Semi-annual funds report

Transcription

1 Investments Semi-annual funds report 08/2017 PULSAR/POLARIS/ OPTIMUS Range of sub - funds AXA Insurance Pte Ltd Company Reg No M 8 Shenton Way, #24-01, AXA Tower Singapore

2 Thank you for investing with AXA We are pleased to present to you the Semi-Annual Report of AXA Pulsar, AXA Polaris and AXA Optimus range of sub-funds for the 6 months ending 30 June Strong positive performance amidst encouraging economic indicators and political news Global stocks delivered relatively good returns for the first half of This is because of the expectations of more business-friendly policies in the US and the improving political conditions in Europe. While US stock markets continue to hit new heights, European stock markets have also been performing decently. Driven by a continuation of strong earnings, the technology sector was a clear winner. Healthcare stocks performance also improved as concerns over the drug price regulation eased. On the other hand, energy stocks declined significantly due to concerns of the oil oversupply conditions, causing oil prices to head south. For the emerging markets, it was time for Asia to shine. Asia s economic growth remain generally positive in spite of some geopolitical concerns with North Korea and the South China Sea. Most Asian markets delivered strong returns. In recognition of China s place in the global economic order, the index provider MSCI has decided to include Chinese A-shares in its benchmark indices this year. For the six months ending 30 June 2017, the funds generating significant returns are mostly Asian focused equity funds and emerging markets equity funds, with most of these funds delivering double digit returns with the highest at 23.7% (Singapore dollar terms). Technology and healthcare funds also delivered relatively strong numbers, with returns ranging from 10% to 16% (Singapore dollar terms), while the energy fund delivered negative returns of about -15%. Fixed income funds delivered mixed results, with returns ranging from -2.5% to 6.9%. Commitment to your evolving needs As part of our on-going review and due diligence, we are pleased to inform you that we have added two new funds from two new fund managers in the first half of 2017: Matthews Asia Asia Dividend Fund (USD) from Matthews International Capital Management, and Mirae Asset Asia Great Consumer Equity Fund (USD) from Mirae Asset Global Investments. With the addition of these two new funds, we now have 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

3 contents contents 1 Aberdeen Pacific Equity Fund section page this section explains: AllianceBernstein Emerging Markets Debt Portfolio Fund AllianceBernstein Global High Yield Portfolio Fund AllianceBernstein Thematic Research Portfolio Fund AllianceBernstein US Thematic Research Portfolio Fund AXA World Funds - Framlington Emerging Markets Fund AXA World Funds - Framlington Europe Real Estate Securities Fund AXA World Funds - Global High Yield Bonds (SGD Hedged) 9 BlackRock China Fund 10 BlackRock Global Allocation Fund 11 BlackRock Global Equity Income Fund 12 BlackRock Latin American Fund 13 BlackRock World Energy Fund 14 BlackRock World Gold Fund 15 BlackRock World HealthScience Fund 16 BlackRock World Mining Fund 17 First Eagle Amundi International Fund fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments 18 Franklin European Growth Fund 19 Franklin Global Small-Mid Cap Growth Fund 20 Franklin India Fund 21 Franklin Mutual Global Discovery Fund 22 Franklin Technology Fund 23 Franklin U.S. Equity Fund 24 Franklin U.S. Small-Mid Cap Growth Fund Fullerton Dynamic Strategies Fund - Aggressive Fullerton Dynamic Strategies Fund - Balanced Goldman Sachs Emerging Markets CORE Equity Portfolio Goldman Sachs Global Strategic Income Bond Portfolio 29 H2O Allegro Fund Henderson Asia-Pacific Property Equities Fund Henderson Gartmore Continental European Fund 32 Henderson Gartmore Latin American Fund 33 Henderson Global Property Equities Fund 34 Henderson Global Technology Fund section page this section explains: fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments

