United Asia Pacific Growth Fund - Our StrategyUnited Asia Pacific Growth Fund (Constituted under a...

United Asia Pacific GrowthFundAnnual Report

for the financial year ended31st December 2017

MANAGERUOB Asset Management LtdRegistered Address:80 Raffles PlaceUOB PlazaSingapore 048624Company Registration No. : 198600120ZTel: 1800 22 22 228

DIRECTORS OF UOB ASSET MANAGEMENTLee Wai FaiEric Tham Kah JinPeh Kian HengThio 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

AUDITORPricewaterhouseCoopers LLP7 Straits View, Marina OneEast Tower, Level 12Singapore 018936

United Asia Pacific Growth Fund(Constituted under a Trust Deed in the Republic of Singapore)

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A) Fund Performance

Fund Performance/Benchmark Returns

3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

07 April 1995Ann

CompRet

United Asia PacificGrowth Fund 5.06 7.63 19.99 8.98 7.89 -2.00 3.03

Benchmark 6.43 10.40 21.81 10.95 10.66 2.71 3.25

Source: Lipper, a Thomson Reuters Company.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis, with dividends and distributionsreinvested, if any.The benchmark of the Fund: MSCI AC Asia Pacific.

For the twelve months ended 31 December 2017, the net asset value of the Fund advanced 19.99%, compared with a 21.81%increase in the benchmark MSCI AC Asia Pacific index in Singapore Dollar terms.

The slight underperformance was due to negative sector allocation with an overweight position in Financials although this waspartially offset by an overweight position in the Information Technology sector. Stock selection was positive with contributionsfrom the Financials and Information Technology sectors. Stock selections in the Consumer Discretionary and Real Estatesectors detracted from performance. In terms of regional allocation, the Fund benefited from its positive stock selection inIndonesia and Hong Kong but offset by negative stock selection in Japan.

Key contributors to performance included Alibaba (CN), Bank Negara (ID), Bank Rakyat (ID), Taiwan Semiconductor (TW)and Techtronic (HK).

Key detractors included Matahari Department (ID), Rakuten (JP), Subaru (JP), Park24 (JP) and Brambles (AU).

As at end December 2017, the Fund had the following sector allocation: Information Technology (27.00%), Financials(25.43%), Industrials (11.12%), Consumer Discretionary (8.93%), Materials (6.06%), Consumer Staples (5.61%), HealthCare (3.57%), Utilities (2.92%), Energy (2.74%), Telecommunication Services (2.27%) and Real Estate (1.78%), with theremainder in cash (2.57%).

The Fund had the following country asset allocation: Japan (24.44%), China (13.74%), Australia (12.64%), India (11.68%),Indonesia (8.93%), Taiwan (8.37%), Hong Kong ( . %), Singapore (3.81%), Thailand (3.74%) Philippines (2.82%),and the remainder in cash (2.57%).

Economic and Market Review

The Asia Pacific equity markets advanced, outperforming global equity markets. Within the region, Asia ex-Japanoutperformed while Australia and Japan underperformed.

In terms of sector performance, cyclical sectors such as Materials, Energy and Information Technology outperformed whiledefensive yield sectors such as Utilities and Health Care underperformed

North Asia outperformed South-east Asia with technology giants fuelling much of the gains. China was the best performingmarket. Other standouts were South Korea, India and Hong Kong. The worst performers were Philippines, Malaysia,Indonesia and Taiwan.


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7 26 , and

Economic data in Asia ex-Japan was strong as growth rode in tandem with the global economic upcycle. The Purchasing Managers’ Index (PMI) in China and India shot to a five-year high in the second half of 2017. Chinese manufacturing remained in the expansionary territory throughout the year, peaking in September at 52.4, while the private sector Caixin manufacturing index ended the year at 51.6. Manufacturing expansion saw India finishing the year at a high of 54.7. A recovery of manufacturing activity in South Korea picked up momentum from September on a cycle of higher orders. With Taiwan, numbers stayed above the 50 mark throughout the year and peaked in December.

A) Fund Performance (continued)

China emerged as the top performing market despite tightening measures. Better-than-expected economic data and strongearnings growth helped to drive the market higher. Hong Kong, on the other hand, benefitted from strong buying investorinterest from the mainland via the Southbound Stock Connect scheme especially with property stocks on the back of risinghome prices. Korea stocks benefited from the current global technology upcycle but Taiwan markets underperformed asinvestors sold off technology names on profit taking in the later part of the year as they rotated into other sectors.

Japan equities underperformed the broader index despite the economy benefitting from the current global economic upcycle.Retail sales and industrial production were both above expectations during the period under review. Inflation data came in at0.6% which remains below Bank of Japan’s (BOJ) target. Progress on the implementation of structural reforms remains slowamidst headwinds such as an ageing population and declining labour force but incremental improvements are now being seenin corporate governance.

The Australian index underperformed within the region despite the strong rally in the material and energy prices globally. Thedomestic growth transition is still struggling amidst the capital expenditure cliff in the commodities sector. Economic data suchas domestic private demand and industrial production remains mixed. Corporate earnings also disappointed resulting in theregion’s underperformance.

Outlook and Fund Strategy

We believe that the Asia Pacific markets continue to offer exciting investment opportunities for growth investors over the longterm. Valuations for Asia Pacific equities are attractive. The aggregate market performance has been encouraging especiallyin Asia ex-Japan as the region resonates with the global economic upcycle. However, we remain mindful that growth within theregion remains uneven and fundamental sector/country and stock selection will remain crucial.

