AIA Annual Funds Report 2017 ANNUA FUNDS REPORT 2017 1 CONTENTS CEO MESSAGE 2 INTRODUCTION 4 IMPORTANT NOTICE 5 FUND PERFORMANCE SUMMARY 6 PORTFOLIO STATEMENT AIA Acorns of Asia Fund

AIA Annual Funds Report 2017For Policyholders

aia.com.sg

AIA ANNUAL FUNDS REPORT 2017 1

CONTENTSCEO MESSAGE 2

INTRODUCTION 4

IMPORTANT NOTICE 5

FUND PERFORMANCE SUMMARY 6

PORTFOLIO STATEMENT AIA Acorns of Asia Fund 8AIA Emerging Markets Balanced/Equity Fund 12AIA European Equity Fund 17AIA Global Balanced Fund 21AIA Global Bond Fund 28AIA Global Equity Fund 32AIA Global Property Returns Fund 36AIA Global Resources Fund 40AIA Global Technology Fund 43 AIA Greater China Balanced/Equity Fund 46AIA Growth Fund 51AIA India Balanced/Opportunities Fund 56AIA India Equity Fund 62AIA International Health Care Fund 65AIA Japan Balanced/Equity Fund 69AIA Managed Portfolios 75AIA Multi Select 84AIA Regional Equity Fund 93AIA Regional Fixed Income Fund 97AIA S$ Money Market Fund 101AIA US Equity Fund 105

STATEMENT OF ASSETS AND LIABILITIES 109

CAPITAL AND INCOME ACCOUNT 114

NOTES TO THE STATEMENTS 124

INDEPENDENT AUDITOR’S REPORT 126

ANNUAL ASSET ALLOCATIONSTRATEGY UPDATE FOR PRO OPTIMISER AND PRO PORTFOLIOS 129

AIA ANNUAL FUNDS REPORT 20172

09 March 2018

Dear AIA Policyholder

Thank you for choosing AIA.

AIA Singapore has been actively supporting the social and economic development in Singapore for more than 85 years, engaging the community and investing in Singapore’s future. We place our customers at the heart of what we do, continually developing innovative and relevant solutions through customer insights, to meet your protection, long-term savings and investment needs. This includes prudent management of your investment over the long term, with the aim of maximising returns for our policyholders and shareholders. We are committed to keeping you updated with clear, timely and relevant information to help you make informed investment decisions. I am therefore pleased to provide you with the AIA Annual Funds Report 2017 and a summary of milestones in the global economy last year.

2017 was a stellar year for global equities, with the near-uninterrupted rise in stocks observed in the first half of the year continuing till the year end. Investors were quick to brush off concerns emanating from the Trump presidency and geopolitical tensions. Stocks rallied on a combination of earnings upgrades and multiple re-rating, supported by the still accommodative monetary conditions, synchronised global expansion and improving corporate earnings outlook. While the returns in the bond markets were less impressive compared with equities, they were nonetheless positive with long-term yields trending lower and credit spreads tighter. The low volatility seen in the first half also continued for the remaining of the year. In fact, the S&P 500 VIX Index or ‘fear gauge’ fell even lower in the second half of 2017 to around half the average level over the past 20 years.

The MSCI World Index gained a total of 24.6%, including dividends and in USD terms. This is the best performance since 2009, when global equities rebounded sharply from the Global Financial Crisis. Another interesting fact is that this index has risen 14 months consecutively from end October 2016 to end December 2017. This beats the previous longest winning streak of 12 straight months which occurred in the mid-1980s. The Asia ex-Japan markets were the clear standout with a spectacular total return of 41.8%. With the exception of its smallest constituent Pakistan, all other markets delivered total returns in excess of 20%. The larger North Asian markets outperformed their South-east Asian counterparts. China (represented by the HK listed H-shares and US listed American Depository Receipts) and South Korea were the top performers, led by strong gains in their Information Technology and Real Estate sectors.

