GrowthPath Portfolios GrowthPath Today GrowthPath 2020 GrowthPath 2030 GrowthPath 2040 Semi Annual Report for the financial period 1 st July to 31 st December 2014
MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration No. : 198600120Z OPERATIONS ADDRESS 80 Raffles Place #06-00, UOB Plaza 2 Singapore 048624 Tel: 1800 22 22 228 DIRECTORS OF UOB ASSET MANAGEMENT Terence Ong Sea Eng Cheo Chai Hong Thio Boon Kiat TRUSTEE / REGISTRAR HSBC Institutional Trust Services (Singapore) Limited 21 Collyer Quay #10-02, HSBC Building Singapore 049320 CUSTODIAN The Hongkong and Shanghai Banking Corporation Limited 1 Queen s Road Central Hong Kong AUDITORS PricewaterhouseCoopers LLP 8 Cross Street #17-00, PWC Building Singapore 048424 SOLICITORS TO THE MANAGER Tan Peng Chin LLC 30 Raffles Place #11-00, Chevron House Singapore 048622 SOLICITORS TO THE TRUSTEE Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 INVESTMENT ADVISER BlackRock (Singapore) Limited 20 Anson Road #18-01, Twenty Anson Singapore 079912 1
A) Fund Performance Fund Performance/ Benchmark Returns 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 02 December 2002 Ann Comp Ret GrowthPath Today 1.25 1.53 4.07 3.03 2.80 2.66 3.47 Benchmark 2.09 1.92 5.13 3.18 3.02 3.35 4.28 Fund Performance/ Benchmark Returns 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 02 December 2002 Ann Comp Ret GrowthPath 2020 1.58 1.91 4.70 4.63 3.04 2.69 4.29 Benchmark 2.60 2.43 6.05 5.34 3.93 3.35 4.84 Fund Performance/ Benchmark Returns 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 02 December 2002 Ann Comp Ret GrowthPath 2030 1.97 1.91 4.57 5.65 3.04 2.66 4.29 Benchmark 3.08 2.92 6.93 7.19 4.74 3.48 5.14 Fund Performance/ Benchmark Returns 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret 10 yr Ann Comp Ret Since Inception 02 December 2002 Ann Comp Ret GrowthPath 2040 2.42 2.55 5.50 6.86 3.58 2.81 4.53 Benchmark 3.44 3.29 7.58 8.59 5.33 3.61 5.33 Source: Lipper, a Thomson Reuters Company, Bloomberg. Note: The performance returns of the Fund are in Singapore dollars based on a NAV-to-NAV basis with net dividends reinvested. The benchmark of the Fund: Composite Benchmark comprises of SG STI, MSCI World Index, UOB SG Government Bond All Index, Citigroup EMU GBI & Citigroup WGBI. 2
The asset allocation as at 31 December 2014 was as follows: Allocation (%) GrowthPath Today GrowthPath 2020 GrowthPath 2030 GrowthPath 2040 Singapore Equity 15.31 15.55 15.38 15.43 World Equity 4.50 15.96 25.93 35.30 Asia Ex Japan Equity - 1.36 5.27 9.86 Singapore Fixed Income 53.35 39.83 23.17 9.79 European Government Fixed Income 8.59 8.66 9.90 9.28 World Government Ex Europe Fixed Income 18.02 18.25 19.89 20.25 Cash 0.23 0.39 0.46 0.09 Total 100.00 100.00 100.00 100.00 Fund Review For the six months ended 31 December 2014, all GrowthPath portfolios posted positive returns but underperformed their respective benchmarks. The drag to relative performance came largely from Singapore Equities, which was partially offset by the outperformance in Singapore Bonds. From an overall absolute return perspective, the Fund performance was weighed down by European Government bonds. The currency s depreciation as a result of economic weakness in the Eurozone pulled the asset class returns into negative territory, with the Euro depreciating 6% against the Singapore dollar in the last six months. In Singapore dollar terms, the Morgan Stanley Capital Index (MSCI) World Free delivered a total return of 4.5%; the MSCI Asia Ex-Japan 4.6% while Singapore s FSSTI index 5.0%. The UOB Singapore Government Bond index gained 1.3% while the Citigroup G7 Government Bond index climbed 1.0%. Market Review The global financial markets started the second half of 2014 on a firm footing as key US economic data reassured investors that growth should recover. The market rally, however, was punctuated in October, as political tension between Ukraine and Russia escalated. The outbreak of Ebola in Africa, with a few cases detected in the US and Europe, also raised the spectre of a global pandemic. After a brief recovery, markets sold off again in response to the sharp decline in the Russian rouble which rekindled memories of the Russian debt default, while