Semi-Annual Report 30 June 2015 - PhillipCapitalinternetfileserver.phillip.com.sg/Poems/UnitTrust/... · Stock selection effects were positive in H1 2015. Country and regional allocation

Allianz Global lnvestors Premier Funds(an umbrella unit trust established under the laws of Singapore)

Semi-Annual Report

30 June 2015

1

Contents

Fund Overview Page No.

Allianz Global Investors Premier Funds- Allianz Global High Payout Fund 2Allianz Global Investors Premier Funds- Allianz Global Twin-Focus Fund 9

Unaudited Financial Statements for the half year ended 30 June 2015

Allianz Global Investors Premier Funds – Allianz Global High Payout FundStatement of Total Return (Unaudited) 17Statement of Financial Position (Unaudited) 18Statement of Movements of Unitholders’ Funds (Unaudited) 19Statement of Portfolio (Unaudited) 20

Allianz Global Investors Premier Funds – Allianz Global Twin - Focus FundStatement of Total Return (Unaudited) 29Statement of Financial Position (Unaudited) 30Statement of Movements of Unitholders’ Funds (Unaudited) 31Statement of Portfolio (Unaudited) 32

2

Allianz Global Investors Premier Funds – Allianz Global High Payout Fund

Manager’s Report2015 Semi Annual Report to Unitholders (01st January 2015 to 30th June 2015)

Fund Review

The Allianz Global High Payout Fund (the “Fund”) has a two-part investment strategy. Firstly, the investment manager invests in stocks from a globally diversified universe that offer a high and sustainable dividend yield. Secondly, call options on these stocks are sold to generate option premium, enhancing dividends and reducing overall portfolio risk. By these means, the Fund’s investment objective to provide a total return from dividend income, option premiums and capital appreciation should lead to sustainable distributions to investors.

In a volatile but still positive market, the Fund had performed better than its structured benchmark as well as global equity markets as measured by MSCI World Index. The global equity benchmark MSCI World Index gained 2.63% whereas the Fund (USD class) achieved a gain of 3.37%1, leading the index by 0.74% (all in USD terms). The Benchmark2 gained 1.42% (in USD terms) and hence the Fund leads the benchmark by 1.95%.

The integrated covered call option strategy for generating option premium income was a drag on fund performance. Volatility remained on low levels, making a covered call overlay less profitable in the current sideways market. Dispersion risk burdened the Fund where stocks that rose the strongest (and hence caused the overlay to cap performance) could not be offset by stocks that closed below their sold strike price (and hence fully capture the option premium).

Stock selection effects were positive in H1 2015. Country and regional allocation effects were both positive due to the large underweight in US stocks. Strong positive regional attribution came from overweighting Japan and Europe. Europe is an overweight since many high yielding stocks can be found in there. Negative regional allocation effects came from the Fund’s overweight in global emerging markets. Sector allocation effects were positive which were attributed by the Fund’s strong overweight in the Consumer Discretionary sector and its underweights in volatile sectors such as Energy, Materials and IT. Negative sector allocation effects came from overweighting Financials and underweighting Health Care stocks. Positive allocation effects came from allocating to stocks with attractive valuation. Strong negative allocation came from the Fund’s exposure to high yielding stocks.

Market Review

Trends on the equity markets in the developed countries differed. In the US, stock market sentiment suffered from considerable production losses due to the long and cold winter. Moreover, relatively high valuations of numerous US stocks triggered scepticism. Against this background, prices moved mainly sideways in USD terms. Investors from the euro area, however, were able to register considerable profits, as the USD continued to appreciate versus the EUR.

The Japanese market saw palpable price gains. These were due to several factors. Firstly, the weak yen improved the export opportunities of Japanese companies. Secondly, investor sentiment was boosted by the fact that the national Japanese pension fund planned larger investments in equities. And thirdly, numerous investors hoped that the government would implement structural reforms which would support potential growth.

In Europe, prices on most stock markets rose by a two-digit percentage. This development reflected the increasing signs of a recovery in those countries which suffered from a recession. Greece was the only country whose economy continued to shrink. In addition, the de facto zero interest policy of the European Central Bank (ECB) and the expansion of money supply due to the ECB’s large-scale bond purchasing programme boosted demand for stocks. German blue chips benefited and rose largely in line with the broad euro-area market. Demand for small caps was above the average in this environment, both on the German market and at the European level. Growth stocks slightly outperformed the broad market, whereas value stocks underperformed a bit.

3


The picture in the emerging markets was quite mixed. In China, high inflows from private investors triggered unusually large price gains, particularly in those segments of the domestic markets which are accessible only to a limited extent to foreigners. The deterioration of the economic outlook did not weigh on the markets until recently. In India, stock prices rose only moderately even though the Indian economy continued to register healthy growth. In the remainder of Asia, Korea saw solid price gains. In contrast, the markets in Thailand and Indonesia in particular performed worse due to concerns about growth. After the major price declines in the preceding year, Russian equities recovered impressively from low valuations, not least thanks to the moderate oil-price increase.

Market outlook & Fund’s strategy

The international central banks will continue to pursue a generous monetary policy for some time to come. Together with moderate global growth, this course should support riskier assets, such as stocks, in the longer run. However, high US equity valuations, relatively weak corporate profit growth and the expected turnaround in the Fed’s (and the Bank of England’s) rate policies might lead to temporary headwinds. Volatility looks set to remain high.

In the US, the robust labour market, disposable income growth and the favourable trend in construction suggest that the economy will catch up. However, the strong dollar appears to be weighing on exporters’ profits, and companies in the oil sector are likely to remain under pressure. Overall, the US market still seems expensive, but it offers potential, provided that growth stabilises.

In Europe, investments in euro-area stocks should benefit from corporate restructuring, low interest rates and the weaker euro exchange rate. The economic recovery scenario is supported by the euro-area PMIs, even though there are differences between the individual countries. Overall, valuations of European stocks still appear attractive in a global comparison.

Growth momentum in the emerging markets has slowed, and equity valuations are near the long-term average by now. The economic data have recently surprised to the upside, at least in Latin America and Eastern Europe, but analysts’ expectations were subdued. What becomes increasingly evident is that it is impossible to regard the “emerging markets” as a homogeneous group; the importance of country and stock selection is growing. A weaker US dollar, commodity price stabilisation and further economic policy stimulus, particularly in China, might prop the asset class up.

Stocks with a high and sustainable dividend yield remain attractive, especially to more risk-averse investors. By systematically selling call options on stocks in the Fund, we are able to generate additional income. Especially in sideways and bear markets, this should help to achieve superior returns to an equity-only investment. By these means, the Fund’s investment objective to provide a total return from dividend income, option premiums and capital appreciation should lead to sustainable distributions to investors.

1 Source: AllianzGI / IDS, period from 31/12/2014 to 30/06/2015. Fund performance is based on the USD share class calculated on NAV-to-NAV basis in USD terms with dividends reinvested.