Government bond yields were volatile throughout the year. Expectation of the first US rate hike in 2017 led to a spike in the US Treasury (“UST”) yields before the Federal Open Market Committee meeting in mid-March. From time to time, risk aversions led to lower government bond yields but front-end UST yields began to rise steadily from September post confirmation that the Federal Reserve would commence its balance sheet normalisation in October and a final US rate hike was to be expected before the end of the year. Optimism in President Trump’s tax reforms gathered momentum and put pressure on bond yields. Over the course of the year, the UST 2-year benchmark rose 0.69% to 1.89% but the UST 10-year benchmark actually fell 0.04% to 2.41% despite rebounding strongly from the year-to-date low of 2.04% in September. The Singapore Government Securities (“SGS”) 10-year benchmark, which usually closely tracks the UST movements, decoupled from the UST towards year-end. It ended the year 0.47% lower at 2%. The disparity in performance was driven by the strength of the Singapore dollar against US dollar, as well as the absence of long term SGS supply for the rest of the year.

The momentum for equities remained strong in the first few trading days of 2018. Investors remained enthused by the benign macro environment and rising Return on Equity (ROE) of markets. However, the current situation of historically low volatility coupled with elevated valuations has, in the past, been a harbinger of market corrections. There is no shortage of catalysts that could potentially trigger a sell-off. A deceleration in the maturing global business cycle might begin to deflate earnings expectations, while the return of inflation may


force the central banks to accelerate monetary tightening. Other threats to market stability include the re-ignition of trade war talks and the ever present geopolitical uncertainties. If a meaningful correction in equity markets take place, government bonds may benefit. But on their own, the headwinds stemming from rate hikes and monetary policy normalisation are likely to get stronger in 2018 pressuring rates to move higher.

As a reflection of underlying markets, all 30 of our investment-linked plan (ILP) funds delivered healthy returns with the AIA Greater China Equity Fund and the AIA Regional Equity Fund returning more than 30% as Asian equities generally fared better than developed market equities in 2017. The AIA Regional Equity Fund in particular, turned in a stellar return of 10.1% per annum over a course of more than 20 years since it was launched, bearing testimony to our rigorous selection process when it comes to appointing fund managers to our ILP funds.

The other flagship AIA Acorns of Asia fund delivered returns of 25.8% over the last year and outperformed the benchmark by a significant margin of more than 6% as the exposure to North Asian markets of China and Korea contributed positively to relative performance.

For clients who wish to skip the hassle of constructing a portfolio of individually picked funds, the AIA Multi-Select range of funds is on hand to cater to different profiles across the risk spectrum. For the year, the returns of AIA Multi-Select series of funds ranges from 5.7% to 17.1%.

On the product front, we are pleased to share that we recently replaced AIA Family First with the AIA Pro Lifetime Protector, an all-in-one ILP, alongside three distinctive riders, with market-first features specially introduced to satisfy the unmet needs of young families in Singapore. The Child Critical Cover, for example, covers your child for Autism, Dyslexia and ADHD, making us the first in market to cover all three developmental conditions. The Double Critical Cover is the first of its kind rider to cover you for 104 critical illnesses conditions and five special conditions while allowing you to reset your coverage for continued protection even after a claim. With the “Power Reset” benefit, you can make multiple claims for critical illnesses at early, intermediate and critical stages for up to 200% of your coverage amount.

Within this annual report, you will also find updates to the outstanding performance of the four model portfolios put together through our collaboration with Mercer, our strategic partner. These portfolios will help you avoid the pitfalls of emotional investing and timing the markets, keeping you focused on the long term. The portfolios’ larger allocation to Asia ex-Japan Equities contributed significantly to performance as it was the best performing asset class over the past year, returning 31.1%. Allocations to Emerging Market Equities and Singapore Equities also boosted returns, as they posted returns of 27.0% and 25.5% respectively over the same period.

AIA is a market leader in the investment linked business, managing more than S$7 billion in assets under management from our ILP funds. This reflects the strong confidence clients have in the investment expertise of our fund managers and in the potential of our funds.

We remain committed to serving your evolving financial needs.

Yours sincerely,

Patrick TeowChief Executive OfficerAIA Singapore


INTRODUCTIONWelcome to the AIA Annual Funds Report 2017

The following pages offer a review of AIA Funds for January to December 2017. For each fund you will find useful information including:

• Portfolio Statements - contains a breakdown of the fund’s holdings – the assets that the fund manager has invested in. This information is broken down by country, industry type, asset class and top 10 holdings.

