GrowthPath Portfolios

Transcription

1 GrowthPath Portfolios GrowthPath Today GrowthPath 2020 GrowthPath 2030 GrowthPath 2040 Semi Annual Report for the financial period 1 st July to 31 st December 2014

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3 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore Company Registration No. : Z OPERATIONS ADDRESS 80 Raffles Place #06-00, UOB Plaza 2 Singapore Tel: DIRECTORS OF UOB ASSET MANAGEMENT Terence Ong Sea Eng Cheo Chai Hong Thio Boon Kiat TRUSTEE / REGISTRAR HSBC Institutional Trust Services (Singapore) Limited 21 Collyer Quay #10-02, HSBC Building Singapore CUSTODIAN The Hongkong and Shanghai Banking Corporation Limited 1 Queen s Road Central Hong Kong AUDITORS PricewaterhouseCoopers LLP 8 Cross Street #17-00, PWC Building Singapore SOLICITORS TO THE MANAGER Tan Peng Chin LLC 30 Raffles Place #11-00, Chevron House Singapore SOLICITORS TO THE TRUSTEE Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore INVESTMENT ADVISER BlackRock (Singapore) Limited 20 Anson Road #18-01, Twenty Anson Singapore

4 A) Fund Performance Fund Performance/ Benchmark Returns 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 02 December 2002 Ann Comp Ret GrowthPath Today Benchmark Fund Performance/ Benchmark Returns 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 02 December 2002 Ann Comp Ret GrowthPath Benchmark Fund Performance/ Benchmark Returns 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 02 December 2002 Ann Comp Ret GrowthPath Benchmark Fund Performance/ Benchmark Returns 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 02 December 2002 Ann Comp Ret GrowthPath Benchmark Source: Lipper, a Thomson Reuters Company, Bloomberg. Note: The performance returns of the Fund are in Singapore dollars based on a NAV-to-NAV basis with net dividends reinvested. The benchmark of the Fund: Composite Benchmark comprises of SG STI, MSCI World Index, UOB SG Government Bond All Index, Citigroup EMU GBI & Citigroup WGBI. 2

5 The asset allocation as at 31 December 2014 was as follows: Allocation (%) GrowthPath Today GrowthPath 2020 GrowthPath 2030 GrowthPath 2040 Singapore Equity World Equity Asia Ex Japan Equity Singapore Fixed Income European Government Fixed Income World Government Ex Europe Fixed Income Cash Total Fund Review For the six months ended 31 December 2014, all GrowthPath portfolios posted positive returns but underperformed their respective benchmarks. The drag to relative performance came largely from Singapore Equities, which was partially offset by the outperformance in Singapore Bonds. From an overall absolute return perspective, the Fund performance was weighed down by European Government bonds. The currency s depreciation as a result of economic weakness in the Eurozone pulled the asset class returns into negative territory, with the Euro depreciating 6% against the Singapore dollar in the last six months. In Singapore dollar terms, the Morgan Stanley Capital Index (MSCI) World Free delivered a total return of 4.5%; the MSCI Asia Ex-Japan 4.6% while Singapore s FSSTI index 5.0%. The UOB Singapore Government Bond index gained 1.3% while the Citigroup G7 Government Bond index climbed 1.0%. Market Review The global financial markets started the second half of 2014 on a firm footing as key US economic data reassured investors that growth should recover. The market rally, however, was punctuated in October, as political tension between Ukraine and Russia escalated. The outbreak of Ebola in Africa, with a few cases detected in the US and Europe, also raised the spectre of a global pandemic. After a brief recovery, markets sold off again in response to the sharp decline in the Russian rouble which rekindled memories of the Russian debt default, while the collapse in oil prices raised growth concerns. As equity markets fell, fixed income markets rallied. The US 10-year Treasury rallied to yield 2.2% by the end of 2014 from 3% at the beginning of the year. The fixed income rally was contrary to what investors would expect with the end of quantitative easing (QE) by the Fed. Weak economic conditions in Europe, which led to a low interest rate environment in the continent, as well as concerns of geopolitical risks, had helped to pull Treasury yields lower despite the pick-up in economic momentum in the US. Singapore government bond yields moved in tandem with the US, starting the year at 2.6% and closing at 2.3%. 3

