United ASEAN Income Fund - UOB Group.Com fileUnited ASEAN Income Fund 4.68 13.53 5.50 N/A N/A N/A...

United ASEAN Income FundSemi Annual Report

for the half year ended 30 June 2017

MANAGERUOB Asset Management LtdRegistered Address:80 Raffles PlaceUOB PlazaSingapore 048624Company Registration No. : 198600120Z

OPERATIONS ADDRESS80 Raffles Place#06-00, UOB Plaza 2Singapore 048624Tel: 1800 22 22 228

DIRECTORS OF UOB ASSET MANAGEMENTLee Wai FaiCheo Chai HongGoh Yu MinThio Boon Kiat

TRUSTEEState Street Trust (SG) Limited168 Robinson Road#33-01, Capital TowerSingapore 068912

CUSTODIAN / ADMINISTRATOR / REGISTRARState Street Bank and Trust Company, acting through its Singapore Branch168 Robinson Road#33-01, Capital TowerSingapore 068912

AUDITORSPricewaterhouseCoopers LLP8 Cross Street#17-00, PWC BuildingSingapore 048424

SOLICITORS TO THE MANAGERTan Peng Chin LLC30 Raffles Place#11-00, Chevron HouseSingapore 048622

SOLICITORS TO THE TRUSTEEShook Lin & Bok LLP1 Robinson Road#18-00, AIA TowerSingapore 048542

SUB-MANAGERUOB Asset Management (Malaysia) Berhad UOB Asset Management (Thailand) Co., Ltd.348 Jalan Tun Razak 173/27-30, 32-33, South Sathorn Road, Thungmahamek, SathornLevel 22, Vista Tower, The Intermark 25th Floor, Asia Centre Building50400 Kuala Lumpur, Malaysia Bangkok 10120, Thailand

United ASEAN Income Fund(Constituted under a Trust Deed in the Republic of Singapore)

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A) Fund Performance

Class USD Acc

Fund Performance/Benchmark Returns

3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

15 December2014Ann

CompRet

United ASEANIncome Fund 4.68 13.53 5.50 N/A N/A N/A -2.37

Benchmark 5.62 15.66 10.91 N/A N/A N/A 1.03

Source: Lipper, a Thomson Reuters Company.

Note: The performance returns of the Fund are in Singapore dollar and United States dollar based on a NAV-to-NAV basis with

dividends and distributions reinvested, if any.

The benchmark of the Fund: MSCI South East Asia Index.

For the six months ended 30 June 2017, the net asset value of Class USD Acc of the Fund rose 13.53% compared with a15.66% increase in the benchmark MSCI South East Asia Index.

The Fund’s underperformance for the period under review was largely attributed to negative stock selection. Our overweightposition in the best performing Singapore market contributed positively, as did the Fund’s investments in Malaysia. Howeverthe Fund’s investments in Indonesia and the Philippines did not perform as well as expected.

On a stock basis, the Fund’s investments inOldtownBerhad,SAMEngineering&Equipment (Malaysia);Mitra Adiperkasa(Indonesia); City Developments, Global Logistic Properties, UOL (Singapore) and Advanced Info Service, KiatnakinBank (Thailand) were key contributors to performance.

Key detractors to performance were Pembangunan Perumahan, Ciputra Development (Indonesia); GT Capital(Philippines); Deleum Berhad (Malaysia); Comfort Delgro (Singapore) and PTT Exploration & Production (Thailand).

As at end June 2017, the Fund was 96.46% invested. In terms of markets, the Fund’s allocation stood at Singapore (34.60%),Indonesia (20.06%), Malaysia (17.93%), Thailand (16.33%) and Philippines (7.54%) with the remainder in cash.

In terms of sectors, the Fund’s allocation stood at Financials (32.74%), Consumer Discretionary (14.21%), Real Estate(13.79%), Industrials (10.69%), Consumer Staples (8.80%), Telecommunication Services (6.58%), others (9.65%) withthe remainder in cash.

Economic and Market Review

Equity markets in Asia outperformed global markets for the first half of 2017. Emerging Markets (EM) as a whole outperformedDeveloped Markets, as appetite for higher yielding assets increased with improved global economic momentum and a weakerUS dollar.

