AXA Insurance Pte Ltd Company Reg No M 8 Shenton Way, #24-01, AXA Tower Singapore /2018

Transcription

1 AXA Insurance Pte Ltd Company Reg No M 8 Shenton Way, #24-01, AXA Tower Singapore /2018

2 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 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 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

3 announcement announcement We would like to inform you of the following summary of changes to various funds below. Please refer to the Annual Funds Report for the details of the changes. 1. Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund Effective 18 December 2017, the wholly-owned Mauritius subsidiary merged into Aberdeen Global Indian Equity Fund, the Underlying Fund of the Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund. 2. AllianceBernstein Emerging Markets Debt Portfolio Fund 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. 3. AllianceBernstein Global High Yield Portfolio Fund Effective 22 February 2018, the manager have updated the investment policies of the fund to include additional disclosures with respect to the use of certain financial derivative instruments to better manage volatility and the portfolio s exposure to currencies. 4. Franklin Technology Fund 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. 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 U.S. Opportunities Fund. As we do not carry the Franklin U.S. Opportunities Fund on our platform, we have transferred existing clients assets in the fund to the Threadneedle American Smaller Companies Fund, a fund with similar investment objectives. There is no change to the fees which investors are paying. 6. Henderson Funds 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, the Henderson Funds names were changed with effect from 15 December 2017: Old Name Henderson Global Technology Fund Henderson Global Select Funds Henderson Asia-Pacific Property Equities Fund Henderson Global Select Funds Henderson Global Property Equities Fund Henderson Horizon Fund - Japan Opportunities Fund Henderson Horizon Fund - Pan European Alpha Fund Henderson Gartmore Fund Continental European Fund Henderson Gartmore Fund Latin American Fund New Name Janus Henderson Global Technology Fund Janus Henderson Global Select Funds Janus Henderson Asia-Pacific Property Equities Fund Janus Henderson Global Select Funds Janus Henderson Global Property Equities Fund Janus Henderson Horizon Fund - Japan Opportunities Fund Janus Henderson Horizon Fund - Pan European Alpha Fund Janus Henderson Fund Continental European Fund Janus Henderson Fund Latin American Fund 2 7. H2O Allegro Fund 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, which is to offer leading active investment solutions from a diverse range of managers, combined with the research, analytics and support to help its clients build portfolios that address its clients demanding investing challenges. 8. JPMorgan Funds - US Equity Fund 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. 9. Mirae Asset Asia Great Consumer Equity Fund Effective 13 November 2017, additional risk factors (i.e. risks linked to the use of securities lending, 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. 10. Neuberger Berman US Strategic Income Fund Effective 29 December 2017, the fund name of Neuberger Berman US Strategic Income Fund was amended to Neuberger Berman Strategic Income Fund. 11. PineBridge Asia Ex Japan Small Cap Equity Fund Effective 13 February 2018, the fund may invest and have direct access to eligible China A-Shares via the Shenzhen-Hong Kong Stock Connect. 12. Pioneer Funds 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 As a result of the merger, the Pioneer Funds names were changed with effect from 16 February 2018: Old Name Pioneer Funds U.S. Dollar Aggregate Bond (USD) Pioneer Funds U.S. Dollar Aggregate Bond (SGD Hedged) Pioneer Funds U.S. Fundamental Growth (USD) 3 New Name Amundi Funds II Pioneer U.S. Dollar Aggregate Bond (USD) Amundi Funds II Pioneer U.S. Dollar Aggregate Bond (SGD Hedged) Amundi Funds II Pioneer U.S. Fundamental Growth (USD) 13. Schroder ISF Asia Pacific Cities Real Estate 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 A-shares through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect to less than 30% of their assets from up to 10%. This is in light of the potential investment opportunities in the China A shares market. 14. Schroder Multi-Asset Revolution 30, Schroder Multi-Asset Revolution 50 & Schroder Multi- Asset Revolution 70 Funds 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

4 announcement contents has decided to integrate responsibility for primary US stock coverage into the Global Equity Team in London. Management of the Schroder ISF US Large Cap Fund and related strategies was also moved to London effective 7 November Schroder Singapore Fixed Income Fund 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 denominated bonds or where in foreign currency, hedged back to SGD. All other key features of the fund will remain the same. 16. Templeton Latin America Fund 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. 17. Wells Fargo Emerging Markets Equity Income Fund 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. 18. Fundsmith Equity Fund Feeder (EUR) Fundsmith Equity Fund Feeder (EUR) (the ILP Sub-Fund ) feeds substantially into the Fundsmith Equity Fund Feeder EUR R-Class (Accumulation) (the Underlying Fund ), a sub-fund of the Fundsmith Equity Fund, managed by Fundsmith LLP. The ILP Sub-Fund was not included in the Annual Funds Report (as at 31 December 2017) in accordance with MAS Notice 307 as it was launched on 18 December 2017, which is within 3 months of the financial year ended 31 December 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 8 AXA World Funds - Global High Yield Bonds 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

5 contents contents 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 Fullerton Dynamic Strategies Fund - Aggressive Fullerton Dynamic Strategies Fund - Balanced Goldman Sachs Emerging Markets CORE Equity Portfolio Goldman Sachs Global Strategic Income Bond Portfolio 28 H2O Allegro Fund Janus Henderson Asia-Pacific Property Equities Fund Janus Henderson Fund - Continental European Fund Janus Henderson Fund - Latin American Fund Janus Henderson Global Property Equities Fund 33 Janus Henderson Global Technology Fund 34 section page this section explains: Janus Henderson Horizon Fund - Japan Opportunities 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 35 Janus Henderson Horizon Fund - Pan European Alpha Fund 36 Invesco Asia Consumer Demand Fund 37 Invesco Japanese Equity Core Fund 38 Invesco Korean Equity Fund 39 Invesco Pacific Equity Fund 40 JPMorgan Funds - Brazil Equity Fund 41 JPMorgan Funds - Greater China Fund 42 JPMorgan Funds - India Fund 43 JPMorgan Funds - Indonesia Equity Fund 44 JPMorgan Funds - US Equity Fund 45 Jupiter Merlin Real Return Portfolio 46 Jupiter Merlin Real Return Portfolio (USD) Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Legg Mason Martin Currie Southeast Asia Trust Legg Mason Western Asset Asian Opportunities Fund section page this section explains: Legg Mason Western Asset Global Bond Trust Matthews Asia Funds - Asia Dividend Fund (USD) 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

6 contents contents Mirae Asset Asia Great Consumer Equity Fund (USD) Natixis Loomis Sayles Multisector Income Fund 54 Neuberger Berman Strategic Income Fund 55 Pictet Asian Local Currency Debt Fund 56 Pictet Emerging Europe Fund 57 Pictet Global Emerging Debt Fund 58 Pictet Health Fund 59 Pictet Premium Brands Fund 60 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 65 Schroder Asian Growth Fund 66 Schroder Asian Income Fund Schroder Global Emerging Market Opportunities Fund section page this section explains: Schroder ISF Asia Pacific Cities Real Estate 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 69 Schroder ISF Global Equity Alpha Fund 70 Schroder ISF QEP Global Quality Fund 71 Schroder ISF Taiwanese Equity Fund 72 Schroder Multi-Asset Revolution 30 Fund 73 Schroder Multi-Asset Revolution 50 Fund 74 Schroder Multi-Asset Revolution 70 Fund 75 Schroder Singapore Fixed Income Fund 76 Schroder Singapore Trust 77 Templeton China Fund 78 Templeton Global Bond Fund 79 Templeton Global Total Return Fund 80 Templeton Latin America Fund 81 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 85 United Asian 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

7 contents performance of PULSAR/POLARIS and OPTIMUS sub-funds 86 United Emerging Markets Bond Fund 87 United Singapore Bond Fund 88 United SGD Fund 89 Wells Fargo Emerging Markets Equity Income Fund (USD) 90 Financial Statements 91 Notes to Financial Statements section page this section explains: General Disclaimers Company Statistics 590 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 capital account statement of asset and liabilities 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 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 Janus Henderson Asia-Pacific Property Equities Fund Janus Henderson Fund - Continental European Fund Janus Henderson Fund - Latin American Fund Janus Henderson Global Property Equities Fund Janus Henderson Global Technology Fund Janus Henderson Horizon Fund - Japan Opportunities Fund Janus 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 Jupiter Merlin Real Return Portfolio

8 performance of PULSAR/POLARIS and OPTIMUS sub-funds Since 3 mths 6 mths 1 yr 3 yrs^ 5yrs^ 10 yrs^ Commencement^* Jupiter Merlin Real Return Portfolio (USD) Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Legg Mason Martin Currie Southeast Asia Trust Legg Mason Western Asset Asian Opportunities Fund Legg Mason Western Asset Global Bond Trust Matthews Asia Funds - Asia Dividend Fund (USD) Mirae Asset Asia Great Consumer Equity Fund (USD) Natixis Loomis Sayles Multisector Income Fund Neuberger Berman 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) Source: Fund house ^Annual compounded return *Commencement Date: 16 January 2012 AllianceBernstein Emerging Markets Debt Fund AllianceBernstein Thematic Research Fund AllianceBernstein US Thematic Research 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 Janus Henderson Asia-Pacific Property Equities Fund Janus Henderson Global Property Equities Fund Janus Henderson Global Technology Fund Janus Henderson Horizon Fund - Japanese Opportunities Fund Janus 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 Martin Currie Southeast Asia Trust 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 Property Securities Fund Schroder ISF Global Equity Alpha Fund Schroder QEP Global Quality Fund Schroder Multi Assets Revolution Fund 30 Schroder Multi Assets Revolution Fund 50 Schroder Multi Assets Revolution Fund 70 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 US Equity Fund Janus Henderson Fund - Continental European Fund Janus Henderson Fund - 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 13

9 performance of PULSAR/POLARIS and OPTIMUS sub-funds 22 July 2014 BlackRock Global Equity Income Fund Templeton Shariah Global Equity Fund United SGD Fund Aberdeen Pacific Equity 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 Jupiter Merlin Real Return Portfolio (USD) 12 October 2016 PineBridge Asia ex Japan Small Cap Equity Fund 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

10 fund performance schedule of investments Aberdeen Pacific Equity Fund 23.01% for the 1 year period ended 31 December 2017 table of per formance Aberdeen Pacific Equity Fund MSCI AC Asia Pacific ex Japan 3 mths 6 mths Source: Aberdeen Asset Management (Singapore) Limited ^ Annual compounded return * Launch Date: 15 January 2016 Commencement Date: 15 January yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 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. portfolio statement Description Market V alue (S$) % of NAV 320,924 units in Aberdeen Pacific Equity Fund 1,972, Other Assets 8, Net assets attributable to unitholders 1,980, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (S$) % of NAV 30 September Aberdeen Global Indian Equity Fund* 124,108, Aberdeen Singapore Equity Fund 108,144, Aberdeen China Opportunities Fund 105,035, Samsung Electronics (Preference Shares) 68,595, Taiwan Semiconductor Manufacturing Company 57,438, Aberdeen Indonesia Equity Fund 50,433, Aberdeen Thailand Equity Fund 48,966, AIA Group 46,839, Jardine Strategic Holdings 42,882, Rio Tinto 37,607, September Aberdeen China Opportunities Fund 143,460, Aberdeen Singapore Equity Fund 135,156, Aberdeen Global Indian Equity Fund* 129,642, Samsung Electronics (Preference Shares) 71,125, Aberdeen Indonesia Equity Fund 54,363, Taiwan Semiconductor Manufacturing Company 52,802, Jardine Strategic Holdings 52,275, AIA Group 48,731, Aberdeen Thailand Equity Fund 47,121, Rio Tinto 46,345, *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 31 December 2017 is not available. 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

11 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 September September 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 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) brokerage and other 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 received. The sub-funds do not pay any performance fees. The average net asset value is based on the daily balances. The expense ratio of Aberdeen Pacific Equity Fund for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 September September 2016 Aberdeen Pacific Equity Fund exposure to derivatives 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$) % of NAV 1,972, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Aberdeen Asset Management (Singapore) Limited. The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, divided by the average daily net asset value. The turnover ratio of Aberdeen Pacific Equity Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Aberdeen Pacific Equity Fund (S$) 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

12 fund performance AllianceBernstein Emer ging Markets Debt Portfolio Fund AllianceBernstein Emerging Markets Debt Portfolio Fund 8.86% for the 1 year period ended 31 December 2017 table of per formance 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 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

13 schedule of investments schedule of investments portfolio statement Description Market V alue (S$) % of NAV 84,102 units in AllianceBernstein Emerging Markets Debt Portfolio Fund 1,735, Other Assets 49, Net assets attributable to unitholders 1,785, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (US$) % of NAV 1 Ukraine Government International Bond 7.75%, (09/21-09/26) 33,284, Argentine Republic Government International Bond 6.88%, (04/21-01/27) 26,507, Turkey Government International Bond 4.88%, 04/16/43 20,336, Russian Foreign Bond - Eurobond 4.50%, 04/04/22 18,400, Gabon Government International Bond 6.38%, 12/12/24 15,076, Russian Foreign Bond - Eurobond 5.25%, 06/23/47 14,839, Republic of South Africa Government International Bond 5.88%, 09/16/25 14,336, Sinopec Group Overseas Development Ltd. 3.25%, (04/25-09/27) 14,103, Indonesia Government International Bond 3.85%, 07/18/27 13,274, Provincia de Buenos Aires/Argentina 9.13%, 03/16/24 13,169, December Brazil Notas do Tesouro Nacional 10.00%, (01/25-01/27) Series F 47,658, Turkey Government International Bond 4.88%, (10/26-04/43) 28,870, Petroleos Mexicanos 6.75%, 09/21/47 17,558, Mexico Government International Bond 4.13%, 01/21/26 16,261, Argentine Republic Government International Bond 6.88%, 04/22/21 14,719, Philippine Government International Bond 4.20%, (01/24-01/24) 14,523, Brazilian Government International Bond 2.63%, 01/05/23 14,261, Petroleos Mexicanos 3.50%, 01/30/23 13,493, Ukraine Government International Bond 7.75%, (09/20-09/26) 12,824, Provincia de Buenos Aires/Argentina 9.13%, 03/16/24 12,246, 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. annualised expense ratio (underlying fund) 31 August August 2016 AllianceBernstein Emerging Markets Debts Portfolio Fund Class A2 SGD H 1.38* 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 year ended 31 December 2017 is not available. *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug turnover ratio (underlying fund) 31 August August 2016 AllianceBernstein Emerging Markets Debt Portfolio Fund 87.16* ** 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 year ended 31 December 2017 is not available. *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug amount of redemptions and subscriptions for the financial yea 1 January 2017 to 31 December 2017 AllianceBernstein Emerging Markets Debt Portfolio Fund (S$) Subscriptions 1,118,970 Redemptions (168,703) soft dollar commission 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 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

14 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 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. AllianceBernstein Global High Yield Portfolio Fund exposure to derivatives borrowings related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of all the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited. 24

15 fund performance at a glance AllianceBernstein Global High Yield Portfolio Fund 6.72% for the 1 year period ended 31 December 2017 table of per formance AllianceBernstein Global High Yield Portfolio Fund 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Barclays Global High Yield Index (USD Hedged) # ** 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 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 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 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 emerging countries. The Portfolio invests in both U.S. dollar and non-u.s. dollar denominated securities. The Investment Manager utilizes the investment research of both its global fixed income and high yield teams. fund updates Effective 22 February 2018, the manager have updated the investment policies of the fund to include additional disclosures with respect to the use of certain financial derivative instruments to better manage volatility and the portfolio s exposure to currencies. 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

16 schedule of investments schedule of investments portfolio statement Description Market V alue (S$) % of NAV 86,287 units in AllianceBernstein Global High Yield Portfolio Fund 1,780, Other Assets 12, Net assets attributable to unitholders 1,793, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (US$) % of NAV 1 Brazil Notas do Tesouro Nacional 10.00%, (01/21-01/27) Series F 1,161,319, U.S. Treasury Bonds 8.13%, (05/21-08/21) 652,328, U.S. Treasury Bonds 8.00%, 11/15/21 562,557, Mexican Bonos 8.00%, 06/11/20 Series M 487,647, Turkey Government Bond 11.10%, 05/15/19 343,750, Mexican Bonos 10.00%, 12/05/24 Series M ,070, Mexican Bonos 6.50%, 06/10/21 Series M 328,461, Turkey Government Bond 11.00%, 02/24/27 251,248, Turkey Government Bond 10.70%, 02/17/21 216,050, AB SICAV I - Emerging Market Local Currency Debt Portfolio - Class ZT 202,282, December Brazil Notas do Tesouro Nacional 10.00%, (01/21-01/27) Series F 805,443, U.S. Treasury Bonds 8.00%, 11/15/21 708,271, U.S. Treasury Bonds 8.13%, (08/19-08/21) 689,579, Republic of South Africa Government Bond 10.50%, 12/21/26 Series R ,140, AB SICAV I - Emerging Market Corporate Debt Portfolio - Class S 167,048, Turkey Government Bond 9.60%, 06/14/17 161,345, U.S. Treasury Bonds 8.88%, 08/15/17 153,254, Turkey Government Bond 9.00%, 03/08/17 Series 5YR 143,496, U.S. Treasury Bonds 5.25%, 11/15/28 136,978, Ivory Coast Government International Bond 5.75%, 12/31/32 108,199, 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. annualised expense ratio (underlying fund) 31 August August 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 year ended 31 December 2017 is not available. *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug turnover ratio (underlying fund) 31 August August 2016 AllianceBernstein Global High Yield Portfolio Fund 28.99* 44.51** 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 year ended 31 December 2017 is not available. *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 AllianceBernstein Global High Yield Portfolio Fund (S$) Subscriptions 1,502,071 Redemptions (221,691) soft dollar commission 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 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

17 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 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. AllianceBernstein Thematic Research Portfolio Fund 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 1,780, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of all the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited. 30

18 fund performance schedule of investments AllianceBernstein Thematic Research Portfolio Fund 34.01% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 32 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 31 December 2017 Performance figures are 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 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. portfolio statement Description Market V alue (S$) % of NAV 8,799 units in AllianceBernstein Thematic Research Portfolio Fund 179, Other Assets 3, Net assets attributable to unitholders 183, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (US$) % of NAV 1 MSCI, Inc. - Class A 23,129, American Water Works Co., Inc. 22,796, Kingspan Group PLC (London) 22,676, Housing Development Finance Corp., Ltd. 22,323, Hexcel Corp. 21,846, Abbott Laboratories 21,305, Apollo Hospitals Enterprise Ltd. 20,144, UnitedHealth Group, Inc. 19,852, AIA Group Ltd. 19,729, Xylem, Inc./NY 19,709, December Partners Group Holding AG 16,176, Kingspan Group PLC 14,429, Alphabet, Inc. - Class C 14,229, Apple, Inc. 14,164, Xylem, Inc./NY 13,939, Ecolab, Inc. 13,909, West Pharmaceutical Services, Inc. 13,691, MSCI, Inc. - Class A 13,598, Tesla Motors, Inc. 13,587, Facebook, Inc. - Class A 13,065, Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein Thematic Research Portfolio Fund. All figures have been rounded to the nearest dollar. 33

19 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 November November 2016 AllianceBernstein Thematic Research Portfolio Fund Class A SGD H 2.02* 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 year ended 31 December 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 turnover ratio (underlying fund) 30 November November 2016 AllianceBernstein Thematic Research Portfolio Fund 46.32* 44.51** 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 year ended 31 December 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 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$) % of NAV 179, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of all the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 AllianceBernstein Thematic Research Por tfolio Fund (S$) 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

20 fund performance AllianceBernstein US Thematic Research Portfolio Fund AllianceBernstein US Thematic Research Portfolio Fund 31.82% for the 1 year period ended 31 December 2017 table of per formance AllianceBernstein US Thematic Research Portfolio Fund 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* S&P 500 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 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 1.50% 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

21 schedule of investments schedule of investments portfolio statement Description Market V alue (S$) % of NAV 9,842 units in AllianceBernstein US Thematic Research Portfolio Fund 289, Other Assets 19, Net assets attributable to unitholders 309, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (US$) % of NAV 1 UnitedHealth Group, Inc. 3,257, Visa, Inc. - Class A 3,117, Charles Schwab Corp. (The) 3,047, Home Depot, Inc. (The) 2,985, Xylem, Inc./NY 2,906, American Water Works Co., Inc. 2,633, Abbott Laboratories 2,600, MSCI, Inc. - Class A 2,556, Hexcel Corp. 2,432, Ecolab, Inc. 2,371, December Apple, Inc. 1,085, Broadcom Ltd. 1,085, West Pharmaceutical Services, Inc. 1,079, Xylem, Inc./NY 1,071, Visa, Inc. - Class A 1,064, Comcast Corp. - Class A 1,051, Ecolab, Inc. 1,042, Alphabet, Inc. - Class C 1,021, Netflix, Inc. 1,021, Facebook, Inc. - Class A 974, 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. annualised expense ratio (underlying fund) 31 August August 2016 AllianceBernstein US Thematic Research Portfolio Fund Class A SGD H 1.99* 1.99** 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 US Thematic Research Portfolio Fund Class A SGD H for the financial year ended 31 December 2017 is not available. *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug turnover ratio (underlying fund) 31 August August 2016 AllianceBernstein US Thematic Research Portfolio Fund 42.33* 30.73** The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio of AllianceBernstein US Thematic Research Portfolio Fund for the financial year ended 31 December 2017 is not available. *Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug **Based on unaudited figures from published Luxembourg semi annual report ending 31 Aug amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 AllianceBernstein US Thematic Research Por tfolio Fund (S$) Subscriptions 128,975 Redemptions (21,525) 38 39

22 schedule of investments soft dollar commission 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 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. AXA W orld Funds - Framlington Emerging Markets 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 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited. 40

23 fund performance schedule of investments AXA World Funds - Framlington Emerging Markets Fund 19.77% for the 1 year period ended 31 December 2017 table of per formance AXA W orld Funds - Framlington Emerging Markets Fund MSCI Emerging Markets TR Net 3 mths Source: AXA Investment Manager ^ Annual compounded return * Launch Date: 29 October 2013 Commencement Date: 29 October mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 29 October 2013 Commencement Date 29 October 2013 Manager AXA Funds Management S.A. (Luxembourg) Sub-Manager AXA Investment Managers UK Limited (London) Currency of Fund Euro Dollars Valuation Frequency Daily Annual Management Fee 1.50% portfolio statement Description Market Value (S$) % of NAV 487 units in AXA World Funds - Framlington Emerging Markets Fund 102, Other Liabilities (138) Net assets attributable to unitholders 102, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (EUR) % of NAV 1 Tencent Holdings Ltd 2,825, Samsung Electronics Co Ltd 1,985, Alibaba Group Holding Ltd 1,602, CNOOC Ltd 1,478, Taiwan Semiconductor Manufacturing Co Ltd 1,331, Zee Entertainment Enterprises Ltd 1,243, Fleury SA 1,140, China Construction Bank Corp 956, Hero MotoCorp Ltd 907, Alsea SAB de CV 884, December Tencent Holdings Ltd 1,352, CNOOC Ltd 863, Baidu Inc 853, Hikma Pharmaceuticals PLC 833, Alibaba Group Holding Ltd 787, Samsung Electronics Co Ltd 739, Zee Entertainment Enterprises Ltd 629, China Construction Bank Corp 616, Naspers Ltd 580, Luxoft Holding Inc 526, Source: AXA Investment Manager. Information extracted from the underlying fund - AXA World Funds - Framlington Emerging Markets Fund. All figures have been rounded to the nearest dollar. investment objectives To achieve long-term capital growth by investing mainly in equities issued companies domiciled or operating predominantly in emerging markets

24 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 AXA World Funds - Framlington Emerging Markets Fund Class A Capitalisation EUR 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. The expense ratio of AXA World Funds - Framlington Emerging Markets Fund Class A Capitalisation EUR for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 31 December December 2016 AXA World Funds - Framlington Emerging Markets Fund exposure to derivatives borrowings related-party transactions investments in collective investment schemes AXA World Funds - Framlington Emerging Markets Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AXA World Funds - Framlington Emerging Markets Fund (Class A Capitalisation EUR). Market Value (S$) % of NAV 102, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: AXA Investment Manager. ((abs(buys)+abs(sells)) - abs(subscriptions-redemptions) average(aum) *2 Data are captured on a daily basis from which a monthly turnover figure is calculated. Annual turnover is the sum of the last 12 months. Buys and sells are Equity only (except for Convertibles & Balanced funds, where equity & debt instruments are integrated in the calculation). amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 AXA W orld Funds - Framlington Emerging Markets Fund (S$) 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

25 fund performance AXA W orld Funds - Framlington Europe Real Estate Securities Fund AXA World Funds - Framlington Europe Real Estate Securities Fund 14.30% for the 1 year period ended 31 December 2017 table of per formance AXA W orld Funds - Framlington Europe Real Estate Securities Fund FTSE EPRA/NAREIT Developed Europe Capped 10% TR Net 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

26 schedule of investments schedule of investments portfolio statement Description Market V alue (S$) % of NAV 1,130 units in AXA World Funds - Framlington Europe Real Estate Securities Fund 400, Other Liabilities (168) Net assets attributable to unitholders 399, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (EUR) % of NAV 1 Unibail-Rodamco SE 16,603, Leg Immobilien AG 15,526, Klepierre SA 15,318, Vonovia SE 14,923, Land Securities Group PLC 14,632, Deutsche Wohnen SE 13,709, Segro PLC 12,209, Buwog AG 8,936, Unite Group PLC 8,827, Wihlborgs Fastigheter AB 8,591, December Land Securities Group PLC 20,192, Klepierre 17,390, Deutsche Wohnen AG 13,567, Vonovia SE 13,192, Leg Immobilien AG 13,014, Hammerson PLC 11,862, Unibail-Rodamco SE 9,848, Unibail-Rodamco SE 9,607, Psp Swiss Property AG 9,080, Segro PLC 8,946, Source: AXA Investment Manager Information extracted from the underlying fund - AXA World Funds - Framlington Europe Real Estate Securities Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 30 June June 2016 AXA World Funds - Framlington Europe Real Estate Securities Fund Class A Capitalisation EUR 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. 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. turnover ratio (underlying fund) 31 December December 2016 AXA World Funds - Framlington Europe Real Estate Securities Fund ((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 Eur ope Real Estate Securities Fund (S$) Subscriptions 175,261 Redemptions (31,513) 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

27 schedule of investments exposure to derivatives borrowings AXA W orld Funds - Global High Yield Bonds (SGD Hedged) related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: AXA Investment Manager. 50

28 fund performance schedule of investments AXA World Funds - Global High Yield Bonds (SGD Hedged) 11.36% for the 1 year period ended 31 December 2017 table of per formance AXA W orld Funds - Global High Yield Bonds (SGD Hedged) 100% BofA Merrill Lynch Global High Yield Hedged (USD) 3 mths Source: AXA Investment Manager ^ Annual compounded return * Launch Date: 22 June 2016 Commencement Date: 29 July mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 June 2016 Commencement Date 29 July 2016 Manager AXA Funds Management S.A. (Luxembourg) Currency of Fund SGD Hedged Valuation Frequency Daily Annual Management Fee 1.25% investment objectives 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 from the divergence between the reference currency of the sub-fund and the currency of this share class by using derivatives instruments whilst retaining the exposure to investment policy described above. portfolio statement Description Market Value (S$) % of NAV 11,154 units in AXA World Funds - Global High Yield Bonds (SGD Hedged) 1,244, Other Assets 19, Net assets attributable to unitholders 1,264, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Sophia LP / Sophia Finance Inc 9% 09/30/ US29359FAA03 9,319, Kenan Advantage Group Inc 7.875% 07/31/ US67109EAA64 8,870, Altice Luxembourg SA 7.75% 05/15/ US02154VAA98 8,443, Cequel Comm Hld I / Cequel CP 6.375% 09/15/ US15672JAA16 8,114, Staples Inc 8.5% 09/15/ US03939PAA21 7,738, Intrepid Aviation Grp Hldg /Fin 6.875% 02/15/ US46122XAA19 7,723, Jaguar Hldg II /Pharma Pdt Dvlpt 6.375% 08/01/ US47010DAA81 7,602, Dell International EMC Corp 5.875% 06/15/ US25272KAU79 7,320, CURO Financial Technologies Corp 12% 03/01/ US23131JAA07 7,306, Stearns Holdings Inc 9.375% 08/15/ US85800TAA79 7,174, December Capsugel SA 7% 05/15/ US14070HAA68 10,530, Columbus International Inc 7.375% 03/30/ US199300AB04 9,900, Ziggo Secured Finance BV 5.5% 01/15/ US98954NAA72 8,786, Rayonier AM Products Inc 5.5% 06/01/ US75508EAA64 8,713, Stearns Holdings Inc 9.375% 08/15/ US85800TAA79 8,640, Sprint Capital Corp 8.75% 03/15/ US852060AT99 8,636, Jaguar Hldg II /Pharma Pdt Dvlpt 6.375% 08/01/ US47010DAA81 8,567, T-Mobile USA Inc 6.54% 04/28/ US87264AAF21 8,516, Digicel Group Ltd 8.25% 09/30/ US25380WAE66 8,440, Cequel Comm Hld I / Cequel CP 6.375% 09/15/ US15672JAA16 8,437, Source: AXA Investment Manager Information extracted from the underlying fund - AXA World Funds - Global High Yield Bonds (SGD Hedged). All figures have been rounded to the nearest dollar

29 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 AXA World Funds - Global High Yield Bonds (SGD Hedged) 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. The expense ratio of AXA World Funds - Global High Yield Bonds (SGD Hedged) for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 31 December December 2016 AXA World Funds - Global High Yield Bonds (SGD Hedged) ((abs(buys)+abs(sells)) - abs(subscriptions-redemptions) average(aum) *2 exposure to derivatives borrowings related-party transactions investments in collective investment schemes AXA World Funds - Global High Yield (SGD Hedged), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AXA World Funds - Global High Yield Bonds (SGD Hedged). Market Value (S$) % of NAV 1,244, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: AXA Investment Manager. Data are captured on a daily basis from which a monthly turnover figure is calculated. Annual turnover is the sum of the last 12 months. Buys and sells are Equity only (except for Convertibles & Balanced funds, where equity & debt instruments are integrated in the calculation). amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 AXA W orld Funds - Global High Yield (SGD Hedged) (S$) 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

30 fund performance BlackRock China Fund BlackRock China Fund 35.78% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* BlackRock China Fund MSCI China 10/40 (net)usd 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

31 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 269,208 units in BlackRock China Fund 5,088, Other Assets 17, Net assets attributable to unitholders 5,105, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Tencent Holdings Ltd 150,768, China Construction Bank Corp 140,619, Alibaba Group Holding Ltd 134,889, Bank Of China Ltd 93,964, Baidu Inc 76,775, China Pacific Insurance Group Co Ltd 65,153, Netease Inc 56,476, Guangshen Railway Co Ltd 53,857, China Taiping Insurance Holdings Co Ltd 53,530, CNOOC Ltd 52,548, December Alibaba Group Holding Ltd 156,896, Tencent Holdings Ltd 143,364, China Construction Bank Corp 98,886, Bank Of China Ltd 98,464, China Mobile Ltd 94,907, China Life Insurance Co Ltd 73,852, Petrochina Company Ltd 58,332, China Petroleum & Chemical Corp 57,388, Semiconductor Manufacturing International Corp 47,965, Guansheng Railway Co Ltd 1,759, Source: BlackRock Information extracted from the underlying fund - BlackRock China Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 BlackRock China Fund Class A2 SGD Hedged 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 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) 31 December December 2016 BlackRock China Fund 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. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 BlackRock China Fund (S$) Subscriptions 2,554,993 Redemptions (621,524) soft dollar commission In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on markets in financial instruments referred to as MiFID II, BlackRock Group will no longer pay for external research via client trading commissions for its MiFID II-impacted funds ( MIFID II-impacted funds ). The BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 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 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. 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. 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

32 schedule of investments schedule of investments (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group 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 research services. Such arrangements may benefit one Fund over another because research can be used 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 reallocated to an eligible service provider where appropriate. 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 provide investment management and advice, they may select brokers (including, without limitation, brokers 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 BlackRock Group s view, lawful and appropriate assistance to each applicable BlackRock Group company in 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 the Funds performance. Such research or execution services may include, without limitation and to the 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 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes BlackRock China Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - China Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 5,088, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. 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

33 fund performance BlackRock Global Allocation Fund BlackRock Global Allocation Fund 12.12% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* BlackRock Global Allocation Fund Composite Benchmark # 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