The current positioning of the Asia Pacific strategy is to be overweight on Asia ex-Japan and Australia. The position is fundedfrom an underweight position in Japan. This is a result of bottom-up securities selection and does not necessarily reflect ourview on the respective regions. The overweight position in Asia ex-Japan is mainly due to the relative attractiveness of Indonesiaand India financials against the rest of the region. Similarly, the underweight position in Japan reflects our concern on theoperating prospects of Japanese financial companies.

In terms of sector allocation, our strategy is to be overweight on the financials and technology sectors. We believe the longerterm trend for the technology sector remains positive as it provides exposure to the continued strong growth of domesticdemand and e-commerce in the emerging economies. The financials sector should also benefit from the reflation trade that isoccurring across the world as inflation starts to normalise. We are also underweight on the materials sector due to concerns overincremental demand from China, which appears to be rolling over from peak demand earlier in the year.


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The ASEAN markets underperformed the broader Index. Although Thailand lagged in the earlier part of 2017, it caught up towards the end of the year on the back of better than expected exports and optimism from increased tourist numbers. On the other hand, Indonesia lagged on corporate earnings and weaker economic data. Meanwhile, Singapore saw upward revision of gross domestic product (GDP) numbers for the year while its neighbour Malaysia also witnessed stronger than expected GDP growth and an appreciation of the ringgit ahead of anticipated interest rate hikes in 2018. The Philippines market underperformed with a record trade deficit in November and the peso was Southeast Asia’s worst performing currency against the US dollar for 2017.

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 31 December2017 under review classified by

i) Country

Fair Value(S$)

% of NAV

Australia 2,103,521 12.64

China 2,286,863 13.74

Hong Kong 1,209,154 7.26

India 1,943,998 11.68

Indonesia 1,485,862 8.93

Japan 4,067,693 24.44


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Philippines 469,185 2.82

Singapore 634,874 3.81

Taiwan 1,393,434 8.37

Thailand 621,711 3.74

Portfolio of investments 16,216,295 97.43

Other net assets/(liabilities) 427,468 2.57

Total 16,643,763 100.00

ii) Industry

Fair Value(S$)

% of NAV

Consumer Discretionary 1,486,295 8.93

Consumer Staples 933,423 5.61

Energy 456,086 2.74

Financials 4,231,856 25.43

Health Care 594,269 3.57

Industrials 1,850,346 11.12

Information Technology 4,494,097 27.00

Materials 1,008,734 6.06

Real Estate 297,080 1.78

Telecommunication Services 377,924 2.27

Utilities 486,185 2.92



Total 16,643,763 100.00

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 31 December2017 under review classified by (continued)

iii) Asset Class

Fair Value(S$) % of NAV

Quoted equities 16,216,295 97.43


Total 16,643,763 100.00

iv) Credit rating of quoted bonds

N/A

C) Top Ten Holdings

10 largest holdings as at 31 December 2017

Fair Value(S$)

Percentage oftotal net assetsattributable to

unitholders%

ALIBABA GROUP HOLDING LTD 898,698 5.40

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 855,433 5.14

EVOLUTION MINING LTD 728,498 4.38

PT BANK NEGARA INDONESIA (PERSERO) TBK. 667,881 4.01

PT BANK RAKYAT INDONESIA (PERSERO) TBK. 594,281 3.57

AXIS BANK LTD 579,763 3.48

BAIDU INC 563,397 3.39

TENCENT HOLDINGS LTD 534,437 3.21

DAIKIN INDUSTRIES LTD 522,050 3.14

POWER GRID CORP OF INDIA LTD 486,185 2.92


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C) Top Ten Holdings (continued)

10 largest holdings as at 31 December 2016

Fair Value

Percentage oftotal net assetsattributable to

unitholders(S$) %

SAMSUNG ELECTRONICS CO LTD 775,961 5.02

PT BANK NEGARA INDONESIA (PERSERO) TBK 649,636 4.20

TENCENT HOLDINGS LTD 611,523 3.95

PT BANK RAKYAT INDONESIA (PERSERO) TBK 536,961 3.47

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD 525,073 3.40

AXIS BANK LTD 494,213 3.20

HOSHIZAKI ELECTRIC CORP 435,386 2.82

ALIBABA GROUP HOLDING LTD 431,321 2.79

HOUSING DEVELOPMENT FINANCE CO LTD 416,579 2.69

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 414,933 2.68

D) Exposure to derivatives

i) Fair value of derivative contracts and as a percentage of NAV as at 31 December 2017

N/A

ii) There was a net realised loss of SGD 3,615 on derivative contracts during the financial year ended 31 December 2017.

iii) Net gains/(losses) on outstanding derivative contracts marked to market as at 31 December 2017

N/A

E) Amount and percentage of NAV invested in other schemes as at 31 December 2017

Please refer to the Statement of Portfolio.

F) Amount and percentage of borrowings to NAV as at 31 December 2017

N/A

G) Amount of redemptions and subscriptions for the financial year ended 31 December 2017

Total amount of redemptions SGD 2,242,559

Total amount of subscriptions SGD 501,170

H) The amount and terms of related-party transactions for the financial year ended 31 December2017

Please refer to Note 8 of the Notes to the Financial Statements.


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I) Expense ratios


J) Turnover ratios


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”)1should be disclosed as well

i) Top 10 holdings at fair value and as percentage of NAV as at 31 December 2017 and 31 December 2016

N/A

ii) Expense ratios for the financial year ended 31 December 2017 and 31 December 2016

N/A

iii) Turnover ratios for the financial year ended 31 December 2017 and 31 December 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.