6 Outlook & Strategy We expect 2015 to be characterised as a year of modest but broader global growth with the Eurozone expanding moderately. This should lead to interest rate normalisation in the US, but still loose monetary policies in other parts of the world. We expect equities to provide attractive returns driven by corporate earnings growth. Fixed income should provide stable returns in the face of low interest rate and broadly accommodative monetary conditions. Global macroeconomic growth in 2015 should be in line or better than Developed markets such as the US and Europe as well as key emerging markets such as India and Indonesia are expected to achieve better GDP growth in This would, however, be partially offset by China and oil producing countries that are likely to post weaker growth. With stable or positive growth, we expect that equity markets will deliver returns in line with earnings expansion. We continue to favour equities and prefer more consumer-focused markets such as the US and those in Asia that will benefit from the decline in oil prices and the stronger USD. Although the low inflation/low interest rate environment has lasted longer when compared to previous cycles, the macro environment continues to support fixed income investments. While the US Fed is set to start raising short term interest rates in 2015, most other countries are expanding their QE policies or cutting interest rates. The stronger USD and weaker oil prices are likely to keep inflation muted in the US. This is positive for global rate trends and the fixed income markets. 4

7 B) Investments at fair value and as a percentage of NAV as at 31 December 2014 under review classified by i) Country GrowthPath Today GrowthPath 2020 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Asia , Global 2,676, ,999, Singapore 5,908, ,749, Portfolio of investments 8,584, ,938, Other net assets 19, , Total 8,604, ,994, i) Country GrowthPath 2030 GrowthPath 2040 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Asia 370, ,441, Global 3,917, ,049, Singapore 2,711, ,243, Portfolio of investments 6,999, ,734, Other net assets 32, , Total 7,031, ,755, ii) Industry GrowthPath Today GrowthPath 2020 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Unit Trusts 8,584, ,938, Portfolio of investments 8,584, ,938, Other net assets 19, , Total 8,604, ,994,

8 B) Investments at fair value and as a percentage of NAV as at 31 December 2014 under review classified by (continued) ii) Industry GrowthPath 2030 GrowthPath 2040 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Unit Trusts 6,999, ,734, Portfolio of investments 6,999, ,734, Other net assets 32, , Total 7,031, ,755, iii) Asset Class GrowthPath Today GrowthPath 2020 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Unit Trusts 8,584, ,938, Other net assets 19, , Total 8,604, ,994, iii) Asset Class GrowthPath 2030 GrowthPath 2040 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Unit Trusts 6,999, ,734, Other net assets 32, , Total 7,031, ,755, iv) Credit rating of debt securities N/A 6

9 C) Top Ten Holdings The top 10 holdings as at 31 December 2014 and 31 December largest holdings at 31 December 2014 GrowthPath Today Percentage of total net assets attributable Fair Value to unitholders (S$) % UNITED SINGAPORE BOND FUND 4,591, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,550, UNITED SINGAPORE GROWTH FUND 1,317, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 738, BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 387, There were only 5 holdings as at 31 December largest holdings at 31 December 2013 GrowthPath Today Percentage of total net assets attributable Fair Value to unitholders (S$) % UNITED SINGAPORE BOND FUND 4,812, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,631, UNITED SINGAPORE GROWTH FUND 1,513, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 842, BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 588, There were only 5 holdings as at 31 December

10 C) Top Ten Holdings (continued) 6 largest holdings at 31 December 2014 GrowthPath 2020 Percentage of total net assets attributable Fair Value to unitholders (S$) % UNITED SINGAPORE BOND FUND 5,573, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 2,554, BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 2,233, UNITED SINGAPORE GROWTH FUND 2,175, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 1,211, UNITED ASIA FUND 189, There were only 6 holdings as at 31 December largest holdings at 31 December 2013 GrowthPath 2020 Percentage of total net assets attributable Fair Value to unitholders (S$) % UNITED SINGAPORE BOND FUND 36,524, BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 16,990, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 14,865, UNITED SINGAPORE GROWTH FUND 13,541, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 8,311, UNITED ASIA FUND 1,867, There were only 6 holdings as at 31 December