4 contents contents Henderson Horizon Fund - Japan Opportunities Fund Henderson Horizon Fund - Pan European Alpha Fund 37 Invesco Asia Consumer Demand Fund 38 Invesco Japanese Equity Core Fund 39 Invesco Korean Equity Fund 40 Invesco Pacific Equity Fund 41 JPMorgan Funds - Brazil Equity Fund 42 JPMorgan Funds - Greater China Fund 43 JPMorgan Funds - India Fund 44 JPMorgan Funds - Indonesia Equity Fund 45 JPMorgan Funds - US Equity Fund 46 Jupiter Merlin Real Return Portfolio (SGD) Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Legg Mason Southeast Asia Special Situations Fund Legg Mason Western Asset Asian Opportunities Fund section page this section explains: Legg Mason Western Asset Global Bond Trust Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments 52 Neuberger Berman US Strategic Income Fund (SGD Hedged) 53 Pictet Asian Local Currency Debt Fund 54 Pictet Emerging Europe Fund (previously known as Pictet Eastern Europe Fund) 55 Pictet Global Emerging Debt Fund 56 Pictet Health Fund 57 Pictet Premium Brands Fund 58 Pictet Security Fund PineBridge Asia ex Japan Small Cap Equity Fund (SGD) Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) Pioneer Funds - U.S. Fundamental Growth Fund 63 Schroder Asian Growth Fund 64 Schroder Asian Income Fund Schroder Global Emerging Market Opportunities Fund Schroder ISF Asia Pacific Cities Real Estate Fund 67 Schroder ISF Global Equity Alpha Fund 68 Schroder ISF QEP Global Quality Fund section page this section explains: fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments

5 contents contents 69 Schroder ISF Taiwanese Equity Fund 70 Schroder Multi-Asset Revolution 30 Fund 71 Schroder Multi-Asset Revolution 50 Fund 72 Schroder Multi-Asset Revolution 70 Fund 73 Schroder Singapore Fixed Income Fund 74 Schroder Singapore Trust 75 Templeton China Fund 76 Templeton Global Bond Fund 77 Templeton Global Total Return Fund 78 Templeton Latin America Fund 79 Templeton Shariah Global Equity Fund Threadneedle Investment Funds ICVC - American Fund Threadneedle Investment Funds ICVC - American Smaller Companies Fund Threadneedle Investment Funds ICVC - European Select Fund 83 United Asian Bond Fund 84 United Emerging Markets Bond Fund 85 United Singapore Bond Fund section page this section explains: fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments fund performance at a glance schedule of investments 86 United SGD Fund 87 Wells Fargo Emerging Markets Equity Income Fund (USD) 88 Financial Statements section page this section explains: fund performance at a glance schedule of investments fund performance at a glance schedule of investments capital account statement of asset and liabilities