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.

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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REPORT OF THE TRUSTEE

The Trustee is under a duty to take into custody and hold the assets of United Asia Pacific Growth Fund (the “Fund”) in trust forthe unitholders. In accordance with the Securities and Futures Act (Cap. 289), its subsidiary legislation and the Code onCollective Investment Schemes, the Trustee shall monitor the activities of the Manager for compliance with the limitationsimposed on the investment and borrowing powers as set out in the Trust Deed in each annual accounting year and reportthereon to unitholders in an annual report.

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Fund during the financial yearcovered by these financial statements, set out on pages 12 to 31, in accordance with the limitations imposed on the investmentand borrowing powers set out in the Trust Deed.

For and on behalf of the TrusteeSTATE STREET TRUST (SG) LIMITED

Authorised signatory29 March 2018


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STATEMENT BY THE MANAGER

In the opinion of UOB Asset Management Ltd, the accompanying financial statements set out on pages 12 to 31, comprising theStatement of Total Return, Statement of Financial Position, Statement of Movements of Unitholders’ Funds, Statement ofPortfolio and Notes to the Financial Statements are drawn up so as to present fairly, in all material respects, the financial positionand portfolio holdings of United Asia Pacific Growth Fund (the “Fund”) as at 31 December 2017, and the financial performanceand movements of unitholders’ funds for the year then ended in accordance with the recommendations of Statement ofRecommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore CharteredAccountants. At the date of this statement, there are reasonable grounds to believe that the Fund will be able to meet its financialobligations as and when they materialise.

For and on behalf of the ManagerUOB ASSET MANAGEMENT LTD

THIO BOON KIATAuthorised signatory29 March 2018


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INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF UNITED ASIA PACIFICGROWTH FUND

Our Opinion

In our opinion, the accompanying financial statements of United Asia Pacific Growth Fund (the “Fund”), are properly drawn upin accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for UnitTrusts” issued by the Institute of Singapore Chartered Accountants, so as to present fairly, in all material respects, the financialposition and portfolio holdings of the Fund as at 31 December 2017, and of the financial performance and movements ofunitholders’ funds for the financial year ended on that date.

What we have audited

The financial statements of the Fund comprise:

• the Statement of Total Return for the financial year ended 31 December 2017;

• the Statement of Financial Position as at 31 December 2017;

• the Statement of Movements of Unitholders’ Funds for the financial year ended 31 December 2017;

• the Statement of Portfolio as at 31 December 2017; and

• the notes to the financial statements, including a summary of significant accounting policies.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under thosestandards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

We are independent of the Fund in accordance with the Accounting and Corporate Regulatory Authority Code of ProfessionalConduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements thatare relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ACRA Code.

Other Information

The Fund’s Manager (the “Manager”) is responsible for the other information. The other information comprises all sections ofthe annual report but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form ofassurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in theaudit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information, weconclude that there is a material misstatement of this other information, we are required to report that fact. We have nothingto report in this regard.

Responsibilities of the Manager for the Financial Statements

The Manager is responsible for the preparation and fair presentation of these financial statements in accordance with therecommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by theInstitute of Singapore Chartered Accountants and for such internal control as the Manager determines is necessary to enablethe preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF UNITED ASIA PACIFICGROWTH FUND

In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability to continue as a goingconcern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unlessthe Manager either intends to terminate the Fund or to cease the Fund’s operations, or has no realistic alternative but to do so.

The Manager’s responsibilities include overseeing the Fund’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materialmisstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assuranceis a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financialstatements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticismthroughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, designand perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than forone resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overrideof internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relateddisclosures made by the Manager.

• Conclude on the appropriateness of the Manager’s use of the going concern basis of accounting and, based on the auditevidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubton the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required todraw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, andwhether the financial statements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significantaudit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers LLPPublic Accountants and Chartered Accountants

Singapore, 2 March 2018

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9

STATEMENT OF TOTAL RETURNFor the financial year ended 31 December 2017

2017 2016

Note $ $

Income

Dividends 367,553 337,825

Interest 137 11

Total 367,690 337,836

Less: Expenses

Management fee 8 163,091 153,836

Trustee fee 8 5,915 6,154

Audit fee 20,543 18,699

Registrar fee 8 15,072 15,000

Valuation fee 8 20,386 19,230

Custody fee 8 15,580 14,546

Transaction costs 64,028 77,609

Other expenses 92,843 53,443

Total 397,458 358,517

Net income/(losses) (29,768) (20,681)

Net gains/(losses) on value of investments

Net gains/(losses) on investments 3,025,203 708,668

Net gains/(losses) on financial derivatives (3,615) -

Net foreign exchange gains/(losses) (29,880) (7,073)

2,991,708 701,595

Total return/(deficit) for the year before income tax 2,961,940 680,914

Less: Income tax 3 (41,428) (37,196)

Total return/(deficit) for the year 2,920,512 643,718


The accompanying notes form an integral part of these financial statements.-12-

STATEMENT OF FINANCIAL POSITIONAs at 31 December 2017

2017 2016

Note $ $

Assets

Portfolio of investments 16,216,295 15,046,544

Receivables 4 74,466 39,817

Cash and bank balances 381,724 464,538

Margin accounts 133,640 -

Total assets 16,806,125 15,550,899

Liabilities

Payables 5 162,362 86,259

Total liabilities 162,362 86,259

Equity

Net assets attributable to unitholders 6 16,643,763 15,464,640



STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the financial year ended 31 December 2017

