aviva global solutions & lifetimeflexi semi ... - insurance · ilp_2015_report_a5_v1.0_feb2016...

ILP_

2015

_Rep

ort_

A5_

v1.0

_Feb

2016 Aviva Ltd

4 Shenton Way #01-01 SGX Centre 2 Singapore 068807Customer Service Hotline: (65) 6827 9933Fax: (65) 6827 7480Website: www.aviva.com.sgCompany Reg. No.: 196900499K

About AvivaIn Singapore, we’re one of the leading providers of retirement, investment, insurance and health solutions.

We’re a provider of Medisave-approved Integrated Shield plans as well as an appointed insurer for the national ElderShield scheme, and we constantly find innovative ways to enhance these products, ensuring they remain relevant to our customers’ needs.

Being the pioneer general insurer in Singapore to offer car, travel and home insurance online, we offer simplicity, convenience and cost savings to customers.

We’re one of the biggest providers of employee benefits and healthcare. This includes protecting Singapore Armed Forces servicemen since 1983, as well as being an appointed provider for the Public Officers Group Insurance Scheme (POGIS).

Our funds administration solution, Navigator, with its wide variety of funds, remains one of the preferred investment platforms in Singapore.

contents

List of Funds 1Message by Chief Executive Officer 6Market review & investment outlook 7Notes to the fund disclosures 9

Aberdeen Asset Management Asia LimitedAberdeen Global - Asia Pacific Equity Fund 11Aberdeen Global - Asian Local Currency Short Duration Bond Fund 13Aberdeen Global - Australasian Equity Fund 15Aberdeen Global - Chinese Equity Fund 17Aberdeen Global - India Equity Fund 19Aberdeen Global - Select Emerging Markets Bond Fund 21Aberdeen Select Portfolio - Aberdeen India Opportunities Fund 23Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund 25Aberdeen Select Portfolio - Aberdeen Singapore Equity Fund 27Aberdeen Select Portfolio - Aberdeen Thailand Equity Fund 29

AllianceBernstein (Singapore) LtdAllianceBernstein - Developed Markets Multi-Asset Income Portfolio 31AllianceBernstein - Dynamic Diversified Portfolio 33AllianceBernstein - Global Equity Blend Portfolio 35AllianceBernstein - Global Growth Trends Portfolio 37AllianceBernstein - Global Value Portfolio 39AllianceBernstein - US Thematic Research Portfolio 41

Allianz Global Investors Singapore LimitedAllianz Global Investors Fund - Allianz China Equity Fund (SGD) 43Allianz Global Investors Fund - Allianz Global Sustainability Fund 45Allianz Global Investors Fund - Allianz Oriental Income Fund (SGD) 47

Amundi Singapore LimitedAmundi Funds - Absolute Volatility Arbitrage 49Amundi Funds - Absolute Volatility World Equities 51Amundi Funds - Bond Global 53Amundi Islamic - Amundi Islamic BRIC Quant 55

Aviva Investors Asia Pte LtdAviva Investors - Asian Equity Income Fund 57Aviva Investors - Emerging Europe Equity Fund 59Aviva Investors - Emerging Markets Equity Income Fund 61

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BlackRock (Singapore) Limited BlackRock Global Funds - Global SmallCap Fund 63 BlackRock Global Funds - Latin American Fund 65BlackRock Global Funds - New Energy Fund 67BlackRock Global Funds - United Kingdom Fund 69BlackRock Global Funds - World Gold Fund 71BlackRock Global Funds - World Mining Fund 73

BNP Paribas Investment Partners Singapore LimitedParvest Bond Best Selection World Emerging 75Parvest Bond Euro 77Parvest Bond World 79Parvest Equity Brazil 81Parvest Equity Russia 83Parvest Equity World Materials 85Parvest Global Environment 87Parvest Money Market Euro 89Parvest Money Market USD 93

Deutsche Asset Management (Asia) LimitedDeutsche Noor Precious Metals Securities Fund 97Deutsche Singapore Equity Fund 99DWS Global Agribusiness 101

FIL Investment Management (Singapore) LimitedFidelity Funds - ASEAN Fund 103Fidelity Funds - Asian Special Situations Fund 105Fidelity Funds - Euro Blue Chip Fund 107Fidelity Funds - Euro Stoxx 50™ Fund 109Fidelity Funds - European Growth Fund 111Fidelity Funds - European High Yield Fund 113Fidelity Funds - Fidelity Portfolio Selector (FPS) Global Growth Fund 115Fidelity Funds - Global Financial Services Fund 117Fidelity Funds - Global Technology Fund 119Fidelity Funds - Global Telecommunications Fund 121Fidelity Funds - Growth & Income Fund 123Fidelity Funds - International Bond Fund 125Fidelity Funds - Korea Fund 127Fidelity Funds - Pacific Fund 129Fidelity Funds - Sterling Bond Fund 131Fidelity Funds - Taiwan Fund 133Fidelity Funds - United Kingdom Fund 135Fidelity Funds - US Dollar Bond Fund 137

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First State Investments (Singapore)First State Regional China Fund 139First State Singapore Growth Fund 141

Henderson Global InvestorsHenderson Horizon Fund (HHF) - Euroland Fund 143Henderson Horizon Fund (HHF) - Global Property Equities Fund 145Henderson Horizon Fund (HHF) - Global Technology Fund 147Henderson Horizon Fund (HHF) - Japanese Opportunities Fund 149Henderson Horizon Fund (HHF) - Pan European Equity Fund 151Henderson Horizon Fund (HHF) - Pan European Property Equities Fund 153

JPMorgan Asset Management (Singapore) Ltd JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 155JPMorgan Funds - Emerging Middle East Equity Fund 157JPMorgan Funds - Global Dynamic Fund 159JPMorgan Funds - Global Natural Resources Fund 161JPMorgan Funds - JF India Fund 163JPMorgan Funds - JF Taiwan Fund 165

Jupiter Asset ManagementJupiter Global Fund - Jupiter European Growth 167Jupiter Global Fund - Jupiter Global Ecology Growth 169Jupiter Global Fund - Jupiter Global Financials 171Jupiter Global Fund - Jupiter India Select 173

Legg Mason Asset Management Singapore Pte LimitedLegg Mason QS MV European Equity Growth and Income Fund 175Legg Mason Western Asset Asian Opportunities Fund 177

MFS Investment ManagementMassachusetts Financial Services (MFS) Meridian Funds - Global Equity Fund 179

NN Investment Partners (Singapore) LtdNN (L) Euro Equity 181NN (L) Euromix Bond 183

PIMCO Asia Pte LtdPIMCO Funds: Global Investors Series PLC (GIS plc) - Emerging Markets Bond Fund 185PIMCO Funds: Global Investors Series PLC (GIS plc) - Global Bond Fund 187PIMCO Funds: Global Investors Series PLC (GIS plc) - Global Real Return Fund 189PIMCO Funds: Global Investors Series PLC (GIS plc) - Total Return Bond Fund 191PIMCO Funds: Global Investors Series PLC (GIS plc) - US High Yield Bond Fund 193

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Schroder Investment Management (Singapore) LtdSchroder Asian Growth Fund 195Schroder Global Emerging Market Opportunities Fund 197Schroder International Selection Fund (ISF) Asian Bond Absolute Return 199Schroder International Selection Fund (ISF) BRIC 201Schroder International Selection Fund (ISF) Emerging Markets 203Schroder International Selection Fund (ISF) Middle East 205Schroder International Selection Fund (ISF) UK Equity 207Schroder Multi Asset Revolution 209

Templeton Asset Management LtdFranklin Templeton Investment Funds (FTIF) - Franklin Biotechnology Discovery Fund 211Franklin Templeton Investment Funds (FTIF) - Franklin European Small-Mid Cap Growth Fund 213Franklin Templeton Investment Funds (FTIF) - Franklin Global Real Estate Fund 215Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Beacon Fund 217Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Global Discovery Fund 219Franklin Templeton Investment Funds (FTIF) - Franklin Strategic Income Fund 221Franklin Templeton Investment Funds (FTIF) - Templeton Asian Growth Fund 223Franklin Templeton Investment Funds (FTIF) - Templeton European Fund 225Franklin Templeton Investment Funds (FTIF) - Templeton Global Fund 227Franklin Templeton Investment Funds (FTIF) - Templeton Global Bond Fund 229Franklin Templeton Investment Funds (FTIF) - Templeton Global Income Fund 231Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (EUR) 233Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (USD) 235Franklin Templeton Investment Funds (FTIF) - Templeton Latin America Fund 237

Threadneedle InvestmentsThreadneedle Investment Funds (TIF) - Threadneedle American Fund 239Threadneedle Investment Funds (TIF) - Threadneedle Asia Fund 241Threadneedle Investment Funds (TIF) - Threadneedle Emerging Markets Bond Fund 243Threadneedle Investment Funds (TIF) - Threadneedle Global Bond Fund 245Threadneedle Investment Funds (TIF) - Threadneedle Pan European Fund 247Threadneedle Specialist Investment Funds (TSIF) - Threadneedle Target Return Fund 249

UOB Asset Management LtdGrowthPath Portfolios - GrowthPath Today 251GrowthPath Portfolios - GrowthPath 2020 253GrowthPath Portfolios - GrowthPath 2030 255GrowthPath Portfolios - GrowthPath 2040 257United Emerging Markets Bond Fund 259United SGD Fund 261

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Financial StatementsCapital Account for the 6 months ended 31 December 2015 263Statement of Assets & Liabilities as at 31 December 2015 295Notes to the Financial Statements 311

Note: Past performance is not necessarily indicative of future performance. The value of the units in the sub-fund and income accruing to the units, if any, may fall as well as rise.

Funds available under Global Investment Account and Global Savings Account

Aberdeen Asset Management Asia LimitedAberdeen Global - Asia Pacific Equity FundAberdeen Global - Asian Local Currency Short Duration Bond FundAberdeen Global - Australasian Equity FundAberdeen Global - Chinese Equity FundAberdeen Global - India Equity FundAberdeen Global - Select Emerging Markets Bond FundAberdeen Select Portfolio - Aberdeen Thailand Equity Fund

AllianceBernstein (Singapore) LtdAllianceBernstein - Developed Markets Multi-Asset Income PortfolioAllianceBernstein - Dynamic Diversified Portfolio AllianceBernstein - Global Equity Blend Portfolio AllianceBernstein - Global Growth Trends Portfolio AllianceBernstein - Global Value PortfolioAllianceBernstein - US Thematic Research Portfolio

Allianz Global Investors Singapore LimitedAllianz Global Investors Fund - Allianz Global Sustainability Fund

Amundi Singapore LimitedAmundi Funds - Absolute Volatility ArbitrageAmundi Funds - Absolute Volatility World EquitiesAmundi Funds - Bond GlobalAmundi Islamic - Amundi Islamic BRIC Quant

Aviva Investors Asia Pte LtdAviva Investors - Asian Equity Income FundAviva Investors - Emerging Europe Equity FundAviva Investors - Emerging Markets Equity Income Fund

BlackRock (Singapore) Limited BlackRock Global Funds - Global SmallCap FundBlackRock Global Funds - Latin American FundBlackRock Global Funds - New Energy FundBlackRock Global Funds - United Kingdom FundBlackRock Global Funds - World Gold FundBlackRock Global Funds - World Mining Fund

list of funds

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BNP Paribas Investment Partners Singapore LimitedParvest Bond Best Selection World EmergingParvest Bond EuroParvest Bond WorldParvest Equity BrazilParvest Equity RussiaParvest Equity World MaterialsParvest Global EnvironmentParvest Money Market EuroParvest Money Market USD

Deutsche Asset Management (Asia) LimitedDeutsche Noor Precious Metals Securities FundDeutsche Singapore Equity Fund DWS Global Agribusiness

FIL Investment Management (Singapore) LimitedFidelity Funds - Asian Special Situations FundFidelity Funds - Euro Blue Chip FundFidelity Funds - Euro Stoxx 50™ FundFidelity Funds - European Growth FundFidelity Funds - European High Yield FundFidelity Funds - Fidelity Portfolio Selector (FPS) Global Growth FundFidelity Funds - Global Financial Services FundFidelity Funds - Global Technology FundFidelity Funds - Global Telecommunications FundFidelity Funds - Growth & Income FundFidelity Funds - International Bond FundFidelity Funds - Korea FundFidelity Funds - Pacific FundFidelity Funds - Sterling Bond FundFidelity Funds - Taiwan FundFidelity Funds - United Kingdom FundFidelity Funds - US Dollar Bond Fund

First State Investments (Singapore)First State Regional China FundFirst State Singapore Growth Fund

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Henderson Global InvestorsHenderson Horizon Fund (HHF) - Euroland FundHenderson Horizon Fund (HHF) - Global Property Equities FundHenderson Horizon Fund (HHF) - Global Technology FundHenderson Horizon Fund (HHF) - Japanese Opportunities FundHenderson Horizon Fund (HHF) - Pan European Property Equities Fund

JPMorgan Asset Management (Singapore) Ltd JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPMorgan Funds - Emerging Middle East Equity FundJPMorgan Funds - Global Dynamic FundJPMorgan Funds - Global Natural Resources FundJPMorgan Funds - JF India FundJPMorgan Funds - JF Taiwan Fund

Jupiter Asset ManagementJupiter Global Fund - Jupiter European GrowthJupiter Global Fund - Jupiter Global Ecology GrowthJupiter Global Fund - Jupiter Global FinancialsJupiter Global Fund - Jupiter India Select

Legg Mason Asset Management Singapore Pte LimitedLegg Mason QS MV European Equity Growth and Income Fund

MFS Investment ManagementMassachusetts Financial Services (MFS) Meridian Funds - Global Equity Fund

NN Investment Partners (Singapore) LtdNN (L) Euro Equity NN (L) Euromix Bond

PIMCO Asia Pte LtdPIMCO Funds: Global Investors Series PLC (GIS plc) - Emerging Markets Bond FundPIMCO Funds: Global Investors Series PLC (GIS plc) - Global Bond FundPIMCO Funds: Global Investors Series PLC (GIS plc) - Global Real Return FundPIMCO Funds: Global Investors Series PLC (GIS plc) - Total Return Bond FundPIMCO Funds: Global Investors Series PLC (GIS plc) - US High Yield Bond Fund

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Schroder Investment Management (Singapore) LtdSchroder Asian Growth FundSchroder International Selection Fund (ISF) Asian Bond Absolute ReturnSchroder International Selection Fund (ISF) BRICSchroder International Selection Fund (ISF) Emerging MarketsSchroder International Selection Fund (ISF) Middle EastSchroder International Selection Fund (ISF) UK Equity

Templeton Asset Management LtdFranklin Templeton Investment Funds (FTIF) - Franklin Biotechnology Discovery FundFranklin Templeton Investment Funds (FTIF) - Franklin European Small-Mid Cap Growth FundFranklin Templeton Investment Funds (FTIF) - Franklin Global Real Estate FundFranklin Templeton Investment Funds (FTIF) - Franklin Mutual Beacon FundFranklin Templeton Investment Funds (FTIF) - Franklin Strategic Income FundFranklin Templeton Investment Funds (FTIF) - Templeton Asian Growth FundFranklin Templeton Investment Funds (FTIF) - Templeton European FundFranklin Templeton Investment Funds (FTIF) - Templeton Global FundFranklin Templeton Investment Funds (FTIF) - Templeton Global Income FundFranklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (EUR)Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (USD)Franklin Templeton Investment Funds (FTIF) - Templeton Latin America Fund

Threadneedle InvestmentsThreadneedle Investment Funds (TIF) - Threadneedle American FundThreadneedle Investment Funds (TIF) - Threadneedle Asia FundThreadneedle Investment Funds (TIF) - Threadneedle Emerging Markets Bond FundThreadneedle Investment Funds (TIF) - Threadneedle Global Bond FundThreadneedle Investment Funds (TIF) - Threadneedle Pan European FundThreadneedle Specialist Investment Funds (TSIF) - Threadneedle Target Return Fund

UOB Asset Management LtdGrowthPath Portfolios - GrowthPath TodayGrowthPath Portfolios - GrowthPath 2020GrowthPath Portfolios - GrowthPath 2030GrowthPath Portfolios - GrowthPath 2040United SGD Fund

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Funds available under LifetimeFlexi

Aberdeen Asset Management Asia LimitedAberdeen Select Portfolio - Aberdeen India Opportunities FundAberdeen Select Portfolio - Aberdeen Pacific Equity FundAberdeen Select Portfolio - Aberdeen Singapore Equity Fund

Allianz Global Investors Singapore LimitedAllianz Global Investors Fund - Allianz China Equity Fund (SGD)Allianz Global Investors Fund - Allianz Oriental Income Fund (SGD)

BlackRock (Singapore) Limited BlackRock Global Funds - Latin American FundBlackRock Global Funds - World Gold FundBlackRock Global Funds - World Mining Fund

FIL Investment Management (Singapore) LimitedFidelity Funds - ASEAN Fund

First State Investments (Singapore)First State Regional China FundFirst State Singapore Growth Fund

Henderson Global InvestorsHenderson Horizon Fund (HHF) - Global Property Equities FundHenderson Horizon Fund (HHF) - Global Technology Fund Henderson Horizon Fund (HHF) - Pan European Equity Fund

Legg Mason Asset Management Singapore Pte LimitedLegg Mason Western Asset Asian Opportunities Fund

PIMCO Asia Pte LtdPIMCO Funds: Global Investors Series PLC (GIS plc) - Global Bond Fund PIMCO Funds: Global Investors Series PLC (GIS plc) - Total Return Bond Fund

Schroder Investment Management (Singapore) LtdSchroder Global Emerging Market Opportunities FundSchroder Multi Asset Revolution

Templeton Asset Management LtdFranklin Templeton Investment Funds (FTIF) - Franklin Mutual Global Discovery FundFranklin Templeton Investment Funds (FTIF) - Templeton Global Bond FundFranklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (USD)

UOB Asset Management LtdUnited Emerging Markets Bond FundUnited SGD Fund

ceo messageby Nishit Majmudar

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Dear customer,

Thank you for your trust in Aviva.

We are pleased to present you with our semi-annual ILP funds report. We trust you will find this report beneficial.

We will continue to review our fund offerings regularly to ensure you have a good mix of funds to choose from, and to help you grow your wealth over the long term.

To ensure you are on track towards your financial goals, we encourage you to evaluate your portfolio regularly with your preferred financial adviser.

Thank you for choosing Aviva and we wish you a great year ahead.

Mr. Nishit MajmudarChief Executive OfficerAviva Singapore

market review andinvestment outlookby Aviva Investors Asia Pte Limited

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Global growth looks set to be confirmed at 3% for 2015, the weakest annual growth rate since the global recession of 2008/09, and well below the 5.4% average of the decade prior to the recession. But underneath that disappointing headline rate, significant variability exists.

In the US, growth has continued to be robust, while in the euro area the recovery remains modest in pace, but has delivered ten consecutive quarters of positive growth. It has been in the emerging market countries where growth has been more disappointing. While China has slowed broadly in line with expectations, the deep recessions in Brazil and Russia have been a significant drag. Looking ahead, we expect those trends to persist over the coming year, with the developed market energy importers seeing continued growth momentum, while emerging market and commodity exporters slow. In their latest update, the IMF forecast global growth to rise steadily over the coming years, albeit slightly slower than they had expected previously.

The recent further move down in oil prices will see the expected recovery in global inflation delayed somewhat. However, even with oil prices at current levels, we believe headline inflation will start to pick up in the second half of 2016. With limited and shrinking spare capacity in the US, core inflation should also move higher and we believe the Fed will again raise rates this year, although the amount and number of shifts remains to be seen. In contrast, the significant amount of slack in the euro area could see the European Central Bank (“ECB”) ease policy again in 2016 and the Bank of Japan (“BOJ”) could well follow suit. Further policy stimulus is also likely in China, as the authorities try to manage the difficult economic transition taking place there.

Market implicationsEquity markets have been stuck in a more volatile regime since the second half of last year and have seen particularly weak performance since the beginning of the year. Weak commodity prices (with oil below $30 a barrel as we go to press), concerns on Chinese (and global) growth and the first rate hike from the Fed in almost a decade have all weighed on equity performance. Monetary policy divergence is likely to remain a theme, but fundamentals are becoming a more important driver of performance. US corporates are still suffering the impact of a strengthening dollar and recent increases in wage pressures. Growth expectations for European companies have reduced, but a weaker euro would continue to provide support; we expect Eurozone equities to outperform US equities, supported by easy monetary policy from the ECB and by recovering fundamentals. Emerging markets have however re-rated as corporate earnings continue to struggle against a strong US Dollar and weak global growth.

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With the Federal Open Market Committee (“FOMC”) having now hiked and the ECB and BOJ remaining committed to extraordinary dovish policy, we have begun an era of monetary policy divergence. It is these diverging rates cycles that will drive valuations in the year ahead and suggests that further volatility is likely as 2016 proceeds.

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notes to thefund disclosures

1 Fund performance

Fund performance figures are presented as at 31 December 2015; on bid-to-bid basis with

dividends reinvested at the bid price and in the ILP fund currency terms.

Source of fund performance and benchmark performance - Fund Manager of Underlying Fund

2 Top 10 holdings

Top 10 Holdings are presented as at 31 December 2015 and 31 December 2014. In the event

that these holdings are not available as at the date of this report, they will be represented by

the latest available information.

3 Expense ratio

Expense ratios are presented for the 12 months ended 31 December 2015 and for the 12

months ended 31 December 2014. In the event that these ratios are not available as at the date

of this report, they will be represented by the latest available period of information.

The expense ratio does not include (where applicable) charges for insurance coverage,

brokerage and other transaction costs, performance fee, foreign exchange gains or losses,

front or back end loads arising from the purchase or sale of collective investment schemes and

tax deducted at source or arising out of income received.

4 Turnover ratio

Turnover ratios are presented for the 12 months ended 31 December 2015 and for the 12

months ended 31 December 2014. In the event that these ratios are not available as at the date

of this report, they will be represented by the latest available period of information.

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The turnover ratio is calculated based on the following formula: -

[(Purchases of securities + Sales of securities) - (Subscriptions of units + Redemptions of units)]

/ (Average Fund Value over 12 months) x 100

Based on the above, turnover ratio may be negative should the sum of total subscriptions and

redemptions be more than the sum of total purchases and sales of securities. The turnover ratio

may also be zero if there was no purchase of securities for the reporting period.

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Aberdeen Asset Management Asia Limited

Aberdeen Global - Asia Pacific Equity Fund

Investment in Collective Investment SchemesAberdeen Global - Asia Pacific Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Aberdeen Global - Asia Pacific Equity Fund (Class A Accumulation).

Market Value USD % of Net Assets5,775,354 101%

Exposure to DerivativesNot Applicable

BorrowingsNot Applicable

Related Party TransactionsNil

Total Subscriptions and Redemptions for the 6 months ended 31 December 2015USD

Subscriptions 966,337Redemptions (761,973)

Any Other Material Information that will Adversely Impact the Valuation of the FundNil

Soft Dollar CommissionNot Applicable

Fund Performance as at 31 December 2015

Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(26 Apr 1988)

Aberdeen Global - Asia Pacific Equity Fund

1.12% -15.78% -14.92% -5.52% -2.49% 5.12% 9.45%

Benchmark: MSCI AC Asia Pacific ex Japan TR USD

5.22% -12.19% -9.12% -0.97% 0.15% 6.24% 8.13%

* Annualised Performance

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Underlying Fund:Aberdeen Global - Asia Pacific Equity Fund (Class A Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsABERDEEN GLOBAL - INDIAN EQUITY FUND^ 448,624,243 9.77%JARDINE STRATEGIC HOLDINGS 257,750,380 5.61%SAMSUNG ELECTRONICS 252,699,686 5.50%OVERSEA-CHINESE BANKING CORP 226,374,470 4.93%SWIRE PACIFIC B 171,130,351 3.73%HSBC HOLDINGS 165,264,375 3.60%AIA GROUP 156,876,704 3.42%TSMC 152,579,729 3.32%CITY DEVELOPMENTS 148,855,551 3.24%QBE INSURANCE 144,107,674 3.14%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsABERDEEN GLOBAL - INDIAN EQUITY FUND^ 793,019,060 9.74%SAMSUNG ELECTRONICS 462,427,799 5.68%OVERSEA-CHINESE BANKING CORP 379,106,479 4.65%JARDINE STRATEGIC HOLDINGS 363,673,546 4.47%RIO TINTO 291,878,502 3.58%AIA GROUP 287,231,066 3.53%HSBC HOLDINGS 278,208,088 3.42%TSMC 274,317,395 3.37%CHINA MOBILE 245,877,353 3.02%UNITED OVERSEAS BANK 245,048,812 3.01%

^ Fund is not authorised for public sale in Singapore.

Expenses Ratio For the 12 months ended For the 12 months ended 31 March 2015 31 March 2014 1.99% 1.97%

Turnover Ratio For the 12 months ended For the 12 months ended 31 March 2015 31 March 2014 -57.27% -57.99%

Other Material InformationNil

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Aberdeen Global - Asian Local Currency Short Duration Bond Fund

Investment in Collective Investment SchemesAberdeen Global - Asian Local Currency Short Duration Bond Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Aberdeen Global - Asian Local Currency Short Duration Bond Fund (Class A2 Accumulation).

Market Value USD % of Net Assets116,102 101%









Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*

(1 Mar 2006)

Aberdeen Global - Asian Local Currency Short Duration Bond Fund

0.98% -3.67% -4.39% -2.72% -0.82% NA 2.12%

Benchmark: iBoxx Pan-Asia (Ex China) to 28 Feb 2011, iBoxx Asia ex Japan Sovereign 1-3 years thereafter

1.46% -3.37% -3.66% -1.42% 0.78% NA 4.35%


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Underlying Fund:Aberdeen Global - Asian Local Currency Short Duration Bond Fund (Class A2 Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsKOREA (REPUBLIC OF) 2.75% 10/09/17 29,751,638 10.63%SINGAPORE (REPUBLIC OF) 0.5% 01/04/18 24,722,423 8.83%KOREA (REPUBLIC OF) 2.75% 10/03/18 21,356,485 7.63%INDIA (GOVT OF) 8.12% 10/12/20 19,661,316 7.02%KOREA (REPUBLIC OF) 3% 10/12/16 15,953,708 5.70%MALAYSIAN (GOVT OF) 3.26% 01/03/18 15,044,897 5.38%PHILIPPINES (REPUBLIC OF) 2.875% 22/05/17 14,725,079 5.26%INDONESIA EXIMBANK 9.5% 13/03/20 12,073,985 4.31%KOREA MONETARY STAB BOND 2.78% 02/02/16 8,733,102 3.12%CHINA (PEOPLES REPUBLIC OF) 4.04% 24/04/19 8,144,099 2.91%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsKOREA MONETARY STAB BOND 2.76% 02/06/15 55,786,495 8.19%KOREA (REPUBLIC OF) 3.25% 10/06/15 50,394,243 7.40%KOREA MONETARY STAB BOND 2.47% 02/04/15 36,653,540 5.38%CHINA (PEOPLES REPUBLIC OF) 1.4% 18/08/16 36,224,294 5.32%KOREA (REPUBLIC OF) 2.75% 10/09/17 31,716,780 4.66%MALAYSIAN (GOVT OF) 3.314% 31/10/17 31,326,977 4.60%MALAYSIAN (GOVT OF) 3.172% 15/07/16 31,294,569 4.60%INDIA (GOVT OF) 8.12% 10/12/20 20,475,990 3.01%KOREA (REPUBLIC OF) 3.5% 10/03/17 18,939,545 2.78%KOREA (REPUBLIC OF) 3% 10/12/16 17,615,835 2.59%


Turnover Ratio For the 12 months ended For the 12 months ended 31 March 2015 31 March 2014 29.10% 5.53%


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Aberdeen Global - Australasian Equity Fund

Investment in Collective Investment SchemesAberdeen Global - Australasian Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Aberdeen Global - Australasian Equity Fund (Class A Accumulation).

Market Value AUD % of Net Assets362,604 101%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015AUD






Aberdeen Global - Australasian Equity Fund

4.32% -0.37% 4.60% 6.91% 4.54% 4.25% 7.11%

Benchmark: ASX All Ordinaries TR 6.62% 0.45% 3.78% 9.26% 6.54% 5.69% 9.31%


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Underlying Fund:Aberdeen Global - Australasian Equity Fund (Class A Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value AUD % of Net AssetsCSL 4,424,112 6.50%COMMONWEALTH BANK OF AUSTRALIA 4,275,000 6.28%WESTPAC BANK 4,255,659 6.25%AUSTRALIAN STOCK EXCHANGE 3,965,250 5.83%RIO TINTO 3,216,077 4.73%TELSTRA 3,211,219 4.72%WESTFIELD CORP 3,178,485 4.67%AGL ENERGY 3,068,604 4.51%AMP 3,003,512 4.41%BHP BILLITON 2,882,146 4.24%

Top 10 Holdings as at 31 December 2014 Market Value AUD % of Net AssetsBHP BILLITON 5,505,449 8.59%COMMONWEALTH BANK OF AUSTRALIA 3,939,210 6.15%AUSTRALIA & NEW ZEALAND BANK 3,785,769 5.91%RIO TINTO 3,446,778 5.38%SINGAPORE TELECOMMUNICATIONS 3,282,254 5.12%CSL 3,240,624 5.06%AUSTRALIAN STOCK EXCHANGE 3,109,296 4.85%AUSNET SERV 2,960,458 4.62%WESTFIELD CORP 2,883,790 4.50%AMP 2,855,833 4.46%




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Aberdeen Global - Chinese Equity Fund

Investment in Collective Investment SchemesAberdeen Global - Chinese Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Aberdeen Global - Chinese Equity Fund (Class A Accumulation).











Aberdeen Global - Chinese Equity Fund

4.10% -13.81% -7.49% -4.47% -2.54% 5.97% 11.29%

Benchmark: MSCI Zhong Hua Index 4.60% -17.08% -5.58% 2.48% 2.05% 11.84% NA^


Aberdeen Global – Chinese Equity Fund was created as a sub fund of Aberdeen Global on 24 March 2006 by the conversion of Aberdeen International China Opportunities Fund. The historical track record reflects that of Aberdeen International China Opportunities Fund launched on 27 April 1992.

^ MSCI Zhong Hua Index was the benchmark since October 2007, previous benchmark was MSCI China Index. Performance of the Composite Index is unavailable from 27 April 1992.

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Underlying Fund:Aberdeen Global - Chinese Equity Fund (Class A Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsAIA GROUP 52,230,404 6.00%JARDINE STRATEGIC HOLDINGS 49,296,380 5.67%MTR 43,831,582 5.04%CHINA VANKE 41,673,209 4.79%HSBC HOLDINGS 39,105,531 4.49%SWIRE PACIFIC (A+B) 38,693,900 4.45%CHINA MOBILE 32,935,100 3.78%HANG LUNG GROUP/PROPERTIES 26,889,264 3.09%SHANGRI-LA ASIA 24,172,732 2.78%STANDARD CHARTERED 23,901,256 2.75%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsJARDINE STRATEGIC HOLDINGS 162,526,412 8.20%SWIRE PACIFIC (A+B) 117,294,192 5.91%AIA GROUP 101,592,360 5.12%HSBC HOLDINGS 93,874,382 4.73%MTR 87,548,779 4.41%PETROCHINA 83,544,266 4.21%CHINA MERCHANTS BANK 83,175,175 4.19%HANG LUNG GROUP/PROPERTIES 77,293,641 3.90%CNOOC 74,835,844 3.77%CHINA VANKE 70,911,426 3.58%




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Aberdeen Global - Indian Equity Fund

Investment in Collective Investment SchemesAberdeen Global Fund - Indian Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Aberdeen Global - Indian Equity Fund (Class A Accumulation).











(2 Dec 1996)

Aberdeen Global - Indian Equity Fund

0.22% -6.43% -4.07% 8.68% 2.63% 9.27% 14.55%

Benchmark: MSCI India TR USD -0.91% -7.59% -6.12% 3.80% -2.41% 7.21% 10.69%


Aberdeen Global – Indian Equity Fund was created as a sub fund of Aberdeen Global on 24 March 2006 by the conversion of Aberdeen International India Opportunities Fund. The historical track record reflects that of Aberdeen International India Opportunities Fund launched on 2 December 1996.

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Underlying Fund:Aberdeen Global - Indian Equity Fund (Class A Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsHDFC 330,048,245 8.54%TATA CONSULTANCY SERVICES 288,985,456 7.48%INFOSYS 281,831,961 7.30%ICICI BANK 244,903,384 6.34%ITC 194,760,810 5.04%GRASIM INDUSTRIES 176,995,273 4.58%BOSCH 154,841,752 4.01%HINDUSTAN UNILEVER 154,008,199 3.99%AMBUJA CEMENTS 145,122,371 3.76%HERO MOTOCORP 141,026,260 3.65%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsHDFC 467,387,563 8.86%TATA CONSULTANCY SERVICES 376,615,580 7.14%ICICI BANK 346,617,835 6.57%INFOSYS 337,833,091 6.40%BOSCH 286,863,040 5.44%ITC 254,505,543 4.82%HERO MOTOCORP 226,050,238 4.28%HINDUSTAN UNILEVER 202,383,933 3.84%GODREJ CONSUMER PRODUCTS 185,314,272 3.51%AMBUJA CEMENTS 180,629,017 3.42%




21 22


Aberdeen Global - Select Emerging Markets Bond Fund

Investment in Collective Investment SchemesAberdeen Global - Select Emerging Markets Bond Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Aberdeen Global - Select Emerging Markets Bond Fund (Class A2 Accumulation).










Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(15 Aug 2001)

Aberdeen Global - Select Emerging Markets Bond Fund

1.36% -5.47% -4.57% -2.76% 2.86% 5.57% 9.50%

Benchmark: JP Morgan EMBI Global Diversified

1.25% -0.47% 1.18% 0.99% 5.36% 6.85% 8.89%


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Underlying Fund:Aberdeen Global - Select Emerging Markets Bond Fund (Class A2 Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsABERDEEN GLOBAL EMERGING MARKETS 101,741,034 6.68% CORPORATE BOND FUND KAZAKHSTAN TEMIR ZHOLY 6.95% 10/07/42 42,890,636 2.82%ARGENTINA (REP OF) 8.28% 31/12/33 39,841,885 2.62%INDONESIA (REP OF) 8.375% 15/03/34 35,300,490 2.32%ETHIOPIA (GOVT OF) 6.625% 11/12/24 32,993,361 2.17%TURKEY (REP OF) 6.25% 26/09/22 32,845,589 2.16%ABERDEEN GLOBAL SERV INDIAN BOND Z 2 32,742,405 2.15%MEXICO (UNITED MEXICAN STATES) 6.05% 11/01/40 30,945,374 2.03%RUSSIAN FEDERATION 7.05% 19/01/28 30,823,581 2.02%PETROLEOS MEXICANOS 6.5% 02/06/41 30,781,964 2.02%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsROMANIA (REPUBLIC OF) 6.75% 07/02/22 REGS USD 78,334,490 2.84%BRAZIL (FEDERAL REPUBLIC OF) 6% 15/08/20 INDX 71,163,022 2.58%LKD NTNB BRLMEXICO (UNITED MEXICAN STATES) 6.05% 11/01/40 70,059,720 2.54%MTN USDARGENTINA (REPUBLIC OF) 8.75% 07/05/24 USD 56,544,262 2.05%VENEZULA (REPUBLIC OF) 12.75% 23/08/22 REGS USD 55,992,611 2.03%MEX BONOS DESARR FIX RATE 7.75% 14/12/17 M 10 MXN 53,234,354 1.93%INDONESIA (REPUBLIC OF) 8.375% 15/03/34 FR68 IDR 51,303,574 1.86%INDONESIA (REPUBLIC OF) 5.875% 15/01/24 REGS USD 50,751,923 1.84%EUROPEAN BANK RECON & DEV 7.65% 18/02/15 GMTN INR 48,269,492 1.75%GHANA (REPUBLIC OF) 8.125% 18/01/26 REGS USD 47,717,841 1.73%


Turnover Ratio For the 12 months ended For the 12 months ended 31 March 2015 31 March 2014 -1.11% 9.57%


23 24


Aberdeen Select Portfolio - Aberdeen India Opportunities Fund

Investment in Collective Investment SchemesAberdeen Select Portfolio - Aberdeen India Opportunities Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Aberdeen Select Portfolio - Aberdeen India Opportunities Fund (SGD Class).

Market Value SGD % of Net Assets71,519 100%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015SGD






(8 Mar 2004)

Aberdeen Select Portfolio - Aberdeen India Opportunities Fund

0.01% -1.36% 2.90% 14.45% 4.94% 7.66% 10.45%

Benchmark: MSCI India Index -1.14% -2.64% 0.50% 9.10% -0.40% 5.52% 8.85%


23 24

Underlying Fund:Aberdeen Select Portfolio - Aberdeen India Opportunities Fund (SGD Class)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsHDFC 330,048,245 8.54%TATA CONSULTANCY SERVICES 288,985,456 7.48%INFOSYS 281,831,961 7.30%ICICI BANK 244,903,384 6.34%ITC 194,760,810 5.04%GRASIM INDUSTRIES 176,995,273 4.58%BOSCH 154,841,752 4.01%HINDUSTAN UNILEVER 154,008,199 3.99%AMBUJA CEMENTS 145,122,371 3.76%HERO MOTOCORP 141,026,260 3.65%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsHDFC 467,387,563 8.86%TATA CONSULTANCY SERVICES 376,615,580 7.14%ICICI BANK 346,617,835 6.57%INFOSYS 337,833,091 6.40%BOSCH 286,863,040 5.44%ITC 254,505,543 4.82%HERO MOTOCORP 226,050,238 4.28%HINDUSTAN UNILEVER 202,383,933 3.84%GODREJ CONSUMER PRODUCTS 185,314,272 3.51%AMBUJA CEMENTS 180,629,017 3.42%

Note: Information is based on the Luxembourg registered Aberdeen Global - Indian Equity Fund (Not authorised for sale to the public in Singapore), which the Aberdeen Select Portfolio - Aberdeen India Opportunities Fund (SGD Class) feeds into. Market Values are based in USD according to data source provided by Aberdeen Asset Management Asia Limited.




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Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund

Investment in Collective Investment SchemesAberdeen Select Portfolio - Aberdeen Pacific Equity Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund (SGD Class).











(5 Dec 1997)

Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund

1.70% -9.81% -9.00% -0.59% 0.74% 4.78% 9.23%

Benchmark: MSCI AC Asia Pacific ex Japan Index

4.98% -7.49% -2.71% 4.09% 2.22% 4.56% 6.71%


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Underlying Fund:Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund (SGD Class)

Top 10 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsABERDEEN SINGAPORE EQUITY FUND 135,773,218 9.79%AG - INDIAN EQUITY FUND^ 135,120,098 9.75%ABERDEEN CHINA OPPORTUNITIES FUND 126,993,719 9.16%SAMSUNG ELECTRONICS (PREF) 77,220,085 5.57%ABERDEEN INDONESIA EQUITY FUND 55,024,688 3.97%ABERDEEN THAILAND EQUITY FUND 54,783,971 3.95%HSBC HOLDINGS 50,875,265 3.67%TSMC 50,703,930 3.66%ABERDEEN MALAYSIA EQUITY FUND 48,855,279 3.52%AIA GROUP LTD 45,870,255 3.31%

Top 10 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsAG - INDIAN EQUITY FUND^ 168,132,292 10.22%ABERDEEN SINGAPORE EQUITY FUND 156,118,139 9.49%ABERDEEN CHINA OPPORTUNITIES FUND 155,248,576 9.44%SAMSUNG ELECTRONICS (PREF) 82,045,822 4.99%ABERDEEN INDONESIA EQUITY FUND 68,314,084 4.15%ABERDEEN THAILAND EQUITY FUND 64,057,650 3.89%RIO TINTO 57,154,625 3.47%ABERDEEN MALAYSIA EQUITY FUND 56,433,177 3.43%AIA GROUP 56,239,379 3.42%HSBC HOLDINGS 55,471,762 3.37%

^ Fund is not authorised for public sale in Singapore.




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Aberdeen Select Portfolio - Aberdeen Singapore Equity Fund

Investment in Collective Investment SchemesAberdeen Select Portfolio - Aberdeen Singapore Equity Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Aberdeen Select Portfolio - Aberdeen Singapore Equity Fund (SGD Class).











(5 Dec 1997)

Aberdeen Select Portfolio - Aberdeen Singapore Equity Fund

1.49% -11.47% -13.03% -1.96% 0.43% 5.23% 8.87%

Benchmark: Straits Times Index 3.91% -11.36% -11.21% 0.09% 1.12% 5.75% NA^


^ Benchmark data is only available from 31 August 1999 following the takeover of index calculation by FTSE on 10 January 2008.

