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contentsMessage by Chief Executive Officer 1Market review & investment outlook 2Notes to the fund disclosures 5

Aberdeen Asset ManagementAberdeen PAC Equity 6Aberdeen Pacific Equity 8

AllianceBernsteinAllianceBernstein Global Growth Trends 10

Aviva InvestorsEmerging Countries Growth 12Emerging Europe Equity 14

First State InvestmentsFirst State Regional China 16

Henderson Global InvestorsHenderson European 18

Legg Mason Asset ManagementLegg Mason Western Asset Asian Enterprise Trust 20Legg Mason Western Asset Global Bond Trust 22

LionGlobal InvestorsLionGlobal India 24LionGlobal Japan Growth 26

Nikko Asset ManagementNikko AM Shenton Asia Pacific 28Nikko AM Shenton Income 30Nikko AM Shenton Short Term Bond 32Nikko AM Shenton World Bank Green Bond 34

Schroder Investment Management Schroder Global Emerging Markets Opportunities 36Schroder Multi Asset Revolution 38Schroder Strategic Bond 40Balanced Growth 42Capital Growth 46Income Growth 50

Templeton Asset ManagementTempleton Global 54Templeton Global Balanced 56Templeton Global Bond 58

Financial StatementsCapital Account for the year ended 30 June 2014 60Statement of Assets & Liabilities as at 30 June 2014 66Notes to the Financial Statements 72Independent Auditor's Report 74

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

1

ceo messageby Nishit Majmudar

Dear customer,

We’re pleased to present you with our annual ILP funds report.

We trust you will find this report beneficial.

We will continue to review our fund offerings on a regular basis to ensure we can always give you a good mix of funds to choose from, and to help you grow your investments over the long term.

To ensure you are on track towards your financial goals, we encourage you to evaluate your portfolio regularly with your financial adviser, relationship manager or an Aviva Advisor.

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

Mr. Nishit MajmudarChief Executive OfficerAviva Singapore

2

Global recovery gathers pace

We expect improving economic growth and low interest rates to drive equity, bond and property markets over the rest of 2014.

The global economy continues to make steady progress and signs are encouraging that global growth remains solid this year. Growth has been all the more impressive given the geopolitical tensions in Ukraine and Iraq and the tapering of the US central bank’s asset-purchase programme (so-called “Quantitative Easing”).

US economy bouncing backWe are upbeat on the economic outlook for the US in 2014 despite a shock annualised contraction of 2.9 per cent in the first quarter, as output was hindered by severe weather conditions. The economy looks to have bounced back in recent months with manufacturing output expanding and the unemployment rate down to 6.1 per cent in June, its lowest level since 2008.

We expect US economic growth to improve through this year before reaching close to 3 per cent in 2015. Growth should be supported by increased household wealth, stronger housing market, higher employment numbers and reduced domestic political uncertainty.

Despite strengthening growth and improving employment numbers, we believe US interest rates will not rise until mid-2015 and will then rise slowly. US Federal Reserve Chair Janet Yellen has reiterated this view a number of times in recent months. Indeed, we expect the Fed policy rate which is now zero to rise to 2 percent by the end 2016.

Japan stimulus ‘medicine’ lifts moodThe Japanese economy continues to respond well to the authorities’ radical set of economic stimulus measures aimed at lifting growth and inflation, or so-called “Abenomics”. Japan was the fastest growing developed economy in the first quarter of 2014, with strong growth in consumer spending helping the economy grow by 4.1 per cent year-on-year during the quarter. While short-term economic data may be affected by a three percentage point increase in the country’s sales tax rate in April, we believe underlying long-term growth looks promising.

Emerging markets on the mendMany emerging markets continue to suffer high fiscal and current-account deficits and internal political instability. However, heightened tensions seen in Ukraine and elsewhere early in the year have dissipated in recent months, spurring financial markets to recover from a large sell-off seen in the first quarter. While emerging markets face economic headwinds and geopolitical tensions could flare up, we are optimistic emerging markets will perform better in the second half of the year. In doing so, we view emerging markets increasingly as distinct areas rather one bloc or asset class. We are more upbeat on the outlook for Asia and eastern Europe and less so for Latin America.

market review & investment outlookby Aviva Investors Asia Pte Limited

The world’s second largest economy, China, looks to have regained momentum in the second quarter, after a more subdued first quarter. For instance, Chinese manufacturing activity in June, as measured by the country’s official purchasing managers’ index, was the strongest since December 2013. We expect the Chinese economy to grow by around 7.25 per cent in 2014, aided by improving growth prospects in Asia and developed markets.

European deflationary fearsWhile economic conditions in the euro zone continue to improve, recovery is weak and unbalanced. The euro-zone economy grew by around 1 per cent in the twelve months to March and looks to have maintained that momentum in the second quarter. Most growth in the area derives from Germany, with euro-zone growth (ex Germany) remaining chronically weak this year. Unemployment levels remain stubbornly high in France and Italy as well as so-called ‘peripheral’ countries.

The euro-zone economy will remain the weakest in the developed world for some time. There is little sign of significantly stronger growth emerging this year in the face of deflationary pressures and considerable scope for disagreement over creating a more integrated euro zone. So, we strongly believe euro-zone interest rates will remain lower for longer than rates in the rest of the developed world. Indeed, persistent low growth or low inflation is likely to prompt the European Central Bank to embark on some form of Quantitative Easing sooner rather than later.

UK growth renaissance UK economic growth has been among the strongest in the developed world in recent months, with growth of 3.0 per cent year-on-year in the first quarter of 2014 likely to be maintained in the second quarter. Consumer spending has been strong with surging consumer and business confidence levels underpinned by higher business investment levels and a buoyant property market. Despite healthy growth levels, the inflation rate hit a four-year low of 1.5 per cent in May with little sign of the inflation rising significantly in coming months. We expect the UK economy to grow by at least 3 per cent in 2014 with the Bank of England raising record-low interest rates of 0.5 per cent by the end of the year.

Encouraging outlook We are upbeat on the prospects for Japanese, US and other developed market equities over the rest of 2014. We are wary valuations already largely reflect global growth prospects and disappointing economic data could spark a market correction. Weak growth and deflation risks in the euro zone are another concern. Prospects for the commercial property market are encouraging, bolstered by stronger economic growth and improving confidence levels. Corporate bond markets should be buoyed as company finances improve along with the global economy. With US interest rates expected to stay on hold into 2015, though UK rates could rise sooner, we expect yields on high-quality government bonds to remain very low by historical standards this year. While government bond returns may struggle as interest rates and yields rise, some are likely to perform better than others. For instance, we favour euro-zone government bonds given the low-growth, low-interest rate outlook for the area.

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4

Equity and Bond Market Review and outlook

Equities - review: Global equities made gains in local currency terms over the six-month review period. Investors were reassured by improving economic data and the realisation that Western central banks, keen to safeguard the economic recovery, were in no rush to raise interest rates. The US market made good progress as speculation grew that the economy would bounce back after a weak first quarter, when economic output was hurt by unusually severe weather. European equities climbed as investors welcomed the European Central Bank’s announcement of an unprecedented stimulus plan designed to bolster the euro zone’s economic recovery. Asian and emerging stock markets advanced too, as survey data suggested that China’s economy was stabilising. Japanese equities, by contrast, fell amid worries about the impact of a hike in consumption tax.

Equities - outlook: Global equity markets have made impressive progress over the last twelve months, against a backdrop of very low volatility. In view of the extent of these gains, we are becoming a little cautious although we are optimistic that equities can make further progress in the second half of 2014. One potential concern is that markets may prove vulnerable to external shocks such as political turmoil in the Middle East or speculation that central banks in the US and UK might raise interest rates. However, our expectation is that these concerns should be outweighed by improving company earnings as the benefit of faster economic growth starts to feed through. The prospect of further merger and acquisition activity is another positive.

Bonds - review:Asian corporate bond markets registered positive returns as US Treasury bonds rallied sharply after investors concluded that monetary policy will stay loose for some time yet. Credit spreads narrowed as strong investor demand kept pace with heavy new issuance. Treasuries rose after the head of the Federal Reserve, Janet Yellen, reiterated her view that interest rates could remain low even after the central bank’s unemployment and inflation mandates had been hit. Bonds drew further support when the European Central Bank took the unprecedented step of cutting its deposit rate below zero. Chinese bonds outperformed, as cheap valuations lured investors. Indian debt rallied too as markets toasted the result of the country’s general election. While new issuance in the second quarter was high, the debt was easily absorbed by the market as the flow of international capital into emerging debt markets resumed.

Bonds - outlook:We remain cautiously optimistic on Asian corporate bonds as global economic data continues to strengthen, whetting investors’ appetite for risk still further. While some central banks in the West may gradually start to raise rates over the next year or so, the recent move by the European Central Bank demonstrates that the outlook for global monetary policy as a whole remains favourable. Investor demand remains robust and Asian corporate bonds still offer good value relative to their global counterparts.

1 Fund Performance

Fund performance figures are presented as at 30 June 2014; on bid-to-bid basis with dividends reinvested at the bid price and in Singapore dollar terms.

2 Top 10 holdings

Top 10 Holdings are presented as at 30 June 2014 and 30 June 2013. In the event that these holdings are not available as at the date of this report, they will be represented by the latest available information.

3 Expense ratio

Expense ratios are presented for the 12 months ended 30 June 2014 and for the 12 months ended 30 June 2013. In the event that these ratios are not available as at the date of this report, they will be represented by the latest available period of information.

For the ILP Funds: The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received.

For the Underlying Funds: The expense ratio is calculated in accordance with the IMAS guidelines on the disclosure of expense ratios. It does not include (where applicable) brokerage and other transaction costs, interest expense, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source arising out of income received. It is calculated by dividing expenses (as defined above) by daily average NAV, and multiplied by the appropriate factor to annualize the figure and should be disclosed as a percentage.

4 Turnover ratio

Turnover ratios are presented for the 12 months ended 30 June 2014 and for the 12 months ended 30 June 2013. In the event that these ratios are not available as at the date of this report, they will be represented by the latest available period of information.

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

[(Purchases of securities + Sales of securities) - (Subscriptions of units + Redemptions of units)] / (Average Fund Value over 12 months) x 100

Based on the above, turnover ratio can be negative should the sum of total subscriptions and redemptions be more than the sum of total purchases and sales of securities.

notes to the fund disclosures

5

6

Aberdeen PAC Equity (RP)Aberdeen PAC Equity (SP)

Investments in Collective Investment SchemesAberdeen PAC Equity (RP) and Aberdeen PAC Equity (SP) invest 100% into the underlying Aberdeen Pacific Equity Fund, the sub-fund of Aberdeen Select Portfolio Funds, which is a Singapore authorised open-ended umbrella unit trust.