2017 2016

Note $ $Net assets attributable to unitholders at the beginning of the financialyear 15,464,640 16,210,278

Operations

Change in net assets attributable to unitholders resulting from operations 2,920,512 643,718

Unitholders’ contributions/(withdrawals)

Creation of units 501,170 437,241

Cancellation of units (2,242,559) (1,826,597)

Change in net assets attributable to unitholders resulting from net creationand cancellation of units (1,741,389) (1,389,356)

Total increase/(decrease) in net assets attributable to unitholders 1,179,123 (745,638)

Net assets attributable to unitholders at the end of the financial year 6 16,643,763 15,464,640



STATEMENT OF PORTFOLIOAs at 31 December 2017

Holdings at Fair value at

Percentage oftotal net assetsattributable tounitholders at

31 December2017

31 December2017

$

31 December2017

%

By Geography - Primary

Quoted Equities

AUSTRALIA

AUSTRALIA & NEW ZEALAND BANKING GROUP 13,200 396,540 2.38

BRAMBLES LTD 24,600 258,935 1.56

CSL LTD 1,200 177,235 1.07

EVOLUTION MINING LTD 263,000 728,498 4.38

GALAXY RESOURCES LTD 70,000 280,236 1.68

MAGELLAN FINANCIAL GROUP LTD 9,300 262,077 1.57

TOTAL AUSTRALIA 2,103,521 12.64

CHINA

ALIBABA GROUP HOLDING LTD 3,900 898,698 5.40

BAIDU INC 1,800 563,397 3.39

SUNNY OPTICAL TECHNOLOGY GROUP 17,000 290,331 1.74

TENCENT HOLDINGS LTD 7,700 534,437 3.21

TOTAL CHINA 2,286,863 13.74

HONG KONG

CNOOC LTD 103,000 197,565 1.19

SANDS CHINA LTD 65,200 449,750 2.70



TOTAL HONG KONG 1,209,154 7.26

INDIA

AXIS BANK LTD 49,100 579,763 3.48

BHARAT PETROLEUM CORP LTD 23,850 258,521 1.55

EMAMI LTD 6,300 175,463 1.06

HOUSING DEVELOPMENT FINANCE CORP 12,400 444,066 2.67

POWER GRID CORP OF INDIA LTD 115,900 486,185 2.92

TOTAL INDIA 1,943,998 11.68

TECHTRONIC INDUSTRIES CO LTD 44,000 383,245 2.30

SAMSONITE INTERNATIONAL SA 29,100 178,594 1.07




31 December2017

31 December2017

$

31 December2017

%

By Geography - Primary (continued)

Quoted Equities

INDONESIA

PT BANK NEGARA INDONESIA (PERSERO) TBK. 684,900 667,881 4.01

PT BANK RAKYAT INDONESIA (PERSERO) TBK. 1,657,500 594,281 3.57

TELEKOMUNIKASI INDONESIA PERSERO TBK PT 511,500 223,700 1.35

TOTAL INDONESIA 1,485,862 8.93

JAPAN

DAIKIN INDUSTRIES LTD 3,300 522,050 3.14

GLP J REIT REIT 100 144,613 0.87

GMO INTERNET INC 7,200 163,742 0.98

HOSHIZAKI CORP 3,800 450,354 2.71

JAPAN HOTEL REIT INVESTMENT CO 170 152,467 0.92

KAO CORP 2,800 253,082 1.52

KOSE CORP 1,200 250,410 1.50

PARK24 CO LTD 14,300 457,533 2.75

PIGEON CORP 5,000 254,468 1.53

RAKUTEN INC 24,200 296,422 1.78

SANTEN PHARMACEUTICAL CO LTD 7,800 163,877 0.98

SECOM CO LTD 1,600 161,474 0.97

SHIONOGI & CO LTD 3,500 253,157 1.52

SUMITOMO MITSUI FINANCIAL GROUP 3,400 196,352 1.18

SUZUKI MOTOR CORP 2,300 178,284 1.07

TOKYO ELECTRON LTD 700 169,408 1.02

TOTAL JAPAN 4,067,693 24.44



PHILIPPINES

METROPOLITAN BANK & TRUST CO 172,840 469,185 2.82

SINGAPORE

BROADCOM LTD 1,400 480,650 2.89




31 December2017

31 December2017

$

31 December2017

%

By Geography - Primary (continued)

Quoted Equities

SINGAPORE (continued)

SINGAPORE TELECOMMUNICATIONS LTD 43,200 154,224 0.92

TOTAL SINGAPORE 634,874 3.81

TAIWAN

LARGAN PRECISION CO LTD 2,000 361,062 2.17

SILICON MOTION TECHNOLOGY CORP 2,500 176,939 1.06

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 83,000 855,433 5.14

TOTAL TAIWAN 1,393,434 8.37

THAILAND

KASIKORNBANK PCL - FOREIGN 21,700 212,672 1.28

THE SIAM COMMERCIAL BANK PCL 66,500 409,039 2.46

TOTAL THAILAND 621,711 3.74

Total Equities 16,216,295 97.43



Net assets attributable to unitholders 16,643,763 100.00




Percentage oftotal net assetsattributable tounitholders at31 December

2017%


2016%

By Geography - Primary (Summary)