• Statement of Assets and Liabilities - describes the market value of the fund, and its assets and liabilities.

• Capital and Income Account - outlines the fund’s income (namely interest on deposits) minus expenses (investment expenses and fund charges) to arrive at its net income or loss for the year.

You will also find updates on Pro Optimiser and Pro Portfolios, including updates on the:

• Guidance Asset Allocation Strategy; and

• Performance as of 31 December 2017

When investing, it is important to know your risk profile which may change over time depending on your needs and investment objectives. Hence, we recommend that you meet with your AIA Financial Services Consultant or Insurance Representative to review your fund holdings periodically. This report may be helpful during the review process.

It is important to consider your investment goals and your progress towards them in the context of an appropriate risk profile. The investment approach that is suitable for you may involve changing your fund holdings over the years. Your AIA Financial Services Consultant or Insurance Representative can advise you on that.

If you would like to learn more about our AIA funds, please visit aia.com.sg for our ILP online fund tools where you will find useful information such as the fund performance, factsheets as well as interactive charts to help you better manage your investment.


Important Notice

This report is published for informational purposes only. Fund returns are in Singapore dollars on a bid-to-bid price basis with net dividends reinvested. The AIA Funds are investment-linked policy sub-funds offered by AIA Singapore Private Limited (AIA) and are only available under AIA Investment-Linked Policies. AIA is the product provider.

Investments are subject to investment risks including the possible loss of the principal amount invested. Past performance, as well as the prediction, projection or forecast on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of the AIA Funds. The performance of the AIA Funds is not guaranteed and the value of the units in the AIA Funds and the income accruing to the units, if any, may fall or rise. Investments in the securities, instruments, currencies and other assets mentioned herein are not deposits or other obligations of, or guaranteed or insured by AIA.

This report does not constitute investment advice and was prepared without regard to the specific objectives, financial situation or needs of any particular person who may read it. It is not to be taken in substitution of the exercise of judgment by the reader, who should seek separate legal and financial advice and should read the relevant documents before investing. If such person chooses not to do so, he should consider carefully whether an investment in the security, instrument, currency or other asset is suitable for him. Any reliance on the information or opinions herein is therefore entirely at the reader’s own risk. AIA accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any such use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if AIA or any other person has been advised of the possibility thereof.

Although the information was compiled from sources believed to be reliable, AIA does not guarantee its accuracy, completeness, correctness or timeliness for any particular purpose and the information and opinions contained may change without notice. The opinions may be formulated based on a number of assumptions, which may turn out to be invalid, and in reliance on the views of research teams within the group situated outside of Singapore. All third party data are copyrighted by and proprietary to the provider. AIA and its associates, their directors, officers and/or employees may have positions or other interests in, and may effect transactions in the securities, instruments, currencies and other assets mentioned herein for themselves or their clients.

A product summary and product highlight sheets relating to the AIA Funds are available and may be obtained from your AIA Financial Services Consultant or Insurance Representative. You should read the product summary and the product highlight sheets before deciding whether to subscribe for units in any AIA Funds.

This report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation and may not be published, circulated or reproduced in whole or in part without the prior written consent of AIA.

If you have any queries arising from, or in connection with, the information contained in this report, please contact AIA Singapore Private Limited (Company Registration No. 201106386R).