Number of Shares Market Value SGD % of Net Assets687,435 3,498,309 100%

Exposure to DerivativesNil

BorrowingsNil

Related Party TransactionsNil

Total Subscriptions and Redemptions for the 12 months ended 30 June 2014SGD

Subscriptions 853,806 Redemptions (387,585)

Fund Performance as at 30 June 2014

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

(6 Jan 2011)Aberdeen PAC Equity (RP) 4.06% 5.26% 6.27% 4.24% NA NA 2.80%Aberdeen PAC Equity (SP) 4.29% 5.59% 6.83% 4.78% NA NA 2.64%Benchmark: MSCI AC Asia Pacific ex Japan Index

5.19% 5.86% 15.82% 4.70% NA NA 2.98%

* Annualised Performance

Expense RatioFor the 12 months ended

30 June 2014For the 12 months ended

30 June 2013Aberdeen PAC Equity (RP) 2.93% 2.98%Aberdeen PAC Equity (SP) 2.42% 2.49%

Any other material information that will adversely impact the valuation of the fundNil

Soft Dollar CommissionNot Applicable

Aberdeen Asset Management

7

Underlying Fund:Aberdeen Pacific Equity Fund

Top 10 Holdings as at 30 June 2014Market Value SGD % of Net Assets

ABERDEEN GLOBAL - INDIAN EQUITY FUND^ 165,688,499 9.59%ABERDEEN CHINA OPPORTUNITIES FUND 164,936,054 9.55%ABERDEEN SINGAPORE EQUITY FUND 153,858,275 8.90%SAMSUNG ELECTRONICS (PREF) 88,811,212 5.14%ABERDEEN INDONESIA EQUITY FUND 82,182,916 4.76%ABERDEEN THAILAND EQUITY FUND 74,168,160 4.29%ABERDEEN MALAYSIAN EQUITY FUND 67,456,859 3.90%RIO TINTO 61,096,222 3.54%HSBC HOLDINGS 59,509,020 3.44%BHP BILLITON PLC 59,246,852 3.43%


ABERDEEN SINGAPORE EQUITY FUND 116,855,834 9.55%ABERDEEN CHINA OPPORTUNITIES FUND 112,166,225 9.17%ABERDEEN GLOBAL - INDIAN EQUITY FUND^ 103,300,849 8.44%ABERDEEN INDONESIA EQUITY FUND 79,664,582 6.51%ABERDEEN MALAYSIAN EQUITY FUND 68,558,621 5.60%ABERDEEN THAILAND EQUITY FUND 58,601,701 4.79%SAMSUNG ELECTRONICS (PREF) 48,103,679 3.93%QBE INSURANCE 47,458,608 3.88%TSMC 42,723,498 3.49%BHP BILLITON PLC 40,831,949 3.34%

^ Not authorised for public sale in Singapore


31 March 2014For the 12 months ended

31 March 20131.74% 1.73%

Turnover RatioFor the 12 months ended


31 March 20130.10% 2.97%

8

Aberdeen Pacific Equity (SP)

Investments in Collective Investment SchemesAberdeen Pacific Equity (SP) invests 100% into the underlying Aberdeen Pacific Equity Fund, the sub-fund of Aberdeen Select Portfolio Funds, which is a Singapore authorised open-ended umbrella unit trust.

Number of Shares Market Value SGD % of Net Assets1,055,314 5,369,689 100%


BorrowingsNil






(5 May 2006)

Aberdeen Pacific Equity (SP)

4.13% 5.34% 6.33% 4.24% 9.10% NA 4.76%

Benchmark: MSCI AC Asia Pacific ex Japan Index

5.19% 5.86% 15.82% 4.70% 8.92% NA 4.17%




30 June 2013Aberdeen Pacific Equity (SP) 2.93% 2.98%



Aberdeen Asset Management

9

Underlying Fund:Aberdeen Pacific Equity Fund


ABERDEEN GLOBAL- INDIAN EQUITY FUND^ 165,688,499 9.59%ABERDEEN CHINA OPPORTUNITIES FUND 164,936,054 9.55%ABERDEEN SINGAPORE EQUITY FUND 153,858,275 8.90%SAMSUNG ELECTRONICS (PREF) 88,811,212 5.14%ABERDEEN INDONESIA EQUITY FUND 82,182,916 4.76%ABERDEEN THAILAND EQUITY FUND 74,168,160 4.29%ABERDEEN MALAYSIAN EQUITY FUND 67,456,859 3.90%RIO TINTO 61,096,222 3.54%HSBC HOLDINGS 59,509,020 3.44%BHP BILLITON PLC 59,246,852 3.43%


ABERDEEN SINGAPORE EQUITY FUND 116,855,834 9.55%ABERDEEN CHINA OPPORTUNITIES FUND 112,166,225 9.17%ABERDEEN GLOBAL - INDIAN EQUITY FUND^ 103,300,849 8.44%ABERDEEN INDONESIA EQUITY FUND 79,664,582 6.51%ABERDEEN MALAYSIAN EQUITY FUND 68,558,621 5.60%ABERDEEN THAILAND EQUITY FUND 58,601,701 4.79%SAMSUNG ELECTRONICS (PREF) 48,103,679 3.93%QBE INSURANCE 47,458,608 3.88%TAIWAN SEMICONDUCTOR MANUFACTURING CO LIMITED 42,723,498 3.49%BHP BILLITON PLC 40,831,949 3.34%

^ Not authorised for public sale in Singapore



31 March 20131.74% 1.73%



31 March 20130.10% 2.97%

10

AllianceBernstein Global Growth Trends (SP)

Investments in Collective Investment SchemesAllianceBernstein Global Growth Trends (SP) invests 100% into the underlying Luxembourg-registered AllianceBernstein – Global Growth Trends Portfolio.

Number of Shares Market Value SGD % of Net Assets5,328 377,862 100%

Exposure to DerivativesNot Applicable

BorrowingsNot Applicable





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

(5 May 2006)AllianceBernstein Global Growth Trends (SP)

6.33% 3.61% 17.98% 6.71% 5.47% NA -4.46%

Benchmark: MSCI World Index

3.95% 4.84% 21.93% 12.38% 11.61% NA 2.67%


^ Since inception performance of the benchmark is measured from closest month-end after inception through 30 June 2014.



30 June 2013AllianceBernstein Global Growth Trends (SP) 3.37% 3.46%



AllianceBernstein

11

Underlying Fund:AllianceBernstein - Global Growth Trends Portfolio

Top 10 Holdings as at 30 June 2014Market Value USD % of Net Assets

APPLE, INC. 25,209,471 3.24%ROCHE HOLDING AG 21,314,529 2.74%SCHLUMBERGER LTD. 20,237,373 2.60%WALT DISNEY CO. (THE) 17,892,256 2.30%VISA, INC. - CLASS A 17,886,071 2.30%ANHEUSER-BUSCH INBEV NV 17,632,021 2.27%DANAHER CORP. 16,576,524 2.13%BOEING CO. (THE) 15,134,995 1.94%PARTNERS GROUP HOLDING AG 14,629,948 1.88%MONSANTO CO. 14,548,103 1.87%


ROCHE HOLDING AG 21,769,266 3.02%DANAHER CORP. 19,182,995 2.66%BRITISH AMERICAN TOBACCO PLC 18,669,382 2.59%VISA, INC. - CLASS A 18,454,749 2.56%APPLE, INC. 17,858,843 2.47%PARTNERS GROUP HOLDING AG 17,460,029 2.42%ANHEUSER-BUSCH INBEV NV 15,843,120 2.19%WALT DISNEY CO. (THE) 15,431,810 2.14%BOEING CO. (THE) 15,311,034 2.12%GOOGLE, INC. - CLASS A 14,675,770 2.03%


28 February 2014For the 12 months ended

28 February 20132.06% 2.04%


28 February 2014For the 12 months ended

28 February 201330.48% 58.49%

12

Emerging Countries Growth (SP)

Investments in Collective Investment SchemesEmerging Countries Growth (SP) invests 100% into the underlying Luxembourg registered Aviva Investors - Emerging Markets Equity Income Fund.








Fund / Benchmark 3 Months 6 Months 1 Year 3 Year* 5 Year* 10 Year*Since Inception* (31 Aug 2002)

Emerging Countries Growth (SP)

5.29% 3.14% 7.80% -3.58% 2.41% 4.84% 7.16%

Benchmark: MSCI EM (Emerging Markets) TR

6.71% 6.32% 14.68% -0.06% 9.57% 12.29% 6.84%




30 June 2013Emerging Countries Growth (SP) 2.88% 2.81%



Aviva Investors

13

Underlying Fund:Aviva Investors - Emerging Markets Equity Income Fund


SAMSUNG ELECTRONICS CO 23,730,333 4.03%STEINHOFF INTERNATIONAL 14,249,977 2.42%TATA MOTORS LTD 13,837,787 2.35%PZU 13,366,714 2.27%CHINA PETROLEUM & 12,660,103 2.15%CHINA MOBILE LTD 12,660,103 2.15%BANK OF CHINA LTD 12,660,103 2.15%GAZPROM 11,305,767 1.92%SHENZHOU INTERNATIONAL 10,128,083 1.72%KT&G CORP 9,480,356 1.61%


TAIWAN SEMICON 35,922,700 4.92%SAMSUNG ELECT. 27,453,120 3.76%CHINA MOBILE 17,669,295 2.42%AMX 15,332,860 2.10%GMEXICO 14,164,642 1.94%MOBILE TELESYSTEMS 13,069,437 1.79%BANK OF CHINA 12,923,410 1.77%TIGER BRANDS 12,485,329 1.71%MONDI 12,339,301 1.69%CHINA PTL & CHM 12,047,247 1.65%

Note: Market Values are based in USD according to data source provided by Aviva Investors Asia Pte Ltd.



30 June 20132.34% 2.25%



30 June 201325.69% 21.68%

14

Emerging Europe Equity (SP)

Investments in Collective Investment SchemesEmerging Europe Equity (SP) invests 100% into the underlying Luxembourg registered Aviva Investors - Emerging Europe Equity Fund^.

^Prior to 10 March 2014, Aviva Investors - Emerging Europe Equity Fund was known as Aviva Investors - European Convergence Equity Fund.








Fund / Benchmark 3 Months 6 Months 1 Year 3 Year* 5 Year* 10 Year*Since Inception* (31 Aug 2002)

Emerging Europe Equity (SP)

0.68% -2.73% 17.44% -2.68% 3.23% 4.01% 8.16%

Benchmark: DJ Stoxx EU Enlarged Index

0.87% 2.41% 15.63% -2.18% 7.35% 6.58% 6.13%




30 June 2013Emerging Europe Equity (SP) 3.04% 3.22%



Aviva Investors

15

Underlying Fund:Aviva Investors – Emerging Europe Equity Fund

Top 10 Holdings as at 30 June 2014Market Value EUR % of Net Assets

PZU SA 2,202,942 6.54%KOMERCHI BANK ORD 1,983,995 5.89%OTP BANK ORD 1,933,469 5.74%LPP SA 1,882,943 5.59%KRKA DD 1,640,417 4.87%TVN 1,465,259 4.35%POWS.KASA OSZ BK. 1,414,733 4.20%PGNIG S.A. 1,360,839 4.04%BANK PEKAO 1,330,523 3.95%BANCA TRANSILVAN 1,232,839 3.66%


PZU GROUP 2,598,961 7.17%LPP 2,290,856 6.32%OTP BANK 2,037,122 5.62%PKO BANK 1,971,876 5.44%KOMERCNI BANKA 1,892,131 5.22%MOL MAGYAR OLAJ-ES 1,805,136 4.98%PLKNC. NAFTOWY ORLEN 1,790,637 4.94%POLISH OIL & GAS 1,634,772 4.51%BANK POLSKA KASA OPIEKI 1,580,400 4.36%ING BANK SLASKI 1,337,541 3.69%

Note: Market Values are based in EUR according to data source provided by Aviva Investors Asia Pte Ltd.



30 June 20132.47% 2.64%



30 June 201317.81% 22.26%

16

First State Regional China (RP)First State Regional China (SP)

Investments in Collective Investment SchemesFirst State Regional China (RP) and First State Regional China (SP) invest 100% into the underlying Singapore registered First State Regional China Fund.








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

First State Regional China (RP) 7.59% 2.38% 16.32% 6.61% NA NA 4.41%First State Regional China (SP) 7.78% 2.65% 16.98% 7.16% NA NA 4.46%Benchmark: MSCI Golden Dragon Index 6.76% 2.82% 15.76% 4.54% NA NA 1.61%




30 June 2013First State Regional China (RP) 2.95% 2.98%First State Regional China (SP) 2.45% 2.48%



First State Investments

17

Underlying Fund:First State Regional China Fund


TAIWAN SEMICONDUCTOR MFG CO LTD 50,704,175 5.92%CHEUNG KONG (HLDGS) LTD 49,247,754 5.75%DELTA ELECTRONICS INC 46,392,877 5.41%ENN ENERGY HOLDINGS LTD 41,213,489 4.81%CHINA OILFIELD SERVICES LTD 40,228,993 4.70%TENCENT HOLDINGS 36,185,920 4.22%UNI PRESIDENT ENTERPRISES 34,312,111 4.00%LINK REIT 31,503,976 3.68%ADVANTECH CORP 29,512,574 3.44%BAIDU 27,538,201 3.22%


TAIWAN SEMICONDUCTOR MFG CO LTD 47,836,523 5.60%CHEUNG KONG (HLDGS) LTD 47,327,847 5.50%JARDINE MATHESON HLDGS LTD 43,021,802 5.00%CHINA OILFIELD SERVICES LTD 35,852,036 4.20%HONG KONG & CHINA GAS CO 34,191,826 4.00%DELTA ELECTRONICS INC 32,520,952 3.80%ENN ENERGY HOLDINGS LTD 31,837,907 3.70%LINK REIT 29,801,492 3.50%UNI PRESIDENT ENTERPRISES 29,269,733 3.40%MINDRAY MEDICAL INTERNATIONAL LTD 27,891,166 3.20%



30 June 20131.71% 1.71%



30 June 201316.33% 16.54%

18

Henderson European (SP)

Investments in Collective Investment SchemesHenderson European (SP) invests 100% into the underlying Henderson European Fund, a sub-fund of Henderson Global Select Funds which is a Singapore authorised open-ended umbrella unit trust.