the collapse in oil prices raised growth concerns. As equity markets fell, fixed income markets rallied. The US 10-year Treasury rallied to yield 2.2% by the end of 2014 from 3% at the beginning of the year. The fixed income rally was contrary to what investors would expect with the end of quantitative easing (QE) by the Fed. Weak economic conditions in Europe, which led to a low interest rate environment in the continent, as well as concerns of geopolitical risks, had helped to pull Treasury yields lower despite the pick-up in economic momentum in the US. Singapore government bond yields moved in tandem with the US, starting the year at 2.6% and closing at 2.3%. 3
Outlook & Strategy We expect 2015 to be characterised as a year of modest but broader global growth with the Eurozone expanding moderately. This should lead to interest rate normalisation in the US, but still loose monetary policies in other parts of the world. We expect equities to provide attractive returns driven by corporate earnings growth. Fixed income should provide stable returns in the face of low interest rate and broadly accommodative monetary conditions. Global macroeconomic growth in 2015 should be in line or better than 2014. Developed markets such as the US and Europe as well as key emerging markets such as India and Indonesia are expected to achieve better GDP growth in 2015. This would, however, be partially offset by China and oil producing countries that are likely to post weaker growth. With stable or positive growth, we expect that equity markets will deliver returns in line with earnings expansion. We continue to favour equities and prefer more consumer-focused markets such as the US and those in Asia that will benefit from the decline in oil prices and the stronger USD. Although the low inflation/low interest rate environment has lasted longer when compared to previous cycles, the macro environment continues to support fixed income investments. While the US Fed is set to start raising short term interest rates in 2015, most other countries are expanding their QE policies or cutting interest rates. The stronger USD and weaker oil prices are likely to keep inflation muted in the US. This is positive for global rate trends and the fixed income markets. 4
B) Investments at fair value and as a percentage of NAV as at 31 December 2014 under review classified by i) Country GrowthPath Today GrowthPath 2020 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Asia - - 189,946 1.36 Global 2,676,183 31.11 5,999,284 42.87 Singapore 5,908,581 68.66 7,749,757 55.38 Portfolio of investments 8,584,764 99.77 13,938,987 99.61 Other net assets 19,979 0.23 55,983 0.39 Total 8,604,743 100.00 13,994,970 100.00 i) Country GrowthPath 2030 GrowthPath 2040 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Asia 370,579 5.27 2,441,569 9.86 Global 3,917,699 55.72 16,049,795 64.83 Singapore 2,711,133 38.55 6,243,141 25.22 Portfolio of investments 6,999,411 99.54 24,734,505 99.91 Other net assets 32,106 0.46 21,402 0.09 Total 7,031,517 100.00 24,755,907 100.00 ii) Industry GrowthPath Today GrowthPath 2020 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Unit Trusts 8,584,764 99.77 13,938,987 99.61 Portfolio of investments 8,584,764 99.77 13,938,987 99.61 Other net assets 19,979 0.23 55,983 0.39 Total 8,604,743 100.00 13,994,970 100.00 5
B) Investments at fair value and as a percentage of NAV as at 31 December 2014 under review classified by (continued) ii) Industry GrowthPath 2030 GrowthPath 2040 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Unit Trusts 6,999,411 99.54 24,734,505 99.91 Portfolio of investments 6,999,411 99.54 24,734,505 99.91 Other net assets 32,106 0.46 21,402 0.09 Total 7,031,517 100.00 24,755,907 100.00 iii) Asset Class GrowthPath Today GrowthPath 2020 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Unit Trusts 8,584,764 99.77 13,938,987 99.61 Other net assets 19,979 0.23 55,983 0.39 Total 8,604,743 100.00 13,994,970 100.00 iii) Asset Class GrowthPath 2030 GrowthPath 2040 Fair % of Fair % of Value NAV Value NAV (S$) (S$) Unit Trusts 6,999,411 99.54 24,734,505 99.91 Other net assets 32,106 0.46 21,402 0.09 Total 7,031,517 100.00 24,755,907 100.00 iv) Credit rating of debt securities N/A 6