2 The Benchmark for the Fund is a customized benchmark – 60% MSCI World + 40% Dividend Yield.

4


Disclaimer

Information herein is based on sources we believe to be accurate and reliable as at the date it was made. We reserve the right to revise any information herein at any time without notice. No offer or solicitation to buy or sell securities and no investment advice or recommendation is made herein. In making investment decisions, investors should not rely solely on this material but should seek independent professional advice; however, if you choose not to seek professional advice, you should consider the suitability of the product for yourself. Unit value and income therefrom may fall or rise. Past performance of the fund manager(s) and the fund is not indicative of future performance. Investment involves risks including the possible loss of principal amount invested and risks associated with investment in emerging and less developed markets. Investors should read the fund prospectus, available from the local representative or any of its appointed distributors, for further details including the risk factors, before investing. The Fund may invest extensively in financial derivative instruments and/or structured products and be subject to various risks (including counterparty, liquidity, credit and market risks etc.). There is no guarantee that these investment strategies and processes will be effective under all market conditions and investors should evaluate their ability to invest for a long-term based on their individual risk profile especially during periods of downturn in the market. Past performance, or any prediction, projection or forecast, is not indicative of future performance. This material has not been reviewed by the Monetary Authority of Singapore (MAS). MAS authorization/recognition is not a recommendation or endorsement. Issued by Allianz Global Investors Singapore Limited (12 Marina View, #13-02 Asia Square Tower 2, Singapore 018961, Company Registration No. 199907169Z).

5


1 Classification of investments

Please refer to the Statement of Portfolio in the Semi-Annual Financial Statements.

2 Credit rating of debt securities

Nil.

3 Top 10 holdings as at 30 June 2015US$ %

Intel Corp 2,280,750 2.13Johnson & Johnson 1,948,200 1.82Apple Inc 1,881,300 1.76Royal Dutch Shell PLC A Shares 1,837,009 1.71Exxon Mobil Corp 1,829,520 1.71CVS Health Corp 1,572,750 1.47Daimler AG Reg 1,554,331 1.45Pfizer Inc 1,507,950 1.41Comcast Corp Class A 1,503,750 1.40Lincoln National Corp 1,480,000 1.38

Top 10 holdings as at 30 June 2014US$ %

AT & T Inc 3,181,500 2.48Johnson & Johnson 3,137,400 2.45BP PLC 3,081,406 2.40ConocoPhillips 2,348,454 1.83Allianz SE Reg 2,006,177 1.56Chevron Corp 1,827,000 1.43LyondellBasell Industries NA Class A 1,659,710 1.29Public Service Enterprise Group Inc 1,631,200 1.27Comcast Corp Class A 1,610,400 1.26Wells Fargo & Co 1,576,200 1.23

4 Exposure to derivatives30 June 2015 30 June 2014

US$ % US$ %

Quoted OptionsDerivative contracts at fair value (2,283,754) (2.13) (3,241,352) (2.53)Net realised losses on derivative contracts (2,396,208) (2.24) (1,511,866) (1.18)Net gains/(losses) on outstanding derivative

contracts marked to market303,614 0.28 (1,537,866) (1.20)

6


5 Global exposure

Global derivative exposure is computed using the commitment approach. The global exposure of a scheme is calculated as the sum of:

(a) the absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements;

(b) the absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements; and

(c) The sum of the values of cash collateral received pursuant to :

(i) the reduction of exposure to counterparties of OTC financial derivatives; and

(ii) EPM techniques relating to securities lending and repurchase transactions, and that are reinvested.

6 Collateral

Nil.

7 Securities lending or repurchase transactions

Nil.

8 Investment in other schemes

Please refer to the Statement of Portfolio in the Semi-Annual Financial Statements.

9 Borrowings

Nil.

10 Amount of subscription and redemptions 1

US$

Subscriptions: 6,793,171 Redemptions: 13,722,965

11 Amount of related party transactions

The following transaction took place during the financial period

Holdings at 1 January

2015

Movement in holdings during the

period

Holdings as at 30 June

2015Allianz SE Reg 10,000 (5,000) 5,000Allianz SE 135 Call 20/03/2015 100 (100) -Allianz SE 160 Call 18/09/2015 0 50 50

7


12 Performance of the Fund 2

3M% Change

6M% Change

1Y% Change

3Y% Change

5Y% Change

SinceInception*% Change

Cumulative returnsAllianz Global High Payout

Fund (SGD) 1.36 5.00 4.51 32.56 41.30 8.32Benchmark: 60% MSCl World+

40% Div Y (SGD) (1.75) 3.06 8.66 34.01 38.25 10.25

Allianz Global High Payout Fund (USD) 3.27 3.37 (3.13) 24.77 46.54 31.34

Benchmark: 60% MSCl World+ 40% Div Y (USD) 0.09 1.42 0.61 26.08 43.34 33.37

Annualised returnsAllianz Global High Payout

Fund (SGD) 1.36 5.00 4.51 9.85 7.16 0.86Benchmark: 60% MSCl World+

40% Div Y (SGD) (1.75) 3.06 8.66 10.25 6.69 1.05

Allianz Global High Payout Fund (USD) 3.27 3.37 (3.13) 7.65 7.94 2.96

Benchmark: 60% MSCl World+ 40% Div Y (USD) 0.09 1.42 0.61 8.03 7.47 3.13

* Inception date: 21 February 2006** Launch date: 19 December 2005

There is no change in the benchmark used since fund launched.

13 Expense ratio 3,4

%

For the period from 1 July 2014 to 30 June 2015 1.90 For the period from 1 July 2013 to 30 June 2014 1.93

1 The total amount of subscriptions and redemptions includes CPF, SRS and Cash funds.

2 The performance returns of the Fund is sourced from Morningstar Fund Services and Allianz Global Investors, calculated on a NAV-to-NAV basis with dividends reinvested at the NAV price in S$ term and US$ in terms of the Fund’s respective class.

3 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 June 2015 was based on total operating expenses of US$2,272,181 (2014: US$2,561,307) divided by the average net asset value of US$119,659,853 (2014: US$132,881,912) for the period. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unit holders, 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 daily balances.

4 On 28 December 2006, the Central Provident Fund Board (CPF Board) announced changes to the CPF Investment Scheme. One of these changes is that from 1 January 2008, the expense ratio for funds included under the CPF Investment Scheme has to be within the median expense ratio in their respective risk classes, in order to continue accepting CPF monies. The compliance with the expense ratio cap for each fund will be based on the audited report for the last financial year of the fund.

8

14 Turnover ratio 5

%For the period from 1 January 2015 to 30 June 2015 32.66 For the period from 1 January 2014 to 30 June 2014 32.04

15 Any other material information that will adversely impact the valuation of the Fund

Nil.

16 Soft dollar arrangements, rebates, commissions and other monetary incentives received by Fund Manager

Nil.

5 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the total value of purchases (or sales) of the underlying investments of US$37,260,272 (2014: US$42,026,021) divided by the weighted average daily net asset value of US$114,096,017 (2014: US$131,179,047).