(3 Jan 2005)

Henderson European (SP) 0.10% 0.00% 23.11% 10.02% 6.58% NA 0.45%

Benchmark: FTSE World Europe Index

2.74% 4.67% 27.44% 9.52% 10.09% NA 4.24%




30 June 2013Henderson European (SP) 1.84% 3.55%



Henderson Global Investors

19

Underlying Fund:Henderson European Fund


DEUTSCHE POST 126,705,440 3.62%AP MOELLER - MAERSK 116,259,541 3.32%CAPITA 110,006,324 3.14%ROCHE 106,246,666 3.04%FRESENIUS 95,078,226 2.72%STANDARD LIFE 94,017,400 2.69%SODEXO 87,429,660 2.50%VALEO 83,967,073 2.40%NOVARTIS 75,966,362 2.17%FRESENIUS MEDICAL CARE 71,434,751 2.04%


DEUTSCHE POST 88,981,658 4.37%CAPITA 70,505,978 3.46%UBS 70,447,671 3.46%FRESENIUS 58,422,404 2.87%AMADEUS IT HOLDING 56,210,408 2.76%STANDARD LIFE 54,570,140 2.68%AP MOLLER - MAERSK 53,145,827 2.61%NOVARTIS 52,109,762 2.56%ROCHE HOLDING 49,510,306 2.43%SAP 48,844,582 2.40%

Note: Market Values are based in EUR according to data source provided by Henderson Global Investors (Singapore) Limited.



30 June 20131.92% 2.41%



30 June 201321.98% 31.37%

20

Legg Mason Western Asset Asian Enterprise Trust (SP)

Investments in Collective Investment SchemesLegg Mason Western Asset Asian Enterprise Trust (SP) invests 100% into the underlying Legg Mason Western Asset Asian Enterprise Trust, which is a Singapore authorised open-ended standalone unit trust.









(3 Jan 2005)Legg Mason Western Asset Asian Enterprise Trust (SP)

6.89% 5.69% 17.67% 1.96% 3.67% NA 3.70%

Benchmark: MSCI AC Asia ex Japan (S$)

6.37% 5.23% 14.68% 3.95% 7.95% NA 6.99%




30 June 2013Legg Mason Western Asset Asian Enterprise Trust (SP) 1.92% 2.56%



Legg Mason Asset Management

21

Underlying Fund:Legg Mason Western Asset Asian Enterprise Trust


EZION HOLDINGS LTD 13,715,520 6.57%SAMSUNG ELECTRONICS CO LTD 6,934,017 3.32%SUN HUNG KAI PROPERTIES LTD 6,594,304 3.16%BEIJING ENTERPRISES WATER GROUP LTD 5,919,103 2.83%BHARAT FORGE LIMITED 5,844,762 2.80%TPK HOLDING CO LTD 5,399,951 2.58%SK HYNIX INC 5,371,745 2.58%SALCON 5,135,419 2.47%CONCEPCION INDUSTRIAL CORPORATION 5,074,450 2.44%GALAXY ENTERTAINMENT GROUP 5,016,293 2.41%


EZION HOLDINGS LTD 12,476,200 6.31%SHIN CORPORATION PCL 6,259,063 3.17%CHINA CONSTRUCTION BANK H SHARES 6,231,915 3.16%GALAXY ENTERTAINMENT GROUP LTD 5,107,637 2.59%CNOOC LTD 5,082,769 2.58%OSIM INTERNATIONAL LTD 5,077,560 2.57%UNITED MICROELECTRONICS 4,629,648 2.35%UNITED SPIRITS LTD 4,486,795 2.27%SAMSUNG ELECTRONICS CO LTD 4,208,759 2.13%HERMES MICROVISION INC 4,076,028 2.07%



30 June 20131.74% 1.75%



30 June 2013153.92% 151.58%

22

Legg Mason Western Asset Global Bond Trust (SP)

Investments in Collective Investment SchemesLegg Mason Western Asset Global Bond Trust (SP) invests 100% into the underlying Legg Mason Western Asset Global Bond Trust, which is a Singapore authorised open-ended standalone unit trust.









(3 Jan 2005)Legg Mason Western Asset Global Bond Trust (SP)

1.64% 4.09% 3.44% 3.45% 0.04% NA -0.08%

Benchmark: Citigroup World Govt Bond Index ex Japan (S$)

2.14% 4.69% 5.20% 5.18% 1.85% NA 1.79%




30 June 2013Legg Mason Western Asset Global Bond Trust (SP) 2.26% 2.28%



Legg Mason Asset Management

23

Underlying Fund:Legg Mason Western Asset Global Bond Trust


BUONI POLIENNALI DEL TES 4.5% 01/03/2024 22,783,294 6.69%BONOS Y OBLIG DEL ESTADO 3.75% 31/10/2018 20,705,749 6.08%BELGIUM (KINGDOM OF) SER 69 (REG S) 1.25% 22/06/2018

17,199,697 5.05%

JAPAN (GOVT OF) CPI LINKED SER 16 1.4% 10/06/2018

17,183,527 5.05%

FNMA 30YR FRN 25/11/2043 17,172,331 5.05%US TREASURY BOND 4.5% 15/08/2039 16,443,536 4.83%FNMA 30 YR JUL FRN 25/03/2043 13,704,579 4.03%BUONI POLIENNALI DEL TES 5% 01/09/2040 12,943,043 3.80%FRANCE (GOVT OF) OAT 4% 25/04/2018 12,069,068 3.55%FRANCE (GOVT OF) OAT 3.25% 25/10/2021 11,780,780 3.46%


BUNDESREPUB DEUTSCHLAND SER 06 (BR) 4% 04/07/2016

32,390,703 9.98%

JAPAN (GOVT OF) CPI LINKED SER 16 1.4% 10/06/2018

17,148,634 5.29%

US TREASURY NOTE 0.75% 15/12/2013 16,537,226 5.10%BUNDESOBLIGATION (SER 1685) (BR) 0.5% 23/02/2018

16,408,303 5.06%

BUONI POLIENNALI DEL TES 5% 01/09/2040 16,026,936 4.94%BUNDESREPUB DEUTSCHLAND (BR) 4.25% 04/07/2017

15,029,867 4.63%

FNMA 30YR FRN 25/03/2043 13,754,773 4.24%BUNDESREPUB DEUTSCHLAND SER 05 (BR) 3.5% 04/01/2016

13,208,572 4.07%

US TREASURY BOND 4.375% 15/11/2039 13,207,198 4.07%UK TREASURY 4.25% 07/12/2040 12,342,040 3.80%



30 June 20130.89% 0.87%



30 June 2013272.98% 231.92%

24

LionGlobal InvestorsLionGlobal India (SP)

Investments in Collective Investment SchemesLionGlobal India (SP) invests 100% into the underlying LionGlobal India Fund, a sub-fund of LionGlobal Investment Funds, which is a Singapore authorised open-ended umbrella unit trust.









(3 Jan 2005)

LionGlobal India (SP) 7.89% 13.58% 24.85% -2.45% 1.01% NA 6.84%

Benchmark: MSCI India 11.69% 20.32% 25.23% 0.97% 4.48% NA 8.72%




30 June 2013LionGlobal India (SP) 2.95% 2.95%



25

Underlying Fund:LionGlobal India Fund


INFOSYS LTD 10,767,104 8.52%RELIANCE INDUSTRIES LTD 9,533,955 7.54%TATA CONSULTANCY SERVICES LTD 9,276,283 7.34%LARSEN & TOUBRO LTD 8,798,393 6.96%HOUSING DEVELOPMENT FINANCE CORP LTD 8,404,437 6.65%ITC LTD 5,872,815 4.65%ICICI BANK LTD 5,364,778 4.24%AXIS BANK LTD 5,013,831 3.97%SUN PHARMACEUTICALS INDUSTRIES LTD 4,274,132 3.38%TATA STEEL LTD 3,815,541 3.02%


HOUSING DEVELOPMENT FINANCE CORP LTD 9,116,533 8.02%HDFC BANK LTD 8,400,505 7.39%ITC LTD 8,146,824 7.17%INFOSYS LTD 7,341,607 6.46%RELIANCE INDUSTRIES LTD 7,236,012 6.36%ICICI BANK LTD 5,387,884 4.74%TATA CONSULTANCY SERVICES LTD 5,116,029 4.50%IDEA CELLULAR LTD 4,795,961 4.22%HCL TECHNOLOGIES LTD 4,553,092 4.00%SUN PHARMACEUTICALS INDUSTRIES LTD 4,242,743 3.73%



30 June 20131.74% 1.71%

Note: Expense Ratio as at 30 June 2013 was revised in accordance to source data provided by Lion Global Investors Ltd.



30 June 2013119.00% 70.00%

26

LionGlobal InvestorsLionGlobal Japan Growth (SP)

Investments in Collective Investment SchemesLionGlobal Japan Growth (SP) invests 100% into the underlying LionGlobal Japan Growth Fund, a sub-fund of LionGlobal Investment Funds II, which is a Singapore authorised open-ended umbrella unit trust.









(3 Jan 2005)

LionGlobal Japan Growth (SP)

6.84% -2.02% 11.39% 6.43% 4.90% NA -0.34%

Benchmark: Topix 5.96% 0.42% 8.52% 6.76% 2.41% NA -1.54%




30 June 2013LionGlobal Japan Growth (SP) 2.96% 3.04%



27

Underlying Fund:LionGlobal Japan Growth Fund


CHUO MITSUI TRUST HOLDINGS INC 2,638,005 3.39%MITSUBISHI ELECTRIC CORP 2,599,623 3.35%MAZDA MOTOR CORP 2,554,399 3.29%DENSO CORP 2,409,712 3.10%ORIX CORPORATION 2,330,630 3.00%OMRON CORPORATION 1,938,956 2.50%PIGEON CORP 1,872,836 2.41%SUMITOMO REALTY & DEVELOPMNT 1,604,813 2.07%MITSUBISHI HEAVY INDUSTRIES LTD 1,563,244 2.01%KEYENCE CORP 1,414,035 1.82%


DENSO CORP 3,894,722 6.27%MAZDA MOTOR CORP 2,186,606 3.52%ORIX CORPORATION 2,130,739 3.43%SONY CORP 1,514,231 2.44%OMRON CORPORATION 1,454,374 2.34%TOSHIBA CORP 1,367,443 2.20%TADANO LTD 1,343,745 2.16%PIGEON CORP 1,338,128 2.16%NITTO DENKO CORPORATION 1,333,838 2.15%MITSUBISHI HEAVY INDUSTRIES LTD 1,322,398 2.13%



30 June 20131.86% 1.90%



30 June 201336.00% 42.00%

28

Nikko Asset ManagementNikko AM Shenton Asia Pacific (RP)Nikko AM Shenton Asia Pacific (SP)

Investments in Collective Investment SchemesNikko AM Shenton Asia Pacific (RP) and Nikko AM Shenton Asia Pacific (SP) invest 100% into the underlying Nikko AM Shenton Asia Pacific Fund, which is a Singapore authorised open-ended stand-alone unit trust.






