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United International Growth FundAnnual 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 International Growth Fund(Constituted under a Trust Deed in the Republic of Singapore)

-1-

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 InternationalGrowth Fund 1.71 5.97 11.71 7.03 10.12 1.09 4.39

Benchmark 4.05 7.94 14.68 9.61 12.82 3.88 3.97

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: Apr 95 – Dec 96: DBS 50 Index; Jan 97 –Dec 97: MSCI AC Far East; Jan 98 – Present: MSCI ACWorld.

For the full year ended 31 December 2017, the net asset value of the Fund rose 11.71%, compared with a 14.68% gain in thebenchmark MSCI AC World index in Singapore Dollar terms.

The Fund lagged the benchmark mainly due to negative stock selection although this was partially offset by positive sectorallocation. On a stock selection basis, Financials and Industrials sectors contributed to the Fund performance whileConsumer Discretionary and Energy sectors detracted from performance. On a sector allocation basis, the Fund benefitedfrom its overweight position in Information Technology and underweight position in Telecommunication Services.

The Fund was fully invested during the period under review, and ended the year with cash levels of 3.36%.

Notable contributors to performance included: Alibaba (CN), Microsoft (US), Jungheinrich (DE), Alphabet (US) andUnitedhealth (US).

Detractors from Fund performance included: Africa Oil (CN), Hess (US), Pandora (DK), Celgene (US) and Starbucks (US).

As at 31 December 2017, the Fund was positioned as follows:

By Country

United States (53.17%), Asia ex-Japan (16.80%), Europe (16.26%), United Kingdom (3.79%), Australia (2.88%), LatinAmerica (2.47%) and Canada (1.27%) with the remainder in cash (3.36%).

By Sector

Information Technology (24.03%), Financials (23.06%), Consumer Discretionary (11.14%), Industrials (9.79%), HealthCare (9.50%), Energy (7.71%), Consumer Staples (4.76%), Materials (4.62%) and Utilities (2.03%) with the remainder incash (3.36%).

Economic and Market Review

Global equities ended the year higher, with Asia ex-Japan and Europe markets outperforming while US lagged the broaderindex.

Macroeconomic data in the global markets was broadly positive across most major indices. Leading economic indicators formost major regions moved higher while results were mixed for emerging markets. The purchasing managers’ index (PMIs) inmost developed regions remained in expansionarymode and ended the review period strongly. Inflation remains benign despitethe strong economic activities globally and central bank monetary policies remain dovish globally.

In terms of sector performance, cyclical sectors such as Information Technology, Materials and Industrials Sectorsoutperformed, while defensive yield sectors such as Telecommunication Services and Utilities underperformed. TheEnergy sector was the only sector to decline during the review period despite a strong rally in the last fewmonths. TheMaterialssector benefited from rising commodities prices while the Financials sector rallied on the back of yield curve steepening amidstan improving macro outlook. The Information Technology sector continued to benefit from rising corporate expenditure and


-2-

A) Fund Performance (continued)

an IT upgrade cycle which had been previously suppressed due to uncertainties. Meanwhile, theHealth Care sector detractedfrom performance as concerns over drug pricing cuts continued whileConsumer Stapleswere sold down along with other ratesensitive sectors such as Utilities and Telecommunication Services on the back of rising rate environment.

US equities underperformed in the period under review despite better than expected economic data. The industrial productionand retail sales both came in stronger than expected. We attribute the stronger industrial production numbers to increased oildrilling activities as a result of the higher oil prices and the cold weather during winter. Retail sales were also resilient reflectingthe increase in consumer confidence and better labour conditions. Small business confidence was also elevated while the UShousing market continues on its upward trend which should be positive for the economy. On the monetary front, the US FederalReserve remains dovish despite three rate hikes in the year reiterating a gradual path to normalisation.

Japan equities were broadly in line with the broader index as the economy benefited 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.