C) Top Ten Holdings The top 10 holdings as at 31 December 2014 and 31 December 2013 5 largest holdings at 31 December 2014 GrowthPath Today Percentage of total net assets attributable Fair Value to unitholders (S$) % UNITED SINGAPORE BOND FUND 4,591,014 53.35 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,550,208 18.02 UNITED SINGAPORE GROWTH FUND 1,317,567 15.31 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 738,939 8.59 BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 387,036 4.50 There were only 5 holdings as at 31 December 2014 5 largest holdings at 31 December 2013 GrowthPath Today Percentage of total net assets attributable Fair Value to unitholders (S$) % UNITED SINGAPORE BOND FUND 4,812,721 50.93 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,631,502 17.27 UNITED SINGAPORE GROWTH FUND 1,513,108 16.01 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 842,384 8.91 BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 588,073 6.22 There were only 5 holdings as at 31 December 2013 7
C) Top Ten Holdings (continued) 6 largest holdings at 31 December 2014 GrowthPath 2020 Percentage of total net assets attributable Fair Value to unitholders (S$) % UNITED SINGAPORE BOND FUND 5,573,894 39.83 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 2,554,265 18.25 BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 2,233,454 15.96 UNITED SINGAPORE GROWTH FUND 2,175,863 15.55 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 1,211,565 8.66 UNITED ASIA FUND 189,946 1.36 There were only 6 holdings as at 31 December 2014 6 largest holdings at 31 December 2013 GrowthPath 2020 Percentage of total net assets attributable Fair Value to unitholders (S$) % UNITED SINGAPORE BOND FUND 36,524,384 39.38 BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 16,990,872 18.32 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 14,865,972 16.03 UNITED SINGAPORE GROWTH FUND 13,541,068 14.60 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 8,311,562 8.96 UNITED ASIA FUND 1,867,659 2.01 There were only 6 holdings as at 31 December 2013 8
C) Top Ten Holdings (continued) 6 largest holdings at 31 December 2014 GrowthPath 2030 Percentage of total net assets attributable Fair Value to unitholders (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 1,823,068 25.93 UNITED SINGAPORE BOND FUND 1,629,488 23.17 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,398,416 19.89 UNITED SINGAPORE GROWTH FUND 1,081,645 15.38 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 696,215 9.90 UNITED ASIA FUND 370,579 5.27 There were only 6 holdings as at 31 December 2014 6 largest holdings at 31 December 2013 GrowthPath 2030 Percentage of total net assets attributable Fair Value to unitholders (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 2,069,189 27.65 UNITED SINGAPORE BOND FUND 1,730,062 23.12 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,399,053 18.70 UNITED SINGAPORE GROWTH FUND 1,153,227 15.41 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 667,445 8.92 UNITED ASIA FUND 432,629 5.78 There were only 6 holdings as at 31 December 2013 9
C) Top Ten Holdings (continued) 6 largest holdings at 31 December 2014 GrowthPath 2040 Percentage of total net assets attributable Fair Value to unitholders (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 8,739,923 35.30 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 5,012,642 20.25 UNITED SINGAPORE GROWTH FUND 3,819,345 15.43 UNITED ASIA FUND 2,441,569 9.86 UNITED SINGAPORE BOND FUND 2,423,796 9.79 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 2,297,230 9.28 There were only 6 holdings as at 31 December 2014 6 largest holdings at 31 December 2013 GrowthPath 2040 Percentage of total net assets attributable Fair Value to unitholders (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 55,230,406 33.14 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 32,198,196 19.32 UNITED SINGAPORE GROWTH FUND 25,304,069 15.18 UNITED SINGAPORE BOND FUND 22,996,636 13.80 UNITED ASIA FUND 14,938,199 8.96 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 14,508,222 8.70 There were only 6 holdings as at 31 December 2013 10
