policy sub-funds and any other Singapore, 31 March 2018 economic or market predictions, projections or forecasts, are not necessarily indicative of future or likely performances of the investment-linked policy sub-funds, underlying funds, underlying entities and/or the respective fund managers.

592 593 about the AXA Group

The Group supports its clients, both individuals and businesses, at every stage in their lives by providing products and services to meet their needs, including insurance, personal protection, savings and estate planning.

The Group, of European origin, has grown under the AXA brand since 1985. It expanded to include operations in the United States in 1991 and Asia in 1995. AXA has gradually developed its global presence and networks and extended its range of products and services.

Well attuned to the vital interests at stake in the Financial Protection business, AXA is a responsible, innovative group, constantly redefining standards to better serve its customers. our key figures* 107 million clients in 64 countries worldwide • 165,000 employees • 100.2 billion euros in revenue • 5.7 billion euros in underlying earnings

* As at December 31, 2017. Prepared in accordance with IFRS (International Financial Reporting Standards). our values The Group is committed to aligning its business practices with its five core values: • Professionalism • Innovation • Pragmatism • Team Sprit • Integrity our attitudes AXA is committed to proving to customers that they are right to trust in the quality of our services, advice and ability to offer solutions that are consistently tailored to their needs.

Our three attitudes to earn and keep our customers’ preference: • Available • Attentive • Reliable

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