11 C) Top Ten Holdings (continued) 6 largest holdings at 31 December 2014 GrowthPath 2030 Percentage of total net assets attributable Fair Value to unitholders (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 1,823, UNITED SINGAPORE BOND FUND 1,629, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,398, UNITED SINGAPORE GROWTH FUND 1,081, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 696, UNITED ASIA FUND 370, There were only 6 holdings as at 31 December largest holdings at 31 December 2013 GrowthPath 2030 Percentage of total net assets attributable Fair Value to unitholders (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 2,069, UNITED SINGAPORE BOND FUND 1,730, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,399, UNITED SINGAPORE GROWTH FUND 1,153, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 667, UNITED ASIA FUND 432, There were only 6 holdings as at 31 December

12 C) Top Ten Holdings (continued) 6 largest holdings at 31 December 2014 GrowthPath 2040 Percentage of total net assets attributable Fair Value to unitholders (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 8,739, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 5,012, UNITED SINGAPORE GROWTH FUND 3,819, UNITED ASIA FUND 2,441, UNITED SINGAPORE BOND FUND 2,423, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 2,297, There were only 6 holdings as at 31 December largest holdings at 31 December 2013 GrowthPath 2040 Percentage of total net assets attributable Fair Value to unitholders (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 55,230, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 32,198, UNITED SINGAPORE GROWTH FUND 25,304, UNITED SINGAPORE BOND FUND 22,996, UNITED ASIA FUND 14,938, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 14,508, There were only 6 holdings as at 31 December

13 D) Exposure to derivatives i) fair value of derivative contracts and as a percentage of NAV as at 31 December 2014 N/A ii) net gains/(losses) on derivative contracts realised during the financial period ended 31 December 2014 N/A iii) net gains/(losses) on outstanding derivative contracts marked to market as at 31 December 2014 N/A E) Amount and percentage of net asset value (NAV) invested in other schemes as at 31 December 2014 (GP Today, 20, 30 & 40) GrowthPath Today Percentage of total net assets attributable to Fair value at unitholders at 31 December 31 December (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 387, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 738, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,550, UNITED SINGAPORE BOND FUND 4,591, UNITED SINGAPORE GROWTH FUND 1,317, GrowthPath 2020 BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 2,233, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 1,211, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 2,554, UNITED ASIA FUND 189, UNITED SINGAPORE BOND FUND 5,573, UNITED SINGAPORE GROWTH FUND 2,175,

14 E) Amount and percentage of net asset value (NAV) invested in other schemes as at 31 December 2014 (GP Today, 20, 30 & 40) (continued) GrowthPath 2030 Percentage of total net assets attributable to Fair value at unitholders at 31 December 31 December (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 1,823, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 696, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,398, UNITED ASIA FUND 370, UNITED SINGAPORE BOND FUND 1,629, UNITED SINGAPORE GROWTH FUND 1,081, GrowthPath 2040 BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 8,739, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 2,297, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 5,012, UNITED ASIA FUND 2,441, UNITED SINGAPORE BOND FUND 2,423, UNITED SINGAPORE GROWTH FUND 3,819, F) Amount and percentage of borrowings to net asset value (NAV) as at 31 December 2014 (GP Today, 20, 30 & 40) N/A G) Amount of redemptions and subscriptions for the financial period 01 July 2014 to 31 December 2014 GROWTHPATH TODAY SGD SGD SGD SGD Total amount of redemptions 716,936 1,421, ,729 2,339,696 Total amount of subscriptions 51, , , ,508 12