D) Exposure to derivatives i) fair value of derivative contracts and as a percentage of NAV as at 31 December 2014 N/A ii) net gains/(losses) on derivative contracts realised during the financial period ended 31 December 2014 N/A iii) net gains/(losses) on outstanding derivative contracts marked to market as at 31 December 2014 N/A E) Amount and percentage of net asset value (NAV) invested in other schemes as at 31 December 2014 (GP Today, 20, 30 & 40) GrowthPath Today Percentage of total net assets attributable to Fair value at unitholders at 31 December 31 December 2014 2014 (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 387,036 4.50 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 738,939 8.59 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,550,208 18.02 UNITED SINGAPORE BOND FUND 4,591,014 53.35 UNITED SINGAPORE GROWTH FUND 1,317,567 15.31 GrowthPath 2020 BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 2,233,454 15.96 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 1,211,565 8.66 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 2,554,265 18.25 UNITED ASIA FUND 189,946 1.36 UNITED SINGAPORE BOND FUND 5,573,894 39.83 UNITED SINGAPORE GROWTH FUND 2,175,863 15.55 11
E) Amount and percentage of net asset value (NAV) invested in other schemes as at 31 December 2014 (GP Today, 20, 30 & 40) (continued) GrowthPath 2030 Percentage of total net assets attributable to Fair value at unitholders at 31 December 31 December 2014 2014 (S$) % BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 1,823,068 25.93 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 696,215 9.90 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 1,398,416 19.89 UNITED ASIA FUND 370,579 5.27 UNITED SINGAPORE BOND FUND 1,629,488 23.17 UNITED SINGAPORE GROWTH FUND 1,081,645 15.38 GrowthPath 2040 BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 8,739,923 35.30 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 2,297,230 9.28 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 5,012,642 20.25 UNITED ASIA FUND 2,441,569 9.86 UNITED SINGAPORE BOND FUND 2,423,796 9.79 UNITED SINGAPORE GROWTH FUND 3,819,345 15.43 F) Amount and percentage of borrowings to net asset value (NAV) as at 31 December 2014 (GP Today, 20, 30 & 40) N/A G) Amount of redemptions and subscriptions for the financial period 01 July 2014 to 31 December 2014 GROWTHPATH TODAY 2020 2030 2040 SGD SGD SGD SGD Total amount of redemptions 716,936 1,421,356 512,729 2,339,696 Total amount of subscriptions 51,017 130,896 149,971 566,508 12
H) The amount and terms of related-party transactions for the financial period 01 July 2014 to 31 December 2014 i) As at 31 December 2014 the Fund maintained current accounts with the United Overseas Bank Limited as follows (GP Today, 20, 30 & 40): GP TODAY Bank balances SGD 63,956 GP20 Bank balances SGD 117,215 GP30 Bank balances SGD 55,650 GP40 Bank balances SGD 178,296 ii) Purchase/holdings of UOBAM unit trusts by UOB or its affiliated companies as at 31 December 2014 N/A iii) Investment in Initial Public Offerings managed by UOB Group (GP Today, 20, 30 & 40). N/A iv) As at 31 December 2014 there was no brokerage income earned by UOB Kay Hian Pte Ltd (GP Today, 20, 30 & 40). I) Expense ratios GROWTHPATH TODAY 2020 2030 2040 31 December 2014 1.25% 1.48% 1.73% 1.39% 31 December 2013 1.04% 1.26% 1.45% 1.22% Note: The expense ratios have been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ). This is the sum of the Sub-Funds expense ratios and the weighted average of the underlying Funds expense ratios. The calculation of the Sub-Funds expense ratios at 31 December 2014 was based on total operating expenses divided by the average net asset value respectively for the year. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Funds do not pay any performance fee. The average net asset value is based on the daily balances. The expense ratios of the underlying Funds are obtained from Underlying Funds Manager. 13