9

Allianz Global Investors Premier Funds – Allianz Global Twin Focus Fund

Manager’s Report2015 Semi Annual Report to Unitholders (01st January 2015 to 30th June 2015)

Fund Review

The Allianz Global Twin Focus Fund (the “Fund”) has a three-fold investment strategy. Firstly, the investment manager invests in stocks from a globally diversified universe that offer a high and sustainable dividend yield. Secondly, call options on these stocks are sold to generate option premium, enhancing dividends and reducing overall portfolio risk. Thirdly, the equity portion of the Fund is protected by holding a long put option and also hedging the USD currency exposure. By these means, the Fund’s investment objective to provide a total return from dividend income, option premiums and capital appreciation should lead to sustainable distributions to investors.

In a volatile but still positive market, the Fund posted -1.38%1. The global equity benchmark Dow Jones Global Titans Index gained 1.96% and the Benchmark2 gained 1.04% (in SGD terms) and hence the Fund lagged its benchmark by 2.42%.

The performance lag could be explained by a strong decline of the value of the index put option in a steadily increasing market, the call option overlay in which many stocks capped in their performance and a negative contribution of the SGD vs. USD hedge. The equity underlying performed better than its reference index, Dow Jones Global Titans index.

Market Review

Trends on the equity markets in the developed countries differed. In the US, stock market sentiment suffered from considerable production losses due to the long and cold winter. Moreover, relatively high valuations of numerous US stocks triggered scepticism. Against this background, prices moved mainly sideways in USD terms. Investors from the euro area, however, were able to register considerable profits, as the USD continued to appreciate versus the EUR.

The Japanese market saw palpable price gains. These were due to several factors. Firstly, the weak yen improved the export opportunities of Japanese companies. Secondly, investor sentiment was boosted by the fact that the national Japanese pension fund planned larger investments in equities. And thirdly, numerous investors hoped that the government would implement structural reforms which would support potential growth.

In Europe, prices on most stock markets rose by a two-digit percentage. This development reflected the increasing signs of a recovery in those countries which suffered from a recession. Greece was the only country whose economy continued to shrink. In addition, the de facto zero interest policy of the European Central Bank (ECB) and the expansion of money supply due to the ECB’s large-scale bond purchasing programme boosted demand for stocks. German blue chips benefited and rose largely in line with the broad euro-area market. Demand for small caps was above the average in this environment, both on the German market and at the European level. Growth stocks slightly outperformed the broad market, whereas value stocks underperformed a bit.

The picture in the emerging markets was quite mixed. In China, high inflows from private investors triggered unusually large price gains, particularly in those segments of the domestic markets which are accessible only to a limited extent to foreigners. The deterioration of the economic outlook did not weigh on the markets until recently. In India, stock prices rose only moderately even though the Indian economy continued to register healthy growth. In the remainder of Asia, Korea saw solid price gains. In contrast, the markets in Thailand and Indonesia in particular performed worse due to concerns about growth. After the major price declines in the preceding year, Russian equities recovered impressively from low valuations, not least thanks to the moderate oil-price increase.

10


Market outlook & Fund’s strategy

The international central banks will continue to pursue a generous monetary policy for some time to come. Together with moderate global growth, this course should support riskier assets, such as stocks, in the longer run. However, high US equity valuations, relatively weak corporate profit growth and the expected turnaround in the Fed’s (and the Bank of England’s) rate policies might lead to temporary headwinds. Volatility looks set to remain high.

In the US, the robust labour market, disposable income growth and the favourable trend in construction suggest that the economy will catch up. However, the strong dollar appears to be weighing on exporters’ profits, and companies in the oil sector are likely to remain under pressure. Overall, the US market still seems expensive, but it offers potential, provided that growth stabilises.

In Europe, investments in euro-area stocks should benefit from corporate restructuring, low interest rates and the weaker euro exchange rate. The economic recovery scenario is supported by the euro-area PMIs, even though there are differences between the individual countries. Overall, valuations of European stocks still appear attractive in a global comparison.

Growth momentum in the emerging markets has slowed, and equity valuations are near the long-term average by now. The economic data have recently surprised to the upside, at least in Latin America and eastern Europe, but analysts’ expectations were subdued. What becomes increasingly evident is that it is impossible to regard the “emerging markets” as a homogeneous group; the importance of country and stock selection is growing. A weaker US dollar, commodity price stabilisation and further economic policy stimulus, particularly in China, might prop the asset class up.

Stocks with a high and sustainable dividend yield remain attractive, especially to more risk-averse investors. By systematically selling call options on stocks in the Fund, we are able to generate additional income. Especially in sideways and bear markets, this should help to achieve superior returns to an equity-only investment. By these means, the Fund’s investment objective to provide a total return from dividend income, option premiums and capital appreciation should lead to sustainable distributions to investors.

1 Source: AllianzGI / IDS, period from 31/12/2014 to 30/06/2015. Fund performance is based on the SGD share class calculated on NAV-to-NAV basis in SGD terms with dividends reinvested.

2 The Benchmark for the Fund is a customized benchmark – 50% Dow Jones Global Titans Index + 50% Dividend Yield of the Dow Jones Global Titans Index.

11


Disclaimer

Information herein is based on sources we believe to be accurate and reliable as at the date it was made. We reserve the right to revise any information herein at any time without notice. No offer or solicitation to buy or sell securities and no investment advice or recommendation is made herein. In making investment decisions, investors should not rely solely on this material but should seek independent professional advice; however, if you choose not to seek professional advice, you should consider the suitability of the product for yourself. Unit value and income therefrom may fall or rise. Past performance of the fund manager(s) and the fund is not indicative of future performance. Investment involves risks including the possible loss of principal amount invested and risks associated with investment in emerging and less developed markets. Investors should read the fund prospectus, available from the local representative or any of its appointed distributors, for further details including the risk factors, before investing. The Fund may invest extensively in financial derivative instruments and/or structured products and be subject to various risks (including counterparty, liquidity, credit and market risks etc.). There is no guarantee that these investment strategies and processes will be effective under all market conditions and investors should evaluate their ability to invest for a long-term based on their individual risk profile especially during periods of downturn in the market. Past performance, or any prediction, projection or forecast, is not indicative of future performance. This material has not been reviewed by the Monetary Authority of Singapore (MAS). MAS authorization/recognition is not a recommendation or endorsement. Issued by Allianz Global Investors Singapore Limited (12 Marina View, #13-02 Asia Square Tower 2, Singapore 018961. Company Registration No.199907169Z).

12


1. Classification of Investments

Please refer to the Statement of Portfolio in the Semi Annual Financial Statements.

2. Credit Rating of debt securities

Nil.