15 H) The amount and terms of related-party transactions for the financial period 01 July 2014 to 31 December 2014 i) As at 31 December 2014 the Fund maintained current accounts with the United Overseas Bank Limited as follows (GP Today, 20, 30 & 40): GP TODAY Bank balances SGD 63,956 GP20 Bank balances SGD 117,215 GP30 Bank balances SGD 55,650 GP40 Bank balances SGD 178,296 ii) Purchase/holdings of UOBAM unit trusts by UOB or its affiliated companies as at 31 December 2014 N/A iii) Investment in Initial Public Offerings managed by UOB Group (GP Today, 20, 30 & 40). N/A iv) As at 31 December 2014 there was no brokerage income earned by UOB Kay Hian Pte Ltd (GP Today, 20, 30 & 40). I) Expense ratios GROWTHPATH TODAY December % 1.48% 1.73% 1.39% 31 December % 1.26% 1.45% 1.22% Note: The expense ratios have been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ). This is the sum of the Sub-Funds expense ratios and the weighted average of the underlying Funds expense ratios. The calculation of the Sub-Funds expense ratios at 31 December 2014 was based on total operating expenses divided by the average net asset value respectively for the year. 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-Funds do not pay any performance fee. The average net asset value is based on the daily balances. The expense ratios of the underlying Funds are obtained from Underlying Funds Manager. 13

16 I) Expense ratios (continued) Total operating expenses, average net asset value and weighted average of the underlying Funds expense ratios are as follows: GrowthPath Today GrowthPath December 31 December 31 December 31 December Total operating expenses $57,054 $50,802 $212,340 $781,972 Average net asset value $9,100,744 $10,778,463 $22,642,681 $103,387,501 Weighted average of the underlying Funds expense ratio 0.62% 0.57% 0.54% 0.50% GrowthPath 2030 GrowthPath December 31 December 31 December 31 December Total operating expenses $90,060 $79,146 $374,654 $1,279,028 Average net asset value $7,201,924 $7,802,463 $39,430,939 $158,559,570 Weighted average of the underlying Funds expense ratio 0.48% 0.44% 0.44% 0.41% J) Turnover ratios GROWTHPATH TODAY December % 0.47% 0.44% 0.46% 31 December % 7.58% 1.94% 2.56% Note: The portfolio turnover ratios are calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratios 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 respectively as follows: GrowthPath Today GrowthPath December 31 December 31 December 31 December $ $ $ $ Total value of purchases or sales of the underlying investments 41, ,289 67,583 7,807,701 Average daily net asset value 8,895,036 10,084,661 14,472, ,943,964 GrowthPath 2030 GrowthPath December 31 December 31 December 31 December $ $ $ $ Total value of purchases or sales of the underlying investments 31, , ,417 4,132,351 Average daily net asset value 7,046,735 7,494,053 24,972, ,713,971 14

17 K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts (GP Today, 20, 30 & 40) N/A L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well (GP Today, 20, 30 & 40) i) top 10 holdings at fair value and as percentage of NAV as at 31 December 2014 and 31 December largest holdings at 31 December 2014 United Singapore Bond Fund Percentage of Fair Value total net assets (S$) % SINGAPORE GOVERNMENT BOND 2.75% DUE 01/07/2023 6,234, SINGAPORE GOVERNMENT BOND 3.50% DUE 01/03/2027 5,440, SINGAPORE GOVERNMENT BOND 3% DUE 01/09/2024 4,779, CAPITALAND TREASURY LTD 4.076% DUE 20/09/2022 3,366, MAPLETREE INDUSTRIAL TRUST 3.75% DUE 08/03/2019 3,155, SINGAPORE GOVERNMENT BOND 2.875% DUE 01/07/2029 3,091, KEPPEL CORPORATION LTD 3.1% DUE 12/10/2020 3,062, TEMASEK FINANCIAL I LTD 2.375% DUE 23/01/2023 2,910, SP POWERASSETS LTD 2.70% DUE 14/09/2022 2,883, OVERSEA-CHINESE BANKING 3.15% DUE 11/03/2023 2,679, largest holdings at 31 December 2013 United Singapore Bond Fund Percentage of Fair Value total net assets (S$) % SINGAPORE GOVERNMENT BOND 3.25% DUE 01/09/2020 8,747, SINGAPORE GOVERNMENT BOND 3% DUE 01/09/2024 8,133, SINGAPORE GOVERNMENT BOND 3.50% DUE 01/03/2027 6,123, KEPPEL CORPORATION LTD 3.1% DUE 12/10/2020 3,494, MAPLETREE INDUSTRIAL TRUST 3.75% DUE 08/03/2019 3,111, CAPITALAND TREASURY LTD 4.076% DUE 20/09/2022 2,963, STARHUB LTD 3.08% DUE 12/09/2022 2,934, TEMASEK FINANCIAL I LTD 4.3% DUE 25/10/2019 2,745, GLOBAL LOGISTIC PROPS 3.375% DUE 11/05/2016 2,609, HK LAND TREASURY SG 3.65% DUE 05/10/2015 2,602, where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager. 15