Quoted Equities

Australia 12.64 14.53

China 13.74 9.78

Hong Kong 2.57

India 11.68 10.59

Indonesia 8.93 9.48

Japan 24.44 30.51



Malaysia - 0.86

Philippines 2.82 1.36

Singapore 3.81 1.02

South Korea - 7.37

Taiwan 8.37 6.39

Thailand 3.74 2.84

Portfolio of investments 97.43 97.30

Other net assets/(liabilities) 2.57 2.70

Net assets attributable to unitholders 100.00 100.00

7.26


Fair value at31 December

2017$


2017%


2016%

By Industry - Secondary

Quoted Equities

Consumer Discretionary 1,486,295 8.93 11.63

Consumer Staples 933,423 5.61 5.85

Energy 456,086 2.74 5.42

Financials 4,231,856 25.43 26.48

Health Care 594,269 3.57 8.59

Industrials 1,850,346 11.12 10.99

Information Technology 4,494,097 27.00 17.98

Materials 1,008,734 6.06 3.85

Real Estate 297,080 1.78 2.15

Telecommunication Services 377,924 2.27 2.40

Utilities 486,185 2.92 1.96

Portfolio of investments 16,216,295 97.43 97.30

Other net assets/(liabilities) 427,468 2.57 2.70

Net assets attributable to unitholders 16,643,763 100.00 100.00



These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1 General

United Asia Pacific Growth Fund (the “Fund”) is a Singapore-registered trust fund constituted under a Trust Deed dated21 February 1995 between UOB Asset Management Ltd (the “Manager”) and HSBC Institutional Trust Services (Singapore)Limited (the “Retired Trustee”). The Deed is governed by the laws of the Republic of Singapore.

With effect from 1 April 2017, the Trustee of the Fund has changed from HSBC Institutional Trust Services (Singapore) Limitedto State Street Trust (SG) Limited (the “Trustee”).

The investment objective of the Fund is to achieve long term capital growth through investing in the securities of corporationsin, or corporations listed or traded on stock exchanges in, or corporations which derive a significant proportion of their revenueor profits from or have a significant proportion of their assets in, Asia Pacific.

Subscriptions and redemptions of the units are denominated in the Singapore Dollar and the United States Dollar. Investors maysubscribe in the United States Dollar at the applicable rate of exchange from the Singapore Dollar.

2 Significant accounting policies

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention, modified by the revaluation of financialassets held at fair value through profit or loss, and in accordance with the recommendations of Statement of RecommendedAccounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants.

The Fund has adopted the following Singapore Financial Reporting Standards (“FRS”) and related amendments in accordancewith the recommendations of the RAP 7 issued in March 2017 for annual periods beginning on or after 1 July 2016:

(i) Consolidation and disclosure of interests in other entities

FRS 110 “Consolidated financial statements”FRS 112 “Disclosure of interests in other entities”Amendments to FRS 110, FRS 112 and FRS 27 “Investment entities”

FRS 110 and the amendments define an investment entity and introduce an exception from the consolidation requirements forinvestments entities.

FRS 112 and the amendments require entities to disclose significant judgements and assumptions made in determiningwhether the entity controls, jointly controls, significantly influences or has some interests in other entities. Entities are alsorequired to provide disclosure around certain “structured entities”. The amendments to FRS 112 introduce new disclosurerequirements related to investment entities.

(ii) Offsetting financial assets and liabilities disclosures

Amendments to FRS 32 “Financial instruments: Presentation - Offsetting financial assets and financial liabilities”Amendments to FRS 107 “Disclosures - Offsetting financial assets and financial liabilities”

The amendments to FRS 32 provide clarification on the offsetting criteria in FRS 32 and address inconsistencies in theirapplication.

The amendments to FRS 107 require additional disclosures to enable users of the financial statements to evaluate the effector the potential effects of netting arrangements, including rights of set-off associated with an entity’s recognised financialassets and recognised financial liabilities, on the entity’s financial position.


NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2017

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2 Significant accounting policies (continued)

(a) Basis of preparation (continued)

(ii) Offsetting financial assets and liabilities disclosures (continued)

The adoption of these new or amended FRS impacted the Fund’s level of disclosures in certain of the above noted areas, butdid not result in substantial changes to the accounting policies of the Fund and had no material effect on the amounts reportedfor the current or prior years.

(b) Recognition of income

Dividend income is recognised when the right to receive payment is established. Interest income is recognised on a timeproportion basis using the effective interest method.

(c) Investments

Investments are classified as financial assets at fair value through profit or loss.

(i) Initial recognition

Purchases of investments are recognised on the trade date. Investments are recorded at fair value on initial recognition.

(ii) Subsequent measurement

Investments are subsequently carried at fair value. Net changes in fair value on investments are included in the Statement ofTotal Return in the year in which they arise.

(iii) Derecognition

Investments are derecognised on the trade date of disposal. The resultant realised gains and losses on the sale of investmentsare computed on the basis of the difference between the weighted average cost and selling price gross of transaction costs,and are taken up in the Statement of Total Return.

(d) Basis of valuation of investments

The fair value of financial assets and liabilities traded in active markets is based on quoted market prices at the close of tradingon the financial year end date. The quoted market price used for investments held by the Fund is the last traded market pricefor both financial assets and financial liabilities where the last traded price falls within the bid-ask spread. In circumstanceswhere the last traded price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread thatis most representative of fair value.

(e) Foreign currency translation

(i) Functional and presentation currency

The Fund’s investors are mainly from Singapore with the subscriptions and redemptions of the units denominated in theSingapore Dollar and the United States Dollar.