European equities outperformed in the year under review with improving economic data. The recent softness in the regioncould be due to the strengthening of the Euro as investors fear a strong currency could present risks to the region’s economicrecovery and corporate earnings. Despite the stronger currency, economic data remains very strong with the Eurozonecomposite PMI reading reaching its highest print in December. The German IFO business confidence index remains elevatedat 117.2 while loan growth remains positive for the both corporate and consumers which bodes well for the region. Meanwhile,inflation in the currency bloc remains benign with the consumer price index (CPI) coming in at a healthy 1.5% rate and theEuropean Central Bank remains dovish in its monetary policies.

The emerging market performance was strong in the review period withAsia ex-Japan leading the advance while LATAM andEmergingEMEAwere roughly in line. Economic conditions in the emergingmarketswere broadly better with the uptick in globaleconomic outlook. Within Asia ex-Japan, performances across the region were mixed with China and Korea being the topperformers on the back of better than expected economic data and the global technology upcycle. On the other hand,Indonesia and Philippines lagged on weaker economic data. EMEA benefited from the stronger oil prices while LATAMweremixed with Mexico lagging on weaker economic data but offset by strong performances from Chile and Peru.

Outlook and Strategy

The outlook on global equities remains positive as global economic growth continues to recover. Risk assets should outperformas the global economic outlook improves, inflation across the developed markets remains benign and fiscal and monetarypolicies remain accommodative. In terms of regional asset allocation, we maintain our neutral position on both DevelopedMarkets (DM) and Emerging Markets (EM). Within the DM, we have an overweight in Europe juxtaposed against anunderweight position in Japan. We retain our neutral stance in the US.

Within DM, we continue to like US equities over the longer term and while valuations look fair on the broader index, we still seeselective valuation plays within the market. A weakening dollar and recent tax reforms should be tailwinds to corporate profitswhile the positive market outlook in the longer term continues to be underpinned by better labour market trends and resilientcorporate earnings.

We are currently running an overweight position inEurope on the back of further economic recovery. A weaker euro has helpedto lift confidence and boost economic activities. The region also has significant operating leverage to an upturn in economicactivity with profit margins currently at trough levels. The backdrop of increasing geopolitical risks in the region appears to besubsiding and this would remove any overhang on the region.

Concerns in Japan continue to linger. Economic data remains mixed but we believe that the Bank of Japan (BoJ) will remainaccommodative, which would help to support the market. Despite disappointments on policy and the anaemic economicbackdrop, there are some positive developments in corporate governance and corporate performance. A weak Yen also shouldbe beneficial to the exporters and corporate earnings. However, we remain sceptical about any structural improvement in theeconomy in the longer term and hence we have an underweight position in Japan.

Within the emerging world, we retain our overweight position on Asia ex-Japan on valuation and weakening dollar whileremaining underweight on EMEA and LATAM. Asia ex-Japan equities continue to offer good investment opportunities drivenby the rise of the regions’ consumer class, and valuations are broadly supportive. The region should also benefit from the


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A) Fund Performance (continued)

current global upcycle as being net exporters to the rest of the world. On the other hand, we should see rising geopolitical risksin LATAM with Mexico and Brazil holding national elections in their respective countries. The continuation of rate hike cycleby the US Federal Reserve in coming quarters could trigger fiscal and monetary adjustments globally. This could adverselyimpact corporate earnings, capital flows and EM growth in the period ahead. Stock selection will be paramount to driveinvestment performance during this period of adjustment, which should reinforce the need for an active approach to portfoliomanagement.We continue to allocate capital to high-quality and sustainable growth companies that are reasonably priced. TheFund continues to focus on companies with strong competitive advantages, healthy cash flow and proven track record.


-4-

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 1,875,535 2.88

Belgium 623,208 0.95

Canada 825,916 1.27

China 2,827,896 4.34

France 599,566 0.92

Germany 1,935,856 2.97

Hong Kong 1,007,108 1.54

India 2,378,943 3.65

Indonesia 1,799,794 2.76

Ireland 1,087,334 1.67

Mexico 846,999 1.30

Netherlands 1,048,410 1.61

Peru 762,326 1.17

Singapore 1,579,277 2.42

Spain 1,637,762 2.51

Sweden 1,646,556 2.52

Switzerland 2,026,382 3.11

Taiwan 1,360,448 2.09

United Kingdom 2,474,031 3.79

United States 34,670,162 53.17

Portfolio of investments 63,013,509 96.64

Other net assets/(liabilities) 2,192,089 3.36

Total 65,205,598 100.00


-5-

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

ii) Industry

Fair Value(S$)