18 L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well (GP Today, 20, 30 & 40) (continued) i) top 10 holdings at fair value and as percentage of NAV as at 31 December 2014 and 31 December 2013 (continued) 10 largest holdings at 31 December 2014 BlackRock Developed World Index Sub-Fund Percentage of Fair Value total net assets (S$) % Apple 285,698, Exxon Mobil 170,427, Microsoft 157,171, Johnson & Johnson 127,481, Wells Fargo 117,520, General Electric 109,602, Procter & Gamble 106,612, Nestle 102,338, JPMorgan Chase 101,745, Novartis 92,411, largest holdings at 31 December 2013 BlackRock Developed World Index Sub-Fund Percentage of Fair Value total net assets (S$) % APPLE 277,087, EXXON MOBIL 242,233, GOOGLE 167,297, MICROSOFT 162,069, GENERAL ELECTRIC 155,099, JOHNSON & JOHNSON 141,157, CHEVRON 130,701, NESTLE 128,958, WELLS FARGO 125,473, PROCTER & GAMBLE 121,988, where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager. 16

19 L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well (GP Today, 20, 30 & 40) (continued) ii) expense ratios for the financial period ended 31 December 2014 and 31 December 2013 United Singapore Bond Fund 31 December % 31 December % Note: 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 31 December 2014 was based on total operating expenses divided by the average net asset value for the 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 Fund does not pay any performance fee. The average net asset value is based on the daily balances. BlackRock Developed World Index Sub-Fund 31 December % 31 December % iii) turnover ratios for the period ended 31 December 2014 and 31 December 2013 United Singapore Bond Fund 31 December % 31 December % Note: 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 divded by the average daily net asset value. BlackRock Developed World Index Sub-Fund 31 December % 31 December % 1 where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager. 17

20 M) Soft dollar commissions/arrangements (GP Today, 20, 30 & 40) 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 Sub-Funds. N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the predetermined payouts N/A 18

21 STATEMENTS OF TOTAL RETURN For the half year ended 31 December 2014 (Un-audited) GrowthPath Today GrowthPath December 31 December 31 December 31 December $ $ $ $ Income Dividends 22,808 27,281 39, ,789 Interest ,809 27,281 39, ,795 Less: Expenses Management fee 35,864 40,641 69, ,468 Less: Management fee rebate (18,350) (21,540) (26,940) (195,211) Trustee fee 2,519 2,522 2,918 20,735 Audit fee 2, ,718 6,165 Registrar fee - - 9,121 12,552 Valuation fee - - 7,296 51,839 Interest expenses Other expenses* 8,557 4,590 (17,949) 26,832 31,463 27,094 48, ,946 Net (loss)/income (8,654) 187 (9,070) (152,151) Net gains or losses on value of investments Net gains on investments 132, , ,626 3,717,914 Net foreign exchange gains/(losses) 674 (779) (4,277) 24, , , ,349 3,742,172 Total return for the period 124, , ,279 3,590,021 * Other expenses include GST rebate. 19