34 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 204,455 units in BlackRock Global Allocation Fund 2,798, Other Assets Net assets attributable to unitholders 2,799, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Treasury Note (2OLD) /30/ ,932, Treasury Note (OTR) /15/ ,055, Treasury Note (2OLD) /31/ ,179, SPDR Gold Shares 585,179, Treasury Note (2OLD) /31/ ,918, Treasury Note /30/ ,041, Microsoft Corp 339,781, Apple 245,397, Alphabet 188,767, Bank of America Corp 188,767, December Treasury Note (2OLD) /31/ ,615, SPDR Gold Shares 405,689, Apple 303,771, Alphabet 183,022, Treasury (CPI) Note /15/ ,469, Treasury (CPI) Note /15/ ,182, Marathon Petroleum 152,306, Canada (Government of) /01/ ,679, Treasury (CPI) Note /15/ ,703, Australia (Commonwealth of) /15/ ,587, Source: BlackRock. Information extracted from the underlying fund - BlackRock Global Allocation Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 BlackRock Global Allocation Fund Class A2 SGD Hedged 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 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) 31 December December 2016 BlackRock Global Allocation Fund 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. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 BlackRock Global Allocation Fund (S$) Subscriptions 948,640 Redemptions (513,470) soft dollar commission In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on markets in financial instruments referred to as MiFID II, BlackRock Group will no longer pay for external research via client trading commissions for its MiFID II-impacted funds ( MIFID II-impacted funds ). The BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 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 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. 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. 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 64 65

35 schedule of investments schedule of investments (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group 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 research services. Such arrangements may benefit one Fund over another because research can be used 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 reallocated to an eligible service provider where appropriate. 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 provide investment management and advice, they may select brokers (including, without limitation, brokers 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 BlackRock Group s view, lawful and appropriate assistance to each applicable BlackRock Group company in 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 the Funds performance. Such research or execution services may include, without limitation and to the 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 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes BlackRock Global Allocation Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - Global Allocation Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 2,798, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. 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

36 fund performance BlackRock Global Equity Income Fund BlackRock Global Equity Income Fund 17.70% for the 1 year period ended 31 December 2017 table of per formance BlackRock Global Equity Income Fund MSCI All Country World Index (Net Total Return) USD 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

37 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 142,807 units in BlackRock Global Equity Income Fund 2,307, Other Assets 15, Net assets attributable to unitholders 2,323, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 British American Tobacco Plc 89,609, Altria Group Inc 86,733, Imperial Brands Plc 80,095, Johnson & Johnson 75,227, Sanofi Sa 69,253, Cisco Systems Inc 66,156, Novartis Ag 65,271, Philip Morris International Inc 61,952, Rogers Communications Non-Voting I 61,288, Genuine Parts 61,067, December British American Tobacco Plc 88,184, Astrazeneca Plc 86,474, British Brands Plc 77,764, Johnson & Johnson 67,859, Altria Group Inc 66,580, Novartis Ag 61,132, Telus Corp. 59,048, Nestle Sa 58,738, Philip Morris International Inc 57,860, Sanofi Sa 57,199, Source: BlackRock Information extracted from the underlying fund - BlackRock Global Equity Income Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 BlackRock Global Equity Income Fund Class A2 SGD Hedged 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 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) 31 December December 2016 BlackRock Global Equity Income Fund 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. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 BlackRock Global Equity Income Fund (S$) Subscriptions 1,098,287 Redemptions (138,988) soft dollar commission In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on markets in financial instruments referred to as MiFID II, BlackRock Group will no longer pay for external research via client trading commissions for its MiFID II-impacted funds ( MIFID II-impacted funds ). The BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 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 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. 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. 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 70 71

38 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group 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 research services. Such arrangements may benefit one Fund over another because research can be used 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 reallocated to an eligible service provider where appropriate. 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 provide investment management and advice, they may select brokers (including, without limitation, brokers 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 BlackRock Group s view, lawful and appropriate assistance to each applicable BlackRock Group company in 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 the Funds performance. Such research or execution services may include, without limitation and to the 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 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes BlackRock Global Equity Income Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Equity Income Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 2,307, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. 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

39 fund performance BlackRock Latin American Fund BlackRock Latin American Fund 24.68% for the 1 year period ended 31 December 2017 table of per formance BlackRock Latin American Fund MSCI EM Latin America net (USD) 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

40 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 88,435 units in BlackRock Latin American Fund 598, Other Assets Net assets attributable to unitholders 599, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Vale Sa 120,439, Itau Unibanco Holding Sa 113,822, Banco Bradesco S/A 104,410, Petroleo Brasileiro Sa 103,086, Ambev Sa 81,616, America Movil Sab De Cv 65,293, Fomento Economico Mexicano Sab De Cv 58,381, B3 Sa Brasil Bolsa Balcao 46,175, Grupo Financiero Banorte Sab De Cv 44,558, Credicorp Ltd 43,381, December Banco Bradesco S/A 126,599, Petroleo Brasileiro Sa 110,836, Itau Unibanco Holding Sa 97,660, Vale Sa 60,289, Ambev Sa 51,555, BM&F Bovespa Sa Bolsa De Valores Mercadorias E Futuros 50,695, Fomento Economico Mexicano Sab De Cv 49,917, Grupo Financiero Banorte Sab De Cv 46,925, Telefonica Brasil Sa 42,960, Wal Mart De Mexico Sab De Cv 40,734, Source: BlackRock. Information extracted from the underlying fund - BlackRock Global Funds - BlackRock Latin American Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 BlackRock Latin American Fund Class A2 SGD Hedged 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 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) 31 December December 2016 BlackRock Latin American Fund 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. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 BlackRock Latin American Fund (S$) Subscriptions 317,409 Redemptions (66,070) soft dollar commission In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on markets in financial instruments referred to as MiFID II, BlackRock Group will no longer pay for external research via client trading commissions for its MiFID II-impacted funds ( MIFID II-impacted funds ). The BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 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 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. 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. 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 76 77

41 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group 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 research services. Such arrangements may benefit one Fund over another because research can be used 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 reallocated to an eligible service provider where appropriate. 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 provide investment management and advice, they may select brokers (including, without limitation, brokers 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 BlackRock Group s view, lawful and appropriate assistance to each applicable BlackRock Group company in 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 the Funds performance. Such research or execution services may include, without limitation and to the 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 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes BlackRock Latin American Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - Latin American Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 598, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. 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

42 fund performance BlackRock W orld Energy Fund BlackRock World Energy Fund -1.09% for the 1 year period ended 31 December 2017 table of per formance BlackRock W orld Energy Fund MSCI World Energy 10/40 Net Total Return Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

43 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 556,665 units in BlackRock World Energy Fund 3,022, Other Assets 21, Net assets attributable to unitholders 3,043, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Royal Dutch Shell Plc 232,580, Chevron Corp 226,575, BP Plc 150,588, Conocophillips 124,489, Halliburton Company 104,395, Eog Resources Inc 103,240, Exxon Mobil Corp 92,847, Pioneer Natural Resources Company 91,230, Total Sa 87,304, Devon Energy Corporation 79,220, December Royal Dutch Shell Plc 214,403, BP Plc 140,551, Exxon Mobil Corp 138,934, Conocophillips 117,374, Eog Resources Inc 114,020, Chevron Corp 107,231, Schlumberger Nv 100,658, Anadarko Petroleum Corporation 95,392, Baker Hughes Incorporated 87,339, Occidental Petroleum Corporation 78,956, Source: BlackRock. Information extracted from the underlying fund - BlackRock Global Funds - World Energy Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 BlackRock World Energy Fund Class A2 SGD Hedged 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 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) 31 December December 2016 BlackRock World Energy Fund 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. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 BlackRock W orld Energy Fund (S$) Subscriptions 2,009,708 Redemptions (673,582) soft dollar commission In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on markets in financial instruments referred to as MiFID II, BlackRock Group will no longer pay for external research via client trading commissions for its MiFID II-impacted funds ( MIFID II-impacted funds ). The BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 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 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. 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. 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 82 83

44 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group 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 research services. Such arrangements may benefit one Fund over another because research can be used 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 reallocated to an eligible service provider where appropriate. 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 provide investment management and advice, they may select brokers (including, without limitation, brokers 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 BlackRock Group s view, lawful and appropriate assistance to each applicable BlackRock Group company in 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 the Funds performance. Such research or execution services may include, without limitation and to the 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 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes BlackRock World Energy Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World Energy Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 3,022, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. 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

45 fund performance BlackRock W orld Gold Fund BlackRock World Gold Fund 1.71% for the 1 year period ended 31 December 2017 table of per formance BlackRock W orld Gold Fund FTSE Gold Mines Index (cap only) (USD) 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

46 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 1,597,749 units in BlackRock World Gold Fund 8,531, Other Assets 104, Net assets attributable to unitholders 8,636, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Newcrest Mining Ltd 465,570, Randgold Resources Limited 465,074, Agnico Eagle Mines Limited 404,089, Newmont Mining Corp 296,993, Franco Nevada Corp 248,899, Wheaton Precious Metals Corp 221,629, Northern Star Resources Ltd 208,242, Kinross Gold Corp 200,309, Fresnillo Plc 189,897, B2gold Corp 180,972, December Newcrest Mining Ltd 389,920, Randgold Resources Limited 292,382, Newmont Mining Corp 260,567, Agnico Eagle Mines Limited 229,411, Silver Wheaton Corp 209,605, Franco Nevada Corp 196,163, Barrick Gold Corporation 194,481, Anglogold Ashanti Ltd 159,049, Eldorado Gold Corporation 154,686, Detour Gold Corp 154,114, Source: BlackRock. Information extracted from the underlying fund - BlackRock Global Funds - World Gold Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 BlackRock World Gold Fund Class A2 SGD Hedged 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 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) 31 December December 2016 BlackRock World Gold Fund 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. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 BlackRock W orld Gold Fund (S$) Subscriptions 5,761,525 Redemptions (1,305,419) soft dollar commission In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on markets in financial instruments referred to as MiFID II, BlackRock Group will no longer pay for external research via client trading commissions for its MiFID II-impacted funds ( MIFID II-impacted funds ). The BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 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 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. 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. 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 88 89

47 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group 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 research services. Such arrangements may benefit one Fund over another because research can be used 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 reallocated to an eligible service provider where appropriate. 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 provide investment management and advice, they may select brokers (including, without limitation, brokers 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 BlackRock Group s view, lawful and appropriate assistance to each applicable BlackRock Group company in 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 the Funds performance. Such research or execution services may include, without limitation and to the 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 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes BlackRock World Gold Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World Gold Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 8,531, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. 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

48 fund performance BlackRock W orld HealthScience Fund BlackRock World HealthScience Fund 21.78% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* BlackRock W orld HealthScience Fund MSCI World Healthcare Net 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

49 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 218,201 units in BlackRock World Healthscience Fund 11,543, Other Assets 151, Net assets attributable to unitholders 11,694, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Unitedhealth Group Inc 175,236, Pfizer Inc 142,908, Johnson & Johnson 123,270, Novartis Ag 114,206, Medtronic Plc 110,882, Stryker Corp 100,005, Astrazeneca Plc 95,473, Sanofi Sa 91,244, Abbott Laboratories 90,035, Roche Holding Par Ag 87,618, December Unitedhealth Group Inc 179,602, Pfizer Inc 159,182, Johnson & Johnson 119,852, Celgene Corp 116,109, Medtronic Plc 108,959, Amgen Inc 95,401, Bristol Myers Squibb 86,476, Stryker Corp 77,624, Sanofi Sa 73,323, Roche Holding Par Ag 71,266, Source: BlackRock. Information extracted from the underlying fund - BlackRock World Healthscience Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 BlackRock World HealthScience Fund Class A2 USD 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 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) 31 December December 2016 BlackRock World Healthscience Fund 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. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 BlackRock W orld HealthScience Fund (S$) Subscriptions 4,538,229 Redemptions (1,433,073) soft dollar commission In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on markets in financial instruments referred to as MiFID II, BlackRock Group will no longer pay for external research via client trading commissions for its MiFID II-impacted funds ( MIFID II-impacted funds ). The BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 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 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. 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. 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 94 95

50 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group 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 research services. Such arrangements may benefit one Fund over another because research can be used 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 reallocated to an eligible service provider where appropriate. 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 provide investment management and advice, they may select brokers (including, without limitation, brokers 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 BlackRock Group s view, lawful and appropriate assistance to each applicable BlackRock Group company in 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 the Funds performance. Such research or execution services may include, without limitation and to the 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 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes BlackRock World HealthScience Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World HealthScience Fund (Class A2 USD). Market Value (S$) % of NAV 11,543, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. 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

51 fund performance BlackRock W orld Mining Fund BlackRock World Mining Fund 29.87% for the 1 year period ended 31 December 2017 table of per formance BlackRock W orld Mining Fund Euromoney Global Mining Constrained Weights Net Total Return Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

52 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 1,483,339 units in BlackRock World Mining Fund 5,740, Other Assets 59, Net assets attributable to unitholders 5,799, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Glencore Plc 625,737, Bhp Billiton Plc 614,209, Rio Tinto Plc 605,883, Vale Sa 589,230, First Quantum Minerals Ltd 337,526, Teck Resources Ltd 298,458, South32 Ltd 258,108, Newmont Mining Corp 255,546, Randgold Resources Limited 229,287, Newcrest Mining Ltd 184,454, December Rio Tinto Plc 522,975, Glencore Plc 445,519, Bhp Billiton Plc 379,378, Vale Sa 310,050, First Quantum Minerals Ltd 260,582, Teck Resources Ltd 224,409, Newmont Mining Corp 221,455, Gmk Noril Skiy Nikel Pao 201,480, Newcrest Mining Ltd 178,888, Randgold Resources Limited 171,765, Source: BlackRock Information extracted from the underlying fund - BlackRock Global Funds - World Mining Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 BlackRock World Mining Fund Class A2 SGD Hedged 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 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) 31 December December 2016 BlackRock World Mining Fund Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 BlackRock W orld Mining Fund (S$) Subscriptions 2,849,598 Redemptions (916,483) soft dollar commission In accordance with new rules coming into force in January 2018 pursuant to EU Directive 2014/65/EU on markets in financial instruments referred to as MiFID II, BlackRock Group will no longer pay for external research via client trading commissions for its MiFID II-impacted funds ( MIFID II-impacted funds ). The BlackRock Group shall meet such research costs out of its own resources. MiFID II-impacted funds are those which have appointed a BlackRock Group MiFID firm as investment adviser or where investment 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 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. 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. 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

53 schedule of investments schedule of investments may continue to be met out of the assets within the fund. Where permitted by applicable regulation (excluding, for the avoidance of doubt, any Funds which are in scope for MiFID II), certain BlackRock Group 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 research services. Such arrangements may benefit one Fund over another because research can be used 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 reallocated to an eligible service provider where appropriate. 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 provide investment management and advice, they may select brokers (including, without limitation, brokers 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 BlackRock Group s view, lawful and appropriate assistance to each applicable BlackRock Group company in 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 the Funds performance. Such research or execution services may include, without limitation and to the 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 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes BlackRock World Mining Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World Mining Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 5,740, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: BlackRock. 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

54 fund performance First Eagle Amundi International Fund First Eagle Amundi International Fund 10.58% for the 1 year period ended 31 December 2017 table of per formance First Eagle Amundi International Fund 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

55 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 417,666 units in First Eagle Amundi International Fund 44,677, Other Liabilities (454,924) Net assets attributable to unitholders 44,222, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Oracle Corporation 237,562, Microsoft Corporation 230,604, Fanuc Corporation 200,784, KDDI Corporation 155,061, American Express Company 154,067, Weyerhaeuser Company 152,079, Comcast Corporation Class A 152,079, Schlumberger NV 146,115, Omnicom Group Inc 128,223, Bank of New York Mellon Corporation 127,230, December Oracle Corporation 165,560, Microsoft Corporation 164,764, Comcast Corporation 163,968, American Express Company 135,313, KDDI Corporation 125,761, Fanuc Corporation 122,578, Omnicom Group Inc 118,598, Bank of New York Mellon Corp 114,618, Weyerhaeuser Company 111,434, Heidelberg Cement AG 108,250, Source: Amundi Asset Management Information extracted from the underlying fund - First Eagle Amundi International Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 28 February February 2016 First Eagle Amundi International Fund Class AHS (QD) 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. The expense ratio of First Eagle Amundi International Fund Class AHS (QD) for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 28 February February 2016 First Eagle Amundi International Fund Turnover ratio means a ratio calculated based on the lesser of purchases or sales expressed as a percentage over average net asset value. Average net asset value means the net asset value for each day averaged over, as far as possible, the same period used for calculating the expense ratio. The turnover ratio of First Eagle Amundi International 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 First Eagle Amundi International Fund (S$) Subscriptions 18,916,873 Redemptions (3,502,286) soft dollar commission The Management Company does not receive or intend to receive soft dollars in relation to the Sub-Funds. 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 investment decision-making process, in a manner that is permitted in accordance with section 28(e) of the U.S. Securities and Exchange Act of 1934, as amended

56 schedule of investments exposure to derivatives borrowings Franklin European Growth Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Amundi Asset Management. 108

57 fund performance schedule of investments Franklin European Growth Fund 7.22% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Franklin European Growth Fund MSCI Europe Index 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 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 28 May 2012 Commencement Date 28 May 2012 Manager Franklin Templeton Investments Management Limited Currency of Fund Euro Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives The fund aims to achieve long-term capital appreciation by investing principally in equity and/ or equityrelated securities of companies of any market capitalization in European countries. portfolio statement Description Market Value (S$) % of NAV 92,917 units in Franklin European Growth Fund 2,494, Other Liabilities (1,902) Net assets attributable to unitholders 2,492, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (EUR) % of NAV 1 Roche Holding Ag 30,507, Shire Plc 24,382, Banca Generali Spa 23,416, Hunting Plc 23,302, John Wood Group Plc 22,929, Ashmore Group Plc 22,627, ASR Nederland Nv 22,490, SPIE Sa 21,527, IMI Plc 21,417, Scandinavian Tobacco Group A/S 21,126, December Novartis Ag 34,987, Roche Holding Ag 34,953, Sanofi 29,667, Schneider Electric Se 27,910, Braas Monier Building Group Sa 27,718, Applus Services Sa 24,580, Tecnicas Reunidas Sa 24,462, Prysmian Spa 23,430, Schoeller-Bleckmann Oilfield Equipment Ag 23,214, John Wood Group Plc 22,798, Source: Franklin Templeton Investments. Information extracted from the underlying fund - Franklin European Growth Fund. All figures have been rounded to the nearest dollar

58 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Franklin European Growth Fund A (acc) EUR 1.83* 1.83* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to Investors. *unaudited turnover ratio (underlying fund) 31 December December 2016 Franklin European Growth Fund 60.94* 50.38* 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 based on the following formula: 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); 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. *unaudited amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company 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 European Growth Fund paid US$199,099 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Franklin European Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin European Growth Fund (Class A (acc) EUR). Market Value (S$) % of NAV 2,494, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund 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)

59 fund performance Franklin Global Small-Mid Cap Growth Fund Franklin Global Small-Mid Cap Growth Fund 17.27% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Franklin Global Small-Mid Cap Growth Fund MSCI World Small Cap Index 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

60 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 56,792 units in Franklin Global Small-Mid Cap Growth Fund 2,615, Other Liabilities (3,637) Net assets attributable to unitholders 2,611, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Markel Corp 9,682, com Inc 8,824, Fairfax India Holdings Corp 7,988, Scandinavian Tobacco Group A/S 6,192, Major Drilling Group International Inc 6,127, ISS A/S 6,033, Grafton Group Plc 6,025, John Wood Group Plc 5,974, Fairfax Financial Holdings Ltd 5,963, Hang Lung Properties Ltd 5,863, December Pagegroup Plc 7,333, Kennedy-Wilson Holdings Inc 7,185, Markel Corp 7,145, Renaissancere Holdings Ltd 7,137, Nexeo Solutions Inc 7,051, ARA Asset Management Ltd 6,861, AMEC Foster Wheeler Plc 6,836, Fairfax India Holdings Corp 6,809, Irish Residential Properties REIT Plc 6,584, SI Financial Group Inc 6,118, Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin Global Small-Mid Cap Growth Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Franklin Global Small-Mid Cap Growth Fund Class A (acc) USD 1.84* 1.85* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to Investors. *unaudited turnover ratio (underlying fund) 30 June June 2016 Franklin Global Small-Mid Cap Growth Fund 21.35* 21.97* 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 based on the following formula: 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); 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. *audited The turnover ratio of Franklin Global Small-Mid Cap Growth 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 Franklin Global Small-Mid Cap Growth Fund (S$) Subscriptions 835,323 Redemptions (574,608)

61 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company 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. Franklin India Fund For the period 1 July 2017 to 31 December 2017, The Franklin Templeton Investment Fund - Franklin Global Small-Mid Cap Growth Fund paid US$41,221 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Franklin Global Small-Mid Cap Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin Global Small-Mid Cap Growth Fund (Class A (acc) USD). Market Value (S$) % of NAV 2,615, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. 118

62 fund performance schedule of investments Franklin India Fund 27.53% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Franklin India Fund MSCI India Index 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 Franklin Advisers, Inc. and Templeton Asset Management Ltd (as Co-Investment Managers) Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives 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. portfolio statement Description Market Value (S$) % of NAV 174,328 units in Franklin India Fund 2,681, Other Assets 31, Net assets attributable to unitholders 2,712, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 HDFC Bank Ltd 338,502, Kotak Mahindra Bank Limited 255,530, Tata Motors Ltd 196,635, Yes Bank Ltd 181,183, Ultratech Cement Ltd 178,931, Larsen & Toubro Ltd 170,243, Infosys Ltd 168,484, State Bank of India 163,177, Hindustan Unilever Ltd 156,626, Axis Bank Ltd 136,021, December HDFC Bank Ltd 250,888, Tata Motors Ltd 204,538, Kotak Mahindra Bank Limited 163,180, Indusind Bank Limited 159,570, State Bank of India 158,325, Yes Bank Ltd 153,137, Hindustan Unilever Ltd 130,088, Sun Pharmaceutical Industries Ltd 123,564, Ultratech Cement Ltd 113,098, Cognizant Technology Solutions Corp 112,913, Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin India Fund. All figures have been rounded to the nearest dollar. 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%

63 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Franklin India Fund Class A (acc) SGD 1.88* 1.88* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. *unaudited turnover ratio (underlying fund) 31 December December 2016 Franklin India Fund 31.29* 28.78* 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 based on the following formula: 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); 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. *unaudited amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company 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 India Fund paid US$845,575 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Franklin India Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin India Fund (Class A (acc) SGD). Market Value (S$) % of NAV 2,681, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. Franklin India Fund (S$) Subscriptions 1,503,440 Redemptions (561,399)

64 fund performance Franklin Mutual Global Discovery Fund Franklin Mutual Global Discovery Fund 11.44% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Franklin Mutual Global Discovery Fund MSCI World Index 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

65 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 3,344 units in Franklin Mutual Global Discovery Fund 89, Other Liabilities (2,133) Net assets attributable to unitholders 87, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 British American Tobacco Plc 21,197, Medtronic Plc 20,926, NN Group Nv 20,688, Novartis Ag 20,555, Royal Dutch Shell Plc 20,397, Time Warner Inc 19,948, Eli Lilly & Co 19,100, Merck & Co Inc 18,469, Walt Disney Co 17,544, Accor Sa 16,988, December Royal Dutch Shell Plc 21,421, Merck & Co Inc 21,259, Eli Lilly & Co 20,579, Time Warner Inc 20,506, Novartis Ag 20,453, Microsoft Corp 20,451, NN Group Nv 17,522, Medtronic Plc 17,328, American International Group Inc 16,943, CitiGroup Inc 16,762, Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin Mutual Global Discovery Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Franklin Mutual Global Discovery Fund Class A (acc) USD 1.84* 1.84* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. *unaudited turnover ratio (underlying fund) 31 December December 2016 Franklin Mutual Global Discovery Fund 4.91* 24.82* 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 based on the following formula: 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); 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. *unaudited amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Franklin Mutual Global Discovery Fund (S$) Subscriptions 39,390 Redemptions (18,522)

66 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company 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. Franklin Technology Fund For the period 1 July 2017 to 31 December 2017, The Franklin Mutual Global Discovery Fund paid US$33,954 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Franklin Mutual Global Discovery Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin Mutual Global Discovery Fund (Class A (acc) USD). Market Value (S$) % of NAV 89, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. 128

67 fund performance schedule of investments Franklin Technology Fund 40.00% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Franklin Technology Fund MSCI World Information Technology Index Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 28 May 2012 Commencement Date: 28 May 2012 # 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. 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 Advisers, Inc. Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives The fund aims to achieve capital appreciation by investing at least two-thirds of its assets in equity securities of companies expected to benefit from the development, advancement and use of technology. portfolio statement Description Market Value (S$) % of NAV 135,979 units in Franklin Technology Fund 3,120, Other Assets 116, Net assets attributable to unitholders 3,237, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Alibaba Group Holding 72,058, Microsoft Corp 69,595, Amazon.com Inc 67,947, Facebook Inc 64,972, Salesforce.com Inc 62,667, Servicenow Inc 58,401, Apple Inc 51,734, Alphabet Inc 50,017, Analog Devices Inc 41,425, Tencent Holdings Ltd 41,359, December Facebook Inc 33,709, Microsoft Corp 32,685, Amazon.com Inc 31,869, Texas Instruments Inc 27,546, Salesforce.com Inc 27,315, Alphabet Inc 26,628, Servicenow Inc 25,127, Fidelity National Information Services Inc 24,658, Broadcom Ltd 23,864, Apple Inc 23,163, Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin Technology Fund. All figures have been rounded to the nearest dollar. 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%

68 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Franklin Technology Fund Class A (acc) USD 1.82* 1.83* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. *unaudited turnover ratio (underlying fund) 31 December December 2016 Franklin Technology Fund 47.03* 40.22* 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 based on the following formula: 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); 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. *audited amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company 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 Technology Fund paid US$139,643 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Franklin Technology Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin Technology Fund (Class A (acc) USD). Market Value (S$) % of NAV 3,120, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund 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)

69 fund performance Franklin U.S. Equity Fund Franklin U.S. Equity Fund 11.27% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Franklin U.S. Equity Fund S&P 500 Index 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

70 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 10,295 units in Franklin U.S. Equity Fund 371, Other Assets 3, Net assets attributable to unitholders 374, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Alphabet Inc 33,051, Charles Schwab Corp 26,649, Mastercard Inc 23,680, Genesee & Wyoming Inc 23,666, Microsoft Corp 23,616, JPMorgan Chase & Co 18,478, Equinix Inc 17,090, Twenty-first Century Fox Inc 16,209, Synchrony Financial 15,324, Aetna Inc 15,134, December Microsoft Corp 27,645, Allergan Plc 26,855, Alphabet Inc 25,709, Anadarko Petroleum Corp 22,089, Charles Schwab Corp 21,679, Willis Towers Watson Plc 19,676, Altice Nv 18,897, Hartford Financial Services Group Inc 18,299, Schlumberger Ltd 18,094, Equinix Inc 17,837, Source: Franklin Templeton Investments. Information extracted from the underlying fund - Franklin U.S. Equity Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Franklin U.S. Equity Fund Class A (acc) USD 1.83* 1.83* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. *unaudited turnover ratio (underlying fund) 31 December December 2016 Franklin U.S. Equity Fund 39.23* 26.71* 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 based on the following formula: 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); 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. *audited amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Franklin U.S. Equity Fund (S$) Subscriptions 227,677 Redemptions (202,049)

71 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company 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. Fullerton Dynamic Strategies Fund - Aggressive For the period 1 July 2017 to 31 December 2017, The Franklin US Equity Fund paid US$39,393 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. The Management Company and/or the Investment Managers may enter, with brokers/dealers that are entities and not individuals, into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Management Company and/or the Investment Managers, including the Company, and where the Management Company and/or the Investment Managers are satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interest of the Company. Any such arrangement must be made by the Management Company and/or the Investment Managers on terms commensurate with best market practice. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Franklin U.S. Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin U.S. Equity Fund (Class A (acc) USD). Market Value (S$) % of NAV 371, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. 138

72 fund performance schedule of investments Fullerton Dynamic Strategies Fund - Aggressive 9.72% for the 1 year period ended 31 December 2017 table of per formance Fullerton Dynamic Strategies Fund - Aggressive 20% Citigroup World Government Bond Index and 80% MSCI AC World Net Index Source: Fullerton Fund Management ^ Annual compounded return * Launch Date: 15 December 2015 Commencement Date: 1 January mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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% portfolio statement Description Market Value (S$) % of NAV 936,782 units in Fullerton Dynamic Strategies Fund - Aggressive 1,259, Other Liabilities (4,481) Net assets attributable to unitholders 1,255, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 SSGA Global Treasury Bond 4,178, Egerton Capital Equity 3,739, SPDR Emerging Markets 3,593, Dimension Global Core Equity 3,552, Winton Global Equity Fund 3,497, Vanguard Global Equity 3,464, China AMC CSI 300 Index ETF 3,321, ishares MSCI W UCITS 2,684, Lyxor ETF MSCI WORLD 2,609, Vanguard UCITS 2,248, December SPDR MSCI ACWI 7,655, Winton Global Equity Fund 4,590, SSGA Global Treasury Bond 4,234, Lyxor ETF MSCI WORLD 3,841, ishares S&P 500 Index 3,155, Vanguard Global Equity 2,990, Dimension Global Core Equity 2,685, ishares Global Government Bond 2,344, Dimension Emerging Market 2,123, Egerton Capital Equity 1,798, Source: Fullerton Fund Management. Information extracted from the underlying fund - Fullerton Dynamic Strategies Fund - Aggressive. 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

73 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 September September 2016 Fullerton Dynamics Strategies Fund - Aggressive 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. The expense ratio of Fullerton Dynamics Strategies Fund - Aggressive for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 September September 2016 Fullerton Dynamics Strategies Fund - Aggressive The turnover ratios are calculated based on the following formula: 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); 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. The turnover ratio of Fullerton Dynamics Strategies Fund - Aggressive 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 soft dollar commission We have adopted the standards as set out by Investment Management Association of Singapore (IMAS) and Monetary Authority of Singapore (MAS) on receipt of soft dollar commissions. Fullerton s policy towards such arrangements is as follows: 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 borrowings related-party transactions investments in collective investment schemes Fullerton Dynamic Strategies Fund - Aggressive, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fullerton Dynamic Strategies Fund Aggressive. Market Value (S$) % of NAV 1,259, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Fullerton Fund Management. Fullerton Dynamics Strategies Fund - Aggr essive (S$) Subscriptions 469,393 Redemptions (201,899)

74 fund performance Fullerton Dynamic Strategies Fund - Balanced Fullerton Dynamic Strategies Fund - Balanced 4.49% for the 1 year period ended 31 December 2017 table of per formance Fullerton Dynamic Strategies Fund - Balanced 50% Citigroup World Government Index and 50% MSCI AC World Net Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

75 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 1,948,068 units in Fullerton Dynamic Strategies Fund - Balanced 2,299, Other Liabilities (15) 0.00 Net assets attributable to unitholders 2,299, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 SSGA Global Treasury Bond 2,446, Vanguard UCITS 1,949, ishares Global Govt 1,907, Aberdeen Global II 1,437, Egerton Capital Equity 857, SPDR Emerging Markets 842, Dimension Global Core Equity 805, Winton Global Equity Fund 792, China AMC CSI 300 Index ETF 712, Lyxor ETF MSCI WORLD 522, December ishares Global Government Bond 2,616, SSGA Global Treasury Bond 2,581, SPDR MSCI ACWI 1,544, Lyxor ETF MSCI WORLD 1,188, Winton Global Equity Fund 1,173, Egerton Capital Equity 743, Fullerton Short Term Interest Rate Fund Class B 686, ishares MSCI World UCITS ETF 655, Dimension Global Core Equity 433, ishares S&P 500 IDX 416, Source: Fullerton Fund Management. Information extracted from the underlying fund - Fullerton Dynamic Strategies Fund - Balanced. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 30 September September 2016 Fullerton Dynamic Strategies Fund - Balanced 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. The expense ratio of Fullerton Dynamic Strategies Fund - Balanced for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 September September 2016 Fullerton Dynamic Strategies Fund - Balanced The turnover ratios are calculated based on the following formula: 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); 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. The turnover ratio of Fullerton Dynamic Strategies Fund - Balanced 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 Fullerton Dynamic Strategies Fund - Balanced (S$) Subscriptions 861,618 Redemptions (66,867)

76 schedule of investments soft dollar commission We have adopted the standards as set out by Investment Management Association of Singapore (IMAS) and Monetary Authority of Singapore (MAS) on receipt of soft dollar commissions. Fullerton s policy towards such arrangements is as follows: 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. Goldman Sachs Emerging Markets CORE Equity Portfolio 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 borrowings related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Fullerton Fund Management. 148