I) Expense ratios (continued) Total operating expenses, average net asset value and weighted average of the underlying Funds expense ratios are as follows: GrowthPath Today GrowthPath 2020 31 December 31 December 31 December 31 December 2014 2013 2014 2013 Total operating expenses $57,054 $50,802 $212,340 $781,972 Average net asset value $9,100,744 $10,778,463 $22,642,681 $103,387,501 Weighted average of the underlying Funds expense ratio 0.62% 0.57% 0.54% 0.50% GrowthPath 2030 GrowthPath 2040 31 December 31 December 31 December 31 December 2014 2013 2014 2013 Total operating expenses $90,060 $79,146 $374,654 $1,279,028 Average net asset value $7,201,924 $7,802,463 $39,430,939 $158,559,570 Weighted average of the underlying Funds expense ratio 0.48% 0.44% 0.44% 0.41% J) Turnover ratios GROWTHPATH TODAY 2020 2030 2040 31 December 2014 0.47% 0.47% 0.44% 0.46% 31 December 2013 1.72% 7.58% 1.94% 2.56% Note: The portfolio turnover ratios are calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratios was based on the lower of the total value of purchases or sales of the underlying investments divided by the average daily net asset value respectively as follows: GrowthPath Today GrowthPath 2020 31 December 31 December 31 December 31 December 2014 2013 2014 2013 $ $ $ $ Total value of purchases or sales of the underlying investments 41,467 173,289 67,583 7,807,701 Average daily net asset value 8,895,036 10,084,661 14,472,547 102,943,964 GrowthPath 2030 GrowthPath 2040 31 December 31 December 31 December 31 December 2014 2013 2014 2013 $ $ $ $ Total value of purchases or sales of the underlying investments 31,020 145,427 115,417 4,132,351 Average daily net asset value 7,046,735 7,494,053 24,972,135 161,713,971 14
K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts (GP Today, 20, 30 & 40) N/A L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well (GP Today, 20, 30 & 40) i) top 10 holdings at fair value and as percentage of NAV as at 31 December 2014 and 31 December 2013 10 largest holdings at 31 December 2014 United Singapore Bond Fund Percentage of Fair Value total net assets (S$) % SINGAPORE GOVERNMENT BOND 2.75% DUE 01/07/2023 6,234,600 8.10 SINGAPORE GOVERNMENT BOND 3.50% DUE 01/03/2027 5,440,470 7.07 SINGAPORE GOVERNMENT BOND 3% DUE 01/09/2024 4,779,450 6.21 CAPITALAND TREASURY LTD 4.076% DUE 20/09/2022 3,366,520 4.37 MAPLETREE INDUSTRIAL TRUST 3.75% DUE 08/03/2019 3,155,428 4.10 SINGAPORE GOVERNMENT BOND 2.875% DUE 01/07/2029 3,091,500 4.02 KEPPEL CORPORATION LTD 3.1% DUE 12/10/2020 3,062,537 3.98 TEMASEK FINANCIAL I LTD 2.375% DUE 23/01/2023 2,910,913 3.78 SP POWERASSETS LTD 2.70% DUE 14/09/2022 2,883,362 3.75 OVERSEA-CHINESE BANKING 3.15% DUE 11/03/2023 2,679,445 3.48 10 largest holdings at 31 December 2013 United Singapore Bond Fund Percentage of Fair Value total net assets (S$) % SINGAPORE GOVERNMENT BOND 3.25% DUE 01/09/2020 8,747,760 8.76 SINGAPORE GOVERNMENT BOND 3% DUE 01/09/2024 8,133,600 8.14 SINGAPORE GOVERNMENT BOND 3.50% DUE 01/03/2027 6,123,640 6.13 KEPPEL CORPORATION LTD 3.1% DUE 12/10/2020 3,494,089 3.50 MAPLETREE INDUSTRIAL TRUST 3.75% DUE 08/03/2019 3,111,411 3.12 CAPITALAND TREASURY LTD 4.076% DUE 20/09/2022 2,963,312 2.97 STARHUB LTD 3.08% DUE 12/09/2022 2,934,547 2.94 TEMASEK FINANCIAL I LTD 4.3% DUE 25/10/2019 2,745,591 2.75 GLOBAL LOGISTIC PROPS 3.375% DUE 11/05/2016 2,609,599 2.61 HK LAND TREASURY SG 3.65% DUE 05/10/2015 2,602,711 2.61 1 where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager. 15
L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well (GP Today, 20, 30 & 40) (continued) i) top 10 holdings at fair value and as percentage of NAV as at 31 December 2014 and 31 December 2013 (continued) 10 largest holdings at 31 December 2014 BlackRock Developed World Index Sub-Fund Percentage of Fair Value total net assets (S$) % Apple 285,698,754 2.00 Exxon Mobil 170,427,786 1.19 Microsoft 157,171,714 1.10 Johnson & Johnson 127,481,224 0.89 Wells Fargo 117,520,279 0.82 General Electric 109,602,635 0.77 Procter & Gamble 106,612,802 0.75 Nestle 102,338,832 0.72 JPMorgan Chase 101,745,955 0.71 Novartis 92,411,701 0.65 10 largest holdings at 31 December 2013 BlackRock Developed World Index Sub-Fund Percentage of Fair Value total net assets (S$) % APPLE 277,087,273 1.59 EXXON MOBIL 242,233,528 1.39 GOOGLE 167,297,976 0.96 MICROSOFT 162,069,914 0.93 GENERAL ELECTRIC 155,099,165 0.89 JOHNSON & JOHNSON 141,157,667 0.81 CHEVRON 130,701,544 0.75 NESTLE 128,958,857 0.74 WELLS FARGO 125,473,482 0.72 PROCTER & GAMBLE 121,988,108 0.70 1 where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager. 16