As at 31 December 2017


3-month 6-monthFund Benchmark* Fund Benchmark*

% % % %AIA Acorns of Asia Fund 4.50 4.17 8.89 7.35

AIA Emerging Markets Balanced Fund 2.70 3.71 8.46 7.64

AIA Emerging Markets Equity Fund 3.97 5.73 13.39 12.51

AIA European Equity Fund 1.02 0.59 2.81 5.60

AIA Global Balanced Fund 2.79 1.85 4.71 3.83

AIA Global Bond Fund (0.08) 0.63 (0.16) 1.09

AIA Global Equity Fund 1.60 4.05 6.45 7.94

AIA Global Property Returns Fund 1.98 3.32 3.51 3.61

AIA Global Resources Fund 6.93 8.37 16.00 20.99

AIA Global Technology Fund 3.78 6.68 11.11 14.46

AIA Greater China Balanced Fund 4.33 3.22 10.40 8.00

AIA Greater China Equity Fund 6.57 4.91 16.45 13.12

AIA Growth Fund 5.73 6.02 7.30 7.27

AIA India Balanced Fund 3.92 6.29 3.24 7.29

AIA India Equity Fund 10.06 10.05 10.30 11.74

AIA India Opportunities Fund 5.92 10.05 4.65 11.74

AIA International Health Care Fund 1.77 (0.73) 4.20 0.28

AIA Japan Balanced Fund 4.75 4.38 6.66 6.21

AIA Japan Equity Fund 7.15 6.86 10.24 10.05

AIA Multi Select 30 1.24 1.66 2.25 2.91

AIA Multi Select 50 2.47 2.75 5.36 5.17

AIA Multi Select 70 3.24 3.84 7.36 7.45

AIA Portfolio 30 1.93 1.61 3.29 2.98

AIA Portfolio 50 2.60 2.24 4.09 4.22

AIA Portfolio 70 3.33 2.87 5.57 5.47

AIA Portfolio 100 2.93 1.88 6.14 3.63

AIA Regional Equity Fund 5.31 6.51 10.96 12.00

AIA Regional Fixed Income Fund 0.65 0.69 1.50 0.60

AIA S$ Money Market Fund 0.28 0.26 0.47 0.49

AIA US Equity Fund 5.03 4.80 8.97 7.83

^ Annualised returns* Important Note: Please refer to the individual Fund’s page for Benchmark details and Fund inception date.

Fund Performance SummaryTABLE OF FUND PERFORMANCE



1-year 3-year^ 5-year^ 10-year^ Since inception^Fund Benchmark* Fund Benchmark* Fund Benchmark* Fund Benchmark* Fund Benchmark*