% of NAV

Consumer Discretionary 7,264,528 11.14

Consumer Staples 3,105,726 4.76

Energy 5,026,225 7.71

Financials 15,033,327 23.06

Health Care 6,193,259 9.50

Industrials 6,382,196 9.79

Information Technology 15,671,525 24.03

Materials 3,015,760 4.62

Utilities 1,320,963 2.03



Total 65,205,598 100.00

iii) Asset Class

Fair Value(S$) % of NAV

Quoted equities 63,013,509 96.64


Total 65,205,598 100.00

iv) Credit rating of quoted bonds

N/A


-6-

C) Top Ten Holdings

10 largest holdings as at 31 December 2017

Fair Value(S$)

Percentage oftotal net assetsattributable tounitholders

%

MICROSOFT CORP 3,658,101 5.61

ALPHABET INC 2,604,363 3.99

UNITEDHEALTH GROUP INC 2,386,444 3.66

HESS CORP 2,214,018 3.40

HONEYWELL INTERNATIONAL INC 2,151,978 3.30

RAYTHEON CO 1,882,821 2.89

EVOLUTION MINING LTD 1,875,535 2.88

WELLS FARGO & CO 1,735,099 2.66

ASSA ABLOY AB 1,646,556 2.52

BANCO BILBAO VIZCAYA ARGENTARIA SA 1,637,762 2.51

10 largest holdings as at 31 December 2016

Fair Value

Percentage oftotal net assetsattributable tounitholders

(S$) %

MICROSOFT 8,851,683 4.77

ALPHABET INC-CL A 6,869,115 3.70

MERCK 5,953,464 3.21

CELGENE CORPORATION 5,618,727 3.03

SAMSUNG ELECTRONICS 5,388,618 2.90

DOLLAR GENERAL CORPORATION 5,243,438 2.82

WELLS FARGO & COMPANY 5,095,515 2.74

NXP SEMICONDUCTORS NV 4,998,305 2.69

PNC FINANCIAL SERVICES 4,984,677 2.68

US BANCORP 4,920,404 2.65


-7-

D) Exposure to derivatives

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

Contract orunderlyingprincipalamount

Positivefair value % of NAV

Negativefair value % of NAV

$ $ $

Foreign currency contracts 9,421 11 -* 3 -*

* denotes amount less than 0.01%

ii) There was a net realised loss of SGD 36,869 on derivative contracts during the financial year ended 31 December 2017.

iii) There was a net unrealised gain of SGD 8 on outstanding derivative contracts marked to market as at 31 December 2017.

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

N/A

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 160,552,756

Total amount of subscriptions SGD 21,742,925

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

Please refer to Note 9 of the Notes to the Financial Statements.

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


-8-

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


-9-

REPORT OF THE TRUSTEE

The Trustee is under a duty to take into custody and hold the assets of United International Growth Fund (the “Fund”) in trustfor the 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 14 to 36, 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


-10-

STATEMENT BY THE MANAGER

In the opinion of UOBAssetManagement Ltd, the accompanying financial statements set out on pages 14 to 36, comprising theStatement of Total Return, Statement of Financial Position, Statement of Movements of Unitholders’ Funds, Statement ofPortfolio andNotes to the Financial Statements are drawn up so as to present fairly, in all material respects, the financial positionand portfolio holdings of United International Growth Fund (the “Fund”) as at 31December 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 Fundwill be able tomeet its financialobligations as and when they materialise.

For and on behalf of the ManagerUOB ASSET MANAGEMENT LTD

THIO BOON KIATAuthorised signatory29 March 2018


-11-

INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF UNITED INTERNATIONALGROWTH FUND

Our Opinion

In our opinion, the accompanying financial statements of United International Growth Fund (the “Fund”), are properly drawn upin accordancewith the recommendations of Statement of RecommendedAccounting 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.