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

78 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 513,846 units in Goldman Sachs Emerging Markets CORE Equity Portfolio 12,467, Other Assets 161, Net assets attributable to unitholders 12,628, All figures have been rounded up to the nearest dollar. annualised expense ratio (underlying fund) 30 November November 2016 Goldman Sachs Emerging Markets CORE Equity Portfolio Base Acc Expense ratio is calculated as Total Expenses/Average AUM, at the share class level. The expense ratio of Goldman Sachs Emerging Markets CORE Equity Portfolio Base Acc for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Samsung Electronics Co Ltd 108,412, Tencent Holdings Ltd 104,625, Taiwan Semiconductor Manufacturing Co Ltd 101,852, Alibaba Group Holding Ltd 59,022, China Construction Bank Corp 51,973, Sberbank of Russia PJSC 45,823, Industrial & Commercial Bank of China Ltd 45,298, SK Hynix Inc 45,206, Naspers Ltd 43,655, Wal-Mart de Mexico SAB de CV 35,213, December Samsung Electronics Co Ltd 26,382, Taiwan Semiconductor Manufacturing Co Ltd 23,153, China Constructuon Bank C 18,003, Tencent Holdings Limited 16,223, China Mobile Limited 14,685, Standard Bank Group Limit 9,930, Banco Bradesco Sa 9,762, Industrial and Commercial 9,683, Agricultural Bank of China 9,431, China Petroleum & Chemical 8,789, November November 2016 Goldman Sachs Emerging Markets CORE Equity Portfolio Turnover ratio is calculated as lower of purchases and sales / yearly average total net assets. The turnover ratio of Goldman Sachs Emerging Markets CORE Equity 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 Gr owth and Emer ging Markets CORE Equity Portfolio (S$) Subscriptions 6,446,834 Redemptions (901,147) soft dollar commission The QIS team does not use soft dollars or other mixed-use services obtained with client commissions. 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

79 schedule of investments exposure to derivatives borrowings Goldman Sachs Global Strategic Income Bond Portfolio related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Goldman Sachs Asset Management. 154

80 fund performance schedule of investments Goldman Sachs Global Strategic Income Bond Portfolio -0.89% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Goldman Sachs Global Strategic Income Bond Portfolio 3 Month Libor (USD) Source: Goldman Sachs Asset Management ^ Annual compounded return * Share Class Launch Date: 15 January 2016 Commencement Date: 30 March 2016 Performance figures are 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. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. Past performance is not necessarily a guide to future performance. at a glance fund facts Launch Date 15 January 2016 Commencement Date 30 March 2016 Manager Goldman Sachs Asset Management International, Fixed Income Team Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.20% investment objectives The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest in publicly traded securities, currencies and financial derivative instruments, mostly in the global fixed income and currency markets. portfolio statement Description Market Value (S$) % of NAV 8,596 units in Goldman Sachs Global Strategic Income Bond Portfolio 808, Other Assets 9, Net assets attributable to unitholders 817, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 LCH IR USD S 20Nov20 FIX 1,535,133, LCH IR GBP S 21Mar20 FIX 973,297, LCH IR USD S 6Aug20 FIX 902,802, LCH IR USD Q 20Nov23 FLT 671,895, ICE CD CXPEM528 20Dec22 O 571,895, LCH IR EUR A 16Dec21 FIX 510,926, CURRENCY CONTRACT - SEK 507,116, LCH IR SEK A 29Jun19 FIX 505,972, JAPAN T Bills 489,323, LCH IR EUR S 21Mar23 FLT 486,649, December Forward US Dollar 2,362,013, LCH IR USD S 20Dec19 FIX 1,566,878, LCH IR USD Q 15Mar19 FLT 1,156,250, Japanese Govt T-Bill # Feb ,496, LCH IR GBP S 15Mar19 FIX 852,706, LCH IR CAD S 15Mar19 FIX 837,594, LCH IR NZD S 22Feb19 FIX 541,536, LCH IR USD S 19Dec19 FIX 524,200, Forward Swedish Krone 353,612, LCH IR SEK A 15Jun18 FIX 341,992, Source: Goldman Sachs Asset Management. Information extracted from the underlying fund - Goldman Sachs Global Strategic Income Bond Portfolio. All figures have been rounded to the nearest dollar. Note: The % of NAV reported in the 31 December 2016 annual funds report was incorrect

81 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 November November 2016 Goldman Sachs Global Strategic Income Bond Portfolio Expense ratio is calculated as Total Expenses/Average AUM, at the share class level. The expense ratio of Goldman Sachs Global Strategic Income Bond Portfolio for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) investments in collective investment schemes Goldman Sachs Global Strategic Income Bond Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Goldman Sachs Global Strategic Income Bond Portfolio. Market Value (S$) % of NAV 808, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Goldman Sachs Asset Management. 30 November November 2016 Goldman Sachs Global Strategic Income Bond Portfolio Turnover ratio is calculated as lower of purchases and sales / yearly average total net assets. The turnover ratio of Goldman Sachs Global Strategic Income Bond Portfolio for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Goldman Sachs Global Strategic Income Bond Portfolio (S$) 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 borrowings related-party transactions

82 fund performance H2O Allegro Fund H2O Allegro Fund 20.22% for the 1 year period ended 31 December 2017 table of per formance H2O Allegro Fund 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* SGD 1 Month SIBOR 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

83 at a glance schedule of investments fund facts Launch Date 25 May 2015 Commencement Date 25 May 2015 Manager H2O Asset Management LLP Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.20% investment objectives The fund s investment objective is to outperform, over its recommended minimum investment term of 3 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 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 over a 1-month period. fund updates With effect from 20 June 2017, the fund manager has decided to implement a net asset value adjustment mechanism known as swing pricing for all units of the fund. This mechanism consists of making investors subscribing for or redeeming their units of the fund bear the costs associated with transactions carried out on the assets of fund as a result of the movements (subscriptions or redemptions). Its purpose is to protect the non-trading investors who remain in the fund from the dilution effect of these costs, which impact the fund s performance by making them bear the lowest possible costs. The result is an adjusted swing net asset value. 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, which is to offer leading active investment solutions from a diverse range of managers, combined with the research, analytics and support to help its clients build portfolios that address its clients demanding investing challenges. portfolio statement Description Market Value (S$) % of NAV 64,670 units in H2O Allegro Fund 10,945, Other Liabilities (32,844) Net assets attributable to unitholders 10,912, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (EUR) % of NAV 30 June Mexico MBONO 10 12/05/24 68,251, Portugal PGB /15/24 63,697, Portugal PGB 2 7/8 10/15/25 47,459, Greece GGB 4 3/4 04/17/19 35,499, Greece GGB 3 3/4 01/30/28 29,230, Portugal PGB /15/45 23,474, Greece GGB 3 02/24/23 19,819, Italy BTPS 4 3/4 09/01/44 18,738, Portugal PGB 4 1/8 04/14/27 18,318, Civitas Properties Civits 4 11/24/22 18,479, December Portugal PGB /15/24 37,968, Greece GGB 4 3/4 04/17/19 34,138, Portugal PGB 2 7/8 10/15/25 32,547, Portugal PGB /15/45 28,194, Spain /30/24 24,296, Italy BTPS 4 3/4 09/01/44 19,137, Portugal PGB /15/37 12,625, Greece GGB 3 02/24/27 11,297, Greece GGB 3 02/24/26 8,826, Greece GGB 3 02/24/25 8,666, 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

84 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 H2O Allegro Fund Class HSGD-R(C) Total expense ratio excludes transactions-related fees (brokerage fees, settlement fees payable to the Custodian, and 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 available. turnover ratio (underlying fund) 30 June June 2016 H2O Allegro Fund 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 cash management-related transactions. exposure to derivatives borrowings related-party transactions investments in collective investment schemes H20 Allegro Fund, an ILP sub-fund, feeds 100% into the underlying France registered H2O Allegro Fund (Class HSGD-R(C)). Market Value (S$) % of NAV 10,945, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Natixis Investment Managers & H2O Asset Management. The turnover ratio of H2O Allegro Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 H2O Allegro Fund (S$) 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

85 fund performance Janus Henderson Asia-Pacific Property Equities Fund (previously known as Henderson Asia-Pacific Property Equities Fund) Janus Henderson Asia-Pacific Property Equities Fund 6.17% for the 1 year period ended 31 December 2017 table of per formance Janus Henderson Asia- Pacific Property Equities Fund FTSE EPRA/NAREIT Pure Asia total return net dividend Index (Capital constrained) 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

86 at a glance schedule of investments fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Henderson Global Investors (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.33% investment objectives To seek to provide investors through investment as a feeder fund in the Luxembourg- based Henderson 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 market, which derive the predominant part of their revenue from the ownership, management and/or development of real estate in the Asia-Pacific Region. 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 Global Select Funds Henderson Global Property Equities Fund has been renamed to Janus Henderson Global Select Funds Janus Henderson Global Property Equities Fund. portfolio statement Description Market Value (S$) % of NAV 91,904 units in Janus Henderson Asia-Pacific Property Equities Fund 82, Other Liabilities (361) Net assets attributable to unitholders 81, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Sun Hung Kai Properties 26,415, Mitsui Fudosan 25,883, Link REIT 23,530, Goodman Group 15,342, Hang Lung Properties 13,378, CK Asset 13,180, Scentre Group 13,108, Sumitomo Realty & Development 12,856, Hulic 12,131, Mirvac Group 11,804, December Scentre Group 26,918, Mitsui Fudosan 22,275, Sun Hung Kai Properties 21,536, Cheung Kong Property 20,844, Link REIT 15,826, Activia Properties 13,423, Goodman Group 13,000, Orix JREIT 12,822, Mitsubishi Estate 12,624, Stockland 12,445, 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

87 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 Janus Henderson Asia-Pacific Property Equities Fund Class A2 SGD 2.26* 2.05* The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ). The total operating expenses do 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 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 daily balances. *audited The expense ratio of Janus Henderson Asia-Pacific Property Equities Fund Class A2 SGD for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 Janus Henderson Asia-Pacific Property Equities Fund SGD 0.69* 0.64* 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 purchases or sales of the underlying investments divided by the average daily net asset value. *audited The turnover ratio of Janus Henderson Asia-Pacific Property Equities Fund SGD 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 Asia-Pacific Property Equities Fund (S$) Subscriptions 28,273 Redemptions (1,569) soft dollar commission 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. 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 provisions for payment to third parties for investment research. In respect of the Underlying Entities, the Underlying Investment Managers that are based within the European 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 investment brokers who are paid for that research (or services) from the commission the relevant Underlying Entity pays for transactions. Where the Managers, Sub-Managers or Underlying Investment Managers for the Fund or Underlying Entities (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 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 do not enter into unnecessary trades in order to achieve a sufficient volume of transactions to qualify for soft dollars. 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Janus Henderson Asia-Pacific Property Equities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund - Asia-Pacific Property Equities Fund (Class A2 SGD). Market Value (S$) % of NAV 82, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors

88 fund performance Janus Henderson Fund Continental European Fund (previously known as Henderson Gartmore Continental European Fund) Janus Henderson Fund Continental European Fund 7.45% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Janus Henderson Fund Continental European Fund MSCI Europe (ex UK) 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 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

89 at a glance schedule of investments fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Henderson Global Investors Limited Currency of Fund Euro Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives To achieve a long-term return, in excess of the long-term return that is typically achieved from Continental 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 Europe, or (ii) are holding companies which predominantly own companies with registered offices in Continental Europe. 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 Gartmore Fund Continental European Fund has been renamed to Janus Henderson Fund Continental European Fund. portfolio statement No. Description Market Value (S$) % of NAV 4,384 units in Janus Henderson Fund Continental European Fund 72, Other Liabilities (111) Net assets attributable to unitholders 72, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (EUR) % of NAV 1 Nestlé 181,308, Galp Energia SGPS 134,722, SAP 133,882, Autoliv 131,573, ABN AMRO Group 124,836, Carlsberg 118,330, Novo Nordisk 114,484, Novartis 109,432, RELX 107,018, Nordea Bank 102,890, December Novartis 176,083, Autoliv 172,384, Nestlé 165,806, Roche 163,396, SAP 154,062, Nordea Bank 141,938, KBC Group 123,002, ING Groep 111,197, Galp Energia SGPS 110,388, BNP Paribas 105,702, 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

90 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 September September 2016 Janus Henderson Fund Continental European Fund (Class R Acc EUR) 1.63* 1.68* The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *audited The expense ratio of Janus Henderson Fund Continental European Fund (Class R Acc EUR) for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 September September 2016 Janus Henderson Fund Continental European Fund (Class R Acc EUR) * * The portfolio turnover ratio is calculatedin accordance with SFAMA (Swiss Funds and Asset Management Association). *audited exposure to derivatives borrowings related-party transactions investments in collective investment schemes 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). Market Value (S$) % of NAV 72, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. The turnover ratio of Janus Henderson Fund Continental European Fund (Class R Acc EUR) for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Janus Henderson Fund Continental Eur opean Fund (S$) 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

91 fund performance Janus Henderson Fund - Latin American Fund (previously known as Henderson Gartmore Latin American Fund) Janus Henderson Fund - Latin American Fund 29.64% for the 1 year period ended 31 December 2017 table of per formance Janus Henderson Fund - Latin American Fund MSCI EM Latin America Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

92 at a glance schedule of investments fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Henderson Global Investors Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives To achieve a long-term return, in excess of the long-term return that is typically achieved from Latin American 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 markets, or (ii) are holding companies which predominantly own companies with registered offices in Latin American markets. 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 Gartmore Fund Latin American Fund has been renamed to Janus Henderson Fund Latin American Fund. portfolio statement Description Market Value (S$) % of NAV 6,452 units in Janus Henderson Fund - Latin American Fund 123, Other Liabilities (147) Net assets attributable to unitholders 123, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Quinenco 5,968, Cia Cervecerias Unidas 5,545, Duratex 3,996, Banco Bradesco 3,892, Grupo Herdez 3,522, Embotelladora Andina 3,500, Sociedad Matriz SAAM 3,471, Inversiones Aguas Metropolitanas 3,362, Grupo Nutresa 3,332, WEG 2,942, December Quinenco 3,783, Mahle-Metal Leve 3,730, Cia Cervecerias Unidas 3,691, Duratex 3,223, Empresa Nacional de Telecomunicaciones 3,211, WEG SA ORD BRL 3,194, Grupo Herdez 2,828, Banco Bradesco 2,722, Sociedad Matriz SAAM SA 2,583, Inversiones Aguas Metropolitanas 2,329, 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

93 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 September September 2016 Janus Henderson Fund - Latin American Fund Class Acc USD (R) 1.72* 1.74* The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *audited The expense ratio of Janus Henderson Fund - Latin American Fund Class Acc USD (R) for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 September September 2016 Janus Henderson Fund - Latin American Fund * -7.76* The portfolio turnover ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *audited exposure to derivatives borrowings related-party transactions investments in collective investment schemes 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)). Market Value (S$) % of NAV 123, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. The turnover ratio of Janus Henderson Fund - Latin American Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Janus Henderson Fund - Latin American Fund (S$) 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

94 fund performance Janus Henderson Global Property Equities Fund (previously known as Henderson Global Property Equities Fund) Janus Henderson Global Property Equities Fund 2.71% for the 1 year period ended 31 December 2017 table of per formance Janus Henderson Global Property Equities Fund FTSE EPRA/NAREIT Developed Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

95 at a glance schedule of investments fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Henderson Global Investors (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.33% investment objectives To seek to provide investors through investment as a feeder fund in the Luxembourg-based Henderson 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 development of real estate, throughout the world. 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 Global Select Funds Henderson Global Property Equities Fund has been renamed to Janus Henderson Global Select Funds Janus Henderson Global Property Equities Fund. portfolio statement Description Market Value (S$) % of NAV 68,146 units in Janus Henderson Global Property Equities Fund 75, Other Liabilities (546) Net assets attributable to unitholders 75, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (US$) % of NAV 1 Simon Property Group 18,490, Deutsche Wohnen 13,535, Mitsui Fudosan 12,982, Alexandria Real Estate Equities 12,899, Sun Hung Kai Properties 12,211, Public Storage 11,335, Invitation Homes 10,209, Hang Lung Properties 8,342, Goodman Group 8,131, UDR 8,052, December Simon Property Group 22,435, Mitsui Fudosan 16,967, AvalonBay Communities 16,868, General Growth Properties 13,256, Deutsche Wohnen 12,912, Scentre Group 12,261, Rexford Industrial Realty 12,257, Sun Hung Kai Properties 11,731, Hudson Pacific Properties 10,936, Physicians Realty Trust 10,740, 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

96 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 Janus Henderson Global Property Equities Fund Class A2 SGD 2.42* 1.71* 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. *audited The expense ratio of Janus Henderson Global Property Equities Fund Class A2 SGD for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 Janus Henderson Global Property Equities Fund 5.73* 18.52* 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 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. *audited The turnover ratio of Janus Henderson Global Property Equities 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 Global Property Equities Fund (S$) Subscriptions 37,912 Redemptions (5,312) soft dollar commission 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. 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 provisions for payment to third parties for investment research. In respect of the Underlying Entities, the Underlying Investment Managers that are based within the European 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 investment brokers who are paid for that research (or services) from the commission the relevant Underlying Entity pays for transactions. Where the Managers, Sub-Managers or Underlying Investment Managers for the Fund or Underlying Entities (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 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 do not enter into unnecessary trades in order to achieve a sufficient volume of transactions to qualify for soft dollars. 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Janus Henderson Global Property Equities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund - Global Property Equities Fund (Class A2 SGD). Market Value (S$) % of NAV 75, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors

97 fund performance Janus Henderson Global Technology Fund (previously known as Henderson Global Technology Fund) Janus Henderson Global Technology Fund 31.98% for the 1 year period ended 31 December 2017 table of per formance Janus Henderson Global Technology Fund MSCI AC World Information Technology Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

98 at a glance schedule of investments fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Henderson Global Investors (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.33% investment objectives To seek to provide investors through investment as a feeder fund in the Luxembourg-based Henderson 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. There are no specified limits on the amounts that the fund can or must invest in any geographical region or single country. 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 Global Technology Fund has been renamed to Janus Henderson Global Technology Fund. portfolio statement Description Market Value (S$) % of NAV 1,360,820 units in Janus Henderson Global Technology Fund 4,867, Other Assets 3, Net assets attributable to unitholders 4,870, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (US$) % of NAV 1 Alphabet 255,968, Apple 233,683, Facebook 190,700, Microsoft 154,667, Samsung Electronics 124,055, Alibaba Group 109,524, Visa 99,797, Cisco Systems 95,285, Broadcom 83,936, Mastercard 74,791, December Apple 174,876, Facebook 128,995, Microsoft 127,341, Alphabet A 108,314, Alphabet C 86,115, Samsung Electronics 82,352, Visa 80,718, Intel 75,769, Cisco Systems 74,307, Tencent Holdings 70,742, Source: Janus Henderson Investors. Information extracted from the underlying fund - Janus Henderson Global Technology Fund. All figures have been rounded to the nearest dollar

99 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 Janus Henderson Global Technology Fund Class A2 SGD 2.20* 1.72* The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ). The total operating expenses do 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 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 daily balances. *audited The expense ratio of Janus Henderson Global Technology Fund Class A2 SGD for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 Janus Henderson Global Technology Fund SGD 11.00* 8.85* 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 purchases or sales of the underlying investments divided by the average daily net asset value. *audited The turnover ratio of Janus Henderson Global Technology Fund SGD 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 Global Technology Fund (S$) Subscriptions 1,937,437 Redemptions (291,408) soft dollar commission 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. 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 provisions for payment to third parties for investment research. In respect of the Underlying Entities, the Underlying Investment Managers that are based within the European 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 investment brokers who are paid for that research (or services) from the commission the relevant Underlying Entity pays for transactions. Where the Managers, Sub-Managers or Underlying Investment Managers for the Fund or Underlying Entities (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 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 do not enter into unnecessary trades in order to achieve a sufficient volume of transactions to qualify for soft dollars. 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Janus Henderson Global Technology Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund - Global Technology Fund (Class A2). Market Value (S$) % of NAV 4,867, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors

100 fund performance Janus Henderson Horizon Fund - Japan Opportunities Fund (previously known as Henderson Horizon Fund - Japan Opportunities Fund) Janus Henderson Horizon Fund - Japan Opportunities Fund 19.93% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Janus Henderson Horizon Fund - Japan Oppor tunities Fund Tokyo SE First Section Index 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

101 at a glance schedule of investments fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Henderson Global Investors Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.20% investment objectives 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 across a variety of sectors. The Fund is not restricted in the size of the companies in which it can invest. 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 - Japan Opportunities Fund has been renamed to Janus Henderson Horizon Fund - Japan Opportunities Fund. portfolio statement Description Market Value (S$) % of NAV 55,415 units in Janus Henderson Horizon Fund - Japan Opportunities Fund 1,320, Other Assets 7, Net assets attributable to unitholders 1,327, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (JPY) % of NAV 1 Mitsubishi UFJ Financial Group 302,058, Fujitsu 261,007, TDK 258,013, Japan Tobacco 250,435, Mitsui Fudosan 234,526, Sony 218,655, Don Quijote 212,400, SoftBank Group 208,821, Disco 205,492, Komatsu 199,724, December Mitsubishi UFJ Financial Group 248,711, Fujitsu 224,588, Disco 213,740, Inpex 209,447, Denso 209,421, Don Quijote 206,302, Japan Tobacco 205,242, Murata Manufacturing 203,417, Seibu 202,425, Fujifilm 198,996, 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

102 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 Janus Henderson Horizon Fund - Japan Opportunities Fund 2.04* 1.92* The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *unaudited The expense ratio of Janus Henderson Horizon Fund - Japan Opportunities Fund Class A2 for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 Janus Henderson Horizon Fund - Japan Opportunities Fund 12.32* * The portfolio turnover ratio is calculatedin accordance with SFAMA (Swiss Funds and Asset Management Association). exposure to derivatives borrowings related-party transactions investments in collective investment schemes Janus Henderson Horizon Fund - Japan Opportunities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Janus Henderson Horizon Fund - Japan Opportunities Fund (Class A2). Market Value (S$) % of NAV 1,320, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. *unaudited The turnover ratio of Janus Henderson Horizon Fund - Japan Opportunities Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Janus Henderson Horizon Fund - Japan Oppor tunities Fund (S$) 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

103 fund performance Janus Henderson Horizon Fund - Pan European Alpha Fund (previously known as Henderson Horizon Fund - Pan European Alpha Fund) Janus Henderson Horizon Fund - Pan European Alpha Fund 3.67% for the 1 year period ended 31 December 2017 table of per formance Janus Henderson Horizon Fund - Pan Eur opean Alpha Fund Euro Base Rate (Euro Main Refinancing Rate) 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

104 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 15,111 units in Janus Henderson Horizon Fund - Pan European Alpha Fund 215, Other Assets Net assets attributable to unitholders 215, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market V alue (EUR) % of NAV 1 Autoliv 31,230, Carlsberg 30,090, Nordea Bank 28,875, ABN AMRO Group 22,470, United Internet 17,916, Novo Nordisk 16,282, Svenska Handelsbanken 15,878, Merck 15,416, ING Groep 15,239, Nokian Renkaat 14,394, December Novartis 29,179, Autoliv 20,420, KBC Group 18,439, Nordea Bank 17,577, RELX 17,307, ABN AMRO Group 17,199, Linde 16,298, Societe BIC 15,300, Koninklijke Philips 14,288, SAP 13,983, Source: Janus Henderson Investors. Information extracted from the underlying fund - Janus Henderson Horizon Fund - Pan European Alpha Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 30 June June 2016 Janus Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR 2.37* 1.89* The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *audited The expense ratio of Janus Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 Janus Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR 80.38* 65.94* The portfolio turnover ratio is calculatedin accordance with SFAMA (Swiss Funds and Asset Management Association). *audited The turnover ratio of Janus Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Janus Henderson Horizon Fund - Pan Eur opean Alpha Fund (S$) Subscriptions 127,792 Redemptions (60,419) 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

105 schedule of investments exposure to derivatives borrowings Invesco Asia Consumer Demand Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Janus Henderson Investors. 206

106 fund performance schedule of investments Invesco Asia Consumer Demand Fund 52.21% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Invesco Asia Consumer Demand Fund MSCI AC Asia ex Japan ND 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 Management S.A. Investment Advisor Invesco Hong Kong Ltd, located in Hong Kong Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50% 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. portfolio statement Description Market Value (S$) % of NAV 22,893 units in Invesco Asia Consumer Demand Fund 581, Other Assets 9, Net assets attributable to unitholders 591, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Tencent 38,594, Samsung Electronics 33,271, Alibaba 25,951, China Mobile 18,631, Bajaj Finance 18,631, AIA 18,631, Ctrip ADR 17,966, Hengan International 17,300, Maruti Suzuki India 17,300, Yili 16,635, December Tencent 22,742, Tingyi (Cayman Islands) 11,141, China Mobile 11,111, Brilliance China Automotive 10,223, American Institute of Architects 9,580, Ping An Insurance 9,519, Hengan International 9,458, Bajaj Finance 9,182, Baidu ADR 8,876, Ctrip ADR 8,784, Source: Invesco. Information extracted from the underlying fund - Invesco Asia Consumer Demand Fund. All figures have been rounded to the nearest dollar

107 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Invesco Asia Consumer Demand Fund Class A Acc 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 fees and registration fees. turnover ratio (underlying fund) 31 December December 2016 Invesco Asia Consumer Demand Fund Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 100%. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Invesco Asia Consumer Demand Fund (S$) Subscriptions 292,925 Redemptions (126,515) soft dollar commission 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 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. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Invesco Asia Consumer Demand Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Invesco Asia Consumer Demand Fund (Class A Acc). Market Value (S$) % of NAV 581, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Invesco

108 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 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Invesco Japanese Equity Core Fund Japan Topix 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

109 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 17,271 units in Invesco Japanese Equity Core Fund 541, Other Assets 32, Net assets attributable to unitholders 573, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Inpex 21,814, Honda Motor 21,814, Mitsubishi UFJ Financial 21,172, Toyota Motor 21,172, Sumitomo Mitsui Financial 20,531, NTT Urban Development 14,435, Tokio Marine 14,115, Mizuho Financial 13,473, Hitachi Metals 13,473, Mitsubishi Estate 11,548, December Honda Motor 25,595, Mitsubishi UFJ Financial 25,544, Inpex 24,526, Sumitomo Mitsui Financial 24,038, Toyota Motor 22,836, Casio Computer 21,469, Japan Airlines Co 20,267, Konica Minolta 19,425, Murata 18,311, NTN 17,478, Source: Invesco. Information extracted from the underlying fund - Invesco Japanese Equity Core Fund. All figures have been rounded to the nearest dollar. 214 annualised expense ratio (underlying fund) December December 2016 Invesco Japanese Equity Core Fund Class A (Acc) USD 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 fees and registration fees. turnover ratio (underlying fund) 31 December December 2016 Invesco Japanese Equity Core Fund Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 100%. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Invesco Japanese Equity Core Fund (S$) Subscriptions 248,191 Redemptions (42,298) soft dollar commission 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 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.

110 schedule of investments exposure to derivatives borrowings Invesco Kor ean Equity Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Invesco. 216

111 fund performance at a glance Invesco Korean Equity Fund 25.68% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Invesco Kor ean Equity Fund KOSPI PR 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. fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Invesco Global Asset Management DAC Investment Advisor Invesco Hong Kong Ltd, located in Hong Kong Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 2.00% investment objectives To achieve long-term capital growth by investing directly or indirectly in securities of Korean companies or other entities or subsidaries of Korean companies and securities listed or traded on the Korean securities markets. The Manager will seek to achieve the investment objective by investing primarily in equity or 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 funds which provide access to certain markets where there are currently restrictions on foreign investment, or where the Manager perceives that such funds provide other investment opportunities. fund updates Effective 24 April 2017, the manager is Invesco Global Asset Management DAC (formerly known as Invesco Global Asset Management Limited). 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

112 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 23,421 units in Invesco Korean Equity Fund 937, Other Assets Net assets attributable to unitholders 937, All figures have been rounded up to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Invesco Korean Equity Fund Class A Inc The operational expenses as a percentage of the average NAV for the period. The following expenses are included: management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & prof fees and registration fees. turnover ratio (underlying fund) portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Samsung Electronics 9,994, Green Cross Holdings 7,760, E-Mart 7,525, Hanmi Pharm 7,525, Kepco Plant Service & Engineering 5,879, Yuhan 5,408, Ncsoft 5,173, Dongsuh 5,173, Ottogi 5,173, Hanssem 5,055, December Samsung Electronics 9,393, Nong Shim 8,414, Dongsuh 7,497, Green Cross Holdings 7,497, Ottogi 7,130, Hyundai Mobis 6,983, Hanssem 5,601, Amorepacific 5,601, Yuhan 5,552, Woongjin Coway 5,479, Source: Invesco. Information extracted from the underlying fund - Invesco Korean Equity Fund. All figures have been rounded to the nearest dollar December December 2016 Invesco Korean Equity Fund Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 100%. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Invesco Kor ean Equity Fund (S$) Subscriptions 455,074 Redemptions (269,478) soft dollar commission 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 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.

113 schedule of investments exposure to derivatives borrowings Invesco Pacific Equity Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Invesco. 222

114 fund performance at a glance Invesco Pacific Equity Fund 38.12% for the 1 year period ended 31 December 2017 table of per formance Invesco Pacific Equity Fund 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* MSCI AC Pacific ND 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. 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 long-term capital growth by investing in the securites of companies throughout Asia, but with particular emphasis on those based in the Asian Pacific region. For the purposes of the fund, the Manager 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, Australia and New Zealand. At least 70% of the fund s total assets (after deducting ancillary liquid assets) will be invested in listed equity or equity-related securities of (i) companies having their registered office in the Asia Pacific region, (ii) companies with their registered office outside this region carrying out their business activities predominantly in the Asia Pacific region, or (iii) holding companies, the interest of which 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 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. 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)

115 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 17,499 units in Invesco Pacific Equity Fund 1,623, Other Assets 17, Net assets attributable to unitholders 1,641, All figures have been rounded up to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Invesco Pacific Equity Fund Class A USD The operational expenses as a percentage of the average NAV for the period. The following expenses are included: management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & prof fees and registration fees. turnover ratio (underlying fund) portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Samsung Electronics Co Ltd 8,056, Inpex Corp 7,582, Sumitomo Mitsui Financial Group Inc 7,345, Toyota Motor Corp 6,871, Mitsubishi UFJ Financial Group Inc 6,634, Honda Motor Co Ltd 5,924, JD.com Inc 5,687, NetEase Inc 4,976, East Japan Railway Co 4,739, Baidu Inc 4,739, December Samsung Electronics Co Ltd 3,908, NetEase Inc 3,908, Honda Motor Co Ltd 3,192, Inpex Corp 3,074, Mitsubishi UFJ Financial Group Inc 3,004, Sumitomo Mitsui Financial Group Inc 2,980, Baidu Inc 2,769, JD.com Inc 2,757, Toyota Motor Corp 2,534, CK Hutchison Holdings Ltd 2,464, Source: Invesco. Information extracted from the underlying fund - Invesco Pacific Equity Fund. All figures have been rounded to the nearest dollar December December 2016 Invesco Pacific Equity Fund Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 100%. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Invesco Pacific Equity Fund (S$) Subscriptions 726,428 Redemptions (140,640) soft dollar commission 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 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.