27 28

Underlying Fund:Aberdeen Select Portfolio - Aberdeen Singapore Equity Fund (SGD Class)

Top 10 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsOVERSEA-CHINA BANKING CORPORATION 79,948,202 11.05%DBS GROUP HOLDINGS LTD 65,414,118 9.00%JARDINE STRATEGIC HOLDINGS LTD 61,303,694 8.44%UNITED OVERSEAS BANK LTD 53,077,250 7.31%KEPPEL CORPORATION LTD 44,181,417 6.08%CITY DEVELOPMENTS LTD 42,709,950 5.88%SINGAPORE TELECOMMUNICATIONS 35,123,955 4.83%SINGAPORE TECHOLOGIES ENGINEERING 33,204,815 4.57%RAFFLES MEDICAL GROUP LTD 23,213,832 3.20%CAPITALAND LTD 22,177,000 3.05%

Top 10 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsOVERSEA-CHINA BANKING CORPORATION 85,928,450 10.30%DBS GROUP HOLDINGS 77,030,816 9.24%JARDINE STRATEGIC HOLDINGS 71,654,636 8.59%UNITED OVERSEAS BANK 70,171,548 8.41%KEPPEL CORPORATION 62,451,795 7.49%CITY DEVELOPMENTS 47,786,310 5.73%SINGAPORE TELECOMMUNICATIONS 36,018,684 4.32%SINGAPORE TECHOLOGIES ENGINEERING 33,425,400 4.01%VENTURE CORPORATION 25,931,650 3.11%SINGAPORE EXCHANGE 24,960,760 2.99%

Expenses Ratio For the 12 months ended For the 12 months ended 30 September 2015 30 September 2014 1.67% 1.66%

Turnover Ratio For the 12 months ended For the 12 months ended 30 September 2015 30 September 2014 8.90% 10.78%


29 30


Aberdeen Select Portfolio - Aberdeen Thailand Equity Fund

Investment in Collective Investment SchemesAberdeen Select Portfolio - Aberdeen Thailand Equity Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Aberdeen Select Portfolio - Aberdeen Thailand Equity Fund (USD Class).











(1 Jun 2004)

Aberdeen Select Portfolio - Aberdeen Thailand Equity Fund

-2.16% -16.55% -20.39% -5.93% 6.33% 11.30% 12.26%

Benchmark: Thailand SET TR -3.50% -18.59% -18.84% -4.67% 4.46% 11.91% 11.74%


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Underlying Fund:Aberdeen Select Portfolio - Aberdeen Thailand Equity Fund (USD Class)

Top 10 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsBANGKOK INSURANCE 7,891,530 5.89%SIAM CEMENT 7,767,218 5.80%BIG C SUPERCENTER 7,558,279 5.64%SIAM COMMERICAL BANK 6,331,794 4.73%KASIKORNBANK 6,229,962 4.65%BEC WORLD 5,415,019 4.04%AEON THANA SINSAP THAILAND 4,765,196 3.56%PTT EXPLORATION & PRODUCTION 4,605,672 3.44%HANA MICROELECTRONICS 4,584,088 3.42%TISCO FINANCIAL GROUP 4,340,960 3.24%

Top 10 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsSIAM COMMERICAL BANK 11,464,868 5.99%BANGKOK INSURANCE 11,447,963 5.98%SIAM CEMENT 11,337,068 5.92%KASIKORNBANK 10,219,653 5.34%BIG C SUPERCENTER 10,214,888 5.34%BEC WORLD 9,589,570 5.01%PTT EXPLORATION & PRODUCTION 8,560,194 4.47%ADVANCED INFORMATION SERVICES 8,524,428 4.45%TISCO FINANCIAL GROUP 7,511,015 3.93%AEON THANA SINSAP THAILAND 6,655,214 3.48%

Note: Market Values are based in SGD according to data source provided by Aberdeen Asset Management Asia Limited.




31 32

AllianceBernstein (Singapore) Ltd

AllianceBernstein - Developed Markets Multi-Asset Income Portfolio^

Investments in Collective Investment SchemesAllianceBernstein - Developed Markets Multi-Asset Income Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein - Developed Markets Multi-Asset Income Portfolio (Class AX).

^ With effect from 5 February 2016, AllianceBernstein - Developed Markets Multi-Asset Income Portfolio will be known as AB FCP I - Developed Markets Multi-Asset Income Portfolio.










Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*^

(2 Nov 2004)

Alliance Bernstein - Developed Markets Multi-Asset Income Portfolio

1.34% -3.64% -3.39% 1.15% 0.90% 1.36% 1.99%

Benchmark: 50% MSCI World Index / 40% Barclays Global High Yield (Hedged) / 10% Barclays Global Treasuries (Hedged)

2.64% -3.00% -0.44% 6.27% 6.72% 6.16% 6.49%

* Annualised Performance^Since inception performance of the benchmark is measured from closest month-end after inception through 31 December 2015.

31 32

Underlying Fund:AllianceBernstein - Developed Markets Multi-Asset Income Portfolio (Class AX)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsU.S. TREASURY NOTES 1.38%, 04/30/20 4,531,638 4.81%SWISS RE AG 1,545,353 1.64%GENERAL MOTORS CO. 1,528,715 1.62%PFIZER, INC. 1,487,301 1.58%MICROSOFT CORP. 1,458,125 1.55%ALTRIA GROUP, INC. 1,186,727 1.26%VERIZON COMMUNICATIONS, INC. 1,166,731 1.24%PAYCHEX, INC. 1,164,585 1.24%JPMORGAN ALERIAN MLP INDEX ETN 1,124,036 1.19%PHILIP MORRIS INTERNATIONAL, INC. 1,083,315 1.15%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsALLIANCEBERNSTEIN - GLOBAL HIGH YIELD PORTFOLIO 14,274,065 40.00%ACMBERNSTEIN SICAV - MORTGAGE INCOME PORTFOLIO 7,081,067 19.84%ALLIANCEBERNSTEIN - AMERICAN INCOME PORTFOLIO 3,541,421 9.92%ALLIANCEBERNSTEIN - EUROPEAN INCOME PORTFOLIO 3,539,646 9.92%MICROSOFT CORP. 771,999 2.16%PFIZER, INC. 737,009 2.07%MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT 714,014 2.00%AG IN MUENCHEN NATIONAL AUSTRALIA BANK LTD. 652,859 1.83%ZURICH INSURANCE GROUP AG 539,252 1.51%GLAXOSMITHKLINE PLC 523,720 1.47%

* As Allianz Global Investors Singapore Limited is not allowed to show more than 50% of the portfolio in single holdings, only the Top 9 Holdings are shown. Market Values are based in USD according to data source provided by Allianz Global Investors Singapore Limited.

Expenses Ratio For the 12 months ended For the 12 months ended 31 August 2015 31 August 2014 1.65% 1.65%

Turnover Ratio For the 12 months ended For the 12 months ended 31 August 2015 31 August 2014 208.38% 69.22%


33 34


AllianceBernstein - Dynamic Diversified Portfolio^

Investments in Collective Investment SchemesAllianceBernstein - Dynamic Diversified Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein - Dynamic Diversified Portfolio (Class AX).

^ With effect from 5 February 2016, AllianceBernstein - Dynamic Diversified Portfolio will be known as AB FCP I - Dynamic Diversified Portfolio.











(2 Nov 2004)

AllianceBernstein - Dynamic Diversified Portfolio

0.93% -4.50% -3.22% 2.74% 2.19% 1.13% 2.39%

Benchmark: 40% Barclays Capital Global Aggregate Bond Index / 60% MSCI World Index

2.96% -1.94% -1.57% 5.08% 5.04% 4.77% 5.24%


33 34

Underlying Fund:AllianceBernstein - Dynamic Diversified Portfolio (Class AX)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsACM BERNSTEIN SICAV - REAL ASSET PORTFOLIO CLASS S1 9,015,850 10.02%ACM BERNSTEIN SICAV - LOW VOLATILITY EQUITY 1,826,216 2.03% PORTFOLIO CLASS S1 U.S. TREASURY NOTES 1.38%, (06/18 - 04/20) 1,195,442 1.33%ROCHE HOLDING AG 946,325 1.05%DEVELOPMENT BANK OF JAPAN, INC. 1.75%, 03/17/17 849,703 0.94%MICROSOFT CORP. 834,586 0.93%BUNDESREPUBLIK DEUTSCHLAND 1.00%, 08/15/25 803,710 0.89%UNITED KINGDOM GILT 1.75%, (07/19 - 09/22) 760,690 0.85%DEVELOPMENT BANK OF JAPAN, INC. 2.30%, 03/19/26 696,674 0.77%UNITEDHEALTH GROUP, INC. 686,547 0.76%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsALLIANCEBERNSTEIN SICAV - REAL ASSET 11,559,957 10.05%PORTFOLIO CLASS S1 ALLIANCEBERNSTEIN SICAV 9,198,411 8.00%- MARKET NEUTRAL PORTFOLIOALLIANCEBERNSTEIN SICAV - LOW VOLATILITY 2,317,192 2.01% EQUITY PORTFOLIO MASTERCARD, INC. - CLASS A 1,170,914 1.02%SAP SE 1,122,142 0.98%AMERICAN EXPRESS CO. 1,054,143 0.92%UNITED KINGDOM GILT 1.75%, (07/19 - 09/22) 921,925 0.80%UNITEDHEALTH GROUP, INC. 902,734 0.78%U.S. TREASURY NOTES 0.13%, (04/19 - 04/19) 868,845 0.76%DEVELOPMENT BANK OF JAPAN, INC. 1.75%, 03/17/17 866,184 0.75%




35 36


AllianceBernstein - Global Equity Blend Portfolio^

Investments in Collective Investment SchemesAllianceBernstein - Global Equity Blend Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein - Global Equity Blend Portfolio (Class A).

^ With effect from 5 February 2016, AllianceBernstein - Global Equity Blend Portfolio will be known as AB FCP I - Global Equity Blend Portfolio.











(12 Jun 2003)

AllianceBernstein - Global Equity Blend Portfolio

3.54% -7.67% -2.23% 8.13% 3.97% 0.02% 3.24%

Benchmark: MSCI World Net Index 5.50% -3.41% -0.87% 9.63% 7.59% 4.98% 7.16%


35 36

Underlying Fund:AllianceBernstein - Global Equity Blend Portfolio (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsROCHE HOLDING AG 6,199,461 1.92%WELLS FARGO & CO. 3,876,172 1.20%SAFRAN SA 3,788,528 1.17%ALPHABET, INC. - CLASS C 3,699,210 1.15%APPLE, INC. 3,620,844 1.12%UNITEDHEALTH GROUP, INC. 3,512,391 1.09%ANHEUSER-BUSCH INBEV SA/NV 3,503,524 1.08%LIBERTY GLOBAL PLC - SERIES C 3,180,109 0.98%DELPHI AUTOMOTIVE PLC 3,177,860 0.98%NIKE, INC. - CLASS B 3,160,044 0.98%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsROCHE HOLDING AG 7,290,377 2.05%VISA, INC. - CLASS A 5,074,103 1.43%WELLS FARGO & CO. 4,795,187 1.35%SAFRAN SA 4,518,260 1.27%TOSHIBA CORP. 4,472,518 1.26%HEWLETT-PACKARD CO. 4,168,981 1.17%DANAHER CORP. 4,113,995 1.16%UNICREDIT SPA 4,090,552 1.15%GOOGLE, INC. - CLASS C 3,835,230 1.08%APPLE, INC. 3,623,174 1.02%




37 38


AllianceBernstein - Global Growth Trends Portfolio^

Investments in Collective Investment SchemesAllianceBernstein - Global Growth Trends Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein - Global Growth Trends Portfolio (Class A).

^ With effect from 5 February 2016, AllianceBernstein - Global Growth Trends Portfolio will be known as AB FCP I - Global Growth Trends Portfolio.











(11 Apr 1995)

AllianceBernstein - Global Growth Trends Portfolio

4.81% -6.17% 0.30% 7.42% 4.10% 0.03% 6.14%



37 38

Underlying Fund:AllianceBernstein - Global Growth Trends Portfolio (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsALPHABET, INC. - CLASS C 19,510,527 2.29%ROCHE HOLDING AG 19,478,681 2.29%UNITEDHEALTH GROUP, INC. 18,525,198 2.17%ANHEUSER-BUSCH INBEV SA/NV 18,478,431 2.17%DELPHI AUTOMOTIVE PLC 16,760,801 1.97%NIKE, INC. - CLASS B 16,666,836 1.96%AIA GROUP LTD. 16,205,452 1.90%PARTNERS GROUP HOLDING AG 16,201,201 1.90%NESTLE SA 15,053,611 1.77%ALIBABA GROUP HOLDING LTD. (SPONSORED ADR) 14,829,365 1.74%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsVISA, INC. - CLASS A 21,750,000 2.87%ROCHE HOLDING AG 18,940,610 2.50%DANAHER CORP. 17,634,525 2.33%GOOGLE, INC. - CLASS C 16,439,604 2.17%PARTNERS GROUP HOLDING AG 15,225,204 2.01%ANHEUSER-BUSCH INBEV NV 15,001,216 1.98%SCHLUMBERGER LTD. 14,320,186 1.89%PARKER-HANNIFIN CORP. 14,204,100 1.88%MONSANTO CO. 13,615,449 1.80%AIA GROUP LTD. 13,384,682 1.77%




39 40


AllianceBernstein - Global Value Portfolio^

Investments in Collective Investment SchemesAllianceBernstein - Global Value Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein - Global Value Portfolio (Class A).

^ With effect from 5 February 2016, AllianceBernstein - Global Value Portfolio will be known as AB FCP I - Global Value Portfolio.











(24 Apr 2001)

AllianceBernstein - Global Value Portfolio

2.26% -9.19% -4.56% 8.90% 3.93% 0.05% 2.34%



39 40

Underlying Fund:AllianceBernstein - Global Value Portfolio (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsLIBERTY GLOBAL PLC - SERIES C 8,099,211 1.99%PFIZER, INC. 7,929,497 1.95%MICROSOFT CORP. 7,338,830 1.80%MITSUBISHI UFJ FINANCIAL GROUP, INC. 7,329,120 1.80%BG GROUP PLC 7,180,639 1.76%HESS CORP. 6,715,896 1.65%BANK OF AMERICA CORP. 6,418,037 1.58%ROCHE HOLDING AG 6,383,101 1.57%TOTAL SA 6,223,803 1.53%VODAFONE GROUP PLC 6,221,020 1.53%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsHEWLETT-PACKARD CO. 7,778,373 2.34%KROGER CO. (THE) 6,179,636 1.86%PFIZER, INC. 6,175,620 1.86%HESS CORP. 6,158,067 1.86%LIBERTY GLOBAL PLC - CLASS C 6,050,003 1.82%MICROSOFT CORP. 6,049,620 1.82%GLAXOSMITHKLINE PLC 5,692,890 1.72%ORACLE CORP. 5,572,975 1.68%ROCHE HOLDING AG 5,357,909 1.61%ELECTRONIC ARTS, INC. 5,305,603 1.60%




41 42


AllianceBernstein - US Thematic Research Portfolio^

Investments in Collective Investment SchemesAllianceBernstein - US Thematic Research Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein - US Thematic Research Portfolio (Class A).

^ With effect from 5 February 2016, AllianceBernstein - US Thematic Research Portfolio will be known as AB FCP I - US Thematic Research Portfolio.






Subscriptions 27,324 Redemptions (64,051)





(24 Apr 2001)

AllianceBernstein - US Thematic Research Portfolio

5.97% -2.83% 5.14% 15.25% 9.08% 4.79% 3.32%

Benchmark: S&P 500 6.87% -0.17% 0.75% 14.41% 11.85% 6.63% 5.08%


41 42

Underlying Fund:AllianceBernstein - US Thematic Research Portfolio (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsAMERICAN WATER WORKS CO., INC. 1,449,535 2.72%FACEBOOK, INC. - CLASS A 1,433,842 2.69%CHARLES SCHWAB CORP. (THE) 1,371,666 2.57%APPLE, INC. 1,342,276 2.52%NIKE, INC. - CLASS B 1,314,375 2.47%ALPHABET, INC. - CLASS C 1,293,132 2.43%STARBUCKS CORP. 1,282,841 2.41%INTERCONTINENTAL EXCHANGE, INC. 1,255,161 2.36%CVS HEALTH CORP. 1,210,393 2.27%NVIDIA CORP. 1,200,568 2.25%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsCVS HEALTH CORP. 1,332,930 2.54%GOOGLE, INC. - CLASS C 1,237,566 2.35%MONSANTO CO. 1,223,253 2.33%MONSTER BEVERAGE CORP. 1,199,435 2.28%AVAGO TECHNOLOGIES LTD. 1,191,992 2.27%COMCAST CORP. - CLASS A 1,172,962 2.23%ILLUMINA, INC. 1,162,300 2.21%DELPHI AUTOMOTIVE PLC 1,159,884 2.21%MEAD JOHNSON NUTRITION CO. - CLASS A 1,158,221 2.20%ABBOTT LABORATORIES 1,076,878 2.05%




43 44

Allianz Global Investors Singapore Limited

Allianz Global Investors Fund - Allianz China Equity Fund (SGD)

Investment in Collective Investment SchemesAllianz Global Investors Fund - Allianz China Equity Fund (SGD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Allianz Global Investors Fund - Allianz China Equity Fund (Class AT SGD).











Allianz Global Investors Fund - Allianz China Equity Fund (SGD)

3.99% -13.13% 3.90% 9.20% 2.19% NA 2.87%

Benchmark: MSCI China Total Return (Net)

3.79% -15.29% -1.32% 6.20% 2.73% NA 1.98%


43 44

Underlying Fund:Allianz Global Investors Fund - Allianz China Equity Fund (Class AT SGD)

Top 9 Holdings as at 31 December 2015 Market Value USD % of Net AssetsTENCENT HOLDINGS LTD 40,698,198 9.09%PING AN INSURANCE GROUP CO-H 27,195,442 6.07%CHINA MOBILE LTD 23,599,679 5.27%CHINA OVERSEAS LAND & INVEST 21,467,701 4.80%CHINA CONSTRUCTION BANK-H 20,791,546 4.64%CHINA LIFE INSURANCE CO-H 20,035,570 4.48%DIGITAL CHINA HOLDINGS LTD 20,009,927 4.47%BANK OF CHINA LTD-H 19,411,962 4.34%CHINA MERCHANTS BANK-H 18,563,687 4.15%

Top 9 Holdings as at 31 December 2014 Market Value USD % of Net AssetsPING AN INSURANCE GROUP CO-H 42,126,815 7.61%CHINA MINSHENG BANKING-H 33,563,000 6.06%IND & COMM BK OF CHINA-H 32,581,907 5.88%BANK OF CHINA LTD-H 32,204,875 5.81%TENCENT HOLDINGS LTD 27,036,435 4.88%CHINA MOBILE LTD 26,474,923 4.78%CHINA LIFE INSURANCE CO-H 25,689,487 4.64%CHINA EVERBRIGHT INTL LTD 21,723,138 3.92%ZHUZHOU CSR TIMES ELECTRIC-H 21,664,797 3.91%

* As Allianz Global Investors Singapore Limited is not allowed to show more than 50% of the portfolio in single holdings, only the Top 9 Holdings are shown. Market Values are based in USD according to data source provided by Allianz Global Investors Singapore Limited.


Turnover Ratio For the 12 months ended For the 12 months ended 31 December 2015 31 December 2014 67.00% 6.81%


45 46


Allianz Global Investors Fund - Allianz Global Sustainability Fund

Investment in Collective Investment SchemesAllianz Global Investors Fund - Allianz Global Sustainability Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Allianz Global Investors Fund - Allianz Global Sustainability Fund (Class A EUR).

Market Value EUR % of Net Assets61,244 101%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015EUR






(2 Jan 2003)

Allianz Global Investors Fund - Allianz Global Sustainability Fund

10.66% 1.58% 12.73% 15.80% 10.45% 5.13% 6.63%

Benchmark: Dow Jones Sustainability World Index (Total Return)

7.39% -2.57% 6.49% 12.77% 9.20% 4.57% 6.47%


45 46

Underlying Fund:Allianz Global Investors Fund - Allianz Global Sustainability Fund (Class A EUR)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsMICROSOFT CORP 12,626,815 6.44%NESTLE SA-REG 8,026,158 4.09%ROCHE HOLDING AG-GENUSSCHEIN 6,749,913 3.44%NOVO NORDISK A/S-B 5,889,884 3.00%ALLIANZ SE-REG 5,697,428 2.91%WELLS FARGO & CO 5,609,545 2.86%UNILEVER PLC 5,384,616 2.75%VISA INC-CLASS A SHARES 5,222,231 2.66%CITIGROUP INC 4,777,786 2.44%INDUSTRIA DE DISENO TEXTIL 4,696,498 2.40%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsMICROSOFT CORP 1,741,239 4.30%NESTLE SA-REGISTERED 1,586,270 3.92%ROCHE HOLDING AG-GENUSSCHEIN 1,391,526 3.44%WELLS FARGO & CO 1,169,737 2.89%ALLIANZ SE-REG 1,090,696 2.69%CITIGROUP INC 992,107 2.45%MUENCHENER RUECKVER AG-REG 964,499 2.38%INTEL CORP 923,621 2.28%BNP PARIBAS 885,648 2.19%VISA INC-CLASS A SHARES 872,944 2.16%




47 48


Allianz Global Investors Fund - Allianz Oriental Income Fund (SGD)

Investment in Collective Investment SchemesAllianz Global Investors Fund - Allianz Oriental Income Fund (SGD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Allianz Global Investors Fund - Allianz Oriental Income Fund (Class AT SGD).











Allianz Global Investors Fund - Allianz Oriental Income Fund (SGD)

5.69% 0.62% 6.03% 9.53% 4.66% NA 4.21%

Benchmark: MSCI AC Asia Pacific 6.70% -3.83% 4.96% 8.43% 3.80% NA 4.75%


47 48

Underlying Fund:Allianz Global Investors Fund - Allianz Oriental Income Fund (Class AT SGD)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsEO TECHNICS CO LTD 20,916,227 6.31%MAINFREIGHT LTD 17,975,993 5.42%KOH YOUNG TECHNOLOGY INC 15,360,454 4.63%YAMAHA MOTOR CO LTD 15,110,860 4.56%BANK OF CHINA LTD-H 11,829,148 3.57%AIFUL CORP 10,900,377 3.29%KAKAKU.COM INC 10,172,934 3.07%MITSUI FUDOSAN CO LTD 9,721,733 2.93%NIDEC CORP 9,652,108 2.91%HUNEED TECHNOLOGIES 9,133,353 2.76%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsMAINFREIGHT LTD 21,846,669 5.39%KOH YOUNG TECHNOLOGY INC 18,860,114 4.65%YAMAHA MOTOR CO LTD 18,736,986 4.62%BANK OF CHINA LTD-H 13,491,097 3.33%AIFUL CORP 11,694,065 2.88%EO TECHNICS CO LTD 11,512,119 2.84%MITSUI FUDOSAN CO LTD 11,195,021 2.76%HITACHI LTD 11,132,501 2.75%JAPAN AIRPORT TERMINAL CO 10,454,925 2.58%CHINA NATIONAL BUILDING MA-H 9,492,837 2.34%

Note: Market Values are based in USD according to data source provided by Allianz Global Investors Singapore Limited.




49 50

Amundi Singapore LimitedAmundi Funds - Absolute Volatility Arbitrage

Investment in Collective Investment SchemesAmundi Funds - Absolute Volatility Arbitrage, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Amundi Funds - Absolute Volatility Arbitrage (AE Capitalisation). Market Value EUR % of Net Assets1,900 103%





Subscriptions 51 Redemptions (65)





(6 Oct 2005)

Amundi Funds - Absolute Volatility Arbitrage

0.48% -0.43% -0.31% -0.80% -0.30% 1.37% 1.41%

Benchmark: 100% EONIA Compounded

-0.04% 0.07% -0.11% 0.03% 0.24% 1.31% 1.33%


49 50

Underlying Fund:Amundi Funds - Absolute Volatility Arbitrage (AE Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsAMUNDI CASH CORPORATE-IC 8,254,457 9.30%CDN 24/03/16 ING BK EUR F 0.07 7,011,851 7.90%CDN 24/03/16 BPCESA EUR F 0.05 6,035,517 6.80%CDN 24/03/16CREDAGRI EUR F 0.04 4,970,426 5.60%CDN 19/012/16 BNPP EUR F0.03 4,970,426 5.60%CDN 04/04/16 NATEXS EUR F 0.045 3,994,092 4.50%CDN19/12/16 SOGN EUR F 1.0E-9 3,994,092 4.50%CDN 17/03/16 BFCM EUR F 0.01 3,017,759 3.40%TBIP USA 26/05/16 2,751,486 3.10%DEUTSCHE TEKEKOM NAM 2,662,728 3.00%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsNAB FRN 1/19 26,226,064 19.39%GDF 5.625% 01/16 13,017,180 9.62%BPCE 3.75% 09/21 11,051,421 8.17%BTF 25/06/15 10,006,713 7.40%CDN 09/04/15 BFCM EUR F 0.125 10,001,062 7.39%CDN 15/06/15 ING BK EUR F 0.15 8,999,120 6.65%CDN 27/02/15 ALLZBQ EUR F 0.03 8,002,592 5.92%RCP 15/04/15 RAB EUR F 0.04 7,001,819 5.18%BT 19/06/15 UNEDIC EUR F 0.09 6,996,290 5.17%CMCICB 2.5% 9/23 6,028,495 4.46%

Expenses Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014 0.65% 1.33%

Turnover Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014 1836.21% 1646.74%


51 52

Fund / Benchmark** 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(15 Nov 2007)

Amundi Funds - Absolute Volatility World Equities

-1.93% 1.50% -2.42% -6.22% -3.81% NA 1.71%


** There is no benchmark for Amundi Funds - Absolute Volatility World Equities.

Amundi Singapore LimitedAmundi Funds - Absolute Volatility World Equities

Investment in Collective Investment SchemesAmundi Funds - Absolute Volatility World Equities, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Amundi Funds - Absolute Volatility World Equities (AU Capitalisation). Market Value USD % of Net Assets14,656 101%









51 52

Underlying Fund:Amundi Funds - Absolute Volatility World Equities (AU Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsEUREX DEUTSCHLAND (EX DTB) 94,904,313 15.00%CBOE HLDGS INC 86,046,577 13.60%SINGAPORE EXCHANGE (EX SMIEX) 62,004,151 9.80%AMUNDI CASH CORPORATE IC 35,430,943 5.60%CDN 17/03/16 BFCM EUR F 0.01 35,430,943 5.60%CDN 19/12/16 SOGN EUR F 0.01 35,430,943 5.60%CDN 19/12/16 BNPP EUR F 0.03 35,430,943 5.60%CDN 04/04/16 NATEXS EUR F 0.045 32,267,466 5.10%CDN 24/03/16 ING BK EUR F 0.07 20,246,253 3.20%CDN 24/03/16 BPCESA EUR F 0.05 20,246,253 3.20%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsCDN 08/08/15 NAT EUR V OIS+0.4 137,185,555 14.40%S&P C1512 1800 CBOE 69,596,260 7.30%CDN 16/02/15 BNPP EUR V OIS +0.17 55,003,454 5.77%S&P C1506 1800 CBOE 52,427,775 5.50%DEPOSIT USD 50,358,809 5.28%CDN 09/04/15 BFCM EUR F 0.125 48,836,312 5.12%CDN 09/07/15 BPCESA EUR F 0.21 48,794,817 5.12%CDN 30/06/15 NATEXS EUR F 0.13 39,031,329 4.10%S&P P1512 1800 CBOE 37,614,008 3.95%LLOYDS FRN 4/19 36,199,056 3.80%




53 54

Amundi Singapore LimitedAmundi Funds - Bond Global

Investment in Collective Investment SchemesAmundi Funds - Bond Global, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Amundi Funds - Bond Global (AU Capitalisation). Market Value USD % of Net Assets365,298 101%









Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(28 Dec 1990)

Amundi Funds - Bond Global -1.09% -1.48% -5.56% -0.12% 1.19% 4.52% 5.88%

Benchmark: JPM Global Government Bond

-1.15% 0.85% -2.61% -2.17% 0.34% 3.76% 5.24%


53 54

Underlying Fund:Amundi Funds - Bond Global (AU Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsBTPS 4.5% 05/23 24,780,501 9.45%BTPS 3.75% 05/21 23,233,358 8.86%OAT 1% 11/25 20,007,960 7.63%US TII 0.125% 04/20 16,599,002 6.33%UK TSY 5% 03/25 15,628,760 5.96%PORTUGAL 2.875% 10/25 15,523,869 5.92%UK TSY 3.50% 01/45 11,223,338 4.28%SPAIN 1.6% 4/25 10,043,314 3.83%US TSY 3.125% 11/41 9,518,859 3.63%MBONO 4.75% 6/18 8,443,726 3.22%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsBTPS 4.50% 03/19 32,366,394 10.07%UK TSY 4.25% 03/36 22,659,690 7.05%US TSY 3.125% 11/41 17,838,479 5.55%UK TSY 5% 03/25 14,367,208 4.47%PORTUGAL 4.75% 06/19 10,574,522 3.29%BTPS 3.75% 04/16 10,156,684 3.16%SPAIN 4.30% 10/19 9,899,553 3.08%BTPS 4.75% 09/44 9,513,856 2.96%ITALY 5.75% 07/16 8,646,038 2.69%US TII 1.75% 01/28 7,746,078 2.41%




55 56

Amundi Singapore LimitedAmundi Islamic - Amundi Islamic BRIC Quant

Investment in Collective Investment SchemesAmundi Islamic - Amundi Islamic BRIC Quant, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Amundi Islamic - Amundi Islamic BRIC Quant (Classic Capitalisation). Market Value USD % of Net Assets305,369 100%










Amundi Islamic - Amundi Islamic BRIC Quant

-0.19% -14.40% -10.21% -5.99% -8.66% NA 4.50%

Benchmark: 100% DJ Islamic Market BRIC Capped

1.06% -15.46% -10.14% -4.78% -7.09% NA 7.15%


55 56

Underlying Fund:Amundi Islamic - Amundi Islamic BRIC Quant (Classic Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsINFOSYS LTD-US-ADR 1,463,950 8.98%WIPRO LTD-US-ADR 1,316,741 8.08%NORILSK NICKEL PJSC-ADR 1,239,016 7.60%DR. REDDY S LAB-US-ADR 995,235 6.10%YANDEX NV 803,292 4.93%ULTRAPAR 763,985 4.69%TENCENT HOLDINGS LTD 761,504 4.67%ALIBABA GROUP ADR 663,906 3.89%CHINA MOBILE LTD 575,797 3.53%TELEF BRASIL-BR-PFD 543,086 3.33%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsTENCENT HOLDINGS LTD 1,112,908 5.98%LUKOIL OAO 735,115 3.95%ZHUZHOU CSR TIMES ELECTRIC CO 266,130 1.43%GREAT WALL MOTOR CO LTD 214,021 1.15%GUANGDONG INVESTMENT LTD 182,383 0.98%AAC TECHNOLOGIES HOLDINGS INC 156,328 0.84%SIHUAN PHARMACEUTICAL HLD GP L 145,162 0.78%ANTA SPORTS PRODUCTS LTD 137,718 0.74%SUNNY OPTICAL TECHNOLOGY GROUP 126,551 0.68%LOCALIZA RENT A CAR 100,497 0.54%




57 58

Aviva Investors Asia Pte Ltd

Aviva Investors - Asian Equity Income Fund

Investment in Collective Investment SchemesAviva Investors - Asian Equity Income Fund, an ILP sub-fund, feeds 100% into the Luxembourg registered Aviva Investors - Asian Equity Income Fund (Class B).






Subscriptions 4,752Redemptions (253)





(2 Jul 1990)


2.03% -12.96% -10.35% -1.73% -1.21% 3.24% 3.85%

Benchmark: MSCI AC Asia ex Japan 3.87% -13.72% -8.90% -0.35% 0.14% 6.46% 6.74%


57 58

Underlying Fund:Aviva Investors - Asian Equity Income Fund (Class B)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR 3,352,109 4.21% MANUFACTURING CO., LTD.SAMSUNG ELECTRONICS CO., LTD 3,037,840 3.82%CHINA MOBILE LIMITED 2,872,259 3.61%INDUSTRIAL AND COMMERCIAL BANK OF CHINA 2,825,170 3.55%LIMITED CLASS HINFOSYS LIMITED SPONSORED ADR 2,215,288 2.78%CK HUTCHISON HOLDINGS LTD 2,088,545 2.62%BANK OF CHINA LIMITED CLASS H 1,987,865 2.50%ZHEJIANG EXPRESSWAY CO. LTD. CLASS H 1,940,927 2.44%BAIDU, INC. SPONSORED ADR CLASS A 1,870,173 2.35%PN UBS AG INNER MONGOLIA YILI INDUSTRIAL 1,844,467 2.32%GROUP 26/02/2017

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsSAMSUNG ELECTRONICS CO., LTD. 5,919,375 6.02%TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 5,595,106 5.69%INDUSTRIAL AND COMMERCIAL BANK OF CHINA 4,023,403 4.09%LIMITED CLASS HBANK OF CHINA LIMITED CLASS H 3,825,542 3.89%CHINA MOBILE LIMITED 3,097,564 3.15%FUBON FINANCIAL HOLDING CO., LTD. 2,467,220 2.51%PCCW LIMITED 2,386,045 2.43%PT TELEKOMUNIKASI INDONESIA, TBK CLASS B 2,243,012 2.28%TENAGA NASIONAL BHD 2,209,026 2.25%CHEUNG KONG (HOLDINGS) LIMITED 2,090,906 2.13%

Expenses Ratio For the 12 months ended For the 12 months ended 31 December 2015 31 December 2014 2.13% 2.22%



59 60


Aviva Investors - Emerging Europe Equity Fund

Investment in Collective Investment SchemesAviva Investors - Emerging Europe Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Aviva Investors - Emerging Europe Equity Fund (Class B).










Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(18 Nov 1997)

Aviva Investors - Emerging Europe Equity Fund

-2.11% -7.23% 3.42% 0.16% -0.94% 0.44% 4.88%

Benchmark: Dow Jones Stoxx EU Enlarged Index

-4.69% -11.65% -4.92% -2.03% -2.87% -1.19% 5.11%


59 60

Underlying Fund:Aviva Investors - Emerging Europe Equity Fund (Class B)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsKRKA DD 1,636,242 7.62%BANCA TRANSILVANIA SA 1,442,708 6.72%BUDIMEX SA 1,112,624 5.18%OTP BANK NYRT 1,081,083 5.04%CELEBI HAVA SERVISI A.S. 1,018,345 4.74%ASSECO POLAND S.A. 941,282 4.38%TALLINK GRUPP AS 866,982 4.04%POLSKI KONCERN NAFTOWY ORLEN S.A. 845,426 3.94%KOMERCNI BANKA AS 790,973 3.68%KRUK S.A. 788,645 3.67%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsPOWSZECHNY ZAKLAD UBEZPIECZEN 1,894,805 6.21% SPOLKA AKCYJNA KOMERCNI BANKA AS 1,686,430 5.52%TVN S.A. 1,480,128 4.85%BANCA TRANSILVANIA SA 1,442,711 4.72%LPP S.A. 1,430,583 4.68%OTP BANK NYRT 1,412,255 4.62%KRKA DD 1,387,070 4.54%PKO BANK POLSKI SA 1,261,766 4.13%BANK PEKAO SA 1,258,639 4.12%POLSKI KONCERN NAFTOWY ORLEN S.A. 1,219,678 3.99%




61 62


Aviva Investors - Emerging Markets Equity Income Fund

Investment in Collective Investment SchemesAviva Investors - Emerging Markets Equity Income Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Aviva Investors - Emerging Markets Equity Income Fund (Class B).











(4 Nov 1993)

Aviva Investors - Emerging Markets Equity Income Fund

-3.04% -17.08% -16.69% -8.32% -7.25% 0.21% 1.82%

Benchmark: MSCI Emerging Markets TR

0.73% -17.18% -14.60% -6.42% -4.47% 3.95% 5.22%


61 62

Underlying Fund:Aviva Investors - Emerging Markets Equity Income Fund (Class B)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR 46,486,021 6.23% MANUFACTURING CO., LTD.CHINA MOBILE LIMITED 25,160,491 3.37%STEINHOFF INTERNATIONAL HOLDINGS NV 24,025,702 3.22%BANK OF CHINA LIMITED CLASS H 23,905,025 3.20%SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD. 22,894,921 3.07%SAMSUNG ELECTRONICS CO., LTD. 19,965,715 2.68%KT & G CORPORATION 16,294,531 2.18%KIMBERLY-CLARK DE MEXICO SAB DE CV CLASS A 15,807,315 2.12%PT TELEKOMUNIKASI INDONESIA, TBK CLASS B 14,309,940 1.92%CITIGROUP GLOBAL MARKETS HOLDINGS INC. 14,308,744 1.92%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR 27,719,386 5.28% MANUFACTURING CO., LTD.SAMSUNG ELECTRONICS CO., LTD. 18,953,348 3.61%BANK OF CHINA LIMITED CLASS H 18,345,895 3.49%CHINA MOBILE LIMITED 15,233,423 2.90%STEINHOFF INTERNATIONAL HOLDINGS LIMITED 14,130,328 2.69%POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA 12,510,396 2.38%TATA MOTORS LIMITED 10,726,904 2.04%CHINA PETROLEUM & CHEMICAL CORPORATION CLASS H 10,697,784 2.04%SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD. 9,807,783 1.87%SK TELECOM CO., LTD. 9,476,981 1.80%




63 64

BlackRock (Singapore) Limited

BlackRock Global Funds - Global SmallCap Fund

Investments in Collective Investment SchemesBlackRock Global Funds - Global SmallCap Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - Global SmallCap Fund (Class A2 USD).











(4 Nov 1994)


2.75% -10.08% -6.67% 8.53% 5.47% 5.66% 10.63%

Benchmark: MSCI AC World Small Cap Index

4.14% -6.79% -1.04% 9.52% 6.33% 4.64% 6.40%


63 64

Underlying Fund:BlackRock Global Funds - Global SmallCap Fund (Class A2 USD)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsNUVASIVE INC. 6,662,215 1.71%INSULET CORP. 5,728,314 1.47%TELEFLEX INC. 5,710,804 1.47%CYRUSONE REIT INC 5,544,258 1.42%OWENS & MINOR INC. 4,892,084 1.26%QUOTIENT LTD 4,737,990 1.22%TANGER FACTORY OUTLET CENTERS INC. 4,421,631 1.14%CABLE ONE INC 4,292,831 1.10%SUPERVALU INC 4,099,825 1.05%YELP INC CLASS A 4,048,071 1.04%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsMERIT MEDICAL SYSTEMS INC. 8,051,605 1.53%NUVASIVE INC. 7,306,357 1.39%HOSPIRA INC 6,887,011 1.31%TELEFLEX INC. 6,350,465 1.21%ROUSE PROPERTIES INC. 6,097,691 1.16%SLM CORP 5,896,393 1.12%ARYZTA AG 5,585,641 1.06%MOBISTAR SA 5,477,648 1.04%HD SUPPLY HOLDINGS INC 5,388,236 1.02%MSC INDUSTRIAL DIRECT CO. CL A 5,240,625 0.99%




65 66


BlackRock Global Funds - Latin American Fund

Investments in Collective Investment SchemesBlackRock Global Funds - Latin American Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - Latin American Fund (Class A2 USD).











(8 Jan 1997)

BlackRock Global Funds - Latin American Fund

-3.72% -25.17% -30.68% -18.46% -15.27% 0.39% 6.33%

Benchmark: MSCI EM Latin America Net Div

-2.70% -26.33% -31.04% -19.38% -14.41% 1.16% 6.91%


65 66

Underlying Fund:BlackRock Global Funds - Latin American Fund (Class A2 USD)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsFOMENTO ECONOMICO MEXICANO SAB DE CV 78,959,250 7.09%ITAU UNIBANCO HOLDING SA 67,176,112 6.03%AMBEV SA 65,709,180 5.90%GRUPO FINANCIERO BANORTE SAB DE CV 56,868,800 5.10%CEMEX SAB DE CV 49,372,480 4.43%WAL MART DE MEXICO SAB DE CV 48,286,550 4.33%BANCO BRADESCO S/A 42,809,000 3.84%AMERICA MOVIL SAB DE CV 40,352,200 3.62%BB SEGURIDADE PARTICIPACOES SA 39,358,483 3.53%BRF SA 36,623,000 3.29%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsITAU UNIBANCO HOLDING SA 176,883,960 9.16%BANCO BRADESCO SA 152,177,340 7.88%AMBEV S A 114,217,860 5.91%BB SEGURIDADE PARTICIPACOES SA 96,787,300 5.01%CEMEX SAB DE CV 90,517,770 4.69%BRF S.A. 89,290,400 4.62%AMERICA MOVIL SAB DE CV 86,502,000 4.48%CREDICORP LTD 82,492,700 4.27%FOMENTO ECONOMICO MEXICANO SAB DE CV 81,427,750 4.22%GRUPO TELEVISA S.A.B 73,399,300 3.80%




67 68


BlackRock Global Funds - New Energy Fund

Investments in Collective Investment SchemesBlackRock Global Funds - New Energy Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - New Energy Fund (Class A2 USD).