-12-


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF UNITED INTERNATIONALGROWTH 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 accordancewith SSAswill always detect amaterialmisstatement 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 fraudmay 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 theManager’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

-13-


9

STATEMENT OF TOTAL RETURNFor the financial year ended 31 December 2017

2017 2016

Note $ $

Income

Dividends 3,136,877 3,478,473

Interest 762 45

Total 3,137,639 3,478,518

Less: Expenses

Management fee 9 1,519,931 1,709,488

Trustee fee 9 55,701 68,379

Audit fee 20,842 18,700

Registrar fee 9 15,072 15,000

Valuation fee 9 189,991 213,686

Custody fee 9 49,492 55,388

Transaction costs 809,584 1,146,948

Other expenses 83,538 123,821

Total 2,744,151 3,351,410

Net income/(losses) 393,488 127,108

Net gains/(losses) on value of investments

Net gains/(losses) on investments 18,764,452 13,305,341

Net gains/(losses) on financial derivatives (36,861) -

Net foreign exchange gains/(losses) (151,954) (114,618)

18,575,637 13,190,723

Total return/(deficit) for the year before income tax 18,969,125 13,317,831

Less: Income tax 3 (669,480) (789,520)

Less: Capital gains tax 3 (1,776) (105,816)

Total return/(deficit) for the year 18,297,869 12,422,495


The accompanying notes form an integral part of these financial statements.-14-

STATEMENT OF FINANCIAL POSITIONAs at 31 December 2017

2017 2016

Note $ $

Assets

Portfolio of investments 63,013,509 176,778,574

Receivables 4 325,905 4,101,517

Cash and bank balances 2,170,176 5,837,037

Margin accounts 133,640 -

Financial derivatives at fair value 6 11 -

Total assets 65,643,241 186,717,128

Liabilities

Payables 5 437,640 999,568

Financial derivatives at fair value 6 3 -

Total liabilities 437,643 999,568

Equity

Net assets attributable to unitholders 7 65,205,598 185,717,560



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 185,717,560 177,742,887

Operations

Change in net assets attributable to unitholders resulting from operations 18,297,869 12,422,495

Unitholders’ contributions/(withdrawals)

Creation of units 21,742,925 25,285,210

Cancellation of units (160,552,756) (29,733,032)

Change in net assets attributable to unitholders resulting from net creationand cancellation of units (138,809,831) (4,447,822)

Total increase/(decrease) in net assets attributable to unitholders (120,511,962) 7,974,673

Net assets attributable to unitholders at the end of the financial year 7 65,205,598 185,717,560



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

EVOLUTION MINING LTD 677,100 1,875,535 2.88

BELGIUM

ANHEUSER-BUSCH INBEV SA/NV 4,170 623,208 0.95

CANADA

AFRICA OIL CORP 550,000 825,916 1.27

CHINA

ALIBABA GROUP HOLDING LTD 5,750 1,325,004 2.03

SUNNY OPTICAL TECHNOLOGY GROUP 88,000 1,502,892 2.31

TOTAL CHINA 2,827,896 4.34

FRANCE

VALEO SA 6,000 599,566 0.92

GERMANY

BAYER AG 7,400 1,235,015 1.89

JUNGHEINRICH AG 11,100 700,841 1.08

TOTAL GERMANY 1,935,856 2.97

HONG KONG

SANDS CHINA LTD 146,000 1,007,108 1.54

INDIA

AXIS BANK LTD 89,600 1,057,980 1.62

POWER GRID CORP OF INDIA LTD 314,900 1,320,963 2.03

TOTAL INDIA 2,378,943 3.65

INDONESIA

PT BANK NEGARA INDONESIA (PERSERO) TBK. 1,000,000 975,151 1.50






31 December2017

31 December2017$

31 December2017%

By Geography - Primary (continued)

Quoted Equities

INDONESIA (continued)