6 performance of sub-funds performance of sub-funds fund performance summary 3 mths 6 mths 1 yr 3 yrs^ 5yrs^ 10 yrs^ Since Commencement^* Aberdeen Pacific Equity Fund AllianceBernstein Emerging Markets Debt Portfolio Fund AllianceBernstein Global High Yield Portfolio Fund AllianceBernstein Thematic Research Portfolio Fund AllianceBernstein US Thematic Research Portfolio Fund AXA World Funds - Framlington Emerging Markets Fund AXA World Funds - Framlington Europe Real Estate Securities Fund AXA World Funds - Global High Yield Bonds BlackRock China Fund BlackRock Global Allocation Fund BlackRock Global Equity Income Fund BlackRock Latin American Fund BlackRock World Energy Fund BlackRock World Gold Fund BlackRock World HealthScience Fund BlackRock World Mining Fund First Eagle Amundi International Fund Franklin European Growth Fund Franklin Global Small-Mid Cap Growth Fund Franklin India Fund Franklin Mutual Global Discovery Fund Franklin Technology Fund Franklin U.S. Equity Fund Franklin U.S. Small-Mid Cap Growth Fund Fullerton Dynamic Strategies Fund - Aggressive Fullerton Dynamic Strategies Fund - Balanced Goldman Sachs Emerging Markets CORE Equity Portfolio Goldman Sachs Global Strategic Income Bond Portfolio H2O Allegro Fund Henderson Asia-Pacific Property Equities Fund Henderson Gartmore Continental European Fund Henderson Gartmore Latin American Fund Henderson Global Property Equities Fund Henderson Global Technology Fund Henderson Horizon Fund - Japan Opportunities Fund Henderson Horizon Fund - Pan European Alpha Fund Invesco Asia Consumer Demand Fund Invesco Japanese Equity Core Fund Invesco Korean Equity Fund Invesco Pacific Equity Fund JPMorgan Funds - Brazil Equity Fund JPMorgan Funds - Greater China Fund JPMorgan Funds - India Fund JPMorgan Funds - Indonesia Equity Fund JPMorgan Funds - US Equity Fund mths 6 mths 1 yr 3 yrs^ 5yrs^ 10 yrs^ Since Commencement^* Jupiter Merlin Real Return Portfolio (SGD) Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Legg Mason Southeast Asia Special Situations Fund Legg Mason Western Asset Asian Opportunities Fund Legg Mason Western Asset Global Bond Trust Natixis Loomis Sayles Multisector Income Fund Neuberger Berman US Strategic Income Fund Pictet Asian Local Currency Debt Fund Pictet Emerging Europe Fund Pictet Global Emerging Debt Fund Pictet Health Fund Pictet Premium Brands Fund Pictet Security Fund PineBridge Asia ex-japan Small Cap Equity Fund Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) Pioneer Funds - U.S. Fundamental Growth Fund Schroder Asian Growth Fund Schroder Asian Income Fund Schroder Global Emerging Market Opportunities Fund Schroder ISF Asia Pacific Cities Real Estate Fund Schroder ISF Global Equity Alpha Fund Schroder ISF QEP Global Quality Fund Schroder ISF Taiwanese Equity Fund Schroder Multi-Asset Revolution 30 Fund Schroder Multi-Asset Revolution 50 Fund Schroder Multi-Asset Revolution 70 Fund Schroder Singapore Fixed Income Fund Schroder Singapore Trust Templeton China Fund Templeton Global Bond Fund Templeton Global Total Return Fund Templeton Latin America Fund Templeton Shariah Global Equity Fund Threadneedle Investment Funds ICVC - American Fund Threadneedle Investment Funds ICVC - American Smaller Companies Fund Threadneedle Investment Funds ICVC - European Select Fund United Asian Bond Fund United Emerging Markets Bond Fund United Singapore Bond Fund United SGD Fund Wells Fargo Emerging Markets Equity Income Fund (USD)