(6 Apr 2001)

BlackRock Global Funds - New Energy Fund

9.24% -4.66% -2.82% 6.03% -0.60% -0.31% -2.71%

* Annualised Performance **There is no benchmark for BlackRock Global Funds - New Energy Fund.

67 68

Underlying Fund:BlackRock Global Funds - New Energy Fund (Class A2 USD)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsVESTAS WIND SYSTEMS A/S 79,267,094 8.44%EDP RENOVAVEIS SA 59,206,336 6.30%NOVOZYMES A/S 51,016,527 5.43%NEXTERA ENERGY INC 48,248,392 5.14%GAMESA CORP TECNOLOGICA SA 41,235,534 4.39%AIR LIQUIDE SA 39,637,774 4.22%JOHNSON CONTROLS INC. 38,825,274 4.13%JOHNSON MATTHEY PLC 37,251,937 3.97%SCHNEIDER ELECTRIC SE 36,229,033 3.86%KINGSPAN GROUP PLC 35,498,252 3.78%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsNOVOZYMES A/S 69,195,564 6.15%ITC HOLDINGS CORP 68,633,968 6.10%JOHNSON CONTROLS INC. 63,424,159 5.64%NEXTERA ENERGY INC 61,052,976 5.42%JOHNSON MATTHEY PLC 53,994,714 4.80%REGAL-BELOIT CORPORATION 50,121,026 4.45%EDP RENOVAVEIS SA 46,821,337 4.16%SCHNEIDER ELECTRIC SE 46,116,903 4.10%ARCHER-DANIELS-MIDLAND COMPANY 45,094,400 4.01%WACKER CHEMIE AG 36,247,592 3.22%




69 70


BlackRock Global Funds - United Kingdom Fund

Investments in Collective Investment SchemesBlackRock Global Funds - New Energy Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - New Energy Fund (Class A2 USD).

Market Value GBP % of Net Assets194,955 100%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015GBP






BlackRock Global Funds - United Kingdom Fund

7.86% 5.78% 10.52% 9.42% 6.06% 5.59% 8.87%

Benchmark: FTSE All-Share TR Index 3.95% -1.98% 0.98% 7.27% 6.00% 5.56% 9.48%


69 70

Underlying Fund:BlackRock Global Funds - United Kingdom Fund (Class A2 GBP)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsBRITISH AMERICAN TOBACCO PLC 14,373,951 6.84%CAPITAL & COUNTIES PROPERTIES PLC 10,796,172 5.14%RELX PLC 10,359,273 4.93%IMPERIAL TOBACCO GROUP PLC 9,886,439 4.70%SHIRE PLC 9,379,981 4.46%HARGREAVES LANSDOWN PLC 9,321,560 4.44%AUTO TRADER GROUP 8,781,898 4.18%NEXT PLC 8,752,477 4.16%BETFAIR GROUP PLC 8,544,640 4.07%RIGHTMOVE PLC 8,410,145 4.00%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsROYAL DUTCH SHELL PLC 18,100,296 7.38%BRITISH AMERICAN TOBACCO PLC 16,520,175 6.74%REED ELSEVIER PLC 13,615,800 5.55%HSBC HOLDINGS PLC 12,895,820 5.26%COMPASS GROUP PLC 12,801,944 5.22%NEXT PLC 12,328,241 5.03%CAPITAL & COUNTIES PROPERTIES PLC 10,934,675 4.46%3I GROUP PLC 9,543,835 3.89%ASTRAZENECA PLC 9,202,110 3.75%WOLSELEY PLC 8,922,147 3.64%




71 72


BlackRock Global Funds - World Gold Fund

Investments in Collective Investment SchemesBlackRock Global Funds - World Gold Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World Gold Fund (Class A2 USD).











BlackRock Global Funds - World Gold Fund

1.61% -16.91% -21.88% -27.27% -21.93% -4.16% 3.25%

Benchmark: FTSE Gold Mines (cap only)

3.23% -19.93% -21.42% -32.17% -25.99% -8.63% -3.78%


71 72

Underlying Fund:BlackRock Global Funds - World Gold Fund (Class A2 USD)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsRANDGOLD RESOURCES LIMITED 218,922,550 9.89%FRANCO NEVADA CORP 170,935,747 7.73%NEWCREST MINING LTD 158,927,598 7.18%FRESNILLO PLC 132,005,432 5.97%ELDORADO GOLD CORPORATION 111,556,906 5.04%AGNICO EAGLE MINES LIMITED 108,657,044 4.91%GOLDCORP INC 91,490,933 4.13%DETOUR GOLD CORP 81,464,125 3.68%ANGLOGOLD ASHANTI LTD 71,235,315 3.22%OCEANAGOLD CORP 70,545,306 3.19%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsFRANCO NEVADA CORP 284,012,519 9.72%RANDGOLD RESOURCES LIMITED 265,009,877 9.07%ELDORADO GOLD CORPORATION 211,168,444 7.23%GOLDCORP INC 187,568,314 6.42%FRESNILLO PLC 171,756,541 5.88%NEWCREST MINING LTD 154,104,371 5.27%ROYAL GOLD INC 136,372,500 4.67%SOURCE PHYSICAL MARKETS GOLD 78,236,602 2.68%NEW GOLD INC 77,411,493 2.65%JOHNSON MATTHEY PLC 76,803,198 2.63%




73 74


BlackRock Global Funds - World Mining Fund

Investments in Collective Investment SchemesBlackRock Global Funds - World Mining Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World Mining Fund (Class A2 USD).










Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(24 Mar 1997)

BlackRock Global Funds - World Mining Fund

-5.30% -35.21% -41.35% -30.01% -25.03% -6.46% 3.92%

Benchmark: Euromoney Global Mining Constrained Weights Net Total Return Index #

-7.71% -35.18% -41.08% -28.37% -23.26% -4.06% 3.54%


73 74

Underlying Fund:BlackRock Global Funds - World Mining Fund (Class A2 USD)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsRIO TINTO PLC 269,876,617 8.97%BHP BILLITON PLC 231,873,948 7.71%RANDGOLD RESOURCES LIMITED 197,434,946 6.56%GLENCORE PLC 173,366,014 5.76%GMK NORIL ‘SKIY NIKEL’ PAO 132,982,500 4.42%SOUTHERN COPPER CORP 113,360,800 3.77%NEWMONT MINING CORP 98,945,000 3.29%SOURCE PHYSICAL MARKETS GOLD 98,866,500 3.29%NEWCREST MINING LTD 94,363,235 3.14%BOLIDEN AB 89,835,836 2.99%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsRIO TINTO PLC 509,874,750 9.50%GLENCORE PLC 507,835,251 9.46%BHP BILLITON PLC 478,469,116 8.91%FREEPORT-MCMORAN INC 369,088,000 6.88%FIRST QUANTUM MINERALS LTD 238,758,904 4.45%RANDGOLD RESOURCES LIMITED 214,905,372 4.00%LUNDIN MINING CORPORATION 175,746,895 3.27%MMC NORILSK NICKEL OJSC 142,200,000 2.65%SOURCE PHYSICAL MARKETS GOLD 129,720,000 2.42%SOUTHERN COPPER CORP 129,706,500 2.42%




75 76

BNP Paribas Investment Partners Singapore LimitedParvest Bond Best Selection World Emerging

Investment in Collective Investment SchemesParvest Bond Best Selection World Emerging, an ILP sub-fund, feeds 100% into the Luxembourg registered Parvest Bond Best Selection World Emerging (Classic Capitalisation). Market Value USD % of Net Assets146,433 100%









Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(27 May 1998)

Parvest Bond Best Selection World Emerging

-0.91% -8.50% -7.87% -6.87% -2.74% 1.12% 9.37%

Benchmark: JPM EMBI Global Composite Gross Return Index

0.63% -5.60% -4.47% -1.95% 3.90% 6.10% 8.60%


75 76

Underlying Fund:Parvest Bond Best Selection World Emerging (Classic Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsREP SOUTH AFRICA 7% 10-26/02/2031 8,431,114 4.84%MEXICAN BONOS 8.5% 09-18/11/2038 7,188,698 4.13%ARGENT-$DIS 8.28% 05-31/12/2033 7,177,672 4.12%BRAZIL-LTN 0% 13-01/01/2017 FLAT 6,176,102 3.55%INDONESIA GOVT 9% 13-15/03/2029 5,928,837 3.40%BRAZIL NTN-F 10% 14-01/01/2025 FLAT 5,591,575 3.21%INDONESIA (REP) 4.125% 15-15/01/2025 5,280,539 3.03%CITIGROUP INC 6.75% 14-04/03/2016 5,081,875 2.92%POLAND GOVT BOND 3.25% 14-25/07/2025 4,744,129 2.72%ALFA BANK 7.5% 12-26/09/2019 4,486,187 2.58%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsPARVEST BD WORLD EMERG CORP CAP CI.X 18,112,461 9.07%ARG BODEN 7% 05-03/10/2015 FLAT 13,888,000 6.96%RUSSIA-OFZ 6.9% 10-03/08/2016 9,596,402 4.81%BRAZIL-LTN 0% 13-01/07/2015 FLAT 9,578,155 4.80%BRAZIL-LTN 0% 13-01/07/2017 FLAT 9,172,149 4.60%ALFA BANK 7.5% 12-26/09/2019 6,499,413 3.26%ARGENT-$DIS 8.28% 05-31/12/2033 5,839,342 2.93%CITIGROUP INC 6.75% 14-04/03/2016 5,140,375 2.58%MARFRIG HLDG EUR 6.875% 14-24/06/2019 4,680,729 2.35%MALAYSIAN GOVT 4.498% 10-15/04/2030 4,540,854 2.28%

Expenses Ratio For the 12 months ended For the 12 months ended 31 May 2015 31 May 2014 1.86% 1.89%



77 78

BNP Paribas Investment Partners Singapore LimitedParvest Bond Euro

Investment in Collective Investment SchemesParvest Bond Euro, an ILP sub-fund, feeds 100% into the Luxembourg registered Parvest Bond Euro (Classic Capitalisation). Market Value EUR % of Net Assets86,244 100%









Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(30 Jun 1997)

Parvest Bond Euro 0.82% 2.86% 1.54% 4.92% 5.25% 4.77% 5.37%

Benchmark: Barclays Euro-Aggregate 0.54% 2.25% 1.00% 4.66% 5.65% 4.47% 5.27%


77 78

Underlying Fund:Parvest Bond Euro (Classic Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsITALY BTPS 3.5% 12-01/11/2017 46,076,755 2.90%ITALY BTPS 3.75% 06-01/08/2021 43,410,154 2.73%FRANCE O.A.T. 2.25% 12-25/10/2022 38,356,041 2.41%FRANCE O.A.T. 1% 14-25/05/2019 35,484,472 2.23%DEUTSCHLAND REP 1.5% 12-04/09/2022 34,991,554 2.20%KFW 0.125% 15-01/06/2020 30,100,693 1.89%ITALY BTPS 3.75% 14-01/09/2024 29,386,821 1.85%SPANISH GOVT 5.5% 11-30/04/2021 28,116,995 1.77%FRANCE O.A.T. 2.5% 10-25/10/2020 28,034,413 1.76%SPANISH GOVT 4.1% 08-30/07/2018 27,453,977 1.73%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsSPANISH GOVT 3.80% 31/01/2017 32,715,197 2.17%FRENCH GOVT 3.50% 25/04/2020 31,455,369 2.09%ITALIAN GOVT 3.75% 01/08/2016 29,918,693 1.99%ITALIAN GOVT 4.00% 01/09/2020 28,749,653 1.91%ALLEMAGNE 0.50% 13/10/2017 28,480,054 1.89%FRENCH GOVT 2.75% 25/10/2027 28,307,593 1.88%ITALIAN GOVT 4.00% 01/02/2037 28,098,521 1.87%SPANISH GOVT 4.10% 30/07/2018 27,868,365 1.85%ITALIAN GOVT I/L 2.55% 22/10/2016 27,191,058 1.81%GERMAN GOVT 3.75% 04/01/2019 27,114,938 1.80%




79 80

Parvest Bond World

Investment in Collective Investment SchemesParvest Bond World, an ILP sub-fund, feeds 100% into the Luxembourg registered Parvest Bond World (Classic USD Capitalisation). Market Value USD % of Net Assets198,046 101%










(1 Jul 1998)

Parvest Bond World 1.71% 1.71% 7.29% 5.08% 5.84% 4.80% 4.76%

Benchmark: Barclays Global Aggregate Gross Return Index

1.81% 2.49% 7.88% 4.82% 5.25% 5.34% 4.95%


BNP Paribas Investment Partners Singapore Limited

79 80

Underlying Fund:Parvest Bond World (Classic USD Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsSPANISH GOVT 1.15% 15-30/07/2020 2,923,926 2.45%NEW ZEALAND GVT 5.5% 11-15/04/2023 2,189,811 1.83%AUSTRALIAN GOVT. 2.75% 12-21/04/2024 1,836,645 1.54%ITALY BTPS 0.7% 15-01/05/2020 1,809,991 1.52%CGCMT 2015-P1 A5 3.717% 15-15/09/2048 1,740,785 1.46%ROYAL BK SCOTLND 1.875% 14-31/03/2017 1,740,725 1.46%PORTUGUESE OTS 2.875% 15-15/10/2025 1,657,422 1.39%CITIGROUP INC 1.75% 13-01/05/2018 1,647,738 1.38%INSTIT CRDT OFCL 1.875% 14-15/12/2017 1,632,703 1.37%FREMF 2013-K24 C 13-25/11/2045 FRN 1,614,876 1.35%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsUS NOTE OCT 2019 1.50% 31/10/2019 12,941,573 9.05%FFTW FS MORTGAGE TOTAL RETURN A 9,407,153 6.58%ITALIAN GOVT I/L 2.55% 22/10/2016 4,758,021 3.33%US NOTE 1.63% 31/07/2019 4,392,252 3.07%US TREASURY 2.00% 15/02/2023 3,999,073 2.80%NORWAY (KINGDOM OF) 24/05/2023 3,746,888 2.62%ALLEMAGNE 0.50% 13/10/2017 3,204,512 2.24%ALLEMAGNE 1.00%12/10/2018 2,450,224 1.71%PARVEST CONVERTIBLE BOND WORLD X 2,273,468 1.59%AUSTRALIAN GOVT. 2.75% 21/04/2024 1,856,821 1.30%




81 82

Parvest Equity Brazil

Investment in Collective Investment SchemesParvest Equity Brazil, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Parvest Equity Brazil (Classic Capitalisation). Market Value USD % of Net Assets208,213 100%










Parvest Equity Brazil -2.34% -35.95% -41.94% -24.92% -19.03% NA -4.43%

Benchmark: MSCI Brazil 10/40 Net Return Index

-3.53% -35.97% -40.75% -23.62% -18.20% NA -3.56%



81 82

Underlying Fund:Parvest Equity Brazil (Classic Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsITAU UNIBANCO HOLDING S-PREF 7,291,733 7.39%BANCO BRADESCO SA-PREF 6,114,810 6.20%PETROLEO BRASIL-SP PREF ADR 6,086,156 6.17%AMBEV SA 5,585,898 5.66%CIELO SA 5,244,213 5.31%SUZANO PAPEL E CELULO-PREF A 4,687,254 4.75%BB SEGURIDADE PARTICIPACOES 4,682,493 4.75%BRF SA 4,670,934 4.73%KROTON EDUCACIONAL SA 3,474,863 3.52%ITAUSA-INVESTIMENTOS ITAU-PR 3,229,919 3.27%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsITAU UNIBANCO PN 18,241,147 8.87%BANCO BRADESCO 11,737,798 5.71%PETROLEO BRASILEIRO 11,220,075 5.46%ITAUSA INVESTIMENTOS 10,968,428 5.33%AMBEV SA COM NPV 10,837,713 5.27%BM&F BOVESPA SA 9,088,679 4.42%SUZANO PAPEL CELULOSE PF A 8,565,215 4.17%BB SEGURIDADE PA BRL 8,239,612 4.01%CIA BRAS DISTR PAO ACUCAR PR 7,686,043 3.74%BRF - BRASIL FOODS SA 7,400,955 3.60%




83 84

Parvest Equity Russia

Investment in Collective Investment SchemesParvest Equity Russia, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Parvest Equity Russia (Classic Capitalisation). Market Value EUR % of Net Assets257,619 100%










(6 Mar 2007)

Parvest Equity Russia 0.14% -11.08% 22.30% -5.25% -5.09% NA -0.56%

Benchmark: MSCI Russia 10/40 Net Return Index

-1.79% -14.00% 11.72% -10.29% -8.50% NA -2.32%



83 84

Underlying Fund:Parvest Equity Russia (Classic Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsMAGNIT PJSC 37,095,672 7.27%SURGUTNEFTEGAS-PREFERENCE 35,835,424 7.02%SBERBANK-PREFERENCE 30,954,954 6.06%MOSCOW EXCHANGE MICEX-RTS PJ 29,412,047 5.76%GAZPROM PAO 29,300,104 5.74%E.ON RUSSIA JSC 23,539,435 4.61%MEGAFON-REG S GDR 23,226,387 4.55%TATNEFT-PREF 3 SERIES 23,127,779 4.53%ROSNEFT OAO 21,948,424 4.30%MOBILE TELESYSTEMS PJSC 21,665,085 4.24%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsSURGUTNEFTEGAS-PFD 35,215,632 9.57%MAGNIT 34,503,051 9.37%MOBILE TELESYSTEMS OJSC 23,568,633 6.40%E.ON RUSSIA JSC 22,319,078 6.06%LUKOIL 0AO 19,800,362 5.38%TATNEFT-PFD 3 SERIES 16,568,957 4.50%GAZPROM NEFT-SPONSORED ADR 16,567,324 4.50%LUXOFT HOLDING INC 16,399,490 4.45%ETALON GROUP-GDR REG S 13,969,329 3.79%LUKOIL OAO-SPON ADR 13,288,046 3.61%




85 86

Parvest Equity World Materials

Investment in Collective Investment SchemesParvest Equity World Materials, an ILP sub-fund, feeds 100% into the Luxembourg registered Parvest Equity World Materials (Classic Capitalisation). Market Value EUR % of Net Assets51,044 101%










(22 Jul 2004)

Parvest Equity World Materials 8.33% -9.73% 2.84% 2.56% 0.43% 3.80% 6.80%

Benchmark: MSCI World Materials Net Return Index

7.16% -13.98% -5.60% 0.33% -1.72% 3.06% 6.37%



85 86

Underlying Fund:Parvest Equity World Materials (Classic Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsLYONDELLBASELL INDU-CL A 4,315,241 5.88%ECOLAB INC 3,290,518 4.49%DOW CHEMICAL CO/THE 3,123,063 4.26%AIR LIQUIDE SA 2,530,718 3.45%AKZO NOBEL 2,460,292 3.35%PRAXAIR INC 2,106,916 2.87%SUMITOMO CHEMICAL CO LTD 2,046,654 2.79%CELANESE CORP-SERIES A 1,999,260 2.73%VULCAN MATERIALS CO 1,843,972 2.51%INTERNATIONAL PAPER CO 1,805,074 2.46%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsBHP BILLITON LIMITED 4,453,169 5.58%MONSANTO CO 4,446,371 5.58%LYONDELLBASELL INDU-CL A 4,355,247 5.46%RIO TINTO PLC 3,766,072 4.72%BHP BILLITON PLC 3,187,189 4.00%ECOLAB INC 2,823,305 3.54%BASF SE 2,785,696 3.49%GIVAUDAN-REG 2,664,857 3.34%DOW CHEMICAL CO/THE 2,598,042 3.26%AIR LIQUIDE SA 2,595,728 3.26%




87 88

Parvest Global Environment

Investment in Collective Investment SchemesParvest Global Environment , an ILP sub-fund, feeds 100% into the Luxembourg registered Parvest Global Environment (Classic Capitalisation). Market Value USD % of Net Assets25,108 100%





Subscriptions 652 Redemptions (334)





Parvest Global Environment 9.74% -3.82% 9.59% 15.25% 10.40% NA 7.97%

Benchmark: MSCI World Net Return Index

8.41% -0.93% 10.42% 16.94% 12.23% NA 8.87%



87 88

Underlying Fund:Parvest Global Environment (Classic Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsTHERMO FISHER SCIENTIFIC INC 11,961,208 3.18%DELPHI AUTOMOTIVE PLC 11,074,899 2.95%SCHNEIDER ELECTRIC SE 10,986,196 2.92%DANAHER CORP 10,966,304 2.92%AMERICAN WATER WORKS CO INC 10,919,845 2.90%SUEZ ENVIRONNEMENT CO 10,842,663 2.88%XYLEM INC 10,741,174 2.86%HUANENG RENEWABLES CORP-H 10,343,747 2.75%MURATA MANUFACTURING CO LTD 10,011,749 2.66%PENNON GROUP PLC 10,003,779 2.66%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsDANAHER CORP 9,786,048 3.55%LINDE AG 8,658,793 3.14%PALL CORP 8,476,865 3.08%PENTAIR PLC 8,271,967 3.00%AMERICAN WATER WORKS CO INC 8,163,417 2.96%DELPHI AUTOMOTIVE PLC 8,145,025 2.96%XYLEM INC 8,128,868 2.95%SCHNEIDER ELECTRIC SE 7,606,373 2.76%IDEX CORP 7,516,460 2.73%GEA GROUP AG 7,196,621 2.61%

Note: Market values are based in EUR according to data source provided by BNP Paribas Investment Partners Singapore Limited.




89 90

Parvest Money Market Euro

Investment in Collective Investment SchemesParvest Money Market Euro, an ILP sub-fund, feeds 100% into the Luxembourg registered Parvest Money Market Euro (Classic Capitalisation). Market Value EUR % of Net Assets188,432 101%










(7 Feb 1991)

Parvest Money Market Euro 0.11% 0.12% 0.23% 0.37% 0.65% 1.69% 3.74%

Benchmark: EONIA Euro Overnight Index Average

-0.16% -0.14% -0.10% 0.03% 0.24% 1.32% 3.72%



89 90

Underlying Fund:Parvest Money Market Euro (Classic Capitalisation)

Investments by Credit Rating of Debt Securities / Money Market Instruments (by Moodys or equivalent) Market Value EUR % of Net AssetsAAA/Aaa NA NAAA/Aa 30,024,192 2.69%A/A 785,526,227 70.28%BBB/Baa 193,018,337 17.27%UCITS/Cash 109,163,056 9.77%

Investments by Maturity of Money Market Instruments Market Value EUR % of Net Assets<15 days 117,163,002 10.48%15 days - 1 month 20,001,537 1.79%1 - 3 months 180,106,982 16.11%3 - 12 months 315,241,730 28.20%12 months - 1 year 455,218,559 40.73%1 - 3 years 30,000,000 2.68%> 3 years NA NA

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsBNP PARIBAS TRESORERIE X 3D PARTS X 3 DE 100,651,600 9.00%RABOBANK EONIACAP+0.24 06/07/2016 CD 50,042,867 4.48%ING BANK NV 0% 26/05/2016 CD 45,028,851 4.03%BPCE SA EONIACAP+0.24 09/05/2016 CD 40,046,817 3.58%SOCIETE GENE EONIACAP+0.23 01/08/2016 CD 40,019,792 3.58%BANCO BILBAO VIZCAYA AR 0% 07/04/2016 CD 40,006,881 3.58%CREDIT DU NO EONIACAP+0.41 11/08/2017 30,031,076 2.69%HSBC FRANCE EONIACAP+0.2 25/04/2016 CD 30,028,994 2.69%NATIXIS SA EONIACAP+0.26 03/10/2016 CD 30,012,979 2.69%BANQUE FEDER EONIACAP+0.31 02/12/2016 CD 30,010,820 2.68%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsBNP PARIBAS MONEY 3M-IC 55,454,839 4.96%BNP PARIBAS INSTICASH MONEY 3M EUR 52,536,725 4.70%BPCE SA EONIACAP+0.39 06/08/2015 CD 40,113,990 3.59%SOCIETE GEN EONIACAP+0.385 02/02/2015 CD 40,183,202 3.59%CREDIT DU NORD SA 13 -10/07/2015 FRN 30,037,173 2.69%BGL BNP PARIBAS 0% 21/08/2015 ECP 29,978,083 2.68%BNP PARIBAS FORTIS SA 0% 15/12/2015 CD 29,942,174 2.68%BARCLAYS BAN EONIACAP+0.39 30/06/2015 CD 25,073,855 2.24%ITALY BOTS 0% 14-14/08/2015 24,959,000 2.23%ITALY BOTS 0% 14-14/09/2015 24,954,000 2.23%

91 92


Turnover Ratio For the 12 months ended For the 12 months ended 31 December 2015 31 December 2014 NA* NA*

* Note: Parvest Money Market Euro (Classic Capitalisation) is a money market fund that invests in issues with short maturities according to a buy and hold approach. As such, turnover is believed to be an irrelevant measure. However, given that the weighted average life of the portfolio generally ranges between 2 and 3 months, it is considered that excluding the effect of redemptions and subscriptions, the portfolio’s turnover would tend to be between 400% and 600%. Other Material InformationNil

Underlying Fund:Parvest Money Market Euro (Classic Capitalisation)

91 92

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93 94

Parvest Money Market USD

Investment in Collective Investment SchemesParvest Money Market USD, an ILP sub-fund, feeds 100% into the Luxembourg registered Parvest Money Market USD (Classic Capitalisation). Market Value USD % of Net Assets1,283,033 101%










(26 Jul 1990)

Parvest Money Market USD 0.40% 0.37% 0.34% 0.29% 0.32% 1.62% 3.52%

Benchmark: BBA LIBOR USD 3 Month

0.28% 0.23% 0.19% 0.19% 0.19% 1.49% 3.24%



93 94

Underlying Fund:Parvest Money Market USD (Classic Capitalisation)

Investments by Credit Rating of Debt Securities / Money Market Instruments (by Moodys or equivalent) Market Value USD % of Net AssetsA-1+ 100,800,000 14.50%A-1 370,850,000 53.20%A-2 / P2 223,274,000 32.00%

Investments by Maturity of Money Market Instruments Market Value USD % of Net Assets<15 days 264,339,412 37.91%15 days - 1 month 120,850,000 17.33%1 - 3 months 203,300,000 29.16%3 - 12 months 67,000,000 9.61%12 months - 1 year 39,500,000 5.67%1 - 3 years NA NA> 3 years NA NA

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsBNZ INTL FUNDING 0% 15-03/05/2016 14,961,250 2.14%PLAINS ALL AMER 0% 15-07/01/2016 13,497,112 1.93%HP ENTERPRISE CO 0% 15-27/01/2016 13,490,381 1.93%AXA FINANCIAL 0% 15-11/01/2016 12,998,570 1.86%GDF SUEZ 0% 15-01/02/2016 12,995,446 1.86%ABN AMRO FUND 0% 15-21/01/2016 12,597,648 1.81%ABBVIE INC 0% 15-07/01/2016 11,998,810 1.72%BANQ CAISSE EPAR 0% 15-04/01/2016 11,499,509 1.65%VIRGINIA EL&POW 0% 15-14/01/2016 10,997,647 1.58%CAISSE CENT DESJ 0% 15-08/03/2016 10,788,984 1.55%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsNATIXIS NY 0% 14-05/02/2015 19,695,281 2.37%CONS EDISON CO 0% 14-07/01/2015 17,499,115 2.11%VW CREDIT INC 0% 14-08/01/2015 17,298,686 2.08%MONSANTO CO 0% 14-23/01/2015 15,996,422 1.93%PLAINS ALL AMER 0% 14-15/01/2015 15,597,725 1.88%DEVON ENERGY CRP 0% 14-12/01/2015 15,498,450 1.87%ONEOK PARTNERS 0% 14-09/01/2015 15,498,256 1.87%NORDEA BANK AB 0% 14-26/05/2015 14,985,198 1.80%DUKE ENERGY CORP 0% 14-20/01/2015 14,497,583 1.74%SOC GENERALE 0% 14-31/03/2015 14,134,529 1.70%

95 96


Turnover Ratio For the 12 months ended For the 12 months ended 31 December 2015 31 December 2014 NA* NA*

* Note: Parvest Money Market USD (Classic Capitalisation) is a money market fund that invests in issues with short maturities according to a buy and hold approach. As such, turnover is believed to be an irrelevant measure. However, given that the weighted average life of the portfolio generally ranges between 2 and 3 months, it is considered that excluding the effect of redemptions and subscriptions, the portfolio’s turnover would tend to be between 400% and 600%. Other Material InformationNil

Underlying Fund:Parvest Money Market USD (Classic Capitalisation)

95 96


97 98

Deutsche Asset Management (Asia) Limited

Deutsche Noor Precious Metals Securities Fund

Investments in Collective Investment SchemesDeutsche Noor Precious Metals Securities Fund, an ILP sub-fund, feeds 100% into the underlying Ireland registered Deutsche Noor Precious Metals Securities Fund (Class A).

Market Value USD % of Net Assets198.094 100%









Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(14 Feb 2007)


-1.56% -24.37% -32.98% -32.05% -26.80% NA -12.36%

* Annualised Performance **There is no benchmark against which the performance can be measured against as there is no corresponding index currently available in the market that is truly representative of the asset classes of Deutsche Noor Precious Metals Securities Fund.

97 98

Underlying Fund:Deutsche Noor Precious Metals Securities Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsRANDGOLD RESOURCES LTD 7,147,641 9.89%AGNICO EAGLE MINES LTD 7,040,871 9.74%GOLDCORP INC 6,996,593 9.68%FRESNILLO PLC 5,883,952 8.14%TAHOE RESOURCES INC 3,571,133 4.94%FRANCO-NEVADA CORP 3,517,022 4.87%PAN AMERICAN SILVER CORP 3,513,316 4.86%SEMAFO INC 3,494,364 4.84%ROYAL GOLD INC 3,486,526 4.82%SILVER WHEATON CORP 3,460,526 4.79%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsGOLDCORP INC 12,163,897 10.32%FRANCO-NEVADA CORP 11,877,925 10.07%ELDORADO GOLD CORP 10,613,394 9.00%RANDGOLD RESOURCES LTD 10,517,078 8.92%AGNICO EAGLE MINES LTD 6,111,503 5.18%SILVER WHEATON CORP 5,939,684 5.04%FRESNILLO PLC 5,572,481 4.73%B2GOLD CORP 5,286,786 4.48%SEMAFO INC 5,243,643 4.45%ROYAL GOLD INC 5,209,366 4.42%



Note: The Turnover Ratio as at 31 December 2014 was revised according to source data provided by Deutsche Asset Management (Asia) Limited.


99 100


Deutsche Singapore Equity Fund

Investments in Collective Investment SchemesDeutsche Singapore Equity Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Deutsche Singapore Equity Fund (Class A).











Deutsche Singapore Equity Fund 4.59% -10.37% -10.24% -0.51% 0.08% 5.00% 7.67%

Benchmark: MSCI Singapore Total 4.02% -11.55% -11.86% 0.08% 0.55% 5.26% 7.31%


99 100

Underlying Fund:Deutsche Singapore Equity Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsDBS GROUP HOLDINGS LIMITED 8,480,022 14.07%SINGAPORE TELECOMMUNICATIONS LIMITED 7,876,591 13.07%UNITED OVERSEAS BANK LIMITED 5,003,295 8.30%OVERSEA-CHINESE BANKING CORPORATION LIMITED 4,631,123 7.68%CAPITALAND LIMITED 3,011,650 5.00%COMFORTDELGRO CORPORATION LIMITED 2,978,490 4.94%KEPPEL CORPORATION LIMITED 2,645,500 4.39%UOL GROUP LIMITED 2,608,200 4.33%SINGAPORE EXCHANGE LIMITED 2,319,360 3.85%WILMAR INTERNATIONAL LIMITED 1,851,024 3.07%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsDBS GROUP HOLDINGS LIMITED 9,586,498 13.56%SINGAPORE TELECOMMUNICATIONS LIMITED 8,973,939 12.70%UNITED OVERSEAS BANK LIMITED 7,598,430 10.75%OVERSEA-CHINESE BANKING CORPORATION LIMITED 7,042,457 9.96%KEPPEL CORPORATION LIMITED 3,636,776 5.15%CAPITALAND LIMITED 3,197,700 4.52%COMFORTDELGRO CORPORATION LIMITED 2,795,000 3.95%GLOBAL LOGISTIC PROPERTIES LIMITED 2,083,200 2.95%SINGAPORE TECHNOLOGIES ENGINEERING LIMITED 1,695,000 2.40%GENTING SINGAPORE PLC 1,673,775 2.37%




101 102


DWS Global Agribusiness

Investments in Collective Investment SchemesDWS Global Agribusiness , an ILP sub-fund, feeds 100% into the underlying Luxembourg registered DWS Global Agribusiness (LC Share Class).










Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(15 Sep 2006)

DWS Global Agribusiness 2.23% -17.27% -8.08% 0.31% 0.44% NA 3.58%

Reference: MSCI World Free Total 8.92% -0.34% 11.28% 18.17% 12.77% NA 6.73%


101 102

Underlying Fund:DWS Global Agribusiness (LC Share Class)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsCF INDUSTRIES HOLDINGS INC 19,501,300 9.10%AGRIUM INC 17,358,300 8.10%MOSAIC CO/THE 17,144,000 8.00%POTASH CORP OF SASKATCHEWAN INC 13,286,600 6.20%KWS SAAT AG 13,072,300 6.10%VILMORIN & CIE SA 10,072,100 4.70%MONSANTO CO 8,143,400 3.80%BUNGE LTD 5,786,100 2.70%SLC AGRICOLA SA 5,357,500 2.50%ANDERSONS INC/THE 5,143,200 2.40%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsMOSAIC CO/THE 33,756,000 9.70%POTASH CORP OF SASKATCHEWAN INC 33,756,000 9.70%AGRIUM INC 21,924,000 6.30%CF INDUSTRIES HOLDINGS INC 17,052,000 4.90%KWS SAAT AG 16,356,000 4.70%VILMORIN & CIE SA 16,008,000 4.60%SYNGENTA AG 13,224,000 3.80%YARA INTERNATIONAL ASA 10,092,000 2.90%CONAGRA FOODS INC 8,700,000 2.50%BUNGE LTD 8,004,000 2.30%

Note: Market values are based in USD according to data source provided by Deutsche Asset Management (Asia) Limited.