Subscriptions 8,734,719 Redemptions (8,320,856)


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

Nikko AM Shenton Asia Pacific (RP) 5.58% 4.98% 13.33% -1.16% 3.35% NA -0.89%

Nikko AM Shenton Asia Pacific (SP) 5.69% 5.11% 13.78% -0.61% 3.90% NA -0.41%

Benchmark: MSCI AC Daily TR Net Asia Pacific ex Japan

5.12% 5.74% 15.54% 4.33% 8.14% NA 3.95%




30 June 2013Nikko AM Shenton Asia Pacific (RP) 3.13% 3.11%Nikko AM Shenton Asia Pacific (SP) 2.62% 2.61%



29

Underlying Fund:Nikko AM Shenton Asia Pacific Fund


COMMONWEALTH BANK OF AUSTRALIA 3,694,788 4.74%ISHARES ASIA TRUST ISHARES BSE SENSEX INDIA INDEX ETF

3,312,284 4.25%

ISHARE MSCI INDIA INDEX ETF 2,657,025 3.41%CHINA PACIFIC INSURANCE 2,503,717 3.22%NATIONAL AUSTRALIA BANK LTD 2,489,539 3.20%SAMSUNG ELECTRONICS 2,161,087 2.78%TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY

2,029,389 2.61%

MEDIATEK INC 1,928,126 2.48%INDUSTRIAL AND COMMERCIAL BANK OF CHINA 1,891,631 2.43%CHEUNG KONG HOLDINGS LIMITED 1,737,367 2.23%


PETROCHINA CO LTD 3,492,068 4.93%BHP BILLITON LTD 3,417,853 4.82%TAIWAN SEMICONDUCTOR MANUFACT COMP 2,890,959 4.08%ANZ BANKING GROUP LTD 2,270,144 3.20%CHEUNG KONG HOLDINGS LTD 2,189,804 3.09%BANK OF CHINA LTD 2,048,918 2.89%SAMSUNG ELECTRONICS 1,976,808 2.79%WESTPAC BANKING CORP 1,935,809 2.73%HANG LUNG PROPERTIES LTD 1,759,896 2.48%IND AND COMM BANK OF CHINA 1,615,046 2.28%

Note: The Top 10 Holdings as at 30 June 2014 and 30 June 2013, in USD, are based on Nikko AM Asia-Pacific ex-Japan Fund, the underlying fund of Nikko AM Shenton Asia Pacific Fund.



30 June 20131.79% 1.97%



30 June 20130.00% 0.00%

The turnover ratio for Nikko AM Shenton Asia Pacific is 0.00% as there was no purchase for the financial period.

30

Nikko Asset ManagementNikko AM Shenton Income (RP)Nikko AM Shenton Income (SP)

Investments in Collective Investment SchemesNikko AM Shenton Income (RP) and Nikko AM Shenton Income (SP) invest 100% into the underlying Nikko AM Shenton Income Fund, which is a Singapore authorised stand-alone unit trust.








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

(18 Jul 2003)Nikko AM Shenton Income (RP)

1.38% 1.29% 2.42% 2.45% 3.75% 0.86% 0.88%

Nikko AM Shenton Income (SP)

1.39% 1.48% 2.92% 2.98% 4.26% 1.36% 1.39%


** With effect from 2 January 2013, there is no benchmark for the Fund as it is managed on an absolute return basis.



30 June 2013Nikko AM Shenton Income (RP) 2.52% 2.50%Nikko AM Shenton Income (SP) 2.02% 2.00%



31

Underlying Fund:Nikko AM Shenton Income Fund


NIKKO AM SHENTON ASIA BOND FUND 47,432,127 10.51%KOREA TREASURY BOND 3.5% DUE 10/03/2024 13,971,399 3.09%UOB CAYMAN I LIMITED 5.796% DUE 29/12/2049 9,484,476 2.10%KOREA TREASURY BOND 3.5% DUE 10/09/2016 8,774,088 1.94%AMBB CAPITAL LIMITED 6.77% DUE 29/01/2049 7,663,828 1.70%WING HANG BANK LIMITED 6% DUE 29/04/2049 7,466,185 1.65%SBB CAPITAL CORPORATION 6.62% DUE 29/11/2049 7,372,374 1.63%MALAYAN BANKING BERHAD 6% DUE 29/08/2049 7,275,774 1.61%OCBC CAPITAL CORPORATION 2008 % DUE 5.1% DUE 29/08/2049

6,913,914 1.53%

MALAYSIA GOVERNMENT BOND 4.181% DUE 15/07/2024

6,290,460 1.39%


NIKKO AM ASIA BOND FUND S$-B 47,416,046 10.09%PHILIPPINE GOVERNMENT 6.375% DUE 19/01/2022 14,263,910 3.04%KOREA LAND & HOUSING COR 0% DUE 18/07/2017 10,103,069 2.15%EXPORT-IMPORT BK INDIA 8.1% DUE 15/07/2015 9,574,227 2.04%UOB CAYMAN LTD 5.796% DUE 29/12/2049 FRN 9,211,029 1.96%KDICB REDEMPTION FUND BD 0% DUE 24/08/2017 8,947,337 1.90%INDIA GOVERNMENT BOND 8.15% DUE 11/06/2022 8,806,775 1.87%NABARD 9.38% DUE 16/01/2015 8,661,240 1.84%SMALL BUSINESS CORP 0% DUE 07/09/2017 7,728,708 1.65%AMBB CAPITAL LTD 6.77% DUE 29/01/2049 FRN 7,647,849 1.63%



30 June 20131.11% 1.07%



30 June 201359.28% 53.85%

32

Nikko Asset ManagementNikko AM Shenton Short Term Bond (RP)Nikko AM Shenton Short Term Bond (SP)

Investments in Collective Investment SchemesNikko AM Shenton Short Term Bond (RP) and Nikko AM Shenton Short Term Bond (SP) invest 100% into the underlying Nikko AM Shenton Short Term Bond Fund (S$), a sub-fund of Nikko AM Shenton Short Term Bond Funds, which is a Singapore authorised open-ended umbrella unit trust.









(5 Jan 2006)Nikko AM Shenton Short Term Bond (RP)

0.19% 0.19% 0.77% 0.51% 0.94% NA 0.59%

Nikko AM Shenton Short Term Bond (SP)

0.27% 0.46% 1.20% 1.02% 1.45% NA 1.10%

Benchmark: 3-months SIBOR 0.11% 0.21% 0.40% 0.38% 0.41% NA 1.12%* Annualised Performance



30 June 2013Nikko AM Shenton Short Term Bond (RP) 2.60% 2.57%Nikko AM Shenton Short Term Bond (SP) 2.10% 2.08%



33

Underlying Fund:Nikko AM Shenton Short Term Bond Fund (S$)


SARAWAK INTERNATIONAL INCORPORATION 5.5% DUE 03/08/2015

4,554,495 1.45%

DBS BANK LIMITED 0.83645% DUE 15/07/2021 3,655,800 1.16%UNITED OVERSEAS BANK LIMITED 5.375% DUE 03/09/2019

3,511,535 1.12%

SUN HUNG KAI PROPERTIES CAPITAL MARKET LIMITED 5.375% DUE 08/03/2017

3,055,464 0.97%

PCI CAPITAL LIMITED 5.875% DUE 17/12/2014 3,047,383 0.97%BANK OF EAST ASIA LIMITED 6.375% DUE 04/05/2022

2,994,158 0.95%

PCCW-HKT CAPITAL NO 3 LIMITED 5.25% DUE 20/07/2015

2,730,908 0.87%

HYUNDAI CAPITAL SERVICES INCORPORATION 6% DUE 05/05/2015

2,729,955 0.87%

LS FINANCE 2017 LIMITED 5.25% DUE 26/01/2017 2,659,794 0.84%PTTEP AUSTRALIA INTERNATIONAL FINANCE PTY LIMITED 4.152% DUE 19/07/2015

2,600,230 0.83%


UNITED OVERSEAS BANK LTD 5.375% DUE 03/09/2019 FRN

3,682,714 1.47%

DBS BANK LTD/SINGAPORE 0.8871% DUE 15/07/2021 FRN

3,652,704 1.46%

OVERSEAS UNION ENTER LTD 4.3% DUE 15/04/2014 3,285,252 1.31%SARAWAK INTERNATIONAL 5.5% DUE 03/08/2015 2,838,728 1.13%PCCW-HKT CAPITAL NO3 LTD 5.25% DUE 20/07/2015

2,827,231 1.13%

BANK OF EAST ASIA LTD 6.375% DUE 04/05/2022 FRN

2,719,768 1.09%

PRIME HOLDINGS LABUAN 5.375% DUE 22/09/2014 2,710,022 1.08%WESTPAC BANKING CORP 5.3% DUE 15/10/2015 2,688,757 1.07%PTTEP AUST INTL FIN PTY 4.152% DUE 19/07/2015 2,665,492 1.07%KT CORP 5.875% DUE 24/06/2014 2,634,482 1.05%



30 June 20130.43% 0.45%



30 June 201313.54% 49.34%

34

Nikko Asset ManagementNikko AM Shenton World Bank Green Bond (RP)Nikko AM Shenton World Bank Green Bond (SP)

Investments in Collective Investment SchemesNikko AM Shenton World Bank Green Bond (RP) and Nikko AM Shenton World Bank Green Bond (SP) invest 100% into the underlying Nikko AM Shenton World Bank Green Bond Fund, which is a Singapore authorised stand-alone unit trust.






Subscriptions 634,551 Redemptions (1,895,828)


Fund / Benchmark 3 Months 6 Months 1 Year 3 Year* 5 Year* 10 Year* Since Inception* (30 Nov 2002)

Nikko AM Shenton World Bank Green Bond (RP) 2.20% 1.36% 2.06% -0.09% -1.85% -3.45% -2.52%

Nikko AM Shenton World Bank Green Bond (SP) 2.33% 1.81% 2.60% 0.47% -1.34% -2.96% -2.02%

Benchmark: 50% SBWGU Index and 50% JGENEMUU Index (SGD Hedged)

3.79% 5.46% 2.90% -1.82% -1.78% -0.01% 0.93%




30 June 2013Nikko AM Shenton World Bank Green Bond (RP)

3.48% 3.81%

Nikko AM Shenton World Bank Green Bond (SP)

2.98% 3.31%



35

Underlying Fund:Nikko AM Shenton World Bank Green Bond Fund


IBRD 3.875% 20MAY19 SERIES GDIF 13,646,689 19.46%IBRD 7.5% 05MAR20 SERIES GDIF 8,721,041 12.44%IBRD 9.5% 02MAR17 SERIES GDIF 8,076,966 11.52%IBRD 2.5% 10DEC19 GDIF 5,910,059 8.43%IBRD 0.375% 24AUG15 SERIES GDIF 4,557,448 6.50%IBRD 7% 07JUN23 EMTN 3,730,948 5.32%IBRD 10% 02MAR17 SERIES GDIF 3,630,177 5.18%IBRD 3.25% 31JAN19 SERIES GDIF 3,094,650 4.41%IBRD 1.875% 30MAY19 SERIES GDIF 2,017,082 2.88%IBRD 1.5% 12JULY22 EMTN 1,771,940 2.53%


IBRD 3.875% 20MAY19 SERIES GDIF 10,469,772 16.23%IBRD 7.5% 05MAR20 SERIES GDIF 7,856,846 12.18%IBRD 2.5% 10DEC19 GDIF 7,225,362 11.20%IBRD 7% 07JUN23 EMTN 5,439,231 8.43%IBRD 2% 04DEC13 SERIES GMTN 4,507,891 6.99%IBRD 10% 02MAR17 SERIES GDIF 4,366,605 6.77%IBRD 3.25% 31JAN19 SERIES GDIF 3,756,574 5.82%IBRD 2.5% 19MAY17 SERIES GTIF 2,782,827 4.31%IBRD 7.5% 02MAR17 SER GDIF 1,874,259 2.90%IBRD 1.7% 30APR15 EMTN 1,773,332 2.75%

Note: The Top 10 Holdings as at 30 June 2014 and 30 June 2013, in USD, are based on Nikko AM Global Umbrella Fund - Nikko AM World Bank Green Fund.