7 performance of PULSAR/POLARIS and OPTIMUS sub-funds 16 January 2012 AllianceBernstein Emerging Markets Debt Portfolio Fund AllianceBernstein Thematic Research Portfolio Fund AllianceBernstein US Thematic Research Portfolio Fund BlackRock China Fund BlackRock Global Allocation Fund BlackRock Latin American Fund BlackRock World Energy Fund BlackRock World Gold Fund BlackRock World HealthScience Fund BlackRock World Mining Fund Henderson Asia-Pacific Property Equities Fund Henderson Global Property Equities Fund Henderson Global Technology Fund Henderson Horizon Fund - Japan Opportunities Fund Henderson Horizon Fund - Pan European Alpha Fund JPMorgan Funds - Greater China Fund JPMorgan Funds - India Fund JPMorgan Funds - Brazil Equity Fund Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Legg Mason Southeast Asia Special Situations Fund Legg Mason Western Asset Asian Opportunities Fund Legg Mason Western Asset Global Bond Trust Pictet Asian Local Currency Debt Fund Pictet Health Fund Pictet Global Emerging Debt Fund Pictet Premium Brands Fund Pictet Security Fund Schroder Asian Growth Fund Schroder Global Emerging Market Opportunities Fund Schroder ISF Asia Pacific Cities Real Estate Fund Schroder ISF Global Equity Alpha Fund Schroder QEP Global Quality Fund Schroder Multi-Asset Revolution 30 Fund Schroder Multi-Asset Revolution 50 Fund Schroder Multi-Asset Revolution 70 Fund Schroder Singapore Fixed Income Fund Schroder Singapore Trust 2 May 2012 AXA World Funds - Framlington Europe Real Estate Securities Fund Franklin India Fund Franklin Mutual Global Discovery Fund Franklin U.S. Equity Fund Franklin U.S. Small-Mid Cap Growth Fund Henderson Gartmore Continental European Fund Henderson Gartmore Latin American Fund Invesco Asia Consumer Demand Fund Invesco Japanese Equity Core Fund Invesco Korean Equity Fund Invesco Pacific Equity Fund Pictet Emerging Europe Fund Schroder ISF Taiwanese Equity Fund Templeton China Fund Templeton Latin America Fund 28 May 2012 Franklin European Growth Fund Franklin Global Small-Mid Cap Growth Fund Franklin Technology Fund Templeton Global Bond Fund Templeton Global Total Return Fund 18 September 2013 AllianceBernstein Global High Yield Portfolio Fund First Eagle Amundi International Fund JPMorgan Funds - Indonesia Equity Fund Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) Pioneer Funds - U.S. Fundamental Growth Fund Schroder Asian Income Fund Threadneedle Investment Funds ICVC - American Fund Threadneedle Investment Funds ICVC - American Smaller Companies Fund Threadneedle Investment Funds ICVC - European Select Fund United Asian Bond Fund United Emerging Markets Bond Fund United Singapore Bond Fund 25 October 2013 JPMorgan Funds - US Equity Fund 29 October 2013 AXA World Funds - Framlington Emerging Markets Fund 22 July 2014 BlackRock Global Equity Income Fund Templeton Shariah Global 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) 12 October 2016 PineBridge Asia ex-japan Small Cap Equity Fund (SGD) 15 March 2017 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) Performance is calculated in accordance to the share class of the fund and is net of fees

8 fund performance Aberdeen Pacific Equity Fund Aberdeen Pacific Equity Fund 15.40% for the 6 months period ended 30 June 2017 table of performance Aberdeen Pacific Equity Fund MSCI AC Asia Pacific ex Japan 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement* Source: Aberdeen Asset Management (Singapore) Limited ^ Annual compounded return * Launch Date: 15 January 2016 Commencement Date: 15 January 2016 Performance is calculated in accordance to 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 15 January 2016 Commencement Date 15 January 2016 Manager Aberdeen Asset Management (Singapore) Limited Currency of Fund SGD Valuation Frequency Daily Annual Management Fee 1.50% investment objectives The fund seeks to provide investors with medium to long-term capital growth from a diversified portfolio of Asia-Pacific (excluding Japanese) equities. 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. 13

9 schedule of investments schedule of investments portfolio statement (unaudited) Description Market Value (S$) % of NAV 129,227 units in Aberdeen Pacific Equity Fund 745, Other assets 7, Net assets attributable to unitholders 752, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 31 March Aberdeen China Opportunities Fund 151,136, Aberdeen Global Indian Equity Fund* 141,700, Aberdeen Singapore Equity Fund 125,978, Samsung Electronics (Preference Shares) 72,972, Jardine Strategic Holdings 68,957, Aberdeen Indonesia Equity Fund 58,067, Taiwan Semiconductor Manufacturing Company 54,150, Aberdeen Thailand Equity Fund 51,841, AIA Group 47,376, Rio Tinto 39,557, March Aberdeen Singapore Equity Fund 129,307, Aberdeen Global Indian Equity Fund* 128,119, Aberdeen China Opportunities Fund 115,864, Samsung Electronics (Preference Shares) 76,187, Aberdeen Thailand Equity Fund 57,273, Taiwan Semiconductor Manufacturing Company 55,303, Aberdeen Indonesia Equity Fund 54,803, Aberdeen Malaysian Equity Fund 52,478, Jardine Strategic Holdings 47,183, AIA Group 40,937, *Fund is registered under the restricted foreign scheme and not authorised for public sale in Singapore. Source: Aberdeen Asset Management (Singapore) Limited. Information extracted from the underlying fund - Aberdeen Pacific Equity Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Aberdeen Pacific Equity Fund for the financial year ended 30 June 2017 is not available. annualised expense ratio (underlying fund) 31 March March 2016 Aberdeen Pacific Equity Fund The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ). The calculation of SGD Class expense ratio at 31 March 2017 was based on total operating expenses of $16,772,748 divided by the average net asset value of $1,389,245,844 for the year. The calculation of the SGD expense ratio at 31 March 2016 was based on total operating expenses of $16,730,783 divided by the average net asset value of $1,416,870,449. 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. Expenses are reimbursed by the Manager if expense ratios exceed 1.75%. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances. The expense ratio of Aberdeen Pacific Equity Fund for the financial period ended 30 June 2017 is not available. turnover ratio (underlying fund) 31 March March 2016 Aberdeen Pacific Equity Fund The portfolio turnover ratio is calculated in accordance with the formula stated in the Code of 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, being purchases of $44,366,484 (2016: purchases of $22,327,103) divided by the average daily net asset value of $1,457,685,514 (2016: $1,346,414,328). The turnover ratio of Aberdeen Pacific Equity Fund for the financial period ended 30 June 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017 Aberdeen Pacific Equity Fund (S$) Subscriptions 263,209 Redemptions (35,748) 14 15