3. Top 10 holdings as at 30 June 2015

S$ %

Apple Inc 557,298 8.60Microsoft Corp 297,240 4.59Exxon Mobil Corp 246,345 3.80DJ Global Titans 50 Index 212.805 Put 30/06/2016 225,946 3.49Berkshire Hathway Inc 219,959 3.40Novartis AG 212,432 3.28Johnson & Johnson 209,860 3.24Toyota Motor Corp 189,257 2.92JP Morgan Chase & Co 182,478 2.82Pfizer Inc 180,485 2.79

Top 10 holdings as at 30 June 2014S$ %

Apple Inc 551,452 6.36Exxon Mobil Corp 351,226 4.05Johnson & Johnson 325,937 3.76General Electric Co 294,745 3.40Proctor & Gamble Co 274,223 3.16AT&T Inc 264,414 3.05Microsoft Corp 259,927 3.00Chevron Corp 244,032 2.81International Business Machines Corporation 225,918 2.61Roche Holdings Genusschein 223,098 2.58

4. Exposure to derivatives

30 June2015

30 June2014

S$ % S$ %Foreign forward exchange contractsDerivative contracts at fair value 5,093 0.08 20,926 0.24Net realised (losses)/gains on derivative contracts (155,400) (2.40) 2,960 0.03Net gains on outstanding derivative contracts

marked to market 5,093 0.08 20,926 0.24

Quoted optionsDerivative contracts at fair value 158,433 2.45 (212,246) (2.45)Net realised losses on derivative contracts (253,112) (3.91) (470,624) (5.43)Net gains/(losses) on outstanding derivative

contracts marked to market 74,196 1.15 (78,968) (0.91)

13


5. Global exposure

Global derivative exposure is computed using the commitment approach. The global exposure of a scheme is calculated as the sum of:

(a) the absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements;

(b) the absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements; and

(c) The sum of the values of cash collateral received pursuant to :

(i) the reduction of exposure to counterparties of OTC financial derivatives; and

(ii) EPM techniques relating to securities lending and repurchase transactions, and that are reinvested.

6. Collateral

Nil.

7. Securities lending or repurchase transactions

Nil.

8. Investment in other schemes

Nil.

9. Borrowings

Nil.

10. Amount of subscriptions and redemptions 1

2015S$

Subscriptions: 121,157Redemptions: 864,737

11. Amount of related party transactions

Nil.

1 The total amount of subscriptions and redemptions includes CPF, SRS and Cash funds.

14


12. Performance of the Fund 2

3M% Change

6M% Change

1Y% Change

3Y% Change

5Y% Change

Since Inception*% Change

Cumulative returnsAllianz Global Twin Focus

(SGD) 0.02 (1.38) (6.01) 4.78 4.56 (14.80)Benchmark: 50% DJ Titans +

50% Div Yield SGD 0.64 1.04 1.01 21.34 43.07 29.91

Allianz Global Twin Focus (USD) (0.19) (1.69) (5.90) 6.08 7.85 (11.63)

Benchmark: 50% DJ Titans + 50% Div Yield (USD) 2.52 (0.56) (6.48) 14.16 48.34 52.57

Annualised returnsAllianz Global Twin Focus

(SGD) 0.02 (1.38) (6.01) 1.57 0.90 (1.76)Benchmark: 50% DJ Titans +

50% Div Yield SGD 0.64 1.04 1.01 6.66 7.43 2.95

Allianz Global Twin Focus (USD) (0.19) (1.69) (5.90) 1.99 1.52 (1.36)

Benchmark: 50% DJ Titans + 50% Div Yield (USD) 2.52 (0.56) (6.48) 4.51 8.21 4.81

* Inception date: 3 July 2006 Launch date: 8 May 2006

There is no change in the benchmark used since fund launched.

13. Expense ratio 3

%

For the period 1 July 2014 to 30 June 2015 2.49For the period 1 July 2013 to 30 June 2014 2.45

14. Turnover ratio 4

%

For the period 1 January 2015 to 30 June 2015 16.54For the period 1 January 2014 to 30 June 2014 12.07

2 The performance returns of the Fund are sourced from IDS GmbH - Analysia and Reporting Services, Munich, calculated on a NAV-to-NAV basis with dividends reinvested at the NAV price in S$ terms and US$ in terms of the Fund’s respective class.

3 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 June 2015 was based on total operating expenses of S$192,100 (2014: S$235,690) divided by the average net asset value of S$ 7,714,932 (2014: S$9,606,043) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unit holders, 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 daily balances.

4 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of S$1,187,214 (2014: purchases S$1,110,811) divided by the weighted average daily net asset value of S$ 7,178,815 (2014: S$9,204,475).

15


15. Any other material information that will adversely impact the valuation of the Fund

Nil.

16. Soft dollar arrangements, rebates, commissions and other monetary incentives received by Fund Manager

Nil.

16

Unaudited Financial Statements

For the half year ended 30 June 2015

17


Statement of Total Return (Unaudited)For the half year ended 30 June 2015

30 June2015US$

30 June2014US$

IncomeDividends 1,911,687 2,976,338Interest (1,889) 2,937

1,909,798 2,979,275Less: ExpensesManagement fees 934,006 1,073,202Registration fees 12,173 12,201Trustee fees 28,303 32,521Custody fees 27,126 43,740Valuation fees 37,492 42,802Audit fees 7,450 8,930Transaction costs 155,317 216,222Other expenses 30,053 57,951

1,231,920 1,487,569Net income 677,878 1,491,706Net gains or (losses) on value of investmentsNet gains on investments 3,821,452 7,043,341Net foreign exchange (losses)/gains (359,939) 29,917

3,461,513 7,073,258

Total return for the period before income tax 4,139,391 8,564,964Less: Income tax (380,639) (522,087)Total return for the period after income tax before distribution 3,758,752 8,042,877

18


Statement of Financial Position (Unaudited)As at 30 June 2015

30 June2015US$

31 December2014US$

AssetsPortfolio of investments 105,580,279 108,835,323Receivables 645,325 484,845Cash and bank balances 2,144,918 5,850,722Margin accounts with brokers 4,016,432 4,836,341Total assets 112,386,954 120,007,231

LiabilitiesPayables 744,485 414,835Distribution payable 4,461,815 4,778,885Total liabilities 5,206,300 5,193,720

EquityNet assets attributable to unitholders 107,180,654 114,813,511

19


Statement of Movements of Unitholders‘ Funds (Unaudited)For the half year ended 30 June 2015

30 June2015US$

31 December2014US$

Net assets attributable to unitholders at the beginning of financial period/year 114,813,511 130,650,754

OperationsChange in net assets attributable to unitholders resulting from operations 3,758,752 650,512

Unitholders‘ contributions/(withdrawals)Creation of units 6,793,171 22,107,626Cancellation of units (13,722,965) (28,458,365)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (6,929,794) (6,350,739)

Distributions (4,461,815) (10,137,016)

Total decrease in net assets attributable to unitholders (7,632,857) (15,837,243)

Net assets attributable to unitholders at the end of financial period/year 107,180,654 114,813,511

20


Statement of Portfolio (Unaudited)As at 30 June 2015

Holdings at30 June

2015

Fair value at30 June

2015US$

Percentageof net assets

attributable tounitholders at

30 June2015%

Primary - By Geography

Quoted equities

AustraliaPrimary Health Care Ltd 180,000 695,890 0.65

695,890 0.65

BermudaAllied World Assurance Holdings Ltd 23,800 1,028,398 0.96Ship Finance International Ltd 16,000 260,800 0.24