103 104

FIL Investment Management (Singapore) LimitedFidelity Funds - ASEAN Fund

Investment in Collective Investment SchemesFidelity Funds - ASEAN Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - ASEAN Fund (Class A). Market Value SGD % of Net Assets6,133 99%





Subscriptions 2,126 Redemptions (588)





Fidelity Funds - ASEAN Fund 6.02% -8.93% -11.95% -0.94% 0.83% NA 5.39%

Benchmark: MSCI ASEAN SE Asia Blend

5.26% -9.72% -12.77% -1.43% 0.93% NA 5.83%


103 104

Underlying Fund:Fidelity Funds - ASEAN Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsSINGAPORE TELECOMMUNICATIONIONS 68,589,357 5.96%DBS GROUP HOLDINGS 59,721,165 5.19%UNITED OVERSEAS BANK 56,047,082 4.87%TELEKOMUNIKASI INDONESIA PERSERO 43,107,002 3.74%PUBLIC BANK 38,607,648 3.35%MALAYAN BANKING 30,412,269 2.64%BANK CENTRAL ASIA 29,327,745 2.55%OVERSEA-CHINESE BANKING CORP 28,899,358 2.51%INSTITUTIONAL LIQUIDITY FUND (USD) A ACCUMULATING 27,974,758 2.43%KASIKORNBANK 26,619,315 2.31%

Top 10 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsDBS GROUP HOLDINGS 91,082,434 4.99%UNITED OVERSEAS BANK 81,966,373 4.49%SINGAPORE TELECOMMUNICATIONIONS 70,656,871 3.87%KASIKORNBANK 66,576,779 3.65%OVERSEA-CHINESE BANKING CORP 66,410,287 3.64%TENAGA NASIONAL 54,311,192 2.97%MALAYAN BANKING 47,891,776 2.62%BANK CENTRAL ASIA 47,262,274 2.59%TELEKOMUNIKASI INDONESIA PERSERO 45,819,859 2.51%BANK RAKYAT INDONESIA PERSERO 44,507,355 2.44%

Expenses Ratio For the 12 months ended For the 12 months ended 30 April 2015 30 April 2014 1.94% 1.96%

Turnover Ratio For the 12 months ended For the 12 months ended 30 April 2015 30 April 2014 42.31% 45.48%


105 106

Fidelity Funds - Asian Special Situations Fund

Investment in Collective Investment SchemesFidelity Funds - Asian Special Situations Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Asian Special Situations Fund (Class A). Market Value USD % of Net Assets1,192,072 100%










(3 Oct 1994)


4.98% -11.02% -4.82% 2.81% 1.30% 8.09% 6.26%

Benchmark: Asian Special Sits Composite

3.82% -13.87% -9.17% -0.75% 0.33% 6.19% 3.22%


FIL Investment Management (Singapore) Limited

105 106

Underlying Fund:Fidelity Funds - Asian Special Situations Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR MANUFACTURING 84,372,238 5.57%SAMSUNG ELECTRONICS 75,882,700 5.01%AIA GROUP 66,312,309 4.38%TENCENT HOLDINGS 65,977,966 4.35%TECHTRONIC INDUSTRIES 34,321,876 2.26%BAIDU ADR 31,829,915 2.10%HDFC BANK 31,393,440 2.07%HOUSING DEVELOPMENT FINANCE CORP 29,921,515 1.97%BOC HONG KONG HOLDINGS 28,794,886 1.90%BANK RAKYAT INDONESIA PERSERO 28,573,761 1.89%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 66,287,876 4.73%SAMSUNG ELECTRONICS CO LTD 55,054,857 3.93%AIA GROUP LTD 52,604,258 3.75%TENCENT HOLDINGS LTD 50,217,121 3.58%INDUSTRIAL & COMMERCIAL BANK OF CHINA 35,823,849 2.56%UNITED OVERSEAS BANK LTD 32,717,662 2.33%HYUNDAI MOTOR CO 30,706,931 2.19%BANK RAKYAT INDONESIA TBK PT 27,347,747 1.95%CHINA MENGNIU DAIRY CO 26,759,974 1.91%HUTCHISON WHAMPOA LTD 26,361,528 1.88%




107 108

Fidelity Funds - Euro Blue Chip Fund

Investment in Collective Investment SchemesFidelity Funds-Euro Blue Chip Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds-Euro Blue Chip Fund (Class A). Market Value EUR % of Net Assets334,640 100%










Fidelity Funds - Euro Blue Chip Fund 4.47% -2.31% 12.37% 12.29% 9.34% 4.37% 5.37%

Benchmark: MSCI EMU Index (Net Luxembourg tax)

6.45% -2.67% 9.81% 12.22% 7.49% 3.09% 4.18%



107 108

Underlying Fund:Fidelity Funds - Euro Blue Chip Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsUNILEVER (A) 66,007,038 5.11%BAYER AG 61,956,116 4.80%AXA SA (A) 55,952,817 4.33%SAP SE 53,634,146 4.15%ROYAL DUTCH SHELL 44,042,955 3.41%SES SA 43,242,704 3.35%INDUSTRIA DE DISENO TEXTIL SA 40,214,377 3.12%AIR LIQUIDE SA (A) 38,940,687 3.02%INTESA SANPAOLO 37,539,961 2.91%ING GROEP (A) 37,002,784 2.87%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsBAYER 47,039,151 5.11%SIEMENS 42,475,581 4.61%SANOFI 37,170,699 4.04%ING GROEP (A) 28,753,031 3.12%CONTINENTAL 28,366,773 3.08%VOLKSWAGEN PERPETUAL (PREF’D) 27,554,980 2.99%DEUTSCHE TELEKOM 26,638,372 2.89%ASML HOLDING 24,499,263 2.66%BNP PARIBAS SA 24,022,242 2.61%IBERDROLA SA (A) 23,969,039 2.60%




109 110

Fidelity Funds - Euro Stoxx 50TM Fund

Investment in Collective Investment SchemesFidelity Funds - Euro Stoxx 50TM Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Euro Stoxx 50TM Fund (Class A). Market Value EUR % of Net Assets46,391 101%










(3 Nov 1998)

Fidelity Funds - Euro Stoxx 50TM Fund 5.31% -4.60% 5.91% 10.19% 6.50% 2.01% 2.76%

Benchmark: Dow Jones EURO STOXX 50™ Index

5.68% -4.09% 6.42% 10.38% 6.40% 2.18% 3.15%



109 110

Underlying Fund:Fidelity Funds - Euro Stoxx 50TM Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsTOTAL SA (A) 11,599,179 4.55%BAYER AG 10,957,914 4.30%SANOFI 10,767,571 4.22%ANHEUSER-BUSCH INBEV SA/ (B) 10,117,994 3.97%DAIMLER AG 8,845,778 3.47%ALLIANZ 8,559,636 3.36%SAP SE 8,111,257 3.18%SIEMENS AG 7,980,003 3.13%BANCO SANTANDER SA (A) 7,525,035 2.95%BASF SE 7,431,043 2.92%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsTOTAL SA 11,575,390 5.09%BAYER AG 10,703,586 4.70%SANOFI 10,469,679 4.60%BANCO SANTANDER SA 10,084,531 4.43%SIEMENS AG 8,454,000 3.71%ANHEUSER BUSCH INBEV SA NV 8,264,842 3.63%DAIMLER AG 7,873,684 3.46%BASF SE 7,357,176 3.23%ALLIANZ SE 7,182,032 3.16%SAP SE 6,357,739 2.79%




111 112

Fidelity Funds - European Growth Fund

Investment in Collective Investment SchemesFidelity Funds - European Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - European Growth Fund (Class A). Market Value EUR % of Net Assets157,134 101%










(1 Oct 1990)

Fidelity Funds - European Growth Fund

5.03% -4.96% 8.73% 12.00% 6.96% 3.42% 9.91%

Benchmark: European Growth Composite

5.32% -3.90% 8.84% 11.98% 8.82% 4.89% 8.92%



111 112

Underlying Fund:Fidelity Funds - European Growth Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsSAP SE 396,795,203 5.11%PRUDENTIAL 348,901,130 4.50%SANOFI 344,876,346 4.44%BRITISH AMERICAN TOBACCO 311,738,708 4.02%ROCHE HOLDING AG 301,030,927 3.88%PUBLICIS GROUPE SA 281,733,606 3.63%SMITH & NEPHEW 275,340,282 3.55%RELX 239,310,243 3.08%SCHNEIDER ELECTRIC SE 238,339,819 3.07%DNB (A) 237,662,321 3.06%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsROYAL DUTCH SHELL PLC 341,693,240 4.64%ROCHE HOLDING LTD 316,089,224 4.30%SIEMENS AG 267,926,596 3.64%VOLKSWAGEN AG 235,363,174 3.20%SCHNEIDER ELEC SA 221,435,452 3.01%SAP SE 214,825,634 2.92%NOVARTIS AG 210,360,276 2.86%PRUDENTIAL PLC 203,616,775 2.77%AMADEUS IT HOLDING SA 197,213,191 2.68%REED ELSEVIER NV 187,176,500 2.54%




113 114

Fidelity Funds - European High Yield Fund

Investment in Collective Investment SchemesFidelity Funds - European High Yield Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - European High Yield Fund (Class A). Market Value EUR % of Net Assets297,795 100%










Fidelity Funds - European High Yield Fund

0.97% -0.95% 0.90% 3.90% 5.94% 6.12% 5.56%

Benchmark: Euro High Yield Composite

1.34% 0.14% 4.10% 5.58% 7.72% 7.81% 5.39%



113 114

Underlying Fund:Fidelity Funds - European High Yield Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsINSTITUTIONAL LIQUIDITY FUND (EUR) A ACCUMULATING 256,764,143 5.28%PLAY TOPCO SA 7.75% 28/02/2020 REGS 62,317,849 1.28%GARFUNKELUX HOLDCO 3 SA 8.50% 01/11/2022 REGS 60,820,082 1.25%GARFUNKELUX HOLDCO 2 SA 11.00% 01/11/2023 REGS 58,081,750 1.20%VIRGIN MEDIA SECURED FINANCEANCE 6.25% 28/03/2029 REGS 50,951,996 1.05%WIND ACQUISITION FINANCEANCE SA 7.375% 23/04/2021 144A 49,243,348 1.01%ALTICE LUXEMBOURG SA 7.25% 15/05/2022 REGS 45,439,325 0.94%WIND ACQUISITION FINANCEANCE SA 7.00% 23/04/2021 REGS 43,650,906 0.90%EVRAZ INC NA CANADA 7.50% 15/11/2019 144A 42,757,782 0.88%FIAT CHRYSLER FINANCE EUROPE 6.75% 14/10/2019 GMTN 42,109,443 0.87%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsICF FUND 320,308,374 6.65%PLAY TOPCO SA PIK VAR 02/28/2020 REGS 65,976,513 1.37%VIRGIN MEDIA SECD FIN PLC 6.25% 03/28/2029 REGS 54,572,918 1.13%ALTICE SA 7.25 5/15/22 REGS 50,989,738 1.06%WIND ACQUISITION FIN SA 7.0% 04/23/2021 REGS 48,799,912 1.01%WIND ACQUISITION FIN SA 7.38% 04/23/2021 144A 44,764,667 0.93%LREATE ED INC 9.25% 9/1/19 144A 44,113,189 0.92%EVRAZ INC NA CANADA 7.5% 11/15/2019 144A 42,297,732 0.88%CREDIT SUISSE AG 7.5% PERP REGS 42,174,918 0.88%TELECOM ITA MTN 6.375% 6/24/19 39,820,693 0.83%




115 116

Fidelity Funds - Fidelity Portfolio Selector (FPS) Global Growth Fund

Investment in Collective Investment SchemesFidelity Funds - Fidelity Portfolio Selector (FPS) Global Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Fidelity Portfolio Selector (FPS) Global Growth Fund (Class A). Market Value USD % of Net Assets76,998 101%










(6 Jan 1998)

Fidelity Funds - FPS Global Growth Fund

5.54% -3.92% -0.70% 10.23% 6.46% 3.76% 4.99%

Benchmark: MSCI World Index (Net Luxembourg tax)

5.50% -3.41% -0.87% 9.63% 7.59% 4.98% 5.12%



115 116

Underlying Fund:Fidelity Funds - Fidelity Portfolio Selector (FPS) Global Growth Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsSPDR S&P US DIVIDEND ARISTOCRATS UCITS ETF 7,764,929 5.27%SOURCE MSCI EUROPE VALUE UCITS ETF 4,192,405 2.84%GENERAL ELECTRIC 1,983,082 1.35%MOLSON COORS BREWING (B) 1,626,937 1.10%MICROSOFT 1,594,621 1.08%ALPHABET (A) 1,510,697 1.02%ORACLE 1,484,597 1.01%PFIZER 1,387,737 0.94%L-3 COMMUNICATIONS HOLDINGS 1,309,435 0.89%PAYPAL HOLDINGS 1,199,882 0.81%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsSOURCE MSCI EUROPE VALUE UCITS ETF 4,121,225 2.49%MICROSOFT 1,622,636 0.98%PROCTER & GAMBLE 1,602,791 0.97%CISCO SYSTEMS 1,545,554 0.93%EXPRESS SCRIPTS HOLDING 1,482,842 0.90%CVS HEALTH 1,436,014 0.87%MORGAN STANLEY 1,308,463 0.79%GRAHAM HOLDINGS (B) 1,219,666 0.74%ORACLE 1,141,611 0.69%GOOGLE INC 1,134,522 0.69%




117 118

Fidelity Funds - Global Financial Services Fund

Investment in Collective Investment SchemesFidelity Funds - Global Financial Services Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Global Financial Services Fund (Class A). Market Value EUR % of Net Assets169,730 99%










(1 Sep 2000)


8.66% -0.87% 13.30% 16.49% 10.73% 3.57% 2.93%

Benchmark: Financial Services Blend 6.66% -5.44% 5.17% 13.10% 8.86% 0.66% 0.85%



117 118

Underlying Fund:Fidelity Funds - Global Financial Services Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsJPMORGAN CHASE & CO 34,416,984 4.21%CITIGROUP 22,937,665 2.81%UBS GROUP AG 22,212,146 2.72%AIA GROUP 20,419,350 2.50%GRAND CITY PROPERTIES SA 19,112,420 2.34%WELLS FARGO & CO 18,413,896 2.25%AMERICAN TOWER 17,091,959 2.09%INTESA SANPAOLO 16,449,315 2.01%HARTFORD FINANCIAL SERVICES GROUP 15,040,104 1.84%MITSUBISHI UFJ FINANCIAL GROUP 14,468,882 1.77%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsJPMORGAN CHASE & CO 17,713,334 3.86%CITIGROUP 15,912,488 3.47%WELLS FARGO & CO 12,235,930 2.67%US BANCORP 11,805,757 2.57%ALLIANZ 11,369,508 2.48%AIA GROUP 11,216,868 2.45%AMERICAN TOWER 11,065,203 2.41%LLOYDS BANKING GROUP 11,005,071 2.40%NASDAQ OMX GROUP INC 9,809,265 2.14%AMERICAN INTERNATIONAL GRP INC 9,796,980 2.14%




119 120

Fidelity Funds - Global Technology Fund

Investment in Collective Investment SchemesFidelity Funds - Global Technology Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Global Technology Fund (Class A). Market Value EUR % of Net Assets193,839 100%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015 EURSubscriptions 55,645 Redemptions (27,707)





Fidelity Funds - Global Technology Fund

15.37% 6.21% 21.49% 25.92% 15.77% 8.95% 2.18%

Benchmark: Technology Blend 11.55% 3.96% 14.95% 22.21% 15.41% 8.43% 2.21%



119 120

Underlying Fund:Fidelity Funds - Global Technology Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsALPHABET (A) 80,082,571 8.89%APPLE 60,446,849 6.71%CISCO SYSTEMS 45,929,489 5.10%INTEL 37,633,399 4.18%QUALCOMM 36,359,682 4.03%VMWARE (A) 30,149,573 3.35%SAMSUNG ELECTRONICS 28,199,188 3.13%LAM RESEARCH 27,960,866 3.10%BAIDU ADR 26,040,738 2.89%TELEFONAKTIEBOLAGET LM ERICSSON (B) 25,275,042 2.80%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsGOOGLE INC 35,105,442 8.99%CISCO SYSTEMS INC 31,725,236 8.12%SAMSUNG ELECTRONICS CO LTD 27,297,704 6.99%APPLE INC 20,940,539 5.36%NUANCE COMMUNICATIONS INC 13,970,282 3.58%ERICSSON 13,958,791 3.57%ALTERA CORP 13,692,392 3.50%EMC CORP 13,020,647 3.33%EBAY INC 12,551,134 3.21%MICROSOFT CORP 12,246,722 3.13%




121 122

Fidelity Funds - Global Telecommunications Fund

Investment in Collective Investment SchemesFidelity Funds - Global Technology Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Global Technology Fund (Class A). Market Value EUR % of Net Assets22,481 100%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015 EURSubscriptions 4,057 Redemptions (1,451)





Fidelity Funds - Global Telecommunications Fund

7.68% -1.10% 11.62% 14.09% 10.23% 7.46% 1.55%

Benchmark: Telecommunication Blend

6.83% -3.85% 8.99% 12.92% 9.54% 7.09% 1.40%



121 122

Underlying Fund:Fidelity Funds - Global Telecommunications Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsVERIZON COMMUNICATIONS 14,233,765 8.13%AT&T 13,792,954 7.88%VODAFONE GROUP 13,016,023 7.43%KDDI 11,785,410 6.73%BT GROUP 9,308,189 5.32%DEUTSCHE TELEKOM AG 8,585,531 4.90%CHINA MOBILE 8,413,385 4.80%ORANGE SA 7,890,062 4.51%SINGAPORE TELECOMMUNICATIONIONS 6,264,685 3.58%CROWN CASTLE INTERNATIONAL 6,240,984 3.56%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsVERIZON COMMUNICATIONS 13,572,885 9.53%AT&T 13,314,219 9.35%VODAFONE GROUP 11,413,852 8.02%KDDI 8,525,380 5.99%SINGAPORE TELECOMMUNICATIONIONS 7,645,376 5.37%ORANGE SA 6,185,460 4.35%CHINA MOBILE 5,455,424 3.83%DEUTSCHE TELEKOM 5,336,590 3.75%TELEFONICA SA (A) 4,937,900 3.47%TDC 4,586,583 3.22%




123 124

Fidelity Funds - Growth & Income Fund

Investment in Collective Investment SchemesFidelity Funds - Growth & Income Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Growth & Income Fund (Class A). Market Value USD % of Net Assets465,122 101%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015 USDSubscriptions 22,823 Redemptions (83,231)





Fidelity Funds - Growth & Income Fund

2.32% -2.69% -2.85% 3.40% 2.34% 3.24% 4.91%

Benchmark: Growth & Income Composite

1.98% -2.27% -2.73% 2.82% 3.51% 4.47% 5.24%



123 124

Underlying Fund:Fidelity Funds - Growth & Income Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsINSTITUTIONAL LIQUIDITY FUND (USD) A ACCUMULATING 2,093,916 1.76%BRITISH AMERICAN TOBACCO 947,244 0.79%RELX 837,760 0.70%ROCHE HOLDING AG 766,127 0.64%INSTITUTIONAL LIQUIDITY FUND (EUR) A ACCUMULATING 719,478 0.60%UK TREASURY 2.00% 22/01/2016 700,227 0.59%SANOFI 638,037 0.53%NOVARTIS AG 557,973 0.47%JOHNSON & JOHNSON 517,448 0.43%MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN 507,384 0.43%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsJPN 10Y BOND(OSE) FUT MAR15 JBH5 3,685,289 2.77%BUONI POLIENNALI DEL TES 4.5% 03/01/2024 3,263,113 2.45%DBUK IIS CPURNSA 7/17/19 2,862,594 2.15%GERMANY FEDERAL REPUBLIC OF 2.5% 07/04/2044 2,527,990 1.90%DBUK IIS CPURNSA 10/21/19 2,343,552 1.76%JAPAN GOVT #140 1.7% 9/20/2032 2,177,503 1.64%GERMANY FEDERAL REPUBLIC OF 1.5% 02/15/2023 1,992,780 1.50%CGSW IIS UKRPI 10/17/19 1,959,965 1.47%US ULTRA BOND(CBT FUT MAR15 WNH5 1,807,153 1.36%CGSW 48Z99J234 12/20/19 1,572,854 1.18%




125 126

Fidelity Funds - International Bond Fund

Investment in Collective Investment SchemesFidelity Funds - International Bond Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - International Bond Fund (Class A). Market Value USD % of Net Assets103,817 100%









(1 Oct 1990)

Fidelity Funds - International Bond Fund

-0.64% -1.62% -5.36% -3.31% -0.26% 2.63% 4.56%

Benchmark: International Bond Fund Composite

-1.13% 0.09% -3.55% -2.09% 0.62% 3.60% 6.21%



125 126

Underlying Fund:Fidelity Funds - International Bond Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsINSTITUTIONAL LIQUIDITY FUND (USD) A ACCUMULATING 13,619,386 4.31%JAPAN 1.70% 20/09/2032 13,586,046 4.30%DEUTSCHE BUNDESREPUBLIK INFLATION LINKED BOND 0.10% 15/04/2023 10,351,727 3.28%JAPAN GOVERNMENT TEN YEAR BOND 0.40% 20/06/2025 10,273,165 3.25%GERMANY 2.50% 04/07/2044 7,371,143 2.33%ITALY 4.50% 01/03/2024 7,055,516 2.23%NETHERLANDS BOND 2.75% 15/01/2047 6,157,663 1.95%JAPANESE GOVERNMENT CPI LINKED BOND 0.10% 10/09/2024 5,569,527 1.76%SPAIN 5.50% 30/04/2021 4,588,211 1.45%EUROFINS SCIENTIFIC SE 2.25% 27/01/2022 3,605,439 1.14%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsITALY 4.50% 01/03/2024 30,405,372 9.42%GERMANY 2.50% 04/07/2044 15,202,686 4.71%JAPAN 1.70% 20/09/2032 13,976,142 4.33%ITALY 2.25% 22/04/2017 9,715,517 3.01%SPAIN 5.50% 30/04/2021 6,261,828 1.94%US TREASURY 5.25% 15/02/2029 6,197,273 1.92%SPAIN GOVERNMENT INFLATION LINKED BOND 1.80% 30/11/2024 5,003,007 1.55%DEUTSCHE BUNDESREPUBLIK INFLATION LINKED BOND 0.10% 15/04/2023 4,938,452 1.53%ITALY 4.75% 15/09/2016 4,873,897 1.51%KOREA TREASURY INFLATION LINKED 2.75% 10/06/2020 4,680,232 1.45%




127 128

Fidelity Funds - Korea Fund

Investment in Collective Investment SchemesFidelity Funds - Korea Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Korea Fund (Class A). Market Value USD % of Net Assets199,475 100%









(6 Nov 1995)

Fidelity Funds - Korea Fund -0.75% -12.66% 0.00% -3.61% -3.80% 1.24% 2.76%

Benchmark: KOSPI Blend 0.26% -10.72% -4.73% 3.79% -1.66% 2.04% 1.26%



127 128

Underlying Fund:Fidelity Funds - Korea Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsSAMSUNG ELECTRONICS 13,422,323 9.19%HYUNDAI MOTOR 6,957,174 4.76%AMOREPACIFIC 6,766,421 4.63%LG CHEM 6,729,249 4.61%KOREA ELECTRIC POWER 6,162,887 4.22%KIA MOTORS 5,252,900 3.60%LG HOUSEHOLD & HEALTH CARE 4,453,769 3.05%SK INNOVATION 4,242,670 2.91%MEDY-TOX 4,009,413 2.75%SHINHAN FINANCIAL GROUP 3,936,391 2.70%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsSAMSUNG ELECTRONICS CO LTD 17,837,420 9.96%SK HYNIX INC 11,898,929 6.64%HYUNDAI MOTOR CO 11,713,489 6.54%SHINHAN FINANCIAL GROUP CO LTD 7,783,142 4.34%SK TELECOM CO LTD 7,116,955 3.97%KOREA ELEC POWER CORP 6,072,286 3.39%POSCO 6,027,172 3.36%SAMSUNG LIFE INSURANCE CO LTD 5,813,489 3.24%HYUNDAI MOBIS 5,740,315 3.20%AMOREPACIFIC CORP 5,704,918 3.18%




129 130

Fidelity Funds - Pacific Fund

Investment in Collective Investment SchemesFidelity Funds - Pacific Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Pacific Fund (Class A). Market Value USD % of Net Assets268,265 100%








Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(10 Jan 1994)

Fidelity Funds - Pacific Fund 8.29% -9.74% -0.11% 10.18% 4.82% 5.13% 4.85%

Benchmark: Pacific Fund Composite 7.33% -8.77% -1.79% 3.14% 1.91% 3.00% 2.64%



129 130

Underlying Fund:Fidelity Funds - Pacific Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsORIX 59,596,327 2.97%INSTITUTIONAL LIQUIDITY FUND (USD) A ACCUMULATING 35,607,580 1.78%SOFTBANK GROUP 29,711,102 1.48%LG CHEM 29,242,297 1.46%BNP (CHINA PAC INSURANCE GROUP A) ELN 11/11/2016 26,021,890 1.30%HUTCHISON CHINA MEDITECH 25,056,917 1.25%WOORI BANK 24,897,979 1.24%CITIC TELECOM INTERNATIONAL HOLDINGS 23,556,138 1.18%NIPPON SEIKI 22,667,427 1.13%HDFC BANK 22,335,368 1.11%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsORIX 46,409,972 2.48%BITAUTO HOLDINGS 33,861,460 1.81%BNP (PING AN INSURANCE CHINA (A)) ELN 11/11/2016 29,053,467 1.55%SOFTBANK 25,251,253 1.35%TENCENT HOLDINGS 24,070,557 1.28%SUNAC CHINA HOLDINGS 23,718,961 1.27%AIA GROUP 23,264,107 1.24%BNP (CHINA PAC INSURANCE (A)) ELN 11/11/2016 23,149,548 1.23%NIPPON SEIKI 22,435,757 1.20%LEOPALACE21 21,108,355 1.13%




131 132

Fidelity Funds - Sterling Bond Fund^

Investment in Collective Investment SchemesFidelity Funds - Sterling Bond Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Sterling Bond Fund (Class A).

^ With effect from 16 February 2016, Fidelity Funds - Sterling Bond Fund will be known as Fidelity Funds - Flexible Bond Fund. Market Value GBP % of Net Assets315,939 101%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015 GBPSubscriptions 40,665 Redemptions (7,682)





Fidelity Funds - Sterling Bond Fund -0.93% 0.69% -0.81% 2.79% 4.91% 4.59% 6.81%

Benchmark: Sterling Bond Blend -0.79% 1.79% 0.51% 3.66% 6.05% 5.03% 7.73%



131 132

Underlying Fund:Fidelity Funds - Sterling Bond Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value GBP % of Net AssetsUK TREASURY 2.00% 22/01/2016 33,894,196 19.56%UK TREASURY 4.25% 07/03/2036 12,170,103 7.02%UK TREASURY 4.00% 07/09/2016 11,003,529 6.35%UK TREASURY 4.25% 07/12/2055 9,955,358 5.75%UK TREASURY 5.00% 07/03/2025 9,477,798 5.47%UK TREASURY 3.50% 22/07/2068 9,134,063 5.27%UK TREASURY 4.25% 07/06/2032 6,089,285 3.51%UK TREASURY 4.50% 07/12/2042 4,945,691 2.85%UK TREASURY 4.50% 07/09/2034 4,035,596 2.33%US TREASURY 3.50% 15/05/2020 2,743,592 1.58%

Top 10 Holdings as at 31 December 2014 Market Value GBP % of Net Assets(UKT) UNITED KINGDOM OF GREAT BRITAIN 81,475,673 46.65%(T) UNITED STATES OF AMERICA 5,920,740 3.39%(LLOYDS) LLOYDS TSB BANK PLC 5,222,128 2.99%(EU) EUROPEAN UNION 5,187,197 2.97%(GRSCL) GREAT ROLLING STOCK 4,086,883 2.34%(VZ) VERIZON COMMUNICATIONS 4,069,417 2.33%(EDF) ELECTRICITE DE FRANCE 3,964,625 2.27%(ABBEY) ABBEY NATL TREASURY SERV 2,445,143 1.40%(BLNDLN) BRITISH LAND INT’L 2,008,511 1.15%(PORTER) PORTERBROOK RAIL FIN LTD 1,886,254 1.08%




133 134

Fidelity Funds - Taiwan Fund

Investment in Collective Investment SchemesFidelity Funds - Taiwan Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - Taiwan Fund (Class A). Market Value USD % of Net Assets124,036 101%









(7 Apr 1997)

Fidelity Funds - Taiwan Fund 1.58% -16.09% -8.18% 4.45% -0.34% 2.53% 0.09%

Benchmark: FF Taiwan Blend -0.51% -18.20% -14.02% 0.07% -2.37% 3.37% -0.57%



133 134

Underlying Fund:Fidelity Funds - Taiwan Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR MANUFACTURING 12,553,991 9.75%HON HAI PRECISION INDUSTRY 10,210,632 7.93%CATHAY FINANCIAL HOLDING 5,673,638 4.40%CHUNGHWA TELECOM 4,775,544 3.71%ADVANCED SEMICONDUCTOR ENGINEERING 4,468,164 3.47%MEDIATEK 4,149,470 3.22%FORMOSA PLASTICS 3,425,315 2.66%ARDENTEC 3,300,299 2.56%CTCI 3,220,859 2.50%FUBON FINANCIAL HOLDING 3,212,257 2.49%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR MANUFACTURING 17,949,604 9.23%HON HAI PRECISION INDUSTRY 15,072,192 7.75%MEDIATEK 10,083,316 5.18%CATHAY FINANCIAL HOLDING 7,450,688 3.83%CTBC FINANCIAL HOLDING 7,285,762 3.75%FUBON FINANCIAL HOLDING 7,176,708 3.69%ADVANCED SEMICONDUCTOR ENGINEERING 5,867,567 3.02%INOTERA MEMORIES 4,118,949 2.12%CHAILEASE HOLDING 3,872,293 1.99%CHINA DEVELOPMENT FINANCIAL HOLDING 3,854,576 1.98%

Expenses Ratio For the 12 months ended For the 12 months ended 30 April 2015 30 April 2014 1.99% 1.99% Turnover Ratio For the 12 months ended For the 12 months ended 30 April 2015 30 April 2014 136.41% 127.34%


135 136

Fidelity Funds - United Kingdom Fund

Investment in Collective Investment SchemesFidelity Funds - United Kingdom Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - United Kingdom Fund (Class A). Market Value GBP % of Net Assets134,857 100%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015 GBPSubscriptions 11,226 Redemptions (15,373)





(1 Oct 1990)

Fidelity Funds - United Kingdom Fund

5.89% 1.80% 7.38% 12.69% 7.89% 5.69% 7.45%

Benchmark: FTSE All Share Index 3.95% -1.98% 0.98% 7.27% 6.00% 5.56% 8.58%



135 136

Underlying Fund:Fidelity Funds - United Kingdom Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value GBP % of Net AssetsGLAXOSMITHKLINE 7,688,168 6.58%VODAFONE GROUP 7,055,485 6.04%BARCLAYS 6,468,961 5.54%LLOYDS BANKING GROUP 5,731,709 4.91%ASTRAZENECA 5,704,748 4.89%BT GROUP 5,573,909 4.77%HSBC HOLDINGS 5,234,368 4.48%WOLSELEY 4,763,162 4.08%SHIRE 4,449,288 3.81%INMARSAT 4,151,210 3.56%

Top 10 Holdings as at 31 December 2014 Market Value GBP % of Net AssetsHSBC HOLDINGS 6,689,824 6.32%GLAXOSMITHKLINE 6,024,869 5.69%LLOYDS BANKING GROUP 5,810,589 5.49%VODAFONE GROUP 5,274,255 4.98%WOLSELEY 4,724,468 4.46%BARCLAYS 4,297,440 4.06%INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA 4,267,347 4.03%ASTRAZENECA 4,047,617 3.82%ROCHE HOLDING 3,574,801 3.38%SKY 3,415,743 3.23%



137 138

Fidelity Funds - US Dollar Bond Fund

Investment in Collective Investment SchemesFidelity Funds - US Dollar Bond Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fidelity Funds - US Dollar Bond Fund (Class A).










Fidelity Funds - US Dollar Bond Fund -0.94% 0.02% 0.29% 1.19% 3.84% 4.19% 5.45%

Benchmark: US Dollar Bond Composite

-0.73% 0.52% 0.37% 1.24% 3.37% 4.44% 6.40%



137 138

Underlying Fund:Fidelity Funds - US Dollar Bond Fund (Class A)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsUS TREASURY 0.75% 31/10/2017 41,213,395 6.77%US TREASURY 2.00% 15/08/2025 30,469,212 5.00%US TREASURY 3.00% 15/11/2044 23,904,019 3.93%US TREASURY 0.625% 31/07/2017 20,015,247 3.29%US TREASURY 2.00% 31/07/2022 19,922,979 3.27%US TREASURY 2.125% 15/05/2025 19,069,007 3.13%DEUTSCHE BUNDESREPUBLIK INFLATION LINKED BOND 1.75% 15/04/2020 18,947,581 3.11%US TREASURY 1.625% 31/07/2019 17,561,090 2.88%US TREASURY 1.375% 31/08/2020 16,440,542 2.70%US TREASURY 2.125% 31/01/2021 15,624,585 2.57%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsUNITED STATES OF AMERICA 317,257,444 50.70%UNITED MEXICAN STATES 13,328,567 2.13%MEDTRONIC INC 10,762,974 1.72%FEDERAL REPUBLIC OF GERMANY 10,137,220 1.62%BANK OF AMERICA NA 9,198,589 1.47%MORGAN STANLEY 8,510,259 1.36%ROCHE HOLDING INC 8,385,108 1.34%ENLINK MIDSTREAM PARTNER 6,445,270 1.03%ALIBABA GROUP HOLDING 5,569,214 0.89%BAYER US FINANCE LLC 5,318,912 0.85%



139 140

First State Investments (Singapore)

First State Regional China Fund

Investment in Collective Investment SchemesFirst State Regional China Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered First State Regional China Fund.

Market Value SGD % of Net Assets2,560,927 101%










(1 Nov 1993)

First State Regional China Fund 7.36% -5.23% 3.45% 9.24% 5.85% 9.66% 8.22%

Benchmark: MSCI Golden Dragon TR USD

3.46% -12.17% -0.57% 7.73% 3.60% 5.45% NA**

* Annualised Performance**There is no Since Inception figure as the benchmark was launched in 1996, after the inception of First State Regional China Fund in 1993.

139 140

Underlying Fund:First State Regional China Fund

Top 10 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsTAIWAN SEMICONDUCTOR MFG CO LTD 51,112,880 6.00%CK HUTCHISON HOLDING 44,298,272 5.20%DELTA ELECTRONICS INC 41,532,613 4.90%CHINA TAIPING INSURANCE HOLDINGS CO LTD 37,040,878 4.30%ENN ENERGY HOLDINGS LTD 36,113,963 4.20%AIA GROUP LTD 35,656,284 4.20%TENCENT HOLDINGS 35,603,622 4.20%ADVANTECH CORP 33,929,838 4.00%CHINA VANKE CO LTD 32,970,022 3.90%CHINA MERCHANTS BANK CO 31,303,010 3.70%

Top 10 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsTAIWAN SEMICONDUCTOR (TSMC) 57,658,938 5.70%CHEUNG KONG HOLDINGS 51,784,295 5.10%DELTA ELECTRONICS 49,154,501 4.80%ENN ENERGY HOLDINGS 44,317,051 4.30%ADVANTECH 41,876,547 4.10%TENCENT HOLDINGS 38,686,495 3.80%CHINA MERCHANTS BANK 38,472,223 3.80%LINK REIT 36,711,081 3.60%HONG KONG & CHINA GAS 36,297,128 3.60%UNI PRESIDENT ENTERPRISES 34,847,945 3.40%




141 142

First State Investments (Singapore)

First State Singapore Growth Fund

Investment in Collective Investment SchemesFirst State Singapore Growth Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered First State Singapore Growth Fund.











(28 Jul 1969)

First State Singapore Growth Fund 1.27% -10.35% -11.46% 1.42% 6.11% 8.59% 8.45%

Benchmark: Market Capitalisation of MSCI Singapore Free Index and MSCI Malaysia Index

5.49% -9.75% -12.95% -1.58% 0.03% 5.61% NA**

* Annualised Performance**There is no Since Inception figure as the current benchmark was not available at the time of the fund’s launch.

141 142

Underlying Fund:First State Singapore Growth Fund

Top 10 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsSHENG SIONG GROUP LTD 5,342,030 7.20%SINGAPORE TELECOMMUNICATIONS 4,278,678 5.70%OVERSEA-CHINESE BANKING CORP 3,792,037 5.10%GREAT EASTERN HOLDINGS LTD 3,244,037 4.40%COMFORTDELGRO CORP LTD 3,166,522 4.20%HAW PAR CORP LTD 3,057,456 4.10%UNITED OVERSEAS BANK LTD 3,017,459 4.00%SEMBCORP INDUSTRIES LTD 2,812,270 3.80%SINGAPORE AIRLINES LTD 2,599,082 3.50%JARDINE MATHESON HOLDINGS LTD 2,249,860 3.00%

Top 10 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsOCBC 7,072,432 7.60%UNITED OVERSEAS BANK 6,837,615 7.30%DBS GROUP 6,246,560 6.70%SINGAPORE TELECOM 5,536,412 5.90%SHENG SIONG GROUP 4,404,018 4.70%TENAGA NASIONAL 4,289,124 4.60%GREAT EASTERN HOLDINGS 3,850,276 4.10%COMFORTDELGRO 3,824,349 4.10%SINGAPORE AIRLINES 3,162,744 3.40%PETRA FOODS 3,043,603 3.30%




143 144

Henderson Global Investors

Henderson Horizon Fund (HHF) - Euroland Fund

Investment in Collective Investment SchemesHenderson Horizon Fund (HHF) - Euroland Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund (HHF) - Euroland Fund (Class A2).











HHF - Euroland Fund 9.50% 0.70% 16.60% 18.40% 14.00% 5.00% 8.80%

Benchmark: MSCI EMU Net Return EUR Index

6.50% -2.70% 9.80% 12.20% 7.90% 4.60% NA**

*Annualised Performance **The benchmark was introduced later than HHF - Euroland Fund. Hence, the Since Inception figure is not available.

143 144

Underlying Fund:Henderson Horizon Fund (HHF) - Euroland Fund (Class A2)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsRELX 54,449,476 4.75%RENAULT 52,203,142 4.55%TOTAL 47,649,976 4.15%VINCI 39,677,353 3.46%KONINKLIJKE AHOLD 38,821,010 3.38%CONTINENTAL 38,063,467 3.32%ALLIANZ 36,691,764 3.20%WOLTERS KLUWER 36,624,230 3.19%ORANGE 34,970,883 3.05%UPM-KYMMENE 32,453,815 2.83%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsREED ELSEVIER 34,244,282 5.63%ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS 29,068,897 4.78%TOTAL 28,688,726 4.71%ING GROEP 27,507,086 4.52%ALLIANZ 21,701,725 3.57%CREDIT AGRICOLE 21,581,826 3.55%DEUTSCHE POST 21,185,358 3.48%TELEFONICA 18,627,645 3.06%WOLTERS KLUWER 15,624,905 2.57%BANCA GENERALI 15,169,377 2.49%




145 146


Henderson Horizon Fund (HHF) - Global Property Equities Fund

Investment in Collective Investment SchemesHenderson Horizon Fund (HHF) - Global Property Equities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund (HHF) - Global Property Equities Fund (Class A2).

Market Value USD % of Net Assets524.445 101%










(3 Jan 2005)

HHF - Global Property Equities Fund 5.40% 4.90% -0.10% 4.20% 5.20% 4.40% 5.50%

Benchmark: FTSE EPRA/NAREIT Developed Index

4.20% 2.50% -0.80% 5.80% 7.20% 5.00% 6.00%

*Annualised Performance

145 146

Underlying Fund:Henderson Horizon Fund (HHF) - Global Property Equities Fund (Class A2)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsSIMON PROPERTY GROUP 35,773,967 7.91%MITSUI FUDOSAN 22,599,127 5.00%AVALONBAY COMMUNITIES 20,258,010 4.48%VENTAS 16,286,464 3.60%BOSTON PROPERTIES 15,868,496 3.51%GENERAL GROWTH PROPERTIES 15,867,942 3.51%CHEUNG KONG PROPERTY 13,766,982 3.04%HIGHWOODS PROPERTIES 13,067,698 2.89%URBAN EDGE PROPERTIES 12,744,696 2.82%REXFORD INDUSTRIAL REALTY 12,613,810 2.79%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsSIMON PROPERTY 59,960,320 6.46%VENTAS 33,421,885 3.61%MITSUI FUDOSAN 30,001,938 3.23%CAMDEN PROPERTY TRUST 28,574,389 3.09%SUN HUNG KAI PROPERTIES 26,827,449 2.89%UNIBAIL-RODAMCO 26,328,757 2.83%MID-AMERICA APARTMENT COMMUNITIES 26,190,277 2.82%UNITED DOMINION REALTY TRUST 26,104,151 2.81%BOSTON PROPERTIES 23,991,586 2.58%PROLOGIS 23,691,733 2.55%



Note: The Turnover Ratio as at 30 June 2015 was revised according to source data provided by Henderson Global Investors.


147 148


Henderson Horizon Fund (HHF) - Global Technology Fund

Investment in Collective Investment SchemesHenderson Horizon Fund (HHF) - Global Technology Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund (HHF) - Global Technology Fund (Class A2).










Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(31 Oct 1996)

HHF - Global Technology Fund 10.90% 4.00% 4.00% 13.00% 9.50% 8.50% 9.30%

Benchmark: MSCI AC World Information Technology Index

8.60% 1.50% 3.50% 15.00% 11.10% 7.60% 7.50%


147 148

Underlying Fund:Henderson Horizon Fund (HHF) - Global Technology Fund (Class A2)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsALPHABET 249,678,429 9.92%APPLE 173,919,563 6.91%MICROSOFT 168,704,203 6.70%FACEBOOK 138,250,825 5.49%VISA 110,469,497 4.39%CISCO SYSTEMS 98,362,959 3.91%MASTERCARD 81,299,861 3.23%SAMSUNG ELECTRONICS 76,601,804 3.04%TENCENT 71,589,311 2.84%COGNIZANT TECHNOLOGY SOLUTIONS 48,160,553 1.91%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsAPPLE 280,138,800 8.76%GOOGLE 212,338,772 6.63%MICROSOFT 195,785,946 6.12%ORACLE 122,785,483 3.84%FACEBOOK 107,710,001 3.37%CISCO SYSTEMS 105,702,201 3.30%VISA 103,758,995 3.24%MASTERCARD 86,426,490 2.70%SAMSUNG ELECTRONICS 84,166,340 2.63%QUALCOMM 76,769,065 2.40%


Turnover Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014 61.48% -38.72%

Note: The Turnover Ratio as at 30 June 2015 was revised according to source data provided by Henderson Global Investors.


149 150


Henderson Horizon Fund (HHF) - Japanese Opportunities Fund

Investment in Collective Investment SchemesHenderson Horizon Fund (HHF) - Japanese Opportunities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund (HHF) - Japanese Opportunities Fund (Class A2).











(31 Jul 1985)

HHF - Japanese Opportunities Fund 8.70% -5.30% 13.20% 11.70% 5.30% 0.80% 3.40%

Benchmark: Tokyo SE First Section Index

9.30% -2.70% 11.30% 10.90% 4.90% 1.20% 5.20%


149 150

Underlying Fund:Henderson Horizon Fund (HHF) - Japanese Opportunities Fund (Class A2)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsFUJITSU 319,466,100 5.79%TOYOTA MOTOR 303,426,000 5.50%MITSUBISHI UFJ FINANCIAL GROUP 288,114,960 5.22%SUMITOMO MITSUI FINANCIAL GROUP 262,252,100 4.75%KEYENCE 238,329,250 4.32%TOKIO MARINE 213,072,800 3.86%CREDIT SAISON 202,235,700 3.66%DIC 199,291,500 3.61%SEKISUI CHEMICAL 199,284,300 3.61%MIZUHO FINANCIAL GROUP 195,367,200 3.54%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsMITSUBISHI UFJ FINANCIAL GROUP 261,800,630 6.74%TOYOTA MOTOR 201,892,050 5.20%SUMITOMO MITSUI FINANCIAL GROUP 195,203,050 5.03%RAKUTEN 174,785,775 4.50%KEYENCE 164,227,250 4.23%MURATA MANUFACTURING 156,379,500 4.03%DAIWA SECURITIES GROUP 155,480,200 4.00%TOKIO MARINE 155,402,875 4.00%CANON 152,182,800 3.92%MIZUHO FINANCIAL GROUP 150,352,865 3.87%


Turnover Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014 -55.27% -93.24%


151 152


Henderson Horizon Fund (HHF) - Pan European Equity Fund

Investment in Collective Investment SchemesHenderson Horizon Fund (HHF) - Pan European Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund (HHF) - Pan European Equity Fund (Class A2 Accumulation).











HHF - Pan European Equity Fund 6.00% -1.60% 15.30% 15.40% 11.10% 6.90% 7.60%

Benchmark: FTSE World Europe Index

5.30% -3.90% 8.80% 12.00% 8.80% 4.90% 4.80%


151 152

Underlying Fund:Henderson Horizon Fund (HHF) - Pan European Equity Fund (Class A2 Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsFRESENIUS 162,301,955 3.32%DEUTSCHE POST 153,844,211 3.15%FRESENIUS MEDICAL CARE 151,282,856 3.10%NESTLÉ 133,099,667 2.73%DEUTSCHE TELEKOM 126,992,179 2.60%NOKIA 121,054,500 2.48%ROCHE 120,633,985 2.47%SOCIETE BIC 109,265,034 2.24%BP 107,522,103 2.20%ING GROEP 105,741,829 2.17%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsDEUTSCHE POST 129,186,203 3.82%FRESENIUS 113,582,386 3.36%SODEXO 108,504,876 3.21%FRESENIUS MEDICAL CARE 102,212,554 3.03%ROCHE HOLDINGS 94,345,829 2.79%NOVARTIS 92,552,020 2.74%STANDARD LIFE 92,363,976 2.74%NESTLÉ 87,097,420 2.58%CAPITA 85,307,128 2.53%CREDIT AGRICOLE 78,124,126 2.31%




153 154


Henderson Horizon Fund (HHF) - Pan European Property Equities Fund

Investment in Collective Investment SchemesHenderson Horizon Fund (HHF) - Pan European Property Equities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund (HHF) - Pan European Property Equities Fund (Class A2).