30 June 20131.62% 2.28%



30 June 20134.30% 2.13%

36

Schroder Investment Management Schroder Global Emerging Market Opportunities (RP)Schroder Global Emerging Market Opportunities (SP)

Investments in Collective Investment SchemesSchroder Global Emerging Market Opportunities (RP) and Schroder Global Emerging Market Opportunities (SP) invest 100% into the underlying Schroder Global Emerging Market Opportunities Fund, a sub-fund of Schroder International Choice Portfolio, which is a Singapore-authorised open-ended umbrella unit trust.








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

Schroder Global Emerging Market Opportunities (RP) 6.68% 3.47% 17.48% -2.11% NA NA -3.17%

Schroder Global Emerging Market Opportunities (SP) 6.94% 3.83% 18.10% -1.59% NA NA -3.17%

Benchmark: MSCI EM NR USD 5.67% 4.80% 12.36% 0.12% NA NA -1.38%* Annualised Performance**The Fund is not benchmark constrained, but for reference purposes presents its performance against the MSCI EM NR USD.



30 June 2013Schroder Global Emerging Market Opportunities (RP)

2.98% 3.02%

Schroder Global Emerging Market Opportunities (SP)

2.48% 2.53%



37

Underlying Fund:Schroder Global Emerging Market Opportunities Fund


BRILLIANCE CHINA AUTOMOTIVE HLDG LTD 21,801,437 2.74%HON HAI PRECISION IND CO LTD 21,721,870 2.73%SK TELECOM CO LTD 21,562,735 2.71%TENCENT HLDG LTD 21,244,466 2.67%SAMSUNG ELECTRONICS CO LTD 21,244,466 2.67%QUALICORP SA 20,607,928 2.59%BB SEGURIDADE PARTICIPACOES SA 20,607,928 2.59%CNOOC LTD 20,289,659 2.55%KASIKORNBANK PCL 20,130,524 2.53%ITAU UNIBANCO HLDG SA 19,334,851 2.43%


SAMSUNG ELECTRONICS CO LTD 23,409,787 2.71%BANGKOK BANK PCL 23,150,638 2.68%HALYK SAVINGS BANK OF KAZAKHSTAN JSC 22,718,723 2.63%KASIKORNBANK PCL 22,286,808 2.58%HYUNDAI MOTOR CO 20,904,680 2.42%MOBILE TELESYSTEMS OJSC 20,559,148 2.38%ADVANCED INFO SERVICE PCL 20,472,765 2.37%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 20,213,616 2.34%TURKIYE GARANTI BANKASI AS 20,213,616 2.34%HANKOOK TIRE CO LTD 20,040,850 2.32%

Note: The Top 10 Holdings as at 30 June 2014 and 30 June 2013, in USD, are based on Schroder International Selection Fund (ISF) - Global Emerging Market Opportunities, the underlying fund of Schroder Global Emerging Market Opportunities Fund.



30 June 2013Schroder Global Emerging Market Opportunities Fund

1.76% 1.74%

Schroder ISF - Global Emerging Market Opportunities Fund

1.37% 1.36%



30 June 2013Schroder Global Emerging Market Opportunities Fund

0.00% 1.43%

Schroder ISF - Global Emerging Market Opportunities Fund

61.36% 117.27%

Other Material InformationNil

38

Schroder Multi Asset Revolution (RP)

Investments in Collective Investment SchemesSchroder Multi Asset Revolution (RP) invests 100% into the underlying Luxembourg registered Schroder Multi-Asset Revolution.








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

(20 Jun 2011)

Schroder Multi Asset Revolution (RP)

3.07% 2.80% 9.62% 5.25% NA NA 5.44%

Benchmark: 60% MSCI World Index & 40% Citigroup WGBI

3.09% 4.52% 15.10% 8.42% NA NA 5.63%


** The fund is not benchmark constrained. For reference purposes, its performance against the 60% MSCI World Index and 40% Citigroup WGBI is presented.



30 June 2013Schroder Multi Asset Revolution (RP) 1.58% 1.61%



Schroder Investment Management

39

Underlying Fund:Schroder Multi-Asset Revolution


SISF - QEP GLOBAL QUALITY I ACCUMULATION SHARE CLASS

41,980,292 20.69%

SISF - GLOBAL EQUITY ALPHA I ACCUMULATION SHARE CLASS

34,421,030 16.96%

SISF - GLOBAL BOND I ACCUMULATION SHARE CLASS 19,825,745 9.77%SCHRODER ASIAN INVESTMENT GRADE CREDIT CLASS I 18,021,467 8.88%SISF - ASIAN OPPORTUNITIES I ACCUMULATION SHARE CLASS

16,115,503 7.94%

SISF - GLOBAL PROPERTY SECURITIES I ACCUMULATION SHARE CLASS

10,463,259 5.16%

SCHRODER SINGAPORE TRUST CLASS I 9,938,605 4.90%SISF - EMERGING MARKETS DEBT ABSOLUTE RETURN I ACCUMULATION SHARE

9,874,660 4.87%

SCHRODER SINGAPORE FIXED INCOME FUND CLASS I 9,760,577 4.81%SISF - JAPANESE EQUITY I ACCUMULATION SHARE CLASS 9,725,643 4.79%


SISF - GLOBAL EQUITY ALPHA I ACCUMULATION SHARE CLASS

25,607,957 15.02%

SISF - GLOBAL SMALLER COMPANIES I ACCUMULATION SHARE CLASS

13,959,575 8.19%

SCHRODER ASIAN INVESTMENT GRADE CREDIT CLASS A 13,649,708 8.00%SISF - GLOBAL PROPERTY SECURITIES I ACCUMULATION SHARE CLASS

13,407,396 7.86%

SISF - GLOBAL BOND I ACCUMULATION SHARE CLASS 13,003,452 7.63%SISF - ASIAN BOND ABSOLUTE RETURN I ACCUMULATION SHARE CLASS

10,288,986 6.03%

SISF - ASIAN OPPORTUNITIES I ACCUMULATION SHARE CLASS

10,115,398 5.93%

SISF - EMERGING MARKETS DEBT ABSOLUTE RETURN I ACCUMULATION SHARE CLASS

9,622,053 5.64%

SISF - JAPANESE EQUITY I ACCUMULATION SHARE CLASS 8,861,232 5.20%SISF - GLOBAL CORPORATE BOND I ACCUMULATION SHARE CLASS

8,629,264 5.06%

Legend: SISF: Schroder International Selection Fund



30 June 20131.57% 1.57%



30 June 201343.13% 12.70%


40

Schroder Investment Management Schroder Strategic Bond (RP)Schroder Strategic Bond (SP)

Investments in Collective Investment SchemesSchroder Strategic Bond (RP) and Schroder Strategic Bond (SP) invest 100% into the underlying Schroder Strategic Bond Fund, a sub-fund of the Schroder International Choice Portfolio, which is a Singapore-authorised open-ended umbrella unit trust.








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

Schroder Strategic Bond (RP) -0.10% 0.68% -0.86% -0.16% 1.69% NA 0.37%Schroder Strategic Bond (SP) 0.09% 0.93% -0.28% 0.37% 2.21% NA 0.92%Benchmark: Bacap Global Aggregate 1.58% 3.61% 5.56% 3.10% 1.52% NA 1.77%

Benchmark: UOB SGS All Indexes 1.45% 2.24% 2.68% 2.01% 2.53% NA 3.39%

* Annualised Performance** The Fund is not benchmark constrained. For reference purposes, its performance against the Bacap Global Aggregate and UOB SGS All Indexes are presented.



30 June 2013Schroder Strategic Bond (RP) 3.10% 3.11%Schroder Strategic Bond (SP) 2.60% 2.61%



41

Underlying Fund:Schroder Strategic Bond Fund


SPAIN GOVERNMENT BOND 3.8% 30 APR 2024 81,099,818 3.84%MEXICO GOVERNMENT BOND 8% 11 JUN 2020 78,565,448 3.72%MICROSOFT 3.125% 06 DEC 2028 50,053,794 2.37%STADSHYPOTEK AB FRN 15 FEB 2016 39,282,724 1.86%BARCLAYS BANK PLC FRN 20 JAN 2015 38,015,540 1.80%RABOBANK NEDERLAND FRN 22 APR 2015 33,580,393 1.59%APPLE INC 4.45% 06 MAY 2044 32,102,011 1.52%FMS WERTMANAGEMENT AOER FRN 27 SEP 2016 29,990,037 1.42%BANK NEDERLANDSE GEMEENTEN FRN 18 JUL 2016 25,132,496 1.19%COVENTRY BUILDING SOCIETY FRN 10 FEB 2015 23,865,311 1.13%


FREDDIE MAC GOLD POOL 3% 15 JUL 2043 35,324,946 1.92%BARCLAYS BANK PLC FRN 20 JAN 2015 34,405,025 1.87%RABOBANK NEDERLAND FRN 22 APR 2015 32,013,232 1.74%FANNIE MAE POOL 3% 25 JUL 2043 30,357,375 1.65%NATIONWIDE BUILDING SOCIETY FRN 23 JAN 2015 26,677,693 1.45%FREDDIE MAC GOLD 3% 01 FEB 2043 24,653,868 1.34%BPCE SA FRN 16 JAN 2015 22,446,059 1.22%CAISSE D'AMORT. DE LA DETTE SOCIALE FRN 02 FEB 2014

22,262,075 1.21%

EUROPEAN INVESTMENT BANK FRN 30 JAN 2014 22,078,091 1.20%COVENTRY BUILDING SOCIETY FRN 10 FEB 2015 21,526,139 1.17%



30 June 2013Schroder Strategic Bond Fund 1.73% 1.36%Schroder ISF - Strategic Bond 1.32% 1.31%



30 June 2013Schroder Strategic Bond Fund 76.41% 18.67%Schroder ISF - Strategic Bond 84.38% 385.46%


42

Schroder Investment Management MM Balanced GrowthBalanced Growth (RP)Balanced Growth (SP)The MM Balanced Growth, Balanced Growth (RP) and Balanced Growth (SP) are separately managed accounts managed for Aviva Ltd by Schroder Investment Management (Singapore) Ltd.