1,289,198 1.20

BrazilBanco Bradesco 60,000 550,476 0.51Embraer ADR 20,000 605,400 0.57Itau Unibanco Holding SA Pref 88,000 969,122 0.91JBS SA 200,000 1,052,022 0.98Telef Brasil Preference Shares 40,000 558,202 0.52Vale SA ADR 70,000 412,300 0.38

4,147,522 3.87

CanadaCanadian Imperial Bank of Commerce 10,000 737,475 0.69Canadian Tire Corp Class A- Non Voting 10,000 1,068,205 1.00Genworth MI Canada Inc 20,000 523,529 0.49George Weston Ltd 10,000 785,774 0.73Linamar Corp 18,000 1,164,965 1.09Magna International Inc Class A 20,000 1,119,789 1.04Metro Inc 30,000 803,556 0.75Royal Bank of Canada 20,000 1,222,796 1.14Transcontinental Inc Class A Shares 25,000 306,780 0.28

7,732,869 7.21

ChinaChina Power International Development Ltd 1,300,000 985,998 0.92

985,998 0.92

DenmarkA P Moller-Maersk B Shares 400 724,090 0.68

724,090 0.68

21


Statement of Portfolio (Unaudited)As at 30 June 2015 (Continued)

Holdings at30 June

2015


2015US$



30 June2015%

Primary - By Geography (continued)

Quoted equities (continued)

FranceAXA SA 45,000 1,134,395 1.06Ipsen SA 15,000 827,043 0.77Orange SA 60,000 923,226 0.86Sanofi 15,000 1,474,755 1.38Societe Generale SA 4,800 223,928 0.21Total SA 15,000 728,185 0.68

5,311,532 4.96

GermanyAllianz SE Reg 5,000 779,739 0.73Bayerische Motoren Werke AG 2,500 273,896 0.26Daimler AG Reg 17,000 1,554,331 1.45Deutsche Lufthansa AG 30,000 387,575 0.36Merck KGAA 8,000 797,589 0.74

3,793,130 3.54

Great BritainBeazley PLC 120,000 558,245 0.52Bellway PLC 35,000 1,304,555 1.22Bovis Homes Group PLC 60,000 1,049,305 0.98J Sainsbury PLC 100,000 417,080 0.39Micro Focus International PLC 28,283 605,382 0.56WH Smith PLC 50,000 1,201,543 1.12

5,136,110 4.79

Hong KongChina Mobile Ltd 100,000 1,279,579 1.20Lifestyle International Holdings Ltd 138,500 256,900 0.24Noble Group Ltd 290,000 162,607 0.15

1,699,086 1.59

IndonesiaPT Bank Negara Indonesia Persero Tbk 2,000,000 787,549 0.74PT Telekomunikasi Indonesia Persero Tbk 2,500,000 548,472 0.51

1,336,021 1.25

ItalyEnel SpA 250,000 1,132,027 1.05ERG SpA 15,000 179,164 0.17

1,311,191 1.22

22



Holdings at30 June

2015


2015US$



30 June2015%



JapanItochu Corp 70,000 925,019 0.86JFE Holdings Inc 50,000 1,107,956 1.03Marubeni Corp 130,000 746,120 0.70Mitsubishi UFJ Financial Group Inc 170,000 1,222,294 1.14Mitsui & Co Ltd 50,000 678,299 0.63Nippon Telegraph and Telephone Corp 40,000 1,448,127 1.35Nissan Motor Co Ltd 100,000 1,041,147 0.97Sekisui House Ltd 60,000 953,214 0.89Sumitomo Mitsui Financial Group Inc 20,000 890,124 0.83Toyota Motor Corp 18,000 1,204,756 1.13

10,217,056 9.53

LuxembourgAllianz BST Styles Emerging Market Equity - I Class 965 974,640 0.91Allianz Global Investors Selections RCM India 900 1,101,384 1.03

2,076,024 1.94

NetherlandsAercap Holdings 30,000 1,373,100 1.28Boskalis Westminster NV CVA 12,430 607,924 0.57Royal Dutch Shell PLC A Shares 65,000 1,837,009 1.71

3,818,033 3.56

New ZealandAir New Zealand Ltd 300,000 511,283 0.48

511,283 0.48

NorwayAtea ASA 20,000 177,947 0.17BW LPG Ltd 25,000 213,219 0.20SpareBank 1 SMN 130,000 1,074,039 1.00

1,465,205 1.37

PortugalSonae SGPS SA 200,000 262,060 0.24

262,060 0.24

23



Holdings at30 June

2015


2015US$



30 June2015%



SingaporeDBS Group Holdings Ltd 25,000 383,958 0.36

383,958 0.36

South AfricaAvi Ltd 100,000 671,871 0.63Barclays Africa Group Ltd 50,000 753,311 0.70Liberty Holdings Ltd 30,000 358,633 0.33

1,783,815 1.66

South KoreaSamsung Electronics Co Ltd 1,000 570,500 0.53

570,500 0.53

SwedenHemfosa Fastighter 50,000 507,683 0.47Skandinaviska Enskilda Banken AB 60,000 766,496 0.72

1,274,179 1.19

SwitzerlandACE Ltd 8,000 813,440 0.76Georg Fischer AG 1,200 824,996 0.77Lonza Group AG 8,000 1,069,178 1.00Novartis AG 6,000 591,622 0.55Swiss Re Ltd AG 8,000 708,362 0.66

4,007,598 3.74

TaiwanSiliconware Precision Industries Co ADR 80,000 596,800 0.56

596,800 0.56

24



Holdings at30 June

2015


2015US$



30 June2015%



United States of AmericaAetna Inc 10,000 1,274,600 1.19Altria Group Inc 25,000 1,221,750 1.14Amgen Inc 7,000 1,074,430 1.00Amsurg Corp 16,000 1,119,360 1.04Anthem Inc 5,000 820,500 0.77Apple Inc 15,000 1,881,300 1.76AT & T Inc 40,000 1,420,400 1.32CenturyLink Inc 25,000 734,250 0.69Chevron Corp 8,000 771,520 0.72Cisco Systems Inc 50,000 1,372,500 1.28Comcast Corp Class A 25,000 1,503,750 1.40CVS Health Corp 15,000 1,572,750 1.47Entergy Corp 14,000 986,860 0.92Everest RE Group Ltd 4,000 727,240 0.68Exelon Corp 25,000 785,250 0.73Exxon Mobil Corp 22,000 1,829,520 1.71Foot Locker Inc 18,000 1,206,000 1.13GATX Corp 18,000 956,520 0.89Healthsouth Corp 15,000 690,900 0.64Intel Corp 75,000 2,280,750 2.13Johnson & Johnson 20,000 1,948,200 1.82Kaiser Aluminum Corp 10,000 830,100 0.77Kroger Co 13,500 978,615 0.91Lacledge Group Inc 20,000 1,041,200 0.97Lincoln National Corp 25,000 1,480,000 1.38Medtronic PLC 15,000 1,111,200 1.04Nvidia Corp 40,000 804,400 0.75Pfizer Inc 45,000 1,507,950 1.41PG&E Corp 18,000 883,620 0.82Portland General Electric 20,000 663,200 0.62Principal Financial Group 20,000 1,025,200 0.96Public Service Enterprise Group Inc 30,000 1,178,100 1.10Reynolds American Inc 18,000 1,343,340 1.25RR Donnelley & Sons Co 50,000 871,000 0.81Target Corp 16,000 1,305,760 1.22Travelers Companies Inc 10,000 966,500 0.90Trinity Industries Inc 10,000 264,300 0.25Tyson Foods Inc Class A 30,000 1,278,600 1.19UnitedHealth Group Inc 10,000 1,219,400 1.14Voya Financial Inc 25,000 1,161,250 1.08Xcel Energy Inc 20,000 642,800 0.60