L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well (GP Today, 20, 30 & 40) (continued) ii) expense ratios for the financial period ended 31 December 2014 and 31 December 2013 United Singapore Bond Fund 31 December 2014 0.80% 31 December 2013 0.75% Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ). The calculation of the expense ratio at 31 December 2014 was based on total operating expenses divided by the average net asset value for the period. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/ losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances. BlackRock Developed World Index Sub-Fund 31 December 2014 0.02% 31 December 2013 0.01% iii) turnover ratios for the period ended 31 December 2014 and 31 December 2013 United Singapore Bond Fund 31 December 2014 16.28% 31 December 2013 14.33% Note: The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments divded by the average daily net asset value. BlackRock Developed World Index Sub-Fund 31 December 2014 1.71% 31 December 2013 3.02% 1 where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager. 17
M) Soft dollar commissions/arrangements (GP Today, 20, 30 & 40) UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management s duties to clients. As such services generally benefit all of UOB Asset Management s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades. There are no soft dollars, rebates, commissions or other monetary incentives generated by the Sub-Funds. N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the predetermined payouts N/A 18
STATEMENTS OF TOTAL RETURN For the half year ended 31 December 2014 (Un-audited) GrowthPath Today GrowthPath 2020 31 December 31 December 31 December 31 December 2014 2013 2014 2013 $ $ $ $ Income Dividends 22,808 27,281 39,436 263,789 Interest 1 - - 6 22,809 27,281 39,436 263,795 Less: Expenses Management fee 35,864 40,641 69,308 492,468 Less: Management fee rebate (18,350) (21,540) (26,940) (195,211) Trustee fee 2,519 2,522 2,918 20,735 Audit fee 2,831 648 4,718 6,165 Registrar fee - - 9,121 12,552 Valuation fee - - 7,296 51,839 Interest expenses 42 233 34 566 Other expenses* 8,557 4,590 (17,949) 26,832 31,463 27,094 48,506 415,946 Net (loss)/income (8,654) 187 (9,070) (152,151) Net gains or losses on value of investments Net gains on investments 132,852 203,504 274,626 3,717,914 Net foreign exchange gains/(losses) 674 (779) (4,277) 24,258 133,526 202,725 270,349 3,742,172 Total return for the period 124,872 202,912 261,279 3,590,021 * Other expenses include GST rebate. 19
STATEMENTS OF TOTAL RETURN For the half year ended 31 December 2014 (Un-audited) GrowthPath 2030 GrowthPath 2040 31 December 31 December 31 December 31 December 2014 2013 2014 2013 $ $ $ $ Income Dividends 18,724 19,046 71,466 403,857 Interest - - 2 9 18,724 19,046 71,468 403,866 Less: Expenses Management fee 33,747 35,897 119,573 774,796 Less: Management fee rebate (12,227) (13,200) (42,198) (275,041) Trustee fee 2,521 2,521 5,035 32,623 Audit fee 2,198 451 8,099 9,318 Registrar fee 7,531 7,531 12,552 12,552 Valuation fee 3,552 3,779 12,587 81,557 Interest expenses 10 50 140 - Other expenses* 7,593 4,119 (25,362) 66,775 44,925 41,148 90,426 702,580 Net loss (26,201) (22,102) (18,958) (298,714) Net gains or losses on value of investments Net gains on investments 156,223 397,342 635,282 10,144,160 Net foreign exchange (losses)/gains (130) (97) 1,700 (3,155) 156,093 397,245 636,982 10,141,005 Total return for the period 129,892 375,143 618,024 9,842,291 * Other expenses include GST rebate. 20
STATEMENTS OF FINANCIAL POSITION As at 31 December 2014 (Un-audited) GrowthPath Today GrowthPath 2020 31 December 30 June 31 December 30 June 2014 2014 2014 2014 $ $ $ $ ASSETS Portfolio of investments 8,584,764 9,083,951 13,938,987 14,938,949 Receivables 9,361 13,732 14,088 14,358 Cash and bank balances 63,956 73,555 117,215 156,849 Total Assets 8,658,081 9,171,238 14,070,290 15,110,156 LIABILITIES Payables 53,338 25,448 75,320 86,005 Total Liabilities 53,338 25,448 75,320 86,005 EQUITY Net assets attributable to unitholders 8,604,743 9,145,790 13,994,970 15,024,151 21