Asia markets rallied in the first half of the year, driven by strong earnings particularly in Technology. The softening of PresidentTrump’s trade protectionism rhetoric calmed market fears on Asian exporters. Concerns of Sino-US tensions faded after asuccessful outcome between President Trump and President Xi.

The US Federal Reserve (Fed) hiked rates by quarter of a percentage point (25 basis points) in March and June, as it took agradual and predictable path to normalising interest rates. The US dollar weakened against other major currencies includingthe Euro, Japanese yen and most Asian currencies.

On the geopolitical front, markets brushed off concerns onNorth Korea’s defiant missile launches, US President Trump’s legalwoes and welcomed the election of Pro-EU French President Macron.

Closer to home, South East Asia markets also chalked up decent returns.


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A) Fund Performance (continued)

Within ASEAN, Singapore was the top performer in South East Asia, lifted by better-than-expected economic growth over theperiod.

The Singapore market started the period under review on a strong note, lifted by optimism that the worst of the slowdown in2016 was over. Moreover the market was also cheered by initial signs of an impending global growth recovery that would alsobenefit the export oriented Singapore economy.

In particular, a recovery in GDP growth with strength in both the manufacturing and services sectors and government policyrelaxation in the residential property sector improved buyer sentiment. Accordingly this led to strong gains in the banks and realestate companies.

The market also experienced a flurry of mergers and acquisition (M&A) activity in the form of privatizations and acquisitions.This served to generate heightened investor interest as it highlighted the relative attractiveness of the Singapore market’svaluation multiples.

Indonesia was next as stronger resource prices boosted economic growth and improved the trade balance and foreignreserves. Standard and Poor’s upgrade of their credit rating to investment grade status also led to more fund inflows.

Malaysia did fairly well after posting strong first quarter GDP growth and foreign direct investments poured in especially fromChina as the country expands its “One Belt One Road” reach.

Thailand lagged the most, reversing its position as the region’s star performer for 2016 after posting disappointing first quarter2017 corporate earnings.

ThePhilippinesmarket also lagged after postingmixed first quarter GDPgrowth numbers andweaker corporate earnings. Thecurrent account slipped to a deficit and overseas remittances contracted, putting pressure on the peso.

Outlook and Fund Strategy

Asia is seeing improving returns on equity (ROEs) and upward revisions in corporate earnings after many years, led by cyclicalsas global growth recovers. China’s economic recovery looks to have stabilized with the Purchasing Managers Index (PMI)above 50 and the rebound in the Producers Price Index (PPI) after many years in negative territory. Despite the US FederalReserve raising rates, the US dollar has weakened slightly as questions arise over the execution of Trump’s fiscal stimuluspolicies and economic indicators point to a mild recovery. This has helped Asian currencies and markets.

Despite relatively soft US economic data, President Trump’s recent legal troubles and elevated valuations, the US market hasremained resilient. China economic growth activity moderated after accelerating late last year till the first quarter 2017 as theauthorities tightened monetary conditions to control financial leverage. However, recent data points to continued economicstabilization rather than growth rolling. We are still in the first year of earnings recovery after many years of suppressed profitgrowth. Hence, we remain constructive on Asian markets.

Turning to ASEAN, the region’s valuations are relatively expensive and ASEAN has weaker earnings momentum compared toNorth Asia.

Within ASEAN, we remain positive on Malaysia. We see upside to earnings growth expectations from strong constructionorders, growth in palm oil volumes and drop in bank provisions as non-performing loans (NPLs) peak. Investment from Chinahas risen significantly asMalaysia is a key destination forChina’s “One Belt One Road” projects. The upcoming elections earlynext year should also be another positive catalyst.

After a strong showing in the first half of 2017, we have turned neutral on Singapore. Valuations have largely factored in thegrowth recovery and we believe the Singapore banks’ re-rating from reflation optimism has also been priced in to a certainextent. Singapore’s pace of economic growth could also likely moderate in the later part of the year after a strong first halfalthough the recovery trajectory is set to continue.

We are neutral on Indonesia. The country’s economic growth, trade balance and foreign reserves have improved on strongerresource prices.

We are underweight on Thailand andPhilippines due to valuation concerns, mixed corporate earnings outlook and policy risk.