46,734,885 43.60

25



Holdings at30 June

2015


2015US$



30 June2015%


Quoted options

Written call optionsACE Ltd 110 Call 20/11/2015 80 (6,400) (0.01)Aercap Holdings 45 Call 17/07/2015 300 (40,500) (0.04)Aetna Inc 95 Call 17/07/2015 100 (316,000) (0.30)Allianz SE 160 Call 18/09/2015 50 (5,738) (0.01)Altria Group Inc 52.5 Call 18/12/2015 250 (24,250) (0.02)Amgen Inc 165 Call 16/10/2015 70 (22,400) (0.02)Amsurg Corp 60 Call 18/09/2015 160 (140,800) (0.13)Anthem Inc 155 Call 18/09/2015 50 (63,750) (0.06)AP Moller Maersk 15,234.2 Call 18/12/2015 400 (35,846) (0.03)Apple Inc 130 Call 17/07/2015 110 (5,720) (0.01)AT & T Inc 34 Call 16/10/2015 400 (72,800) (0.07)AXA 23 Call 18/12/2015 450 (73,704) (0.07)Bayerische Motoren Werke 120 Call 16/12/2016 20 (8,914) (0.01)BMW 92 Call 18/09/2015 5 (5,097) *Boskalis Westminster 48 Call 18/09/2015 120 (8,423) (0.01)Canadian Imperial Bank 98 Call 17/07/2015 100 (801) *Canadian Tire Corp Ltd 125 Call 21/08/2015 100 (78,097) (0.07)CenturyLink Inc 41 Call 17/07/2015 250 (1,250) *Chevron Corp 115 Call 17/07/2015 60 (60) *China Mobile Ltd 110 Call 29/09/2015 200 (22,702) (0.02)Comcast Corp 62.5 Call 16/10/2015 250 (35,250) (0.03)CVS Health Corp 100 Call 21/08/2015 150 (86,250) (0.08)Daimler 92 Call 16/12/2016 170 (90,540) (0.09)Enel SpA 4.4 Call 17/09/2015 500 (2,787) *Entergy Corp 80 Call 18/09/2015 140 (1,400) *ERG 12.5 Call 18/12/2015 30 (2,139) *Everest RE Group Ltd 185 Call 16/10/2015 40 (17,600) (0.02)Exelon Corp 35 Call 16/10/2015 250 (6,250) (0.01)Foot Locker Inc 67.5 Call 20/11/2015 180 (59,400) (0.06)Genworth MI Canada Inc 38 Call 16/10/2015 200 (14,418) (0.01)George Weston Ltd 110 Call 17/07/2015 100 (160) *Healthsouth Corp 45 Call 16/10/2015 150 (48,000) (0.05)Intel Corp 34 Call 16/10/2015 750 (27,750) (0.03)J Sainsbury PLC 300 Call 17/07/2015 100 (2,752) *Johnson & Johnson 105 Call 16/10/2015 200 (10,200) (0.01)Kaiser Aluminum Corp 75 Call 18/09/2015 100 (78,000) (0.07)Kroger Co 67.5 Call 15/01/2016 135 (97,200) (0.09)Lacledge Group Inc 50 Call 18/09/2015 200 (43,000) (0.04)Linamar Corp 84 Call 16/10/2015 180 (53,346) (0.05)Balance carried forward (1,609,694) (1.52)

* denotes amount less than 0.01%

26



Holdings at 30 June

2015

Fair value at 30 June

2015 US$

Percentage of net assets

attributable to unitholders at

30 June 2015 %


Quoted options (continued)

Written call options (continued)

Balance brought forward (1,609,694) (1.52)

Lincoln National Corp Call 62.5 16/10/2015 250 (34,750) (0.03)Lonza Group 130 Call 18/09/2015 80 (34,327) (0.03)Magna International Inc 72.5 Call 21/08/2015 200 (21,627) (0.02)Medtronic Inc 80 Call 21/08/2015 150 (4,200) *Novartis AG 96 Call 18/09/2015 60 (11,492) (0.01)Nvidia Corp 23 Call 18/09/2015 400 (9,600) (0.01)Orange 16 Call 18/12/2015 600 (24,067) (0.02)Pfizer Inc 36 Call 21/08/2015 450 (4,050) *Portland General Electric 35 Call 18/09/2015 200 (7,000) (0.01)Principal Financial Group 55 Call 17/07/2015 200 (1,000) *Public Service Enterprise 45 Call 18/12/2015 300 (10,500) (0.01)Reynolds American Inc 70 Call 21/08/2015 180 (97,200) (0.09)Royal Bank of Canada 82 Call 16/10/2015 200 (6,889) (0.01)Royal Dutch Shell PLC 30 Call 18/12/2015 650 (5,070) *RR Donnelley & Sons Co 18 Call 18/09/2015 500 (25,000) (0.02)Sanofi 96 Call 18/09/2015 150 (27,576) (0.03)Siliconware Precision Industries 7.5 Call 18/12/2015 800 (12,000) (0.01)Skandinaviska Enskilda Banken 110 Call 18/12/2015 600 (28,924) (0.03)Societe Generale Call 38 18/09/2015 48 (24,655) (0.02)Swiss Re Ltd 88.98 Call 18/09/2015 80 (4,023) *Target Corp 82.5 Call 16/10/2015 160 (42,560) (0.04)Total 48 Call 16/12/2016 150 (29,749) (0.03)Transcontinental Inc 17 Call 17/07/2015 250 (801) *Travelers Companies Inc 110 Call 17/07/2015 100 (500) *Trinity Industries Inc 39 Call 17/07/2015 100 (1,000) *Tyson Foods Inc 45 Call 20/11/2015 300 (46,500) (0.04)UnitedHealth Group Inc 115 Call 18/09/2015 100 (95,500) (0.09)Voya Financial Inc 46 Call 20/11/2015 250 (62,500) (0.06)Xcel Energy Inc 35 Call 18/09/2015 200 (1,000) *

(2,283,754) (2.13)

Portfolio of investments 105,580,279 98.51Other net assets 1,600,375 1.49Net assets attributable to unitholders 107,180,654 100.00