STATEMENTS OF FINANCIAL POSITION As at 31 December 2014 (Un-audited) GrowthPath 2030 GrowthPath 2040 31 December 30 June 31 December 30 June 2014 2014 2014 2014 $ $ $ $ ASSETS Portfolio of investments 6,999,411 7,000,910 24,734,505 25,941,761 Receivables 6,087 6,081 26,397 36,930 Cash and bank balances 55,650 303,058 178,296 68,597 Total Assets 7,061,148 7,310,049 24,939,198 26,047,288 LIABILITIES Payables 29,631 45,666 183,291 136,217 Total Liabilities 29,631 45,666 183,291 136,217 EQUITY Net assets attributable to unitholders 7,031,517 7,264,383 24,755,907 25,911,071 22
STATEMENTS OF MOVEMENTS OF UNITHOLDERS FUNDS For the half year ended 31 December 2014 (Un-audited) GrowthPath Today GrowthPath 2020 31 December 30 June 31 December 30 June 2014 2014 2014 2014 $ $ $ $ Net assets attributable to unitholders at the beginning of the financial period/year 9,145,790 10,758,701 15,024,151 102,454,310 Operations Change in net assets attributable to unitholders resulting from operations 124,872 441,310 261,279 3,271,616 Unitholders contributions/ (withdrawals) Creation of units 51,017 93,865 130,896 842,774 Cancellation of units (716,936) (2,148,086) (1,421,356) (91,544,549) Change in net assets attributable to unitholders resulting from net creation and cancellation of units (665,919) (2,054,221) (1,290,460) (90,701,775) Total decrease in net assets attributable to unitholders (541,047) (1,612,911) (1,029,181) (87,430,159) Net assets attributable to unitholders at the end of the financial period/year 8,604,743 9,145,790 13,994,970 15,024,151 23
STATEMENTS OF MOVEMENTS OF UNITHOLDERS FUNDS For the half year ended 31 December 2014 (Un-audited) GrowthPath 2030 GrowthPath 2040 31 December 30 June 31 December 30 June 2014 2014 2014 2014 $ $ $ $ Net assets attributable to unitholders at the beginning of the financial period/year 7,264,383 7,489,341 25,911,071 154,850,515 Operations Change in net assets attributable to unitholders resulting from operations 129,892 563,314 618,024 7,293,943 Unitholders contributions/ (withdrawals) Creation of units 149,971 400,358 566,508 5,204,416 Cancellation of units (512,729) (1,188,630) (2,339,696) (141,437,803) Change in net assets attributable to unitholders resulting from net creation and cancellation of units (362,758) (788,272) (1,773,188) (136,233,387) Total decrease in net assets attributable to unitholders (232,866) (224,958) (1,155,164) (128,939,444) Net assets attributable to unitholders at the end of the financial period/year 7,031,517 7,264,383 24,755,907 25,911,071 24
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath Today Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December 2014 2014 2014 By Geography - Primary $ % GLOBAL BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 16,796 387,036 4.50 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 20,884 738,939 8.59 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 59,276 1,550,208 18.02 TOTAL GLOBAL 2,676,183 31.11 SINGAPORE UNITED SINGAPORE BOND FUND 3,470,154 4,591,014 53.35 UNITED SINGAPORE GROWTH FUND 387,634 1,317,567 15.31 TOTAL SINGAPORE 5,908,581 68.66 Portfolio of investments 8,584,764 99.77 Other net assets 19,979 0.23 Net assets attributable to unitholders 8,604,743 100.00 25
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath Today Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June 2014 2014 By Geography - Primary (Summary) % % Unit Trust Global 31.11 33.14 Singapore 68.66 66.18 99.77 99.32 Portfolio of investments 99.77 99.32 Other net assets 0.23 0.68 Net assets attributable to unitholders 100.00 100.00 26
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) By Industry - Secondary GrowthPath Today Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June 2014 2014 2014 $ % % Unit Trusts 8,584,764 99.77 99.32 Portfolio of investments 8,584,764 99.77 99.32 Other net assets 19,979 0.23 0.68 Net assets attributable to unitholders 8,604,743 100.00 100.00 27