(31 Jul 1998)

HHF - Pan European Property Equities Fund

5.00% 9.40% 22.10% 22.50% 16.40% 4.00% 8.40%

Benchmark: FTSE EPRA/NAREIT Developed Europe Capped Index Net TRI

2.80% 6.40% 18.10% 17.90% 13.30% 5.30% 9.50%


153 154

Underlying Fund:Henderson Horizon Fund (HHF) - Pan European Property Equities Fund (Class A2)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsLAND SECURITIES GROUP 51,102,515 9.03%UNIBAIL-RODAMCO 44,832,475 7.92%BRITISH LAND 43,191,014 7.63%DEUTSCHE WOHNEN 42,512,250 7.51%GREAT PORTLAND ESTATES 27,355,530 4.83%KLEPIERRE 25,600,000 4.52%EUROCOMMERCIAL PROPERTIES 21,322,900 3.77%SAFESTORE 20,609,114 3.64%ICADE 19,536,300 3.45%LEG IMMOBILIEN 17,750,725 3.14%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsBRITISH LAND 33,273,524 9.53%UNIBAIL-RODAMCO 30,281,500 8.68%LAND SECURITIES REIT 25,998,803 7.44%GREAT PORTLAND ESTATES 20,756,026 5.94%GAGFAH 17,181,875 4.93%ICADE 15,939,600 4.56%DEUTSCHE ANNINGTON IMMOBILIEN 15,501,750 4.44%DERWENT LONDON 15,485,643 4.43%SAFESTORE HOLDINGS 14,308,691 4.10%HEMFOSA FASTIGHETER 14,024,088 4.01%


Turnover Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014 -59.15% -85.14%


155 156

JPMorgan Asset Management (Singapore) Ltd

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund

Investment in Collective Investment SchemesJPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund (Class A Distribution).










Underlying Fund:JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund

(Class A Distribution)


JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund

-3.7% -18.20% -16.3% -11.3% -8.30% 0.30% 8.40%

Benchmark: MSCI EM EMEA Net -8.20% -23.00% -20.00% -13.70% -9.00% 0.10% 7.10%


155 156

Underlying Fund:JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund

(Class A Distribution)

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsNASPERS 35,105,065 9.78%MTN 16,312,515 4.54%LUKOIL 14,757,269 4.11%FIRSTRAND 13,903,434 3.87%SBERBANK OF RUSSIA 12,840,642 3.58%MAGNIT 12,197,372 3.40%SURGUTNEFTEGAZ 11,406,587 3.18%ASPEN PHARMACARE 11,153,126 3.11%MMC NORILSK NICKEL 10,085,495 2.81%SANLAM 9,932,763 2.77%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsNASPERS 39,556,301 7.68%LUKOIL 25,551,195 4.96%SBERBANK OF RUSSIA 24,714,474 4.80%GAZPROM 23,621,382 4.59%MTN 21,172,714 4.11%MAGNIT 15,819,299 3.07%FIRSTRAND 15,772,964 3.06%PKO BANK POLSKI 14,881,952 2.89%SASOL 14,137,918 2.75%JSC MMC NORILSK NICKEL 12,278,610 2.38%




157 158

JPMorgan Funds - Emerging Middle East Equity Fund

Investment in Collective Investment SchemesJPMorgan Funds - Emerging Middle East Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Emerging Middle East Equity Fund (Class A Distribution). Market Value USD % of Net Assets71,660 100%











-3.80% -16.90% -20.00% -2.80% -3.30% 1.00% 5.50%

Benchmark: MSCI EM EMEA Net -6.00% -17.80% -22.20% -5.60% -4.10% 1.20% NA**


**The Since Inception figure is not available as at the date of this report.


157 158

Underlying Fund:JPMorgan Funds - Emerging Middle East Equity Fund (Class A Distribution)

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsQATAR NATIONAL BANK 13,731,371 7.14%TURKIYE GARANTI BANKASI 11,748,069 6.11%NATIONAL BANK OF KUWAIT 9,750,520 5.07%EMAAR PROPERTIES 9,393,370 4.89%COMMERCIAL INTERNATIONAL BANK 9,370,126 4.87%TURKIYE IS BANKASI 7,071,504 3.68%DP WORLD 6,205,613 3.23%MASRAF AL RAYAN 6,185,522 3.22%TURKIYE HALK BANKASI 6,177,293 3.21%HACI OMER SABANCI 6,135,518 3.19%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsTURKIYE GARANTI BANKASI 18,583,244 6.20%EMAAR PROPERTIES 18,394,694 6.14%NATIONAL BANK OF KUWAIT 15,804,077 5.27%MASRAF AL RAYAN 15,004,875 5.01%QATAR NATIONAL BANK` 11,940,127 3.98%TURKIYE IS BANKASI 11,878,903 3.96%TURKIYE HALK BANKASI 10,305,633 3.44%BIM BIRLESIK MAGAZALAR 10,201,874 3.40%INDUSTRIES QATAR 10,032,567 3.35%HACI OMER SABANCI 9,624,340 3.21%


Turnover Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014 39.02% 0.00%^

^ Note: The turnover ratio is 0.00% as there was no purchase for the financial period.


159 160


JPMorgan Funds - Global Dynamic Fund

Investment in Collective Investment SchemesJPMorgan Funds - Global Dynamic Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Global Dynamic Fund (Class A Distribution).












5.00% -5.10% -2.90% 8.30% 5.30% 3.40% 5.20%

Benchmark: MSCI World Net 5.50% -3.40% -0.90% 9.60% 7.60% 5.00% 6.20%


159 160

Underlying Fund:JPMorgan Funds - Global Dynamic Fund (Class A Distribution)

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsAPPLE 14,778,417 2.51%MICROSOFT 8,293,848 1.41%JOHNSON & JOHNSON 6,824,472 1.16%PFIZER 6,444,736 1.09%WELLS FARGO 6,306,725 1.07%CITIGROUP 6,203,807 1.05%BANK OF AMERICA 6,085,563 1.03%NOVARTIS 5,800,940 0.98%ROYAL DUTCH SHELL 5,545,118 0.94%ROCHE 5,499,510 0.93%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsAPPLE 19,385,918 1.57%GOOGLE 19,015,420 1.54%JOHNSON & JOHNSON 18,678,490 1.51%MICROSOFT 17,206,435 1.39%NOVARTIS 13,794,431 1.11%ROYAL DUTCH SHELL 11,995,705 0.97%WELLS FARGO 11,758,184 0.95%MERCK & CO 11,548,945 0.93%CITIGROUP 9,794,037 0.79%BP 9,768,489 0.79%




161 162


JPMorgan Funds - Global Natural Resources Fund

Investment in Collective Investment SchemesJPMorgan Funds - Global Natural Resources Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Global Natural Resources Fund (Class A Accumulation). Market Value USD % of Net Assets725,872 101%











-3.60% -31.80% -37.40% -26.80% -24.20% NA -8.70%

Benchmark: Euromoney Global Gold, Mining & Energy Net

-3.50% -26.30% -29.80% -21.80% -16.60% NA -3.30%


161 162

Underlying Fund:JPMorgan Funds - Global Natural Resources Fund (Class A Accumulation)

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsLUNDIN MINING 38,593,764 5.52%GLENCORE 34,442,526 4.93%RIO TINTO 31,495,620 4.51%FREEPORT-MCMORAN 31,417,489 4.49%FIRST QUANTUM MINERALS 30,884,398 4.42%GOLDCORP 26,444,970 3.78%BHP BILLITON 25,745,231 3.68%ANADARKO PETROLEUM 24,538,037 3.51%PETRA DIAMONDS 19,933,721 2.85%AGNICO-EAGLE MINES 17,801,920 2.55%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsFIRST QUANTUM MINERALS 67,239,397 5.98%FREEPORT-MCMORAN COPPER & GOLD 62,286,994 5.54%GLENCORE 60,109,949 5.35%BHP BILLITON 59,424,703 5.28%RIO TINTO 54,427,777 4.84%LUNDIN MINING 37,963,816 3.38%PETRA DIAMONDS 31,202,423 2.78%ANADARKO PETROLEUM 29,499,805 2.62%CONOCO PHILLIPS 28,968,436 2.58%DNO INTERNATIONAL 27,783,395 2.47%


Turnover Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014 0.00%^ 0.00%^

^ Note: The turnover ratio is 0.00% as there was no purchase for the financial period. Other Material InformationNil

163 164


JPMorgan Funds - JF India Fund

Investment in Collective Investment SchemesJPMorgan Funds - JF India Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - JF India Fund (Class A Accumulation). Market Value USD % of Net Assets838,967 99%










JPMorgan Funds - JF India Fund -1.40% -5.10% -1.80% 5.90% -0.40% 7.10% 10.20%

Benchmark: MSCI India 10/40 Capped Net

-0.80% -7.60% -6.20% 3.90% -2.20% 7.70% 10.60%


163 164

Underlying Fund:JPMorgan Funds - JF India Fund (Class A Accumulation)

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsHOUSING DEVELOPMENT FINANCE CORPORATION LIMITED 137,817,195 9.90%HDFC BANK LIMITED 105,493,138 7.58%INFOSYS LIMITED 95,364,396 6.85%SUN PHARMACEUTICAL INDUSTRIES LIMITED 67,196,515 4.83%TATA CONSULTANCY SERVICES LIMITED 62,608,437 4.50%MARUTI SUZUKI INDIA LIMITED 61,132,880 4.39%INDUSIND BANK LTD. 59,692,877 4.29%KOTAK MAHINDRA BANK LIMITED 59,486,596 4.27%AMBUJA CEMENTS LIMITED 56,943,645 4.09%ACC LIMITED 56,309,593 4.05%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsHDFC BANK LIMITED 143,859,276 9.50%RELIANCE INDUSTRIES LIMITED 142,671,896 9.42%HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED 130,397,535 8.61%INFOSYS LIMITED 119,680,193 7.90%TATA MOTORS LIMITED 74,172,313 4.90%SUN PHARMACEUTICAL INDUSTRIES LIMITED 58,438,237 3.86%AMBUJA CEMENTS LIMITED 53,238,690 3.52%MAHINDRA & MAHINDRA LTD. 52,250,437 3.45%ITC LIMITED 50,876,909 3.36%KOTAK MAHINDRA BANK LIMITED 50,534,265 3.34%


Turnover Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014 0.00%^ 0.00%^

^ Note: The turnover ratio is 0.00% as there was no purchase for the financial period. Other Material InformationNil

165 166


JPMorgan Funds - JF Taiwan Fund

Investment in Collective Investment SchemesJPMorgan Funds - JF Taiwan Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - JF Taiwan Fund (Class A Distribution). Market Value USD % of Net Assets38,596 99%










JPMorgan Funds - JF Taiwan Fund 1.20% -13.40% -5.20% 2.80% 0.20% 2.90% 3.90%

Benchmark: Taiwan Weighted Total 2.20% -13.30% -10.40% 1.80% -0.40% 6.30% 6.70%


165 166

Underlying Fund:JPMorgan Funds - JF Taiwan Fund (Class A Distribution)

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. 19,547,639 8.50%HON HAI PRECISION INDUSTRY CO., LTD. 14,192,174 6.17%CATHAY FINANCIAL HOLDING CO., LTD. 9,340,968 4.06%LARGAN PRECISION CO., LTD. 8,911,180 3.88%FUBON FINANCIAL HOLDING CO., LTD. 8,340,854 3.63%ADVANCED SEMICONDUCTOR ENGINEERING, INC. 7,208,602 3.14%CATCHER TECHNOLOGY CO., LTD. 7,155,909 3.11%CTBC FINANCIAL HOLDING COMPANY LTD. 6,515,419 2.83%ECLAT TEXTILE CO., LTD. 5,887,439 2.56%PEGATRON CORPORATION 5,850,352 2.54%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR MANUFACTURING 28,309,011 9.33%HON HAI PRECISION INDUSTRY 14,861,610 4.90%MEDIATEK 10,388,355 3.43%DELTA ELECTRONICS 9,427,676 3.11%PRESIDENT CHAIN STORE CORPORATION 8,109,615 2.67%ADVANCED SEMICONDUCTOR ENGINEERING 6,881,577 2.27%CATHAY FINANCIAL HOLDING 6,630,819 2.19%FUBON FINANCIAL HOLDING 5,994,705 1.98%CATCHER TECHNOLOGY 5,797,320 1.91%MERIDA INDUSTRY 5,780,245 1.91%




167 168

Jupiter Asset Management

Jupiter Global Fund - Jupiter European Growth

Investment in Collective Investment SchemesJupiter Global Fund - Jupiter European Growth, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Global Fund - Jupiter European Growth (Class L). Market Value EUR % of Net Assets345,612 100%











10.41% 8.52% 29.80% 20.32% 14.64% 10.62% 8.05%

Benchmark: FTSE World Europe Index Net TR

5.32% -3.90% 8.84% 11.98% 8.82% 4.89% 4.51%


167 168

Underlying Fund:Jupiter Global Fund - Jupiter European Growth (Class L)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsNOVO NORDISK 183,392,685 7.18%SYNGENTA 164,972,551 6.46%INMARSAT 161,423,703 6.32%DEUTSCHE BOERSE 159,867,400 6.26%NOVOZYMES 149,457,132 5.85%RELX 132,971,445 5.21%AMADEUS 114,952,888 4.50%BAYER 113,270,625 4.43%WIRECARD 111,574,033 4.37%FRESENIUS 88,774,731 3.48%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsREED ELSEVIER 71,151,688 6.93%WIRECARD 58,841,475 5.73%FRESENIUS 53,669,018 5.23%NOVO NORDISK 51,733,724 5.04%BAYER 51,687,863 5.04%INMARSAT 50,756,664 4.95%PROVIDENT FINANCIAL 48,691,532 4.74%NOVOZYMES 45,924,223 4.47%SYNGENTA 45,224,788 4.41%AMADEUS 42,807,529 4.17%


Turnover Ratio For the 12 months ended For the 12 months ended 31 December 2015 31 December 2014 -66.00% -38.00%


169 170


Jupiter Global Fund - Jupiter Global Ecology Growth

Investment in Collective Investment SchemesJupiter Global Fund - Jupiter Global Ecology Growth, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Global Fund - Jupiter Global Ecology Growth (Class L).












5.92% -6.61% -3.10% 6.86% 3.35% NA -0.99%

Benchmark: FTSE World Index Net TR

5.29% -4.06% -1.37% 8.81% 7.10% NA 3.25%


169 170

Underlying Fund:Jupiter Global Fund - Jupiter Global Ecology Growth (Class L)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsCRANSWICK 365,426 3.22%VESTAS WIND SYSTEMS 354,847 3.13%LKQ 336,254 2.96%JOHNSON MATTHEY 282,001 2.48%UNITED NATURAL FOODS 254,213 2.24%NOVOZYMES 241,788 2.13%STERICYCLE 239,374 2.11%EDP RENOVAVEIS 232,911 2.05%A.O. SMITH 230,339 2.03%STANTEC 220,091 1.94%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsPALL 383,305 3.81%UNITED NATURAL FOODS 378,097 3.76%LKQ 340,820 3.39%STANTEC 257,668 2.56%REGAL-BELOIT 254,325 2.53%CRANSWICK 251,327 2.50%STERICYCLE 235,325 2.34%JOHNSON MATTHEY 227,351 2.26%JOHNSON CONTROLS 204,856 2.04%COVANTA HOLDING 196,826 1.96%

Note: The Top 10 Holdings as at 31 December 2014 were revised according to source data provided by Jupiter Asset Management.




171 172


Jupiter Global Fund - Jupiter Global Financials

Investment in Collective Investment SchemesJupiter Global Fund - Jupiter Global Financials, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Global Fund - Jupiter Global Financials (Class L). Market Value USD % of Net Assets150,705 100%










(10 Jul 2007)


4.61% -3.42% 1.08% 8.92% 4.80% NA -0.23%

Benchmark: FTSE All World Financials Stg Net TR

3.91% -7.61% -5.11% 6.55% 4.88% NA -2.83%


171 172

Underlying Fund:Jupiter Global Fund - Jupiter Global Financials (Class L)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsACE 3,300,430 3.48%DEUTSCHE BOERSE 3,101,142 3.27%BANQUE CANTONALE VAUDOISE 2,878,349 3.04%CITIGROUP 2,841,968 3.00%VISA 2,813,321 2.97%VALIANT 2,725,304 2.88%JPMORGAN CHASE 2,655,959 2.80%SOCIETE GENERALE 2,595,650 2.74%EURONEXT 2,497,060 2.64%UNIPOL GRUPPO FINANZIARIO 2,394,519 2.53%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsCITIGROUP 2,551,540 3.38%YES BANK 1,989,399 2.64%AMERICAN EXPRESS 1,738,642 2.30%MASTERCARD 1,692,192 2.24%CHINA CONSTRUCTION BANK 1,646,744 2.18%SAMPO 1,606,713 2.13%DBS GROUP 1,598,426 2.12%MAN GROUP 1,403,165 1.86%EURONEXT 1,346,010 1.78%ROYAL BANK OF CANADA 1,272,505 1.69%





173 174


Jupiter Global Fund - Jupiter India Select

Investment in Collective Investment SchemesJupiter Global Fund - Jupiter India Select, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Global Fund - Jupiter India Select (Class L). Market Value USD % of Net Assets570,807 100%










(2 May 2008)


6.57% 4.97% 6.82% 10.35% 2.51% NA 4.10%

Benchmark: MSCI India -0.91% -7.59% -6.12% 3.80% -2.41% NA -0.88%


173 174

Underlying Fund:Jupiter Global Fund - Jupiter India Select (Class L)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsHINDUSTAN PETROLEUM 24,646,161 8.96%GODFREY PHILLIPS INDIA 23,565,899 8.57%INFOSYS TECHNOLOGIES 14,590,202 5.31%INTERGLOBE AVIATION 7,466,143 2.72%FORCE MOTORS 6,815,787 2.48%TATA MOTORS 5,914,450 2.15%ADITYA BIRLA NUVO 5,732,334 2.08%KOTAK MAHINDRA BANK 5,247,941 1.91%DEWAN HOUSING FINANCE 5,227,941 1.90%INDIAN OIL 5,181,983 1.88%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsHINDUSTAN PETROLEUM 17,318,494 7.47%INFOSYS TECHNOLOGIES 13,743,460 5.93%TECH MAHINDRA 12,128,038 5.23%GODFREY PHILLIPS INDIA 8,043,164 3.47%NESTLE INDIA 6,418,958 2.77%ING VYSYA BANK 5,463,329 2.36%ICICI BANK 5,317,350 2.29%GILLETTE INDIA 5,058,938 2.18%STATE BANK OF INDIA 4,975,253 2.15%EIH ASSOCIATED HOTELS 4,912,856 2.12%


Turnover Ratio For the 12 months ended For the 12 months ended 31 December 2015 31 December 2014 -13.00% 60.00%


167 168



Investment in Collective Investment SchemesJupiter Global Fund - Jupiter European Growth, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Global Fund - Jupiter European Growth (Class L). Market Value EUR % of Net Assets345,612 100%











10.41% 8.52% 29.80% 20.32% 14.64% 10.62% 8.05%

Benchmark: FTSE World Europe Index Net TR

5.32% -3.90% 8.84% 11.98% 8.82% 4.89% 4.51%


167 168

Underlying Fund:Jupiter Global Fund - Jupiter European Growth (Class L)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsNOVO NORDISK 183,392,685 7.18%SYNGENTA 164,972,551 6.46%INMARSAT 161,423,703 6.32%DEUTSCHE BOERSE 159,867,400 6.26%NOVOZYMES 149,457,132 5.85%RELX 132,971,445 5.21%AMADEUS 114,952,888 4.50%BAYER 113,270,625 4.43%WIRECARD 111,574,033 4.37%FRESENIUS 88,774,731 3.48%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsREED ELSEVIER 71,151,688 6.93%WIRECARD 58,841,475 5.73%FRESENIUS 53,669,018 5.23%NOVO NORDISK 51,733,724 5.04%BAYER 51,687,863 5.04%INMARSAT 50,756,664 4.95%PROVIDENT FINANCIAL 48,691,532 4.74%NOVOZYMES 45,924,223 4.47%SYNGENTA 45,224,788 4.41%AMADEUS 42,807,529 4.17%




169 170



Investment in Collective Investment SchemesJupiter Global Fund - Jupiter Global Ecology Growth, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Global Fund - Jupiter Global Ecology Growth (Class L).












5.92% -6.61% -3.10% 6.86% 3.35% NA -0.99%

Benchmark: FTSE World Index Net TR

5.29% -4.06% -1.37% 8.81% 7.10% NA 3.25%


169 170

Underlying Fund:Jupiter Global Fund - Jupiter Global Ecology Growth (Class L)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsCRANSWICK 365,426 3.22%VESTAS WIND SYSTEMS 354,847 3.13%LKQ 336,254 2.96%JOHNSON MATTHEY 282,001 2.48%UNITED NATURAL FOODS 254,213 2.24%NOVOZYMES 241,788 2.13%STERICYCLE 239,374 2.11%EDP RENOVAVEIS 232,911 2.05%A.O. SMITH 230,339 2.03%STANTEC 220,091 1.94%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsPALL 383,305 3.81%UNITED NATURAL FOODS 378,097 3.76%LKQ 340,820 3.39%STANTEC 257,668 2.56%REGAL-BELOIT 254,325 2.53%CRANSWICK 251,327 2.50%STERICYCLE 235,325 2.34%JOHNSON MATTHEY 227,351 2.26%JOHNSON CONTROLS 204,856 2.04%COVANTA HOLDING 196,826 1.96%





171 172



Investment in Collective Investment SchemesJupiter Global Fund - Jupiter Global Financials, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Global Fund - Jupiter Global Financials (Class L). Market Value USD % of Net Assets150,705 100%










(10 Jul 2007)


4.61% -3.42% 1.08% 8.92% 4.80% NA -0.23%

Benchmark: FTSE All World Financials Stg Net TR

3.91% -7.61% -5.11% 6.55% 4.88% NA -2.83%


171 172

Underlying Fund:Jupiter Global Fund - Jupiter Global Financials (Class L)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsACE 3,300,430 3.48%DEUTSCHE BOERSE 3,101,142 3.27%BANQUE CANTONALE VAUDOISE 2,878,349 3.04%CITIGROUP 2,841,968 3.00%VISA 2,813,321 2.97%VALIANT 2,725,304 2.88%JPMORGAN CHASE 2,655,959 2.80%SOCIETE GENERALE 2,595,650 2.74%EURONEXT 2,497,060 2.64%UNIPOL GRUPPO FINANZIARIO 2,394,519 2.53%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsCITIGROUP 2,551,540 3.38%YES BANK 1,989,399 2.64%AMERICAN EXPRESS 1,738,642 2.30%MASTERCARD 1,692,192 2.24%CHINA CONSTRUCTION BANK 1,646,744 2.18%SAMPO 1,606,713 2.13%DBS GROUP 1,598,426 2.12%MAN GROUP 1,403,165 1.86%EURONEXT 1,346,010 1.78%ROYAL BANK OF CANADA 1,272,505 1.69%





173 174



Investment in Collective Investment SchemesJupiter Global Fund - Jupiter India Select, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Global Fund - Jupiter India Select (Class L). Market Value USD % of Net Assets570,807 100%










(2 May 2008)


6.57% 4.97% 6.82% 10.35% 2.51% NA 4.10%

Benchmark: MSCI India -0.91% -7.59% -6.12% 3.80% -2.41% NA -0.88%


173 174

Underlying Fund:Jupiter Global Fund - Jupiter India Select (Class L)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsHINDUSTAN PETROLEUM 24,646,161 8.96%GODFREY PHILLIPS INDIA 23,565,899 8.57%INFOSYS TECHNOLOGIES 14,590,202 5.31%INTERGLOBE AVIATION 7,466,143 2.72%FORCE MOTORS 6,815,787 2.48%TATA MOTORS 5,914,450 2.15%ADITYA BIRLA NUVO 5,732,334 2.08%KOTAK MAHINDRA BANK 5,247,941 1.91%DEWAN HOUSING FINANCE 5,227,941 1.90%INDIAN OIL 5,181,983 1.88%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsHINDUSTAN PETROLEUM 17,318,494 7.47%INFOSYS TECHNOLOGIES 13,743,460 5.93%TECH MAHINDRA 12,128,038 5.23%GODFREY PHILLIPS INDIA 8,043,164 3.47%NESTLE INDIA 6,418,958 2.77%ING VYSYA BANK 5,463,329 2.36%ICICI BANK 5,317,350 2.29%GILLETTE INDIA 5,058,938 2.18%STATE BANK OF INDIA 4,975,253 2.15%EIH ASSOCIATED HOTELS 4,912,856 2.12%


Turnover Ratio For the 12 months ended For the 12 months ended 31 December 2015 31 December 2014 -13.00% 60.00%


175 176

Legg Mason QS MV European Equity Growth and Income Fund

Investment in Collective Investment SchemesLegg Mason QS MV European Equity Growth and Income Fund, an ILP sub-fund, feeds 100% into the underlying Dublin registered Legg Mason QS MV European Equity Growth and Income Fund (Class A Euro Accumulation).











Legg Mason QS MV European Equity Growth and Income Fund

4.98% -0.22% 11.96% 13.20% 8.88% NA 10.47%

Benchmark: MSCI Europe Index (Net Dividends) (EUR)

5.31% -4.01% 8.22% 11.48% 8.36% NA 9.74%


Legg Mason Asset Management Singapore Pte Limited

175 176

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsSWEDISH MATCH AB 2,134,062 1.27%BERKELEY GROUP HOLDINGS 2,127,666 1.26%SWISS RE 2,106,732 1.25%MAN SE NPV 2,096,112 1.25%GIVAUDAN 2,082,591 1.24%SNAM SPA 2,082,533 1.24%ROCHE HOLDING AG 2,081,117 1.24%ASTRAZENECA PLC 2,080,152 1.24%NORDEA BANK AB 2,077,661 1.23%DANSKE BANK A/S 2,075,202 1.23%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsCATLIN GROUP LTD 1,170,738 1.38%KONINKLIJKE AHOLD 1,085,569 1.28%TELEFONICA DEUTSCHLAND HOLDING 1,082,881 1.27%HANNOVER RE 1,078,093 1.27%PSP SWISS PROPERTY 1,067,351 1.26%NESTLE SA 1,064,551 1.25%NATIONAL GRID PLC 1,063,191 1.25%GIVAUDAN 1,055,515 1.24%IMPERIAL TOBACCO GROUP PLC 1,052,458 1.24%ERICSSON 1,045,626 1.23%




Underlying Fund:Legg Mason QS MV European Equity Growth and Income Fund

(Class A Euro Accumulation)

177 178

Legg Mason Western Asset Asian Opportunities Fund

Investment in Collective Investment SchemesLegg 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 Distributing (M) SGD Hedged Plus).










Underlying Fund:Legg Mason Western Asset Asian Opportunities Fund

(Class A Distributing (M) SGD Hedged Plus)

Fund / Benchmark 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*(18 Jan 2011)

Legg Mason Western Asset Asian Opportunities Fund

3.12% -3.47% -4.27% -2.84% NA NA 0.79%

Benchmark: HSBC Asian Local Bond Overall Index

2.74% -2.03% -2.03% -1.19% NA NA 2.14%


Legg Mason Asset Management Singapore Pte Limited

177 178

Underlying Fund:Legg Mason Western Asset Asian Opportunities Fund

(Class A Distributing (M) SGD Hedged Plus)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsREPUBLIC OF PHILIPPINES 6.25 1/14/2036 28,172,314 6.68%INDIA GOVERNMENT 7.28 6/3/2019 25,937,086 6.15%INDIA GOVERNMENT 8.15 6/11/2022 23,406,638 5.55%THAILAND GOVERNMENT 3.85 12/12/2025 22,900,549 5.43%MALAYSIAN GOVERNMENT 3.48 3/15/2023 19,442,271 4.61%CHINA GOVERNMENT 3.6 5/21/2030 14,339,202 3.40%LEGG MASON WESTERN ASSET CHINA BOND FUND 12,103,973 2.87%CHINA GOVERNMENT 3.38 11/21/2024 10,206,138 2.42%REPUBLIC OF INDONESIA 4.125 1/15/2025 7,802,213 1.85%KOREA TREASURY BOND 4.00 12/10/2031 7,760,039 1.84%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsSINGAPORE DOLLAR IRS 1.455 10/23/2018 29,022,030 5.10%KOREA TREASURY BOND 3.75 6/10/2022 28,452,971 5.00%SINGAPORE DOLLAR IRS 1.54 09/25/2018 26,802,699 4.71%INDIA GOVERNMENT 7.28 6/03/2019 26,404,357 4.64%REPUBLIC OF PHILIPPINES 6.25 1/14/2036 25,892,203 4.55%THAILAND GOVERNMENT 3.85 12/12/2025 24,014,307 4.22%INDIA GOVERNMENT 8.15 6/11/2022 23,615,966 4.15%MALAYSIAN GOVERNMENT 3.48 3/15/2023 23,502,154 4.13%SINGAPORE DOLLAR IRS 1.56 03/04/2019 20,087,797 3.53%THAILAND GOVERNMENT 3.625 6/16/2023 15,023,169 2.64%

Note: Market values are based in USD according to data source provided by Legg Mason Asset Management Singapore Pte Limited.


Turnover Ratio For the 12 months ended For the 12 months ended 31 December 2015 31 December2014 -6.59% 44.72%


179 180

MFS Investment Management

Massachusetts Financial Services (MFS) Meridian Funds - Global Equity Fund

Investment in Collective Investment SchemesMassachusetts Financial Services (MFS) Meridian Funds - Global Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Massachusetts Financial Services (MFS) Meridian Funds - Global Equity Fund (Class A1).











MFS Meridian Funds - Global Equity Fund

5.52% -3.19% 7.50% 15.40% 12.06% 7.02% 5.80%

Benchmark: MSCI World Index (Net Div)

8.41% -0.93% 10.42% 16.94% 12.23% 5.85% 4.18%


179 180

Underlying Fund:Massachusetts Financial Services (MFS) Meridian Funds - Global Equity Fund

(Class A1)

Top 10 Holdings as at 30 June 2015 Market Value EUR % of Net AssetsWALT DISNEY CO 145,192,305 3.04%TIME WARNER INC 132,661,699 2.77%HONEYWELL INTERNATIONAL INC 120,862,964 2.53%RECKITT BENCKISER GROUP PLC 119,120,812 2.49%NESTLE SA 118,793,715 2.48%ACCENTURE PLC 117,911,523 2.47%THERMO FISHER SCIENTIFIC INC 117,067,881 2.45%STATE STREET CORP 108,452,689 2.27%BAYER AG 106,886,616 2.24%VISA INC 102,801,449 2.15%

Top 10 Holdings as at 30 June 2014 Market Value EUR % of Net AssetsWALT DISNEY CO 108,378,165 3.00%LINDE AG 98,000,978 2.71%NESTLE SA 95,182,376 2.63%RECKITT BENCKISER GROUP PLC 92,887,985 2.57%HONEYWELL INTERNATIONAL INC 84,874,965 2.35%BAYER AG 83,093,617 2.30%DIAGEO PLC 82,272,763 2.28%THERMO FISHER SCIENTIFIC INC 80,111,254 2.22%TIME WARNER INC 77,106,006 2.13%ACCENTURE PLC 72,316,525 2.00%

Note: The Top 10 Holdings as at 30 June 2015 were revised according to source data provided by MFS Investment Management.




181 182

NN Investment Partners (Singapore) Ltd

NN (L) Euro Equity

Investment in Collective Investment SchemesNN (L) Euro Equity , an ILP sub-fund, feeds 100% into the underlying Luxembourg registered NN (L) Euro Equity (Class X Capitalisation).






Subscriptions 311Redemptions (167)





(2 Jul 2000)

NN (L) Euro Equity 7.08% -1.38% 11.01% 11.05% 5.85% 1.41% -0.64%

Benchmark: MSCI EMU Index 6.45% -2.67% 9.81% 12.22% 7.49% 3.09% 1.19%


181 182

Underlying Fund:NN (L) Euro Equity (Class X Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsTOTAL SA 62,912 4.53%ANHEUSER-BUSCH INBEV SA/NV 53,384 3.84%BNP PARIBAS 50,369 3.62%DAIMLER AG-REGISTERED SHARES 48,599 3.50%AXA SA 44,644 3.21%MUENCHENER RUECKVER AG-REG 41,557 2.99%BAYERISCHE MOTOREN WERKE AG 41,069 2.96%FRESENIUS SE & CO KGAA 38,974 2.80%DEUTSCHE BOERSE AG 38,242 2.75%ING GROEP NV-CVA 37,698 2.71%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsTOTAL SA 61,791 4.71%BAYER AG-REG 57,866 4.41%SIEMENS AG-REG 53,606 4.08%ANHEUSER-BUSCH INBEV NV 51,154 3.90%ALLIANZ SE-REG 50,043 3.81%BNP PARIBAS 49,062 3.74%SAP SE 46,454 3.54%DAIMLER AG-REGISTERED SHARES 42,535 3.24%SANOFI 37,912 2.89%UNILEVER NV-CVA 37,840 2.88%

Note: The Market Values as at 31 December 2014 were revised according to source data provided by NN Investment Partners (Singapore) Ltd as the reporting format for Market Value has been revised and it is now being computed and reported at share class level instead of sub-fund level.




183 184

NN Investment Partners (Singapore) Ltd

NN (L) Euromix Bond

Investment in Collective Investment SchemesNN (L) Euromix Bond , an ILP sub-fund, feeds 100% into the underlying Luxembourg registered NN (L) Euromix Bond (Class X Capitalisation).











(2 Jul 2000)

NN (L) Euromix Bond -0.05% 0.60% -0.08% 0.95% 2.24% 2.15% 3.37%

Benchmark: Barclays Capital Euro Treasury AAA 1-10

0.15% 0.96% 0.61% 1.89% 3.37% 3.37% 4.48%


183 184

Underlying Fund:NN (L) Euromix Bond (Class X Capitalisation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net Assets4.250% BUNDESREPUB. DEUTSCHLAND 07/04/2017 357,878 5.28%0.000% GERMANY (FEDERAL REPUBLIC OF) 12/16/2016 321,230 4.74%NN (L) LIQUID EUR - Z CAP EUR 282,062 4.16%0.000% GERMANY FEDERAL REPUB OF 09/16/2016 227,181 3.35%1.750% BUNDESREPUB. DEUTSCHLAND 07/04/2022 180,966 2.67%3.500% BUNDESREPUB. DEUTSCHLAND 07/04/2019 169,539 2.50%3.750% BUNDESREPUB. DEUTSCHLAND 01/04/2019 168,129 2.48%1.750% NETHERLANDS GOVERNMENT 07/15/2023 154,607 2.28%3.000% BUNDESREPUB. DEUTSCHLAND 07/04/2020 150,959 2.23%3.250% BUNDESREPUB. DEUTSCHLAND 01/04/2020 149,762 2.21%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net Assets2.750% BUNDESOBLIGATION 04/08/2016 404,052 6.53%2.000% BUNDESREPUB. DEUTSCHLAND 01/04/2022 403,404 6.52%2.250% NETHERLANDS GOVERNMENT 07/15/2022 327,735 5.30%4.250% BUNDESREPUB. DEUTSCHLAND 07/04/2017 315,580 5.10%3.500% BUNDESREPUB. DEUTSCHLAND 07/04/2019 255,414 4.13%0.000% GERMANY FEDERAL REPUB OF 09/16/2016 250,687 4.05%3.650% REPUBLIC OF AUSTRIA 04/20/2022 239,522 3.87%1.750% NETHERLANDS GOVERNMENT 07/15/2023 225,524 3.65%3.750% NETHERLANDS GOVERNMENT 01/15/2023 218,343 3.53%ING (L) LIQUID EUR Z CAP 209,821 3.39%

Note: The Market Values as at 31 December 2014 were revised according to source data provided by NN Investment Partners (Singapore) Ltd as the reporting format for Market Value has been revised and it is now being computed and reported at share class level instead of sub-fund level.




185 186

PIMCO Asia Pte Ltd

PIMCO Funds: Global Investors Series PLC (GIS plc) - Emerging Markets Bond Fund

Investment in Collective Investment SchemesPIMCO Funds: Global Investors Series PLC (GIS plc) - Emerging Markets Bond Fund, an ILP sub-fund, feeds 100% into the underlying Ireland registered PIMCO Funds: Global Investors Series PLC (GIS plc) - Emerging Markets Bond Fund (Class E Accumulation).











PIMCO Funds: GIS plc - Emerging Markets Bond Fund

1.34% -5.08% -2.70% -2.47% 3.28% NA 9.53%

Benchmark: JP Morgan Emerging Markets Bond Index (EMBI) Global

1.55% -0.52% 1.23% -0.07% 5.11% NA 8.87%


185 186

Underlying Fund:PIMCO Funds: Global Investors Series PLC (GIS plc) - Emerging Markets Bond Fund

(Class E Accumulation)

Top 10 Holdings as at 30 September 2015 Market Value USD % of Net AssetsPEMEX GLBL CO GTD 105,367,445 2.80%ZCS BRL R 13.73 07/07/15-01/02/17 JPM 72,141,481 1.92%LETRA TESOURO NACIONAL 69,043,765 1.84%INDONESIA (REP OF) BD 144A 63,686,553 1.69%GAZ CAPITAL SA 58,454,148 1.56%ZCS BRL R 8.42 12/04/12-01/02/17 BOA 51,035,340 1.36%PETROBRAS GLOBAL FINANCE CO GTD 46,891,797 1.25%PETROBRAS GLOBAL FINANCE CO GTD 44,980,131 1.20%SCF CAPITAL LTD CO GTD REGS **DWAC** 43,978,404 1.17%SBERBANK (SB CAP SA) UNSEC REGS 43,921,476 1.17%

Top 10 Holdings as at 30 September 2014 Market Value USD % of Net AssetsCDX EM21 BP ICE 175,248,539 3.22%PEMEX GLBL CO GTD 144,325,874 2.65%PETROBRAS INTL FIN CO GLBL CO GTD 104,415,467 1.92%MEXICO GOVT (UMS) GLOBAL SR UNSEC 83,394,307 1.53%PETROBRAS INTL FIN CO GLBL CO GTD 76,246,498 1.40%ZCS BRL R 8.42 12/04/12-01/02/17 BOA 74,531,038 1.37%PEMEX GLBL SR UNSEC 66,233,119 1.22%PETROLEOS DE VENEZUELA S CO GTD 58,282,012 1.07%INDONESIA (REP OF) BD 144A 58,198,718 1.07%RUSSIAN FEDERATION SR UNSEC REGS 55,530,253 1.02%

Note: The Top 10 Holdings as at 30 September 2014 were revised to include derivatives according to data source provided by PIMCO Asia Pte Ltd.




187 188

PIMCO Asia Pte Ltd

PIMCO Funds: Global Investors Series PLC (GIS plc) - Global Bond Fund

Investment in Collective Investment SchemesPIMCO Funds: Global Investors Series PLC (GIS plc) - Global Bond Fund, an ILP sub-fund, feeds 100% into the underlying Ireland registered PIMCO Funds: Global Investors Series PLC (GIS plc) - Global Bond Fund (Class E Accumulation).











PIMCO Funds: GIS plc - Global Bond Fund

0.24% 0.63% 0.00% 2.11% 4.61% NA 4.74%

Benchmark: Barclays Global Aggregate (USD Hedged) Index

0.10% 1.42% 1.02% 2.77% 3.87% NA 4.55%


187 188

Underlying Fund:PIMCO Funds: Global Investors Series PLC (GIS plc)

- Global Bond Fund (Class E Accumulation)

Top 10 Holdings as at 30 September 2015 Market Value USD % of Net AssetsFIN FUT US 10YR CBT 12/21/15 614,330,952 7.64%FIN FUT EURO-BOBL 5Y EUX 12/08/15 542,209,631 6.74%IRS JPY 0.15000 03/22/16-2Y CME 458,618,522 5.70%JAPANESE GOVT BOND (20Y) #150 317,188,095 3.94%FIN FUT US 5YR CBT 12/31/15 276,275,179 3.44%CCS EUR R US3ML/EUR3ML-10 DUB 270,237,388 3.36%CCS EUR R US3ML/EUR3ML-10 BPS 260,634,316 3.24%CDX HY24 5Y ICE 221,431,019 2.75%CCS EUR R US3ML/EUR3ML-10 BOA 196,531,354 2.44%U S TREASURY INFLATE PROT BD 173,280,042 2.16%

Top 10 Holdings as at 30 September 2014 Market Value USD % of Net AssetsFNMA TBA 3.5% OCT 15YR 510,874,836 6.41%IRS JPY 1.500 06/19/13-20Y CME 467,394,177 5.87%BRAZIL NTN-F 399,430,546 5.02%CCS EUR R US3ML/EUR3ML-10 DUB 398,450,332 5.00%FIN FUT EUX EURO-BTP 12/08/14 396,004,773 4.97%IRS USD 3.000 06/20/18-5Y CME 328,663,076 4.13%SPANISH GOVT BD (BONOS Y OBLIG) 313,896,989 3.94%FIN FUT US 30YR CBT 12/19/14 301,985,402 3.79%CCS EUR R US3ML/EUR3ML-10 BPS 275,964,206 3.46%CCS EUR R US3ML/EUR3ML-10 GLM 216,202,830 2.71%





189 190

PIMCO Asia Pte Ltd

PIMCO Funds: Global Investors Series PLC (GIS plc) - Global Real Return Fund

Investment in Collective Investment SchemesPIMCO Funds: Global Investors Series PLC (GIS plc) - Global Real Return Fund, an ILP sub-fund, feeds 100% into the underlying Ireland registered PIMCO Funds: Global Investors Series PLC (GIS plc) - Global Real Return Fund (Class E Accumulation).