% % % % % % % % % % 25.84 19.67 10.37 7.75 8.58 6.50 2.93 3.64 7.68 7.91

18.94 17.39 7.32 6.80 5.81 4.47 0.45 2.20 2.41 4.14

28.29 26.99 9.56 9.43 7.67 6.25 (1.34) 0.94 1.66 3.91

11.37 16.10 4.41 7.01 7.62 9.32 (1.30) 0.60 0.24 3.15

9.20 6.32 6.29 5.42 8.20 7.69 2.45 2.34 2.30 2.55

1.93 1.94 1.12 2.58 1.70 3.32 1.20 2.60 1.38 3.12

15.75 14.68 9.97 9.61 12.93 13.58 2.38 4.19 1.35 3.17

8.41 5.31 5.91 5.63 N/A N/A N/A N/A 5.74 7.44

9.02 16.83 2.87 8.12 (2.24) (0.44) (5.94) (3.29) (2.45) 1.67

29.39 28.58 17.60 17.59 20.34 22.31 10.05 8.77 3.18 4.01

24.11 20.72 10.41 8.55 10.19 7.94 2.92 3.77 7.26 7.47

37.18 33.01 14.67 12.27 14.80 12.06 3.15 3.56 9.52 9.90

18.86 18.71 3.93 4.11 3.66 4.22 1.66 3.27 4.89 3.89

16.69 18.30 6.78 6.70 9.35 7.36 4.21 1.90 6.53 6.77

20.72 28.35 11.89 9.00 17.49 10.84 5.19 (0.25) 11.40 7.76

24.27 28.35 8.61 9.00 13.28 10.84 4.75 (0.25) 8.10 7.38

16.05 10.82 9.00 5.42 16.28 14.73 5.74 6.49 3.83 2.83

13.06 11.01 8.71 8.24 8.99 8.02 2.90 2.47 1.77 1.81

18.38 15.74 11.50 11.79 12.29 12.23 (1.22) 1.73 (2.68) 0.42

5.68 6.59 2.81 4.85 3.03 5.04 N/A N/A 2.18 4.09

12.17 11.57 6.82 6.51 7.31 7.38 N/A N/A 4.32 4.69

17.12 16.73 8.93 8.02 9.50 9.33 N/A N/A 4.80 5.14

6.38 5.15 4.04 4.86 4.30 6.30 2.89 4.06 3.51 4.36

7.44 7.41 4.77 6.25 5.21 8.41 2.37 4.24 2.95 4.76

9.53 9.70 6.12 7.60 7.11 10.51 2.27 4.43 2.76 5.09

6.90 5.48 6.45 6.96 7.76 9.98 0.46 2.82 1.46 4.30

31.30 31.09 13.65 11.03 12.63 9.70 3.43 3.41 10.14 5.30

5.83 4.15 3.50 2.61 2.86 1.56 3.10 2.89 4.13 3.62

0.84 0.84 0.76 0.75 0.55 0.49 0.33 0.34 0.67 0.91

12.00 12.02 9.50 11.34 16.17 17.64 6.12 7.59 0.54 3.22



AIA Acorns of Asia FundFUND PERFORMANCE

Period Fund Benchmark*% %

3-month 4.50 4.17 6-month 8.89 7.35 1-year 25.84 19.67 3-year^ 10.37 7.75 5-year^ 8.58 6.50 10-year^ 2.93 3.64 Since inception^ 7.68 7.91 ^ Annualised returns* Inception to 30 April 2016 - 60% MSCI AC Far East Free ex-Japan index (DTR Net)& 40% JP Morgan Sing Govt. Bond Index AllFrom 1 May 2016 onwards - 60% MSCI AC Asia ex-Japan index (DTR Net)& 40% JP Morgan Sing Govt. Bond Index All

Note: Fund inception date - 31 August 2001. Fund returns in SGD, bid-to-bid, net dividends reinvested

PORTFOLIO STATEMENTSAs at 31 December 2017

Country Allocation Market Value SGD

% of Net Asset Value

Singapore 329,637,393 26.07 China 323,398,551 25.57 Hong Kong 152,877,056 12.09 Korea 118,055,356 9.33 India 93,068,412 7.36 Taiwan 83,463,752 6.60 Australia 29,784,508 2.35 United Kingdom 24,694,775 1.95 Japan 19,836,542 1.57 Thailand 13,870,457 1.10 Philippines 11,239,287 0.89 Sri Lanka 9,027,955 0.71 Indonesia 8,662,930 0.69 Canada 7,809,648 0.62 France 5,449,950 0.43 Netherlands 4,219,480 0.33 Malaysia 3,377,680 0.27 UAE 2,912,029 0.23 Germany 2,027,400 0.16

Portfolio of Investments 1,243,413,161 98.32Other Net Assets 21,235,454 1.68 Total 1,264,648,615 100.00



AIA Acorns of Asia FundPORTFOLIO STATEMENTS

Industry Allocation Market Value SGD


Information Technology 293,981,565 23.25 Financials 275,709,037 21.80 Real Estate 179,488,146 14.19 Consumer Discretionary 157,887,152 12.48 Sovereign Government Obligations 138,142,010 10.92 Industrial 60,430,363 4.78 Healthcare 38,824,420 3.07 Telecommunication Services 37,382,905 2.96 Government Agency 22,365,448 1.77 Materials 14,536,339 1.15 Energy 13,731,334 1.09 Utilities 10,934,442 0.86

Portfolio of Investments 1,243,413,161 98.32Other Net Assets 21,235,454 1.68 Total 1,264,648,615 100.00

Asset Class Market Value SGD


Equities 781,637,011 61.81Fixed Income Securities 415,858,784 32.88Hybrid Securities 45,917,366 3.63Other Net Assets 21,235,454 1.68

Total 1,264,648,615 100.00



AIA Acorns of Asia FundPORTFOLIO STATEMENTS

Credit Rating of Debt Securities** Market Value SGD


Aaa 136,907,061 10.83A1 12,414,480 0.98A2 10,260,419 0.81A3 56,320,507 4.45Baa1 55,288,286 4.37Baa2 27,210,022 2.15Baa3 45,696,167 3.61Ba1 5,963,857 0.47Not rated 111,715,352 8.83