116 schedule of investments exposure to derivatives borrowings JPMorgan Funds - Brazil Equity Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Invesco. 228

117 fund performance schedule of investments JPMorgan Funds - Brazil Equity Fund 19.05% for the 1 year period ended 31 December 2017 table of per formance JPMorgan Funds - Brazil Equity Fund MSCI Brazil 10/40 Total Return Net SGD 3 mths Source: J.P. Morgan Asset Management ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 JPMorgan Asset Management (Europe) S.à.r.l. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives To provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies. 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 stocks). portfolio statement Description Market Value (S$) % of NAV 15,375 units in JPMorgan Funds - Brazil Equity Fund 135, Other Liabilities (359) Net assets attributable to unitholders 135, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Petrobras 20,890, Itau Unibanco 17,889, B3 SA Brasil Bolsa Balcao 14,697, Banco Bradesco 13,911, Lojas Renner 12,672, Raia Drogasil 12,315, Vale 11,719, Kroton Educacional 11,505, AmBev 10,981, WEG 10,052, December Petrobras 17,210, Itau Unibanco 16,913, Banco Bradesco 16,001, Vale 11,751, Itausa 10,999, Fleury 9,134, Kroton Educacional 8,822, Lojas Renner 8,039, Raia Drogasil 7,743, BB Seguridade Participacoes 7,270, Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - Brazil Equity Fund. All figures have been rounded to the nearest dollar

118 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 JPMorgan Funds - Brazil Equity Fund Class A (acc) SGD 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 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. The expense ratio of JPMorgan Funds - Brazil Equity Fund Class A (acc) SGD for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 JPMorgan Funds - Brazil Equity Fund exposure to derivatives borrowings related-party transactions investments in collective investment schemes JPMorgan Funds - Brazil Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Brazil Equity Fund (Class A (acc) SGD). Market Value (S$) % of NAV 135, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management. Turnover Ratio = (Total securities purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds - Brazil Equity Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 JPMorgan Funds - Brazil Equity Fund (S$) 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

119 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 JPMorgan Funds - Greater China Fund MSCI Golden Dragon Net Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

120 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 75,641 units in JPMorgan Funds - Greater China Fund 3,965, Other Assets 88, Net assets attributable to unitholders 4,053, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Tencent Holdings Ltd. 60,028, Alibaba Group Holding Ltd. 58,902, Taiwan Semiconductor Manufacturing Co., Ltd. 49,835, Ping An Insurance (Group) Company of China, Ltd. 31,639, AIA Group Limited 28,013, Bank of China Limited 18,321, AAC Technologies Holdings Inc. 16,632, JD.com, Inc. 15,132, China Merchants Bank Co., Ltd. 14,819, CK Asset Holdings Limited 12,693, December Tencent Holdings Ltd. 41,277, Taiwan Semiconductor Manufacturing Co. Ltd. 38,781, Alibaba Group Holding Ltd. 30,980, AIA Group Limited 20,936, China Construction Bank Corporation 20,612, Ping An Insurance (Group) Company of China, Ltd. 18,011, CNOOC Limited 13,793, China Merchants Bank Co., Ltd. 11,698, Hong Kong Exchanges & Clearing Ltd. 11,283, Largan Precision Co., Ltd. 10,485, Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - Greater China Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 30 June June 2016 JPMorgan Funds - Greater China Fund Class A (acc) USD 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 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. The expense ratio of JPMorgan Funds - Greater China Fund Class A (acc) USD for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 JPMorgan Funds - Greater China Fund Class A (acc) USD 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 - Greater China Fund (S$) Subscriptions 1,851,053 Redemptions (304,833) 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

121 schedule of investments exposure to derivatives borrowings JPMorgan Funds - India Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management. 238

122 fund performance schedule of investments JPMorgan Funds - India Fund 37.50% for the 1 year period ended 31 December 2017 table of per formance JPMorgan Funds - India Fund MSCI India 10/40 Capped Net Index 3 mths Source: J.P. Morgan Asset Management ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 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. portfolio statement Description Market Value (S$) % of NAV 43,340 units in JPMorgan Funds - India Fund 2,118, Other Assets 6, Net assets attributable to unitholders 2,125, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 HDFC Bank Limited 117,156, Housing Development Finance Corporation Limited 111,458, Maruti Suzuki India Limited 78,935, IndusInd Bank Ltd. 71,694, UltraTech Cement Limited 62,554, Bajaj Auto Limited. 58,400, ITC Limited 49,616, Ashok Leyland Limited 48,785, Kotak Mahindra Bank Limited 48,073, Axis Bank Limited 47,479, December HDFC Bank Limited 87,904, Housing Development Finance Corporation Limited 87,794, Infosys Limited 66,514, UltraTech Cement Limited 56,076, Maruti Suzuki India Limited 54,445, Sun Pharmaceutical Industries Limited 46,395, IndusInd Bank Ltd. 46,353, Kotak Mahindra Bank Limited 45,764, Tata Motors Limited 43,965, Ambuja Cements Limited 43,553, Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - India Fund. All figures have been rounded to the nearest dollar

123 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 JPMorgan Funds - India Fund Class A (acc) USD 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 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. The expense ratio of JPMorgan Funds - India Fund Class A (acc) USD for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 JPMorgan Funds - India Fund exposure to derivatives borrowings related-party transactions investments in collective investment schemes JPMorgan Funds - India Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - India Fund (Class A (acc) USD). Market Value (S$) % of NAV 2,118, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management. Turnover Ratio = (Total securities purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds - India Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 JPMorgan Funds - India Fund (S$) 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

124 fund performance JPMorgan Funds - Indonesia Equity Fund JPMorgan Funds - Indonesia Equity Fund 17.52% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* JPMorgan Funds - Indonesia Equity Fund MSCI Indonesia Net 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

125 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 2,712 units in JPMorgan Funds - Indonesia Equity Fund 400, Other Assets Net assets attributable to unitholders 400, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 PT Bank Mandiri (Persero) Tbk 5,246, PT Bank Rakyat Indonesia (Persero) Tbk 4,680, PT Bank Central Asia Tbk 4,607, PT Telekomunikasi Indonesia, Tbk 4,175, PT Astra International Tbk 3,463, PT Gudang Garam Tbk 2,288, PT Indofood CBP Sukses Makmur Tbk 2,158, PT Kalbe Farma Tbk 2,059, PT Hanjaya Mandala Sampoerna Tbk 1,950, PT Unilever Indonesia Tbk 1,840, December PT Bank Central Asia Tbk 4,712, PT Astra International Tbk 4,546, PT Telekomunikasi Indonesia, Tbk 4,537, PT Bank Rakyat Indonesia (Persero) Tbk 3,763, PT Bank Mandiri (Persero) Tbk 2,340, PT Hanjaya Mandala Sampoerna Tbk 2,293, PT United Tractors Tbk 2,247, PT Surya Citra Media Tbk 1,925, PT Indofood CBP Sukses Makmur Tbk 1,557, PT Kalbe Farma Tbk 1,527, Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - Indonesia Equity Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 30 June June 2016 JPMorgan Funds - Indonesia Equity Fund Class A Acc USD 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 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. The expense ratio of JPMorgan Funds - Indonesia Equity Fund Class A Acc USD for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 JPMorgan Funds - Indonesia Equity Fund 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 - Indonesia Equity Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the financial yea 1 January 2017 to 31 December 2017 JPMorgan Funds - Indonesia Equity Fund (S$) Subscriptions 115,836 Redemptions (76,602) 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

126 schedule of investments exposure to derivatives borrowings JPMorgan Funds - US Equity Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management. 248

127 fund performance schedule of investments JPMorgan Funds - US Equity Fund 21.81% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* JPMorgan Funds - US Equity Fund S&P 500 Index Source: J.P. Morgan Asset Management; ^ Annual compounded return * Launch Date: 25 October 2013 Commencement Date: 25 October 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 25 October 2013 Commencement Date 25 October 2013 Manager J.P. Morgan Investment Management Inc 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 an actively managed portfolio of medium to large capitalisation US companies. portfolio statement Description Market Value (S$) % of NAV 3,734 units in JPMorgan Funds - US Equity Fund 740, Other Assets 7, Net assets attributable to unitholders 747, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Microsoft 7,613, Apple Computers 7,353, Boeing 4,982, Bank of America 4,797, Citigroup 4,723, Anthem 4,593, Caterpillar 4,464, Wal-Mart 3,982, Valero Energy 3,871, HP 3,778, December Microsoft 9,677, Bank of America 7,784, Apple Computers 7,005, Citigroup 6,288, Amgen 5,928, Wal-Mart 5,629, Gilead Sciences 5,451, Express Scripts 5,384, Lowe s Companies 5,341, Valero Energy 5,122, Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - US Equity Fund. 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

128 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 June June 2016 JPMorgan Funds - US Equity Fund Class A (Acc) USD 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 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. The expense ratio of JPMorgan Funds - US Equity Fund Class A (Acc) USD for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 June June 2016 JPMorgan Funds US Equity Fund exposure to derivatives borrowings related-party transactions investments in collective investment schemes JPMorgan Funds - US Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - US Equity Fund (Class A (Acc) USD). Market Value (S$) % of NAV 740, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management. Turnover Ratio = (Total securities purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds US Equity Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 JPMorgan Funds - US Equity Fund (S$) 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

129 fund performance Jupiter Merlin Real Return Portfolio Jupiter Merlin Real Return Portfolio 12.27% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Jupiter Merlin Real Return Portfolio M SGD SIBOR 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

130 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 30,293 units in Jupiter Merlin Real Return Portfolio 390, Other Assets 15, Net assets attributable to unitholders 406, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (EUR) % of NAV 1 Polar Capital UK Absolute Equity 30,384, Old Mutual UK Specialist Equity 29,264, Fundsmith Equity 13,264, Prusik Asian Equity Income 12,744, Findlay Park American 12,608, Jupiter Global Value 12,405, Jupiter Absolute Return 12,049, Jupiter Global Levered Absolute Return 11,701, ETF Securities - Physical Gold ETF 8,303, Artemis Strategic Assets 6,144, December CF Odey Absolute Return 18,280, Fundsmith Equity 16,881, JGF - Jupiter Dynamic Bond 16,740, Old Mutual Global Equity Absolute Return 16,714, Jupiter Absolute Return 15,767, Findlay Park American 11,201, F&C Real Estate Securities 10,907, Old Mutual UK Specialist Equity 10,000, Prusik Asian Equity Income 8,945, ETF Securities - Physical Gold ETF 8,893, annualised expense ratio (underlying fund) 31 December December 2016 Jupiter Merlin Real Return Portfolio The expense ratio does not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. turnover ratio (underlying fund) 31 December December 2016 Jupiter Merlin Real Return Portfolio The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchase or sales of the underlying investments divided by the average daily net asset value. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Jupiter Merlin Real Retur n Portfolio (S$) Subscriptions 307,738 Redemptions (13,419) soft dollar commission Jupiter made the decision to pay for the costs of investment research from its own account from No costs will be passed on to clients. Source: Jupiter Merlin. Information extracted from the underlying fund - Jupiter Merlin Real Return Portfolio. All figures have been rounded to the nearest dollar

131 schedule of investments exposure to derivatives borrowings Jupiter Merlin Real Return Portfolio (USD) related-party transactions investments in collective investment schemes Jupiter Merlin Real Return Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Merlin Real Return Portfolio. Market Value (S$) % of NAV 390, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Jupiter Merlin. 258

132 fund performance schedule of investments Jupiter Merlin Real Return Portfolio (USD) 12.70% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Jupiter Merlin Real Return Portfolio (USD) M USD SIBOR 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 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 26 September 2016 Commencement Date 26 September 2016 Manager Jupiter Asset Management Limited Currency of Fund US 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. portfolio statement Description Market Value (S$) % of NAV 2,247 units in Jupiter Merlin Real Return Portfolio (USD) 37, Other Liabilities (79) Net assets attributable to unitholders 37, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (USD) % of NAV 1 Polar Capital UK Absolute Equity 36,486, Old Mutual UK Specialist Equity 35,140, Fundsmith Equity 17,943, Prusik Asian Equity Income 12,744, Findlay Park American 12,608, Jupiter Global Value 16,781, Jupiter Absolute Return 16,299, Jupiter Global Levered Absolute Return 14,050, ETF Securities - Physical Gold ETF 8,303, Artemis Strategic Assets 8,311, December CF Odey Absolute Return 18,280, Fundsmith Equity 16,881, JGF - Jupiter Dynamic Bond 16,740, Old Mutual Global Equity Absolute Return 16,714, Jupiter Absolute Return 15,767, Findlay Park American 11,201, F&C Real Estate Securities 10,907, Old Mutual UK Specialist Equity 10,000, Prusik Asian Equity Income 8,945, ETF Securities - Physical Gold ETF 8,893, Source: Jupiter Merlin. Information extracted from the underlying fund - Jupiter Merlin Real Return Portfolio (USD). All figures have been rounded to the nearest dollar

133 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Jupiter Merlin Real Return Portfolio (USD) 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 from the purchase or sale of other funds and tax deducted at source or arising out of income received. turnover ratio (underlying fund) 31 December December 2016 Jupiter Merlin Real Return Portfolio (USD) 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 underlying investments divided by the average daily net asset value. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Jupiter Merlin Real Return Portfolio (USD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Merlin Real Return Portfolio. Market Value (S$) % of NAV 37, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Jupiter Merlin. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Jupiter Merlin Real Return Portfolio (USD) (S$) Subscriptions 26,508 Redemptions - soft dollar commission Jupiter made the decision to pay for the costs of investment research from its own account from No costs will be passed on to clients

134 fund performance Legg Mason Funds - Legg Mason Western Asset Singapor e Dollar Fund (previously known as Legg Mason Western Asset Singapore Dollar Fund) Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund 0.64% for the 1 year period ended 31 December 2017 table of per formance Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund MAS Government Bill Yield 3 Month # 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 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

135 at a glance schedule of investments fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Legg Mason Asset Management Singapore Pte. Limited Sub-Manager Western Asset Management Company Pte. Ltd Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 0.25% (Class B) investment objectives To invest as a money market fund, in Singapore Dollar denominated money market instruments and debt securities to achieve a return above short term cash deposit whilst managing liquidity and risk to preserve capital. fund updates 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 Management Company Private Limited as the manager in favour of Legg Mason Asset Management Singapore Pte. Limited. The change is administrative in nature, and the fund will continue to be managed by the same investment 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. portfolio statement Description Market Value (S$) % of NAV 3,259,156 units in Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund 3,954, Other Liabilities (161) Net assets attributable to unitholders 3,954, All figures have been rounded up to the nearest dollar. portfolio statement - by asset class Asset Class Market Value (S$) % of NAV Money Market Instruments 25,997, Cash 431, Total 26,429, Source: Legg Mason Asset Management Singapore Private Limited. All figures have been rounded to the nearest dollar. portfolio statement - by cr edit rating Credit Rating Market Value (S$) % of NAV AAA 24,998, A A A NR 999, Cash 431, Total 26,429, Source: Legg Mason Asset Management Singapore Private Limited. All figures have been rounded to the nearest dollar

136 schedule of investments schedule of investments portfolio statement - by investment maturity Investment Maturity Market Value (S$) % of NAV 30 days or less 8,843, days 15,159, days 995, days 999, days Cash 431, Total 26,429, Source: Legg Mason Asset Management Singapore Private Limited. All figures have been rounded to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 MAS Bills Ser 84 02/02/2018 7,391, MAS Bills Ser 84 09/02/2018 6,770, MAS Bills Ser 84 19/01/2018 5,995, MAS Bills Ser 84 26/01/2018 2,847, Housing & Development BRD (Reg S) (Br) Ser MTN 1.368% 29/05/ , MAS Bills Ser 84 23/02/ , MAS Bills Ser 84 23/03/ , December MAS Bills Ser 84 17/02/2017 6,492, MAS Bills Ser 84 20/01/2017 4,298, MAS Bills Ser 84 24/02/2017 3,994, MAS Bills Ser 84 03/02/2017 3,497, Export -Import Bank Korea Ser EMTN (Reg S) (Br) 1.75% 15/06/2018 2,500, MAS Bills Ser /01/2017 2,499, MAS Bills Ser 84 27/01/2017 1,998, Sumitomo Mitsui BKG/SG Ser FXCD (Reg S) 1.9% 27/02/2017 1,800, MAS Bills Ser 84 06/01/2017 1,299, MAS Bills Ser /03/ , 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. annualised expense ratio (underlying fund) 31 December December 2016 Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Class B 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. turnover ratio (underlying fund) 31 December December 2016 Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund The portfolio turnover ratio is calculated in accordance with the forumla stated in the Code on Collective Investment Schemes. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Legg Mason Funds - Legg Mason Western Asset Singapor e Dollar Fund (S$) Subscriptions 3,858,038 Redemptions (5,299,099) soft dollar commission The Manager currently does not receive but shall be entitled to receive or enter into, soft dollar commissions or arrangements in respect of the underlying fund. exposure to derivatives borrowings related-party transactions

137 schedule of investments investments in collective investment schemes Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund. Market Value (S$) % of NAV 3,954, Legg Mason Martin Currie Southeast Asia Trust (previously known as Legg Mason Western Asset Southeast Asia Special Situations Fund) any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management Singapore Private Limited. 270

138 fund performance at a glance Legg Mason Martin Currie Southeast Asia Trust 8.28% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Legg Mason Martin Currie Southeast Asia Trust MSCI AC ASEAN Index # Source: Legg Mason Asset Management Singapore Private Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 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 Management Limited. # 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 fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Legg Mason Asset Management Singapore Pte. Limited Sub-Manager Martin Currie Investment Management Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives To achieve medium to long-term capital appreciation by investing at least 70% of the fund in securities issued by companies that are incorporated, domiciled or listed, or have a significant economic interest, in South and South-East Asia countries. fund updates 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 Management Limited. There was a clarification to the investment focus of the Fund by removing the term special situations from the investment policy. 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

139 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 364,421 units in Legg Mason Martin Currie Southeast Asia Trust 676, Other Assets Net assets attributable to unitholders 677, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 DBS Group Holdings Ltd 11,483, United Overseas Bank Ltd 10,220, BDO Unibank Inc 7,373, Bank Central Asia 6,667, Kasikornbank PCL 6,362, Singapore Telecommunications Ltd 6,175, Cityneon Holdings Ltd 5,951, Malayan Banking 5,805, PTT PCL 4,765, Ascendas Real Estate Investment Trust REIT NPV 4,012, December Ezion Holdings Ltd 6,898, Singapore O&G Ltd 6,896, Cardig Aero Services 6,474, Astra International Inc 6,056, Singapore Medical Group Ltd 6,003, Telekomunikasi Indonesia TBK PT 5,948, Bank Central Asia 5,309, Cityneon Holdings Ltd 5,103, Kasikornbank PCL 4,754, MM2 Asia Ltd 4,707, Source: Legg Mason Asset Management Singapore Private Limited. Information extracted from the underlying fund - Legg Mason Martin Currie Southeast Asia Trust. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Legg Mason Martin Currie Southeast Asia Trust 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. turnover ratio (underlying fund) 31 December December 2016 Legg Mason Martin Currie Southeast Asia Trust The portfolio turnover ratio is calculated in accordance with the forumla stated in the Code on Collective Investment Schemes. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Legg Mason Mar tin Currie Southeast Asia Trust (S$) Subscriptions 253,888 Redemptions (182,925) soft dollar commission The Managers currently do not but shall be entitled to receive and enter into soft-dollar commissions/ arrangements in respect of the Underlying Fund. The Sub-Manager currently receives and enters into soft-dollar commissions/arrangements in respect of the Underlying Fund. The Manager and Sub-Manager will comply with applicable regulatory and industry standards on soft-dollars. The soft-dollar commissions which the Sub-Manager receives and which the Manager may receive include specific advice as to the advisability of dealing in, or the value of any investments, research and advisory services, economic and political analyses, portfolio analyses including 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 investment decision making process, the giving of advice, or the conduct of research or analysis, and custodial service in relation to the investments managed for clients. 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

140 schedule of investments exposure to derivatives borrowings Legg Mason Western Asset Asian Opportunities Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management Singapore Private Limited. 276

141 fund performance schedule of investments Legg Mason Western Asset Asian Opportunities Fund 10.94% for the 1 year period ended 31 December 2017 table of per formance Legg Mason Western Asset Asian Oppor tunities Fund Market iboxx Asian Local Bond Index # 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Source: Legg Mason Asset Management Singapore Private Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Effective 01 May 2016, the performance benchmark of the Legg Mason Western Asset Asian Opportunities Fund changed from HSBC Asian Local Bond Overall Index to Market iboxx Asian Local 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 Legg Mason Investments (Europe) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.10% portfolio statement Description Market Value (S$) % of NAV 140,256 units in Legg Mason Western Asset Asian Opportunities Fund 200, Other Liabilities (7) 0.00 Net assets attributable to unitholders 200, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Republic of Philippines /14/ ,107, Malaysian Government /30/ ,879, India Government /11/ ,066, India Government /3/ ,080, Thailand Government /12/ ,995, Malaysian Government /15/ ,478, India Government /15/ ,423, Singapore Government 2.75% 03/01/ ,098, India Government /24/ ,556, PT Pelabuhan Inco II 5.38% 05/05/ ,014, December Republic of Philippines /14/ ,847, India Government /3/ ,935, India Government /11/ ,446, Malaysian Government /30/ ,677, Republic Of Indonesia /15/ ,644, India Government /15/ ,202, Thailand Government /12/ ,981, Malaysian Government /15/ ,432, Singapore Government 2.75% 03/01/ ,045, India Government /24/ ,714, Source: Legg Mason Asset Management (Singapore) Private Limited. Information extracted from the underlying fund - Legg Mason Western Asset Asian Opportunities Fund. 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

142 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Legg Mason Western Asset Asian Opportunities Fund Class A SGD Accumulating (Hedged) 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. turnover ratio (underlying fund) 31 December December 2016 Legg Mason Western Asset Asian Opportunities Fund The turnover ratios are calculated using the lesser of purchases or sales of underlying investments of a scheme expressed as a percentage of daily average NAV. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 exposure to derivatives borrowings related-party transactions investments in collective investment schemes Legg Mason Western Asset Asian Opportunities Fund, an ILP sub-fund, feeds 100% into the underlying Dublin registered Legg Mason Western Asset Asian Opportunities Fund Class A SGD Accumulating (Hedged). Market Value (S$) % of NAV 200, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management (Singapore) Private Limited. Legg Mason Western Asset Asian Oppor tunities Fund (S$) 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

143 fund performance Legg Mason Western Asset Global Bond Trust Legg Mason Western Asset Global Bond Trust 2.01% for the 1 year period ended 31 December 2017 table of per formance Legg Mason Western Asset Global Bond Trust FTSE World Government Bond Index ex Japan hedged to S$ 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

144 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 2,805,476 units in Legg Mason Western Asset Global Bond Trust 3,980, Other Assets 16, Net assets attributable to unitholders 3,997, All figures have been rounded up to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Legg Mason Western Asset Global Bond Trust The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. turnover ratio (underlying fund) portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 US Treasury Bond 1.5% 31/12/ ,013, Buoni Poliennali Del Tes 1.45% 15/09/ ,544, France (Govt of) (Reg S) 0.25% 25/11/ ,226, US Treasury Bond 4.5% 15/08/ ,919, US Treasury Bond 2.125% 29/02/ ,978, Japan (Govt of) CPI Linked Ser % 10/06/ ,367, Poland Government Bond Ser % 25/07/ ,735, US Treasury Bond 2.875% 15/05/ ,497, UK Treasury 4.25% 07/12/ ,777, Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/ ,474, December US Treasury Bond 1.5% 31/12/ ,032, France (Govt of) (Reg S) 0.25% 25/11/ ,412, TSY Infl IX Bond 0.250% 15/01/ ,582, Buoni Poliennali Del Tes 1.45% 15/09/ ,461, US Treasury Bond 4.5% 15/08/ ,640, Poland Government Bond Ser % 25/07/ ,887, Japan (Govt of) CPI Linked Ser % 10/06/ ,728, Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/ ,672, US Treasury Bond 2.875% 15/05/ ,696, US Treasury N/B 1.00% 15/09/ ,397, December December 2016 Legg Mason Western Asset Global Bond Trust The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Legg Mason Western Asset Global Bond T rust (S$) Subscriptions 1,786,215 Redemptions (987,857) soft dollar commission The Managers currently do not but shall be entitled to receive or enter into soft-dollar commissions/ arrangements in respect of the underlying fund. 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

145 schedule of investments exposure to derivatives borrowings Matthews Asia Funds Asia Dividend Fund (USD) related-party transactions 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. Market Value (S$) % of NAV 3,980, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management Singapore Private Limited. 286

146 fund performance schedule of investments Matthews Asia Funds Asia Dividend Fund (USD) for the 1 year period ended 31 December 2017 table of per formance Matthews Asia Funds Asia Dividend Fund (USD) MSCI All Country Asia Pacific Index 3 mths 6 mths Source: Brown Brothers Harriman (Luxembourg) S.C.A. ^ Annual compounded return * Launch Date: 29 May 2017 Commencement Date: 29 May yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 29 May 2017 Commencement Date 29 May 2017 Manager Matthews Asia Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.25% investment objectives Seeks to provide a level of current income that is higher than the yield generally available in Asia Pacific equity over the longer term. portfolio statement Description Market Value (S$) % of NAV 3,800 units in Matthews Asia Funds Asia Dividend Fund (USD) 94, Other Assets Net assets attributable to unitholders 95, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Minth Group, Ltd. 27,406, Shenzhou International Group Holdings, Ltd. 18,393, Ping An Insurance Group Co. of China, Ltd. H Shares 17,348, China Construction Bank Corp. H Shares 16,571, Hyundai Mobis Co., Ltd. 16,361, HSBC Holdings PLC 16,153, LG Chem, Ltd., Pfd. 15,706, Samsung Electronics Co., Ltd., Pfd. 15,329, Midea Group Co., Ltd. A Shares 14,301, Nitori Holdings Co., Ltd. 12,012, December Minth Group, Ltd. 14,403, Shenzhou International Group Holdings, Ltd. 13,324, ITOCHU Corp. 12,971, HSBC Holdings PLC 12,086, Mitsubishi UFJ Financial Group, Inc. 11,887, Sumitomo Mitsui Financial Group, Inc. 11,844, LG Chem, Ltd., Pfd. 11,012, United Overseas Bank, Ltd. 9,812, Sands China, Ltd. 9,548, Samsung Electronics Co., Ltd., Pfd. 8,695, Source: Brown Brothers Harriman (Luxembourg) S.C.A. Information extracted from the underlying fund - Matthews Asia Funds Asia Dividend Fund (USD). All figures have been rounded to the nearest dollar

147 schedule of investments schedule of investments annualised expense ratio (underlying fund) 30 September September 2016 Matthews Asia Funds Asia Dividend Fund (USD) The Total Expense Ratio includes such fees as the Management and Administration fee, Domiciliation, Administration and Transfer agency fees, Professional fees, Printing fees, Depositary fee and Taxe d abonnement. Total Expense Ratios presented above capture 12 months up to 30 September and are published in the Matthews Asia Funds annual report. The expense ratio of Matthews Asia Funds Asia Dividend Fund (USD) for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 September September 2016 Matthews Asia Funds Asia Dividend Fund (USD) 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 turnover ratio may be negative as a result of shareholder transactions exceeding the investment transactions for the accounting period. Turnover ratios presented here capture 12 months leading up to 30 September. The turnover ratio of Matthews Asia Funds Asia Dividend Fund (USD) 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 Matthews Asia Funds Asia Dividend Fund (USD) (S$) Subscriptions 41,828 Redemptions (4,459) soft dollar commission When appropriate under our discretionary authority, and consistent with our duty to seek best execution, we may select broker-dealers to execute client transactions who provide us with research and brokerage products and services. By doing so, we attempt to allocate transactions in a manner that we believe maximizes the overall value of brokerage as a client asset. The brokerage commissions used to acquire research or brokerage services in these arrangements are known as soft dollars. To help manage the selection of counterparties and individual transactions, Matthews Asia has adopted a Brokerage and Trading Policy (the Trading Policies ). The Trading Policies govern our trading activities for our clients and helps us to address any potential conflicts of interest. Our Trade Management Oversight Committee, described above, oversees our Trading Policies and supervises all aspects of our trading activities, including soft dollar usage. It is Matthews Asia s policy not to engage in directed brokerage arrangements on behalf of clients (i.e., payments for distribution of mutual fund shares with brokerage commissions) with third parties. Additionally, Matthews Asia does not participate in any commission recapture programs. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Matthews Asia Funds Asia Dividend Fund (USD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Matthews Asia Funds Asia Dividend Fund (USD) Class A (acc). Market Value (S$) % of NAV 94, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Brown Brothers Harriman (Luxembourg) S.C.A

148 fund performance Mirae Asset Asia Great Consumer Equity Fund (USD) Mirae Asset Asia Great Consumer Equity Fund (USD) for the 1 year period ended 31 December 2017 table of per formance Mirae Asset Asia Great Consumer Equity Fund (USD) 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* # MSCI AC Asia ex Japan Index # 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

149 at a glance schedule of investments fund facts Launch Date 29 May 2017 Commencement Date 29 May 2017 Manager Mirae Asset Global Investments (Hong Kong) Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives The primary objective of the Mirae Asset Asia Great Consumer Equity Fund is to achieve long term growth 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, excluding Japan. 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. fund updates Effective 13 November 2017, additional risk factors (i.e. risks linked to the use of securities lending, 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. portfolio statement Description Market Value (S$) % of NAV 63,357 units in Mirae Asset Asia Great Consumer Equity Fund (USD) 1,446, Other Assets 20, Net assets attributable to unitholders 1,467, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Tencent Holdings Ltd. 58,176, Alibaba Group Holding Ltd. Sponsored ADR 51,394, Shanghai International Airport Co., Ltd. Class A 25,123, HDFC Bank Limited 24,541, TAL Education Group Sponsored ADR Class A 23,853, Netmarble Games Corp. 23,462, NetEase, Inc. Sponsored ADR 21,265, Britannia Industries Ltd 21,163, E-Mart, Inc. 19,659, China Merchants Bank Co., Ltd. Class H 19,327, December Tencent Holdings Ltd. 58,924, Alibaba Group Holding Ltd. Sponsored ADR 55,979, Ctrip.com International Ltd Sponsored ADR 36,547, Ping An Insurance (Group) Company of China, Ltd. Class H 32,265, PT Kalbe Farma Tbk 25,711, Universal Robina Corp. 24,555, Apollo Hospitals Enterprise Limited 24,374, Sands China Ltd. 24,326, Britannia Industries Ltd 23,780, Amorepacific Corp. 22,055, 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

150 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Mirae Asset Asia Great Consumer Equity Fund (USD) 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. turnover ratio (underlying fund) 31 December December 2016 Mirae Asset Asia Great Consumer Equity Fund (USD) The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy. The Portfolio Turnover Ratio is calculated in accordance with the CSSF circular 03/122 as outlined below: (Total securities purchases and sales - total subscriptions and redemptions of Sub-Fund shares)/average net Sub-Fund assets in Sub-Fund currency amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 soft dollar commission Mirae Asset Global Investments (Hong Kong) Limited (the Principal Investment Manager ) does not enter into any soft commission arrangements in relation to the Mirae Asset Asia Great Consumer Equity Fund (the 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 the Fund to that broker or dealer. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Mirae Asset Asia Great Consumer Equity Fund (USD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Mirae Asset Global Discvoery Fund - Mirae Asset Asia Great Consumer Equity Fund (USD) Class A (acc). Market Value (S$) % of NAV 1,446, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Mirae Asset Global Investments (Hong Kong) Limited. Mirae Asset Asia Great Consumer Equity Fund (USD) (S$) Subscriptions 775,536 Redemptions (43,206)

151 fund performance Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) 6.30% for the 1 year period ended 31 December 2017 table of per formance Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) Bloomberg Barclays US Government / Credit Index TR USD 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

152 at a glance schedule of investments fund facts Launch Date 20 June 2016 Commencement Date 20 June 2016 Manager Loomis, Sayles & Company, L.P. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee Up to 1.25% investment objectives 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. 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 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 commercial paper, zero coupon securities, asset-backed securities, mortgage-backed securities (including collateralised mortgage obligations), when-issued securities, Regulation S Securities, Rule 144A securities, structured notes and convertible securities in accordance with the UCITS Regulations. The Fund may invest up to 20% of its total assets in securities other than those described above, such as common stocks, preferred stocks, and closed-ended U.S. real estate investment trusts ( REITS ). The Fund may invest up to 10% of its net assets in units of undertakings for collective investment. The Fund may invest any amount of its assets in securities of U.S. and Canadian issuers which are also listed or traded on the markets set out in Appendix I of the Prospectus and up to 30% of its total assets in securities of other non-u.s. or non-canadian issuers including issuers in emerging markets. The Fund 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 invest in securities of any maturity. The Fund may also invest up to 35% of its total assets in securities of below investment grade quality. Securities of below investment grade quality are securities rated less than BBB- (Standard & Poor s Ratings Services), Baa3 (Moody s Investors Service, Inc.), an equivalent rating by Fitch Ratings or, if unrated, determined by the Investment Manager to be comparable. The Fund does not impose limits on the amount of its assets invested in cash or money market instruments. fund updates With effect from 21 November 2017, the company was renamed from Natixis Global Asset Management, S.A. to Natixis Investment Managers, S.A.. portfolio statement Description Market Value (S$) % of NAV 13,244 units in Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) 142, Other Liabilities (287) Net assets attributable to unitholders 142, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 US Treasury Notes 1.25% 03/31/19 74,685, US Treasury Bill ZCP 02/01/18 49,947, US Treasury Notes 1.25% 06/30/19 49,558, New Zealand G 5% 03/15/19/NZD/ 38,937, Mex Bonos Desarr Fix Rt Bonds 34,951, National Aust 5% 03/11/24/AUD/ 24,911, Bristol-Myers Squibb Co 21,864, Canadian G 1.75% 09/01/19/CAD/ 21,802, US Treasury Notes 1% 08/15/18 19,995, Federal Home Loans Bank Discount Note 17,004, December Intel Corporation 63,080, New Zealand G 5% 03/15/19/NZD/ 38,378, Mex Bonos De 10% 12/05/24/MXN/ 33,927, US Treasury Bill ZCP 06/22/17 29,908, Canadian G 0.25% 05/01/17/CAD/ 28,927, National Aust 5% 03/11/24/AUD/ 22,437, Bristol-Myers Squibb Co. 20,851, Canadian G 1.75% 09/01/19/CAD/ 20,704, Ford Motor Company 16,352, New South Wales 5.5% 03/01/17/AUD/ 16,248, 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