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B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2017under review classified by

i) Country

Fair Value(S$)

% of NAV

Indonesia 614,122 20.06

Malaysia 548,882 17.93

Philippines 230,829 7.54

Singapore 1,059,025 34.60

Thailand 499,821 16.33

Portfolio of investments 2,952,679 96.46

Other net assets/(liabilities) 108,294 3.54

Total 3,060,973 100.00

ii) Industry

Fair Value(S$)

% of NAV

Consumer Discretionary 434,849 14.21

Consumer Staples 269,425 8.80

Energy 180,682 5.90

Financials 1,002,013 32.74

Health Care 56,666 1.85

Industrials 327,196 10.69

Information Technology 21,400 0.70

Materials 36,770 1.20

Real Estate 422,238 13.79

Telecommunication Services 201,440 6.58



Total 3,060,973 100.00

iii) Asset Class

Fair Value(S$) % of NAV

Quoted equities 2,952,679 96.46


Total 3,060,973 100.00

iv) Credit rating of quoted bonds

N/A


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C) Top Ten Holdings

10 largest holdings as at 30 June 2017

Fair Value(S$)

Percentage oftotal net assetsattributable tounitholders

%

DBS GROUP HOLDINGS LTD 159,698 5.22

TELEKOMUNIKASI INDONESIA PERSERO TBK PT 150,360 4.91

OVERSEA-CHINESE BANKING CORP LTD 140,270 4.58

UNITED OVERSEAS BANK LTD 118,167 3.86

ASTRA INTERNATIONAL TBK PT 110,644 3.61

SINGAPORE TELECOMMUNICATIONS LTD 108,920 3.56

BANK MANDIRI PERSERO TBK PT 92,203 3.01

PT BANK NEGARA INDONESIA (PERSERO) TBK. 77,730 2.54

PTT PCL 76,483 2.50

OLDTOWN BHD 69,466 2.27

10 largest holdings as at 30 June 2016

Fair Value

Percentage oftotal net assetsattributable tounitholders

(S$) %

SINGAPORE TELECOMMUNICATIONS LTD 173,460 4.56

PT TELKOMUNIKASI INDONESIA 162,170 4.26

DBS GROUP HOLDINGS LIMITED 154,448 4.06

PT ASTRA INTERNATIONAL 128,147 3.37

SAM ENGINEERING & EQUIPMENT (M) BHD 120,091 3.16

OVERSEA-CHINESE BANKING CORPORATION LIMITED 112,970 2.97

UNITED OVERSEAS BANK LTD 92,100 2.42

KIM LOONG RESOURCES BHD 90,229 2.37

PT BANK NEGARA INDONESIA 84,752 2.23

RAFFLES MEDICAL GROUP LIMITED 77,010 2.03

D) Exposure to derivatives

i) fair value of derivative contracts and as a percentage of NAV as at 30 June 2017

N/A

ii) There was a net realised loss of SGD 922 on derivative contracts during the financial period from 01 January 2017 to30 June 2017.

iii) net gains/(losses) on outstanding derivative contracts marked to market as at 30 June 2017

N/A


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E) Amount and percentage of NAV invested in other schemes as at 30 June 2017

Please refer to the Statement of Portfolio.

F) Amount and percentage of borrowings to NAV as at 30 June 2017

N/A

G) Amount of redemptions and subscriptions for the financial period from 01 January 2017 to30 June 2017

Total amount of redemptions SGD 1,065,008

Total amount of subscriptions SGD 39,747

H) The amount and terms of related-party transactions for the financial period from 01 January2017 to 30 June 2017

i) As at 30 June 2017, the Fund maintained current accounts with State Street Bank and Trust Company as follows:

Bank balances SGD 104,846

ii) Purchase/holdings of UOBAM unit trusts by UOB or its affiliated companies as at 30 June 2017

Holdings of United ASEAN Income Fund – Class USD Acc as at 30 June 2017 were as follows:

Affiliated CompaniesNo. ofUnits

Unit PriceSGD

MarketValueSGD

a) United ASEAN Fund 1,576,707.09 1.293 2,038,464.92

b) United Asia Fund 788,358.20 1.293 1,019,238.48

iii) Investment in Initial Public Offerings managed by UOB Group

N/A

iv) As at 30 June 2017, the brokerage income earned by UOB Kay Hian Pte Ltd was SGD 149.