The performance of the Fund is measured and reported to the investors in the Singapore Dollar. The Manager considers theSingapore Dollar as the currency of the primary economic environment in which the Fund operate. The financial statements arepresented in the Singapore Dollar, which is the Fund’s functional and presentation currency.




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2 Significant accounting policies (continued)

(e) Foreign currency translation (continued)

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of thetransactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation atyear-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statementof Total Return. Translation differences on non-monetary financial assets and liabilities are also recognised in the Statementof Total Return within “Net gains/losses on investments”.

(f) Expenses charged to the Fund

All direct expenses relating to the Fund are charged directly to the Statement of Total Return. In addition, certain expensesshared by all unit trusts managed by the Manager are allocated to each fund based on the respective fund’s net asset value.

(g) Financial derivatives

Financial derivatives including forwards and swaps may be entered into for the purposes efficient portfolio management, tacticalasset allocation or specific hedging of financial assets held as determined by the Manager and in accordance with the provisionof the Trust Deed and the Code on Collective Investment Schemes.

Financial derivatives outstanding on the financial year end date are valued at the forward rate or at the current market pricesusing the �mark-to-market� method, as applicable, and the resultant gains and losses are taken up in the Statement of TotalReturn.

(h) Distributions

The Manager has the absolute discretion to determine whether a distribution is to be made. In such an event, an appropriateamount will be transferred to a distribution account, to be paid out on the distribution date. The amount shall not be treated aspart of the property of the Fund. Distributions are accrued for at the financial year end date if the necessary approvals havebeen obtained and a legal or constructive obligation has been created.

3 Income tax

2017 2016

$ $

Overseas income tax 41,428 37,196

The Fund was granted the status of Designated Unit Trust (“DUT”) in Singapore. The Trustee of the Fund ensures that the Fundfulfill their reporting obligations under the DUT Scheme.

Under the DUT Scheme, subject to certain conditions and reporting obligations being met, certain income of the DUT Fund isnot taxable in accordance with Sections 35(12) and 35(12A) of the Income Tax Act. Such income includes:

(i) gains or profits derived from Singapore or elsewhere from the disposal of securities;

(ii) interest (other than interest for which tax has been deducted under Section 45 of the Income Tax Act);

(iii) dividends derived from outside Singapore and received in Singapore;




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3 Income tax (continued)

(iv) gains or profits derived from foreign exchange transactions, transactions in futures contracts, transactions in interest rateor currency forwards, swaps or option contracts and transactions in forwards, swaps or option contracts relating to anysecurities or financial index;

(v) discount, prepayment fee, redemption premium and break cost from qualifying debt securities issued during theprescribed period; and

(vi) distributions from foreign unit trusts derived from outside Singapore and received in Singapore.

The overseas income tax represents tax withheld on foreign sourced income.

The Fund is required to recognise a tax liability when it is probable that the tax laws of foreign countries require a tax liabilityto be assessed on the Fund’s gains on investments sourced from such foreign countries, assuming the relevant taxingauthorities have full knowledge of all the facts and circumstances. The tax liability is then measured at the amount expected tobe paid to the relevant taxation authorities using the tax laws and rates that have been enacted or substantively enacted by theend of the financial year. There is sometimes uncertainty about the way enacted tax law is applied to offshore investment funds.This creates uncertainty about whether or not a tax liability will ultimately be paid by the Fund. Therefore when measuring anyuncertain tax liabilities management considers all of the relevant facts and circumstances available at the time which couldinfluence the likelihood of payment, including any formal or informal practices of the relevant tax authorities.

As at 31 December 2017 and 2016, the Fund has uncertain taxes exposure with respect to gains on investment of which thetax liability is estimated to be nil. While this represents the Manager’s best estimate, the estimated value could differ significantlyfrom the amount ultimately payable.

4 Receivables

2017 2016

$ $

Amounts receivable for creation of units 33,588 10,624

Dividends receivable 30,282 14,513

Other receivables 10,596 14,680

74,466 39,817

5 Payables

2017 2016

$ $

Amount payable for cancellation of units 48,209 17,747

Amount due to the Manager 48,152 44,483

Amount due to Trustee 1,498 1,580

Tax payables 3,983 -

Other creditors and accrued expenses 60,520 22,449

162,362 86,259




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6 Units in issue

During the financial year ended 31 December 2017 and 2016, the numbers of units issued, redeemed and outstanding wereas follows:

2017 2016

Units at the beginning of the financial year 10,033,012 10,973,845

Units created 286,186 288,282

Units cancelled (1,301,627) (1,229,115)

Units at the end of the financial year* 9,017,571 10,033,012

*Included above are units denominated in USD 528,466 608,140

$ $

Net assets attributable to unitholders 16,643,763 15,464,640

Net assets value per unit 1.845 1.541

A reconciliation of the net assets attributable to unitholders per unit per the financial statements and the net assets attributableto unitholders per unit for issuing/redeeming units at the financial year end date is prepared below:

2017 2016

$ $

Net assets attributable to unitholders per financial statements per unit 1.845 1.541

Effect of under recognition of printing fee 0.004 -

Net assets attributable to unitholders for issuing/redeeming per unit 1.849 1.541

7 Financial risk management

The Fund’s activities expose it to a variety of market risks (including currency risk, interest rate risk and price risk), credit riskand liquidity risk. The Fund’s overall risk management programme seeks to minimise potential adverse effects on the Fund’sfinancial performance. The Fund may use futures contracts, financial options contracts and/or foreign currency contractssubject to the terms of the Trust Deed to moderate certain risk exposures. Specific guidelines on exposures to individualsecurities and certain industries are in place for the Fund at any time as part of the overall financial risk management to reducethe Fund’s risk exposures.