153 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, 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. turnover ratio (underlying fund) 31 December December 2016 Natixis Loomis Sayles Multisector Income Fund 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 expressed as a percentage over the average net asset value. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 exposure to derivatives borrowings related-party transactions investments in collective investment schemes Natixis Loomis Sayles Multisector Income Fund (SGD Hedged), an ILP sub-fund, feeds 100% into the Hedged-R/A SGD share class of the underlying Ireland registered Natixis International Funds (Dublin) I Public Limited Company - Loomis Sayles Multisector Income Fund. Market Value (S$) % of NAV 142, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Natixis Investment Managers, S.A.& Loomis Sayles. Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) (S$) 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

154 fund performance Neuberger Berman Strategic Income Fund (SGD Hedged) (previously known as Neuberger Berman US Strategic income Fund) Neuberger Berman Strategic Income Fund (SGD Hedged) 5.70% for the 1 year period ended 31 December 2017 table of per formance Neuberger Berman Strategic Income Fund (SGD Hedged) Bloomberg Barclays U.S. Aggregate Bond Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

155 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 20,022 units in Neuberger Berman Strategic Income Fund (SGD Hedged) 385, Other Assets 15, Net assets attributable to unitholders 400, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Federal National Mortgage Association 30 Year TBA 58,232, Treasury Note 53,172, Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 52,279, Treasury Note 44,158, Treasury Note 41,951, Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 40,203, Federal National Mortgage Association 30 Year TBA 35,278, Treasury Note 34,012, Treasury (CPI) Note 30,524, Treasury Note 26,067, December Federal National Mortgage Association 30 Year TBA 46,077, Treasury (CPI) Note 36,026, Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 34,484, Federal National Mortgage Association 30 Year TBA 25,515, Treasury Note 21,012, Nurberger Berman Investment 19,576, ishares $ High Yield Corporate Bond UCIT 19,498, Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 16,307, Chase Issuance Trust Class A (2016-7) 15,930, Treasury Note 15,185, Source: Neuberger Berman Information extracted from the underlying fund - Neuberger Berman Strategic Income Fund (SGD Hedged). All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Neuberger Berman Strategic Income Fund (SGD Hedged) 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 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; (v) dividends and other distributions paid to Shareholders; and (vi) interest expense. The Investment Manager agreed to waive its fees on certain Share Classes in order to cap the Portfolios total expense ratios. These fee waivers are voluntary and may be discontinued by the Investment Manager at any time without prior notice. turnover ratio (underlying fund) 31 December December 2016 Neuberger Berman Strategic Income Fund (SGD Hedged) 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. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Neuberger Berman Strategic Income Fund (SGD Hedged) (S$) Subscriptions 255,436 Redemptions (128,856) soft dollar commission 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. In this regard, best execution means taking all reasonable steps to obtain the best possible result for the 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

156 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 (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. Pictet Asian Local Cur rency Debt Fund 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 borrowings related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Neuberger Berman. 308

157 fund performance at a glance Pictet Asian Local Currency Debt Fund 10.47% for the 1 year period ended 31 December 2017 table of per formance Pictet Asian Local Cur rency Debt Fund 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* JPM Jade Broad Asia Diversified Composite # Source: Pictet Asset Management ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Effective 2 May 2016, the performance benchmark of the Pictet Asian Local Currency Debt Fund changed from HSBC Asia Local Bond Index to JPM Jade Broad Asia Diversified Composite. 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. fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Pictet Asset Management Limited Sub-Manager Pictet Asset Management (Singapore) Pte. Ltd Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.20% investment objectives To seek revenue and capital growth by investing a minimum of two-thirds of its total assets or wealth in a diversified portfolio of bonds and other debt securities linked to Asian local emerging debt. fund updates 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 Market (CIBM). 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, 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 future as approved by the relevant regulators from time to time. With effect from 31 July 2017, 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 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. 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 h 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

158 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 1,519 units in Pictet Asian Local Currency Debt Fund 322, Other Liabilities (301) Net assets attributable to unitholders 321, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Singapore Gov T 3.375% Sr 38,956, Singapore Gov T 3.5% Sr 24,326, Indonesia Gov T 8.375% Sr 22,631, Korea Trsy Bd 5% Sr 22,414, India Govt Bond 8.24% Sr 19,850, Malaysia Govt 3.492% Sr 19,230, Singapore Gov T 2.25% Sr 17,685, Indonesia Gov T 10.5% Sr 16,270, Korea Trsy Bd 4% Sr 15,893, Thailand Govt 2.125% Sr 13,271, December Korea 3yr Bnd Fut Mar17 97,250, Korea 10yr Bnd Fu Mar17 47,116, Korea Trsy Bd 5% Sr 45,999, Philippines(Rep) 4.95% Sr 45,181, Fx Forward Bought Sgd ,718, Us 10yr Note (Cbt)Mar17 30,821, Fx Forward Bought Hkd ,812, Fx Forward Bought Usd ,709, Singapore Gov T 3% Sr 27,229, Indonesia Gov T 8.375% Sr 22,990, annualised expense ratio (underlying fund) 31 December December 2016 Pictet Asian Local Currency Debt Fund Class P USD 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. turnover ratio (underlying fund) 31 December December 2016 Pictet Asian Local Currency Debt Fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Pictet Asian Local Cur rency Debt Fund (S$) Subscriptions 148,751 Redemptions (77,178) 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. 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

159 schedule of investments exposure to derivatives borrowings Pictet Emerging Europe Fund (previously known as Pictet Eastern Europe Fund) related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited. 314

160 fund performance schedule of investments Pictet Emerging Europe Fund 12.16% for the 1 year period ended 31 December 2017 table of per formance Pictet Emerging Europe Fund 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* MSCI Emerging Europe Source: Pictet Asset Management ^ 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 Pictet Asset Management Limited Currency of Fund Euro Valuation Frequency Daily Annual Management 1.60% 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). portfolio statement Description Market Value (S$) % of NAV 458 units in Pictet Emerging Europe Fund 266, Other Liabilities (170) Net assets attributable to unitholders 266, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (EUR) % of NAV 1 Sberbank Of Russia Pjsc 10,193, Tcs Group Holding - Reg S 8,195, Ccc Sa 6,359, Grupa Lotos Sa 5,446, Turkiye Garanti Bankasi 5,410, Otp Bank Plc 5,385, Alior Bank Sa 5,338, Akbank T.A.S. 4,763, Lenta Ltd-Reg S 4,431, Tupras-Turkiye Petrol Rafine 4,350, December Sberbank Of Russia Pjsc 7,797, Gazprom Pao - Spon Adr 4,444, Tupras-Turkiye Petrol Rafine 4,228, Akbank T.A.S. 3,605, Otp Bank Plc 3,603, Turkiye Garanti Bankasi 3,547, Tcs Group Holding - Reg S 3,455, Etalon Group-Gdr Reg S 2,918, X 5 Retail Group Nv - Regs Gdr 2,874, Aeroflot-Russian Airlines 2,717, Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Emerging Europe Fund. All figures have been rounded to the nearest dollar

161 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Pictet Emerging Europe Fund Class P EUR 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. turnover ratio (underlying fund) 31 December December 2016 Pictet Emerging Europe Fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 exposure to derivatives borrowings related-party transactions investments in collective investment schemes Pictet Emerging Europe Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Emerging Europe Fund (Class P EUR). Market Value (S$) % of NAV 266, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited. Pictet Emerging Europe Fund (S$) 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

162 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 Pictet Global Emerging Debt Fund JP Morgan EMBI Global Diversified Composite 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

163 at a glance schedule of investments fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Pictet Asset Management Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.10% investment objectives To seek revenue and capital growth by investing its portfolio in bonds and money market instruments in 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 clarification concerning the investment on the China Interbank Bond Market (CIBM). 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, or through the Qualified Foreign Institutional Investor ( QFII ) or RMB Qualified Foreign Institutional Investor ( RQFII ) quota granted to the Manager for up to 30% 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 future as approved by the relevant regulators from time to time. portfolio statement Description Market Value (S$) % of NAV 4,698 units in Pictet Global Emerging Debt Fund 2,396, Other Assets 6, Net assets attributable to unitholders 2,403, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Natl Power Corp 9.625% Sr 116,498, Bolivia Govt 4.5% Regs Sr 82,893, Indonesia (Rep) 5.125% Regs Sr 82,667, Hungary 5.375% Sr 82,020, Uruguay 5.1% Sr 80,833, Republic Of Peru 5.625% Sr 74,148, Jordan 6.125% Regs Sr 73,244, Arab Rep Egypt 8.5% Regs Sr 69,536, Romania 4.375% Regs Sr 59,176, Malaysia Govt 3.58% Sr 58,852, December Argent-$Par 2.5% Sr 129,575, Psalm 9.625% Sr 117,660, Indonesia (Rep) 5.95% Regs Sr 110,934, Majapahit Hold 7.75% Regs Sr 108,471, Republic Of Peru 5.625% Sr 85,028, Oman Intrnl Bond 4.75% Regs Sr 75,388, Uruguay 5.1% Sr 75,069, Turkey Rep Of 3.25% Sr 74,173, Rep Of Poland 3% Sr 67,006, Vietnam (Rep Of) 6.75% Regs Sr 56,160, 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 31 December 2016 reported in the 31 December 2016 annual funds report had included the FX forward/cash positions. The top 10 holdings 31 December 2016 in this report has been amended to reflect only bond holdings

164 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Pictet Global Emerging Debt Fund Class P USD 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. turnover ratio (underlying fund) 31 December December 2016 Pictet Global Emerging Debt Fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 exposure to derivatives borrowings related-party transactions investments in collective investment schemes Pictet Global Emerging Debt Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Global Emerging Debt Fund (Class P USD). Market Value (S$) % of NAV 2,396, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited. Pictet Global Emerging Debt Fund (S$) 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

165 fund performance Pictet Health Fund Pictet Health Fund 15.09% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Pictet Health Fund # MSCI World 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

166 at a glance schedule of investments fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Pictet Asset Management S.A., incorporated in Switzerland Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.60% investment objectives To achieve capital growth by investing at least two-thirds of its total assets or wealth in equities or similar 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. fund updates Due to an internal re-organization 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 Management S.A. as sub-manager will, as from the net asset calculated 31 July 2017, only be managed by Pictet Asset Management S.A. This change will not affect the way the fund is managed and will not cause an increase in the management fee. The fund manager has decided to allow for the possibility for the fund to invest in China A Shares through the Shenzhen-Hong Kong Stock Connect program and/or any similar acceptances securities trading and clearing linked programs or access instruments which may be available to the fund in the future. This change will take effect for the net asset value calculated 8 May portfolio statement Description Market Value (S$) % of NAV 27,716 units in Pictet Health Fund 9,404, Other Assets 41, Net assets attributable to unitholders 9,445, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Unitedhealth Group Inc 27,696, Roche Holding Ag-Genusschein 21,383, Thermo Fisher Scientific Inc 19,918, Celgene Corp 18,981, Abbvie Inc 17,970, Aetna Inc 17,281, Cigna Corp 15,077, Abbott Laboratories 14,981, Eli Lilly & Co 14,766, Pfizer Inc 14,396, December Unitedhealth Group Inc 24,836, Johnson & Johnson 22,981, Pfizer Inc 22,949, Celgene Corp 22,949, Roche Holding Ag-Genusschein 20,707, Amgen Inc 20,322, Allergan Plc 19,034, Medtronic Plc 18,241, Thermo Fisher Scientific Inc 17,182, Gilead Sciences Inc 15,931, Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Health Fund. All figures have been rounded to the nearest dollar

167 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Pictet Health Fund Class P USD 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. turnover ratio (underlying fund) 31 December December 2016 Pictet Health Fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 exposure to derivatives borrowings related-party transactions investments in collective investment schemes Pictet Health Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Health Fund (Class P USD). Market Value (S$) % of NAV 9,404, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited. Pictet Health Fund (S$) 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

168 fund performance Pictet Pr emium Brands Fund Pictet Premium Brands Fund 19.15% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Pictet Pr emium Brands Fund MSCI World Hedged in SGD 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

169 at a glance schedule of investments fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Pictet Asset Management S.A., incorporated in Switzerland Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.60% investment objectives To apply a capital growth strategy by investing at least two-thirds of its total assets or wealth in equities 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 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. fund updates With effect from 31 July 2017, the funds investment policy will be amended to allow for the possibility for the funds to invest China A shares through any acceptable securities trading programs which may be available to the funds in the future as approved by the relevant regulators from time to time. Currently, the funds may invest up to 5% of the net assets in China A shares through the Shenzhen-Hong Kong Stock Connect program. The fund manager has decided to remove the limitation of the maximum exposure of up to 5% of the funds net assets to China A shares through the program. Currently, Pictet Asset Management (Europe) S.A. has delegated the discretionary investment power to 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 the fund which is currently managed by Pictet Asset Management Limited, which had appointed Pictet Asset Management S.A. as sub-manager, will only be managed by Pictet Asset Management S.A. as manager. From 31 July 2017, Pictet Asset Management Limited will cease to be a manager and there will be no sub-manager. Pictet Asset Management (Europe) S.A. will at all times delegate the discretionary investment power of the fund to Pictet Asset Management S.A.. This change will not affect the way that the fund is managed including the management style or operations of the fund, and will not have any impact on the investment objective and policy of the fund and will not cause an increase of the management fee. portfolio statement Description Market Value (S$) % of NAV 40,307 units in Pictet Premium Brands Fund 10,773, Other Assets 52, Net assets attributable to unitholders 10,826, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 Visa Inc-Class A Shares 26,828, Diageo Plc 24,588, Apple Inc 22,431, Las Vegas Sands Corp 21,677, Marriott International -Cl A 20,891, Estee Lauder Companies-Cl A 20,276, American Express Co 19,133, Pernod Ricard Sa 18,545, Adidas Ag 17,288, Cie Financiere Richemont-Reg 17,085, December Lvmh Moet Hennessy Louis Vui 35,456, Royal Caribbean Cruises Ltd 24,112, Las Vegas Sands Corp 23,827, Cie Financiere Richemont-Reg 22,897, Pernod Ricard Sa 20,158, Diageo Plc 19,518, Nike Inc - Class B 19,304, Apple Inc 15,096, Starbucks Corp 14,235, Christian Dior Se 13,665, 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

170 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Pictet Premium Brands Fund Class HP SGD 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. turnover ratio (underlying fund) 31 December December 2016 Pictet Premium Brands Fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 exposure to derivatives borrowings related-party transactions investments in collective investment schemes Pictet Premium Brands Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Premium Brands Fund (Class HP SGD). Market Value (S$) % of NAV 10,773, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management S.A.. Pictet Pr emium Brands Fund (S$) 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

171 fund performance Pictet Security Fund Pictet Security Fund 24.40% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Pictet Security Fund MSCI World 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

172 at a glance schedule of investments fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Pictet Asset Management S.A., incorporated in Switzerland Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.60% investment objectives To apply a capital growth strategy by investing primarily in shares or similar securities issued by companies 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 and health protection; access and identification security; traffic security; workplace security and national defence, etc. fund updates With effect from 31 July 2017, the funds investment policy will be amended to allow for the possibility for the funds to invest China A shares through any acceptable securities trading programs which may be available to the funds in the future as approved by the relevant regulators from time to time. Currently, the funds may invest up to 5% of the net assets in China A shares through the Shenzhen-Hong Kong Stock Connect program. The fund manager has decided to remove the limitation of the maximum exposure of up to 5% of the funds net assets to China A shares through the program. Currently, Pictet Asset Management (Europe) S.A. has delegated the discretionary investment power to 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 the fund which is currently managed by Pictet Asset Management Limited, which had appointed Pictet Asset Management S.A. as sub-manager, will only be managed by Pictet Asset Management S.A. as manager. From 31 July 2017, Pictet Asset Management Limited will cease to be a manager and there will be no sub-manager. Pictet Asset Management (Europe) S.A. will at all times delegate the discretionary investment power of the fund to Pictet Asset Management S.A.. This change will not affect the way that the fund is managed including the management style or operations of the fund, and will not have any impact on the investment objective and policy of the fund and will not cause an increase of the management fee. portfolio statement Description Market Value (S$) % of NAV 6,446 units in Pictet Security Fund 1,980, Other Assets 12, Net assets attributable to unitholders 1,993, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Thermo Fisher Scientific Inc 144,610, m Co 130,008, Fidelity National Info Serv 127,566, Equinix Inc 125,170, Stanley Black & Decker Inc 107,931, Fiserv Inc 105,354, Global Payments Inc 97,314, Total System Services Inc 97,300, Intertek Group Plc 88,136, Continental Ag 82,550, December Fidelity National Info Serv 69,449, Johnson Controls Internation 57,690, Fiserv Inc 57,060, Nxp Semiconductors Nv 53,383, Secom Co Ltd 50,753, m Co 48,631, Thermo Fisher Scientific Inc 42,818, Autoliv Inc 39,619, Denso Corp 38,843, Wabtec Corp 38,758, Source: Pictet Asset Management S.A.. Information extracted from the underlying fund - Pictet Security Fund. All figures have been rounded to the nearest dollar

173 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Pictet Security Fund Class P USD 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. turnover ratio (underlying fund) 31 December December 2016 Pictet Security Fund The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 exposure to derivatives borrowings related-party transactions investments in collective investment schemes Pictet Security Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Security Fund (Class P USD). Market Value (S$) % of NAV 1,980, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management S.A.. Pictet Security Fund (S$) 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

174 fund performance PineBridge Asia ex Japan Small Cap Equity Fund PineBridge Asia ex Japan Small Cap Equity Fund 24.20% for the 1 year period ended 31 December 2017 table of per formance PineBridge Asia ex Japan Small Cap Equity Fund MSCI AC Asia Pacific Ex Japan small Cap USD Net Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

175 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 188,653 units in PineBridge Asia ex Japan Small Cap Equity Fund 2,916, Other Assets 52, Net assets attributable to unitholders 2,969, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Airtac International Group 14,769, ASM Pacific Technology Limited 12,497, Mando Corp. 10,603, SINBON Electronics Co., Ltd. 9,846, Anhui Conch Cement Company Limited 9,846, Shree Cement Limited 9,846, Zhuzhou CRRC Times Electric Co., Ltd. 9,846, Nexteer Automotive Group Limited 9,467, Inari Amertron Berhad 9,467, Duluxgroup Limited 9,467, December Airtac International Group 5,108, Duluxgroup Limited 4,423, LARGAN Precision Co., Ltd. 4,223, Lee & Man Paper Manufacturing Limited 4,012, Shenzhou International Group Holdings Ltd. 4,012, Vtech Holdings Limited 3,887, Anhui Conch Cement Company Limited 3,700, Hanon Systems 3,563, Mando Corp. 3,526, Domino s Pizza Enterprises Limited 3,426, annualised expense ratio (underlying fund) 31 December December 2016 PineBridge Asia ex Japan Small Cap Equity Fund The total expense ratios are calculated in accordance with the Central Bank s guidelines and are consistent with the 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 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 investments (such as registrar charges and remittance fees); (c) foreign exchange gains and losses of the Sub-Fund, whether realised or unrealised; (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 foreign unit trust or mutual fund; and (f) dividends and other distributions paid to Unitholders turnover ratio (underlying fund) 31 December December 2016 PineBridge Asia ex Japan Small Cap Equity Fund 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 amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 PineBridge Asia ex Japan Small Cap Equity Fund (S$) Subscriptions 1,495,814 Redemptions (329,974) Source: PineBridge Investments. Information extracted from the underlying fund - PineBridge Asia ex Japan Small Cap Equity Fund. All figures have been rounded to the nearest dollar

176 schedule of investments soft dollar commission The Investment Managers may utilise brokers with whom soft commission arrangements are in place. A 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 provision of investment services to the Fund. Neither the Investment Managers nor any of their connected persons will retain cash commission rebates. Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) 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 borrowings related-party transactions investments in collective investment schemes PineBridge Asia ex Japan Small Cap Equity Fund, an ILP sub-fund, feeds 100% into the underlying Ireland registered PineBridge Asia ex Japan Small Cap Equity Fund. Market Value (S$) % of NAV 2,916, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: PineBridge Investments. 348

177 fund performance schedule of investments Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) 3.28% for the 1 year period ended 31 December 2017 table of per formance Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) BarCap US Aggregated Bond Index 3 mths Source: Pioneer Investments ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 Pioneer Investment Management, Inc. Currency of Fund Singapore 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 portfolio statement Description Market Value (S$) % of NAV 4,859 units in Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) 275, Other Assets Net assets attributable to unitholders 275, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 United States Treasury Zero% 25Jan18 33,285, Federal National Mortgage Association 3.5% 11Jan18 25,225, United States Treasury 1.75% 30Nov19 20,798, United States Treasury 1% 15Feb46 19,229, United States Treasury 0.75% 15Feb45 11,599, Federal National Mortgage Association 4% 11Jan18 8,709, United States Treasury 0.875% 15Feb47 5,749, Wells Fargo & Company 7.5% 31Dec49 Perpetual 5,636, Bank of America Corp 7.25% 31Dec49 Perpetual 5,352, Federal National Mortgage Association 15 Yr Pool 3% #MA dec32 5,143, December Federal National Mortgage Association 3.5% 18Jan17 31,388, United States Treasury 1% 15Feb46 20,171, United States Treasury 0.75% 15Feb45 18,613, United States Treasury Zero% 12Jan17 15,168, Government National Mortgage Association I 30 Yr Pool 3.5% #AA Jul42 6,951, Lower Neches Valley Auth Tex Indl Dev Corp FLT% 01Nov38 5,951, Government National Mortgage Association I 30 Yr Pool 3.5% #AL Jan45 5,179, Wells Fargo & Company 7.5% 31Dec49 Perpetual 4,982, Federal National Mortgage Association 30 Yr Pool 4.5% #AL Dec43 4,958, Everglades Re Ltd FLT% 28Apr17 144A 4,905, Source: Pioneer Investments. Information extracted from the underlying fund - Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged). 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)

178 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Pioneer Funds - U.S. Dollar Aggregate Bond Fund Class A SGD Hedged ND * 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 finalised figure. turnover ratio (underlying fund) 31 December December 2016 Pioneer Funds - U.S. Dollar Aggregate Bond Fund The portfolio turnover ratio is calculated based on the minimum (between sales and purchases) divided by average NAV. exposure to derivatives borrowings related-party transactions investments in collective investment schemes 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 ND). Market Value (S$) % of NAV 275, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Pioneer Investments. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) (S$) 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

179 fund performance Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) for the 1 year period ended 31 December 2017 table of per formance Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) BarCap US Aggregated Bond Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 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

180 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 66,921 units in Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) 8,907, Other Liabilities (838,887) Net assets attributable to unitholders 8,068, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 United States Treasury Zero% 25Jan18 33,285, Federal National Mortgage Association 3.5% 11Jan18 25,225, United States Treasury 1.75% 30Nov19 20,798, United States Treasury 1% 15Feb46 19,229, United States Treasury 0.75% 15Feb45 11,599, Federal National Mortgage Association 4% 11Jan18 8,709, United States Treasury 0.875% 15Feb47 5,749, Wells Fargo & Company 7.5% 31Dec49 Perpetual 5,636, Bank Of America Corp 7.25% 31Dec49 Perpetual 5,352, Federal National Mortgage Association 15 Yr Pool 3% #MA Dec32 5,143, December Federal National Mortgage Association 3.5% 18Jan17 31,388, United States Treasury 1% 15Feb46 20,171, United States Treasury 0.75% 15Feb45 18,613, United States Treasury Zero% 12Jan17 15,168, Government National Mortgage Association I 30 Yr Pool 3.5% #AA Jul42 6,951, Lower Neches Valley Auth Tex Indl Dev Corp FLT% 01Nov38 5,951, Government National Mortgage Association I 30 Yr Pool 3.5% #AL Jan45 5,179, Wells Fargo & Company 7.5% 31Dec49 Perpetual 4,982, Federal National Mortgage Association 30 Yr Pool 4.5% #AL Dec43 4,958, Everglades Re Ltd FLT% 28Apr17 144A 4,905, annualised expense ratio (underlying fund) 31 December December 2016 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (Class A USD) The expense ratio does not include portfolio transaction costs and performance fees. turnover ratio (underlying fund) 31 December December 2016 Pioneer Funds - U.S. Dollar Aggregate Bond Fund The portfolio turnover ratio is calculated based on the minimum (between sales and purchases) divided by average NAV. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) (S$) Subscriptions 10,386,259 Redemptions (1,418,671) 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. 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

181 schedule of investments exposure to derivatives borrowings Pioneer Funds - U.S. Fundamental Growth Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Pioneer Investments. 358

182 fund performance schedule of investments Pioneer Funds - U.S. Fundamental Growth Fund 21.75% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Pioneer Funds - U.S. Fundamental Growth Fund Russel 1000 Growth (TR) Source: Pioneer Investments ^ 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 Pioneer Investment Management, Inc Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives The Fund seeks to increase the value of your investment over the medium to long-term by investing mainly in a broad range of equities of companies that are based in, or do most of their business in the U.S.A. portfolio statement Description Market Value (S$) % of NAV 50,115 units in Pioneer Funds - U.S. Fundamental Growth Fund 17,150, Other Assets 203, Net assets attributable to unitholders 17,354, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Apple Inc 173,249, Microsoft Corporation 172,532, Alphabet Inc Class C 157,234, Home Depot Inc 114,348, Mastercard Inc 93,457, Pepsico Inc 76,296, Broadcom Ltd 72,565, Intercontinental Exchange Inc 70,598, Raytheon 69,774, Time Warner Inc. 69,344, December Apple Inc 148,653, Alphabet Inc Class C 135,895, Microsoft Corporation 131,575, Amazon.Com Inc. 108,273, Mastercard Inc 106,621, Home Depot Inc 103,881, Celgene Corporation 90,969, Time Warner Inc. 89,207, CVS Health Corp 87,373, Thermo Fisher Scientific Inc 79,993, Source: Pioneer Investments. Information extracted from the underlying fund - Pioneer Funds - U.S. Fundamental Growth Fund. All figures have been rounded to the nearest dollar. 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 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)

183 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Pioneer Funds - U.S. Fundamental Growth Fund Class A No Dis USD * The expense ratio does not include portfolio transaction costs and performance fees. *The expense ratio of 1.73% reported in the 31 December 2016 annual funds report has been updated to reflect the finalised figure. turnover ratio (underlying fund) 31 December December 2016 Pioneer Funds - U.S. Fundamental Growth Fund The portfolio turnover ratio is calculated based on the minimum (between sales and purchases) divided by average NAV. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Pioneer Funds - U.S. Fundamental Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pioneer Funds - U.S. Fundamental Growth Fund (Class A No Dis USD). Market Value (S$) % of NAV 17,150, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Pioneer Investments. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Pioneer Funds - U.S. Fundamental Growth Fund (S$) 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

184 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 Schroder Asian Growth Fund MSCI All Country Asia ex Japan Index (Net Dividend Reinvested) 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

185 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 9,625,984 units in Schroder Asian Growth Fund 37,562, Other Assets 381, Net assets attributable to unitholders 37,944, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 Samsung Electronics Co Ltd 88,660, Tencent Hldg Ltd 76,230, Alibaba Group Hldg Ltd ADR 70,055, Taiwan Semiconductor Manufacturing Co Ltd 69,200, AIA Group Ltd 48,452, HDFC Bank Ltd 43,425, China Lodging Group Ltd ADS 34,427, China Pacific Insurance Group Co Ltd H Shares 33,858, Techtronic Ind Co Ltd 32,893, New Oriental Education & Technology Group Inc ADR 30,951, December Taiwan Semiconductor Manufacturing Co Ltd 48,956, Samsung Electronics Co Ltd 43,425, Tencent Hldg Ltd 38,822, Alibaba Group Hldg Ltd ADR 29,915, AIA Group Ltd 27,494, HDFC Bank Ltd 25,543, China Mobile Ltd 19,008, Techtronic Ind Co Ltd 17,330, Jardine Strategic Hldg Ltd 16,470, China Pacific Insurance (Group) Co Ltd H Shares 14,740, Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Asian Growth Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Schroder Asian Growth Fund 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 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. turnover ratio (underlying fund) 31 December December 2016 Schroder Asian Growth Fund 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 Asian Growth Fund (S$) Subscriptions 14,082,738 Redemptions (1,626,346) 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. 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

186 schedule of investments exposure to derivatives Market Value (S$) % of NAV i) Market value of derivative contracts Spot foreign exchange (7,322) (*) Schroder Asian Income Fund * 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 amounted to S$7,322. borrowings related-party transactions investments in collective investment schemes Schroder Asian Growth Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Asian Growth Fund. Market Value (S$) % of NAV 37,562, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 368

187 fund performance schedule of investments Schroder Asian Income Fund 8.96% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Schroder Asian Income Fund SAI composite Benchmark ((Reference benchmark) # Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 # 50% MSCI Asia Pacific ex Japan (NDR); 50% JPM Asian Credit (SGD Hedged) 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 Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.25% investment objectives To provide income and capital growth over the medium to longer term by investing primarily in Asian equities and Asian fixed income securities. portfolio statement Description Market Value (S$) % of NAV 3,293,593 units in Schroder Asian Income Fund 3,638, Other Assets 206, Net assets attributable to unitholders 3,844, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 SISF - Global Multi-Asset Income I Acc 89,368, HK Electric Investments and HK Electric Investments Ltd Stapled Shares 87,134, CapitaLand Commercial Trust 86,310, Mapletree Greater China Commercial Trust 81,287, Link REIT 79,069, Mapletree Industrial Trust 74,537, China Construction Bank Corp H Shares 74,530, Ascendas Real Estate Investment Trust 74,287, Fortune REIT 73,441, Mapletree Commercial Trust 73,040, December SISF - Global Multi-Asset Income I Accumulation Share Class 90,262, HSBC Hldg PLC 53,863, National Australia Bank Ltd 48,394, Link REIT 47,938, Mapletree Industrial Trust 43,880, Mapletree Commercial Trust 43,871, Westpac Banking Corp 43,805, DUET Group 43,346, AusNet Services 43,012, HKT Trust and HKT Ltd Stapled Shares 42,956, Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Asian Income Fund. All figures have been rounded to the nearest dollar

188 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Schroder Asian Income Class SGD X * 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 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. The Fund invests in real estate investment 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. *The expense ratio of 1.45% reported in the 31 December 2016 annual funds report has been updated to reflect the finalised figure. turnover ratio (underlying fund) 31 December December 2016 Schroder Asian Income * 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. *The turnover ratio of 26.26% reported in the 31 December 2016 annual funds report has been updated to reflect the finalised figure. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Schroder Asian Income Fund (S$) Subscriptions 1,798,054 Redemptions (521,869) soft dollar commission In the management of the Fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars received are restricted to the following kinds of services: (i) research, analysis or price information; (ii) performance measurement; (iii) portfolio valuations; and (iv) administration services. The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the Fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment. exposure to derivatives Market Value (S$) % of NAV i) Market value of derivative contracts Contracts Forward foreign exchange 13,929, Futures 1,117, Spot foreign exchange (17,322) (*) Swaps (1,517,814) (0.04) * 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$38,613,465. iii) Net gain on outstanding derivatives The net gain on outstanding financial derivatives marked to market amounted to S$13,512,136. borrowings related-party transactions investments in collective investment schemes Schroder Asian Income Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Asian Income Fund (Class SGD X). Market Value (S$) % of NAV 3,638, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited

189 fund performance Schroder Global Emerging Market Opportunities Fund Schroder Global Emerging Market Opportunities Fund 28.15% for the 1 year period ended 31 December 2017 table of per formance Schroder Global Emerging Market Oppor tunities Fund 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* MSCI Emerging Markets Index 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

190 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 5,183,079 units in Schroder Global Emerging Market Opportunities Fund 5,685, Other Assets 2, Net assets attributable to unitholders 5,688, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV Schroder Global Emerging Market Oppor tunities Fund 1 Schroder International Selection Fund- Global Emerging Market Opportunities C Accumulation Share Class 59,683, No. Description Market Value (US$) % of NAV Schroder ISF Global Emerging Market Oppor tunities 1 Samsung Electronics 49,034, Taiwan Semiconductor Manufacturing 32,998, Alibaba Group Holding 32,654, Tencent Holdings 31,707, Sberbank of Russia 27,218, Barclays Africa Group 24,831, Midea Group 22,118, SK Innovation 20,590, AIA Group 20,513, Samsung SDI 20,130, December 2016 No. Description Market Value (S$) % of NAV Schroder Global Emerging Market Oppor tunities Fund 1 Schroder International Selection Fund- Global Emerging Market Opportunities C Accumulation Share Class 40,995, No. Description Market Value (US$) % of NAV Schroder ISF Global Emerging Market Oppor tunities 1 Samsung Electronics 14,700, Tencent Holdings 13,528, SK Hynix 13,369, Banco Do Brasil 12,410, Hon Hai Precision Industry 12,357, OTP Bank 12,250, X5 Retail Group 12,144, Kasikornbank 12,144, Lukoil 12,037, Samsung SDI 12,037, Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Global Emerging Market Opportunities Fund. All figures have been rounded to the nearest dollar. 376 annualised expense ratio (underlying fund) December December 2016 Schroder Global Emerging Market Opportunities Fund The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ). The calculation of the expense ratio was based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The respective values used in the calculation of the expense ratio are disclosed below. The average net asset value is based on daily balances. turnover ratio (underlying fund) 31 December December 2016 Schroder Global Emerging Market Opportunities Fund The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower value of purchases or sales of the underlying investments divided by the average daily net asset value. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Schroder Global Emerging Market Oppor tunities Fund (S$) Subscriptions 1,836,779 Redemptions (1,123,611) soft dollar commission The fund invests substantially into the Schroder International Selection Fund Global Emerging Market 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 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. In the management of the Fund, the Manager currently does not receive or enter into any soft dollar commissions or arrangements.