Investments Classified by CountryMarket Value SGD % of Net Assets

Singapore 21,971,005 33.57%Hong Kong 12,877,442 19.68%Korea 6,267,338 9.58%Taiwan 6,258,294 9.56%Cayman Islands 5,188,407 7.93%China 2,246,177 3.43%Thailand 2,194,000 3.35%New Zealand 2,054,272 3.14%Indonesia 1,291,169 1.97%Europe 935,787 1.43%Philippines 835,048 1.28%Bermuda 778,615 1.19%Malaysia 771,907 1.18%

Investments Classified by Industry Market Value SGD % of Net Assets

Financials 24,015,176 36.69%Information Technology 12,590,422 19.24%Sovereign 6,842,445 10.46%Industrials 6,486,825 9.91%Consumer Discretion 4,079,288 6.23%Government Agency 3,023,369 4.62%Telecommunication 1,928,978 2.95%Health Care 1,475,446 2.25%Consumer Staples 1,101,059 1.68%Real Estate 907,345 1.39%Materials 619,044 0.95%Energy 600,064 0.92%

Investments Classified by Asset ClassMarket Value SGD % of Net Assets

Equities 40,033,244 61.18%Debt Securities 22,721,005 34.72%Investment in Funds 907,345 1.39%Other Investments 7,867 0.01%Other Net Assets 1,771,345 2.70%

Investments by Credit Rating of Debt Securities (By S&P or Equivalents)Market Value SGD % of Net Assets

AAA 9,399,354 14.36%AA 3,637,009 5.56%A 1,295,608 1.98%BBB 1,030,206 1.57%Not rated 7,358,828 11.25%

43


SINGAPORE GOVERNMENT 2.5% DUE 01/06/2019 4,682,396 7.16%TAIWAN SEMICONDUCTOR MANUFACTURING 4,128,616 6.31%SAMSUNG ELECTRONICS CO LTD 3,425,473 5.23%HYUNDAI MOTOR CO 1,914,349 2.93%JARDINE MATHESON HLDGS LTD 1,804,107 2.76%TENCENT HOLDINGS LIMITED 1,597,055 2.44%STANDARD CHARTERED VARIABLE DUE 27/10/2021 1,574,465 2.41%AAC TECHNOLOGIES HOLDINGS INC 1,558,065 2.38%AIA GROUP LIMITED 1,541,224 2.36%SINGAPORE GOVERNMENT 3.25% DUE 01/09/2020 1,432,192 2.19%


TAIWAN SEMICONDUCTOR MANUFACTURING 4,465,592 6.66%SAMSUNG ELECTRONICS CO LTD 3,357,767 5.00%HYUNDAI MOTOR CO 2,416,633 3.60%JARDINE MATHESON HOLDINGS LTD 2,271,272 3.38%DBS BANK VARIABLE DUE 21/02/2022 1,521,035 2.27%AAC TECHNOLOGIES HOLDINGS INC 1,375,118 2.05%KASIKORNBANK PCL - NVDR 1,366,852 2.04%OVERSEA CHINESE BANKING 5.6% DUE 27/03/2019 1,294,857 1.93%AIA GROUP LIMITED 1,285,950 1.92%UNITED OVERSEAS LAND LIMITED 1,209,600 1.80%


Investments in Collective Investment SchemesNil

BorrowingsNot applicable




44



(3 May 1996) (26 Apr 2002)

MM Balanced Growth

3.66% 4.95% 7.98% 4.69% 6.41% 6.58% 5.32% NA

Balanced Growth (RP)

3.31% 4.20% 6.44% 3.13% 4.83% 4.99% NA 4.38%

Balanced Growth (SP)

3.41% 4.43% 6.93% 3.66% 5.35% 5.51% NA 4.90%

Benchmark : 60% MSCI AC FEF ex-Japan + 40% CPF-OA Deposit Rate

3.75% 2.89% 9.19% 3.79% 6.27% 5.93% 4.02% 5.78%




30 June 2013MM Balanced Growth 1.10% 1.09%

Balanced Growth (RP) 2.60% 2.59%

Balanced Growth (SP) 2.10% 2.09%



30 June 201353.45% 16.96%



45

This page has been intentionally left blank.

46

Schroder Investment Management MM Capital GrowthCapital Growth (RP)Capital Growth (SP)The MM Capital Growth, Capital Growth (RP) and Capital Growth (SP) are separately managed accounts managed for Aviva Ltd by Schroder Investment Management (Singapore) Ltd.


Hong Kong 10,611,670 23.14%Singapore 8,634,339 18.83%Korea 6,177,174 13.47%Taiwan 6,144,212 13.40%Cayman Islands 4,513,531 9.84%China 2,230,459 4.86%Thailand 2,064,124 4.50%Indonesia 1,275,408 2.78%Europe 828,523 1.81%Philippines 781,867 1.70%Bermuda 684,423 1.49%


Financials 13,407,279 29.24%Information Technology 11,893,881 25.93%Industrials 5,550,647 12.10%Consumer Discretion 3,865,350 8.43%Sovereign 2,415,306 5.27%Telecommunication 1,727,417 3.77%Health Care 1,428,323 3.11%Consumer Staples 1,054,618 2.30%Government Agency 763,492 1.66%Real Estate 651,975 1.42%Materials 600,813 1.31%Energy 586,629 1.28%


Equities 38,054,151 82.98%Debt Securities 5,232,686 11.41%Investment in Funds 651,975 1.43%Other Investments 6,918 0.02%Other Net Assets 1,917,007 4.16%


AAA 2,166,844 4.73%AA 518,827 1.13%A 261,850 0.57%BBB 257,551 0.56%Not rated 2,027,614 4.42%

47


TAIWAN SEMICONDUCTOR MANUFACTURING 3,988,323 8.70%SAMSUNG ELECTRONICS CO LTD 3,386,381 7.38%SINGAPORE GOVERNMENT 2.5% DUE 01/06/2019 1,915,526 4.18%HYUNDAI MOTOR CO 1,854,968 4.04%JARDINE MATHESON HLDGS LTD 1,804,107 3.93%AIA GROUP LIMITED 1,508,645 3.29%AAC TECHNOLOGIES HOLDINGS INC 1,395,767 3.04%TENCENT HOLDINGS LIMITED 1,207,298 2.63%KASIKORNBANK PCL - NVDR 1,075,880 2.35%KEPPEL CORPORATION LTD 927,940 2.02%


TAIWAN SEMICONDUCTOR MANUFACTURING 4,016,713 9.20%SAMSUNG ELECTRONICS CO LTD 3,143,156 7.20%HYUNDAI MOTOR CO 2,138,658 4.90%JARDINE MATHESON HOLDINGS LTD 1,995,036 4.57%AAC TECHNOLOGIES HOLDINGS INC 1,231,876 2.82%KASIKORNBANK PCL - NVDR 1,227,824 2.81%AIA GROUP LIMITED 1,136,621 2.60%MEDIATEK INC 1,022,913 2.34%UNITED OVERSEAS BANK LIMITED 973,140 2.23%UNITED OVERSEAS LAND LIMITED 934,080 2.14%







48



(3 May 1996) (26 Apr 2002)

MM Capital Growth 4.71% 6.47% 10.26% 6.31% 8.52% 8.10% 5.84% NA

Capital Growth (RP) 4.36% 5.70% 8.62% 4.71% 6.92% 6.48% NA 5.37%

Capital Growth (SP) 4.47% 5.96% 9.13% 5.25% 7.44% 7.01% NA 5.89%


5.34% 3.67% 12.61% 4.20% 7.92% 7.12% 3.96% 6.93%




30 June 2013MM Capital Growth 1.11% 1.11%

Capital Growth (RP) 2.62% 2.59%

Capital Growth (SP) 2.12% 2.10%



30 June 201342.96% 18.07%



49


50

Schroder Investment Management MM Income GrowthIncome Growth (RP)Income Growth (SP)The MM Income Growth, Income Growth (RP) and Income Growth (SP) are separately managed accounts managed for Aviva Ltd by Schroder Investment Management (Singapore) Ltd.


Singapore 18,187,013 50.11%Hong Kong 6,120,017 16.86%New Zealand 2,057,012 5.67%Korea 1,928,806 5.31%Taiwan 1,915,193 5.28%Cayman Islands 1,659,424 4.57%Malaysia 1,029,209 2.84%Thailand 732,343 2.02%China 685,598 1.89%Indonesia 386,696 1.07%Europe 309,463 0.85%Bermuda 257,495 0.71%Philippines 255,918 0.71%


Financials 16,744,835 46.15%Sovereign 5,536,789 15.27%Information Technology 3,892,547 10.72%Government Agency 2,773,277 7.64%Industrials 2,421,362 6.67%Consumer Discretion 1,251,962 3.45%Transportation 763,732 2.10%Telecommunication 624,255 1.72%Health Care 468,372 1.29%Real Estate 401,365 1.11%Consumer Staples 284,778 0.78%Materials 186,268 0.51%Energy 174,645 0.48%


Equities 12,398,860 34.16%Debt Securities 22,721,385 62.61%Investment in Funds 401,365 1.11%Other Investments 2,577 0.01%Other Net Assets 770,215 2.11%


AAA 8,096,439 22.31%AA 2,867,335 7.90%A 1,814,760 5.00%BBB 1,030,206 2.84%Not rated 8,912,645 24.56%

51


SINGAPORE GOVERNMENT 2.5% DUE 01/06/2019 3,884,260 10.70%SINGAPORE GOVERNMENT 3.25% DUE 01/09/2020 1,652,529 4.55%STANDARD CHARTERED VARIABLE DUE 27/10/2021 1,574,465 4.34%HOUSING N DEVELOPMENT BOARD 3.375% DUE 21/04/15

1,539,590 4.24%

ANZ BANK NEW ZEALAND 2.95% DUE 27/07/2015 1,290,771 3.56%CITY DEVELOPMENTS LTD CITSP 3.22% DUE 08/04/2015

1,279,153 3.52%

TAIWAN SEMICONDUCTOR MANUFACTURING 1,257,516 3.46%HOUSING N DEVELOPMENT BOARD 1.11% 30/08/2017

1,233,687 3.40%

SAMSUNG ELECTRONICS CO LTD 1,057,124 2.91%CCT MTN PTE LTD 3.25% DUE 15/12/2015 1,030,206 2.84%


SINGAPORE GOVERNMENT 2.875% DUE 01/07/2015 3,416,946 8.59%HOUSING N DEVELOPMENT BOARD 3.375% DUE 21/04/15

1,573,327 3.95%

TAIWAN SEMICONDUCTOR MANUFACTURING 1,414,291 3.55%ANZ BANK NEW ZEALAND 2.95% DUE 27/07/2015 1,290,808 3.24%CITY DEVELOPMENTS LTD 3.22% DUE 08/4/2015 1,282,365 3.22%HOUSING N DEVELOPMENT BOARD 1.11% DUE 30/08/2017

1,219,337 3.06%

SAMSUNG ELECTRONICS CO LTD 1,056,661 2.66%SINGAPORE PRESS HOLDINGS 2.81% DUE 02/03/2015 1,030,278 2.59%NATIONAL UNIVERSITY OF SINGAPORE 3.20% DUE 12/06/2014

1,025,448 2.58%

CAPITALAND TREASURY LTD 3.8% DUE 30/10/2014 1,025,411 2.58%







52



(3 May 1996) (26 Apr 2002)

MM Income Growth 2.38% 3.06% 5.10% 3.05% 4.01% 4.38% 4.23% NA

Income Growth (RP) 1.99% 2.29% 3.52% 1.49% 2.47% 2.84% NA 2.70%

Income Growth (SP) 2.15% 2.51% 4.03% 2.00% 2.98% 3.34% NA 3.22%


2.18% 2.08% 5.82% 3.22% 4.46% 4.40% 3.60% 4.29%




30 June 2013MM Income Growth 1.09% 1.09%

Income Growth (RP) 2.59% 2.58%

Income Growth (SP) 2.09% 2.09%



30 June 201352.40% 17.46%



53


54

Templeton Global (RP)Templeton Global (SP)

Investments in Collective Investment SchemesTempleton Global (RP) and Templeton Global (SP) invest 100% into the underlying Luxembourg-registered Franklin Templeton Investment Funds (FTIF) - Templeton Global Fund.








Fund / Benchmark 3 Months 6 Months 1 Year 3 Year* 5 Year* 10 Year*Since Inception* (12 Oct 2006)

Templeton Global (RP) 2.27% 3.05% 23.69% 11.11% 9.77% NA -0.73%

Templeton Global (SP) 2.29% 3.26% 24.18% 11.59% 10.26% NA -0.25%

Benchmark: MSCI AC World Gross Index

4.32% 5.16% 21.47% 11.42% 11.50% NA 2.55%




30 June 2013Templeton Global (RP) 2.93% 2.93%

Templeton Global (SP) 2.45% 2.48%



Templeton Asset Management

55

Underlying Fund:Franklin Templeton Funds (FTIF) - Templeton Global Fund


MICROSOFT CORP 49,827,132 2.17%TOTAL SA 45,722,991 1.99%SAMSUNG ELECTRONICS CO LTD 43,677,821 1.90%AMGEN INC 36,868,259 1.60%ACTAVIS PLC 36,592,196 1.59%TEVA PHARMACEUTICAL INDUSTRIES LTD 35,895,136 1.56%NISSAN MOTOR CO LTD 35,810,016 1.56%UNICREDIT SPA 35,354,512 1.54%BNP PARIBAS SA 35,186,573 1.53%HEWLETT-PACKARD CO 34,441,202 1.50%


MICROSOFT CORP 26,159,403 2.13%ING GROEP NV 25,867,215 2.11%ROCHE HOLDING AG 25,660,965 2.09%BAYER AG 25,306,165 2.06%SPRINT NEXTEL CORP 21,384,956 1.74%ACTAVIS INC 20,157,276 1.64%BNP PARIBAS SA 19,601,137 1.60%TOYOTA MOTOR CORP 18,184,394 1.48%MACY'S INC 17,856,604 1.45%MORGAN STANLEY 17,382,719 1.42%



30 June 20131.84% 1.84%



30 June 201310.66% 39.63%

56

Templeton Global Balanced (RP)Templeton Global Balanced (SP)

Investments in Collective Investment SchemesTempleton Global Balanced (RP) and Templeton Global Balanced (SP) invest 100% into the underlying Luxembourg-registered Franklin Templeton Investment Funds (FTIF) - Templeton Global Balanced Fund.