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I) Expense ratios

2017 2016

$ $

Total operating expenses 127,875 124,709

Average daily net asset value 3,633,106 3,655,055

Expense ratio 3.52% 3.41%

Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association ofSingapore (“IMAS”). The calculation of the Fund’s expense ratio at 30 June 2017was based on total operating expenses dividedby the average net asset value respectively for the year. The total operating expenses do not include (where applicable)brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchangegains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising outof income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances.

J) Turnover ratios

2017 2016

$ $

Lower of total value of purchases or sales 944,724 2,355,870

Average daily net assets value 3,373,771 3,644,403

Turnover ratio 28.00% 64.64%

Note: The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes.The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlyinginvestments divided by the average daily net asset value.

K) Any material information that will adversely impact the valuation of the scheme such ascontingent liabilities of open contracts

N/A

L) For schemes which invest more than 30% of their deposited property in another scheme, thefollowing key information on the second-mentioned scheme (“the underlying scheme”)1

should be disclosed as well

i) top 10 holdings at fair value and as percentage of NAV as at 30 June 2017 and 30 June 2016

N/A

ii) expense ratios for the financial period ended 30 June 2017 and 30 June 2016

N/A

iii) turnover ratios for the financial period ended 30 June 2017 and 30 June 2016

N/A

1 where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has aformal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on theunderlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily availableto the Singapore manager.


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M) Soft dollar commissions/arrangements

UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products andservices are received from third parties. The products and services relate essentially to computer hardware and softwareto the extent that they are used to support the investment decision making process, research and advisory services,economic and political analyses, portfolio analyses including performance measurements, market analyses, data andquotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management’s duties toclients. As such services generally benefit all of UOB Asset Management’s clients in terms of input into the investmentdecision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms thattrades were executed on a best execution basis and there was no churning of trades.

UOB Asset Management (Malaysia) Berhad, the Sub-Manager, may accept or receive soft commissions arising fromtransactions or orders on behalf of a client provided that:

(i) the client’s prior consent has been obtained;

(ii) the relevant goods and services are of demonstrable benefit to the client; and

(iii) the relevant goods and services are in the form of research and advisory services that assist in the decision-makingprocess relating to the client’s investments.

Examples of goods and services that are not considered soft commissions and are prohibited include:

• Travelling costs

• Accommodation and entertainment costs

• Expenditure on hardware that is not incidental in providing the research and advisory services

• Membership fees to associations

In addition, the Sub-Manager will take steps to ensure that soft-dollar commissions/arrangements will not include travel,accommodation, entertainment, general administrative goods and services, general office equipment or premises,membership fees, employees’ salaries or direct money payment.

The Sub-Manager will disclose to the client details of any soft commission received as soon as practicable upon acceptingor receiving the soft commission, and maintain a register of any soft commission accepted or received. The Sub-Managerhas engaged a compliance officer to verify that any soft commission accepted or received by the Sub-Manager complieswith the above requirements.

The Sub-Manager does not retain for its own account any rebates it may receive arising from transactions or orders onbehalf of clients. Any rebates received by the Sub-Manager (including without limit any soft commission received inadvance by the Sub-Manager) will be directed to the account of the relevant clients.

UOBAssetManagement (Thailand) Co., Ltd., the Sub-Managermay enter into soft-dollar commissions/arrangements witha service provider as a result of the Sub-Manager’s use of its services in the management of the Fund, provided that thefollowing conditions shall be followed:

(i) the soft-dollar commissions/arrangements shall be assets having economic value (which do not include travel,accommodation and entertainment), and can reasonably be expected to assist in the management of the Fund asprescribed by applicable laws concerning securities and exchange; and

(ii) there shall not be any indication showing that the Sub-Manager has used the services offered by the service providermore often than is necessary in order to benefit the Fund (i.e. churning).

In this connection, the Sub-Manager shall act with fairness and consider the character and types of securities as may beacquired by Fund.