The Fund’s assets principally consist of financial instruments such as equity investments and cash. They are held in accordancewith the published investment policies of the Fund. The allocation of assets between the various types of investments isdetermined by the Manager to achieve its investment objectives.

(a) Market risk

Market risk is the risk of loss arising from uncertainty concerning movements in market prices and rates, including observablevariables such as interest rates, credit spreads, exchange rates, and others that may be only indirectly observable such asvolatilities and correlations. Market risk includes such factors as changes in economic environment, consumption pattern andinvestor’s expectation etc. which may have significant impact on the value of the investments. The Fund’s investments are




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7 Financial risk management (continued)

(a) Market risk (continued)

substantially dependent on changes in market prices and are monitored by the Manager on a regular basis so as to assesschanges in fundamentals and valuation. Although the Manager makes reasonable efforts in the choice of investments, eventsbeyond reasonable control of the Manager could affect the prices of the underlying investments and hence the asset value ofthe Fund. Guidelines are set to reduce the Fund’s risk exposures to market volatility such as diversifying the portfolio by investingacross various geographies, alternatively, the Fund may be hedged using derivative strategies.

(i) Foreign exchange risk

The Fund has monetary financial assets and liabilities denominated in currencies other than the Singapore Dollar and it maybe affected favourably or unfavourably by exchange rate regulations or changes in the exchange rates between the SingaporeDollar and such other currencies. The Manager may at his discretion, implement a currency management strategy either toreduce currency volatility or to hedge the currency exposures of the Fund.

The table below summarises the Fund’s exposure to foreign currencies at the end of the financial year.

As at 31 December 2017SGD JPY HKD AUD IDR INR TWD Others Total

$ $ $ $ $ $ $ $ $AssetsPortfolio ofinvestments 154,224 4,067,693 2,033,922 2,103,521 1,485,862 1,943,998 1,216,495 3,210,580 16,216,295Receivables 15,231 25,891 - 158 - - - 33,186 74,466Cash andbank balances 341,315 - - - - - - 40,409 381,724Marginaccounts - - - - - - - 133,640 133,640Total Assets 510,770 4,093,584 2,033,922 2,103,679 1,485,862 1,943,998 1,216,495 3,417,815 16,806,125

LiabilitiesPayables 156,203 3,983 - - - - - 2,176 162,362TotalLiabilities 156,203 3,983 - - - - - 2,176 162,362

Net currencyexposure 354,567 4,089,601 2,033,922 2,103,679 1,485,862 1,943,998 1,216,495 3,415,639




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(i) Foreign exchange risk (continued)

As at 31 December 2016SGD JPY HKD AUD IDR INR TWD Others Total

$ $ $ $ $ $ $ $ $AssetsPortfolio ofinvestments 157,680 4,717,563 1,479,144 2,246,539 1,465,889 1,638,046 988,034 2,353,649 15,046,544Receivables 19,142 11,575 - - - - - 9,100 39,817Cash andbank balances 425,038 - - - - - - 39,500 464,538Total Assets 601,860 4,729,138 1,479,144 2,246,539 1,465,889 1,638,046 988,034 2,402,249 15,550,899

LiabilitiesPayables 71,808 - - - - - - 14,451 86,259TotalLiabilities 71,808 - - - - - - 14,451 86,259

Net currencyexposure 530,052 4,729,138 1,479,144 2,246,539 1,465,889 1,638,046 988,034 2,387,798

Investments, which is the significant item in the Statement of Financial Position is exposed to currency risk and other price risk.The other price risk sensitivity analysis includes the impact of currency risk on non-monetary investments. The Fund’s netfinancial assets comprise significantly non-monetary investments, hence currency risk sensitivity analysis has not beenperformed on the remaining financial assets.

(ii) Price risk

Price risk is the risk of potential adverse changes to the value of financial investments because of changes in market conditionsand volatility in security prices.

The table below summarises the impact of increases/decreases from the Fund’s investments in equities on the Fund’s netassets attributable to unitholders at 31 December 2017 and 2016. The analysis is based on the assumption that the indexcomponents within the benchmark increased/decreased by a reasonable possible shift, with all other variables held constantand that the fair value of the Fund’s investments moved according to the historical correlation with the index.

Benchmark component

2017Net impact to

net assetsattributable to

unitholders

2016Net impact to

net assetsattributable to

unitholders$ % $ %

MSCI AC Asia Pacific(SGD adjusted) 2,821,635 20 2,738,471 20




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(iii) Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.

Investment funds that invest in equity securities may be subject to interest rate risk as any interest rate change may affect theequity risk premium though at varying degrees. To manage this risk, the Manager analyses how interest rate changes may affectdifferent industries and securities and then seeks to adjust the Fund’s portfolio investments accordingly. However, the effectsof changes in interest rates on the Fund’s portfolio may not be quantified as the relationship between the interest rates and thevalue of equity securities is indirect.

Other than the cash and bank balances which are at short term market interest rates, and therefore subject to insignificantinterest rate risk, the Fund’s financial assets and liabilities are largely non-interest bearing.

Hence, no sensitivity analysis has been presented separately.