Fund / Benchmark 3 Months 6 Months 1 Year 3 Year* 5 Year* 10 Year*Since Inception* (30 Nov 2002)

Templeton Global Balanced (RP)

2.00% 2.29% 14.42% 8.08% 6.89% 1.40% 3.42%

Templeton Global Balanced (SP)

2.10% 2.50% 14.91% 8.56% 7.31% 1.86% 3.89%

Benchmark: 65% MSCI World Index + 35% JP Morgan Global Government Bond Index@

3.30% 4.65% 15.59% 8.17% 7.74% 3.55% 5.02%




30 June 2013Templeton Global Balanced (RP) 2.72% 2.70%

Templeton Global Balanced (SP) 2.31% 2.30%



Templeton Asset Management

57

Underlying Fund:Franklin Templeton Investment Funds (FTIF) - Templeton Global Balanced Fund


GOVERNMENT OF MEXICO, 7.25%, 12/15/16 26,992,630 1.57%GOVERNMENT OF MEXICO, 6.25%, 6/16/16 23,806,072 1.38%SAMSUNG ELECTRONICS CO. LTD. 22,995,638 1.33%GLAXOSMITHKLINE PLC 22,424,885 1.30%MICROSOFT CORP. 20,721,249 1.20%GOVERNMENT OF SWEDEN, 4.50%, 8/12/15 20,098,767 1.17%FOREST LABORATORIES INC. 19,055,548 1.11%ALLEGHENY TECHNOLOGIES INC. 18,977,954 1.10%SANOFI 18,443,412 1.07%AMGEN INC. 18,169,244 1.05%


GOVERNMENT OF SWEDEN, 6.75%, 5/05/14 23,683,152 2.67%KOREA TREASURY BOND, SENIOR BOND, 3.00%, 12/10/13

23,242,308 2.62%

GOVERNMENT OF MEXICO, 8.00%, 12/19/13 19,521,303 2.20%GOVERNMENT OF POLAND, 5.75%, 9/23/22 14,896,436 1.68%SANOFI 12,371,120 1.39%CISCO SYSTEMS INC. 12,182,187 1.37%MICROSOFT CORP. 12,143,159 1.37%GOVERNMENT OF IRELAND, 5.00%, 10/18/20 11,742,231 1.32%GOVERNMENT OF IRELAND, Reg S, 5.50%, 10/18/17 11,659,739 1.31%NEW SOUTH WALES TREASURY CORP., 5.50%, 8/01/13

11,491,207 1.30%



30 June 20131.65% 1.67%



30 June 2013-2.16% 25.43%

58

Templeton Asset ManagementTempleton Global Bond (RP)Templeton Global Bond (SP)

Investments in Collective Investment SchemesTempleton Global Bond (RP) and Templeton Global Bond (SP) invest 100% into the underlying Luxembourg-registered Franklin Templeton Investment Funds (FTIF) - Templeton Global Bond Fund.









(5 Jan 2006) (5 May 2006)Templeton Global Bond (RP) 1.60% 1.06% 3.42% 2.97% 2.89% NA 3.44% NA

Templeton Global Bond (SP) 1.67% 1.31% 3.87% 3.53% 3.40% NA 4.02% 4.06%

Benchmark: JP Morgan Global Government Bond Index

1.40% 3.72% 4.68% 2.12% 0.75% NA 1.72% 2.29%




30 June 2013Templeton Global Bond (RP) 2.99% 2.98%Templeton Global Bond (SP) 2.49% 2.48%



59

Underlying Fund:Franklin Templeton Funds (FTIF) - Templeton Global Bond Fund


GOVERNMENT OF IRELAND, 5.00%, 10/18/20 1,869,616,085 3.88%GOVERNMENT OF POLAND, Strip, 1/25/16 1,155,609,292 2.40%GOVERNMENT OF SWEDEN, 4.50%, 8/12/15 1,111,068,226 2.30%GOVERNMENT OF IRELAND, SENIOR BOND, 5.40%, 3/13/25

1,100,463,210 2.28%

GOVERNMENT OF MEXICO, 8.00%, 12/17/15 1,068,985,595 2.22%KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 2.76%, 6/02/15

1,038,857,709 2.16%

GOVERNMENT OF HUNGARY, SENIOR NOTE, 6.375%, 3/29/21

991,906,412 2.06%

KOREA MONETARY STABILIZATION BOND, SENIOR NOTE, 2.78%, 10/02/14

853,751,978 1.77%

GOVERNMENT OF CANADA, 1.00%, 2/01/15 851,534,566 1.77%GOVERNMENT OF MALAYSIA, 4.72%, 9/30/15 733,433,253 1.52%


KOREA TREASURY BOND, SENIOR BOND, 3.00%, 12/10/13 1,627,696,825 2.75%GOVERNMENT OF IRELAND, 5.00%, 10/18/20 1,592,569,230 2.69%GOVERNMENT OF POLAND, STRIP, 1/25/14 1,317,107,385 2.23%GOVERNMENT OF SWEDEN, 6.75%, 5/05/14 1,160,629,919 1.96%GOVERNMENT OF MEXICO, 8.00%, 12/17/15 1,101,847,378 1.86%GOVERNMENT OF MALAYSIA, SENIOR BOND, 5.094%, 4/30/14

1,057,730,904 1.79%

GOVERNMENT OF HUNGARY, SENIOR NOTE, 6.375%, 3/29/21

922,661,163 1.56%

GOVERNMENT OF IRELAND, SENIOR BOND, 5.40%, 3/13/25

912,607,811 1.54%

GOVERNMENT OF CANADA,1.00%, 2/01/15 874,641,623 1.48%GOVERNMENT OF IRELAND, REG S, 5.50%, 10/18/17 790,075,192 1.34%



30 June 20131.40% 1.40%



30 June 201322.36% 50.05%

60

Aberdeen PAC Equity

Aberdeen Pacific Equity

AllianceBernstein Global Growth

Trends

Emerging Countries Growth

Emerging Europe Equity

(S$) (S$) (S$) (S$) (S$)

Value of Fund as at 30 June 2013 2,880,942 5,709,281 336,322 4,872,330 2,190,736

Amount received by Fund 853,806 26,730 1,752 23,218 11,856

Amount paid by Fund (387,585) (586,100) (20,500) (498,335) (264,652)

Net amount received / (paid) by Fund 466,221 (559,370) (18,748) (475,117) (252,796)

INCOME ON INVESTMENTSDividends - - - - -

- - - - -

FUND EXPENSESManagement charges (35,363) (66,804) (4,545) (24,037) (12,194)

Other charges (382) (658) (43) (567) (288)

(35,745) (67,462) (4,588) (24,604) (12,482)

Net appreciation / (diminution) in valueof investments during the period 186,891 287,240 64,876 297,006 387,582

Net income/(loss) before taxation 151,146 219,778 60,288 272,402 375,100

Taxation - - - - -

Net income/(loss) after taxation 151,146 219,778 60,288 272,402 375,100

VALUE OF FUND AS AT 30 JUNE 2014 3,498,309 5,369,689 377,862 4,669,615 2,313,040

FINANCIAL STATEMENTSCapital AccountFor the year ended 30 June 2014

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

61

First State Regional

ChinaHenderson European

Legg Mason Western

Asset Asian Enterprise

Trust

Legg Mason Western

Asset Global Bond Trust

LionGlobal India

(S$) (S$) (S$) (S$) (S$)

Value of Fund as at 30 June 2013 1,225,415 756,643 1,524,933 1,320,745 3,062,398

Amount received by Fund 331,350 4,262 7,918 6,121 15,358

Amount paid by Fund (223,716) (72,198) (170,896) (278,570) (261,958)

Net amount received / (paid) by Fund 107,634 (67,936) (162,978) (272,449) (246,600)

INCOME ON INVESTMENTSDividends - - - - -

- - - - -

FUND EXPENSESManagement charges (14,347) 822 (1,945) (16,299) (35,877)

Other charges (164) (103) (191) (144) (370)

(14,511) 719 (2,136) (16,443) (36,247)

Net appreciation / (diminution) in valueof investments during the period 202,289 171,880 246,841 54,972 645,113

Net income/(loss) before taxation 187,778 172,600 244,705 38,529 608,866

Taxation - - - - -

Net income/(loss) after taxation 187,778 172,600 244,705 38,529 608,866

VALUE OF FUND AS AT 30 JUNE 2014 1,520,827 861,307 1,606,660 1,086,825 3,424,664

Capital AccountFor the year ended 30 June 2014


62

FINANCIAL STATEMENTS


LionGlobal Japan Growth

Nikko AM Shenton Asia

Pacific

Nikko AM Shenton Income

Nikko AM Shenton

Short Term Bond

Nikko AM Shenton

World Bank Green Bond

(S$) (S$) (S$) (S$) (S$)

Value of Fund as at 30 June 2013 473,230 47,332,109 281,005,478 3,436,216 11,086,590

Amount received by Fund 2,373 8,734,719 32,205,578 626,368 634,551

Amount paid by Fund (37,791) (8,320,856) (37,604,505) (641,544) (1,895,828)

Net amount received / (paid) by Fund (35,418) 413,863 (5,398,927) (15,176) (1,261,277)

INCOME ON INVESTMENTSDividends - - 13,176,197 - 162,479

- - 13,176,197 - 162,479

FUND EXPENSESManagement charges (4,818) (566,565) (3,948,000) (68,425) (131,059)

Other charges (57) (6,158) (33,952) (412) (1,273)

(4,875) (572,723) (3,981,952) (68,837) (132,332)

Net appreciation / (diminution) in valueof investments during the period 48,159 6,933,445 (3,358,753) 99,850 206,116

Net income/(loss) before taxation 43,284 6,360,722 5,835,492 31,013 236,263

Taxation - - - - -

Net income/(loss) after taxation 43,284 6,360,722 5,835,492 31,013 236,263

VALUE OF FUND AS AT 30 JUNE 2014 481,096 54,106,694 281,442,043 3,452,053 10,061,576


63


Schroder Global

Emerging Market

Opportunities

Schroder Multi Asset Revolution

Schroder Strategic

BondTempleton

Global

Templeton Global

Balanced(S$) (S$) (S$) (S$) (S$)

Value of Fund as at 30 June 2013 262,678 334,406 1,798,123 3,273,588 117,595,412

Amount received by Fund 65,193 153,459 194,466 6,343,086 10,966,459

Amount paid by Fund (24,425) (14,331) (262,744) (1,275,608) (17,590,498)

Net amount received / (paid) by Fund 40,768 139,128 (68,278) 5,067,478 (6,624,039)

INCOME ON INVESTMENTSDividends - 10,158 44,537 - -

- 10,158 44,537 - -

FUND EXPENSESManagement charges (3,155) - (28,022) (63,909) (1,147,723)

Other charges (36) (50) (210) (726) (15,178)

(3,191) (50) (28,232) (64,635) (1,162,901)

Net appreciation / (diminution) in valueof investments during the period 47,867 25,260 (33,143) 892,086 18,175,726

Net income/(loss) before taxation 44,676 35,368 (16,838) 827,451 17,012,825

Taxation - - - - -

Net income/(loss) after taxation 44,676 35,368 (16,838) 827,451 17,012,825

VALUE OF FUND AS AT 30 JUNE 2014 348,122 508,902 1,713,007 9,168,517 127,984,198


64


Templeton Global Bond

(S$)