PT BANK RAKYAT INDONESIA (PERSERO) TBK. 2,300,000 824,643 1.26

TOTAL INDONESIA 1,799,794 2.76

IRELAND

BANK OF IRELAND GROUP PLC 95,500 1,087,334 1.67

MEXICO

GRUPO FINANCIERO BANORTE SAB DE CV 115,000 846,999 1.30

NETHERLANDS

NXP SEMICONDUCTORS NV 6,700 1,048,410 1.61

PERU

CREDICORP LTD 2,750 762,326 1.17

SINGAPORE

BROADCOM LTD 4,600 1,579,277 2.42

SPAIN

BANCO BILBAO VIZCAYA ARGENTARIA SA 143,500 1,637,762 2.51

SWEDEN

ASSA ABLOY AB 59,200 1,646,556 2.52

SWITZERLAND

NESTLE SA 8,513 978,321 1.50

UBS GROUP AG 42,600 1,048,061 1.61

TOTAL SWITZERLAND 2,026,382 3.11

TAIWAN

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 132,000 1,360,448 2.09






31 December2017

31 December2017$

31 December2017%


Quoted Equities

UNITED KINGDOM

RIO TINTO PLC 16,000 1,140,225 1.75

ROYAL DUTCH SHELL PLC A SHARES 29,750 1,333,806 2.04

TOTAL UNITED KINGDOM 2,474,031 3.79

UNITED STATES

ALPHABET INC 1,850 2,604,363 3.99

CELGENE CORP 8,600 1,199,414 1.84

CHEVRON CORP 3,900 652,485 1.00

COMCAST CORP 12,200 652,978 1.00

DISCOVER FINANCIAL SERVICES INC 11,500 1,182,153 1.81

DOLLAR GENERAL CORP 5,150 640,138 0.98

HESS CORP 34,900 2,214,018 3.40

HONEYWELL INTERNATIONAL INC 10,500 2,151,978 3.30

MERCK & CO INC 18,250 1,372,386 2.11

MICROSOFT CORP 32,000 3,658,101 5.61

NVIDIA CORP 5,000 1,292,967 1.98

PEPSICO INC 5,950 953,553 1.46

PHILIP MORRIS INTERNATIONAL INC 3,900 550,644 0.85

PNC FINANCIAL SERVICES GROUP INC 6,600 1,272,672 1.95

RAYTHEON CO 7,500 1,882,821 2.89

RED HAT INC 8,100 1,300,063 1.99

STARBUCKS CORP 19,500 1,496,614 2.30

T ROWE PRICE GROUP INC 9,500 1,332,170 2.04

THE HOME DEPOT INC 4,370 1,106,868 1.70

THE PRICELINE GROUP INC 480 1,114,712 1.71

THE WALT DISNEY CO 4,500 646,544 0.99

UNITEDHEALTH GROUP INC 8,100 2,386,444 3.66

US BANCORP 17,750 1,270,977 1.95






31 December2017

31 December2017$

31 December2017%


Quoted Equities

UNITED STATES (continued)

WELLS FARGO & CO 21,400 1,735,099 2.66

TOTAL UNITED STATES 34,670,162 53.17

Total Equities 63,013,509 96.64



Net assets attributable to unitholders 65,205,598 100.00




Percentage oftotal net assetsattributable tounitholders at31 December

2017%


2016%

By Geography - Primary (Summary)