22 STATEMENTS OF TOTAL RETURN For the half year ended 31 December 2014 (Un-audited) GrowthPath 2030 GrowthPath December 31 December 31 December 31 December $ $ $ $ Income Dividends 18,724 19,046 71, ,857 Interest ,724 19,046 71, ,866 Less: Expenses Management fee 33,747 35, , ,796 Less: Management fee rebate (12,227) (13,200) (42,198) (275,041) Trustee fee 2,521 2,521 5,035 32,623 Audit fee 2, ,099 9,318 Registrar fee 7,531 7,531 12,552 12,552 Valuation fee 3,552 3,779 12,587 81,557 Interest expenses Other expenses* 7,593 4,119 (25,362) 66,775 44,925 41,148 90, ,580 Net loss (26,201) (22,102) (18,958) (298,714) Net gains or losses on value of investments Net gains on investments 156, , ,282 10,144,160 Net foreign exchange (losses)/gains (130) (97) 1,700 (3,155) 156, , ,982 10,141,005 Total return for the period 129, , ,024 9,842,291 * Other expenses include GST rebate. 20

23 STATEMENTS OF FINANCIAL POSITION As at 31 December 2014 (Un-audited) GrowthPath Today GrowthPath December 30 June 31 December 30 June $ $ $ $ ASSETS Portfolio of investments 8,584,764 9,083,951 13,938,987 14,938,949 Receivables 9,361 13,732 14,088 14,358 Cash and bank balances 63,956 73, , ,849 Total Assets 8,658,081 9,171,238 14,070,290 15,110,156 LIABILITIES Payables 53,338 25,448 75,320 86,005 Total Liabilities 53,338 25,448 75,320 86,005 EQUITY Net assets attributable to unitholders 8,604,743 9,145,790 13,994,970 15,024,151 21

24 STATEMENTS OF FINANCIAL POSITION As at 31 December 2014 (Un-audited) GrowthPath 2030 GrowthPath December 30 June 31 December 30 June $ $ $ $ ASSETS Portfolio of investments 6,999,411 7,000,910 24,734,505 25,941,761 Receivables 6,087 6,081 26,397 36,930 Cash and bank balances 55, , ,296 68,597 Total Assets 7,061,148 7,310,049 24,939,198 26,047,288 LIABILITIES Payables 29,631 45, , ,217 Total Liabilities 29,631 45, , ,217 EQUITY Net assets attributable to unitholders 7,031,517 7,264,383 24,755,907 25,911,071 22

25 STATEMENTS OF MOVEMENTS OF UNITHOLDERS FUNDS For the half year ended 31 December 2014 (Un-audited) GrowthPath Today GrowthPath December 30 June 31 December 30 June $ $ $ $ Net assets attributable to unitholders at the beginning of the financial period/year 9,145,790 10,758,701 15,024, ,454,310 Operations Change in net assets attributable to unitholders resulting from operations 124, , ,279 3,271,616 Unitholders contributions/ (withdrawals) Creation of units 51,017 93, , ,774 Cancellation of units (716,936) (2,148,086) (1,421,356) (91,544,549) Change in net assets attributable to unitholders resulting from net creation and cancellation of units (665,919) (2,054,221) (1,290,460) (90,701,775) Total decrease in net assets attributable to unitholders (541,047) (1,612,911) (1,029,181) (87,430,159) Net assets attributable to unitholders at the end of the financial period/year 8,604,743 9,145,790 13,994,970 15,024,151 23

26 STATEMENTS OF MOVEMENTS OF UNITHOLDERS FUNDS For the half year ended 31 December 2014 (Un-audited) GrowthPath 2030 GrowthPath December 30 June 31 December 30 June $ $ $ $ Net assets attributable to unitholders at the beginning of the financial period/year 7,264,383 7,489,341 25,911, ,850,515 Operations Change in net assets attributable to unitholders resulting from operations 129, , ,024 7,293,943 Unitholders contributions/ (withdrawals) Creation of units 149, , ,508 5,204,416 Cancellation of units (512,729) (1,188,630) (2,339,696) (141,437,803) Change in net assets attributable to unitholders resulting from net creation and cancellation of units (362,758) (788,272) (1,773,188) (136,233,387) Total decrease in net assets attributable to unitholders (232,866) (224,958) (1,155,164) (128,939,444) Net assets attributable to unitholders at the end of the financial period/year 7,031,517 7,264,383 24,755,907 25,911,071 24