191 schedule of investments exposure to derivatives Market Value (S$) % of NAV i) Market value of derivative contracts Spot foreign exchange (195) (*) Schroder ISF Asia Pacific Cities Real Estate Fund * 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 amounted to S$195. borrowings related-party transactions investments in collective investment schemes Schroder Global Emerging Market Opportunities Fund, an ILP sub-fund, invests 100% into the underlying Schroder Global Emerging Market Opportunities Fund, the sub-fund of the Schroder International Opportunities Portfolio, which is a Singapore-authorized open-ended umbrella unit trust. The underlying Schroder Global Emerging Market Opportunities Fund invests all or substantially all its assets in the shares of the Luxembourg registered Schroder ISF - Global Emerging Market Opportunities Fund. Market Value (S$) % of NAV 5,685, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 378

192 fund performance at a glance Schroder ISF Asia Pacific Cities Real Estate Fund 12.57% for the 1 year period ended 31 December 2017 table of per formance Schroder ISF Asia Pacific Cities Real Estate Fund FTSE EPRA/NAREIT Developed Asia # 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Effective 1 October 2015, the performance benchmark for the Schroder ISF Asia Pacific Cities Real Estate Fund 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. 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. fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Luxembourg) S.A. Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives The Fund aims to provide income and capital growth by investing in equity and equity related securities of real estate companies in Asia Pacific. fund updates With effect from 1 December 2016, the Schroder ISF Asia Pacific Property Securities Fund has been renamed Schroder ISF Asia Pacific Cities Real Estate. The investment objective was updated from The Fund aims to provide capital growth and income by investing in equity securities of Asia Pacific property companies including Japan and Australasia to The Fund aims to provide income and capital growth by investing in equity and equity related securities of real estate companies in Asia Pacific. 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 the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect to less than 30% of their assets from up to 10%. This is in light of the potential investment opportunities in the China A shares market. 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

193 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 552 units in Schroder ISF Asia Pacific Cities Real Estate Fund 116, Other Liabilities (41) Net assets attributable to unitholders 116, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Sun Hung Kai 2,670, The Link REIT 2,266, Mitsui Fudosan 2,153, Mitsubishi Estate 2,096, Goodman Group 1,955, Cheung Kong Property Holding 1,870, Scentre Group 1,720, Stockland 1,607, Sumitomo Realty & Development 1,184, Swire Properties 1,182, December Mitsubishi Estate 8,141, Mitsui Fudosan 7,542, Scentre Group 7,199, Sun Hung Kai Properties 7,127, Westfield 6,569, Cheung Kong Property Holding 5,788, The Link REIT 5,465, Goodman Group 4,832, Sumitomo Realty & Development 4,648, Stockland 4,632, Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder ISF Asia Pacific Cities Real Estate Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Schroder ISF Asia Pacific Cities Real Estate Fund Class A Acc 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 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; * 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; * interest expense; and * dividends and other distributions paid to shareholders. turnover ratio (underlying fund) 31 December December 2016 Schroder ISF Asia Pacific Cities Real Estate Fund 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 Asia Pacific Cities Real Estate Fund (S$) Subscriptions 16,067 Redemptions (15,164) 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

194 schedule of investments exposure to derivatives borrowings Schroder ISF Global Equity Alpha Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 384

195 fund performance at a glance Schroder ISF Global Equity Alpha Fund 24.46% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Schroder ISF Global Equity Alpha Fund MSCI World - Net Return 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 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. fund facts Launch Date 16 January 2012 Commencement Date 16 Jaunary 2012 Manager Schroder Investment Management 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 companies worldwide. In order to achieve the objective the Investment Manager will invest in a select portfolio of securities, which it believes offer the best potential for future growth. fund updates With effect from 1 September 2017, the investment policy of the fund will be updated to remove the typical holdings range. This provides the fund flexibility to diversify its holdings according to the market environment and assessment of risk. Investment Policy (New): The fund invests at least two-thirds of its assets in equity and equity related securities of companies worldwide. Investment Policy (Previous): 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

196 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 1,431 units in Schroder ISF Global Equity Alpha Fund 382, Other Liabilities (11) 0.00 Net assets attributable to unitholders 382, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Alphabet 32,273, Citigroup 29,294, JPMorgan Chase 29,026, Amazon.com 24,526, Taiwan Semiconductor Manufacturing 23,472, Home Depot 22,552, Apple 22,433, Visa 21,640, Union Pacific 21,579, US Bancorp 21,391, December Citigroup 29,240, Alphabet 27,944, Comcast 26,229, US Bancorp 22,315, JP Morgan Chase 22,221, T-Mobile US 19,198, UnitedHealth Group 19,087, Nestle 18,833, Taiwan Semiconductor Manufacturing 18,288, Apple 18,153, Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder ISF Global Equity Alpha Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Schroder ISF Global Equity Alpha Fund Class A Acc 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 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; * 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; * interest expense; and * dividends and other distributions paid to shareholders. turnover ratio (underlying fund) 31 December December 2016 Schroder ISF Global Equity Alpha Fund 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 Global Equity Alpha Fund (S$) Subscriptions 156,108 Redemptions (60,170) 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

197 schedule of investments exposure to derivatives The net gain on financial derivatives realised during the period 1 January 2017 to 31 December 2017 amounted to US$282,330. Schroder ISF QEP Global Quality Fund borrowings related-party transactions investments in collective investment schemes Schroder ISF Global Equity Alpha Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder ISF Global Equity Alpha Fund (Class A Acc). Market Value (S$) % of NAV 382, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 390

198 fund performance schedule of investments Schroder ISF QEP Global Quality Fund 17.66% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Schroder ISF QEP Global Quality Fund MSCI World - Net Return 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 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 Schroder Investment Management Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.25% investment objectives To provide a total return primarily through investment in equity and equity related securities of companies 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. portfolio statement Description Market Value (S$) % of NAV 33,652 units in Schroder ISF QEP Global Quality Fund 7,281, Other Assets 2, Net assets attributable to unitholders 7,284, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Unilever 11,230, GlaxoSmithKline 10,680, Legal & General Group 10,617, Roche Holding 10,585, Merck 10,551, Taiwan Semiconductor Manufacturing 10,508, Kimberly-Clark 10,423, Amgen 10,347, Citrix Systems 10,335, Campbell Soup 10,332, December Unilever 12,051, Novartis 9,941, Nestle 9,706, Johnson & Johnson 9,542, Amgen 9,525, Novo Nordisk 9,472, Pfizer 9,324, Roche Holding 9,192, Cisco Systems 9,174, Astellas Pharma 9,156, Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder ISF QEP Global Quality Fund. All figures have been rounded to the nearest dollar

199 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Schroder ISF QEP Global Quality Fund Class A Acc 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 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; * 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; * interest expense; and * dividends and other distributions paid to shareholders. turnover ratio (underlying fund) 31 December December 2016 Schroder ISF QEP Global Quality Fund exposure to derivatives borrowings related-party transactions investments in collective investment schemes Schroder ISF QEP Global Quality Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder ISF QEP Global Quality Fund (Class A Acc). Market Value (S$) % of NAV 7,281, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. The turnover ratio is calculated based on the lesser of purchases or sales of underlying investments expressed as a percentage of daily average net asset value. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Schroder ISF QEP Global Quality Fund (S$) 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

200 fund performance Schroder ISF Taiwanese Equity Fund Schroder ISF Taiwanese Equity Fund 26.56% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Schroder ISF Taiwanese Equity Fund TAIEX Total Return Index 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

201 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 1,788 units in Schroder ISF Taiwanese Equity Fund 50, Other Liabilities (20) Net assets attributable to unitholders 50, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Taiwan Semiconductor Manufacturing 27,041, Hon Hai Precision Industry 18,528, Cathay Financial Holding 15,194, Formosa Plastics 11,468, Dadi Early-Childhood Education Group 11,399, Fubon Financial Holding 10,008, Chunghwa Telecom 9,790, Getac Technology 8,059, Primax Electronics 7,951, Far EasTone Telecommunications 7,812, December Taiwan Semiconductor Manufacturing 24,835, Hon Hai Precision Industry 18,835, Cathay Financial Holding 17,956, Fubon Financial Holding 9,861, Far EasTone Telecommunications 9,577, Formosa Plastics 9,477, Advanced Semiconductor Engineering 8,411, Turvo International 7,191, Dadi Early-Childhood Education Group 6,801, Merida Industry 6,789, Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder ISF Taiwanese Equity Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2017 Schroder ISF Taiwanese Equity Fund Class A Acc 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 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; * 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; * interest expense; and * dividends and other distributions paid to shareholders. turnover ratio (underlying fund) 31 December December 2017 Schroder ISF Taiwanese Equity Fund 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 Taiwanese Equity Fund (S$) Subscriptions 22,347 Redemptions (4,478) 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

202 schedule of investments exposure to derivatives borrowings Schroder Multi-Asset Revolution 30 Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 400

203 fund performance at a glance Schroder Multi-Asset Revolution 30 Fund 5.83% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Schroder Multi-Asset Revolution 30 Fund SMART30 - Composite Benchmark Index # Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # 30% MSCI World Index; 70% Citi World Govt 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. 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 1.25% 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 securities in global markets, as well as investment directly in those types of assets. The Schroder Multi-Asset Revolution 30 may also gain exposure to alternative asset classes including but not limited to real estate and commodities related securities for additional diversification. 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. fund updates 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 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 in London. Management of the Schroder ISF US Large Cap Fund and related strategies was also moved to London effective 7 November 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

204 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 109,110 units in Schroder Multi-Asset Revolution 30 Fund 136, Other Assets Net assets attributable to unitholders 136, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 Schroder Singapore Fixed Income Fund Class I 8,118, Schroder Global Quality Bond Class I USD Acc 3,899, Schroder Asian Investment Grade Credit Class I 2,365, SISF - US Large Cap I Acc 1,899, SISF - Global Inflation Linked Bond I Acc 1,375, SISF - QEP Global Core I Acc 1,335, SISF - Euro Equity I Acc 1,327, SISF - Japanese Equity I Acc 1,264, SISF - Asian Opportunities I Acc 841, SISF - QEP Global Active Value I Acc 812, December Schroder Singapore Fixed Income Fund Class I 8,199, Schroder Global Quality Bond USD I Accumulation Share Class 3,703, SISF - US Large Cap I Accumulation Share Class 2,371, SISF - QEP Global Core I Accumulation Share Class 2,366, Schroder Asian Investment Grade Credit Class I 2,328, SISF - QEP Global Active Value I Accumulation Share Class 2,234, SISF - Global Inflation Linked Bond I Accumulation Share Class 1,085, SISF - Euro Equity I Accumulation Share Class 713, SISF - Global Corporate Bond I Accumulation Share Class 530, SISF - QEP Global Quality I Accumulation Share Class 305, SISF: Schroder International Selection Fund Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Multi-Asset Revolution 30 Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Schroder Multi-Asset Revolution 30 Fund 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 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. turnover ratio (underlying fund) 31 December December 2016 Schroder Multi-Asset Revolution 30 Fund 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 Multi-Asset Revolution 30 Fund (S$) Subscriptions 108,495 Redemptions - 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. 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

205 schedule of investments exposure to derivatives Market Value (S$) % of NAV i) Market value of derivative contracts Forward foreign exchange 43, Spot foreign exchange 123 (*) Schroder Multi-Asset Revolution 50 Fund * 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 amounted to S$43,638. borrowings related-party transactions investments in collective investment schemes Schroder Multi-Asset Revolution 30 Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution 30 Fund. Market Value (S$) % of NAV 136, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 406

206 fund performance at a glance Schroder Multi-Asset Revolution 50 Fund 7.54% for the 1 year period ended 31 December 2017 table of per formance Schroder Multi-Asset Revolution 50 Fund 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* SMART 50-Composite Benchmark Index # Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # 50% MSCI World Index; 50% Citi World Govt Bond Index Performance is calculated in accordance with the share class of the fund, in SGD terms. 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 1.25% 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 securities in global markets, as well as investment directly in those types of assets. The Schroder Multi-Asset Revolution 50 may also gain exposure to alternative asset classes including but not limited to real estate and commodities related securities for additional diversification. fund updates Effective 7 November 2017, the manager of Schroder ISF US Large Cap Fund, one of the underlying funds of the Schroder Multi-Asset Revolution 50 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 in London. Management of the Schroder ISF US Large Cap Fund and related strategies was also moved to London effective 7 November 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

207 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 66,759 units in Schroder Multi-Asset Revolution 50 Fund 91, Other Liabilities (84) Net assets attributable to unitholders 91, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 Schroder Singapore Fixed Income Fund Class I 13,379, SISF - US Large Cap I Acc 9,887, Schroder Global Quality Bond Class I USD Acc 8,010, SISF - QEP Global Core I Acc 7,392, SISF - QEP Global Active Value I Acc 5,459, SISF - EURO Equity I Acc 5,180, Schroder Asian Investment Grade Credit Class I 4,346, SISF - Japanese Equity I Acc 3,912, SISF - Asian Opportunities I Acc 3,066, SISF - Global Inflation Linked Bond I Acc 2,999, December Schroder Singapore Fixed Income Fund Class I 14,257, SISF - QEP Global Core I Accumulation Share Class 11,596, SISF - QEP Global Active Value I Accumulation Share Class 11,478, SISF - US Large Cap I Accumulation Share Class 9,834, Schroder Global Quality Bond USD I Accumulation Share Class 7,404, Schroder Asian Investment Grade Credit Class I 4,184, SISF - Euro Equity I Accumulation Share Class 3,001, SISF - Global Inflation Linked Bond I Accumulation Share Class 2,242, SISF- Global Corporate Bond I Accumulation Share Class 1,522, SISF- Japanese Equity I Accumulation Share Class 1,288, SISF: Schroder International Selection Fund Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Multi-Asset Revolution 50 Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Schroder Multi-Asset Revolution 50 Fund 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 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. turnover ratio (underlying fund) 31 December December 2016 Schroder Multi-Asset Revolution 50 Fund 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 2017to 31 December 2017 Schroder Multi-Asset Revolution 50 Fund (S$) Subscriptions 61,092 Redemptions (17,904) 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. 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

208 schedule of investments exposure to derivatives Market Value (S$) % of NAV i) Market value of derivative contracts Forward foreign exchange 104, Spot foreign exchange (520) (*) Schroder Multi-Asset Revolution 70 Fund * 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 amounted to S$104,305. borrowings related-party transactions investments in collective investment schemes Schroder Multi-Asset Revolution 50 Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution 50 Fund. Market Value (S$) % of NAV 91, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 412

209 fund performance at a glance Schroder Multi-Asset Revolution 70 Fund 9.61% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Schroder Multi-Asset Revolution 70 Fund SMART 70-Composite Benchmark Index # Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # 70% MSCI World Index; 30% Citi World Govt Bond Index Performance is calculated in accordance with the share class of the fund, in SGD terms. 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 1.25% 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 securities in global markets, as well as investment directly in those types of assets. The Schroder Multi-Asset Revolution 70 may also gain exposure to alternative asset classes including but not limited to real estate and commodities related securities for additional diversification. fund updates Effective 7 November 2017, the manager of Schroder ISF US Large Cap Fund, one of the underlying funds of the Schroder Multi-Asset Revolution 70 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 in London. Management of the Schroder ISF US Large Cap Fund and related strategies was also moved to London effective 7 November 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

210 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 549,237 units in Schroder Multi-Asset Revolution 70 Fund 814, Other Assets Net assets attributable to unitholders 814, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 SISF - US Large Cap I Acc 27,363, SISF - QEP Global Core I Acc 22,718, SISF - QEP Global Active Value I Acc 17,609, Schroder Singapore Fixed Income Fund Class I 15,651, SISF - EURO Equity I Acc 15,571, SISF - Japanese Equity I Acc 9,835, SISF - Asian Opportunities I Acc 9,832, Schroder Global Quality Bond Class I USD Acc 5,594, SISF - Global Inflation Linked Bond I Acc 5,067, SISF - QEP Global Quality I Acc 4,817, December SISF - QEP Global Active Value I Accumulation Share Class 31,873, SISF - QEP Global Core I Accumulation Share Class 31,772, SISF - US Large Cap I Acc 28,621, Schroder Singapore Fixed Income Fund Class I 18,027, SISF - Euro Equity I Accumulation Share Class 7,883, SISF - Japanese Equity I Accumulation Share Class 6,170, Schroder Global Quality Bond Class I USD Acc 5,687, SISF - QEP Global Quality I Accumulation Share Class 4,660, SISF - Global Inflation Linked Bond I Accumulation Share Class 3,251, SISF - Global Corporate Bond I Accumulation Share Class 3,145, SISF: Schroder International Selection Fund Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Multi-Asset Revolution 70 Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Schroder Multi-Asset Revolution 70 Fund 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 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. turnover ratio (underlying fund) 31 December December 2016 Schroder Multi-Asset Revolution 70 Fund 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 Multi-Asset Revolution 70 Fund (S$) Subscriptions 405,553 Redemptions (61,967) 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. 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

211 schedule of investments exposure to derivatives Market Value (S$) % of NAV i) Market value of derivative contracts Forward foreign exchange 178, Spot foreign exchange (3,279) (*) Schroder Singapore Fixed Income Fund * 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 amounted to S$175,620. borrowings related-party transactions investments in collective investment schemes Schroder Multi-Asset Revolution 70 Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution 70 Fund. Market Value (S$) % of NAV 814, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 418

212 fund performance at a glance Schroder Singapore Fixed Income Fund 3.88% for the 1 year period ended 31 December 2017 table of per formance Schroder Singapore Fixed Income Fund Markit iboxx ALBI Singapore Index # 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # 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. 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. 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 0.50% 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 use or invest in derivatives. fund updates 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. The change is due to the discontinuation of the existing benchmark by the index provider. There is no change to the fees, investment objective and investment strategy of the fund. 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 denominated bonds or where in foreign currency, hedged back to SGD. All other key features of the fund will remain the same. 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

213 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 2,765,610 units in Schroder Singapore Fixed Income Fund 3,413, Other Assets Net assets attributable to unitholders 3,414, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 MAS Bill Series 84 9 Mar ,791, Singapore Government Bond 3% 1 Sep ,902, Singapore Government Bond 2.75% 1 Jul ,197, Singapore Government Bond 1.75% 1 Apr ,089, Singapore Government Bond 2.25% 1 Jun ,475, Singapore Government Bond 2.875% 1 Sep ,390, Singapore Government Bond 1.625% 1 Oct ,988, Housing & Development Board MTN 1.91% 10 Aug ,914, Singapore Government Bond 3.375% 1 Sep ,904, MAS Bill Series 84 2 Mar ,953, December MAS BILLS Series Jan ,952, Singapore Government 1.25% 01 Oct ,067, MAS BILLS Series Feb ,974, Singapore Government Bond 2.125% 1 Jun ,227, Singapore Government Bond 2.875% 1 Jul ,973, Singapore Government Bond 3% 1 Sep ,315, Singapore Government Bond 2.75% 1 Apr ,141, Singapore Government Bond 2.875% 1 Sep ,981, Singapore Government Bond 3.5% 1 Mar ,964, Housing &Development Board MTN 1.91% 10 Aug ,328, SISF: Schroder International Selection Fund Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Singapore Fixed Income Fund. annualised expense ratio (underlying fund) 31 December December 2016 Schroder Singapore Fixed Income Fund Class A 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 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. turnover ratio (underlying fund) 31 December December 2016 Schroder Singapore Fixed Income Fund 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 Fixed Income Fund (S$) Subscriptions 1,336,148 Redemptions (952,635) 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. 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

214 schedule of investments exposure to derivatives Market Value (S$) % of NAV i) Market value of derivative contracts Swaps (367,656) (0.08) Schroder Singapore Trust 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 amounted to S$367,656. borrowings related-party transactions investments in collective investment schemes Schroder Singapore Fixed Income Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Singapore Fixed Income Fund (Class A). Market Value (S$) % of NAV 3,413, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited. 424

215 fund performance schedule of investments Schroder Singapore Trust 23.79% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Schroder Singapore Trust SST - Composite Benchmark # Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # MSCI Singapore Free 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 Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.125% investment objectives The Schroder Singapore Trust aims to seek long-term capital growth through investing in securities of companies quoted on the Singapore Exchange. portfolio statement Description Market Value (S$) % of NAV 2,043,321 units in Schroder Singapore Trust 3,416, Other Assets 20, Net assets attributable to unitholders 3,437, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 DBS Group Hldg Ltd 140,981, Oversea-Chinese Banking Corp Ltd 128,152, United Overseas Bank Ltd 109,655, Singapore Telecommunications Ltd 79,376, CapitaLand Ltd 43,713, Keppel Corp Ltd 41,606, UOL Group Ltd 27,644, City Developments Ltd 24,560, Mapletree Industrial Trust 21,763, Hongkong Land Hldg Ltd 20,301, December DBS Group Hldg Ltd 93,233, Singapore Telecommunications Ltd 90,510, United Overseas Bank Ltd 77,886, Oversea-Chinese Banking Corp Ltd 75,273, CapitaLand Ltd 40,351, ComfortDelGro Corp Ltd 35,674, Keppel Corp Ltd 29,911, UOL Group Ltd 24,278, Hongkong Land Hldg Ltd 19,732, Mapletree Industrial Trust 17,636, Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Singapore Trust. All figures have been rounded to the nearest dollar

216 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Schroder Singapore Trust Class A 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 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. The Fund invests in real estate investment 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. turnover ratio (underlying fund) 31 December December 2016 Schroder Singapore Trust exposure to derivatives The net gain on financial derivatives realised during the period 1 January 2017 to 31 December 2017 amounted to S$379,839. borrowings related-party transactions investments in collective investment schemes Schroder Singapore Trust, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Singapore Trust (Class A). Market Value (S$) % of NAV 3,416, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund 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. 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

217 fund performance Templeton China Fund Templeton China Fund 25.89% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Templeton China Fund MSCI Golden Dragon Index 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

218 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 24,189 units in Templeton China Fund 230, Other Assets Net assets attributable to unitholders 230, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Tencent Holdings Limited 54,330, Taiwan Semiconductor Manufacturing Co Limited 53,185, Alibaba Group Holding Limited 38,325, Anta Sports Products Limited 32,778, Templeton China A Shares Fund 29,140, China Construction Bank Corp 27,409, China Petroleum & Chemical Corp (Sinopec) 26,553, AIA Group Ltd 19,924, Industrial And Commercial Bank Of China Ltd 18,444, Uni-President China Holdings Ltd 17,659, December Taiwan Semiconductor Manufacturing Co Limited 50,806, Tencent Holdings Limited 50,333, Nine Dragons Paper Holdings Limited 40,508, Alibaba Group Holding Limited 30,736, China Petroleum & Chemical Corp (Sinopec) 29,264, Anta Sports Products Limited 26,690, Templeton China A Shares Fund 24,799, China Construction Bank Corp 23,538, AIA Group Ltd 18,178, Dairy Farm International Holdings Limited 17,758, Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton China Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Templeton China Fund Class A (acc) SGD 2.45* 2.46* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. *unaudited turnover ratio (underlying fund) 31 December December 2016 Templeton China Fund -0.15* -2.71** 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 based on the following formula: 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); 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. *unaudited **audited amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Templeton China Fund (S$) Subscriptions 165,953 Redemptions (138,660)

219 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company 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. Templeton Global Bond Fund For the period 1 July 2017 to 31 December 2017, The Templeton China Fund paid US$89,803 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Templeton China Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton China Fund (Class A (acc) SGD). Market Value (S$) % of NAV 230, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. 434

220 fund performance at a glance Templeton Global Bond Fund 1.56% for the 1 year period ended 31 December 2017 table of per formance Templeton Global Bond Fund JP Morgan Global Government Bond Index 3 mths Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 28 May 2012 Commencement Date: 28 May mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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. fund facts Launch Date 28 May 2012 Commencement Date 28 May 2012 Manager Franklin Advisors, Inc Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.05% 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 and debt obligations issued by government or government-related issuers worldwide. fund updates With effect from September 2016, the manager has adjusted and increased the expected level of leverage for the fund from the range of 110%-130% to 130%-200%. The leverage is a measure of the aggregate derivative usage and therefore does not take into account other 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 time. 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 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%

221 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 162,533 units in Templeton Global Bond Fund 1,821, Other Liabilities (207) Net assets attributable to unitholders 1,821, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Korea Treasury Bond, senior note, 2.00%, 3/10/21 745,538, Government of Mexico, senior note, M, 5.00%, 12/11/19 614,209, Nota Do Tesouro Nacional, 10.00%, 1/01/23 532,691, Government of Indonesia, senior bond, FR56, 8.375%, 9/15/26 419,828, Korea Monetary Stabilization Bond, senior note, 1.45%, 6/02/18 400,373, Letra Tesouro Nacional, Strip, 1/01/19 397,214, Korea Treasury Bond, senior note, 1.375%, 9/10/21 371,580, Korea Treasury Bond, senior bond, 4.25%, 6/10/21 345,148, Letra Tesouro Nacional, Strip, 7/01/20 322,603, Letra Tesouro Nacional, Strip, 7/01/19 308,198, December Government of Mexico, senior note, M, 5.00%, 6/15/17 1,312,094, Korea Treasury Bond, senior note, 2.00%, 3/10/21 968,783, Government of Malaysia, senior note, 3.394%, 3/15/17 911,730, Government of Mexico, senior note, M, 5.00%, 12/11/19 839,175, Nota Do Tesouro Nacional, 10.00%, 1/01/23 661,428, Nota Do Tesouro Nacional, 10.00%, 1/01/25 548,125, Korea Monetary Stabilization Bond, senior note, 1.45%, 6/02/18 511,820, Letra Tesouro Nacional, Strip, 1/01/19 507,537, Government of Indonesia, senior bond, FR56, 8.375%, 9/15/26 494,739, Korea Treasury Bond, senior note, 1.375%, 9/10/21 482,343, Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton Global Bond Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Templeton Global Bond Fund Class A (mdis) SGD-H1 1.14* 1.43* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. *unaudited turnover ratio (underlying fund) 31 December December 2016 Templeton Global Bond Fund 30.06* 60.08* 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 based on the following formula: 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); 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. *unaudited amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Templeton Global Bond Fund (S$) Subscriptions 672,725 Redemptions (396,614)

222 schedule of investments soft dollar commission The Franklin Templeton Investment Funds - Templeton Global Bond Fund paid US$ 0 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. Templeton Global Total Return Fund exposure to derivatives borrowings related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. 440

223 fund performance at a glance Templeton Global Total Return Fund 2.88% for the 1 year period ended 31 December 2017 table of per formance Templeton Global Total Return Fund Barclays Capital Multiverse Index 3 mths Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 28 May 2012 Commencement Date: 28 May mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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. fund facts Launch Date 28 May 2012 Commencement Date 28 May 2012 Manager Franklin Advisors, Inc. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.05% 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 securities and debt obligations issued by government and government-related issuers or corporate entities worldwide. The Fund may invest in investment grade and non-investment grade debt securities. The Fund may also use various currency-related and other transactions involving derivative instruments. fund updates With effect from September 2016, the manager has adjusted and increased the expected level of leverage for the fund from the range of 100%-130% to 130%-200%. The leverage is a measure of the aggregate derivative usage and therefore does not take into account other 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 time. 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 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%

224 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 1,194,691 units in Templeton Global Total Return Fund 11,911, Other Liabilities (2,157) Net assets attributable to unitholders 11,908, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Korea Treasury Bond, senior note, 2.00%, 3/10/21 790,093, Letra Tesouro Nacional, Strip, 7/01/19 698,283, Government of India, senior note, 7.68%, 12/15/23 574,375, Government of Mexico, senior note, M, 5.00%, 12/11/19 495,487, Nota Do Tesouro Nacional, 10.00%, 1/01/21 460,693, Argentine Bonos del Tesoro, senior note, 15.50%, 10/17/26 421,394, Letra Tesouro Nacional, Strip, 1/01/19 409,192, Letra Tesouro Nacional, Strip, 7/01/20 408,040, Nota Do Tesouro Nacional, 10.00%, 1/01/23 388,513, Government of Indonesia, senior bond, FR56, 8.375%, 9/15/26 377,587, December Government of Mexico, senior note, M, 5.00%, 6/15/17 852,741, Korea Treasury Bond, senior note, 2.00%, 3/10/21 709,180, Letra Tesouro Nacional, Strip, 7/01/19 609,049, Government of Mexico, senior note, M, 5.00%, 12/11/19 467,625, Argentine Bonos del Tesoro, senior note, 15.50%, 10/17/26 460,762, Nota Do Tesouro Nacional, 10.00%, 1/01/21 411,868, Nota Do Tesouro Nacional, 10.00%, 1/01/25 385,644, Government of Portugal, Reg S, 5.125%, 10/15/24 374,622, Letra Tesouro Nacional, Strip, 1/01/19 361,160, Argentine Bonos del Tesoro, 18.20%, 10/03/21 359,591, Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton Global Total Return Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Templeton Global Total Return Fund Class A (mdis) SGD-H1 1.41* 1.44* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. *unaudited turnover ratio (underlying fund) 31 December December 2016 Templeton Global Total Return Fund 25.67* 62.62* 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 based on the following formula: 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); 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. *unaudited amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Templeton Global Total Return Fund (S$) Subscriptions 5,120,352 Redemptions (2,100,231)

225 schedule of investments soft dollar commission The Franklin Templeton Investment Funds - Templeton Global Total Return Fund paid US$0 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. Templeton Latin America Fund exposure to derivatives borrowings related-party transactions investments in collective investment schemes Templeton Global Total Return Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton Global Total Return Fund (Class A (mdis) SGD-H1). Market Value (S$) % of NAV 11,911, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. 446

226 fund performance schedule of investments Templeton Latin America Fund 13.60% for the 1 year period ended 31 December 2017 table of per formance Templeton Latin America Fund MSCI EM Latin America Index 3 mths Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 Franklin Advisers, Inc. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.90% investment objectives To achieve long-term capital appreciation by investing primarily in equity securities of issuers incorporated or having their principal business activities in the Latin American region. 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 portfolio statement Description Market Value (S$) % of NAV 44,852 units in Templeton Latin America Fund 307, Other Liabilities (113) Net assets attributable to unitholders 307, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Itausa - Investimentos Itau Sa 103,569, B3 Sa - Brasil Bolsa Balcao 71,863, Itau Unibanco Holding Sa 69,965, Wal-Mart De Mexico Sab De Cv 65,064, Banco Bradesco Sa 64,576, Grupo Mexico Sab De Cv 63,754, Ambev Sa 59,694, Grupo Mexico Sab De Cv 58,224, Lojas Americanas Sa 57,949, Bolsa Mexicana De Valores Sab De Cv 48,023, December Itausa - Investimentos Itau Sa 77,089, Itau Unibanco Holding Sa 65,512, Banco Bradesco Sa 62,060, Bm&F Bovespa Sa 55,551, Lojas Americanas Sa 50,250, Ambev Sa 48,016, Grupo Mexico Sab De Cv 47,981, Wal-Mart De Mexico Sab De Cv 45,389, Grupo Financiero Banorte Sab De Cv 43,828, BRF Sa 40,944, Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton Latin America Fund. All figures have been rounded to the nearest dollar. 449

227 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 Templeton Latin America Fund Class A (acc) SGD 2.28* 2.29* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. *unaudited turnover ratio (underlying fund) 31 December December 2016 Templeton Latin America Fund 16.17* 13.24* 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 based on the following formula: 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); 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. *unaudited amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Templeton Latin America Fund (S$) soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company 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 Latin America Fund paid US$137,869 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Templeton Latin America Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton Latin America Fund (Class A (acc) SGD). Market Value (S$) % of NAV 307, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. Subscriptions 171,840 Redemptions (47,428)

228 fund performance Templeton Shariah Global Equity Fund Templeton Shariah Global Equity Fund 9.48% for the 1 year period ended 31 December 2017 table of per formance Templeton Shariah Global Equity Fund MSCI AC World Islamic Index 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