Value of Fund as at 30 June 2013 43,014,725

Amount received by Fund 6,969,580

Amount paid by Fund (6,046,467)

Net amount received / (paid) by Fund 923,113

INCOME ON INVESTMENTSDividends 1,019,012

1,019,012

FUND EXPENSESManagement charges (684,016)

Other charges (5,281)

(689,297)

Net appreciation / (diminution) in value of investments during the period 862,562

Net income/(loss) before taxation 1,192,277

Taxation -

Net income/(loss) after taxation 1,192,277

VALUE OF FUND AS AT 30 JUNE 2014 45,130,115



65

BalancedGrowth

(S$)

CapitalGrowth

(S$)

IncomeGrowth

(S$)

Value of Fund as at 30 June 2013 67,099,328 43,671,934 39,792,230

Amount received by Fund 3,926,107 2,954,402 2,129,710

Amount paid by Fund (8,792,112) (3,909,456) (6,666,221)

Net amount received / (paid) by Fund (4,866,005) (955,054) (4,536,511)

INCOME ON INVESTMENTS

Dividends 1,165,681 1,047,631 370,152

Interest income 568,085 80,528 666,545

Net realised gain / (loss) on sale of investments 2,935,936 2,120,464 958,820

4,669,702 3,248,623 1,995,517

FUND EXPENSES

Management charges (1,370,963) (668,610) (816,263)

Other charges (84,788) (66,814) (49,671)

(1,455,751) (735,424) (865,934)

Unrealised appreciation / (diminution) in valueof investments during the period 107,159 716,575 (60,312)

Net income/(loss) before taxation 3,321,110 3,229,774 1,069,271

Tax deducted at source (113,627) (83,917) (30,588)

Net income/(loss) after taxation 3,207,483 3,145,857 1,038,683

VALUE OF FUND AS AT 30 JUNE 2014 65,440,806 45,862,737 36,294,402



66

Aberdeen PAC Equity

Aberdeen Pacific Equity

AllianceBernstein Global Growth

Trends

Emerging Countries Growth

Emerging Europe Equity

(S$) (S$) (S$) (S$) (S$)

UNIT TRUSTS 3,498,309 5,392,547 377,862 4,677,582 2,313,040

VALUE OF INVESTMENTS 3,498,309 5,392,547 377,862 4,677,582 2,313,040

OTHER ASSETSOther Assets - - - - -

TOTAL ASSETS 3,498,309 5,392,547 377,862 4,677,582 2,313,040

OTHER LIABILITIESOther liabilities - (22,858) - (7,967) -

VALUE OF FUND AS AT 30 JUNE 2014 3,498,309 5,369,689 377,862 4,669,615 2,313,040

Statement of Assets & LiabilitiesAs at 30 June 2014



67

First State Regional

ChinaHenderson European

Legg Mason Western

Asset Asian Enterprise

Trust

Legg Mason Western

Asset Global Bond Trust

LionGlobal India

(S$) (S$) (S$) (S$) (S$)

UNIT TRUSTS 1,520,827 861,307 1,606,660 1,086,825 3,440,416

VALUE OF INVESTMENTS 1,520,827 861,307 1,606,660 1,086,825 3,440,416


TOTAL ASSETS 1,520,827 861,307 1,606,660 1,086,825 3,440,416

OTHER LIABILITIESOther liabilities - - - - (15,752)

VALUE OF FUND AS AT 30 JUNE 2014 1,520,827 861,307 1,606,660 1,086,825 3,424,664



68

LionGlobal Japan

Growth

Nikko AM Shenton Asia

Pacific

Nikko AM Shenton Income

Nikko AM Shenton

Short Term Bond

Nikko AM Shenton

World Bank Green Bond

(S$) (S$) (S$) (S$) (S$)

UNIT TRUSTS 481,096 54,122,022 281,617,806 3,452,053 10,072,653

VALUE OF INVESTMENTS 481,096 54,122,022 281,617,806 3,452,053 10,072,653


TOTAL ASSETS 481,096 54,122,022 281,617,806 3,452,053 10,072,653

OTHER LIABILITIESOther liabilities - (15,328) (175,763) - (11,077)

VALUE OF FUND AS AT 30 JUNE 2014 481,096 54,106,694 281,442,043 3,452,053 10,061,576




69

Schroder Global

Emerging Market

Opportunities

Schroder Multi Asset Revolution

Schroder Strategic

BondTempleton

Global

Templeton Global

Balanced(S$) (S$) (S$) (S$) (S$)

UNIT TRUSTS 348,122 508,902 1,713,007 9,168,517 128,024,987

VALUE OF INVESTMENTS 348,122 508,902 1,713,007 9,168,517 128,024,987


TOTAL ASSETS 348,122 508,902 1,713,007 9,168,517 128,024,987

OTHER LIABILITIESOther liabilities - - - - (40,789)

VALUE OF FUND AS AT 30 JUNE 2014 348,122 508,902 1,713,007 9,168,517 127,984,198



70

Templeton Global Bond

(S$)

UNIT TRUSTS 45,139,500

VALUE OF INVESTMENTS 45,139,500

OTHER ASSETSOther Assets -

TOTAL ASSETS 45,139,500

OTHER LIABILITIESOther liabilities (9,385)

VALUE OF FUND AS AT 30 JUNE 2014 45,130,115




71


BalancedGrowth

(S$)

CapitalGrowth

(S$)

IncomeGrowth

(S$)

EQUITIES 40,033,244 38,054,151 12,398,860

DEBT SECURITIES 22,721,005 5,232,686 22,721,385

INVESTMENTS IN FUNDS 907,345 651,975 401,365

OTHER INVESTMENTS 7,867 6,918 2,577

VALUE OF INVESTMENTS 63,669,461 43,945,730 35,524,187

OTHER ASSETS

Interest bearing deposits and bank balances 2,456,586 2,288,218 795,712

Accrued dividends 101,602 98,707 31,489

Other assets - - -

TOTAL OTHER ASSETS 2,558,188 2,386,925 827,201

TOTAL ASSETS 66,227,649 46,332,655 36,351,388

OTHER LIABILITIES

Other liabilities (786,843) (469,918) (56,986)

VALUE OF FUND AS AT 30 JUNE 2014 65,440,806 45,862,737 36,294,402


72

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

1. Summary of significant accounting policies

1.1 The financial statements are prepared under the historical cost convention except for investments, which are stated at the market value.

1.2 Interest income from investments is recognised on an accrual basis. Dividends are credited to income when the right to receive payment is established.

1.3 Equity and unit trust investments are valued at the closing market prices as at 30 June 2014.

1.4 Debt securities are valued inclusive of accrued interest at the average of prevailing prices from financial institutions as at 30 June 2014.

1.5 At 30 June 2014, there were no contingent liabilities or commitments.

1.6 The financial statements are stated in Singapore dollars.

1.7 Assets and liabilities in foreign currencies are translated into the presentation currency at exchange rates approximately to those ruling at the balance sheet date. Transactions in foreign currencies are translated at rates ruling on transaction dates. Exchange differences for Balanced Growth, Capital Growth and Income Growth ILP sub-funds are taken to the Capital Account under net appreciation / (diminution) in value of investments during the period.

1.8 Balanced Growth, Capital Growth and Income Growth ILP sub-funds determine the cost of disposal on an average cost basis and all gains and losses are taken to the Capital Account under net realised gain/(loss) on sale of investments. Gains and losses on disposal of other ILP sub-funds are taken to the Capital Account and recognised in net appreciation / (diminution) in value of investments during the period.

1.9 Tax deducted at source is charged to the Capital Account. Any recoveries of tax deducted at source are credited to the Capital Account when received.

2. Number of issued units at 30 June 2014:

Fund Name Number of UnitsAberdeen PAC Equity (RP) 2,575,505

Aberdeen PAC Equity (SP) 609,377

Aberdeen Pacific Equity (SP) 3,681,364

AllianceBernstein Global Growth Trends (SP) 547,365

Balanced Growth (RP) 19,926,337

Balanced Growth (SP) 12,214,381

Capital Growth (RP) 6,512,883

Capital Growth (SP) 2,399,693

Emerging Countries Growth (SP) 2,058,172

Emerging Europe Equity (SP) 909,186

NOTES TO THE FINANCIAL STATEMENTS


73

Fund Name Number of Units First State Regional China (RP) 921,121

First State Regional China (SP) 380,614

Henderson European (SP) 825,064

Income Growth (RP) 13,524,995

Income Growth (SP) 10,272,912

Legg Mason Western Asset Asian Enterprise Trust (SP) 1,127,328

Legg Mason Western Asset Global Bond Trust (SP) 1,094,752

LionGlobal India (SP) 1,807,064

LionGlobal Japan Growth (SP) 494,111

MM Balanced Growth 4,098,423

MM Capital Growth 10,785,729

MM Income Growth 1,219,220

Nikko AM Shenton Asia Pacific (RP) 56,955,898

Nikko AM Shenton Asia Pacific (SP) 1,296,586

Nikko AM Shenton Income (RP) 246,209,964

Nikko AM Shenton Income (SP) 8,484,626

Nikko AM Shenton Short Term Bond (RP) 2,574,625

Nikko AM Shenton Short Term Bond (SP) 677,403

Nikko AM Shenton World Bank Green Bond (RP) 5,842,517

Nikko AM Shenton World Bank Green Bond (SP) 7,228,956

Schroder Global Emerging Market Opportunities (RP) 269,370

Schroder Global Emerging Market Opportunities (SP) 120,108

Schroder Multi Asset Revolution (RP) 432,944

Schroder Strategic Bond (RP) 1,307,920

Schroder Strategic Bond (SP) 336,166

Templeton Global (RP) 9,445,778

Templeton Global (SP) 283,585

Templeton Global Balanced (RP) 64,947,143

Templeton Global Balanced (SP) 20,755,080

Templeton Global Bond (RP) 33,195,419

Templeton Global Bond (SP) 727,630

74

INDEPENDENT AUDITOR’S REPORT

We have audited the accompanying financial statements of the investment-linked sub-funds (the “ILP Sub Funds”) of Aviva Ltd (“the Company”) which comprise the Statement of Assets and Liabilities as at 30 June 2014, the Capital Account for the period from 1 July 2013 to 30 June 2014, and Notes to the Financial Statements presented within pages 60 to 73 (“the Statements”). The Statements have been prepared by management based on the summary of significant accounting policies set out in Note 1. The Statements do not include the Market review and investment outlook and Fund information (“other disclosures”) in respect of each fund that are also incorporated within pages 1 to 59. The other disclosures have not been subject to our audit.

MANAGEMENT’S RESPONSIBILITY FOR THE STATEMENTSManagement is responsible for the preparation of the Statements in accordance with the accounting policies set out in Note 1. This includes determining that these accounting policies form an acceptable basis for the preparation of the Statements in the circumstances, and for such internal control as management determines is necessary to enable the preparation of Statements that are free from material misstatement, whether due to fraud or error.

AUDITOR’S RESPONSIBILITYOur responsibility is to express an opinion on the Statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Statements.

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

OPINIONIn our opinion, the Statements of the ILP Sub-Funds are prepared, in all material respects, in accordance with the accounting policies as set out in Note 1.

BASIS OF ACCOUNTING AND RESTRICTION OF DISTRIBUTION AND USEWithout modifying our opinion, we draw attention to Note 1 to the Statements, which describes the basis of accounting. The Statements are prepared to assist the Company to comply with MAS Notice 307 Investment Linked Life Insurance Policies. As a result, the Statements may not be suitable for another purpose.

Our report is intended solely for the use of the Company and our duties are owed solely to the Company. We do not accept responsibility and we expressly disclaim liability for loss occasioned to any third party acting or refraining from acting as a result of our report.

OTHER MATTERSThis report relates solely to the Statements of the ILP Sub-Funds of the Company, and does not extended to the Statements of the Company taken as a whole.

PricewaterhouseCoopers LLPPublic Accountants and Chartered AccountantsSingapore, 23 September 2014

INDEPENDENT AUDITOR’S REPORT TO AVIVA LTD

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