10 schedule of investments soft dollar commission The Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Pacific Equity Fund. exposure to derivatives AllianceBernstein Emerging Markets Debt Portfolio Fund borrowings related-party transactions investments in collective investment schemes Aberdeen Pacific Equity Fund, an ILP sub-fund, feeds 100% into the underlying Aberdeen Pacific Equity Fund. Market Value (S$) % of NAV 745, any other material information that will adversely affect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Aberdeen Asset Management 16

11 fund performance schedule of investments AllianceBernstein Emerging Markets Debt Portfolio Fund 6.65% for the 6 months period ending 30 June 2017 table of performance AllianceBernstein Emerging Markets Debt Portfolio Fund JPMorgan Emerging Markets Bond Index Global 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* ** 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 30 June 2017 Performance is calculated in accordance to 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. portfolio statement (unaudited) Description Market Value (S$) % of NAV 16,776 units in AllianceBernstein Emerging Markets Debt Portfolio Fund 339, Other Assets 17, Net assets attributable to unitholders 356, All figures have been rounded to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Turkey Government International Bond 4.88%, (10/26-04/43) 38,216, Ukraine Government International Bond 7.75%, (09/20-09/26) 36,414, Argentine Republic Government International Bond 6.88%, (04/21-01/27) 32,899, U.S. Treasury Notes 2.38%, 05/15/27 23,187, U.S. Treasury Inflation Index 0.38%, 01/15/27 18,620, Russian Foreign Bond - Eurobond 4.50%, 04/04/22 18,357, Brazil Notas do Tesouro Nacional 10.00%, 01/01/21 Series F 15,591, Argentine Republic Government International Bond 7.50%, 04/22/26 15,583, Mexico Government International Bond 4.13%, 01/21/26 15,469, Brazilian Government International Bond 2.63%, 01/05/23 14,472, June Mexico Government International Bond 4.13%, 01/21/26 15,827, Brazilian Government International Bond 5.00%, 01/27/45 13,855, Brazil Letras do Tesouro Nacional (01/19-01/20) Series LTN 13,426, Petroleos Mexicanos 5.50%, 06/27/44 12,385, Argentine Republic Government International Bond 8.28%, 12/31/33 Series NY 11,386, Ukraine Government International Bond 7.75%, (09/19-09/27) 10,932, Russian Foreign Bond - Eurobond 4.88%, 09/16/23 10,471, Philippine Government International Bond 4.20%, 01/21/24 9,987, Petroleos de Venezuela SA 6.00%, (05/24-11/26) 9,422, Ivory Coast Government International Bond 5.75%, (12/32-12/32) 8,812, Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein Emerging Markets Debt Portfolio Fund. All figures have been rounded to the nearest dollar