* denotes amounts less than 0.01%

27




2015US$

Percentage ofnet assets


30 June2015%


attributable tounitholders at31 December

2014%


Summary

Quoted

Australia 695,890 0.65 1.29Austria - - 0.51Bermuda 1,289,198 1.20 1.98Brazil 4,147,522 3.87 2.44Canada 7,732,869 7.21 8.90China 985,998 0.92 4.89Denmark 724,090 0.68 0.70Finland - - 1.31France 5,311,532 4.96 3.03Germany 3,793,130 3.54 7.32Great Britain 5,136,110 4.79 8.33Hong Kong 1,699,086 1.59 1.84Indonesia 1,336,021 1.25 1.36Italy 1,311,191 1.22 2.93Japan 10,217,056 9.53 7.71Luxembourg 2,076,024 1.94 1.78Netherlands 3,818,033 3.56 2.75New Zealand 511,283 0.48 -Norway 1,465,205 1.37 0.87Portugal 262,060 0.24 0.22Singapore 383,958 0.36 0.34South Africa 1,783,815 1.66 0.74South Korea 570,500 0.53 0.52Sweden 1,274,179 1.19 1.76Switzerland 4,007,598 3.74 4.23Taiwan 596,800 0.56 -United States of America 46,734,885 43.60 30.06Written call options (2,283,754) (2.13) (3.02)Portfolio of investments 105,580,279 98.51 94.79Other net assets 1,600,375 1.49 5.21Net assets attributable to unitholders 107,180,654 100.00 100.00

28



Fair value at 30 June

2015 US$


attributable to unitholders at

30 June 2015 %


attributable to unitholders at 31 December

2014 %

Secondary - By Industry

Airlines 898,858 0.84 1.02Aerospace 605,400 0.57 -Automobiles and components 824,996 0.77 0.50Autos & Trucks 6,358,884 5.94 7.37Bank & Finance 11,478,197 10.72 14.89Building and construction 3,914,998 3.66 5.17Building construction material - - 0.37Chemical 1,069,178 1.00 0.79Communications 3,988,050 3.73 2.25Computer & Software 982,347 0.92 -Diversified resource 412,300 0.38 1.11Electric and electronic 7,301,345 6.80 5.59Energy 805,407 0.75 -Enterprise 1,503,750 1.40 1.52Entertainment - - 1.14Foods and beverage 5,570,438 5.19 3.89Healthcare 4,701,290 4.39 3.34Insurance 10,741,402 10.02 13.14Iron and Steel 1,107,956 1.03 -Machine Tools - - 0.70Manufacturing 1,220,820 1.14 2.86Media 1,119,360 1.04 -Medical - Drugs 4,207,012 3.92 -Medical – equipments 2,585,955 2.42 1.91Metals 830,100 0.77 -Oil and gas 6,386,598 5.96 11.12Pharmaceutical 4,112,572 3.84 3.14Plastic - - 0.74Printing 1,177,780 1.09 -Public Utility 986,860 0.92 -Pulp & paper - - 0.57Real Estate 507,683 0.47 -Retailing 5,717,548 5.34 2.59Semiconductor 596,800 0.56 -Technology hardware and equipment 605,382 0.56 0.41Telecommunication services 4,729,879 4.41 4.43Tobacco 2,565,090 2.39 -Trading 925,019 0.86 0.84Transportation 1,198,109 1.12 0.70Unit trust 2,076,024 1.94 1.78Utilities 2,626,227 2.45 2.66Wholesale 1,424,419 1.33 1.27Written call options (2,283,754) (2.13) (3.02)Portfolio of investments 105,580,279 98.51 94.79Other net assets 1,600,375 1.49 5.21Net assets attributable to unitholders 107,180,654 100.00 100.00

29

Allianz Global Investors Premier Funds - Allianz Global Twin-Focus Fund

Statement of Total Return (Unaudited)For the half year ended 30 June 2015

30 June2015S$

30 June2014S$

IncomeDividends 101,793 131,869Interest (195) 1

101,598 131,870

Less: ExpensesManagement fees 56,989 73,026Registration fees 7,958 7,943Trustee fees 1,781 2,282Custody fees 2,359 4,833Valuation fees 6,541 7,042Audit fees 5,915 7,011Transaction costs 10,858 10,495Other expenses 3,971 10,497

96,372 123,129Net income 5,226 8,741

Net gains or losses on value of investments and financial derivativesNet gains on investments 35,600 197,709Net (losses)/gains on forward foreign exchange contracts (150,307) 23,886Net foreign exchange gains 41,069 93,832

(73,638) 315,427

Total (deficit)/return for the period before income tax (68,412) 324,168Less: Income tax (21,962) (26,376)Total (deficit)/return for the period after income tax before distribution (90,374) 297,792

30


Statement of Financial Position (Unaudited)As at 30 June 2015

30 June2015S$

31 December2014S$

AssetsPortfolio of investments 6,119,817 6,954,874Sales awaiting settlement 126,497 87,457Receivables 8,354 12,391Cash and bank balances 394,057 388,454Margin accounts with brokers 191,201 320,469Financial derivatives at fair value 5,093 -Total assets 6,845,019 7,763,645

LiabilitiesPurchases awaiting settlement 225,946 -Payables 27,630 35,233Distribution payable 113,304 132,027Financial derivatives at fair value - 47,811Total liabilities 366,880 215,071

EquityNet assets attributable to unitholders 6,478,139 7,548,574

31


Statement of Movements of Unitholders’ Funds (Unaudited)For the half year ended 30 June 2015

30 June2015S$

31 December2014S$

Net assets attributable to unitholders at the beginning of financial period/year 7,548,574 9,542,881

OperationsChange in net assets attributable to unitholders resulting from operations (90,374) (80,180)

Unitholders‘ contributions/(withdrawals)Creation of units 121,157 296,689Cancellation of units (864,737) (1,624,274)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (743,580) (1,327,585)

Distributions (236,481) (586,542)

Total decrease in net assets attributable to unitholders (1,070,435) (1,994,307)

Net assets attributable to unitholders at the end of financial period/year 6,478,139 7,548,574

32



Holdings at30 June

2015


2015S$



30 June2015%

Primary - By Geography

Quoted equities

AustraliaCommonwealth Bank of Australia 100 8,810 0.14

FranceSanofi-Aventis SA 800 105,907 1.63Total SA 1,400 91,514 1.41

197,421 3.04

GermanyBASF SE AG 400 47,378 0.73Siemens AG-REG 700 95,116 1.47

142,494 2.20

Great BritainBP PLC 14,000 124,547 1.92GlaxoSmithKline PLC 300 8,402 0.13HSBC Holdings PLC 14,000 169,017 2.61Vodafone Group PLC 5,000 24,337 0.38

326,303 5.04

JapanMitsubishi UFJ Financial Group 10,000 96,813 1.50Toyota Motor Corp 2,100 189,257 2.92