PIMCO Funds: GIS plc - Global Real Return Fund

-0.92% -2.29% -2.76% -0.81% 2.86% NA 3.66%

Benchmark: Barclays World Government Inflation-Linked Bond USD Hedged Index

-0.97% -0.96% -1.12% 0.62% 3.63% NA 4.48%


189 190


- Global Real Return Fund (Class E Accumulation)

Top 10 Holdings as at 30 September 2015 Market Value USD % of Net AssetsUK TSY 0.125% 2024 I/L GILT 270,487,896 10.08%U S TREASURY INFLATE PROT BD 183,110,421 6.83%U S TREASURY INFLATE PROT BD 170,844,653 6.37%FIN FUT US 10YR CBT 12/21/15 165,888,685 6.18%ITALIAN BTP BOND I/L 160,848,105 6.00%BUNDESOBLIGATION I/L BD 142,398,680 5.31%U S TREASURY INFLATE PROT BD 126,506,786 4.72%U S TREASURY INFLATE PROT BD 112,353,912 4.19%U S TREASURY INFLATE PROT BD 105,532,126 3.93%U S TREASURY INFLATE PROT BD 97,772,037 3.64%

Top 10 Holdings as at 30 September 2014 Market Value USD % of Net AssetsFRANCE (GOVT OF) OATE I/L 212,402,578 8.21%U S TREASURY INFLATE PROT BD 186,927,664 7.23%BUNDESOBLIGATION I/L BD 167,263,086 6.47%FIN FUT US 10YR CBT 12/19/14 165,179,909 6.39%U S TREASURY INFLATE PROT BD 145,029,566 5.61%U S TREASURY INFLATE PROT BD 144,855,053 5.60%DENMARK (KINGDOM OF) I/L BD 114,875,050 4.44%U S TREASURY INFLATE PROT BD 88,319,498 3.41%UK TSY 0.75% 2034 I/L GILT 86,307,377 3.34%UK TSY 1.125% 2037 I/L GILT 82,336,489 3.18%





191 192

PIMCO Asia Pte Ltd

PIMCO Funds: Global Investors Series PLC (GIS plc) - Total Return Bond Fund

Investment in Collective Investment SchemesPIMCO Funds: Global Investors Series PLC (GIS plc) - Total Return Bond Fund, an ILP sub-fund, feeds 100% into the underlying Ireland registered PIMCO Funds: Global Investors Series PLC (GIS plc) - Total Return Bond Fund (Class E Accumulation).











PIMCO Funds: GIS plc - Total Return Bond Fund

0.32% -0.24% -0.20% 0.01% 2.06% NA 4.47%

Benchmark: Barclays U.S. Aggregate Index

-0.57% 0.65% 0.55% 1.44% 3.25% NA 4.70%


191 192


- Total Return Bond Fund (Class E Accumulation)

Top 10 Holdings as at 30 September 2015 Market Value USD % of Net AssetsFNMA TBA 4.0% NOV 30YR 680,537,385 8.66%FNMA TBA 3.5% NOV 30YR 674,312,060 8.58%FIN FUT US 5YR CBT 12/31/15 479,620,852 6.10%FNMA TBA 4.5% OCT 30YR 398,993,491 5.08%U S TREASURY BOND 363,882,356 4.63%FNMA TBA 5.5% OCT 30YR 342,417,191 4.36%FNMA TBA 4.0% OCT 30YR 299,147,612 3.81%FIN FUT EUX EURO-BTP 12/08/15 242,362,049 3.08%U S TREASURY INFLATE PROT BD 222,777,512 2.84%U S TREASURY NOTE 196,305,545 2.50%

Top 10 Holdings as at 30 September 2014 Market Value USD % of Net AssetsOIS USD FEDL01/1.0 10/15/15 CME 1,580,483,954 10.97%U S TREASURY INFLATE PROT BD 858,660,458 5.96%U S TREASURY INFLATE PROT BD 405,185,015 2.81%U S TREASURY INFLATE PROT BD 319,160,863 2.21%U S TREASURY INFLATE PROT BD 312,334,768 2.17%U S TREASURY BOND 311,904,526 2.16%FED HOME LN MTGE GLBL NT (7MMM) 292,987,645 2.03%WELLS FARGO & CO JR SUBORD K PFD 286,323,940 1.99%U S TREASURY INFLATE PROT BD 274,697,356 1.91%FIN FUT US 30YR CBT 12/19/14 269,265,874 1.87%





193 194

PIMCO Asia Pte Ltd

PIMCO Funds: Global Investors Series PLC (GIS plc) - US High Yield Bond Fund

Investment in Collective Investment SchemesPIMCO Funds: Global Investors Series PLC (GIS plc) - US High Yield Bond Fund, an ILP sub-fund, feeds 100% into the underlying Ireland registered PIMCO Funds: Global Investors Series PLC (GIS plc) - US High Yield Bond Fund (Class E Accumulation).











PIMCO Funds: GIS plc - US High Yield Bond Fund

-0.93% -4.72% -3.03% 1.51% 4.15% NA 4.52%

Benchmark: BofA Merrill Lynch US High Yield Constrained Index

-2.16% -6.93% -4.49% 1.66% 4.88% NA 6.17%


193 194

Underlying Fund:PIMCO Funds: Global Investors Series PLC (GIS plc) - US High Yield Bond Fund (Class E Accumulation)

Top 10 Holdings as at 30 September 2015 Market Value USD % of Net AssetsCDX HY23 5Y ICE 45,279,855.90 2.44%ORTHO-CLINICAL DIAGNOSTICS SR UNSEC 144 17,103,263.33 0.92%GARDNER DENVER SR UNSEC 144A 16,324,940.91 0.88%LLOYDS BANKING GROUP PLC JR SUB 12,770,317.97 0.69%ALTICE SA SR UNSEC 144A 8,595,009.51 0.46%HD SUPPLY INC SR UNSEC 8,288,885.88 0.45%ACCUDYNE INDUSTRIES SR UNSEC 144A 8,001,972.44 0.43%CPG INTERNATIONAL INC SR UNSEC 144A 7,931,948.21 0.43%HCA INC SR UNSEC GLBL 7,860,064.93 0.42%VALEANT PHARMACEUTICALS SR UNSEC 144A 7,838,499.95 0.42%

Top 10 Holdings as at 30 September 2014 Market Value USD % of Net AssetsCDX HY22 5Y BP ICE 82,500,663 4.49%CDX HY20 5Y BP ICE 20,892,971 1.14%LLOYDS BANKING GROUP PLC JR SUB 16,522,606 0.90%GARDNER DENVER SR UNSEC 144A 15,597,730 0.85%CIT GROUP INC GLBL SR UNSEC 14,836,551 0.81%ORTHO-CLINICAL DIAGNOSTICS SR UNSEC 144 10,763,411 0.59%SPRINT CORP SR UNSEC 144A 9,940,182 0.54%TELECOM ITALIA SPA SR UNSEC 144A 9,669,868 0.53%BIOMET INC GLBL SR SUB 9,311,088 0.51%HD SUPPLY INC SR UNSEC 9,222,621 0.50%





195 196

Schroder Investment Management (Singapore) Ltd

Schroder Asian Growth Fund

Investment in Collective Investment SchemesSchroder Asian Growth Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Asian Growth Fund (USD).











(3 May 2004)

Schroder Asian Growth Fund 8.51% -7.94% -5.68% 1.37% 3.51% 8.60% 10.11%

Benchmark: MSCI AC Far East Ex Japan GR USD Index

4.38% -14.49% -9.51% -1.05% 0.28% 6.33% 8.49%


195 196


Underlying Fund:Schroder Asian Growth Fund (USD)

Top 10 Holdings as at 30 June 2015 Market Value SGD % of Net AssetsTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 33,553,262 6.37%AIA GROUP LTD 28,199,357 5.36%TENCENT HLDG LTD 22,376,533 4.25%CHINA MOBILE LTD 16,022,920 3.04%SAMSUNG ELECTRONICS CO LTD 14,054,414 2.67%TECHTRONIC IND CO LTD 13,439,919 2.55%CHINA PACIFIC INSURANCE (GROUP) CO LTD H SHARES 13,432,572 2.55%BAIDU INC ADR 12,182,578 2.31%SWIRE PROPERTIES LTD 12,066,661 2.29%CHINA LODGING GROUP LTD ADS 11,886,673 2.26%

Top 10 Holdings as at 30 June 2014 Market Value SGD % of Net AssetsHYUNDAI MOTOR CO 21,991,702 5.96%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 20,663,670 5.60%SAMSUNG ELECTRONICS CO LTD 16,856,976 4.57%JARDINE STRATEGIC HLDG LTD 14,966,382 4.05%AIA GROUP LTD 12,501,457 3.39%TECHTRONIC IND CO LTD 9,812,984 2.66%CHINA LODGING GROUP LTD ADS 8,967,976 2.43%HOLLYSYS AUTOMATION TECHNOLOGIES LTD 8,585,165 2.33%TENCENT HLDG LT 8,574,666 2.32%BAIDU INC ADR 7,429,551 2.01%

Note: Market Values are based in SGD according to data source provided by Schroder Investment Management (Singapore) Ltd.




197 198


Schroder Global Emerging Market Opportunities Fund

Investment in Collective Investment SchemesSchroder Global Emerging Market Opportunities Fund, an ILP sub-fund, invests 100% into the underlying Schroder Global Emerging Market Opportunities Fund, a sub-fund of the Schroder International Opportunities Portfolio (SIOP) which is a Singapore-authorised open-ended umbrella unit trust.











(8 Oct 2010)

Schroder Global Emerging Market Opportunities Fund

2.38% -6.42% -7.54% 0.65% -3.14% NA -2.78%

Benchmark: MSCI EM NR USD 0.43% -12.93% -8.91% -1.99% -2.84% NA -2.24%

* Annualised Performance **The Fund is not benchmark constrained, but for reference purposes presents its performance against the MSCI EM NR USD.

197 198

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsHDFCBANKLTD 17,796,863 2.75%BANKOFGEORGIAHLDGPLC 14,949,365 2.31%CATCHERTECHNOLOGYCOLTD 14,949,365 2.31%MARUTISUZUKIINDIALTD 14,819,933 2.29%KOCHLDGAS 14,755,217 2.28%AIAGROUPLTD 14,625,785 2.26%EMAARPROPERTIESPJSC 14,302,206 2.21%TATACONSULTANCYSERVICESLTD 14,302,206 2.21%NAVERCORP 14,043,342 2.17%HONHAIPRECISIONINDCOLTD 13,978,627 2.16%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsBRILLIANCECHINAAUTOMOTIVEHLDGLTD 21,801,437 2.74%HONHAIPRECISIONINDCOLTD 21,721,870 2.73%SKTELECOMCOLTD 21,562,735 2.71%SAMSUNGELECTRONICSCOLTD 21,244,466 2.67%TENCENTHLDGLTD 21,244,466 2.67%BBSEGURIDADEPARTICIPACOESSA 20,607,928 2.59%QUALICORPSA 20,607,928 2.59%CNOOCLTD 20,289,659 2.55%KASIKORNBANKPCL 20,130,524 2.53%ITAUUNIBANCOHLDGSA 19,334,851 2.43%

Note: The Top 10 Holdings in USD, are based on that of Schroder International Selection Fund (ISF) - Global Emerging Market Opportunities, the underlying fund of SIOP - Schroder Global Emerging Market Opportunities Fund.

Expenses Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014SIOP-SchroderGlobalEmergingMarketOpportunitiesFund 1.76% 1.76%SchroderISFGlobalEmergingMarketOpportunitiesCAcc 1.36% 1.37%

Turnover Ratio For the 12 months ended For the 12 months ended 30 June 2015 30 June 2014SIOP-SchroderGlobalEmergingMarketOpportunitiesFund 0.00%^ 0.00%^SchroderISFGlobalEmergingMarketOpportunitiesCAcc 101.61% 61.36%

^Note: The turnover ratio is 0.00% as there was no purchase for the financial period.


UnderlyingFund:SchroderGlobalEmergingMarketOpportunitiesFund

199 200


Schroder International Selection Fund (ISF) Asian Bond Absolute Return

Investment in Collective Investment SchemesSchroder International Selection Fund (ISF) Asian Bond Absolute Return, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder International Selection Fund (ISF) Asian Bond Absolute Return (Class A Accumulation).











Schroder ISF Asian Bond Absolute Return

1.53% -3.01% -2.25% -1.57% 0.66% 1.97% 5.88%

Benchmark: USD LIBOR 3 Months 0.11% 0.19% 0.32% 0.28% 1.80% 3.64% 4.27%


Underlying Fund:Schroder International Selection Fund (ISF) Asian Bond Absolute Return (Class A Accumulation)

199 200

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsKOREA TREASURY BOND 5.75% 10 SEP 2018 52,797,282 7.68%INDIA GOVERNMENT BOND 7.16% 20 MAY 2023 38,910,497 5.66%INDIA GOVERNMENT BOND 7.8% 11 APR 2021 36,573,117 5.32%US TREASURY BILL 3% SEP 2015 31,004,654 4.51%INDIA GOVERNMENT BOND SPB 8.28% 21 SEP 2027 28,461,035 4.14%SCHRODER CHINA FIXED INCOME FUND USD I ACC 27,223,599 3.96%THAILAND GOVERNMENT BOND 1.25% 12 MAR 2028 25,917,416 3.77%SISF - RMB FIXED INCOME USD I ACC 23,786,276 3.46%PHILIPPINE GOVERNMENT BOND 7% 27 JAN 2016 19,317,756 2.81%MALAYSIA GOVERNMENT BOND 4.181% 15 JUL 2024 18,149,066 2.64%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsKOREA TREASURY BOND 5.75% 10 SEP 2018 145,111,476 17.43%SINGAPORE GOVERNMENT BOND 2.25% 1 JUN 2021 77,842,358 9.35%INDIA GOVERNMENT BOND 7.16% 20 MAY 2023 39,129,314 4.70%INDIA GOVERNMENT BOND 7.8% 11 APR 2021 37,131,221 4.46%INDIA GOVERNMENT BOND SPB 8.28% 21 SEP 2027 28,805,835 3.46%THAILAND GOVERNMENT BOND 1.25% 12 MAR 2028 26,890,996 3.23%SISF - RMB FIXED INCOME USD I ACC 22,894,811 2.75%PHILIPPINE GOVERNMENT BOND 7% 27 JAN 2016 20,813,465 2.50%THAILAND GOVERNMENT BOND 1.2% 14 JUL 2021 17,649,818 2.12%THAILAND GOVERNMENT BOND 3.625% 16 JUN 2023 12,987,602 1.56%




Underlying Fund:Schroder International Selection Fund (ISF) Asian Bond Absolute Return (Class A Accumulation)

201 202


Schroder International Selection Fund (ISF) BRIC

Investment in Collective Investment SchemesSchroder International Selection Fund (ISF) BRIC, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder International Selection Fund (ISF) BRIC (Class A Accumulation).






Subscriptions 87.434Redemptions (119,502)





Schroder ISF BRIC 2.71% -17.01% -13.40% -5.91% -5.96% 3.67% 4.49%

Benchmark: MSCI BRIC Net TR 1.30% -20.08% -13.46% -6.74% -6.44% 4.34% 5.43%


201 202

Underlying Fund:Schroder International Selection Fund (ISF) BRIC (Class A Accumulation)

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsTENCENT HLDG LTD 118,132,904 9.55%CHINA CONSTRUCTION BANK CORP 117,390,708 9.49%CHINA PETROLEUM & CHEMICAL CORP 80,033,496 6.47%CHINA MOBILE LTD 74,095,926 5.99%CHINA LIFE INSURANCE CO LTD 61,107,492 4.94%CHINA PACIFIC INSURANCE (GROUP) CO LTD 56,283,216 4.55%HDFC BANK LTD 51,087,842 4.13%INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 48,613,855 3.93%YUM! BRANDS INC 42,923,683 3.47%ITAU UNIBANCO HLDG SA 42,676,285 3.45%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsTENCENT HLDG LTD 128,694,427 7.53%CHINA CONSTRUCTION BANK CORP 101,519,907 5.94%CHINA PETROLEUM & CHEMICAL CORP 90,581,735 5.30%ITAU UNIBANCO HLDG SA 83,403,560 4.88%CNOOC LTD 74,003,568 4.33%LUKOIL PJSC 72,123,570 4.22%HDFC BANK LTD 62,552,670 3.66%AXIS BANK LTD 57,254,493 3.35%CHINA PACIFIC INSURANCE (GROUP) CO LTD 54,519,950 3.19%AMBEV SA 49,734,500 2.91%




203 204


Schroder International Selection Fund (ISF) Emerging Markets

Investment in Collective Investment SchemesSchroder International Selection Fund (ISF) Emerging Markets, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder International Selection Fund (ISF) Emerging Markets (Class A Accumulation).











(9 Mar 1994)

Schroder ISF Emerging Markets 1.77% -14.71% -13.15% -6.65% -4.34% 3.07% 3.69%

Benchmark: MSCI Emerging Markets Net TR

0.66% -17.35% -14.92% -6.76% -4.80% 3.61% 4.12%


203 204

Underlying Fund:Schroder International Selection Fund (ISF) Emerging Markets (Class A Accumulation)

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsTENCENT HLDG LTD 161,656,349 5.18%SAMSUNG ELECTRONICS CO LTD 145,428,299 4.66%CHINA CONSTRUCTION BANK CORP 140,747,130 4.51%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 112,660,120 3.61%CHINA PETROLEUM & CHEMICAL CORP 90,814,667 2.91%CHINA MOBILE LTD 86,133,499 2.76%HON HAI PRECISION IND CO LTD 75,834,928 2.43%AIA GROUP LTD 73,338,305 2.35%HDFC BANK LTD 66,160,514 2.12%CHINA PACIFIC INSURANCE (GROUP) CO LTD 57,422,333 1.84%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsSAMSUNG ELECTRONICS CO LTD 169,417,319 5.16%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 128,376,302 3.91%TENCENT HLDG LTD 110,646,582 3.37%HYUNDAI MOTOR CO 95,871,816 2.92%HON HAI PRECISION IND CO LTD 91,275,222 2.78%CHINA PETROLEUM & CHEMICAL CORP 89,633,582 2.73%CHINA CONSTRUCTION BANK CORP 83,723,675 2.55%ITAU UNIBANCO HLDG SA 78,470,425 2.39%LUKOIL OAO 62,054,018 1.89%HDFC BANK LTD 53,517,486 1.63%




205 206


Schroder International Selection Fund (ISF) Middle East

Investment in Collective Investment SchemesSchroder International Selection Fund (ISF) Middle East, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder International Selection Fund (ISF) Middle East (Class A Accumulation).











(3 Sep 2007)

Schroder ISF Middle East -3.62% -16.69% -18.27% 2.75% 2.51% NA 0.45%

Benchmark: MSCI Arab Markets and Turkey with Saudi Arabia capped at 20%

-6.02% -18.01% -20.65% -3.37% -2.37% NA -1.60%


205 206

Underlying Fund:Schroder International Selection Fund (ISF) Middle East (Class A Accumulation)

Top 10 Holdings as at 30 June 2015 Market Value USD % of Net AssetsEMAAR PROPERTIES 12,613,153 6.54%AKBANK 12,092,426 6.27%UNION NATIONAL BANK 9,778,086 5.07%NATIONAL BANK OF KUWAIT 8,717,347 4.52%TURKIYE GARANTI BANKASI 7,193,740 3.73%QATAR NATIONAL BANK 7,155,168 3.71%TURKIYE IS BANKASI 7,058,737 3.66%SAUDI BASIC INDUSTRIES 6,846,589 3.55%TUPRAS TURKIYE PETROL RAFINERILERI 6,268,004 3.25%COMMERCIAL INTERNATIONAL BANK EGYPT 5,901,567 3.06%

Top 10 Holdings as at 30 June 2014 Market Value USD % of Net AssetsTURKCELL ILETISIM HIZMETLERI 21,595,387 7.23%AKBANK 18,548,735 6.21%EMAAR PROPERTIES 17,383,838 5.82%SAUDI INDUSTRIAL INVESTMENT GROUP 16,009,858 5.36%GULF INTERNATIONAL SERVICES 15,203,391 5.09%TURKIYE HALK BANKASI 14,098,233 4.72%HACI OMER SABANCI HOLDING 12,574,907 4.21%THE NATIONAL BANK OF KUWAIT 11,081,450 3.71%TUPRAS TURKIYE PETROL RAFINERILERI 10,842,497 3.63%KUWAIT INVESTMENT PROJECTS HOLDINGS 10,633,413 3.56%

Note: Market Values are based in USD according to data source provided by Schroder Investment Management (Singapore) Ltd.




207 208


Schroder International Selection Fund (ISF) UK Equity

Investment in Collective Investment SchemesSchroder International Selection Fund (ISF) UK Equity, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder International Selection Fund (ISF) UK Equity (Class A Accumulation).

Market Value GBP % of Net Assets312,281 101%




Total Subscriptions and Redemptions for the 6 months ended 31 December 2015GBP






Schroder ISF UK Equity 5.21% -2.42% 1.83% 9.95% 7.38% 6.43% 7.36%

Benchmark: FTSE All Share Total Return

3.95% -1.98% 0.98% 7.27% 6.00% 5.56% 7.62%


207 208

Underlying Fund:Schroder International Selection Fund (ISF) UK Equity (Class A Accumulation)

Top 10 Holdings as at 30 June 2015 Market Value GBP % of Net AssetsBP 13,089,461 5.11%ASTRAZENECA 11,450,077 4.47%HSBC HOLDINGS 11,270,769 4.40%GLAXOSMITHKLINE 10,399,846 4.06%AVIVA 9,605,769 3.75%IMPERIAL TOBACCO GROUP 8,350,615 3.26%CARNIVAL 8,094,461 3.16%VODAFONE GROUP 7,915,154 3.09%SAGE GROUP 7,863,923 3.07%BARCLAYS 7,556,538 2.95%

Top 10 Holdings as at 30 June 2014 Market Value GBP % of Net AssetsBP 13,376,290 5.53%GLAXOSMITHKLINE 12,215,238 5.05%ASTRAZENECA 9,143,287 3.78%AVIVA 8,103,178 3.35%ROYAL DUTCH SHELL 7,885,480 3.26%HSBC HOLDINGS 7,885,480 3.26%REED ELSEVIER 7,546,840 3.12%VODAFONE GROUP 6,095,525 2.52%SAGE GROUP 5,539,187 2.29%3I GROUP 5,539,187 2.29%




209 210


Schroder Multi Asset Revolution

Investment in Collective Investment SchemesSchroder Multi Asset Revolution, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution (SGD).










Fund / Benchmark** 3 Months 6 Months 1 Year 3 Years* 5 Years* 10 Years*Since Inception*

(7 Jul 2006)

Schroder Multi Asset Revolution 3.56% 0.64% 3.60% 6.05% 4.67% NA 3.88%

Benchmark: SMART-Composite Benchmark Index

3.32% 2.20% 4.80% 10.44% 7.05% NA 3.47%

* Annualised Performance **The Fund is not benchmark constrained, but for reference purposes presents its performance against the SMART-Composite Benchmark Index.

209 210

Underlying Fund:Schroder Multi-Asset Revolution (SGD)

Top 10 Holdings as at 30 June 2015 Market Value SGD % of Net AssetsSISF - QEP GLOBAL CORE I ACCUMULATION 43,971,706 18.83%SHARE CLASS SISF - QEP GLOBAL QUALITY I ACCUMULATION 36,883,119 15.79% SHARE CLASS SCHRODER SINGAPORE FIXED INCOME FUND CLASS 35,090,923 15.02%SISF - US LARGE CAP I ACCUMULATION SHARE CLASS 17,880,062 7.65%SISF - ASIAN OPPORTUNITIES I ACCUMULATION 16,251,618 6.96%SHARE CLASS SCHRODER ASIAN INVESTMENT GRADE CREDIT CLASS I 14,185,747 6.07%SISF - EUROPEAN LARGE CAP I ACCUMULATION 12,779,849 5.47%SHARE CLASS SISF - GLOBAL EQUITY ALPHA I ACCUMULATION 11,678,818 5.00% SHARE CLASS SISF - JAPANESE EQUITY I ACCUMULATION SHARE CLASS 7,477,429 3.20%SISF - GLOBAL BOND I ACCUMULATION SHARE CLASS 7,336,939 3.14%

Top 10 Holdings as at 30 June 2014 Market Value SGD % of Net AssetsSISF - QEP GLOBAL QUALITY I ACCUMULATION 41,980,292 20.69%SHARE CLASS SISF - GLOBAL EQUITY ALPHA I ACCUMULATION 34,421,030 16.96%SHARE CLASS SISF - GLOBAL BOND I ACCUMULATION SHARE CLASS 19,825,745 9.77%SCHRODER ASIAN INVESTMENT GRADE CREDIT CLASS I 18,021,467 8.88%SISF - ASIAN OPPORTUNITIES I ACCUMULATION 16,115,503 7.94% SHARE CLASS SISF - GLOBAL PROPERTY SECURITIES I ACCUMULATION 10,463,259 5.16% SHARE CLASS SCHRODER SINGAPORE TRUST CLASS I 9,938,605 4.90%SISF - EMERGING MARKETS DEBT ABSOLUTE RETURN I 9,874,660 4.87%ACCUMULATION SHARE SCHRODER SINGAPORE FIXED INCOME FUND CLASS 9,760,577 4.81%SISF - JAPANESE EQUITY I ACCUMULATION SHARE CLASS 9,725,643 4.79%




211 212

Templeton Asset Management Ltd

Franklin Templeton Investment Funds (FTIF) - Franklin Biotechnology Discovery Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Franklin Biotechnology Discovery Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Franklin Biotechnology Discovery Fund (Class A Accumulation).











(3 Apr 2000)

FTIF – Franklin Biotechnology Discovery Fund

9.72% -11.76% 4.93% 32.45% 26.41% 14.61% 7.87%

Benchmark: Nasdaq Biotech Price Index

11.72% -8.39% 11.42% 35.28% 29.56% 16.18% 7.82%


211 212

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Franklin Biotechnology Discovery Fund

(Class A Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsCELGENE CORP 252,562,369 9.20%GILEAD SCIENCES INC 237,299,224 8.65%BIOGEN INC 181,670,125 6.62%AMGEN INC 145,863,077 5.31%INCYTE CORP 101,874,150 3.71%REGENERON PHARMACEUTICALS INC 98,037,093 3.57%HERON THERAPEUTICS INC 71,493,328 2.60%BIOMARIN PHARMACEUTICAL INC 71,443,924 2.60%ILLUMINA INC 69,615,969 2.54%VERTEX PHARMACEUTICALS INC 67,895,057 2.47%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsCELGENE CORP 245,397,205 9.70%BIOGEN IDEC INC 183,584,938 7.26%GILEAD SCIENCES INC 162,746,415 6.43%AMGEN INC 132,924,330 5.25%MEDIVATION INC 85,830,835 3.39%REGENERON PHARMACEUTICALS INC 79,668,076 3.15%ILLUMINA INC 74,846,148 2.96%BIOMARIN PHARMACEUTICAL INC 74,307,286 2.94%INCYTE CORP 72,055,703 2.85%ALEXION PHARMACEUTICALS INC 62,204,397 2.46%



Note: The Turnover Ratio as at 30 June 2015 was revised according to source data provided by Templeton Asset Management Ltd.


213 214


Franklin Templeton Investment Funds (FTIF) - Franklin European Small-Mid Cap Growth Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Franklin European Small-Mid Cap Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Franklin European Small-Mid Cap Growth Fund (Class A Accumulation).

Market Value EUR % of Net Assets232.087 101%










(3 Dec 2001)

FTIF - Franklin European Small-Mid Cap Growth Fund

3.58% 0.79% 23.34% 17.07% 11.51% 9.91% 9.75%

Benchmark: MSCI Europe Small-Mid Cap Index

7.40% 0.81% 18.98% 18.30% 11.80% 7.22% 8.37%


213 214

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Franklin European Small-Mid Cap

Growth Fund (Class A Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsPAYSAFE GROUP PLC 58,119,378 5.91%KENNEDY WILSON EUROPE REAL ESTATE PLC 48,536,648 4.93%GRAFTON GROUP PLC 47,922,496 4.87%DEUTSCHE BOERSE AG 44,341,747 4.51%ISS A/S 42,793,102 4.35%LAR ESPANA REAL ESTATE SOCIMI SA 41,879,244 4.26%ZARDOYA OTIS SA 40,853,365 4.15%PRYSMIAN SPA 39,385,297 4.00%MICHAEL PAGE INTERNATIONAL 38,981,431 3.96%GREEN REIT PLC 37,797,347 3.84%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsGRAFTON GROUP PLC 32,042,210 4.92%MICHAEL PAGE INTERNATIONAL 31,022,291 4.77%SLIGRO FOOD GROUP NV 30,537,050 4.69%COUNTRYWIDE PLC 29,217,921 4.49%TNT EXPRESS NV 29,023,434 4.46%GREEN REIT PLC 28,866,023 4.44%LAR ESPANA REAL ESTATE SOCIMI SA 28,790,570 4.43%EULER HERMES GROUP 28,586,326 4.39%PRYSMIAN SPA 28,531,688 4.39%DEUTSCHE BOERSE AG 27,632,104 4.24%





215 216


Franklin Templeton Investment Funds (FTIF) - Franklin Global Real Estate Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Franklin Global Real Estate Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Franklin Global Real Estate Fund (Class A Accumulation).











FTIF - Franklin Global Real Estate Fund

3.92% 3.00% -0.52% 4.72% 5.81 NA 8.02%

Benchmark: FTSE Epra/Nareit Developed Index

4.40% 2.92% 0.05% 6.58% 7.96 NA 10.50%


215 216

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Franklin Global Real Estate Fund


Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsSIMON PROPERTY GROUP INC 18,513,849 5.40%EQUITY RESIDENTIAL 10,854,021 3.17%MITSUI FUDOSAN CO LTD 10,771,794 3.14%UNIBAIL-RODAMCO SE 9,611,702 2.80%PUBLIC STORAGE 8,591,396 2.51%MITSUBISHI ESTATE CO LTD 8,274,820 2.42%PROLOGIS INC 7,827,709 2.28%BOSTON PROPERTIES INC 7,466,251 2.18%WELLTOWER INC 7,236,699 2.11%ESSEX PROPERTY TRUST INC 6,617,595 1.93%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsSIMON PROPERTY GROUP INC 17,783,962 5.06%MITSUI FUDOSAN CO LTD 12,933,790 3.68%UNIBAIL-RODAMCO SE 10,586,026 3.01%MITSUBISHI ESTATE CO LTD 8,644,200 2.46%VORNADO REALTY TRUST 8,080,104 2.30%HEALTH CARE REIT INC 7,694,199 2.19%PROLOGIS INC 7,587,706 2.16%EQUITY RESIDENTIAL 7,351,876 2.09%BOSTON PROPERTIES INC 7,310,755 2.08%HOST HOTELS & RESORTS INC 7,275,608 2.07%





217 218


Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Beacon Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Franklin Mutual Beacon Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Beacon Fund (Class A Accumulation).











(7 Jul 1997)

FTIF – Franklin Mutual Beacon Fund 3.17% -6.87% -5.18% 9.03% 7.38% 3.65% 5.82%

Benchmark: S&P 500 Total Return 7.04% 0.15% 1.38% 15.14% 12.57% 7.31% 6.42%


217 218

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Beacon Fund


Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsMICROSOFT CORP 27,459,797 3.76%WHITE MOUNTAINS INSURANCE GROUP LTD 24,635,586 3.38%MEDTRONIC PLC 24,315,947 3.33%MERCK & CO INC 21,172,096 2.90%TIME WARNER CABLE INC 17,000,729 2.33%PNC FINANCIAL SERVICES GROUP INC 16,933,590 2.32%ELI LILLY & CO 16,429,319 2.25%AMERICAN INTERNATIONAL GROUP INC 16,220,604 2.22%BRITISH AMERICAN TOBACCO PLC 13,334,363 1.83%ACE LTD 13,067,997 1.79%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsMEDTRONIC INC 40,470,975 3.40%MICROSOFT CORP 37,574,922 3.16%MERCK & CO INC 34,689,577 2.93%APPLE INC 28,338,249 2.38%TEVA PHARMACEUTICAL INDUSTRIES LTD 26,223,916 2.20%TWENTY-FIRST CENTURY FOX INC 25,875,295 2.17%PNC FINANCIAL SERVICES GROUP INC 25,855,068 2.17%WHITE MOUNTAINS INSURANCE GROUP LTD 25,005,527 2.10%AMERICAN INTERNATIONAL GROUP INC 23,395,683 1.97%TIME WARNER CABLE INC 22,558,041 1.90%





219 220


Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Global Discovery Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Franklin Mutual Global Discovery Fund , an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Global Discovery Fund (Class A Accumulation).











FTIF - Franklin Mutual Global Discovery Fund

3.73% -8.74% -6.18% 4.75% 4.17% 4.58% 4.97%

Benchmark: MSCI World Index 5.62% -3.18% -0.32% 10.24% 8.20% 5.56% 6.12%


219 220

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Global Discovery Fund


Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsMICROSOFT CORP 30,009,605 2.71%KONINKLIJKE KPN NV 25,440,519 2.30%MERCK & CO INC 25,277,773 2.28%ELI LILLY & CO 22,630,648 2.04%NN GROUP NV 20,865,898 1.88%RSA INSURANCE GROUP PLC 20,428,585 1.84%VODAFONE GROUP PLC 19,682,386 1.78%MEDTRONIC PLC 19,090,077 1.72%BRITISH AMERICAN TOBACCO PLC 18,441,304 1.66%AMERICAN INTERNATIONAL GROUP INC 18,204,380 1.64%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsMERCK & CO INC 34,815,367 2.23%RSA INSURANCE GROUP PLC 34,579,304 2.21%TEVA PHARMACEUTICAL INDUSTRIES LTD 32,759,588 2.10%MEDTRONIC INC 32,328,109 2.07%VODAFONE GROUP PLC 31,013,348 1.98%DIRECT LINE INSURANCE GROUP PLC 30,112,870 1.93%ROYAL DUTCH SHELL 29,936,213 1.91%APPLE INC 28,799,672 1.84%MICROSOFT CORP 27,494,291 1.76%ACCOR SA 24,120,624 1.54%





221 222


Franklin Templeton Investment Funds (FTIF) - Franklin Strategic Income Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Franklin Strategic Income Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Franklin Strategic Income Fund (Class A Accumulation).











(12 Jul 2007)

FTIF - Franklin Strategic Income Fund -0.71% -4.86% -5.18% -0.58% 2.19% NA 3.97%

Benchmark: Barclays Capital U.S. Aggregate Index

-0.57% 0.65% 0.55% 1.44% 3.25% NA 4.66%


221 222

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Franklin Strategic Income Fund


Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsISHARES $ HIGH YIELD CORPORATE BOND UCITS ETF 23,346,223 1.61%GOVERNMENT OF MALAYSIA, 18,734,659 1.29%SENIOR NOTE, 3.172%, 7/15/16 GOVERNMENT OF MEXICO, 6.25%, 6/16/16 15,675,259 1.08%KOREA TREASURY BOND, SENIOR NOTE, 3.00%, 12/10/16 14,882,510 1.02%GOVERNMENT OF MEXICO, 7.25%, 12/15/16 13,599,910 0.93%KOREA MONETARY STABILIZATION BOND, 13,246,289 0.91%SENIOR NOTE, 2.07%, 12/02/16 GOVERNMENT OF URUGUAY, SENIOR BOND, 12,394,121 0.85%INDEX LINKED, 4.375%, 12/15/28 U.S. TREASURY NOTE, 2.00%, 5/31/21 12,241,948 0.84%U.S. TREASURY BOND, 6.25%, 8/15/23 10,507,177 0.72%GOVERNMENT OF MEXICO, SENIOR NOTE, M, 5.00%, 6/15/17 10,311,526 0.71%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsISHARES $ HIGH YIELD CORPORATE BOND UCITS ETF 48,243,414 2.81%GOVERNMENT OF SINGAPORE, SENIOR NOTE, 1.125%, 4/01/16 24,550,919 1.43%GOVERNMENT OF MALAYSIA, SENIOR NOTE, 3.172%, 7/15/16 21,803,963 1.27%KOREA TREASURY BOND, SENIOR NOTE, 2.75%, 12/10/15 15,623,312 0.91%GOVERNMENT OF MEXICO, 8.00%, 12/17/15 15,451,627 0.90%GOVERNMENT OF URUGUAY, SENIOR BOND, INDEX LINKED, 14,249,834 0.83%4.375%, 12/15/28 FNMA, 4.00%, 1/01/41 14,078,149 0.82%GOVERNMENT OF PORTUGAL, REG S, 5.125%, 10/15/24 13,219,726 0.77%KOREA TREASURY BOND, SENIOR NOTE, 3.00%, 12/10/16 12,704,671 0.74%FNMA, 3.00%, 1/01/43 12,532,987 0.73%



Note: The Turnover Ratios as at 30 June 2015 was revised according to source data provided by Templeton Asset Management Ltd.


223 224


Franklin Templeton Investment Funds (FTIF) - Templeton Asian Growth Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Templeton Asian Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Templeton Asian Growth Fund (Class A Accumulation).











FTIF – Templeton Asian Growth Fund 1.47% -23.92% -26.82% -10.23% -6.45% 4.95% 9.99%

Benchmark: MSCI All Country Asia ex Japan Index

3.87% -13.72% -8.90% -0.35% 0.14% 6.46% 9.34%


223 224

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Templeton Asian Growth Fund


Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsBRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD 456,943,582 9.13%OIL & GAS DEVELOPMENT CO LTD 340,186,232 6.80%SIAM COMMERCIAL BANK PCL 295,250,311 5.90%ASTRA INTERNATIONAL TBK PT 293,599,359 5.86%GUANGZHOU AUTOMOBILE GROUP CO LTD 267,919,546 5.35%PTT PCL 266,018,449 5.31%ALUMINUM CORP OF CHINA LTD 251,560,109 5.02%BANK RAKYAT INDONESIA PERSERO TBK PT 208,235,118 4.16%KASIKORNBANK PCL 201,346,144 4.02%VTECH HOLDINGS LTD 171,053,670 3.41%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsSIAM COMMERCIAL BANK PCL 904,500,056 7.43%TATA CONSULTANCY SERVICES LTD 829,011,431 6.81%BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD 794,109,659 6.52%KASIKORNBANK PCL 752,220,229 6.18%ASTRA INTERNATIONAL TBK PT 720,300,994 5.92%OIL & GAS DEVELOPMENT CO LTD 668,660,493 5.49%PTT PCL 509,965,166 4.19%SIAM CEMENT PUBLIC CO LTD (THE) 438,481,663 3.60%CHINA MERCHANTS BANK CO LTD 419,101,258 3.44%OIL & NATURAL GAS CORP LTD 387,401,148 3.18%





225 226


Franklin Templeton Investment Funds (FTIF) - Templeton European Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Templeton European Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Templeton European Fund (Class A Accumulation).











(3 Dec 2001)

FTIF – Templeton European Fundd 5.97% -3.16% 12.46% 11.54% 8.80% 2.48% 3.14%

Benchmark: MSCI Europe Index 5.35% -3.95% 8.78% 12.09% 8.99% 4.83% 4.69%


225 226

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Templeton European Fund


Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsBNP PARIBAS SA 8,299,288 2.95%H LUNDBECK A/S 7,859,236 2.79%HSBC HOLDINGS PLC 6,922,788 2.46%DEUTSCHE LUFTHANSA AG 6,370,610 2.26%GERRESHEIMER AG 6,208,337 2.20%GALP ENERGIA SGPS SA 6,015,075 2.13%AXA SA 5,754,199 2.04%GETINGE AB 5,712,786 2.03%CIE DE SAINT-GOBAIN 5,602,914 1.99%BP PLC 5,516,143 1.96%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsBNP PARIBAS SA 9,871,661 3.24%VODAFONE GROUP PLC 7,307,042 2.39%H LUNDBECK AS 7,096,858 2.33%SORIN SPA 6,988,257 2.29%ENI SPA 6,901,011 2.26%MARKS & SPENCER GROUP PLC 6,887,588 2.26%MERCK KGAA 6,620,968 2.17%DEUTSCHE LUFTHANSA AG 6,266,491 2.05%AEGON NV 6,227,749 2.04%TOTAL SA 5,880,593 1.93%





227 228


Franklin Templeton Investment Funds (FTIF) - Templeton Global Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Templeton Global Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Templeton Global Fund (Class A Accumulation).