12 schedule of investments schedule of investments annualised expense ratio (underlying fund) 28 February February 2016 AllianceBernstein Emerging Markets Debts Portfolio Fund Class A2 SGD H 1.39* 1.41** 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. The expense ratio of AllianceBernstein Emerging Markets Debts Portfolio Fund Class A2 SGD H for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb turnover ratio (underlying fund) 28 February February 2015 AllianceBernstein Emerging Markets Debt Portfolio Fund 93.72* 85.10** The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio of AllianceBernstein Emerging Markets Debt Portfolio Fund for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017 AllianceBernstein Emerging Markets Debt Portfolio Fund (S$) Subscriptions 161,294 Redemptions (15,692) soft dollar commission For the period ended 30 June 2017, the Investment Manager received and entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Underlying Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received include specialist industry, company and consumer research, portfolio and market analysis and computer software used for the delivery of such services. The nature of the goods and services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Underlying Fund and may contribute to an improvement in the Underlying Fund s performance. For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees salaries or direct money payments. exposure to derivatives borrowings related-party transactions investments in collective investment schemes AllianceBernstein Emerging Markets Debt Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein Emerging Markets Debt Portfolio Fund (Class A2 SGD H). Market Value (S$) % of NAV 339, any other material information that will adversely affect the valuation of the ILP sub-fund Source of all the above information: AllianceBernstein (Singapore) Limited

13 fund performance AllianceBernstein Global High Yield Portfolio Fund AllianceBernstein Global High Yield Portfolio Fund 4.86% for the 6 months period ending 30 June 2017 table of performance AllianceBernstein Global High Yield Portfolio Fund Barclays Global High Yield Index (USD Hedged) # 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement* ** Source: AllianceBernstein (Singapore) Limited ^ Annual compounded return * 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 30 June 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 Performance is calculated in accordance to 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. 23

14 at a glance schedule of investments fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager AllianceBernstein (Luxembourg) S.à r.l Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.70% 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 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 When the fund was incepted, the high income universe looked different, with emerging markets representing a significant portion of the high yielding universe. Over time, this opportunity set has changed. Today the high yield corporate market has expanded while the Emerging Market hard currency and local currency indices have become primarily investment grade. For these reasons, the blended benchmark no longer reflects the opportunity set for the fund. The fund s investment strategy will not change and the fund s investment universe will not become constrained by the benchmark. portfolio statement (unaudited) Description Market Value (S$) % of NAV 25,894 units in AllianceBernstein Global High Yield Portfolio Fund 525, Other Assets 52, Net assets attributable to unitholders 577, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Brazil Notas do Tesouro Nacional 10.00%, (01/21-01/27) Series F 1,135,845, U.S. Treasury Bonds 8.00%, 11/15/21 962,401, U.S. Treasury Bonds 8.13%, (08/19-08/21) 960,340, Mexican Bonos 8.00%, 06/11/20 Series M 544,491, U.S. Treasury Bonds 6.13%, (11/27-08/29) 395,129, Mexican Bonos 6.50%, 06/10/21 Series M 368,119, Republic of South Africa Government Bond 10.50%, 12/21/26 Series R ,817, Turkey Government Bond 10.70%, 02/17/21 246,251, U.S. Treasury Bonds 6.25%, 05/15/30 228,075, Argentine Republic Government International Bond 6.88%, (04/21-01/27) 194,904, June U.S. Treasury Bonds 8.00%, 11/15/21 603,120, U.S. Treasury Bonds 8.13%, (08/19-08/21) 548,122, Brazil Notas do Tesouro Nacional 10.00%, (01/17-01/27) Series F 467,867, U.S. Treasury Bonds 8.88%, 08/15/17 218,609, U.S. Treasury Bonds 6.88%, 08/15/25 202,613, Turkey Government Bond 8.20%, (07/16-11/16) 196,769, Turkey Government Bond 9.00%, 03/08/17 Series 5YR 176,196, Ivory Coast Government International Bond 5.75%, 12/31/32 151,532, AB FCP I - Mortgage Income Portfolio - Class SA 102,839, AB SICAV I - Euro High Yield Portfolio - Class S 100,166, Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein Global High Yield Portfolio Fund. All figures have been rounded to the nearest dollar