** Moody’s ratings or their equivalent, S&P rating where security is not rated by Moody’s but rated by S&P

Top 10 Holdings as at 31 December 2017 Market Value SGD


Samsung Electronics Co Ltd KRW5000 62,478,351 4.94Tencent Holdings Ltd 60,794,590 4.81Taiwan Semiconductor Manufac TWD10 55,662,099 4.40Alibaba Group Holding-SP Adr Baba 51,413,415 4.07HDFC Bank Ltd INR2 34,575,278 2.73Techtronic Industries Co HKD0.1 25,577,628 2.02China Pacific Insurance GR-H 'H'CNY1 23,562,493 1.86New Oriental Educatio-SP Adr Spons Adr Ea Rep 4 Ord Shs 22,003,206 1.74

United Overseas UOBSP 3 1/2 05/22/26 21,545,790 1.70Singapore Gov't SIGB 2 3/8 06/01/25 17,469,540 1.38

Top 10 Holdings as at 31 December 2016 Market Value SGD


Taiwan Semiconductor Manufac TWD10 51,505,743 5.10Samsung Electronics Co Ltd KRW5000 43,576,897 4.32Tencent Holdings Ltd 42,438,626 4.20Alibaba Group Holding-SP Adr Baba 30,435,406 3.01HDFC Bank Ltd INR2 22,591,467 2.24United Overseas UOBSP 3 1/2 05/22/26 21,286,419 2.11China Mobile Ltd HKD0.10 19,524,280 1.93China Pacific Insurance GR-H 'H'CNY1 17,154,090 1.70Jardine Strategic Hldgs Ltd Ord USD0.05(Singapore Reg) 16,890,418 1.67Techtronic Industries Co HKD0.1 16,404,014 1.62



AIA Acorns of Asia FundOTHER INFORMATION

Exposure To Derivatives Market ValueSGD

% of Net AssetValue

Realised Gains/

(Losses)SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts 533,719 - 3,764,940 533,719

Investment In Collective Investment SchemesN/A

BorrowingsN/A

Total Redemptions and Subscriptions SGDTotal amount of redemptions 189,819,135Total amount of subscriptions 187,248,217

Related-Party Transactions N/A

Expense Ratios 31 Dec 2017 31 Dec 2016 Local Fund 1.53% 1.53%

Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains/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.

Turnover Ratios 31 Dec 2017 31 Dec 2016 Local Fund 43.65% 40.80%

Any Material Information That Will Adversely Impact The Valuation Of The FundNIL

Soft Dollar CommissionsNIL



AIA Emerging Markets Balanced/Equity FundFUND PERFORMANCE

AIA EMERGING MARKETS BALANCED FUND


3-month 2.70 3.71 6-month 8.46 7.64 1-year 18.94 17.39 3-year^ 7.32 6.80 5-year^ 5.81 4.47 10-year^ 0.45 2.20 Since inception^ 2.41 4.14 ^ Annualised returns* 60% MSCI Emerging Markets DTR Net & 40% JP Morgan Sing Govt Bond Index All

Note: Fund inception date - 11 April 2006. Fund returns in SGD, bid-to-bid, net dividends reinvested

AIA EMERGING MARKETS EQUITY FUND

Period Fund%

Benchmark*%

3-month 3.97 5.73 6-month 13.39 12.51 1-year 28.29 26.99 3-year^ 9.56 9.43 5-year^ 7.67 6.25 10-year^ (1.34) 0.94 Since inception^ 1.66 3.91

^ Annualised returns* MSCI Emerging Markets DTR Net

Note: Fund inception date - 11 April 2006. Fund returns in SGD, bid-to-bid, net dividends reinvested


AIA EMERGING MARKETS BALANCED FUND

Investment In Collective Investment Scheme Market Value SGD

% of NetAsset Value

Schroder ISF Global Emerging Markets Opportunities 109,979,175 62.47PineBridge International Funds - Singapore Bond Fund 61,937,269 35.18

Total 171,916,444 97.65



AIA Emerging Markets Balanced/Equity FundPORTFOLIO STATEMENTS

AIA EMERGING MARKETS EQUITY FUNDInvestment in Collective Investment Scheme Market Value