Subscriptions 1,525,564Redemptions (535,300)





FTIF – Templeton Global Fund 3.08% -8.98% -5.37% 7.09% 5.63% 3.11% 4.23%

Benchmark: MSCI All Country World Index

5.15% -4.67% -1.84% 8.26% 6.66% 5.31% 5.31%


227 228

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Templeton Global Fund


Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsTEVA PHARMACEUTICAL INDUSTRIES LTD 36,054,652 2.73%NISSAN MOTOR CO LTD 28,268,487 2.14%MICROSOFT CORP 26,667,086 2.02%BNP PARIBAS SA 23,601,813 1.78%AMGEN INC 22,932,689 1.73%GILEAD SCIENCES INC 22,644,410 1.71%ALLERGAN PLC 22,485,725 1.70%HSBC HOLDINGS PLC 21,365,670 1.61%JPMORGAN CHASE & CO 20,258,839 1.53%CITIGROUP INC 19,666,414 1.48%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsMICROSOFT CORP 44,523,524 2.80%AMGEN INC 39,799,143 2.51%SAMSUNG ELECTRONICS CO LTD 32,540,269 2.05%TEVA PHARMACEUTICAL INDUSTRIES LTD 31,589,041 1.99%CHINA TELECOM CORP LTD 29,729,461 1.87%BAYER AG 26,737,617 1.68%NISSAN MOTOR CO LTD 26,712,209 1.68%TOTAL SA 26,108,758 1.64%HSBC HOLDINGS PLC 25,645,054 1.61%ACTAVIS PLC 25,270,280 1.59%





229 230


Franklin Templeton Investment Funds (FTIF) - Templeton Global Bond Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Templeton Global Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Templeton Global Fund (Class A Accumulation).











FTIF - Templeton Global Bond Fund 2.16% -0.03% 1.25% 4.00% 3.83% NA 5.20%

Benchmark: JP Morgan Global Government Bond Index

-1.38% 6.26% 4.27% 2.84% 2.41% NA 2.58%


229 230

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Templeton Global Bond Fund

(Class A Mdis)

Top 10 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsGOVERNMENT OF POLAND, STRIP, 1/25/16 1,068,109,499 2.82%GOVERNMENT OF MEXICO, SENIOR NOTE, M, 5.00%, 6/15/17 1,067,958,208 2.82%GOVERNMENT OF HUNGARY, SENIOR NOTE, 6.375%, 3/29/21 1,065,840,144 2.82%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 2.46%, 8/02/16 863,867,597 2.28%GOVERNMENT OF MALAYSIA, SENIOR NOTE, 3.394%, 3/15/17 841,627,923 2.23%NOTA DO TESOURO NACIONAL, 10.00%, 1/01/17 676,834,967 1.79%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 2.07%, 12/02/16 653,195,858 1.73%KOREA TREASURY BOND, SENIOR NOTE, 3.00%, 12/10/16 604,669,495 1.60%GOVERNMENT OF MEXICO, 7.25%, 12/15/16 600,622,480 1.59%GOVERNMENT OF POLAND, FRN, 5.15%, 1/25/17 555,991,842 1.47%

Top 10 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsGOVERNMENT OF IRELAND, 5.00%, 10/18/20 1,209,889,732 2.45%GOVERNMENT OF IRELAND, SENIOR BOND, 5.40%, 3/13/25 1,144,347,669 2.32%GOVERNMENT OF MEXICO, 8.00%, 12/17/15 1,110,910,859 2.25%GOVERNMENT OF POLAND, STRIP, 1/25/16 1,070,569,694 2.17%GOVERNMENT OF HUNGARY, SENIOR NOTE, 6.375%, 3/29/21 1,051,927,934 2.13%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 2.76%, 6/02/15 1,020,315,847 2.07%GOVERNMENT OF SWEDEN, 4.50%, 8/12/15 970,357,901 1.97%GOVERNMENT OF CANADA, 1.00%, 2/01/15 829,015,873 1.68%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 2.46%, 8/02/16 809,831,627 1.64%GOVERNMENT OF MALAYSIA, 4.72%, 9/30/15 708,732,130 1.44%





231 232


Franklin Templeton Investment Funds (FTIF) - Templeton Global Income Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Templeton Global Income Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Templeton Global Income Fund (Class A Accumulation).











FTIF - Templeton Global Income Fund 2.38% -7.30% -4.80% 3.01% 3.49% 5.59% 5.51%

Benchmark: Custom 50% MSCI All Country World + 50% Barclays Capital Multiverse Index

2.16% -2.41% -2.36% 3.30% 3.98% 4.88% 5.05%


231 232

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Templeton Global Income Fund


Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsROCHE HOLDING AG 31,024,834 1.57%HSBC HOLDINGS PLC 30,225,489 1.53%GOVERNMENT OF MEXICO, SENIOR NOTE, M, 5.00%, 6/15/17 30,087,670 1.52%SAMSUNG ELECTRONICS CO. LTD. 28,532,294 1.44%BP PLC 26,892,258 1.36%GENERAL MOTORS CO. 26,100,788 1.32%SWISS RE AG 25,882,248 1.31%TEVA PHARMACEUTICAL INDUSTRIES LTD., ADR 25,791,682 1.31%MICROSOFT CORP. 25,317,194 1.28%GOVERNMENT OF MALAYSIA, SENIOR NOTE, 4.012%, 9/15/17 24,429,251 1.24%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsGOVERNMENT OF MEXICO, 8.00%, 12/17/15 35,772,128 1.77%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 33,686,613 1.67%2.76%, 6/02/15 SAMSUNG ELECTRONICS CO. LTD. 28,544,357 1.41%COMCAST CORP., SPECIAL A 26,827,585 1.33%GOVERNMENT OF SERBIA, REG S, 7.25%, 9/28/21 23,295,306 1.15%FOOT LOCKER INC. 23,103,882 1.14%MACY’S INC. 22,499,385 1.11%TEVA PHARMACEUTICAL INDUSTRIES LTD., ADR 22,338,185 1.10%AMGEN INC. 21,139,266 1.04%BEST BUY CO. INC. 20,730,223 1.02%





233 234


Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (EUR)

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (EUR), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (EUR-H1) (Class A Accumulation).











FTIF - Templeton Global Total Return Fund (EUR)

2.64% -4.93% -5.66% -0.91% 2.68% NA 6.87%

Benchmark: Barclays Capital Multiverse Index

-0.89% -0.40% -3.29% -1.68% 1.01% NA 3.44%


233 234

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund

(EUR-H1) (Class A Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsGOVERNMENT OF PORTUGAL, REG S, 5.125%, 10/15/24 679,522,238 2.89%GOVERNMENT OF MEXICO, SENIOR NOTE, M, 5.00%, 6/15/17 566,921,866 2.41%GOVERNMENT OF URUGUAY, SENIOR BOND, INDEX LINKED, 550,772,386 2.34% 4.375%, 12/15/28 KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 489,648,481 2.09%2.07%, 12/02/16 KOREA TREASURY BOND, SENIOR NOTE, 3.00%, 12/10/16 382,446,918 1.62%LETRA TESOURO NACIONAL, STRIP, 7/01/19 353,387,243 1.50%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 348,364,003 1.48%1.61%, 11/09/16 KOREA TREASURY BOND, SENIOR NOTE, 2.00%, 12/10/17 319,210,436 1.36%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 309,070,065 1.31%1.74%, 5/09/16 GOVERNMENT OF MALAYSIA, SENIOR NOTE, 3.394%, 3/15/17 295,502,623 1.26%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsGOVERNMENT OF PORTUGAL, REG S, 5.125%, 10/15/24 739,008,551 2.60%KOREA TREASURY BOND, SENIOR NOTE, 2.75%, 12/10/15 718,150,127 2.52%GOVERNMENT OF URUGUAY, SENIOR BOND, INDEX LINKED, 617,784,969 2.17% 4.375%, 12/15/28 GOVERNMENT OF MEXICO, 8.00%, 12/17/15 612,776,671 2.15%GOVERNMENT OF IRELAND, SENIOR BOND, 5.40%, 3/13/25 600,654,313 2.11%KOREA MONETARY STABILIZATION BOND, SENIOR BOND, 598,861,569 2.10% 2.47%, 4/02/15 KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 550,542,874 1.93%2.74%, 2/02/15 KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 479,089,256 1.68%2.76%, 6/02/15 GOVERNMENT OF SWEDEN, 4.50%, 8/12/15 476,698,931 1.68%GOVERNMENT OF MEXICO, 6.00%, 6/18/15 315,551,245 1.11%





235 236


Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (USD)

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (USD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (USD) (Class A Accumulation).






Subscriptions 1,304,790Redemptions (709,214)





FTIF - Templeton Global Total Return Fund (USD)

2.68% -4.96% -5.77% -0.90% 2.89% 8.33% 8.58%

Benchmark: Barclays Capital Multiverse Index

-0.89% -0.40% -3.29% -1.68% 1.01% 3.84% 4.21%


235 236

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund

(USD) (Class A Accumulation)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsGOVERNMENT OF PORTUGAL, REG S, 5.125%, 10/15/24 738,611,128 2.89%GOVERNMENT OF MEXICO, SENIOR NOTE, M, 5.00%, 6/15/17 616,219,419 2.41%GOVERNMENT OF URUGUAY, SENIOR BOND, INDEX LINKED, 598,665,637 2.34%4.375%, 12/15/28 KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 532,226,610 2.09%2.07%, 12/02/16 KOREA TREASURY BOND, SENIOR NOTE, 3.00%, 12/10/16 415,703,171 1.62%LETRA TESOURO NACIONAL, STRIP, 7/01/19 384,116,568 1.50%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 378,656,525 1.48%1.61%, 11/09/16 KOREA TREASURY BOND, SENIOR NOTE, 2.00%, 12/10/17 346,967,865 1.36%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 335,945,722 1.31% 1.74%, 5/09/16 GOVERNMENT OF MALAYSIA, SENIOR NOTE, 3.394%, 3/15/17 321,198,504 1.26%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsGOVERNMENT OF PORTUGAL, REG S, 5.125%, 10/15/24 894,200,326 2.59%KOREA TREASURY BOND, SENIOR NOTE, 2.75%, 12/10/15 868,961,633 2.52%GOVERNMENT OF URUGUAY, SENIOR BOND, INDEX LINKED, 747,519,795 2.17%4.375%, 12/15/28 GOVERNMENT OF MEXICO, 8.00%, 12/17/15 741,459,754 2.15%GOVERNMENT OF IRELAND, SENIOR BOND, 5.40%, 3/13/25 726,791,701 2.11%KOREA MONETARY STABILIZATION BOND, SENIOR BOND, 724,622,482 2.10% 2.47%, 4/02/15 KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 666,156,862 1.93% 2.74%, 2/02/15 KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 579,697,985 1.68%2.76%, 6/02/15 GOVERNMENT OF SWEDEN, 4.50%, 8/12/15 576,805,693 1.67%GOVERNMENT OF MEXICO, 6.00%, 6/18/15 381,816,997 1.11%





237 238


Franklin Templeton Investment Funds (FTIF) - Templeton Latin America Fund

Investment in Collective Investment SchemesFranklin Templeton Investment Funds (FTIF) - Templeton Latin America Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds (FTIF) - Templeton Latin America Fund (Class A Accumulation).











FTIF - Templeton Latin America Fund -0.63% -21.73% -28.50% -21.40% -16.05% 0.52% 7.61%

Benchmark: MSCI Latin America Index

-2.61% -26.23% -30.82% -19.16% -14.19% 1.41% 8.21%


237 238

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Templeton Latin America Fund


Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsWAL-MART DE MEXICO SAB DE CV 71,086,281 8.36%ITAUSA - INVESTIMENTOS ITAU SA 60,518,161 7.11%GRUPO FINANCIERO BANORTE SAB DE CV 53,453,754 6.28%AMBEV SA 41,888,945 4.92%BM&F BOVESPA SA 39,716,983 4.67%CIA CERVECERIAS UNIDAS SA 39,406,581 4.63%ITAU UNIBANCO HOLDING SA 38,865,716 4.57%LOJAS AMERICANAS SA 35,551,645 4.18%TENARIS SA 31,876,146 3.74%BANCO BRADESCO SA 31,143,938 3.66%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsITAUSA - INVESTIMENTOS ITAU SA 132,064,550 9.52%ITAU UNIBANCO HOLDING SA 95,030,795 6.85%BANCO BRADESCO SA 83,509,306 6.02%AMBEV SA 69,804,141 5.03%WAL-MART DE MEXICO SAB DE CV 67,515,094 4.87%LOJAS AMERICANAS SA 62,392,122 4.50%BRADESPAR SA 51,642,891 3.72%CIA CERVECERIAS UNIDAS SA 51,404,420 3.71%BM&F BOVESPA SA 50,037,370 3.61%LOCALIZA RENT A CAR 48,946,225 3.53%





239 240

Threadneedle Investments

Threadneedle Investment Funds (TIF) - Threadneedle American Fund

Investment in Collective Investment SchemesThreadneedle Investment Funds (TIF) - Threadneedle American Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds (TIF) - Threadneedle American Fund (Retail Net Accumulation Class).











TIF - Threadneedle American Fund 9.37% 0.49% 2.03% 15.44% 11.77% 7.65% 10.06%

Benchmark: S&P 500 Composite 7.04% 0.15% 1.38% 15.13% 12.57% 7.31% 10.55%


239 240


Underlying Fund:Threadneedle Investment Funds (TIF) - Threadneedle American Fund

(Retail Net Accumulation Class)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsALPHABET INC-CL A 159,444,952 5.80%MICROSOFT CORP 103,797,564 3.78%APPLE INC 78,040,963 2.84%JPMORGAN CHASE & CO 74,294,169 2.70%AMAZON.COM INC 69,596,747 2.53%HOME DEPOT INC 67,942,323 2.47%FACEBOOK INC-A 67,479,032 2.46%COMCAST CORP-CLASS A 66,295,087 2.41%GENERAL ELECTRIC CO 66,258,611 2.41%NIKE INC -CL B 58,193,588 2.12%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsAPPLE INC. 141,885,261 4.56%MICROSOFT CORP 94,615,790 3.04%GOOGLE INC 92,064,069 2.96%BERKSHIRE HATHAWAY INC 77,915,295 2.51%AMGEN INC 74,532,082 2.40%WELLS FARGO & CO 74,371,483 2.39%JPMORGAN CHASE & CO 74,215,824 2.39%CVS HEALTH CORP 67,821,652 2.18%HOME DEPOT INC 66,864,170 2.15%MASTERCARD INC 63,277,027 2.03%




241 242


Threadneedle Investment Funds (TIF) - Threadneedle Asia Fund

Investment in Collective Investment SchemesThreadneedle Investment Funds (TIF) - Threadneedle Asia Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds (TIF) - Threadneedle Asia Fund (Retail Net Accumulation Class).











TIF - Threadneedle Asia Fund 3.83% -13.56% -9.49% -0.03% -0.32% 6.22% 7.37%

Benchmark: MSCI AC AP ex Jap 5.22% -12.19% -9.12% -0.97% 0.15% 6.24% 7.96%


241 242


Underlying Fund:Threadneedle Investment Funds (TIF) - Threadneedle Asia Fund


Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsTHREADNEEDLE CH OPP-2-I-N-AGBP 27,176,801 4.05%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 25,383,546 3.78%AIA GROUP LTD 24,850,581 3.70%TENCENT HOLDINGS LTD 23,065,023 3.44%SAMSUNG ELECTRONICS CO LTD 22,904,108 3.41%WESTPAC BANKING CORP 17,570,038 2.62%CK HUTCHISON HOLDINGS LTD 17,267,068 2.57%CHINA MOBILE LTD 15,886,276 2.37%PING AN INSURANCE GROUP CO-H 12,464,119 1.86%HDFC BANK LIMITED 11,058,825 1.65%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsTAIWAN SEMICONDUCTOR MANUFACTURING 33,801,961 4.47% CO LTDTHREADNEEDLE CHINA OPP -2-I-N-AGBP 30,443,767 4.03%AIA GROUP LTD 21,062,530 2.79%WESTPAC BANKING CORP 18,203,393 2.41%TENCENT HOLDINGS LTD 15,901,752 2.10%SAMSUNG ELECTRONICS CO LTD 14,406,068 1.91%ANZ BANKING GROUP 13,536,722 1.79%CHINA MOBILE LTD 13,149,822 1.74%DBS GROUP HOLDINGS LTD 13,123,800 1.74%CHINA CONSTRUCTION BANK - H 13,075,793 1.73%




243 244


Threadneedle Investment Funds (TIF) - Threadneedle Emerging Markets Bond Fund

Investment in Collective Investment SchemesThreadneedle Investment Funds (TIF) - Threadneedle Emerging Markets Bond Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds (TIF) - Threadneedle Emerging Markets Bond Fund (Retail Gross Accumulation Class).











TIF - Threadneedle Emerging Markets Bond Fund

1.67% -2.96% -2.42% -3.22% 2.45% 5.18% 10.09%

Benchmark: JPM EMBI Global (Constrained (1/1/99-1/1/02))

1.55% -0.52% 1.23% -0.07% 5.11% 6.73% 8.37%


243 244


Underlying Fund:Threadneedle Investment Funds (TIF) - Threadneedle Emerging Markets Bond Fund

(Retail Gross Accumulation Class)

Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsDOMINICAN REPUBLIC 7.50% 06/05/2021 6,568,100 2.37%PETROLEOS MEXICANOS 3.50% 30/01/2023 5,325,707 1.92%PETRO CO TRIN/TOBAGO LTD 9.75% 14/08/2019 4,308,355 1.55%PERTAMINA PERSERO PT 5.25% 23/05/2021 3,910,244 1.41%REPUBLIC OF COLOMBIA 7.375% 18/03/2019 3,793,747 1.37%REPUBLIC OF TURKEY 7.375% 05/02/2025 3,536,393 1.27%HUNGARY 6.375% 29/03/2021 3,353,031 1.21%DOMINICAN REPUBLIC 16.95% 04/02/2022 3,342,109 1.20%UNITED MEXICAN STATES 6.75% 27/09/2034 3,333,996 1.20%REPUBLIC OF GHANA 8.125% 18/01/2026 3,326,016 1.20%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsPETRO CO TRIN/TOBAGO LTD 9.75% 14/08/2019 7,411,552 2.14%DOMINICAN REPUBLIC 7.50% 06/05/2021 7,409,747 2.14%REPUBLICA ORIENT URUGUAY 4.25% 05/04/2027 5,377,875 1.55%REPUBLIC OF COLOMBIA 9.85% 28/06/2027 4,952,539 1.43%REPUBLIC OF TURKEY 6.875% 17/03/2036 4,834,716 1.39%PERTAMINA PERSERO PT 5.25% 23/05/2021 4,574,021 1.32%RUSSIAN FEDERATION 5.625% 04/04/2042 4,443,803 1.28%REPUBLIC OF TURKEY 7.375% 05/02/2025 4,319,862 1.24%DOMINICAN REPUBLIC 7.45% 30/04/2044 4,216,993 1.22%REPUBLIC OF NAMIBIA 5.50% 03/11/2021 4,027,367 1.16%




245 246


Threadneedle Investment Funds (TIF) - Threadneedle Global Bond Fund

Investment in Collective Investment SchemesThreadneedle Investment Funds (TIF) - Threadneedle Global Bond Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds (TIF) - Threadneedle Global Bond Fund (Retail Gross Accumulation Class).











TIF - Threadneedle Global Bond Fund 1.56% 2.61% 7.55% 3.64% 4.08% 3.40% 6.27%

Benchmark: JPM Global ex Japan from 28/02/03 linked with JPM Global

1.57% 3.44% 8.49% 4.35% 4.73% 4.02% NA**

* Annualised Performance ** Benchmark performance is not available.

245 246


Underlying Fund:Threadneedle Investment Funds (TIF) - Threadneedle Global Bond Fund

(Retail Gross Accumulation Class)

Top 10 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsAUSTRALIAN GOVERNMENT 3.25% 21/10/2018 28,966,043 6.36%US TREASURY N/B 0.375% 31/05/2016 27,618,826 6.07%UK TSY 2.00% 07/09/2025 21,174,673 4.65%US TREASURY N/B 0.50% 31/01/2017 16,778,212 3.69%US TREASURY N/B 1.875% 31/10/2022 16,350,330 3.59%BUONI POLIENNALI DEL TES 2.00% 01/12/2025 14,546,663 3.20%US TREASURY N/B 0.625% 15/12/2016 11,954,538 2.63%UK TSY 1.50% 22/01/2021 9,412,591 2.07%US TREASURY N/B 0.25% 15/04/2016 9,209,092 2.02%BONOS Y OBLIG DEL ESTADO 5.85% 31/01/2022 8,846,437 1.94%

Top 10 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsOBRIGACOES DO TESOURO 5.65% 15/02/2024 10,815,331 3.72%BONOS Y OBLIG DEL ESTADO 2.75% 30/04/2019 10,209,585 3.51%NEW ZEALAND GOVERNMENT 5.50% 15/04/2023 8,699,386 2.99%EKSPORTFINANS ASA 2.00% 15/09/2015 8,173,453 2.81%JAPAN (20 YEAR ISSUE) 1.90% 20/03/2025 7,014,374 2.41%US TREASURY N/B 2.375% 15/08/2024 6,916,617 2.38%UK TSY 2.00% 22/01/2016 6,739,867 2.32%BUNDESREPUB. DEUTSCHLAND 1.00% 15/08/2024 6,593,365 2.27%BUONI POLIENNALI DEL TES 3.75% 01/09/2024 5,638,294 1.94%BUONI POLIENNALI DEL TES 3.75% 01/05/2021 5,430,641 1.87%




247 248


Threadneedle Investment Funds (TIF) - Threadneedle Pan European Fund

Investment in Collective Investment SchemesThreadneedle Investment Funds (TIF) - Threadneedle Pan European Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds (TIF) - Threadneedle Pan European Fund (Retail Net Accumulation Class).











TIF - Threadneedle Pan European Fund

5.72% -2.50% 13.81% 14.35% 9.89% 7.30% 5.45%

Benchmark: MSCI World Europe 5.35% -3.95% 8.78% 12.08% 8.99% 4.97% 3.90%


247 248


Underlying Fund:Threadneedle Investment Funds (TIF) - Threadneedle Pan European Fund


Top 10 Holdings as at 31 December 2015 Market Value USD % of Net AssetsROCHE HOLDING AG-GENUSSCHEIN 18,166,065 3.41%UNILEVER PLC 17,821,979 3.35%UBS GROUP AG-REG 17,103,489 3.21%NOVARTIS AG-REG 17,028,666 3.20%ROYAL DUTCH SHELL PLC-A SHS 16,401,034 3.08%BAYER AG-REG 16,370,916 3.08%RYANAIR HOLDINGS PLC 13,949,262 2.62%BT GROUP PLC 13,920,081 2.61%ING GROEP NV-CVA 13,835,352 2.60%CONTINENTAL AG 13,424,138 2.52%

Top 10 Holdings as at 31 December 2014 Market Value USD % of Net AssetsBAYER AG 15,599,522 3.64%ROCHE HOLDING AG 13,853,175 3.23%L’OREAL 12,945,363 3.02%NOVARTIS AG 12,883,213 3.00%ROYAL DUTCH SHELL PLC 12,685,421 2.96%ASML HOLDING NV 11,630,591 2.71%PRUDENTIAL PLC 10,861,892 2.53%NOVO NORDISK A/S - B 10,375,927 2.42%UBS GROUP AG 10,247,663 2.39%BT GROUP PLC 9,975,545 2.33%

Note: Market Values are based in USD according to data source provided by Threadneedle Investments.




249 250


Threadneedle Specialist Investment Funds (TSIF) - Threadneedle Target Return Fund

Investment in Collective Investment SchemesThreadneedle Specialist Investment Funds (TSIF) - Threadneedle Target Return Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Specialist Investment Funds (TSIF) - Threadneedle Target Return Fund (Accumulation Class).











(3 Apr 2006)

TSIF - Threadneedle Target Return Fund

-4.75% -6.78% -3.56% -1.51% -0.71% NA 1.47%

Benchmark: EURIBOR 3 Month Deposit Rate

-0.02% -0.03% -0.02% 0.14% 0.47% NA 1.60%


249 250


Underlying Fund:Threadneedle Specialist Investment Funds (TSIF) - Threadneedle Target Return Fund

(Accumulation Class)

Top 5 Holdings as at 31 December 2015 Market Value EUR % of Net AssetsDEUTSCHE TELEKOM INT FIN 6.00% 20/01/2017 1,677,208 7.38%MOTABILITY OPERATIONS GR 3.75% 29/11/2017 1,605,281 7.06%ROYAL BK SCOTLND GRP PLC 1.50% 28/11/2016 1,390,397 6.12%US DOLLARS 1,328,505 5.84%MONTE DEI PASCHI SIENA 3.50% 20/03/2017 1,257,069 5.53%

Top 5 Holdings as at 31 December 2014 Market Value EUR % of Net AssetsEKSPORTFINANS ASA 2.00% 15/09/2015 1,939,110 5.90%DEUTSCHE TELEKOM INT FIN 6.00% 20/01/2017 1,758,168 5.35%BUONI POLIENNALI DEL TES 4.75% 01/06/2017 1,543,661 4.70%HUTCH WHAMPOA FINANCE 09 4.75% 14/11/2016 1,521,445 4.63%OBRIGACOES DO TESOURO 5.65% 15/02/2024 1,493,546 4.54%

Note: Only the Top 5 holdings (from the short dated high grade portfolio) as at 31 December 2015 and 31 December 2014 are provided to ensure consistency with the underlying fund reporting.

Expenses Ratio For the 6 months ended For the 6 months ended 31 October 2015 31 October 2014 1.52% 1.51%



251 252

UOB Asset Management Ltd

GrowthPath Portfolios - GrowthPath Today

Investment in Collective Investment SchemesGrowthPath Portfolios - GrowthPath Today, an ILP sub-fund, feeds 100% into the underlying Singapore registered GrowthPath Portfolios - GrowthPath Today.











(2 Dec 2002)

GrowthPath Portfolios - GrowthPath Today

0.89% 1.03% 0.82% 1.79% 2.50% 2.72% 3.26%

Benchmark: 5% SG Straits Times Index + 15% MSCI AC World +15% UOB SG Govt Bond All + 45% Citigroup WGBI G7 + 20% SIBOR 3M**

1.52% 1.83% 1.01% 1.95% 2.76% 3.40% 4.02%

* Annualised Performance ** The benchmark will be reset on 1 January of each year.

251 252


Underlying Fund:GrowthPath Portfolios - GrowthPath Today

Top 5 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsUNITED HIGH GRADE CORPORATE BOND FUND 4,137,596 51.16%UNITED SINGAPORE BOND FUND 1,587,803 19.63%UNITED SINGAPORE GROWTH FUND 1,083,176 13.39%UNITED INTERNATIONAL GROWTH FUND 1,001,211 12.38%ISHARES MSCI WORLD UCITS ETF 232,378 2.87%

Top 5 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsUNITED SINGAPORE BOND FUND 4,591,014 53.35%BLACKROCK WORLD EX EURO GOVERNMENT 1,550,208 18.02%BOND INDEX FUND 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%

Note: The underlying fund is comprised of 5 holdings as at 31 December 2015 and 31 December 2014.




253 254


GrowthPath Portfolios - GrowthPath 2020

Investment in Collective Investment SchemesGrowthPath Portfolios - GrowthPath 2020, an ILP sub-fund, feeds 100% into the underlying Singapore registered GrowthPath Portfolios - GrowthPath 2020.











(2 Dec 2002)


1.38% 0.37% 0.50% 3.05% 2.80% 2.30% 4.00%

Benchmark: 10% SG Straits Times Index + 30% MSCI AC World +15% UOB SG Govt Bond All + 45% Citigroup WGBI G7**

1.85% 1.61% 1.43% 3.97% 3.76% 3.11% 4.57%


253 254


Underlying Fund:GrowthPath Portfolios - GrowthPath 2020

Top 6 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsUNITED HIGH GRADE CORPORATE BOND FUND 6,049,840 48.16%UNITED SINGAPORE BOND FUND 2,447,293 19.48%UNITED SINGAPORE GROWTH FUND 1,750,665 13.93%UNITED INTERNATIONAL GROWTH FUND 1,698,329 13.52%ISHARES MSCI WORLD UCITS ETF 392,293 3.12%UNITED ASIA FUND 131,459 1.05%

Top 6 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsUNITED SINGAPORE BOND FUND 5,573,894 39.83%BLACKROCK WORLD EX EURO GOVERNMENT 2,554,265 18.25%BOND INDEX FUND 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%

Note: The underlying fund is comprised of 6 holdings as at 31 December 2015 and 31 December 2014.




255 256














(2 Dec 2002)


1.02% -1.18% -0.87% 3.50% 2.53% 2.05% 3.88%

Benchmark: 22.50% SG Straits Times Index + 67.50% MSCI AC World + 2.50% UOB SG Govt Bond All + 7.50% Citigroup WGBI G7**

2.68% 1.80% 2.33% 5.91% 4.77% 3.20% 4.92%


255 256



Top 5 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsUNITED INTERNATIONAL GROWTH FUND 3,567,513 56.55%UNITED SINGAPORE GROWTH FUND 1,442,679 22.87%UNITED SINGAPORE BOND FUND 661,254 10.48%UNITED ASIA FUND 357,643 5.67%ISHARES MSCI WORLD UCITS ETF 252,367 4.00%

Note: The underlying fund is comprised of 5 holdings as at 31 December 2015.

Top 6 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsBLACKROCK DEVELOPED WORLD INDEX SUB-FUND 1,823,068 25.93%UNITED SINGAPORE BOND FUND 1,629,488 23.17%BLACKROCK WORLD EX EURO GOVERNMENT 1,398,416 19.89% BOND INDEX FUND 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%





257 258














(2 Dec 2002)


1.36% -1.44% -0.61% 4.65% 3.11% 2.04% 4.13%

Benchmark: Benchmark: 25% SG Straits Times Index + 75% MSCI AC World +0% UOB SG Govt Bond All + 0% Citigroup WGBI G7**

2.92% 1.56% 2.60% 7.24% 5.43% 3.22% 5.12%


257 258



Top 5 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsUNITED INTERNATIONAL GROWTH FUND 12,990,898 59.45%UNITED SINGAPORE GROWTH FUND 5,741,338 26.28%UNITED ASIA FUND 1,838,981 8.42%ISHARES MSCI WORLD UCITS ETF 667,148 3.06%UNITED SINGAPORE BOND FUND 384,937 1.76%


Top 6 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsBLACKROCK DEVELOPED WORLD INDEX SUB-FUND 8,739,923 35.30%BLACKROCK WORLD EX EURO GOVERNMENT 5,012,642 20.25%BOND INDEX FUND 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%





259 260


United Emerging Markets Bond Fund

Investment in Collective Investment SchemesUnited Emerging Markets Bond Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United Emerging Markets Bond Fund (S$).











United Emerging Markets Bond Fund -0.23% 2.07% 4.12% 2.75% 4.18% 4.94% 8.39%

Benchmark: JP Morgan EMBI Global Div Index

1.02% 4.86% 8.32% 6.15% 7.53% 5.17% 7.33%


259 260


Underlying Fund:United Emerging Markets Bond Fund (S$)

Top 10 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsHUNGARY 5.375% DUE 21/02/2023 8,553,573 2.23%REPUBLIC OF POLAND 3% DUE 17/03/2023 8,469,341 2.21%PETRO CO TRIN/TOBAGO LTD 9.75% DUE 14/08/2019 7,451,601 1.94%PT PERTAMINA PERSERO 5.625% DUE 20/05/2043 7,319,347 1.91%UNITED EMERGING MKT LC BD FD-SGD ACC 7,070,890 1.84%UOB UNITED RENMINBI BOND FUND (SGD) 7,065,335 1.84%PETROLEOS MEXICANOS 5.50% DUE 27/06/2044 7,021,161 1.83%RUSSIA FEDERATION 7.50% DUE 31/03/2030 5,576,981 1.45%REPUBLIC OF PANAMA 6.7% DUE 26/01/2036 5,087,609 1.33%REPUBLIC OF SERBIA 7.25% DUE 28/09/2021 4,831,354 1.26%

Top 10 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsREPUBLIC OF POLAND 6.375% DUE 15/07/2019 10,083,716 1.69%UOB UNITED RENMINBI BOND FUND (SGD) 8,755,657 1.47%REPUBLIC OF PHILIPPINES 5.5% DUE 30/03/2026 8,675,804 1.45%REPUBLIC OF PERU 8.75% DUE 21/11/2033 8,286,171 1.39%PETRONAS CAPITAL LTD 5.25% DUE 12/08/2019 8,097,061 1.36%REPUBLIC OF HUNGARY 5.38% DUE 21/02/2023 7,934,864 1.33%UNITED EMERGING MARKETS LOCAL CURRENCY 7,670,915 1.29% BOND FUND - CLASS SGD ACC TC ZIRAAT BANKASI AS 4.25% DUE 03/07/2019 6,904,765 1.16%RUSSIA FEDERATION 7.50% DUE 31/03/2030 6,803,460 1.14%REPUBLIC OF PANAMA 6.7% DUE 26/01/2036 6,793,533 1.14%




261 262


United SGD Fund

Investment in Collective Investment SchemesUnited SGD Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United SGD Fund (Class A Accumulation SGD).











United SGD Fund 0.86% 1.09% 3.05% 3.28% 3.62% 4.06% 3.36%

Benchmark: 6-Month SIBID Rate 0.24% 0.46% 0.82% 0.41% 0.33% 0.92% 1.25%


261 262


Underlying Fund:United SGD Fund (Class A Accumulation SGD)

Top 10 Holdings as at 31 December 2015 Market Value SGD % of Net AssetsCITIC LTD 6.875% DUE 21/01/2018 26,047,971 2.78%BAO-TRANS ENTERPRISES LTD 3.75% DUE 12/12/2018 25,757,952 2.75%DOOSAN POWER SYSTEM SA 2.5% DUE 03/12/2045 FRN 25,416,791 2.72%ZHEJIANG ENERGY GROUP HONG KONG LTD 25,295,239 2.70%2.3% DUE 30/09/2017 BESTGAIN REAL ESTATE LTD 2.625% DUE 13/03/2018 25,163,218 2.69%CHINA MENGNIU DAIRY CO LTD 3.5% DUE 27/11/2018 24,337,325 2.60%CHINA JINGYE CONSTRUCTION ENGINEERING 22,779,890 2.44%SINGAPORE PTE LTD 2.95% DUE 21/05/2017 ANSTOCK II LTD 2.125% DUE 24/07/2017 22,152,717 2.37%CHINA URANIUM DEVELOPMENT CO LTD 22,116,095 2.36% 3.5% DUE 08/10/2018 INDIAN RAILWAY FINANCE CORP LTD 21,590,300 2.31%3.417% DUE 10/10/2017 Top 10 Holdings as at 31 December 2014 Market Value SGD % of Net AssetsTINGYI CAYMAN ISLANDS HOLDING CORP 29,249,577 3.08%3.875% DUE 20/06/2017CHINA OVERSEAS FINANCE CAYMAN IV LIMITED 29,131,589 3.07% 4.875% DUE 15/02/2017 COMPETITION TEAM TECHNOLOGIES LIMITED 27,743,630 2.92% 2.125% DUE 13/12/2017 HEBEI IRON & STEEL HONG KONG INTERNATIONAL 26,327,562 2.77%TRADE CO LIMITED 2.75% DUE 27/10/2017 NATIONAL CAPITAL TRUST II DELAWARE 26,248,519 2.77% 5.486% DUE 29/12/2049 FRN ZHEJIANG ENERGY GROUP HONG KONG LIMITED 26,210,687 2.76%2.3% DUE 30/09/2017 GREENLAND GLOBAL INVESTMENT LIMITED 26,103,088 2.75% 3.5% DUE 17/10/2017 INDIAN RAILWAY FINANCE CORPORATION LIMITED 25,182,468 2.65% 3.417% DUE 10/10/2017 CHINATRUST COMMERCIAL BANK HONG KONG 24,896,384 2.62% 5.625% DUE 29/03/2049 FRNCHINA RESOURCES LAND LIMITED 4.625% DUE 19/05/2016 24,857,405 2.62%



Note: The Turnover Ratio as at 31 December 2014 was revised according to source data provided by UOB Asset Management Ltd.


263 264

Aberdeen Global - Asia Pacific Equity

Fund

Aberdeen Global - Asian Local Currency Short Duration

Bond Fund

Aberdeen Global -

Australasian Equity Fund

Aberdeen Global - Chinese

Equity Fund

(USD) (USD) (AUD) (USD)

VALUE OF FUND AS AT 30 JUNE 2015 6,645,644 176,537 365,704 2,248,443

Amount received by Fund 966,337 12,088 42,909 170,576

Amount paid by Fund (761,973) (66,445) (44,029) (260,878)

Net amount received/(paid) by Fund 204,364 (54,357) (1,120) (90,302)

INCOME ON INVESTMENTS

Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period (1,074,654) (6,078) (1,980) (306,860)

Net income/(loss) before taxation (1,074,654) (6,078) (1,980) (306,860)

Taxation - - - -

Net income/(loss) after taxation (1,074,654) (6,078) (1,980) (306,860)

VALUE OF FUND AS AT 31 DECEMBER 2015 5,775,354 116,102 362,604 1,851,281

FINANCIAL STATEMENTS

Capital AccountFor the 6 months ended 31 December 2015

The accompanying notes form an integral part of these financial statements.