15 schedule of investments schedule of investments annualised expense ratio (underlying fund) 28 February February 2016 AllianceBernstein Global High Yield Portfolio Fund Class A2 SGD H 1.80* 1.82** 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. The expense ratio of AllianceBernstein Global High Yield Portfolio Fund Class A2 SGD H for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb turnover ratio (underlying fund) 28 February February 2016 AllianceBernstein Global High Yield Portfolio Fund 35.44* 34.38** The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio of AllianceBernstein Global High Yield Portfolio Fund for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017 AllianceBernstein Global High Yield Portfolio Fund (S$) Subscriptions 220,577 Redemptions (25,797) soft dollar commission For the period ended 30 June 2017, the Investment Manager received and entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Underlying Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received include specialist industry, company and consumer research, portfolio and market analysis and computer software used for the delivery of such services. The nature of the goods and services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Underlying Fund and may contribute to an improvement in the Underlying Fund s performance. For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees salaries or direct money payments. exposure to derivatives borrowings related-party transactions investments in collective investment schemes AllianceBernstein Global High Yield Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein Global High Yield Portfolio Fund (Class A2 SGD H). Market Value (S$) % of NAV 525, any other material information that will adversely affect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited

16 fund performance AllianceBernstein Thematic Research Portfolio Fund AllianceBernstein Thematic Research Portfolio Fund 20.05%.68% for the 6 months period ending 30 June 2017 table of performance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* AllianceBernstein Thematic Research Portfolio Fund MSCI All Country World Index ** 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 30 June 2017 Performance is calculated in accordance to 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 1.70% investment objectives 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. 29

17 schedule of investments schedule of investments portfolio statement (unaudited) Description Market Value (S$) % of NAV 4,184 units in AllianceBernstein Thematic Research Portfolio Fund 76, Other Assets 1, Net assets attributable to unitholders 77, All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 30 November November 2015 AllianceBernstein Thematic Research Portfolio Fund Class A SGD H 2.25* 2.25** The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The expense ratio of AllianceBernstein Thematic Research Portfolio Fund Class A SGD H for the financial period ended 30 June 2017 is not available. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Vestas Wind Systems A/S 20,617, Housing Development Finance Corp., Ltd. 19,992, AIA Group Ltd. 19,948, Kingspan Group PLC (London) 19,524, MSCI, Inc. - Class A 18,109, Ecolab, Inc. 17,701, Xylem, Inc./NY 17,626, Abbott Laboratories 17,560, American Water Works Co., Inc. 17,028, Bio-Rad Laboratories, Inc. - Class A 16,777, June Essilor International SA 1,205, UnitedHealth Group, Inc. 1,193, Tencent Holdings Ltd. 1,187, Broadcom Ltd. 1,174, AIA Group Ltd. 1,170, Anheuser-Busch InBev SA/NV 1,169, Facebook, Inc. - Class A 1,136, Alphabet, Inc. - Class C 1,117, Roche Holding AG 1,116, Reckitt Benckiser Group PLC 1,086, * Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov **Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov turnover ratio (underlying fund) 30 November November 2015 AllianceBernstein Thematic Research Portfolio Fund 17.93* 54.25** The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio of AllianceBernstein Thematic Research Portfolio Fund for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov **Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017 AllianceBernstein Thematic Research Portfolio Fund (S$) Subscriptions 24,408 Redemptions (10,369) Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein Thematic Research Portfolio Fund. All figures have been rounded to the nearest dollar

18 schedule of investments soft dollar commission For the period ended 30 June 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. AllianceBernstein US Thematic Research Portfolio 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 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 borrowings related-party transactions investments in collective investment schemes AllianceBernstein Thematic Research Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein Thematic Research Portfolio Fund (Class A SGD H). Market Value (S$) % of NAV 76, any other material information that will adversely affect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited. 32