229 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 39,257 units in Templeton Shariah Global Equity Fund 535, Other Assets 2, Net assets attributable to unitholders 537, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Royal Dutch Shell Plc 2,886, Samsung Electronics Co Limited 2,172, Tencent Holdings Ltd 2,057, BP Plc 2,044, Intel Corp 1,841, Telefonica Deutschland Holding Ag 1,470, Bayer Ag 1,420, Galp Energia Sgps Sa 1,366, Eli Lilly & Co 1,359, Suncor Energy Inc 1,349, December Royal Dutch Shell Plc 2,677, Samsung Electronics Co Limited 2,112, BP Plc 1,864, Pfizer Inc 1,702, Chevron Corporation 1,702, Suncor Energy Inc 1,385, Bayer Ag 1,377, Eli Lilly & Co 1,377, Total Sa 1,354, Sanofi 1,315, Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton Shariah Global Equity Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Templeton Shariah Global Equity Fund Class A (acc) SGD 1.90* 1.90* 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. 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 received including withholding tax; interest expense; and dividends and other distributions paid to investors. *unaudited turnover ratio (underlying fund) 31 October October 2016 Templeton Shariah Global Equity Fund 17.33* * 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 based on the following formula: 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); 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. *unaudited The turnover ratio of Templeton Shariah Global 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 Templeton Shariah Global Equity Fund (S$) Subscriptions 354,250 Redemptions (217,434)

230 schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company 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 Manage rs. For the period 1 July 2017 to 31 December 2017, The Franklin Templeton Shariah Fund - Templeton Shariah Global Equity Fund paid US$12,020 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. Threadneedle Investment Funds ICVC - American Fund exposure to derivatives borrowings related-party transactions investments in collective investment schemes Templeton Shariah Global Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Shariah Funds - Templeton Shariah Global Equity Fund (Class A (acc) SGD). Market Value (S$) % of NAV 535, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments. 456

231 fund performance schedule of investments Threadneedle Investment Funds ICVC - American Fund 25.20% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Threadneedle Investment Funds ICVC - American Fund S&P 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 medium to large companies domiciled in North America or which have significant North American operations. portfolio statement Description Market Value (S$) % of NAV 158,193 units in Threadneedle Investment Funds ICVC - American Fund 820, Other Assets 4, Net assets attributable to unitholders 824, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Apple Inc. 150,410, Microsoft Corp 143,981, JPMorgan Chase & Co 119,728, Bank of America Corp 110,092, Amazon.Com Inc 102,393, Berkshire Hathaway Inc-Class B 91,167, Facebook Inc-A 89,145, Visa Inc-Class A 82,180, Comcast Corp-Class A 79,996, Boeing Co/The 76,835, December Apple Inc. 111,638, Alphabet Inc-Cl A 107,609, Microsoft Corp 107,086, JPMorgan Chase & Co 96,214, Amazon.Com Inc 73,987, Facebook Inc-A 66,430, AT&T Inc 65,733, Johnson & Johnson 62,361, Comcast Corp-Class A 61,712, Citigroup Inc 57,013, Source: Threadneedle Investment Services Limited. Information extracted from the underlying fund - Threadneedle Investment Funds ICVC - American Fund. All figures have been rounded to the nearest dollar

232 schedule of investments schedule of investments annualised expense ratio (underlying fund) 7 September September 2016 Threadneedle Investment Funds ICVC - American Fund Class Retail Net Acc USD 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). The expense ratio of Threadneedle Investment Funds ICVC - American Fund Class Retail Net Acc USD for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 September September 2016 Threadneedle Investment Funds ICVC - American Fund month rolling year-to-date turnover rates; calculated based on UK FSA Regulations. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Threadneedle Investment Funds ICVC - American Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds ICVC - American Fund (Class Retail Net Acc USD). Market Value (S$) % of NAV 820, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Threadneedle Investment Services Limited. The turnover ratio of Threadneedle Investment Funds ICVC - American Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Threadneedle Investment Funds ICVC - American Fund (S$) Subscriptions 374,461 Redemptions (151,552) soft dollar commission

233 fund performance Threadneedle Investment Funds ICVC - American Smaller Companies Fund Threadneedle Investment Funds ICVC - American Smaller Companies Fund 16.90% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Threadneedle Investment Funds ICVC - American Smaller Companies Fund S&P MidCap 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

234 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 1,133,623 units in Threadneedle Investment Funds ICVC - American Smaller Companies Fund 6,476, Other Assets 118, Net assets attributable to unitholders 6,595, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 American Homes 4 Rent- A 29,473, Core Laboratories N.V. 28,492, Nuance Communications Inc 26,794, Fair Isaac Corp 26,464, Bank of the Ozarks 26,048, Associated Banc-Corp 25,475, Axalta Coating Systems Ltd 25,251, FCB Financial Holdings-Class A 24,327, Pool Corp 24,096, Ritchie Bros Auctioneers 23,734, December Pacwest Bancorp 32,452, Associated Banc-Corp 32,199, Zions Bancorporation 29,788, Leidos Holdings Inc 22,074, Nabors Industries Ltd 21,945, Jetblue Airways Corp 21,316, CNO Financial Group Inc 20,601, Cyrusone Inc 19,861, CSRA Inc 19,852, Watsco Inc 19,586, annualised expense ratio (underlying fund) 7 September September 2016 Threadneedle Investment Funds ICVC - American Smaller Companies Fund Class Retail Net Acc USD 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). 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) 30 September September 2016 Threadneedle Investment Funds ICVC - American Smaller Companies Fund month rolling year-to-date turnover rates; calculated based on UK FSA Regulations. The turnover ratio of Threadneedle Investment Funds ICVC - American Smaller Companies 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 Smaller Companies Fund (S$) Subscriptions 4,218,018 Redemptions (780,752) soft dollar commission 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

235 schedule of investments exposure to derivatives borrowings Threadneedle Investment Funds ICVC - European Select Fund related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Threadneedle Investment Services Limited. 466

236 fund performance schedule of investments Threadneedle Investment Funds ICVC - European Select Fund 14.77% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* Threadneedle Investment Funds ICVC - Eur opean Select Fund FTSE World Europe Ex UK 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 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 18 September 2013 Commencement Date 18 September 2013 Manager Threadneedle Investment Services Limited Currency of Fund Euro Dollars Valuation Frequency Daily Annual Management Fee 1.50% investment objectives To achieve above average capital growth through investing mainly in a relatively concentrated portfolio of 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. portfolio statement Description Market Value (S$) % of NAV 847,148 units in Threadneedle Investment Funds ICVC - European Select Fund 4,633, Other Assets 69, Net assets attributable to unitholders 4,702, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (EUR) % of NAV 1 Relx Nv 189,690, L Oreal 179,496, Unilever N.V. 175,605, Pernod Ricard Sa 156,288, Sampo Oyj-A Shs 148,375, Fresenius Medical Care Ag & 145,393, Anheuser-Busch InBev SA/NV 137,798, Dassault Systemes SA 119,957, IMCD Group NV 117,100, Elis Sa 110,600, December Unilever N.V. 214,464, Relx Nv 185,613, L Oreal 164,635, Novartis 144,396, Fresenius Medical Care Ag & 142,608, Sampo Oyj-A Shs 142,599, Pernod Ricard Sa 140,925, Svenska Handelsbanken-A Shs 134,943, Anheuser-Busch Inbev 131,185, Assa Abloy Ab 119,050, Source: Threadneedle Investment Services Limited. Information extracted from the underlying fund - Threadneedle Investment Funds ICVC - European Select Fund. All figures have been rounded to the nearest dollar

237 schedule of investments schedule of investments annualised expense ratio (underlying fund) 7 September September 2016 Threadneedle Investment Funds ICVC - European Select Fund Class Retail Acc EUR 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). The expense ratio of Threadneedle Investment Funds ICVC - European Select Fund Class Retail Acc EUR for the financial year ended 31 December 2017 is not available. turnover ratio (underlying fund) 30 September September 2016 Threadneedle Investment Funds ICVC - European Select Fund month rolling year-to-date turnover rates; calculated based on UK FSA Regulations. exposure to derivatives borrowings related-party transactions investments in collective investment schemes Threadneedle Investment Funds ICVC - European Select Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds ICVC - European Select Fund (Class Retail Acc EUR). Market Value (S$) % of NAV 4,633, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Threadneedle Investment Services Limited. The turnover ratio of Threadneedle Investment Funds ICVC - European Select Fund for the financial year ended 31 December 2017 is not available. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Threadneedle Investment Funds ICVC - Eur opean Select Fund (S$) Subscriptions 2,702,385 Redemptions (262,781) soft dollar commission

238 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 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* United Asian Bond Fund JP Morgan Asia Credit Index Total Return Composite Source: UOB Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 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

239 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 5,443,890 units in United Asian Bond Fund 9,831, Other Assets 56, Net assets attributable to unitholders 9,887, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 United Asian High Yield Bond Fund - Class Sgd Dist 11,391, Ind + Comm Bk Of China Subordinated Regs 09/ ,083, Perusahaan listrik negar sr unsecured regs 05/ ,710, Korea Gas Corp Sr Unsecured Regs 07/ ,148, Rhb Bank Sr Unsecured Regs 10/ ,002, Perusahaan Listrik Negar Sr Unsecured Regs 11/ ,355, Yestar healthcare hld co sr unsecured regs 09/ ,139, Dah Sing Bank Ltd Subordinated Regs 01/24 Var 4,086, Ehi Car Services Ltd Company Guar Regs 08/ ,079, Shougang Corp Sr Unsecured Regs 12/ ,018, December United Asian High Yield Bond Fund - Class SGD Dist 12,200, Industrial & Commercial Bank Of China Limited 4.875% Due 21/09/2025 7,409, China Railway Xunjie Company Limited 3.25% Due 28/07/2026 6,834, Korea Gas Corporation 3.5% Due 21/07/2025 5,541, RHB Bank Berhad 2.503% Due 06/10/2021 5,252, Perusahaan Listrik Negara Pt 5.5% Due 22/11/2021 4,643, Dah Sing Bank Limited 5.25% Due 29/01/2024 4,476, Yestar International Holdings Company Limited 6.9% Due 15/09/2021 4,428, MPM Global Private Limited 6.75% Due 19/09/2019 4,427, Tingyi Cayman islands Holding Corporation 3.875% Due 20/06/2017 4,360, annualised expense ratio (underlying fund) 31 December December 2016 United Asian Bond Fund * 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 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 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 net asset value is based on the daily balances. *The expense ratio of 1.29% reported in the 31 December 2016 annual funds report has been updated to reflect the finalised figure. turnover ratio (underlying fund) 31 December December 2016 United Asian Bond Fund * 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 expense ratio of 27.34% reported in the 31 December 2016 annual funds report has been updated to reflect the finalised figure. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 United Asian Bond Fund (S$) Subscriptions 4,877,527 Redemptions (2,471,974) Source: UOB Asset Management. Information extracted from the underlying fund - United Asian Bond Fund. All figures have been rounded to the nearest dollar

240 schedule of investments 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. United Emerging Markets Bond Fund exposure to derivatives borrowings related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management. 476

241 fund performance schedule of investments United Emerging Markets Bond Fund 1.97% for the 1 year period ended 31 December 2017 table of per formance United Emeging Markets Bond Fund JP Morgan EMBI Global Diversified TR 3 mths Source: UOB Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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 1.75% investment objectives To maximize returns with high yield and capital appreciation over the longer term in Emerging Markets debt investment and products. portfolio statement Description Market Value (S$) % of NAV 1,987,776 units in United Emerging Markets Bond Fund 2,673, Other Liabilities (8,956) Net assets attributable to unitholders 2,664, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 Mongolia Intl Bond Sr Unsecured Regs 03/ ,482, Republic Of Ecuador Sr Unsecured Regs 06/ ,149, United emerging markets local currency bond fund - class sgd acc 7,593, Republic of argentina sr unsecured regs 06/ ,902, Ojsc Russ Agric Bk(Rshb) Subordinated Regs 10/ ,772, Dominican republic sr unsecured regs 01/ ,497, Eskom Holdings Soc Ltd Sr Unsecured Regs 01/ ,959, Uob United Renminbi Bond Fund (Sgd) 5,705, Ukraine Government Sr Unsecured Regs 09/ ,532, Arab Republic Of Egypt Sr Unsecured Regs 01/ ,382, December Republic of Indonesia 3.375% Due 15/04/2023 9,191, Fed Republic of Brazil 4.25% Due 07/01/2025 8,104, Republic Of Poland 3% Due 17/03/2023 7,816, United Emerging Mkt Local Currency Bond Fund - Class SGD Acc 7,616, Treasury Bill UCP Due 30/03/2017 7,214, Empresa Nacional Del Pet 3.75% Due 05/08/2026 6,785, Republic Of Hungary 5.375% Due 21/02/2023 6,284, UOB United Renminbi Bond Fund 5,556, Republic Of Panama 6.7% Due 26/01/2036 5,294, Vnesheconombank(Veb) 4.224% Due 21/11/2018 5,285, Source: UOB Asset Management. Information extracted from the underlying fund - United Emerging Markets Bond Fund. All figures have been rounded to the nearest dollar

242 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 United Emerging Markets Bond Fund 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 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 performance fee. The average net asset value is based on the daily balances. turnover ratio (underlying fund) 31 December December 2016 United Emerging Markets Bond Fund exposure to derivatives borrowings related-party transactions investments in collective investment schemes United Emerging Markets Bond Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United Emerging Markets Bond Fund (Class SGD). Market Value (S$) % of NAV 2,673, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management. The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments divided by the average daily net asset value. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 United Emerging Markets Bond Fund (S$) 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

243 fund performance United Singapore Bond Fund United Singapore Bond Fund 5.12% for the 1 year period ended 31 December 2017 table of per formance United Singapore Bond Fund TR/SGX SFI Government Bond Index # 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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, equitylinked 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 currencydenominated 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

244 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 2,274,945 units in United Singapore Bond Fund 3,362, Other Assets 45, Net assets attributable to unitholders 3,407, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 Singapore Government Sr Unsecured 03/ ,053, Singapore Government Sr Unsecured 04/ ,499, Singapore Government Sr Unsecured 09/ ,796, Singapore Government Sr Unsecured 09/ ,675, Singapore Government Sr Unsecured 09/ ,527, Singapore Government Sr Unsecured 03/ ,302, Singapore Government Sr Unsecured 06/ ,334, Oversea Education Sr Unsecured Regs 04/ ,028, Prime Asset Holdings Ltd Sr Secured Regs 10/ ,024, Citic Envirotech Ltd Sr Unsecured Regs 12/99 Var 6,955, December Singapore Government Bond 3% Due 01/09/ ,326, Singapore Government Bond 3.50% Due 01/03/ ,099, Singapore Government Bond 2.75% Due 01/04/2042 7,058, Singapore Government Bond 2.875% Due 01/09/2030 5,394, ABN Amro Bank Nv 4.75% Due 01/04/2026 5,168, Singapore Government Bond 2.5% Due 01/06/2019 5,116, Citic Environtech Limited 4.70% Due 29/04/2018 5,059, Indian Oil Corp Ltd 4.10% Due 15/10/2022 5,057, Cambridge Mtn Pte Ltd 3.95% Due 21/05/2020 5,014, Singapore Government Bond 1.625% Due 01/10/2019 5,010, Source: UOB Asset Management. Information extracted from the underlying fund - United Singapore Bond Fund. All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 United Singapore Bond Fund 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 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 performance fee. The average net asset value is based on the daily balances. turnover ratio (underlying fund) 31 December December 2016 United Singapore Bond Fund 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. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 United Singapore Bond Fund (S$) Subscriptions 1,827,989 Redemptions (1,796,399) 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

245 schedule of investments exposure to derivatives United SGD Fund borrowings related-party transactions investments in collective investment schemes United Singapore Bond Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United Singapore Bond Fund. Market Value (S$) % of NAV 3,362, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management. 486

246 fund performance schedule of investments United SGD Fund 2.15% for the 1 year period ended 31 December 2017 table of per formance 3 mths 6 mths 1 yr yrs^ 5 yrs^ 10 yrs^ Since Commencement^* United SGD Fund Month SIBID Rate Source: UOB Asset Management ^ 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 UOB Asset Management Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 0.63% investment objectives To invest substantially all its assets in money market and short term interest bearing debt instruments and bank deposits with the objective of achieving a yield enhancement over Singapore Dollar deposits. 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 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%. portfolio statement Description Market Value (S$) % of NAV 1,921,276 units in United SGD Fund 3,558, Other Assets 43, Net assets attributable to unitholders 3,601, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (S$) % of NAV 1 Bluestar Fin Holdings Company Guar Regs 12/49 Var 40,292, Mcc Holding Hk Corp Ltd Company Guar Regs 05/ ,837, Shougang Corp Sr Unsecured Regs 08/ ,125, Axiata Spv2 Bhd Sr Unsecured Regs 11/ ,556, Hyundai Capital Services Sr Unsecured Regs 09/ ,708, Doosan Infracore Co Ltd Company Guar Regs 07/ ,681, Incitec Pivot Fin Llc Company Guar Regs 12/ ,109, Mas Bill Bills 02/ ,955, Mas Bill Bills 03/ ,897, Chugoku Electric Power Sr Secured Regs 03/ ,576, December MAF Global Securities Limited 5.25% Due 05/07/ ,592, Singapore Government Bond 1.625% Due 01/10/ ,054, Huarong Finance Company Limited 4% Due 17/07/ ,537, OCBC Wing Hang Bank Limited 6% Due 29/04/ ,492, Guangzhou Metro Investment Finance BVI Limited 2.875% Due 03/12/ ,051, Standard Chartered Public Listed Company 4% Due 12/07/ ,996, Zhejiang Energy Group Hong Kong Ltd 2.3% Due 30/09/ ,923, Anstock Ii Ltd 2.125% Due 24/07/ ,905, Jany Sukuk Company Limited 2.844% Due 23/09/ ,901, Midea Investment Development Company Limited 2.375% Due 03/06/ ,805, Source: UOB Asset Management. Information extracted from the underlying fund - United SGD Fund. All figures have been rounded to the nearest dollar. 489

247 schedule of investments schedule of investments annualised expense ratio (underlying fund) 31 December December 2016 United SGD Fund The expense ratio does 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. turnover ratio (underlying fund) 31 December December 2016 United SGD Fund 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 purchases or sales of the underlying investments, divided by the average daily net asset value. exposure to derivatives borrowings related-party transactions investments in collective investment schemes United SGD Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United SGD Fund. Market Value (S$) % of NAV 3,558, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 United SGD Fund (S$) 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

248 fund performance Wells Fargo Emerging Markets Equity Income Fund (USD) Wells Fargo Emerging Markets Equity Income Fund (USD) 26.10% for the 1 year period ended 31 December 2017 table of per formance Wells Fargo Emerging Markets Equity Income Fund (USD) MSCI Emerging Markets Index (Net) 3 mths 6 mths 1 yr 3 yrs^ 5 yrs^ 10 yrs^ Since Commencement^* 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

249 schedule of investments schedule of investments portfolio statement Description Market Value (S$) % of NAV 648 units in Wells Fargo Emerging Markets Equity Income Fund (USD) 115, Other Liabilities (244) Net assets attributable to unitholders 115, All figures have been rounded up to the nearest dollar. portfolio statement - by top 10 holdings No. Description Market Value (US$) % of NAV 1 Samsung Electronics Co., Ltd. 17,450, China Construction Bank Corporation Class H 14,119, Taiwan Semiconductor Manufacturing Co., Ltd. 13,449, Industrial and Commercial Bank of China Limited Class H 11,569, Itausa - Investimentos Itau S.A. 6,590, China Mobile Limited 6,067, CNOOC Limited 5,941, UBS AG 5,914, PICC Property & Casualty Co. Ltd. Class H 5,459, Hon Hai Precision Industry Co., Ltd. 5,382, December ishares MSCI India ETF 16,060, China Construction Bank Corporation Class H 11,382, Industrial and Commercial Bank of China Limited Class H 8,786, Taiwan Semiconductor Manufacturing Co., Ltd. 7,833, Banco Bradesco SA Pfd 7,715, China Petroleum & Chemical Corporation Class H 7,645, Itausa - Investimentos Itau SA Pfd 7,529, China Mobile Limited 6,791, Oil company LUKOIL PJSC ADR 6,069, SK Telecom Co., Ltd. 5,914, Source: Wells Fargo. Information extracted from the underlying fund - Wells Fargo Emerging Markets Equity Income Fund (USD). All figures have been rounded to the nearest dollar. annualised expense ratio (underlying fund) 31 December December 2016 Wells Fargo Emerging Markets Equity Income Fund (USD) 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- 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. turnover ratio (underlying fund) 31 December December 2016 Wells Fargo Emerging Markets Equity Income Fund 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 the trailing one year. Whenever possible, the turnover numbers for a single representative account were used; however, in some cases multiple accounts were blended together to obtain the estimates. These numbers do not comply with the SEC Form N-1A standard for turnover calculations. amount of redemptions and subscriptions for the period 1 January 2017 to 31 December 2017 Wells Fargo Emerging Markets Equity Income Fund (USD) (S$) Subscriptions 61,640 Redemptions (27,365) soft dollar commission WellsCap believes research is extremely useful and a primary foundation of the money management industry. Generally, services provided by brokers may include information on the economy, industries, groups of securities, individual companies, statistical information, accounting and tax law interpretations, political developments, legal developments affecting portfolio securities, technical market action, credit analysis, portfolio analysis, risk measurement analysis, performance analysis and analysis of corporate responsibility issues. Such research services are received primarily in the form of written reports, telephone contacts and personal meetings with security analysts. As such, having access to proprietary research (created 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

250 schedule of investments exposure to derivatives borrowings Financial Statements related-party transactions 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, any other material infor mation that will adversely af fect the valuation of the ILP sub-fund Source of the expense ratio, turnover ratio and soft dollar commission: Wells Fargo. 496

251 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Aberdeen Pacific Equity Fund Value of Fund 1 January ,330 Amount received by Fund 939,882 Amount paid by Fund (211,860) Net Amount received/(paid) by Fund 728,022 Income on investments Investment income - Net gain/(loss) on investment 991,621 Value of Fund 1,980,973 AllianceBernstein Global High Yield Portfolio Fund Value of Fund 1 January ,444 Amount received by Fund 1,502,071 Amount paid by Fund (221,691) Net Amount received/(paid) by Fund 1,280,380 Income on investments Investment income - Net gain/(loss) on investment 332,260 Value of Fund 1,793,084 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 AllianceBernstein Emerging Markets Debt Portfolio Fund Value of Fund 1 January ,114 Amount received by Fund 1,118,970 Amount paid by Fund (168,703) Net Amount received/(paid) by Fund 950,266 Income on investments Investment income - Net gain/(loss) on investment 682,621 Value of Fund 1,785,001 AllianceBernstein Thematic Research Portfolio Fund Value of Fund 1 January ,568 Amount received by Fund 85,578 Amount paid by Fund (29,484) Net Amount received/(paid) by Fund 56,094 Income on investments Investment income - Net gain/(loss) on investment 84,849 Value of Fund 183,

252 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 AllianceBernstein US Thematic Research Portfolio Fund Value of Fund 1 January ,329 Amount received by Fund 128,975 Amount paid by Fund (21,525) Net Amount received/(paid) by Fund 107,450 Income on investments Investment income - Net gain/(loss) on investment 134,525 Value of Fund 309,304 AXA World Funds - Framlington Europe Real Estate Securities Fund Value of Fund 1 Januar y ,237 Amount received by Fund 175,261 Amount paid by Fund (31,513) Net Amount received/(paid) by Fund 143,748 Income on investments Investment income - Net gain/(loss) on investment 54,964 Value of Fund 399,949 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 AXA World Funds - Framlington Emerging Markets Fund Value of Fund 1 January ,447 Amount received by Fund 35,729 Amount paid by Fund (6,360) Net Amount received/(paid) by Fund 29,370 Income on investments Investment income - Net gain/(loss) on investment 16,934 Value of Fund 102,751 AXA World Funds - Global High Yield Bonds (SGD Hedged) Value of Fund 1 January ,450 Amount received by Fund 873,850 Amount paid by Fund (246,344) Net Amount received/(paid) by Fund 627,507 Income on investments Investment income - Net gain/(loss) on investment 542,233 Value of Fund 1,264,

253 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 BlackRock China Fund Value of Fund 1 January ,517,429 Amount received by Fund 2,554,993 Amount paid by Fund (621,524) Net Amount received/(paid) by Fund 1,933,469 Income on investments Investment income - Net gain/(loss) on investment 1,655,076 Value of Fund 5,105,974 BlackRock Global Equity Income Fund Value of Fund 1 January ,760 Amount received by Fund 1,098,287 Amount paid by Fund (138,988) Net Amount received/(paid) by Fund 959,299 Income on investments Investment income - Net gain/(loss) on investment 494,467 Value of Fund 2,323,526 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 BlackRock Global Allocation Fund Value of Fund 1 January ,098,208 Amount received by Fund 948,640 Amount paid by Fund (513,470) Net Amount received/(paid) by Fund 435,169 Income on investments Investment income - Net gain/(loss) on investment 266,016 Value of Fund 2,799,393 BlackRock Latin American Fund Value of Fund 1 January ,975 Amount received by Fund 317,409 Amount paid by Fund (66,070) Net Amount received/(paid) by Fund 251,339 Income on investments Investment income - Net gain/(loss) on investment 186,992 Value of Fund 599,

254 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 BlackRock World Energy Fund Value of Fund 1 January ,186,181 Amount received by Fund 2,009,708 Amount paid by Fund (673,582) Net Amount received/(paid) by Fund 1,336,126 Income on investments Investment income - Net gain/(loss) on investment 521,637 Value of Fund 3,043,944 BlackRock World HealthScience Fund Value of Fund 1 January ,638,690 Amount received by Fund 4,538,229 Amount paid by Fund (1,433,073) Net Amount received/(paid) by Fund 3,105,156 Income on investments Investment income - Net gain/(loss) on investment 2,950,651 Value of Fund 11,694,497 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 BlackRock World Gold Fund Value of Fund 1 January ,952,232 Amount received by Fund 5,761,525 Amount paid by Fund (1,305,419) Net Amount received/(paid) by Fund 4,456,106 Income on investments Investment income - Net gain/(loss) on investment 2,227,995 Value of Fund 8,636,333 BlackRock World Mining Fund Value of Fund 1 January ,782,044 Amount received by Fund 2,849,598 Amount paid by Fund (916,483) Net Amount received/(paid) by Fund 1,933,116 Income on investments Investment income - Net gain/(loss) on investment 2,084,645 Value of Fund 5,799,

255 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 First Eagle Amundi International Fund Value of Fund 1 January ,551,317 Amount received by Fund 18,916,873 Amount paid by Fund (3,502,286) Net Amount received/(paid) by Fund 15,414,587 Income on investments Investment income 1,119,702 Net gain/(loss) on investment 15,136,628 Value of Fund 44,222,234 Franklin Global Small-Mid Cap Growth Fund Value of Fund 1 January ,174,242 Amount received by Fund 835,323 Amount paid by Fund (574,608) Net Amount received/(paid) by Fund 260,714 Income on investments Investment income - Net gain/(loss) on investment 176,614 Value of Fund 2,611,570 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Franklin European Growth Fund Value of Fund 1 January ,910,505 Amount received by Fund 748,934 Amount paid by Fund (397,763) Net Amount received/(paid) by Fund 351,172 Income on investments Investment income - Net gain/(loss) on investment 230,820 Value of Fund 2,492,497 Franklin India Fund Value of Fund 1 January ,981 Amount received by Fund 1,503,440 Amount paid by Fund (561,399) Net Amount received/(paid) by Fund 942,042 Income on investments Investment income - Net gain/(loss) on investment 1,316,473 Value of Fund 2,712,

256 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Franklin Mutual Global Discovery Fund Value of Fund 1 January ,228 Amount received by Fund 39,390 Amount paid by Fund (18,522) Net Amount received/(paid) by Fund 20,867 Income on investments Investment income - Net gain/(loss) on investment 6,171 Value of Fund 87,266 Franklin U.S. Equity Fund Value of Fund 1 January ,090 Amount received by Fund 227,677 Amount paid by Fund (202,049) Net Amount received/(paid) by Fund 25,628 Income on investments Investment income - Net gain/(loss) on investment 43,767 Value of Fund 374,485 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Franklin Technology Fund Value of Fund 1 January ,415 Amount received by Fund 1,823,786 Amount paid by Fund (374,922) Net Amount received/(paid) by Fund 1,448,864 Income on investments Investment income - Net gain/(loss) on investment 1,334,172 Value of Fund 3,237,451 Fullerton Dynamic Strategies Fund - Aggressive Value of Fund 1 January ,800 Amount received by Fund 469,393 Amount paid by Fund (201,899) Net Amount received/(paid) by Fund 267,495 Income on investments Investment income - Net gain/(loss) on investment 461,008 Value of Fund 1,255,

257 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Fullerton Dynamic Strategies Fund - Balanced Value of Fund 1 January ,168 Amount received by Fund 861,618 Amount paid by Fund (66,867) Net Amount received/(paid) by Fund 794,750 Income on investments Investment income - Net gain/(loss) on investment 1,028,762 Value of Fund 2,299,680 Goldman Sachs Global Strategic Income Bond Portfolio Value of Fund 1 January ,584 Amount received by Fund 526,389 Amount paid by Fund (47,893) Net Amount received/(paid) by Fund 478,497 Income on investments Investment income - Net gain/(loss) on investment 305,801 Value of Fund 817,882 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund Goldman Sachs Emerging Markets CORE Equity Portfolio 2,183,989 6,446,834 Amount paid by Fund (901,147) Net Amount received/(paid) by Fund 5,545,687 Income on investments Investment income - Net gain/(loss) on investment 4,898,989 Value of Fund 12,628,665 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund H2O Allegro Fund 2,198,872 6,048,375 Amount paid by Fund (533,643) Net Amount received/(paid) by Fund 5,514,732 Income on investments Investment income - Net gain/(loss) on investment 3,198,888 Value of Fund 10,912,

258 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Janus Henderson Asia-Pacific Property Equities Fund Value of Fund 1 January ,517 Amount received by Fund 28,273 Amount paid by Fund (1,569) Net Amount received/(paid) by Fund 26,704 Income on investments Investment income - Net gain/(loss) on investment 7,442 Value of Fund 81,663 Janus Henderson Fund - Latin American Fund Value of Fund 1 January ,942 Amount received by Fund 131,655 Amount paid by Fund (122,257) Net Amount received/(paid) by Fund 9,398 Income on investments Investment income - Net gain/(loss) on investment 26,360 Value of Fund 123,700 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Janus Henderson Fund - Continental European Fund Value of Fund 1 January ,664 Amount received by Fund 134,467 Amount paid by Fund (156,062) Net Amount received/(paid) by Fund (21,594) Income on investments Investment income - Net gain/(loss) on investment 13,117 Value of Fund 72,187 Janus Henderson Global Property Equities Fund Value of Fund 1 January ,004 Amount received by Fund 37,912 Amount paid by Fund (5,312) Net Amount received/(paid) by Fund 32,600 Income on investments Investment income 835 Net gain/(loss) on investment 2,725 Value of Fund 75,

259 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Janus Henderson Global Technology Fund Value of Fund 1 January ,802,005 Amount received by Fund 1,935,735 Amount paid by Fund (291,408) Net Amount received/(paid) by Fund 1,646,030 Income on investments Investment income - Net gain/(loss) on investment 1,422,454 Value of Fund 4,870,489 Janus Henderson Horizon Fund - Pan European Alpha Fund Value of Fund 1 January ,598 Amount received by Fund 127,792 Amount paid by Fund (60,419) Net Amount received/(paid) by Fund 67,373 Income on investments Investment income - Net gain/(loss) on investment 26,211 Value of Fund 215,182 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Janus Henderson Horizon Fund - Japan Opportunities Fund Value of Fund 1 January ,171 Amount received by Fund 759,234 Amount paid by Fund (48,605) Net Amount received/(paid) by Fund 710,629 Income on investments Investment income - Net gain/(loss) on investment 537,166 Value of Fund 1,327,966 Invesco Asia Consumer Demand Fund Value of Fund 1 January ,464 Amount received by Fund 292,925 Amount paid by Fund (126,515) Net Amount received/(paid) by Fund 166,410 Income on investments Investment income - Net gain/(loss) on investment 196,527 Value of Fund 591,

260 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Invesco Japanese Equity Core Fund Value of Fund 1 January ,553 Amount received by Fund 248,191 Amount paid by Fund (42,298) Net Amount received/(paid) by Fund 205,893 Income on investments Investment income - Net gain/(loss) on investment 112,257 Value of Fund 573,703 Invesco Pacific Equity Fund Value of Fund 1 January ,698 Amount received by Fund 726,428 Amount paid by Fund (140,640) Net Amount received/(paid) by Fund 585,788 Income on investments Investment income - Net gain/(loss) on investment 412,075 Value of Fund 1,641,561 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund Invesco Korean Equity Fund (USD) 496, ,074 Amount paid by Fund (269,478) Net Amount received/(paid) by Fund 185,596 Income on investments Investment income - Net gain/(loss) on investment 255,084 Value of Fund 937,165 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund JPMor gan Funds - Brazil Equity Fund 84,977 75,787 Amount paid by Fund (55,982) Net Amount received/(paid) by Fund 19,805 Income on investments Investment income - Net gain/(loss) on investment 30,310 Value of Fund 135,