SGD% of Net

Asset ValueSchroder ISF Global Emerging Markets Opportunities 155,197,458 99.93

SCHRODER INTERNATIONAL SELECTION FUND GLOBAL EMERGING MARKET OPPORTUNITIES Top 10 Holdings as at 31 December 2017*# Market Value

USD % of Net

Asset ValueHon Hai Precision Industry 23,925,488 3.51Alibaba Group Holding 23,120,013 3.39Tencent Holdings 21,821,323 3.20Taiwan Semiconductor Manufacturing 21,503,639 3.15Samsung Electronics 20,224,445 2.96Samsung SDI 15,684,831 2.30Hana Financial Group 14,928,092 2.19China Pacific Insurance Group 14,925,100 2.19New Oriental Education & Technology Group 14,563,939 2.13AIA Group 14,456,856 2.12

Top 10 Holdings as at 31 December 2016*^ Market Value USD

% of NetAsset Value

CCR 14,710,190 2.79 Tencent Holdings 13,075,725 2.48 Sberbank of Russia 12,706,652 2.41 Naver Corp 12,653,927 2.40 Naspers 12,390,304 2.35 Taiwan Semiconductor Manufacturing 12,390,304 2.35 SK Hynix 12,337,579 2.34 Samsung Electronics 12,284,854 2.33 Telefonica Brasil 12,021,231 2.28 Hon Hai Precision Ind Co Ltd 11,968,506 2.27 * Information extracted from the underlying Schroder International Selection Fund Global Emerging Market Opportunities # Based on unaudited accounts as at 30 June 2017^ Based on unaudited accounts as at 30 June 2016



AIA Emerging Markets Balanced/Equity FundPORTFOLIO STATEMENTS

PINEBRIDGE INTERNATIONAL FUNDS - SINGAPORE BOND FUNDTop 10 Holdings as at 31 December 2017* Market Value

SGD % of Net

Asset Value

Singapore Gov't SIGB 2 3/4 04/01/42 20,251,000 4.75Housing & Development Board 2.545 07/04/31 16,942,761 3.98Singapore Gov't SIGB 3 3/8 09/01/33 15,587,275 3.66MAS BILL MASPSP 01/12/18 11,995,224 2.82EXP-IMP BK KOREA EIBKOR 2.318 09/27/22 8,979,777 2.11Housing & Dev HDBSP 2.598 10/30/29 7,849,278 1.84RCS Trust RCSTRU 2.6 06/05/23 7,477,508 1.75Eastern Creation BEIJII 2 3/4 09/26/20 7,165,682 1.68Singapore Gov't SIGB 2 1/4 08/01/36 7,070,688 1.66SBSN Indo III INDOIS 4.55 03/29/26 6,847,840 1.61

Top 10 Holdings as at 31 December 2016* Market Value SGD

% of NetAsset Value

Singapore Gov't SIGB 3 3/8 09/01/33 10,825,000 2.84Singapore Gov't SIGB 2 7/8 09/01/30 10,672,410 2.80Singapore Gov't SIGB 1 5/8 10/01/19 10,017,000 2.63Housing & Development Board 2.545 04JUL31 9,186,600 2.41Dah Sing Bank Ltd Dahsin 5 1/4 01/29/24 8,697,492 2.28Singapore T-BILL SITB 11/01/17 7,431,353 1.95Housing & Dev HDBSP 3.1 07/24/24 7,105,966 1.86Oversea-Chinese OCBCSP 4 1/4 06/19/24 6,901,507 1.81Ford Motor Cred F 3.7 03/11/19 6,842,351 1.79Singapore Gov't SIGB 2 1/4 08/01/36 6,694,056 1.75

* Information extracted from underlying PineBridge International Funds - Singapore Bond Fund



AIA Emerging Markets Balanced/Equity FundOTHER INFORMATION


% of Net AssetValue

Realised Gains/

(Losses)SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts:AIA Emerging Markets Balanced Fund 444 - 15,497 444 AIA Emerging Markets Equity Fund - - 597 -

BorrowingsN/A

Total Redemptions and Subscriptions RedemptionsSGD

SubscriptionsSGD

AIA Emerging Markets Balanced Fund 25,696,455 13,937,466 AIA Emerging Markets Equity Fund 25,422,390 19,326,653


Expense Ratios 31 Dec 2017 31 Dec 2016 Local Funds*AIA Emerging Markets Balanced Fund 1.55% 1.55%AIA Emerging Markets Equity Fund 1.75% 1.75%


Underlying Funds:Schroder International Selection Fund Global Emerging Market Opportunities^ 1.34% 1.35%PineBridge International Fund - Singapore Bond Fund** 0.86% 0.87%

Note: Expense ratio does not include brokerage and other transaction costs, performance fee, foreign exchange gains/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.