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N) Where the scheme offers pre-determined payouts, an explanation on the calculation of theactual payouts received by participants and any significant deviation from thepre-determined payouts

N/A


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STATEMENT OF TOTAL RETURNFor the half year ended 30 June 2017 (Un-audited)

30 June 30 June

2017 2016

$ $

Income

Dividends 55,399 64,443

Total 55,399 64,443

Less: Expenses

Management fee 25,090 27,242

Trustee fee 2,480 2,493

Audit fee 7,416 7,458

Registrar fee 7,490 7,490

Valuation fee 2,091 2,270

Custody fee 11,095 2,756

Transaction costs 22,465 29,860

Interest expenses 20 -

Other expenses 8,621 7,543

Total 86,768 87,112

Net income/(losses) (31,369) (22,669)

Net gains/(losses) on value of investments

Net gains/(losses) on investments 323,669 76,047

Net gains/(losses) on financial derivatives (922) -

Net foreign exchange gains/(losses) (12,300) 78,781

310,447 154,828

Total return/(deficit) for the period before income tax 279,078 132,159

Less: Income tax (4,457) (5,876)

Total return/(deficit) for the period 274,621 126,283


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STATEMENT OF FINANCIAL POSITIONAs at 30 June 2017 (Un-audited)

30 June 31 December

2017 2016

$ $

Assets

Portfolio of investments 2,952,679 3,729,068

Sales awaiting settlement 43,042 4,221

Receivables 61 4,409

Cash and bank balances 104,846 111,494

Total assets 3,100,628 3,849,192

Liabilities

Purchases awaiting settlement 22,822 -

Payables 16,833 37,579

Total liabilities 39,655 37,579

Equity

Net assets attributable to unitholders 3,060,973 3,811,613


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STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the half year ended 30 June 2017 (Un-audited)

30 June 31 December

2017 2016

$ $Net assets attributable to unitholders at the beginning of the financialperiod/year 3,811,613 3,656,894

Operations

Change in net assets attributable to unitholders resulting from operations 274,621 113,760

Unitholders’ contribution/(withdrawal)

Creation of units 39,747 40,959

Cancellation of units (1,065,008) -

Change in net assets attributable to unitholders resulting from net creation andcancellation of units (1,025,261) 40,959

Total increase/(decrease) in net assets attributable to unitholders (750,640) 154,719

Net assets attributable to unitholders at the end of the financial period/year 3,060,973 3,811,613


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STATEMENT OF PORTFOLIOAs at 30 June 2017 (Un-audited)

Holdings at Fair value at

Percentage oftotal net assetsattributable tounitholders at

30 June2017

30 June2017$

30 June2017%

By Geography - Primary

Quoted Equities

INDONESIA

ASTRA INTERNATIONAL TBK PT 120,000 110,644 3.61

BANK CENTRAL ASIA TBK PT 23,000 43,126 1.41

BANK MANDIRI PERSERO TBK PT 70,000 92,203 3.01

CIPUTRA DEVELOPMENT TBK PT 220,000 26,592 0.87

MITRA ADIPERKASA TBK PT 60,000 42,150 1.38

PEMBANGUNAN PERUMAHAN PERSERO TBK PT 92,000 29,844 0.98

PT BANK NEGARA INDONESIA (PERSERO) TBK. 114,000 77,730 2.54

SURYA CITRA MEDIA TBK PT 155,000 41,473 1.35

TELEKOMUNIKASI INDONESIA PERSERO TBK PT 322,000 150,360 4.91

TOTAL INDONESIA 614,122 20.06

MALAYSIA

CARLSBERG BREWERY MALAYSIA BHD 10,400 50,036 1.63

DELEUM BHD 123,100 35,535 1.16

DUTCH LADY MILK INDUSTRIES BHD 2,300 43,068 1.41

KIM LOONG RESOURCES BHD 55,200 68,873 2.25

LINGKARAN TRANS KOTA HOLDINGS 23,300 44,018 1.44

OLDTOWN BHD 75,200 69,466 2.27

PARAMOUNT CORP BHD 116,500 68,755 2.25

PECCA GROUP BHD 95,700 49,420 1.61

SAM ENGINEERING & EQUIPMENT M BHD 23,900 59,870 1.95

STAR MEDIA GROUP BHD 30,500 22,892 0.75

TUNE PROTECT GROUP BHD 92,900 36,949 1.21

TOTAL MALAYSIA 548,882 17.93

PHILIPPINES

AYALA LAND INC 55,000 59,654 1.95

BDO UNIBANK INC 15,600 52,782 1.72

GT CAPITAL HOLDINGS INC 700 23,111 0.76

METROPOLITAN BANK & TRUST CO 24,000 57,300 1.87

ROBINSONS RETAIL HOLDINGS INC 16,000 37,982 1.24

TOTAL PHILIPPINES 230,829 7.54


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30 June2017

30 June2017$

30 June2017%

By Geography - Primary (continued)