261 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 JPMor gan Funds - Gr eater China Fund Value of Fund 1 January ,009 Amount received by Fund 1,851,053 Amount paid by Fund (304,833) Net Amount received/(paid) by Fund 1,546,219 Income on investments Investment income - Net gain/(loss) on investment 1,658,257 Value of Fund 4,053,485 JPMor gan Funds - Indonesia Equity Fund Value of Fund 1 January ,098 Amount received by Fund 115,836 Amount paid by Fund (76,602) Net Amount received/(paid) by Fund 39,235 Income on investments Investment income - Net gain/(loss) on investment 101,081 Value of Fund 400,414 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 JPMor gan Funds - India Fund Value of Fund 1 January ,478 Amount received by Fund 1,037,034 Amount paid by Fund (293,673) Net Amount received/(paid) by Fund 743,361 Income on investments Investment income - Net gain/(loss) on investment 922,296 Value of Fund 2,125,135 JPMor gan Funds - US Equity Fund Value of Fund 1 January ,639 Amount received by Fund 508,841 Amount paid by Fund (70,291) Net Amount received/(paid) by Fund 438,550 Income on investments Investment income - Net gain/(loss) on investment 125,712 Value of Fund 747,

262 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Jupiter Merlin Real Return Portfolio Value of Fund 1 January ,122 Amount received by Fund 307,738 Amount paid by Fund (13,419) Net Amount received/(paid) by Fund 294,319 Income on investments Investment income - Net gain/(loss) on investment 50,874 Value of Fund 406,315 Legg Mason Western Asset Asian Opportunities Fund Value of Fund 1 January ,196 Amount received by Fund 131,453 Amount paid by Fund (134,270) Net Amount received/(paid) by Fund (2,817) Income on investments Investment income - Net gain/(loss) on investment 89,180 Value of Fund 200,559 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Jupiter Merlin Real Return Portfolio (USD) Value of Fund 1 January Amount received by Fund 26,508 Amount paid by Fund - Net Amount received/(paid) by Fund 26,508 Income on investments Investment income - Net gain/(loss) on investment 10,753 Value of Fund 37,261 Legg Mason Western Asset Global Bond Trust Value of Fund 1 January ,938,700 Amount received by Fund 1,786,215 Amount paid by Fund (987,857) Net Amount received/(paid) by Fund 798,357 Income on investments Investment income - Net gain/(loss) on investment 1,260,457 Value of Fund 3,997,

263 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial period ended 31 December 2017 Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Value of Fund 1 January ,263,956 Amount received by Fund 3,858,038 Amount paid by Fund (5,299,099) Net Amount received/(paid) by Fund (1,441,061) Income on investments Investment income - Net gain/(loss) on investment 131,930 Value of Fund 3,954,825 Matthews Asia Funds Asia Dividend Fund (USD) Value of Fund 29 May Amount received by Fund 41,828 Amount paid by Fund (4,459) Net Amount received/(paid) by Fund 37,370 Income on investments Investment income - Net gain/(loss) on investment 57,811 Value of Fund 95,181 capital account for the financial year ended 31 December 2017 capital account for the financial period ended 31 December 2017 Legg Mason Martin Currie Southeast Asia Trust Value of Fund 1 January ,246 Amount received by Fund 253,888 Amount paid by Fund (182,925) Net Amount received/(paid) by Fund 70,962 Income on investments Investment income - Net gain/(loss) on investment 136,152 Value of Fund 677,360 Mirae Asset Asia Great Consumer Equity Fund (USD) Value of Fund 29 May Amount received by Fund 775,536 Amount paid by Fund (43,206) Net Amount received/(paid) by Fund 732,330 Income on investments Investment income - Net gain/(loss) on investment 735,034 Value of Fund 1,467,

264 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) Value of Fund 1 January ,484 Amount received by Fund 32,835 Amount paid by Fund (5,951) Net Amount received/(paid) by Fund 26,884 Income on investments Investment income - Net gain/(loss) on investment 15,112 Value of Fund 142,480 Pictet Asian Local Currency Debt Fund Value of Fund 1 January ,932 Amount received by Fund 148,751 Amount paid by Fund (77,178) Net Amount received/(paid) by Fund 71,573 Income on investments Investment income - Net gain/(loss) on investment 8,336 Value of Fund 321,841 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Neuberger Berman Strategic Income (SGD Hedged) Value of Fund 1 January ,130 Amount received by Fund 255,436 Amount paid by Fund (128,856) Net Amount received/(paid) by Fund 126,580 Income on investments Investment income - Net gain/(loss) on investment 175,652 Value of Fund 400,362 Pictet Emerging Europe Fund Value of Fund 1 January ,056 Amount received by Fund 125,770 Amount paid by Fund (15,876) Net Amount received/(paid) by Fund 109,894 Income on investments Investment income - Net gain/(loss) on investment 101,554 Value of Fund 266,

265 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Pictet Global Emerging Debt Fund Value of Fund 1 January ,833,693 Amount received by Fund 786,167 Amount paid by Fund (559,000) Net Amount received/(paid) by Fund 227,168 Income on investments Investment income - Net gain/(loss) on investment 342,308 Value of Fund 2,403,169 Pictet Premium Brands Fund Value of Fund 1 January ,572,685 Amount received by Fund 3,782,620 Amount paid by Fund (1,615,807) Net Amount received/(paid) by Fund 2,166,812 Income on investments Investment income - Net gain/(loss) on investment 2,087,176 Value of Fund 10,826,673 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund Pictet Health Fund 6,012,671 4,179,559 Amount paid by Fund (1,604,999) Net Amount received/(paid) by Fund 2,574,559 Income on investments Investment income - Net gain/(loss) on investment 858,663 Value of Fund 9,445,893 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund Pictet Security Fund 771,272 1,015,773 Amount paid by Fund (310,465) Net Amount received/(paid) by Fund 705,308 Income on investments Investment income - Net gain/(loss) on investment 516,748 Value of Fund 1,993,

266 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) Value of Fund 1 January ,478,063 Amount received by Fund 3,062,457 Amount paid by Fund (9,275,880) Net Amount received/(paid) by Fund (6,213,432) Income on investments Investment income - Net gain/(loss) on investment 11,035 Value of Fund 275,675 Pioneer Funds - U.S. Fundamental Growth Fund Value of Fund 1 January ,217,429 Amount received by Fund 7,097,029 Amount paid by Fund (1,844,348) Net Amount received/(paid) by Fund 5,252,681 Income on investments Investment income - Net gain/(loss) on investment 5,884,516 Value of Fund 17,354,626 capital account for the financial period ended 31 December 2017 capital account for the financial year ended 31 December 2017 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) Value of Fund 3 March Amount received by Fund 10,386,259 Amount paid by Fund (1,418,671) Net Amount received/(paid) by Fund 8,967,588 Income on investments Investment income - Net gain/(loss) on investment (899,192) Value of Fund 8,068,396 PineBridge Asia Ex Japan Small Cap Equity Fund Value of Fund 1 January ,733 Amount received by Fund 1,495,814 Amount paid by Fund (329,974) Net Amount received/(paid) by Fund 1,165,841 Income on investments Investment income - Net gain/(loss) on investment 1,569,953 Value of Fund 2,969,

267 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Schroder Asian Growth Fund Value of Fund 1 January ,458,224 Amount received by Fund 14,082,738 Amount paid by Fund (1,626,346) Net Amount received/(paid) by Fund 12,456,392 Income on investments Investment income 585,509 Net gain/(loss) on investment 14,444,343 Value of Fund 37,944,468 Schroder Global Emerging Market Opportunties Fund Value of Fund 1 January ,411,240 Amount received by Fund 1,836,779 Amount paid by Fund (1,123,611) Net Amount received/(paid) by Fund 713,167 Income on investments Investment income - Net gain/(loss) on investment 1,564,199 Value of Fund 5,688,606 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Schroder Asian Income Fund Value of Fund 1 January ,342,775 Amount received by Fund 1,798,054 Amount paid by Fund (521,869) Net Amount received/(paid) by Fund 1,276,185 Income on investments Investment income 104,189 Net gain/(loss) on investment 1,121,404 Value of Fund 3,844,553 Schroder Asia Pacific Cities Real Estate Fund Value of Fund 1 January ,937 Amount received by Fund 16,067 Amount paid by Fund (15,164) Net Amount received/(paid) by Fund 903 Income on investments Investment income - Net gain/(loss) on investment 2,446 Value of Fund 116,

268 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Schroder ISF Global Equity Alpha Fund Value of Fund 1 January ,414 Amount received by Fund 156,108 Amount paid by Fund (60,170) Net Amount received/(paid) by Fund 95,938 Income on investments Investment income - Net gain/(loss) on investment 139,876 Value of Fund 382,228 Schroder ISF Taiwanese Equity Fund Value of Fund 1 January ,624 Amount received by Fund 22,347 Amount paid by Fund (4,478) Net Amount received/(paid) by Fund 17,870 Income on investments Investment income - Net gain/(loss) on investment 29,463 Value of Fund 50,957 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Schroder ISF QEP Global Quality Fund Value of Fund 1 January ,652,890 Amount received by Fund 3,086,051 Amount paid by Fund (1,803,893) Net Amount received/(paid) by Fund 1,282,159 Income on investments Investment income - Net gain/(loss) on investment 1,349,045 Value of Fund 7,284,094 Schroder Multi-Asset Revolution 30 Fund Value of Fund 1 January ,020 Amount received by Fund 108,495 Amount paid by Fund - Net Amount received/(paid) by Fund 108,495 Income on investments Investment income - Net gain/(loss) on investment 11,275 Value of Fund 136,

269 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Schroder Multi-Asset Revolution 50 Fund Value of Fund 1 January ,903 Amount received by Fund 61,092 Amount paid by Fund (17,904) Net Amount received/(paid) by Fund 43,188 Income on investments Investment fee income - Net gain/(loss) on investment 12,218 Value of Fund 91,309 Schroder Singapore Fixed Income Fund Value of Fund 1 January ,650,805 Amount received by Fund 1,336,148 Amount paid by Fund (952,635) Net Amount received/(paid) by Fund 383,513 Income on investments Investment income - Net gain/(loss) on investment 379,769 Value of Fund 3,414,087 capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Schroder Multi-Asset Revolution 70 Fund Value of Fund 1 January ,990 Amount received by Fund 405,553 Amount paid by Fund (61,967) Net Amount received/(paid) by Fund 343,586 Income on investments Investment income - Net gain/(loss) on investment 113,238 Value of Fund 814,814 Schroder Singapore Trust Value of Fund 1 January ,512,246 Amount received by Fund 1,350,248 Amount paid by Fund (387,310) Net Amount received/(paid) by Fund 962,939 Income on investments Investment income 84,411 Net gain/(loss) on investment 877,756 Value of Fund 3,437,

270 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Templeton China Fund Value of Fund 1 January ,502 Amount received by Fund 165,953 Amount paid by Fund (138,660) Net Amount received/(paid) by Fund 27,293 Income on investments Investment income - Net gain/(loss) on investment 126,787 Value of Fund 230,582 Templeton Global Total Return Fund Value of Fund 1 January ,251,345 Amount received by Fund 5,120,352 Amount paid by Fund (2,100,231) Net Amount received/(paid) by Fund 3,020,121 Income on investments Investment income - Net gain/(loss) on investment 2,637,451 Value of Fund 11,908,917 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund Templeton Global Bond Fund 1,318, ,725 Amount paid by Fund (396,614) Net Amount received/(paid) by Fund 276,111 Income on investments Investment income - Net gain/(loss) on investment 226,755 Value of Fund 1,821,786 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund Templeton Latin America Fund 164, ,840 Amount paid by Fund (47,428) Net Amount received/(paid) by Fund 124,413 Income on investments Investment income - Net gain/(loss) on investment 17,887 Value of Fund 307,

271 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 Templeton Shariah Global Equity Fund Value of Fund 1 January ,412 Amount received by Fund 354,250 Amount paid by Fund (217,434) Net Amount received/(paid) by Fund 136,816 Income on investments Investment income - Net gain/(loss) on investment 109,410 Value of Fund 537,638 Threadneedle Investment Funds ICVC - American Smaller Companies Fund Value of Fund 1 January ,596 Amount received by Fund 4,218,018 Amount paid by Fund (780,752) Net Amount received/(paid) by Fund 3,437,265 Income on investments Investment income - Net gain/(loss) on investment 2,460,495 Value of Fund 6,595,356 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund Threadneedle Investment Funds ICVC - American Fund 439, ,461 Amount paid by Fund (151,552) Net Amount received/(paid) by Fund 222,909 Income on investments Investment income - Net gain/(loss) on investment 161,993 Value of Fund 824,501 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund Threadneedle Investment Funds ICVC - European Select Fund 604,367 2,702,385 Amount paid by Fund (262,781) Net Amount received/(paid) by Fund 2,439,604 Income on investments Investment income - Net gain/(loss) on investment 1,658,935 Value of Fund 4,702,

272 financial statements financial statements capital account for the financial year ended 31 December 2017 capital account for the financial year ended 31 December 2017 United Asian Bond Fund Value of Fund 1 January ,875,711 Amount received by Fund 4,877,527 Amount paid by Fund (2,471,974) Net Amount received/(paid) by Fund 2,405,553 Income on investments Investment income - Net gain/(loss) on investment 4,606,434 Value of Fund 9,887,698 United Singapore Bond Fund Value of Fund 1 January ,556,105 Amount received by Fund 1,827,989 Amount paid by Fund (1,796,399) Net Amount received/(paid) by Fund 31,589 Income on investments Investment income - Net gain/(loss) on investment 1,820,071 Value of Fund 3,407,765 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund United Emerging Markets Bond Fund 2,393,243 1,843,585 Amount paid by Fund (2,110,848) Net Amount received/(paid) by Fund (267,264) Income on investments Investment income - Net gain/(loss) on investment 538,624 Value of Fund 2,664,603 capital account for the financial year ended 31 December 2017 Value of Fund 1 January 2017 Amount received by Fund United SGD Fund 1,459,625 2,456,978 Amount paid by Fund (1,421,812) Net Amount received/(paid) by Fund 1,035,165 Income on investments Investment income - Net gain/(loss) on investment 1,106,780 Value of Fund 3,601,

273 financial statements financial statements capital account for the financial year ended 31 December 2017 statement of assets and liabilities Wells Fargo Emerging Markets Equity Income Fund (USD) Value of Fund 1 Januar y ,554 Amount received by Fund 61,640 Amount paid by Fund (27,365) Net Amount r eceived/(paid) by Fund 34,276 Income on investments Investment income - Net gain/(loss) on investment 44,313 Value of Fund 115,143 Aberdeen Pacific Equity Fund Unit trust 1,972,781 Value of investments 1,972,781 Other assets 8,192 Other liabilities - Value of fund 1,980,973 statement of assets and liabilities AllianceBernstein Emerging Markets Debt Portfolio Fund Unit trust 1,735,030 Value of investments 1,735,030 Other assets 49,971 Other liabilities - Value of fund 1,785,

274 financial statements financial statements statement of assets and liabilities statement of assets and liabilities AllianceBernstein Global High Yield Portfolio Fund Unit trust 1,780,959 Value of investments 1,780,959 Other assets 12,125 Other liabilities - Value of fund 1,793,084 AllianceBernstein US Thematic Research Portfolio Fund Unit trust 289,443 Value of investments 289,443 Other assets 19,861 Other liabilities - Value of fund 309,304 statement of assets and liabilities AllianceBernstein Thematic Research Portfolio Fund Unit trust 179,944 Value of investments 179,944 Other assets 3,567 Other liabilities - Value of fund 183,511 statement of assets and liabilities AXA W orld Funds - Framlington Emerging Markets Fund Unit trust 102,889 Value of investments 102,889 Other assets - Other liabilities (138) Value of fund 102,

275 financial statements financial statements statement of assets and liabilities statement of assets and liabilities AXA W orld Funds - Framlington Europe Real Estate Securities Fund Unit trust 400,117 Value of investments 400,117 Other assets - Other liabilities (168) Value of fund 399,949 BlackRock China Fund Unit trust 5,088,037 Value of investments 5,088,037 Other assets 17,937 Other liabilities - Value of fund 5,105,974 statement of assets and liabilities AXA W orld Funds - Global High Yield Bonds (SGD Hedged) Unit trust 1,244,771 Value of investments 1,244,771 Other assets 19,419 Other liabilities - Value of fund 1,264,190 statement of assets and liabilities BlackRock Global Allocation Fund Unit trust 2,798,991 Value of investments 2,798,991 Other assets 402 Other liabilities - Value of fund 2,799,

276 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Blackrock Global Equity Income Fund Unit trust 2,307,765 Value of investments 2,307,765 Other assets 15,761 Other liabilities - Value of fund 2,323,526 BlackRock World Energy Fund Unit trust 3,022,692 Value of investments 3,022,692 Other assets 21,252 Other liabilities - Value of fund 3,043,944 statement of assets and liabilities BlackRock Latin American Fund Unit trust 598,708 Value of investments 598,708 Other assets 598 Other liabilities - Value of fund 599,306 statement of assets and liabilities BlackRock World Gold Fund Unit trust 8,531,981 Value of investments 8,531,981 Other assets 104,352 Other liabilities - Value of fund 8,636,

277 financial statements financial statements statement of assets and liabilities statement of assets and liabilities BlackRock World HealthScience Fund Unit trust 11,543,076 Value of investments 11,543,076 Other assets 151,421 Other liabilities - Value of fund 11,694,497 First Eagle Amundi International Fund Unit trust 44,677,158 Value of investments 44,677,158 Other assets - Other liabilities (454,924) Value of fund 44,222,234 statement of assets and liabilities statement of assets and liabilities BlackRock World Mining Fund Unit trust 5,740,522 Value of investments 5,740,522 Other assets 59,283 Other liabilities - Value of fund 5,799,805 Franklin European Growth Fund Unit trust 2,494,399 Value of investments 2,494,399 Other assets - Other liabilities (1,902) Value of fund 2,492,

278 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Franklin Global Small-Mid Cap Growth Fund Unit trust 2,615,207 Value of investments 2,615,207 Other assets - Other liabilities (3,637) Value of fund 2,611,570 Franklin Mutual Global Discovery Fund Unit trust 89,399 Value of investments 89,399 Other assets - Other liabilities (2,133) Value of fund 87,266 statement of assets and liabilities statement of assets and liabilities Franklin India Fund Unit trust 2,681,165 Value of investments 2,681,165 Other assets 31,331 Other liabilities - Value of fund 2,712,496 Franklin Technology Fund Unit trust 3,120,853 Value of investments 3,120,853 Other assets 116,598 Other liabilities - Value of fund 3,237,

279 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Franklin U.S. Equity Fund Unit trust 371,303 Value of investments 371,303 Other assets 3,182 Other liabilities - Value of fund 374,485 Fuller ton Dynamic Strategies Fund - Balanced Unit trust 2,299,695 Value of investments 2,299,695 Other assets - Other liabilities (15) Value of fund 2,299,680 statement of assets and liabilities Fuller ton Dynamic Strategies Fund - Aggressive Unit trust 1,259,784 Value of investments 1,259,784 Other assets - Other liabilities (4,481) Value of fund 1,255,303 statement of assets and liabilities Goldman Sachs Global Strategic Income Bond Portfolio Unit trust 808,153 Value of investments 808,153 Other assets 9,729 Other liabilities - Value of fund 817,

280 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Goldman Sachs Emerging Markets CORE Equity Portfolio Unit trust 12,467,163 Value of investments 12,467,163 Other assets 161,502 Other liabilities - Value of fund 12,628,665 Janus Henderson Asia-Pacific Property Equities Fund Unit trust 82,024 Value of investments 82,024 Other assets - Other liabilities (361) Value of fund 81,663 statement of assets and liabilities statement of assets and liabilities H2O Allegro Fund Unit trust 10,945,336 Value of investments 10,945,336 Other assets - Other liabilities (32,844) Value of fund 10,912,492 Janus Henderson Fund - Continental European Fund Unit trust 72,298 Value of investments 72,298 Other assets - Other liabilities (111) Value of fund 72,

281 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Janus Henderson Fund - Latin American Fund Unit trust 123,847 Value of investments 123,847 Other assets - Other liabilities (147) Value of fund 123,700 Janus Henderson Global Technology Fund Unit trust 4,867,108 Value of investments 4,867,108 Other assets 3,381 Other liabilities - Value of fund 4,870,489 statement of assets and liabilities statement of assets and liabilities Janus Henderson Global Property Equities Fund Unit trust 75,710 Value of investments 75,710 Other assets - Other liabilities (546) Value of fund 75,164 Janus Henderson Horizon Fund - Japan Opportunities Fund Unit trust 1,320,766 Value of investments 1,320,766 Other assets 7,200 Other liabilities - Value of fund 1,327,

282 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Janus Henderson Horizon Fund - Pan European Alpha Fund Unit trust 215,174 Value of investments 215,174 Other assets 8 Other liabilities - Value of fund 215,182 Invesco Japanese Equity Core Fund Unit trust 541,058 Value of investments 541,058 Other assets 32,645 Other liabilities - Value of fund 573,703 statement of assets and liabilities statement of assets and liabilities Invesco Asia Consumer Demand Fund Unit trust 581,477 Value of investments 581,477 Other assets 9,924 Other liabilities - Value of fund 591,401 Invesco Korean Equity Fund Unit trust 937,152 Value of investments 937,152 Other assets 13 Other liabilities - Value of fund 937,

283 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Invesco Pacific Equity Fund Unit trust 1,623,593 Value of investments 1,623,593 Other assets 17,968 Other liabilities - Value of fund 1,641,561 JPMor gan Funds - Greater China Fund Unit trust 3,965,030 Value of investments 3,965,030 Other assets 88,455 Other liabilities - Value of fund 4,053,485 statement of assets and liabilities statement of assets and liabilities JPMor gan Funds - Brazil Equity Fund Unit trust 135,451 Value of investments 135,451 Other assets - Other liabilities (359) Value of fund 135,092 JPMor gan Funds - India Fund Unit trust 2,118,147 Value of investments 2,118,147 Other assets 6,988 Other liabilities - Value of fund 2,125,

284 financial statements financial statements statement of assets and liabilities statement of assets and liabilities JPMor gan Funds - Indonesia Equity Fund Unit trust 400,353 Value of investments 400,353 Other assets 61 Other liabilities - Value of fund 400,414 Jupiter Merlin Real Return Portfolio Unit trust 390,780 Value of investments 390,780 Other assets 15,535 Other liabilities - Value of fund 406,315 statement of assets and liabilities JPMor gan Funds - US Equity Fund Unit trust 740,655 Value of investments 740,655 Other assets 7,246 Other liabilities - Value of fund 747,901 statement of assets and liabilities Jupiter Merlin Real Return Portfolio (USD) Unit trust 37,340 Value of investments 37,340 Other assets - Other liabilities (79) Value of fund 37,

285 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Legg Mason Western Asset Asian Opportunities Fund Unit trust 200,566 Value of investments 200,566 Other assets - Other liabilities (7) Value of fund 200,559 Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Unit trust 3,954,986 Value of investments 3,954,986 Other assets - Other liabilities (161) Value of fund 3,954,825 statement of assets and liabilities statement of assets and liabilities Legg Mason Western Asset Global Bond Trust Unit trust 3,980,970 Value of investments 3,980,970 Other assets 16,544 Other liabilities - Value of fund 3,997,514 Legg Mason Martin Currie Southeast Asia Trust Unit trust 676,729 Value of investments 676,729 Other assets 631 Other liabilities - Value of fund 677,

286 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Matthews Asia Funds - Asia Dividend Fund (USD) Unit trust 94,732 Value of investments 94,732 Other assets 449 Other liabilities - Value of fund 95,181 Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) Unit trust 385,218 Value of investments 385,218 Other assets 15,144 Other liabilities - Value of fund 400,362 statement of assets and liabilities statement of assets and liabilities Mirae Asset Asia Great Consumer Equity Fund (USD) Unit trust 1,446,483 Value of investments 1,446,483 Other assets 20,881 Other liabilities - Value of fund 1,467,364 Neuberger Berman Strategic Income (SGD Hedged) Unit trust 385,218 Value of investments 385,218 Other assets 15,144 Other liabilities - Value of fund 400,

287 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Pictet Asian Local Currency Debt Fund Unit trust 322,142 Value of investments 322,142 Other assets - Other liabilities (301) Value of fund 321,841 Pictet Global Emerging Debt Fund Unit trust 2,396,273 Value of investments 2,396,273 Other assets 6,896 Other liabilities - Value of fund 2,403,169 statement of assets and liabilities statement of assets and liabilities Pictet Emerging Europe Fund Unit trust 266,674 Value of investments 266,674 Other assets - Other liabilities (170) Value of fund 266,504 Pictet Health Fund Unit trust 9,404,562 Value of investments 9,404,562 Other assets 41,331 Other liabilities - Value of fund 9,445,

288 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Pictet Premium Brands Fund Unit trust 10,773,971 Value of investments 10,773,971 Other assets 52,702 Other liabilities - Value of fund 10,826,673 PineBridge Asia Ex Japan Small Cap Equity Fund Unit trust 2,916,986 Value of investments 2,916,986 Other assets 52,541 Other liabilities - Value of fund 2,969,527 statement of assets and liabilities Pictet Security Fund Unit trust 1,980,738 Value of investments 1,980,738 Other assets 12,590 Other liabilities - Value of fund 1,993,328 statement of assets and liabilities Pioneer U.S. Dollar Aggregate Bond (SGD Hedged) Unit trust 275,579 Value of investments 275,579 Other assets 96 Other liabilities - Value of fund 275,

289 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Pioneer U.S. Dollar Aggregate Bond (USD) Unit trust 8,907,283 Value of investments 8,907,283 Other assets - Other liabilities (838,887) Value of fund 8,068,396 Schroder Asian Growth Fund Unit trust 37,562,479 Value of investments 37,562,479 Other assets 381,989 Other liabilities - Value of fund 37,944,468 statement of assets and liabilities statement of assets and liabilities Pioneer Funds - U.S. Fundamental Growth Fund Unit trust 17,150,959 Value of investments 17,150,959 Other assets 203,667 Other liabilities - Value of fund 17,354,626 Schroder Asian Income Fund Unit trust 3,638,236 Value of investments 3,638,236 Other assets 206,317 Other liabilities - Value of fund 3,844,

290 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Schroder Global Emerging Market Opportunties Fund Unit trust 5,685,838 Value of investments 5,685,838 Other assets 2,768 Other liabilities - Value of fund 5,688,606 Schroder ISF Global Equity Alpha Fund Unit trust 382,239 Value of investments 382,239 Other assets - Other liabilities (11) Value of fund 382,228 statement of assets and liabilities statement of assets and liabilities Schroder Asia Pacific Cities Real Estate Fund Unit trust 116,327 Value of investments 116,327 Other assets - Other liabilities (41) Value of fund 116,286 Schroder ISF QEP Global Quality Fund Unit trust 7,281,403 Value of investments 7,281,403 Other assets 2,691 Other liabilities - Value of fund 7,284,

291 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Schroder ISF Taiwanese Equity Fund Unit trust 50,977 Value of investments 50,977 Other assets - Other liabilities (20) Value of fund 50,957 Schroder Multi-Asset Revolution 50 Fund Unit trust 91,393 Value of investments 91,393 Other assets - Other liabilities (84) Value of fund 91,309 statement of assets and liabilities Schroder Multi-Asset Revolution 30 Fund Unit trust 136,715 Value of investments 136,715 Other assets 75 Other liabilities - Value of fund 136,790 statement of assets and liabilities Schroder Multi-Asset Revolution 70 Fund Unit trust 814,519 Value of investments 814,519 Other assets 295 Other liabilities - Value of fund 814,

292 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Schroder Singapore Fixed Income Fund Unit trust 3,413,869 Value of investments 3,413,869 Other assets 218 Other liabilities - Value of fund 3,414,087 Templeton China Fund Unit trust 230,517 Value of investments 230,517 Other assets 65 Other liabilities - Value of fund 230,582 statement of assets and liabilities statement of assets and liabilities Schroder Singapore Trust Unit trust 3,416,432 Value of investments 3,416,432 Other assets 20,920 Other liabilities - Value of fund 3,437,352 Templeton Global Bond Fund Unit trust 1,821,993 Value of investments 1,821,993 Other assets - Other liabilities (207) Value of fund 1,821,

293 financial statements financial statements statement of assets and liabilities Templeton Global Total Return Fund Unit trust 11,911,074 Value of investments 11,911,074 Other assets - Other liabilities (2,157) Value of fund 11,908,917 statement of assets and liabilities Templeton Shariah Global Equity Fund Unit trust 535,078 Value of investments 535,078 Other assets 2,560 Other liabilities - Value of fund 537,638 statement of assets and liabilities Templeton Latin America Fund Unit trust 307,238 Value of investments 307,238 Other assets - Other liabilities (113) Value of fund 307,125 statement of assets and liabilities Threadneedle Investment Funds ICVC - American Fund Unit trust 820,409 Value of investments 820,409 Other assets 4,092 Other liabilities - Value of fund 824,

294 financial statements financial statements statement of assets and liabilities statement of assets and liabilities Threadneedle Investment Funds ICVC - American Smaller Companies Fund Unit trust 6,476,678 Value of investments 6,476,678 Other assets 118,678 Other liabilities - Value of fund 6,595,356 United Asian Bond Fund Unit trust 9,831,665 Value of investments 9,831,665 Other assets 56,033 Other liabilities - Value of fund 9,887,698 statement of assets and liabilities statement of assets and liabilities Threadneedle Investment Funds ICVC - European Select Fund Unit trust 4,633,824 Value of investments 4,633,824 Other assets 69,082 Other liabilities - Value of fund 4,702,906 United Emerging Markets Bond Fund Unit trust 2,673,559 Value of investments 2,673,559 Other assets - Other liabilities (8,956) Value of fund 2,664,

295 financial statements financial statements statement of assets and liabilities statement of assets and liabilities United Singapore Bond Fund Unit trust 3,362,368 Value of investments 3,362,368 Other assets 45,397 Other liabilities - Value of fund 3,407,765 Wells Fargo Emerging Markets Equity Income Fund (USD) Unit trust 115,387 Value of investments 115,387 Other assets - Other liabilities (244) Value of fund 115,143 statement of assets and liabilities United SGD Fund Unit trust 3,558,203 Value of investments 3,558,203 Other assets 43,367 Other liabilities - Value of fund 3,601,

296 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

297 independent auditor s report independent auditor s report To AXA Insurance Pte Ltd (formerly known as AXA Life Insurance Singapore Private Limited) Our Opinion In our opinion, the accompanying financial statements of AXA Pulsar, AXA Polaris and AXA Optimus Sub-funds (the Funds ) of AXA Insurance Pte Ltd (the Company ) set out on pages 498 to 587 are properly drawn up, in all material respects, in accordance with the stated accounting policies as set out in Note 1. What we have audited The financial statements of the Funds comprise: the statements of assets and liabilities ; the capital accounts for the financial period from 1 January 2017 to 31 December 2017 (or date of commencement of the respective Funds, whichever is later) to 31 December 2017; and the notes to the financial statements, including a summary of significant accounting policies. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing ( SSAs ). Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities ( ACRA Code ) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. 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 describes the basis of accounting. The financial statements are prepared to assist the Company to comply with MAS Notice 307 Investment Linked-Life Insurance Policies. As a result, the financial statements may not be suitable for another purpose. This report is intended for the sole benefit and use of the Company and is not intended to nor may it be relied upon by any other party, other than the Company. We accept no liability or responsibility to any other party to whom this report is disclosed or otherwise make available to. This report relates solely 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. Other Information Management is responsible for the other information. The other information comprises the Fund Performance, At a Glance, and Schedule of Investments and excludes the financial statements and our auditor s report thereon. Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed 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. Responsibilities of the Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation of these financial statements in accordance with the accounting policies set out in Note 1, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Funds ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to terminate the Funds or to cease any of the Funds operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Funds financial reporting process. Auditor s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: 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 that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management

298 independent auditor s report Conclude on the appropriateness of management s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor s report. However, future events or conditions may cause the Funds to cease to continue as a going concern. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Public Accountants and Chartered Accountants Singapore, 31 March 2018 GENERAL DISCLAIMERS: The contents of this report is strictly for informational purposes only and shall not be deemed as any form of advice or recommendation or constitute an offer, invitation or solicitation whatsoever, from or by AXA Insurance Pte Ltd to any person to buy or sell any fund. The Pulsar sub-funds are investment-linked policy sub-funds offered by AXA and are only available under AXA Insurance Pte Ltd Investment-Linked Policies. AXA Insurance Pte Ltd is the product provider. A Product Summary and Product Highlights Sheet in relation to the investment-linked policy sub-funds are available and may be obtained through AXA, its Financial Consultants or representatives. The information 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 investmentlinked 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 units, if any, may fall or rise. Past performances of the investment-linked policy sub-funds and any other 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