263 264

Aberdeen Global - Indian

Equity Fund

Aberdeen Global - Select

Emerging Markets Bond

Fund

Aberdeen Select Portfolio -

Aberdeen India Opportunities

Fund

Aberdeen Select Portfolio

- Aberdeen Pacific Equity

Fund

(USD) (USD) (SGD) (SGD)

VALUE OF FUND AS AT 30 JUNE 2015 3,781,707 665,815 64,144 313,704



Net amount received/(paid) by Fund (202,473) (4,408) 8,336 92,133


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period (245,780) (36,599) (961) (33,568)

Net income/(loss) before taxation (245,780) (36,599) (961) (33,568)

Taxation - - - -

Net income/(loss) after taxation (245,780) (36,599) (961) (33,568)

VALUE OF FUND AS AT 31 DECEMBER 2015 3,333,454 624,808 71,519 372,269



265 266




- Aberdeen Singapore

Equity Fund


- Aberdeen Thailand Equity

Fund

AllianceBernstein - Developed

Markets Multi-Asset Income

Portfolio


(SGD) (USD) (USD) (USD)

VALUE OF FUND AS AT 30 JUNE 2015 35,231 1,124,161 223,517 465,564



Net amount received/(paid) by Fund 14,841 (24,832) (8,713) (24,413)


Dividends - - 3,104 -

- - 3,104 -

Net appreciation/(diminution) in value of investment during the period (4,690) (181,184) (11,041) (20,146)

Net income/(loss) before taxation (4,690) (181,184) (7,937) (20,146)

Taxation - - - -

Net income/(loss) after taxation (4,690) (181,184) (7,937) (20,146)

VALUE OF FUND AS AT 31 DECEMBER 2015 45,382 918,145 206,867 421,005


265 266




AllianceBernstein - Global Value

Portfolio

AllianceBernstein - US Thematic

Research Portfolio

(USD) (USD) (USD) (USD)

VALUE OF FUND AS AT 30 JUNE 2015 325,436 58,532 729,580 542,132



Net amount received/(paid) by Fund 12,635 5,402 165,835 (36,727)


Dividends - - - -

- - - -



Taxation - - - -




267 268

Allianz Global Investors Fund - Allianz China

Equity Fund (SGD)

Allianz Global Investors Fund - Allianz Global Sustainability

Fund

Allianz Global Investors Fund - Allianz Oriental

Income Fund (SGD)


(SGD) (EUR) (SGD) (EUR)


Amount received by Fund 5,877 21,926 2,704 51

Amount paid by Fund (1,243) (1,959) (1,256) (65)

Net amount received/(paid) by Fund 4,634 19,967 1,448 (14)


Dividends - 513 - -

- 513 - -

Net appreciation/(diminution) in value of investment during the period (3,028) 398 28 (8)

Net income/(loss) before taxation (3,028) 911 28 (8)

Taxation - - - -

Net income/(loss) after taxation (3,028) 911 28 (8)





267 268

Amundi Funds - Absolute

Volatility World Equities

Amundi Funds - Bond Global

Amundi Islamic - Amundi Islamic

BRIC Quant






Net amount received/(paid) by Fund 3,547 (25,815) (7,384) 4,499


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period 1,624 (5,433) (51,054) (2,769)

Net income/(loss) before taxation 1,624 (5,433) (51,054) (2,769)

Taxation - - - -

Net income/(loss) after taxation 1,624 (5,433) (51,054) (2,769)




269 270

Aviva Investors - Emerging

Europe Equity Fund


Markets Equity Income Fund

BlackRock Global Funds -

Global SmallCap Fund

BlackRock Global Funds - Latin American

Fund

(EUR) (USD) (USD) (USD)

VALUE OF FUND AS AT 30 JUNE 2015 444,776 371,931 2,397,380 1,931,794



Net amount received/(paid) by Fund (7,149) (5,719) 396,226 17,836


Dividends - - - -

- - - -



Taxation - - - -


VALUE OF FUND AS AT 31 DECEMBER 2015 405,448 303,558 2,532,674 1,463,025




269 270

BlackRock Global Funds - New Energy

Fund


United Kingdom Fund

BlackRock Global Funds - World Gold

Fund

BlackRock Global Funds - World Mining

Fund

(USD) (GBP) (USD) (USD)

VALUE OF FUND AS AT 30 JUNE 2015 1,312,632 182,438 2,602,141 2,740,710



Net amount received/(paid) by Fund (25,731) 1,705 72,356 62,043


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period (62,557) 10,812 (446,337) (967,702)

Net income/(loss) before taxation (62,557) 10,812 (446,337) (967,702)

Taxation - - - -

Net income/(loss) after taxation (62,557) 10,812 (446,337) (967,702)

VALUE OF FUND AS AT 31 DECEMBER 2015 1,224,344 194,955 2,228,160 1,835,051



271 272

Parvest Bond Best Selection

World EmergingParvest Bond

EuroParvest Bond

WorldParvest Equity

Brazil

(USD) (EUR) (USD) (USD)






Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period (14,939) 1,893 (2,799) (131,237)

Net income/(loss) before taxation (14,939) 1,893 (2,799) (131,237)

Taxation - - - -

Net income/(loss) after taxation (14,939) 1,893 (2,799) (131,237)





271 272





(EUR) (EUR) (USD) (EUR)


Amount received by Fund 37,088 5,558 652 26,176

Amount paid by Fund (43,262) (8,708) (334) (2,747)

Net amount received/(paid) by Fund (6,174) (3,150) 318 23,429


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period (34,587) (6,617) (1,951) (65)

Net income/(loss) before taxation (34,587) (6,617) (1,951) (65)

Taxation - - - -

Net income/(loss) after taxation (34,587) (6,617) (1,951) (65)




273 274



Deutsche Singapore

Equity FundDWS Global Agribusiness

(USD) (USD) (SGD) (EUR)




Net amount received/(paid) by Fund (305,363) 18,268 2,092 (16,234)


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period 904 (60,488) (81,323) (64,747)

Net income/(loss) before taxation 904 (60,488) (81,323) (64,747)

Taxation - - - -

Net income/(loss) after taxation 904 (60,488) (81,323) (64,747)





273 274

Fidelity Funds - ASEAN Fund


Fidelity Funds - Euro Blue Chip

Fund

Fidelity Funds - Euro Stoxx 50™

Fund

(SGD) (USD) (EUR) (EUR)

VALUE OF FUND AS AT 30 JUNE 2015 5,054 1,396,783 271,859 42,668


Amount paid by Fund (588) (186,177) (11,486) (510)

Net amount received/(paid) by Fund 1,538 (46,049) 69,594 5,838


Dividends 90 1,659 820 798

90 1,659 820 798

Net appreciation/(diminution) in value of investment during the period (549) (160,321) (7,633) (2,912)

Net income/(loss) before taxation (459) (158,662) (6,813) (2,114)

Taxation - - - -

Net income/(loss) after taxation (459) (158,662) (6,813) (2,114)

VALUE OF FUND AS AT 31 DECEMBER 2015 6,133 1,192,072 334,640 46,392



275 276

Fidelity Funds – European

Growth Fund

Fidelity Funds – European High

Yield Fund

Fidelity Funds – Fidelity Portfolio

Selector (FPS) Global Growth

Fund






Net amount received/(paid) by Fund (13,800) 3,882 (41,952) 27,141


Dividends 1,417 13,089 - 179

1,417 13,089 - 179



Taxation - - - -






275 276

Fidelity Funds – Global

Technology Fund


Telecommunications Fund

Fidelity Funds – Growth &

Income Fund

Fidelity Funds – International

Bond Fund

(EUR) (EUR) (USD) (USD)




Net amount received/(paid) by Fund 27,938 2,606 (60,408) 4,662


Dividends - 223 3,128 2,282

- 223 3,128 2,282

Net appreciation/(diminution) in value of investment during the period 9,087 (407) (17,029) (3,920)

Net income/(loss) before taxation 9,087 (184) (13,901) (1,638)

Taxation - - - -

Net income/(loss) after taxation 9,087 (184) (13,901) (1,638)




277 278



Fidelity Funds - Sterling Bond

FundFidelity Funds - Taiwan Fund

(USD) (USD) (GBP) (USD)




Net amount received/(paid) by Fund 11,172 3,310 32,983 1,694


Dividends - - 3,967 86

- - 3,967 86


Net income/(loss) before taxation (28,366) (27,976) 1,838 (24,228)

Taxation - - - -

Net income/(loss) after taxation (28,366) (27,976) 1,838 (24,228)





277 278

Fidelity Funds - United

Kingdom Fund

Fidelity Funds - US Dollar Bond

Fund

First State Regional

China Fund

First State Singapore

Growth Fund

(GBP) (USD) (SGD) (SGD)

VALUE OF FUND AS AT 30 JUNE 2015 136,442 683,510 2,571,933 1,861,080





Dividends 1,315 4,335 - -

1,315 4,335 - -

Net appreciation/(diminution) in value of investment during the period 1,247 (4,722) (134,404) (195,411)

Net income/(loss) before taxation 2,562 (387) (134,404) (195,411)

Taxation - - - -

Net income/(loss) after taxation 2,562 (387) (134,404) (195,411)




279 280

Henderson Horizon Fund

(HHF) - Euroland Fund

Henderson Horizon Fund (HHF) - Global

Property Equities Fund

Henderson Horizon Fund (HHF) - Global Technology

Fund


(HHF) - Japanese Opportunities

Fund


VALUE OF FUND AS AT 30 JUNE 2015 187,178 449,460 1,183,129 537,841





Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period 1,128 21,950 26,107 (29,238)

Net income/(loss) before taxation 1,128 21,950 26,107 (29,238)

Taxation - - - -

Net income/(loss) after taxation 1,128 21,950 26,107 (29,238)

VALUE OF FUND AS AT 31 DECEMBER 2015 189,639 524,445 1,058,765 564,429




279 280

Henderson Horizon Fund (HHF) - Pan

European Equity Fund

Henderson Horizon Fund (HHF) - Pan European Property

Equities Fund

JPMorgan Funds - Emerging

Europe, Middle East and Africa

Equity Fund





Amount paid by Fund (272) (23,155) (25,201) (24,093)

Net amount received/(paid) by Fund 1,414 (11,664) 3,829 (13,423)


Dividends - - 4,657 3,371

- - 4,657 3,371

Net appreciation/(diminution) in value of investment during the period (92) 15,398 (59,081) (19,767)

Net income/(loss) before taxation (92) 15,398 (54,424) (16,396)

Taxation - - - -

Net income/(loss) after taxation (92) 15,398 (54,424) (16,396)




281 282




JPMorgan Funds - JF Taiwan

Fund







Dividends 2,736 - - 1,082

2,736 - - 1,082



Taxation - - - -






281 282

Jupiter Global Fund - Jupiter

European Growth

Jupiter Global Fund - Jupiter Global Ecology

Growth


Global Financials






Net amount received/(paid) by Fund 38,497 4,459 (14,777) (34,678)


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period 25,809 (1,844) (7,716) 22,445

Net income/(loss) before taxation 25,809 (1,844) (7,716) 22,445

Taxation - - - -

Net income/(loss) after taxation 25,809 (1,844) (7,716) 22,445




283 284

Legg Mason QS MV European Equity Growth

and Income Fund

Legg Mason Western

Asset Asian Opportunities

Fund

Massachusetts Financial

Services (MFS) Meridian Funds - Global Equity

FundNN (L) Euro

Equity

(EUR) (SGD) (EUR) (EUR)


Amount received by Fund 7,301 11,685 96,505 311

Amount paid by Fund (983) (2,335) (48,628) (167)

Net amount received/(paid) by Fund 6,318 9,350 47,877 144


Dividends - 518 - -

- 518 - -

Net appreciation/(diminution) in value of investment during the period (88) (1,141) (19,643) (120)

Net income/(loss) before taxation (88) (623) (19,643) (120)

Taxation - - - -

Net income/(loss) after taxation (88) (623) (19,643) (120)





283 284

NN (L) Euromix Bond

PIMCO Funds: Global Investors Series plc (GIS plc) - Emerging Markets Bond

Fund

PIMCO Funds: Global Investors Series plc (GIS plc) - Global Bond Fund

PIMCO Funds: Global Investors Series plc (GIS plc) - Global Real Return

Fund




Amount paid by Fund (391) (45,723) (80,753) (41,781)

Net amount received/(paid) by Fund 707 (13,977) (46,049) (15,596)


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period 256 (32,995) 2,285 (9,653)

Net income/(loss) before taxation 256 (32,995) 2,285 (9,653)

Taxation - - - -

Net income/(loss) after taxation 256 (32,995) 2,285 (9,653)




285 286

PIMCO Funds: Global Investors Series plc (GIS

plc) - Total Return Bond

Fund

PIMCO Funds: Global Investors Series plc (GIS plc) - US High

Yield Bond FundSchroder Asian Growth Fund

Schroder Global Emerging Market

Opportunities Fund

(USD) (USD) (USD) (SGD)




Net amount received/(paid) by Fund 35,176 (1,781) 68,701 11,631


Dividends - - 21,674 -

- - 21,674 -



Taxation - - - -






285 286

Schroder International

Selection Fund (ISF) Asian Bond Absolute Return


Selection Fund (ISF) BRIC


Selection Fund (ISF) Emerging

Markets


Selection Fund (ISF) Middle East

(USD) (USD) (USD) (EUR)

VALUE OF FUND AS AT 30 JUNE 2015 141,283 1,390,683 2,633,410 171,493



Net amount received/(paid) by Fund 7,675 (32,068) 321,178 (8,406)


Dividends - - - -

- - - -



Taxation - - - -


VALUE OF FUND AS AT 31 DECEMBER 2015 144,734 1,122,965 2,552,368 139,437



287 288


Selection Fund (ISF) UK Equity


Franklin Templeton

Investment Funds (FTIF) - Franklin Biotechnology Discovery Fund

Franklin Templeton

Investment Funds (FTIF) - Franklin European Small-Mid Cap Growth

Fund

(GBP) (SGD) (USD) (EUR)






Dividends - 104 - -

- 104 - -

Net appreciation/(diminution) in value of investment during the period (6,793) (38) (134,728) 993

Net income/(loss) before taxation (6,793) 66 (134,728) 993

Taxation - - - -

Net income/(loss) after taxation (6,793) 66 (134,728) 993





287 288

Franklin Templeton Investment

Funds (FTIF) - Franklin Global

Real Estate Fund

Franklin TempletonInvestment Funds Funds

(FTIF) - Franklin Mutual Beacon

Fund

Franklin Templeton Investment Funds (FTIF)

- Franklin Mutual Global Discovery Fund


- Franklin Strategic

Income Fund




Amount paid by Fund (11,448) (8,035) (478) (212,183)

Net amount received/(paid) by Fund (321) 5,256 983 14,075


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period 4,400 (9,233) (262) (27,473)

Net income/(loss) before taxation 4,400 (9,233) (262) (27,473)

Taxation - - - -

Net income/(loss) after taxation 4,400 (9,233) (262) (27,473)




289 290


Funds(FTIF) - Templeton

Asian Growth Fund


Funds(FTIF) -

Templeton European Fund


Funds(FTIF) -

Templeton Global Fund

Franklin TempletonInvestment

Funds (FTIF) -

TempletonGlobal Bond Fund

(USD) (EUR) (USD) (SGD)

VALUE OF FUND AS AT 30 JUNE 2015 2,601,270 149,808 2,328,196 12,811

Amount received by Fund 228,255 31,028 1,525,564 4,957




Dividends - - - 276

- - - 276

Net appreciation/(diminution) in value of investment during the period (608,389) (6,317) (194,832) (919)

Net income/(loss) before taxation (608,389) (6,317) (194,832) (643)

Taxation - - - -

Net income/(loss) after taxation (608,389) (6,317) (194,832) (643)

VALUE OF FUND AS AT 31 DECEMBER 2015 1,876,132 153,791 3,123,628 15,743




289 290


Funds (FTIF) - Templeton

Global Income Fund

Franklin Templeton Investment Funds (FTIF) - Templeton Global Total

Return Fund (EUR)

Franklin Templeton Investment Funds (FTIF) - Templeton Global Total

Return Fund (USD)

Franklin Templeton Investment Funds (FTIF) - Templeton

Latin America Fund

(USD) (EUR) (USD) (USD)

VALUE OF FUND AS AT 30 JUNE 2015 1,260,661 339,967 5,908,613 647,079

Amount received by Fund 181,022 33,922 1,304,790 70,175




Dividends - - - -

- - - -



Taxation - - - -





291 292

Threadneedle Investment Funds (TIF) -

Threadneedle American Fund


Threadneedle Asia Fund


Threadneedle Emerging

Markets Bond Fund


Threadneedle Global Bond

Fund





Net amount received/(paid) by Fund 44,907 75,578 11,636 6,812


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period 7,090 (124,569) (13,591) 2,459

Net income/(loss) before taxation 7,090 (124,569) (13,591) 2,459

Taxation - - - -

Net income/(loss) after taxation 7,090 (124,569) (13,591) 2,459





291 292


Threadneedle Pan European

Fund

Threadneedle Specialist

Investment Funds (TSIF) - Threadneedle Target Return

Fund

GrowthPath Portfolios - GrowthPath

Today


2020

(EUR) (EUR) (SGD) (SGD)



Amount paid by Fund (19,924) (721) (7,904) (5,544)

Net amount received/(paid) by Fund 62,858 649 37,572 18,191


Dividends - - - -

- - - -

Net appreciation/(diminution) in value of investment during the period (9,837) (2,391) 5,435 1,622

Net income/(loss) before taxation (9,837) (2,391) 5,435 1,622

Taxation - - - -

Net income/(loss) after taxation (9,837) (2,391) 5,435 1,622




293 294


2030


2040

United Emerging

Markets Bond Fund

United SGD Fund

(SGD) (SGD) (SGD) (SGD)

VALUE OF FUND AS AT 30 JUNE 2015 282,046 308,981 10,465 1,921,299





Dividends - - 314 -

- - 314 -

Net appreciation/(diminution) in value of investment during the period (2,764) (6,014) (100) 28,552

Net income/(loss) before taxation (2,764) (6,014) 214 28,552

Taxation - - - -

Net income/(loss) after taxation (2,764) (6,014) 214 28,552

VALUE OF FUND AS AT 31 DECEMBER 2015 251,501 385,515 14,285 2,684,126




293 294


295 296


Statement of Assets & LiabilitiesAs at 31 December 2015


Aberdeen Global - Asia Pacific Equity

Fund

Aberdeen Global - Asian Local Currency Short Duration

Bond Fund

Aberdeen Global -

Australasian Equity Fund

Aberdeen Global - Chinese

Equity Fund(USD) (USD) (AUD) (USD)

UNIT TRUSTS 5,817,986 116,813 364,869 1,864,091

VALUE OF INVESTMENTS 5,817,986 116,813 364,869 1,864,091

OTHER ASSETSOther receivables 90 5 - 10

TOTAL ASSETS 5,818,076 116,818 364,869 1,864,101

OTHER LIABILITIESOther liabilities (42,722) (716) (2,265) (12,820)

VALUE OF FUND AS AT 31 DECEMBER 2015 5,775,354 116,102 362,604 1,851,281

Aberdeen Global - Indian

Equity Fund

Aberdeen Global - Select

Emerging Markets Bond

Fund

Aberdeen Select Portfolio -

Aberdeen India Opportunities

Fund


- Aberdeen Pacific Equity

Fund(USD) (USD) (SGD) (SGD)

UNIT TRUSTS 3,347,991 627,786 71,576 372,449

VALUE OF INVESTMENTS 3,347,991 627,786 71,576 372,449


TOTAL ASSETS 3,348,007 627,791 71,576 372,452

OTHER LIABILITIESOther liabilities (14,553) (2,983) (57) (183)


295 296




- Aberdeen Singapore

Equity Fund


- Aberdeen Thailand Equity

Fund

AllianceBernstein - Developed

Markets Multi-Asset Income

Portfolio


(SGD) (USD) (USD) (USD)

UNIT TRUSTS 45,531 922,445 207,994 422,523

VALUE OF INVESTMENTS 45,531 922,445 207,994 422,523

OTHER ASSETSOther receivables - 9 - 149

TOTAL ASSETS 45,531 922,454 207,994 422,672

OTHER LIABILITIESOther liabilities (149) (4,309) (1,127) (1,667)




AllianceBernstein - Global Value

Portfolio

AllianceBernstein - US Thematic

Research Portfolio


UNIT TRUSTS 314,459 60,436 819,612 491,966


OTHER ASSETSOther receivables 232 104 3,905 884

TOTAL ASSETS 314,691 60,540 823,517 492,850



297 298




Allianz Global Investors Fund - Allianz China

Equity Fund (SGD)

Allianz Global Investors Fund - Allianz Global Sustainability

Fund

Allianz Global Investors Fund - Allianz Oriental

Income Fund (SGD)


(SGD) (EUR) (SGD) (EUR)

UNIT TRUSTS 24,094 61,654 2,573 1,959


OTHER ASSETSOther receivables - 1 2 -

TOTAL ASSETS 24,094 61,655 2,575 1,959

OTHER LIABILITIESOther liabilities - (411) - (59)


Amundi Funds - Absolute

Volatility World Equities

Amundi Funds - Bond Global

Amundi Islamic - Amundi Islamic

BRIC Quant



UNIT TRUSTS 115,309 367,141 306,142 22,447


OTHER ASSETSOther receivables 32 2 32 -

TOTAL ASSETS 115,341 367,143 306,174 22,447

OTHER LIABILITIESOther liabilities (685) (1,845) (805) (15)


297 298




Europe Equity Fund


Markets Equity Income Fund


BlackRock Global Funds - Latin

American Fund(EUR) (USD) (USD) (USD)

UNIT TRUSTS 407,273 305,460 2,525,460 1,461,342

VALUE OF INVESTMENTS 407,273 305,460 2,525,460 1,461,342

OTHER ASSETSOther receivables 3 - 21,544 9,352

TOTAL ASSETS 407,276 305,460 2,547,004 1,470,694

OTHER LIABILITIESOther liabilities (1,828) (1,902) (14,330) (7,669)


BlackRock Global Funds - New Energy

Fund


United Kingdom Fund

BlackRock Global Funds - World Gold

Fund

BlackRock Global Funds - World Mining

Fund(USD) (GBP) (USD) (USD)

UNIT TRUSTS 1,229,243 195,725 2,227,099 1,831,842

VALUE OF INVESTMENTS 1,229,243 195,725 2,227,099 1,831,842

OTHER ASSETSOther receivables 2,263 568 12,036 12,893

TOTAL ASSETS 1,231,506 196,293 2,239,135 1,844,735


VALUE OF FUND AS AT 31 DECEMBER 2015 1,224,344 194,955 2,228,160 1,835,051

299 300




Parvest Bond Best Selection

World EmergingParvest Bond

EuroParvest Bond

WorldParvest Equity

Brazil(USD) (EUR) (USD) (USD)

UNIT TRUSTS 147,048 86,550 199,160 209,212



TOTAL ASSETS 147,097 86,595 199,180 209,212

OTHER LIABILITIESOther liabilities (664) (351) (1,134) (999)







UNIT TRUSTS 258,261 51,360 25,179 189,603



TOTAL ASSETS 258,270 51,376 25,179 189,621

OTHER LIABILITIESOther liabilities (651) (332) (71) (1,189)


299 300





Deutsche Singapore Equity

FundDWS Global Agribusiness

(USD) (USD) (SGD) (EUR)

UNIT TRUSTS 1,291,460 198,610 689,322 299,407


OTHER ASSETSOther receivables - - - -

TOTAL ASSETS 1,291,460 198,610 689,322 299,407



Fidelity Funds - ASEAN Fund


Fidelity Funds – Euro Blue Chip

Fund

Fidelity Funds - Euro Stoxx 50™

Fund(SGD) (USD) (EUR) (EUR)

UNIT TRUSTS 6,059 1,195,834 335,904 46,662

VALUE OF INVESTMENTS 6,059 1,195,834 335,904 46,662

OTHER ASSETSOther receivables 74 4,607 1,061 -

TOTAL ASSETS 6,133 1,200,441 336,965 46,662

OTHER LIABILITIESOther liabilities - (8,369) (2,324) (270)

VALUE OF FUND AS AT 31 DECEMBER 2015 6,133 1,192,072 334,641 46,392

301 302




Fidelity Funds - European

Growth Fund

Fidelity Funds - European High

Yield Fund

Fidelity Funds - Fidelity Portfolio

Selector (FPS) Global Growth

Fund

Fidelity Funds - Global

Financial Services Fund


UNIT TRUSTS 157,924 298,021 77,507 168,458


OTHER ASSETSOther receivables 244 437 154 2,427

TOTAL ASSETS 158,168 298,458 77,661 170,885

OTHER LIABILITIESOther liabilities (1,034) (663) (663) (1,155)



Technology Fund


Telecommunications Fund

Fidelity Funds – Growth &

Income Fund

Fidelity Funds – International

Bond Fund(EUR) (EUR) (USD) (USD)

UNIT TRUSTS 194,376 22,498 467,993 104,170


OTHER ASSETSOther receivables 985 107 393 35

TOTAL ASSETS 195,361 22,605 468,386 104,205

OTHER LIABILITIESOther liabilities (1,522) (124) (3,264) (388)


301 302





Fidelity Funds - Sterling Bond

FundFidelity Funds - Taiwan Fund

(USD) (USD) (GBP) (USD)

UNIT TRUSTS 199,647 269,023 317,721 124,820


OTHER ASSETSOther receivables 232 795 869 43

TOTAL ASSETS 199,879 269,818 318,590 124,863

OTHER LIABILITIESOther liabilities (404) (1,553) (2,651) (827)


Fidelity Funds - United

Kingdom Fund

Fidelity Funds- US Dollar Bond

Fund

First State Regional China

Fund

First State Singapore

Growth Fund(GBP) (USD) (SGD) (SGD)

UNIT TRUSTS 135,481 793,625 2,576,061 1,819,947

VALUE OF INVESTMENTS 135,481 793,625 2,576,061 1,819,947

OTHER ASSETSOther receivables 183 4,726 11 10

TOTAL ASSETS 135,664 798,351 2,576,072 1,819,957



303 304





(HHF) - Euroland Fund

Henderson Horizon Fund (HHF) - Global

Property Equities Fund

Henderson Horizon Fund (HHF) - Global Technology

Fund


(HHF) - Japanese Opportunities

Fund(EUR) (USD) (USD) (USD)

UNIT TRUSTS 190,510 528,382 1,063,957 567,922

VALUE OF INVESTMENTS 190,510 528,382 1,063,957 567,922

OTHER ASSETSOther receivables 10 8 - -

TOTAL ASSETS 190,520 528,390 1,063,957 567,922



Henderson Horizon Fund (HHF) - Pan

European Equity Fund

Henderson Horizon Fund (HHF) - Pan European Property

Equities Fund

JPMorgan Funds - Emerging

Europe, Middle East and Africa

Equity Fund



UNIT TRUSTS 5,372 168,196 244,056 71,892


OTHER ASSETSOther receivables - - 20 40

TOTAL ASSETS 5,372 168,196 244,076 71,932



303 304






JPMorgan Funds - JF Taiwan Fund


UNIT TRUSTS 441,062 735,235 831,711 38,227


OTHER ASSETSOther receivables 307 580 8,889 421

TOTAL ASSETS 441,369 735,815 840,600 38,648

OTHER LIABILITIESOther liabilities (7,255) (9,943) (1,633) (52)



European Growth

Jupiter Global Fund - Jupiter Global Ecology

Growth


Global Financials



UNIT TRUSTS 345,340 29,738 151,191 571,298


OTHER ASSETSOther receivables 2,170 51 380 212

TOTAL ASSETS 347,510 29,789 151,571 571,510

OTHER LIABILITIESOther liabilities (1,898) (225) (866) (703)


305 306




Legg Mason QS MV European Equity Growth

and Income Fund

Legg Mason Western

Asset Asian Opportunities

Fund

Massachusetts Financial

Services (MFS) Meridian Funds - Global Equity

FundNN (L) Euro

Equity(EUR) (SGD) (EUR) (EUR)

UNIT TRUSTS 83,013 26,828 634,920 8,653


OTHER ASSETSOther receivables 35 - - -

TOTAL ASSETS 83,048 26,828 634,920 8,653

OTHER LIABILITIESOther liabilities (506) (1) (3,776) (101)


NN (L) Euromix Bond

PIMCO Funds: Global Investors Series plc (GIS plc) - Emerging Markets Bond

Fund

PIMCO Funds: Global Investors Series plc (GIS plc) - Global Bond Fund

PIMCO Funds: Global Investors Series plc (GIS plc) - Global Real Return

Fund(EUR) (USD) (USD) (USD)

UNIT TRUSTS 43,783 564,701 287,382 396,976


OTHER ASSETSOther receivables 62 - - 3

TOTAL ASSETS 43,845 564,701 287,382 396,979



305 306



PIMCO Funds: Global Investors Series plc (GIS

plc) - Total Return Bond

Fund

PIMCO Funds: Global Investors Series plc (GIS plc) - US High

Yield Bond FundSchroder Asian Growth Fund

Schroder Global Emerging Market

Opportunities Fund

(USD) (USD) (USD) (SGD)

UNIT TRUSTS 898,624 571,027 1,862,420 51,400



TOTAL ASSETS 898,642 571,045 1,862,424 51,400




Selection Fund (ISF) Asian Bond Absolute Return


Selection Fund (ISF) BRIC


Selection Fund (ISF) Emerging

Markets


Selection Fund (ISF) Middle East


UNIT TRUSTS 145,722 1,128,782 2,568,213 140,271

VALUE OF INVESTMENTS 145,722 1,128,782 2,568,213 140,271

OTHER ASSETSOther receivables 2 - 2 -

TOTAL ASSETS 145,724 1,128,782 2,568,215 140,271


VALUE OF FUND AS AT 31 DECEMBER 2015 144,734 1,122,965 2,552,368 139,437

307 308





Selection Fund (ISF) UK Equity



- Franklin Biotechnology Discovery Fund

Franklin Templeton

Investment Funds (FTIF) - Franklin European Small-Mid Cap Growth

Fund (GBP) (SGD) (USD) (EUR)

UNIT TRUSTS 314,564 11,983 1,006,324 233,750



TOTAL ASSETS 314,568 11,983 1,006,509 233,750




Funds (FTIF) - Franklin Global

Real Estate Fund


Funds (FTIF) - Franklin Mutual

Beacon Fund


- Franklin Mutual Global Discovery Fund


- Franklin Strategic

Income Fund (EUR) (USD) (USD) (USD)

UNIT TRUSTS 147,643 123,107 3,372 535,729


OTHER ASSETSOther receivables 6 - - 6

TOTAL ASSETS 147,649 123,107 3,372 535,735

OTHER LIABILITIESOther liabilities (1,081) (571) (2) (3,852)


307 308




Asian Growth Fund


European Fund

Franklin Templeton Investment Funds (FTIF) - Templeton Global Fund

Franklin Templeton Investment Funds (FTIF) - Templeton Global Bond

Fund(USD) (EUR) (USD) (SGD)

UNIT TRUSTS 1,887,479 154,578 3,145,382 15,757

VALUE OF INVESTMENTS 1,887,479 154,578 3,145,382 15,757


TOTAL ASSETS 1,887,483 154,578 3,145,426 15,757

OTHER LIABILITIESOther liabilities (11,351) (787) (21,798) (14)


Franklin Templeton

Investment Funds (FTIF) -

Templeton Global Income

Fund

Franklin Templeton

Investment Funds (FTIF) -

Templeton Global Total

Return Fund (EUR)

Franklin Templeton

Investment Funds (FTIF) - Templeton

Global Total Return Fund

(USD)


Funds (FTIF) - Templeton Latin

America Fund(USD) (EUR) (USD) (USD)

UNIT TRUSTS 1,176,180 329,401 6,247,226 479,117

VALUE OF INVESTMENTS 1,176,180 329,401 6,247,226 479,117


TOTAL ASSETS 1,176,186 329,421 6,247,245 479,117



309 310





Threadneedle American Fund


Threadneedle Asia Fund


Threadneedle Emerging

Markets Bond Fund


Threadneedle Global Bond

Fund(USD) (USD) (USD) (EUR)

UNIT TRUSTS 2,078,527 860,164 456,764 100,921


OTHER ASSETSOther receivables 5 2 - -

TOTAL ASSETS 2,078,532 860,166 456,764 100,921




Threadneedle Pan European

Fund

Threadneedle Specialist

Investment Funds (TSIF) - Threadneedle Target Return

Fund


Today


2020(EUR) (EUR) (SGD) (SGD)

UNIT TRUSTS 429,719 33,372 565,675 460,796



TOTAL ASSETS 429,720 33,373 565,675 460,797



309 310




2030


2040

United Emerging Markets Bond

Fund United SGD Fund(SGD) (SGD) (SGD) (SGD)

UNIT TRUSTS 253,614 387,777 14,286 2,702,273

VALUE OF INVESTMENTS 253,614 387,777 14,286 2,702,273

OTHER ASSETSOther receivables - 1 - 4

TOTAL ASSETS 253,614 387,778 14,286 2,702,277

OTHER LIABILITIESOther liabilities (2,113) (2,263) (1) (18,151)

VALUE OF FUND AS AT 31 DECEMBER 2015 251,501 385,515 14,285 2,684,126

311 312


NOTES TO THE FINANCIAL STATEMENTS

These notes form an integral part of and should be read in conjunction with the financial statements:

1. Summary of significant accounting policies

1.1 The financial statements are prepared under the historical cost convention except for investments, which are stated at the market value.

1.2 Interest income from investments is recognised on an accrual basis. Dividends are credited to income when the right to receive payment is established.

1.3 Unit trust investments are valued at the closing market prices as at 31 December 2015.

1.4 At 31 December 2015, there were no contingent liabilities or commitments.

1.5 The financial statements are stated in the foreign currencies of the respective underlying funds.

1.6 Monetary assets and liabilities in foreign currencies are translated into the presentation currency at exchange rates approximating to those ruling at the balance sheet date. Transactions in foreign currencies are translated at rates ruling on transaction dates. Exchange differences are taken to the Capital Account under net appreciation/(diminution) in value of investments during the period.

1.7 The cost of disposal of investment is determined on the average cost basis. All gains and losses are taken to the Capital Account and recognised in net appreciation/(diminution) in value of investments during the period.

1.8 Tax deducted at source is charged to the Capital Account. Any recoveries of tax deducted at source are credited to the Capital Account when received.

2. Number of issued units at 31 December 2015:

Fund Name Number of units Aberdeen Global - Asia Pacific Equity Fund 94,738

Aberdeen Global - Asian Local Currency Short Duration Bond Fund 18,060

Aberdeen Global - Australasian Equity Fund 10,814

Aberdeen Global - Chinese Equity Fund 85,719

Aberdeen Global - Indian Equity Fund 26,925

Aberdeen Global - Select Emerging Markets Bond Fund 16,942

Aberdeen Select Portfolio - Aberdeen India Opportunities Fund 23,249

Aberdeen Select Portfolio - Aberdeen Pacific Equity Fund 79,373

Aberdeen Select Portfolio - Aberdeen Singapore Equity Fund 10,277

Aberdeen Select Portfolio - Aberdeen Thailand Equity Fund 252,932

AllianceBernstein - Developed Markets Multi-Asset Income Portfolio 13,930

AllianceBernstein - Dynamic Diversified Portfolio 21,568

AllianceBernstein - Global Equity Blend Portfolio 20,965

311 312

Fund Name Number of units AllianceBernstein - Global Growth Trends Portfolio 1,093

AllianceBernstein - Global Value Portfolio 58,239

AllianceBernstein - US Thematic Research Portfolio 30,296

Allianz Global Investors Fund - Allianz China Equity Fund (SGD) 2,011

Allianz Global Investors Fund - Allianz Global Sustainability Fund 2,772

Allianz Global Investors Fund - Allianz Oriental Income Fund (SGD) 198

Amundi Funds - Absolute Volatility Arbitrage 16

Amundi Funds – Absolute Volatility World Equities 999

Amundi Funds – Bond Global 14,439

Amundi Islamic - Amundi Islamic BRIC Quant 2,240

Aviva Investors - Asian Equity Income Fund 4,275

Aviva Investors - Emerging Europe Equity Fund 92,824

Aviva Investors - Emerging Markets Equity Income Fund 101,834

BlackRock Global Funds - Global SmallCap Fund 30,643

BlackRock Global Funds - Latin American Fund 33,078

BlackRock Global Funds - New Energy Fund 161,736

BlackRock Global Funds - United Kingdom Fund 2,239

BlackRock Global Funds - World Gold Fund 113,914

BlackRock Global Funds - World Mining Fund 89,340

Parvest Bond Best Selection World Emerging 796

Parvest Bond Euro 397

Parvest Bond World 518

Parvest Equity Brazil 3,834

Parvest Equity Russia 3,260

Parvest Equity World Materials 595

Parvest Global Environment 147

Parvest Money Market Euro 897

Parvest Money Market USD 6,269

Deutsche Noor Precious Metals Securities Fund 639,631

Deutsche Singapore Equity Fund 280,826

DWS Global Agribusiness 2,148

Fidelity Funds – ASEAN Fund 4,051

Fidelity Funds – Asian Special Situations Fund 33,866

Fidelity Funds – Euro Blue Chip Fund 15,060

Fidelity Funds - Euro Stoxx 50™ Fund 4,639

Fidelity Funds – European Growth Fund 11,411

Fidelity Funds – European High Yield Fund 30,946

Fidelity Funds – Fidelity Portfolio Selector (FPS) Global Growth Fund 3,208

Fidelity Funds - Global Financial Services Fund 5,615

313 314

Fund Name Number of unitsFidelity Funds – Global Technology Fund 13,660

Fidelity Funds – Global Telecommunications Fund 2,029

Fidelity Funds – Growth & Income Fund 27,026

Fidelity Funds – International Bond Fund 94,983

Fidelity Funds – Korea Fund 11,570

Fidelity Funds – Pacific Fund 9,557

Fidelity Funds – Sterling Bond Fund 999,806

Fidelity Funds – Taiwan Fund 13,137

Fidelity Funds – United Kingdom Fund 50,040

Fidelity Funds – US Dollar Bond Fund 113,881

First State Regional China Fund 921,064

First State Singapore Growth Fund 597,960

Henderson Horizon Fund (HHF) - Euroland Fund 4,300

Henderson Horizon Fund (HHF) - Global Property Equities Fund 28,975

Henderson Horizon Fund (HHF) - Global Technology Fund 20,026

Henderson Horizon Fund (HHF) - Japanese Opportunities Fund 41,380

Henderson Horizon Fund (HHF) - Pan European Equity Fund 192

Henderson Horizon Fund (HHF) - Pan European Property Equities Fund 4,028

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 6,080

JPMorgan Funds - Emerging Middle East Equity Fund 3,736

JPMorgan Funds - Global Dynamic Fund 25,612

JPMorgan Funds - Global Natural Resources Fund 133,925

JPMorgan Funds - JF India Fund 29,376

JPMorgan Funds - JF Taiwan Fund 2,783

Jupiter Global Fund - Jupiter European Growth 11,350

Jupiter Global Fund - Jupiter Global Ecology Growth 3,169

Jupiter Global Fund - Jupiter Global Financials 15,441

Jupiter Global Fund - Jupiter India Select 3,327

Legg Mason QS MV European Equity Growth and Income Fund 485

Legg Mason Western Asset Asian Opportunities Fund 30,555

Massachusetts Financial Services (MFS) Meridian Funds - Global Equity Fund 24,463

NN (L) Euro Equity 65

NN (L) Fund Euromix Bond 255

PIMCO Funds: Global Investors Series plc (GIS plc) - Emerging Markets Bond Fund 16,426

PIMCO Funds: Global Investors Series plc (GIS plc) - Global Bond Fund 11,235

PIMCO Funds: Global Investors Series plc (GIS plc) - Global Real Return Fund 24,324

PIMCO Funds: Global Investors Series plc (GIS plc) - Total Return Bond Fund 35,946

PIMCO Funds: Global Investors Series plc (GIS plc) - US High Yield Bond Fund 23,031

Schroder Asian Growth Fund 698,779

313 314

Fund Name Number of unitsSchroder Global Emerging Market Opportunities Fund 66,479

Schroder International Selection Fund (ISF) Asian Bond Absolute Return 11,505

Schroder International Selection Fund (ISF) BRIC 7,184

Schroder International Selection Fund (ISF) Emerging Markets 234,162

Schroder International Selection Fund (ISF) Middle East 10,776

Schroder International Selection Fund (ISF) UK Equity 70,334

Schroder Multi Asset Revolution 9,170

Franklin Templeton Investment Funds (FTIF) - Franklin Biotechnology Discovery Fund

30,357

Franklin Templeton Investment Funds (FTIF) - Franklin European Small-Mid Cap Growth Fund

6,266

Franklin Templeton Investment Funds (FTIF) - Franklin Global Real Estate Fund 9,694

Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Beacon Fund 1,823

Franklin Templeton Investment Funds (FTIF) - Franklin Mutual Global Discovery Fund

206

Franklin Templeton Investment Funds (FTIF) - Franklin Strategic Income Fund 38,237

Franklin Templeton Investment Funds (FTIF) - Templeton Asian Growth Fund 73,459

Franklin Templeton Investment Funds (FTIF) - Templeton European Fund 7,160

Franklin Templeton Investment Funds (FTIF) - Templeton Global Fund 87,252

Franklin Templeton Investment Funds (FTIF) - Templeton Global Bond Fund 1,329

Franklin Templeton Investment Funds (FTIF) - Templeton Global Income Fund 66,248

Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (EUR)

16,475

Franklin Templeton Investment Funds (FTIF) - Templeton Global Total Return Fund (USD)

224,667

Franklin Templeton Investment Funds (FTIF) - Templeton Latin America Fund 11,567

Threadneedle Investment Funds (TIF) - Threadneedle American Fund 703,047

Threadneedle Investment Funds (TIF) - Threadneedle Asia Fund 412,877

Threadneedle Investment Funds (TIF) - Threadneedle Emerging Markets Bond Fund

153,997

Threadneedle Investment Funds (TIF) - Threadneedle Global Bond Fund 66,998

Threadneedle Investment Funds (TIF) - Threadneedle Pan European Fund 230,188

Threadneedle Specialist Investment Funds (TSIF) - Threadneedle Target Return Fund

28,684

GrowthPath Portfolios - GrowthPath Today 382,368

GrowthPath Portfolios - GrowthPath 2020 284,142



United Emerging Markets Bond Fund 10,621

United SGD Fund 1,528,546

ILP_

2015

_Rep

ort_

A5_

v1.0

_Feb

2016 Aviva Ltd

4 Shenton Way #01-01 SGX Centre 2 Singapore 068807Customer Service Hotline: (65) 6827 9933Fax: (65) 6827 7480Website: www.aviva.com.sgCompany Reg. No.: 196900499K

About AvivaIn Singapore, we’re one of the leading providers of retirement, investment, insurance and health solutions.

We’re a provider of Medisave-approved Integrated Shield plans as well as an appointed insurer for the national ElderShield scheme, and we constantly find innovative ways to enhance these products, ensuring they remain relevant to our customers’ needs.

Being the pioneer general insurer in Singapore to offer car, travel and home insurance online, we offer simplicity, convenience and cost savings to customers.

We’re one of the biggest providers of employee benefits and healthcare. This includes protecting Singapore Armed Forces servicemen since 1983, as well as being an appointed provider for the Public Officers Group Insurance Scheme (POGIS).

Our funds administration solution, Navigator, with its wide variety of funds, remains one of the preferred investment platforms in Singapore.

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