27 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath Today Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December By Geography - Primary $ % GLOBAL BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 16, , BLACKROCK EURO GOVERNMENT BOND INDEX FUND 20, , BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 59,276 1,550, TOTAL GLOBAL 2,676, SINGAPORE UNITED SINGAPORE BOND FUND 3,470,154 4,591, UNITED SINGAPORE GROWTH FUND 387,634 1,317, TOTAL SINGAPORE 5,908, Portfolio of investments 8,584, Other net assets 19, Net assets attributable to unitholders 8,604,

28 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath Today Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June By Geography - Primary (Summary) % % Unit Trust Global Singapore Portfolio of investments Other net assets Net assets attributable to unitholders

29 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) By Industry - Secondary GrowthPath Today Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June $ % % Unit Trusts 8,584, Portfolio of investments 8,584, Other net assets 19, Net assets attributable to unitholders 8,604,

30 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2020 Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December By Geography - Primary $ % Asia UNITED ASIA FUND 101, , Global BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 96,923 2,233, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 34,241 1,211, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 97,669 2,554, TOTAL GLOBAL 5,999, Singapore UNITED SINGAPORE BOND FUND 4,213,072 5,573, UNITED SINGAPORE GROWTH FUND 640,148 2,175, TOTAL SINGAPORE 7,749, Portfolio of investments 13,938, Other net assets 55, Net assets attributable to unitholders 13,994,

31 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2020 Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June By Geography - Primary (Summary) % % Unit Trust Asia Global Singapore Portfolio of investments Other net assets Net assets attributable to unitholders

32 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) By Industry - Secondary GrowthPath 2020 Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June $ % % Unit Trusts 13,938, Portfolio of investments 13,938, Other net assets 55, Net assets attributable to unitholders 13,994,

33 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2030 Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December By Geography - Primary $ % Asia UNITED ASIA FUND 198, , Global BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 79,114 1,823, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 19, , BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 53,472 1,398, TOTAL GLOBAL 3,917, Singapore UNITED SINGAPORE BOND FUND 1,231,661 1,629, UNITED SINGAPORE GROWTH FUND 318,224 1,081, TOTAL SINGAPORE 2,711, Portfolio of investments 6,999, Other net assets 32, Net assets attributable to unitholders 7,031,

34 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2030 Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June By Geography - Primary (Summary) % % Unit Trust Asia Global Singapore Portfolio of investments Other net assets Net assets attributable to unitholders

35 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) By Industry - Secondary GrowthPath 2030 Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June $ % % Unit Trusts 6,999, Portfolio of investments 6,999, Other net assets 32, Net assets attributable to unitholders 7,031,

36 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2040 Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December By Geography - Primary $ % Asia UNITED ASIA FUND 1,306,351 2,441, Global BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 379,280 8,739, BLACKROCK EURO GOVERNMENT BOND INDEX FUND 64,925 2,297, BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 191,672 5,012, TOTAL GLOBAL 16,049, Singapore UNITED SINGAPORE BOND FUND 1,832,045 2,423, UNITED SINGAPORE GROWTH FUND 1,123,667 3,819, TOTAL SINGAPORE 6,243, Portfolio of investments 24,734, Other net assets 21, Net assets attributable to unitholders 24,755,

37 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2040 Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June By Geography - Primary (Summary) % % Unit Trust Asia Global Singapore Portfolio of investments Other net assets/(liabilities) 0.09 (0.12) Net assets attributable to unitholders

38 STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) By Industry - Secondary GrowthPath 2040 Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June $ % % Unit Trusts 24,734, Portfolio of investments 24,734, Other net assets/(liabilities) 21, (0.12) Net assets attributable to unitholders 24,755,

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