Quoted Equities

Australia 2.88 5.86

Belgium 0.95 -

Canada 1.27 2.81

China 4.34 -

France 0.92 -

Germany 2.97 4.57

Hong Kong 1.54 -

India 3.65 1.60

Indonesia 2.76 2.83

Ireland 1.67 2.71

Mexico 1.30 1.06

Netherlands 1.61 2.69

Peru 1.17 0.98

Singapore 2.42 1.99

South Korea - 2.90

Spain 2.51 2.53

Sweden 2.52 1.72

Switzerland 3.11 1.79

Taiwan 2.09 1.92

United Kingdom 3.79 2.22

United States 53.17 55.01

Portfolio of investments 96.64 95.19

Other net assets/(liabilities) 3.36 4.81

Net assets attributable to unitholders 100.00 100.00




Fair value at31 December

2017$


2017%


2016%

By Industry - Secondary

Quoted Equities

Consumer Discretionary 7,264,528 11.14 6.80

Consumer Staples 3,105,726 4.76 5.38

Energy 5,026,225 7.71 8.63

Financials 15,033,327 23.06 22.24

Health Care 6,193,259 9.50 15.17

Industrials 6,382,196 9.79 9.05

Information Technology 15,671,525 24.03 22.68

Materials 3,015,760 4.62 5.24

Utilities 1,320,963 2.03 -

Portfolio of investments 63,013,509 96.64 95.19

Other net assets/(liabilities) 2,192,089 3.36 4.81

Net assets attributable to unitholders 65,205,598 100.00 100.00



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

1 General

United International 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 invest mainly in shares in global developed and emerging markets, identified by theManager as having good prospects for growth.

Subscriptions and redemptions of the units are denominated in theSingaporeDollar and theUnitedStatesDollar. Investorsmaysubscribe 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.

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.


NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2017

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2 Significant accounting policies (continued)

(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.

(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”.




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2 Significant accounting policies (continued)

(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 swapsmay be entered into for the purposes efficient portfoliomanagement, tacticalasset allocation or specific hedging of financial assets held as determined by theManager 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.

(i) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is alegally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the assetand settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must beenforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Fund or thecounterparty.

3 Income tax

2017 2016

$ $

Overseas income tax 669,480 789,520

Capital gains tax 1,776 105,816

The Fundwas 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 capital gains tax represents tax on realisedcapital gains sourced from India.

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 theManager’s best estimate, the estimated value could differ significantlyfrom the amount ultimately payable.

4 Receivables

2017 2016

$ $

Amounts receivable for creation of units 194,880 3,963,809

Dividends receivable 36,470 80,390

Other receivables 94,555 57,318

325,905 4,101,517

5 Payables

2017 2016

$ $

Amount payable for cancellation of units 139,784 452,407

Amount due to the Manager 229,821 507,134

Amount due to Trustee 7,150 17,569

Tax payables 10,997 -

Other creditors and accrued expenses 49,888 22,458

437,640 999,568




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6 Fair value of financial derivatives

Financial derivatives contracts comprise foreign currency contracts for the sale and purchase of foreign currencies. Thecontract or underlying principal amounts of these financial derivatives and their corresponding gross positive or negative fairvalues at the financial year end date are analysed below.

2017 2016Contract orunderlyingprincipalamount

Positivefair value

Negativefair value

Contract orunderlyingprincipalamount

Positivefair value

Negativefair value

$ $ $ $ $ $

Foreign currency contracts 9,421 11 3 - - -

7 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 81,149,419 83,511,718

Units created 8,990,586 11,968,213

Units cancelled (64,631,131) (14,330,512)

Units at the end of the financial year* 25,508,874 81,149,419

*Included above are units denominated in USD 274,907 1,742,168

$ $

Net assets attributable to unitholders 65,205,598 185,717,560

Net assets value per unit 2.556 2.288

There is no difference between the net assets attributable to unitholders per unit per financial statements and the net assetsattributable to unitholders per unit for issuing/redeeming of units.

8 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.




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8 Financial risk management (continued)

TheFund’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 aresubstantially 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 theFund’s risk exposures tomarket 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 USD EUR AUD Others Total$ $ $ $ $ $

Assets

Portfolio of investments - 39,385,178 5,883,727 1,875,535 15,869,069 63,013,509

Receivables 289,166 36,739 - - - 325,905

Cash and bank balances 2,134,846 35,147 10 - 173 2,170,176

Margin accounts - 133,640 - - - 133,640

Total Assets 2,424,012 39,590,704 5,883,737 1,875,535 15,869,242 65,643,230

Liabilities

Payables 426,295 11,345 - - - 437,640

Total Liabilities 426,295 11,345 - - - 437,640

Foreign currency contracts(notional value) 5,073 (5,073) - - -

Net currency exposure 2,002,790 39,574,286 5,883,737 1,875,535 15,869,242




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(a) Market risk (continued)

(i) Foreign exchange risk (continued)