286,070 4.42

NetherlandsRoyal Dutch Shell PLC A Shares 2,000 76,109 1.17

South KoreaSamsung Electronics Co Limited 90 137,758 2.12

SpainBanco Santander Central Hispano 12,260 115,216 1.78

SwitzerlandNestle B Shares 1,400 136,155 2.10Novartis AG 1,600 212,432 3.28Roche Holdings Genusschein 300 113,247 1.75

461,834 7.13

33



Holdings at30 June

2015


2015S$



30 June2015%



United States of AmericaAmazon.com Inc 80 46,755 0.72Apple Inc 3,300 557,298 8.60AT&T Inc 3,500 167,350 2.58Bank of America Corp 6,000 137,505 2.12Berkshire Hathway Inc 1,200 219,959 3.40Chevron Corp 1,200 155,828 2.41Cisco Systems Inc 2,000 73,923 1.14Citigroup Inc 1,700 126,401 1.95Coca-Cola Co 1,800 95,033 1.47Comcast Corp 1,000 80,992 1.25ConocoPhillips 1,000 82,675 1.28Exxon Mobil Corp 2,200 246,345 3.80General Electric Co 4,500 160,994 2.48Gilead Sciences Inc 500 78,831 1.22Google Inc Class A 150 109,072 1.68Intel Corp 2,500 102,368 1.58International Business Machines Corporation 300 65,706 1.01Johnson & Johnson 1,600 209,860 3.24JP Morgan Chase & Co 2,000 182,478 2.82McDonald‘s Corp 100 12,798 0.20Merck & Co Inc 2,000 153,232 2.36Microsoft Corp 5,000 297,240 4.59Oracle Corp 2,000 108,528 1.67Pepsico Inc 600 75,409 1.16Pfizer Inc 4,000 180,485 2.79Philip Morris International Inc 700 75,536 1.17Proctor & Gamble Co 1,100 115,826 1.79Qualcomm Inc 1,000 84,331 1.30Schlumberger Limited 400 46,406 0.72Verizon Communications Inc 2,400 150,657 2.33Wal-Mart Stores Inc 100 9,548 0.15

4,209,369 64.98

34



Holdings at30 June

2015


2015S$



30 June2015%


Quoted options

Put OptionsDJ Global Titans 50 Index 212.805 Put 30/06/2016 17,100 225,946 3.49

Written Call OptionsApple Inc 140 Call 16/10/2015 33 (7,376) (0.11)AT&T Inc 35 Call 17/07/2015 35 (3,252) (0.05)Banco Santander 7 Call 18/12/2015 120 (7,201) (0.11)Bank of America Corp 17 Call 20/11/2015 60 (7,917) (0.12)BASF SE 88 Call 18/12/2015 4 (1,290) (0.02)BP PLC 460 Call 18/12/2015 14 (2,224) (0.04)Cisco Systems Inc 30 Call 16/10/2015 20 (754) (0.01)Comcast Corp 60 Call 17/07/2015 10 (1,360) (0.02)Conocophillips 72.5 Call 21/08/2015 10 (13) *Exxon Mobil Corp 95 Call 17/07/2015 22 (30) *Gilead Sciences Inc 115 Call 15/01/2016 5 (7,103) (0.11)Intel Corp 36 Call 16/10/2015 20 (377) (0.01)International Business Machines Corp 160 Call 17/07/2015 3 (1,676) (0.03)Johnson & Johnson 105 Call 17/07/2015 16 (108) *Merck & Co Inc 60 Call 16/10/2015 20 (2,397) (0.04)Microsoft Corp 50 Call 16/10/2015 50 (2,154) (0.03)Nestle 76 Call 16/12/2016 14 (2,804) (0.04)Novartis 102 Call 18/09/2015 13 (937) (0.02)Oracle Corp 45 Call 18/09/2015 20 (485) (0.01)Pepsico Inc 100 Call 17/07/2015 6 (40) *Procter & Gamble Co 82.5 Call 16/10/2015 11 (963) (0.01)Qualcomm Inc 75 Call 17/07/2015 10 (54) *Roche Holding Genusschein 280 Call 16/12/2016 3 (5,243) (0.08)Royal Dutch Shell PLC 30 Call 18/12/2015 20 (210) *Sanofi 92 Call 18/12/2015 8 (5,257) (0.08)Siemens 105 Call 18/09/2015 7 (462) (0.01)Total 48 Call 16/12/2016 14 (3,739) (0.06)Verizon Communication 50 Call 16/10/2015 24 (711) (0.01)Vodafone Group PLC 2.3 Call 16/10/2015 5 (1,376) (0.02)

(67,513) (1.04)

Portfolio of investments 6,119,817 94.47Other net assets 358,322 5.53Net assets attributable to unitholders 6,478,139 100.00

* denotes amount less than 0.01%

35




2015S$



30 June2015%



2014%


Summary

Quoted

Australia 8,810 0.14 1.23France 197,421 3.04 2.55Germany 142,494 2.20 1.34Great Britain 326,303 5.04 6.84Japan 286,070 4.42 4.71Netherlands 76,109 1.17 2.05South Korea 137,758 2.12 2.54Spain 115,216 1.78 0.73Switzerland 461,834 7.13 7.88United States of America 4,209,369 64.98 62.25Put Options 225,946 3.49 2.63Written Call Options (67,513) (1.04) (2.62)Portfolio of investments 6,119,817 94.47 92.13Other net assets 358,322 5.53 7.87Net assets attributable to unitholders 6,478,139 100.00 100.00

36




2015S$



30 June2015%



2014%

Secondry - By Industry

Automobiles and components 189,257 2.92 2.77Bank and finance 836,240 12.92 10.68Chemical 47,378 0.73 0.74Computer and software 1,028,772 15.87 15.38Diversified resource 476,069 7.35 6.91E-Commerce 46,755 0.72 -Electric and electronic 240,126 3.70 3.81Enterprise 80,992 1.25 2.55Entertainment - - 1.65Foods and beverage 306,597 4.73 3.78Manufacturing 115,826 1.79 2.40Media 109,072 1.68 0.93Medical - drug 739,289 11.41 10.37Mining - - 1.52Oil and gas 823,424 12.71 14.65Pharmaceutical 323,107 4.99 5.80Retail 22,346 0.35 0.31Telecommunication services 500,598 7.73 6.44Tobacco 75,536 1.17 1.43Put options 225,946 3.49 2.63Written Call Options (67,513) (1.04) (2.62)Portfolio of investments 6,119,817 94.47 92.13Other net assets 358,322 5.53 7.87Net assets attributable to unitholders 6,478,139 100.00 100.00

Allianz Global Investors Singapore Limited12 Marina View #13-02Asia Square Tower 2Singapore 018961Hotline: (1800) 438 0828Fax: (65) 6311 8025Email: [email protected]: www.AllianzGI.sgBusiness Registration No: 199907169Z

Documents

Semi-Annual Report 30 June 2015 - PhillipCapitalinternetfileserver.phillip.com.sg/Poems/UnitTrust/... · Stock selection effects were positive in H1 2015. Country and regional allocation