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2020 Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December 2014 2014 2014 By Geography - Primary $ % Asia UNITED ASIA FUND 101,630 189,946 1.36 Global BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 96,923 2,233,454 15.96 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 34,241 1,211,565 8.66 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 97,669 2,554,265 18.25 TOTAL GLOBAL 5,999,284 42.87 Singapore UNITED SINGAPORE BOND FUND 4,213,072 5,573,894 39.83 UNITED SINGAPORE GROWTH FUND 640,148 2,175,863 15.55 TOTAL SINGAPORE 7,749,757 55.38 Portfolio of investments 13,938,987 99.61 Other net assets 55,983 0.39 Net assets attributable to unitholders 13,994,970 100.00 28
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2020 Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June 2014 2014 By Geography - Primary (Summary) % % Unit Trust Asia 1.36 1.52 Global 42.87 43.46 Singapore 55.38 54.45 99.61 99.43 Portfolio of investments 99.61 99.43 Other net assets 0.39 0.57 Net assets attributable to unitholders 100.00 100.00 29
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) By Industry - Secondary GrowthPath 2020 Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June 2014 2014 2014 $ % % Unit Trusts 13,938,987 99.61 99.43 Portfolio of investments 13,938,987 99.61 99.43 Other net assets 55,983 0.39 0.57 Net assets attributable to unitholders 13,994,970 100.00 100.00 30
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2030 Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December 2014 2014 2014 By Geography - Primary $ % Asia UNITED ASIA FUND 198,277 370,579 5.27 Global BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 79,114 1,823,068 25.93 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 19,677 696,215 9.90 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 53,472 1,398,416 19.89 TOTAL GLOBAL 3,917,699 55.72 Singapore UNITED SINGAPORE BOND FUND 1,231,661 1,629,488 23.17 UNITED SINGAPORE GROWTH FUND 318,224 1,081,645 15.38 TOTAL SINGAPORE 2,711,133 38.55 Portfolio of investments 6,999,411 99.54 Other net assets 32,106 0.46 Net assets attributable to unitholders 7,031,517 100.00 31
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2030 Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June 2014 2014 By Geography - Primary (Summary) % % Unit Trust Asia 5.27 5.88 Global 55.72 53.20 Singapore 38.55 37.29 99.54 96.37 Portfolio of investments 99.54 96.37 Other net assets 0.46 3.63 Net assets attributable to unitholders 100.00 100.00 32
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) By Industry - Secondary GrowthPath 2030 Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June 2014 2014 2014 $ % % Unit Trusts 6,999,411 99.54 96.37 Portfolio of investments 6,999,411 99.54 96.37 Other net assets 32,106 0.46 3.63 Net assets attributable to unitholders 7,031,517 100.00 100.00 33
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2040 Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December 2014 2014 2014 By Geography - Primary $ % Asia UNITED ASIA FUND 1,306,351 2,441,569 9.86 Global BLACKROCK DEVELOPED WORLD INDEX SUB-FUND 379,280 8,739,923 35.30 BLACKROCK EURO GOVERNMENT BOND INDEX FUND 64,925 2,297,230 9.28 BLACKROCK WORLD EX EURO GOVERNMENT BOND INDEX FUND 191,672 5,012,642 20.25 TOTAL GLOBAL 16,049,795 64.83 Singapore UNITED SINGAPORE BOND FUND 1,832,045 2,423,796 9.79 UNITED SINGAPORE GROWTH FUND 1,123,667 3,819,345 15.43 TOTAL SINGAPORE 6,243,141 25.22 Portfolio of investments 24,734,505 99.91 Other net assets 21,402 0.09 Net assets attributable to unitholders 24,755,907 100.00 34
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) GrowthPath 2040 Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June 2014 2014 By Geography - Primary (Summary) % % Unit Trust Asia 9.86 9.02 Global 64.83 61.94 Singapore 25.22 29.16 99.91 100.12 Portfolio of investments 99.91 100.12 Other net assets/(liabilities) 0.09 (0.12) Net assets attributable to unitholders 100.00 100.00 35
STATEMENTS OF PORTFOLIO As at 31 December 2014 (Un-audited) By Industry - Secondary GrowthPath 2040 Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June 2014 2014 2014 $ % % Unit Trusts 24,734,505 99.91 100.12 Portfolio of investments 24,734,505 99.91 100.12 Other net assets/(liabilities) 21,402 0.09 (0.12) Net assets attributable to unitholders 24,755,907 100.00 100.00 36