As at 31 December 2016SGD USD EUR AUD Others Total$ $ $ $ $ $

Assets

Portfolio of investments - 114,933,536 15,945,499 10,890,061 35,009,478 176,778,574

Receivables 3,982,651 113,794 - - 5,072 4,101,517

Cash and bank balances 5,678,024 159,013 - - - 5,837,037

Total Assets 9,660,675 115,206,343 15,945,499 10,890,061 35,014,550 186,717,128

Liabilities

Payables 938,769 60,799 - - - 999,568

Total Liabilities 938,769 60,799 - - - 999,568

Net currency exposure 8,721,906 115,145,544 15,945,499 10,890,061 35,014,550

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 inmarket 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 tonet assets

attributable tounitholders

2016Net impact tonet assets

attributable tounitholders

$ % $ %

MSCI AC WORLD 12,602,702 20 35,130,334 20

(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.




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(a) Market risk (continued)

(iii) Interest rate risk (continued)

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. Tomanage this risk, theManager analyses how interest rate changesmay 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 437,640 - -

Financial derivatives at fair value

- Foreign currency contracts 3 - -

Less than 3months

3 months to1 year

Over1 year

$ $ $

As at 31 December 2016

Payables 999,568 - -

(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 31December2017

Credit ratingas at 31December2016

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

Counterparty of foreign currency contracts

State Street Bank and Trust Company 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 63,013,509 - - 63,013,509

Financial derivatives at fair value - 11 - 11

Total 63,013,509 11 - 63,013,520

Liabilities

Financial derivatives at fair value - 3 - 3

Total - 3 - 3

Level 1 Level 2 Level 3 Total

$ $ $ $As at 31 December 2016Assets

Portfolio of investments

- Quoted equities 176,778,574 - - 176,778,574

Total 176,778,574 - - 176,778,574

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.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices,dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2.

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.




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(f) Offsetting financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is alegally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the assetand settle the liability simultaneously. The gross and net positions of financial assets and liabilities that have been offset in theStatement of Financial Position are disclosed in the first three columns of the tables below.

Financial assets Effects of offsetting on the Statements ofFinancial Position

Related amount not offset

Grossamounts offinancialassets

Grossamounts

set off in theStatements

ofFinancialPosition

Net amountof

financialassets

presented inthe

Statementsof

FinancialPosition

Financialinstruments

Collateralpledged/received Net amount

$ $ $ $ $ $

31 December 2017Derivative financialinstruments 9,432 (9,421) 11 (3) - 8

Total 9,432 (9,421) 11 (3) - 8

31 December 2016Derivative financialinstruments - - - - - -

Total - - - - - -




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(f) Offsetting financial assets and financial liabilities (continued)

Financial liabilities Effects of offsetting on the Statements ofFinancial Position

Related amounts not offset

Grossamounts offinancialliabilities

Grossamounts

set off in theStatements

ofFinancialPosition

Net amountof

financialliabilities

presented inthe

Statementsof

FinancialPosition

Financialinstruments

Collateralpledged/received Net amount

$ $ $ $ $ $

31 December 2017Derivative financialinstruments 9,424 (9,421) 3 (3) - -

Total 9,424 (9,421) 3 (3) - -

31 December 2016Derivative financialinstruments - - - - - -

Total - - - - - -

9 Related party transactions

(a) TheManager and the Trustee of the Fund areUOBAssetManagement Ltd andState 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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9 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 2,170,176 -

United Overseas Bank Limited

Cash and bank balances - 129,380

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 8,918 -

United Overseas Bank Limited

Bank charges 50 50

The Hongkong and Shanghai Banking Corporation Limited

Bank charges 1,585 -

Interest income 101 -




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10 Financial ratios

2017 2016$ $

Total operating expenses 1,931,030 2,190,223Average daily net asset value 151,298,311 170,587,152Expense ratio1 1.28% 1.28%

Lower of total value of purchases or sales 111,916,811 235,393,310Average daily net assets value 151,298,311 170,587,152Turnover ratio2 73.97% 137.99%

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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United International Growth Fund - UOB Group€¦ · CELGENE CORPORATION 5,618,727 3.03 SAMSUNG...

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