(b) Liquidity risk

The Fund is exposed to daily cash redemptions and disbursements for the settlements of purchases. The Manager thereforeensures that the Fund maintains sufficient cash and cash equivalents and that it is able to obtain cash from the sale ofinvestments held to meet its liquidity requirements. Reasonable efforts will be taken to invest in securities which are traded ina relatively active market and which can be readily disposed of.

The Fund’s investments in listed securities are considered to be readily realisable as they are listed on established regionalstock exchanges.

The table below analyses the Fund’s financial liabilities into relevant maturity groupings based on the remaining period at thefinancial year end date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant.

Less than 3months

3 months to1 year

Over1 year

$ $ $

As at 31 December 2017

Payables 162,362 - -

Less than 3months

3 months to1 year

Over1 year

$ $ $

As at 31 December 2016

Payables 86,259 - -

(c) Credit risk

The Fund takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due.The Fund’s credit risk is concentrated on cash and bank balances, and amounts or securities receivable on the sale andpurchase of investments respectively. In order to mitigate exposure to credit risk, all transactions in listed securities aresettled/paid for upon delivery and transacted with approved counterparties using an approved list of brokers that are regularlyassessed and updated by the Manager.




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(c) Credit risk (continued)

The table below summarises the credit rating of banks and custodians in which the Fund’s assets are held as at 31 December2017 and 2016.

The credit ratings are based on the Viability ratings published by Fitch.

Credit ratingas at 31

December2017

Credit ratingas at 31

December2016

Bank and custodian

State Street Bank and Trust Company aa- aa-

Bank

United Overseas Bank Limited n/a aa-

Margin accounts

United Overseas Bank Limited aa- n/a

The maximum exposure to credit risk at the financial year end date is the carrying amount of the portfolio of investments andcash and bank balances as presented in Statement of Financial Position.

(d) Capital management

The Fund’s capital is represented by the net assets attributable to unitholders. The Fund strives to invest the subscriptions ofredeemable participating units in investments that meet the Fund’s investment objectives while maintaining sufficient liquidityto meet unitholder redemptions.

(e) Fair value estimation

The Fund classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used inmaking the measurements. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is,as prices) or indirectly (that is, derived from prices) (Level 2).

• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).




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(e) Fair value estimation (continued)

The following table analyses within the fair value hierarchy, the Fund’s financial assets and liabilities (by class) measured at fairvalue at 31 December 2017 and 2016:

Level 1 Level 2 Level 3 Total$ $ $ $

As at 31 December 2017Assets

Portfolio of investments

- Quoted equities 16,216,295 - - 16,216,295

Total 16,216,295 - - 16,216,295

Level 1 Level 2 Level 3 Total

$ $ $ $As at 31 December 2016Assets

Portfolio of investments

- Quoted equities 15,046,544 - - 15,046,544

Total 15,046,544 - - 15,046,544

Investments whose values are based on quoted market prices in active markets, and therefore classified within Level 1,comprise listed equities. The Fund does not adjust the quoted price for these instruments.

Except for cash and bank balances which are classified as Level 1, the Fund’s assets and liabilities not measured at fair valueat 31 December 2017 and 2016 have been classified as Level 2. The carrying amounts of these assets and liabilitiesapproximate their fair values as at the financial year end date.

8 Related party transactions

(a) The Manager and the Trustee of the Fund are UOB Asset Management Ltd and State Street Trust (SG) Limited respectively.State Street Trust (SG) Limited replaced HSBC Institutional Trust Services (Singapore) Limited as the Trustee with effect from1 April 2017. The Manager is a subsidiary of United Overseas Bank Limited while the Trustee is a subsidiary of State StreetBank and Trust Company.

Management fee and valuation fee are paid to the Manager for the financial year. Trustee fee and registrar fee were paid to theRetired Trustee for the period from 1 January 2017 to 31 March 2017.

With effect from 1 April 2017, trustee fee is paid to the Trustee while registrar fee and custody fee are paid to State Street Bankand Trust Company, Singapore Branch.

These fees paid or payable by the Fund shown in the Statement of Total Return and in the respective Notes to the FinancialStatements are on terms set out in the Trust Deed. All other related party transactions are shown elsewhere in the financialstatements.




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8 Related party transactions (continued)

(b) As at the end of the financial year, the Fund maintained the following accounts with the related parties:

2017 2016

$ $

State Street Bank and Trust Company, Singapore Branch

Cash and bank balances 381,724 -

United Overseas Bank Limited

Cash and bank balances - 2,960

Margin accounts 133,640 -

(c) The following transactions took place during the financial year between the Fund and related parties at terms agreedbetween the parties:

2017 2016

$ $

State Street Bank and Trust Company, Singapore Branch

Bank charges 2,166 -

United Overseas Bank Limited

Bank charges 50 50

The Hongkong and Shanghai Banking Corporation Limited

Bank charges 454 -




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9 Financial ratios

2017 2016$ $

Total operating expenses 330,993 266,902Average daily net asset value 16,316,082 15,347,839Expense ratio1 2.03% 1.74%

Lower of total value of purchases or sales 8,683,568 11,667,858Average daily net assets value 16,316,082 15,347,839Turnover ratio2 53.22% 76.02%

1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore

(“IMAS”). The calculation of the Fund’s expense ratio at financial year end was based on total operating expenses divided by the

average net asset value respectively for the financial year. The total operating expenses do not include (where applicable) brokerage

and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses,

front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.

The Fund does not pay any performance fee. The average net asset value is based on the daily balances.2 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 ratiowas based on the lower of the total value of purchases or sales of the underlying investments

divided by the average daily net asset value.




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