Quoted Equities

SINGAPORE

AEM HOLDINGS LTD 10,000 21,400 0.70

CAPITALAND COMMERCIAL TRUST 18,000 29,880 0.98

CAPITALAND LTD 10,000 35,000 1.14

CITY DEVELOPMENTS LTD 3,000 32,190 1.05

COMFORTDELGRO CORP LTD 17,000 39,100 1.28

CWT LTD 15,000 33,450 1.09

DBS GROUP HOLDINGS LTD 7,700 159,698 5.22

GENTING SINGAPORE PLC 22,000 23,870 0.78

GLOBAL LOGISTIC PROPERTIES LTD 15,000 42,900 1.40

HEALTH MANAGEMENT INTERNATIONAL LTD 83,950 56,666 1.85

HRNETGROUP LTD 13,100 11,659 0.38

JARDINE CYCLE & CARRIAGE LTD 800 35,480 1.16

KEPPEL CORP LTD 8,000 50,320 1.65

KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LTD 17,000 29,495 0.96

OVERSEA-CHINESE BANKING CORP LTD 13,000 140,270 4.58

SINGAPORE TECHNOLOGIES ENGINEERING LTD 8,000 29,440 0.96

SINGAPORE TELECOMMUNICATIONS LTD 28,000 108,920 3.56

UNITED OVERSEAS BANK LTD 5,111 118,167 3.86

UOL GROUP LTD 8,000 61,120 2.00

TOTAL SINGAPORE 1,059,025 34.60

THAILAND

ADVANCED INFO SERVICE PCL 7,100 51,080 1.67

BANGKOK BANK PCL 3,900 29,243 0.96

KASIKORNBANK PCL - NVDR 5,400 43,446 1.42

KIATNAKIN BANK PCL 14,800 42,890 1.40

LAND + HOUSES PUB NVDR NVDR THB1.0 78,700 31,898 1.04

PTT EXPLORATION & PRODUCTION PCL 9,200 32,162 1.05

PTT PCL 5,100 76,483 2.50

SUPALAI PCL 32,500 34,249 1.12

THAI OIL PCL 11,400 36,502 1.19

THE SIAM CEMENT PCL 1,800 36,770 1.20

THE SIAM COMMERCIAL BANK PCL 4,900 30,883 1.01


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30 June2017

30 June2017$

30 June2017%

By Geography - Primary (continued)

Quoted Equities

THAILAND (continued)

TISCO FINANCIAL GROUP PCL 17,600 54,215 1.77

TOTAL THAILAND 499,821 16.33

Total Equities 2,952,679 96.46



Net assets attributable to unitholders 3,060,973 100.00


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Percentage oftotal net assetsattributable tounitholders at30 June2017%

Percentage oftotal net assetsattributable tounitholders at31 December

2016%

By Geography - Primary (Summary)

Quoted Equities

Indonesia 20.06 20.65

Malaysia 17.93 18.01

Philippines 7.54 8.58

Singapore 34.60 32.99

Thailand 16.33 17.60

Portfolio of investments 96.46 97.83

Other net assets/(liabilities) 3.54 2.17

Net assets attributable to unitholders 100.00 100.00


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Fair value at30 June2017$

Percentage oftotal net assetsattributable tounitholders at30 June2017%

Percentage oftotal net assetsattributable tounitholders at31 December

2016%

By Industry - Secondary

Quoted Equities

Consumer Discretionary 434,849 14.21 8.79

Consumer Staples 269,425 8.80 11.12

Energy 180,682 5.90 4.21

Financials 1,002,013 32.74 26.32

Health Care 56,666 1.85 3.38

Industrials 327,196 10.69 18.71

Information Technology 21,400 0.70 1.08

Materials 36,770 1.20 3.11

Real estate 422,238 13.79 11.79

Telecommunication Services 201,440 6.58 8.95

Utilities - - 0.37

Portfolio of investments 2,952,679 96.46 97.83

Other net assets/(liabilities) 108,294 3.54 2.17

Net assets attributable to unitholders 3,060,973 100.00 100.00


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