* Includes underlying fund expense ratio ^ Based on unaudited accounts as of 30 November 2017 and 30 June 2016 respectively** Based on unaudited draft accounts



AIA Emerging Markets Balanced/Equity FundOTHER INFORMATION

Turnover Ratios 31 Dec 2017 31 Dec 2016

Local Funds: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Funds:Schroder International Selection Fund Global Emerging Market Opportunities^ 57.26% 84.27%PineBridge International Fund - Singapore Bond Fund** 92.76% 142.80%

^ Based on unaudited accounts as of 30 June 2017 and 30 June 2016 respectively** Based on unaudited draft accounts

Any Material Information That Will Adversely Impact The Valuation Of The Funds NIL

Soft Dollar Commissions There is no soft dollar commission for the PineBridge International Funds - Singapore Bond Fund.

Schroder International Selection Fund Global Emerging Market Opportunities Soft Dollar arrangements:

Each Investment Manager may enter into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Investment Manager, including the relevant Sub-Fund, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant Sub-Fund. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice.



AIA European Equity FundFUND PERFORMANCE


3-month 1.02 0.59 6-month 2.81 5.60 1-year 11.37 16.10 3-year^ 4.41 7.01 5-year^ 7.62 9.32 10-year^ (1.30) 0.60 Since inception^ 0.24 3.15 ^ Annualised returns* MSCI Europe Daily Total Return Net

Note: Fund inception date - 11 December 2000. Fund returns in SGD, bid-to-bid, net dividends reinvested




Capital Group European Growth and Income Fund (Lux) 11,118,921 100.05



AIA European Equity FundPORTFOLIO STATEMENTS

CAPITAL GROUP EUROPEAN GROWTH AND INCOME FUND (LUX)Top 10 Holdings as at 31 December 2017* Market Value

USD % of Net

Asset Value

Prudential Plc 24,593,990 3.87Royal Dutch Shell Plc 22,063,145 3.47Prosiebensat.1 Media AG 20,249,655 3.18Banco Santander SA 20,063,923 3.15Sampo Oyj 17,655,681 2.78Novartis AG 17,089,672 2.69Daily Mail & Gen Trust Cl A Non-Voting 16,120,042 2.53Barclays Plc 15,509,461 2.44Glencore Plc 14,623,567 2.30Total SA 14,192,992 2.23

Top 10 Holdings as at 31 December 2016* Market Value USD


Barclays Plc 20,818,676 4.72Prudential Plc 19,247,091 4.44Imperial Brands Plc 19,117,301 4.33Abertis Infraestructuras SA 15,974,795 3.72Royal Dutch Shell 13,931,312 3.16Sampo Oyj 13,304,270 3.02British American Tobacco Plc 12,914,105 2.93Daily Mail & Gen Trust 12,816,542 2.91Total SA 12,447,741 2.82Credit Suisse Group AG 11,463,982 2.60

* Information extracted from the underlying Capital Group European Growth and Income Fund (Lux)



AIA European Equity FundOTHER INFORMATION


% of Net AssetValue

Realised Gains/

(Losses)SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts - - - - BorrowingsN/A



Expense Ratios 31 Dec 2017 31 Dec 2016Local Fund* 1.76% 1.79%Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs,

performance fee, foreign exchange gains/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.

Underlying Fund:Capital Group European Growth and Income Fund (Lux) 0.90% 0.90%PineBridge Europe Equity Fund** ^ 1.27%

Note: Expense ratio does not include brokerage and other transaction costs, performance fee, foreign exchange gains/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.* Includes underlying fund expense ratio ** Based on unaudited draft accounts ^ No comparative ratio is presented as the Fund changed its underlying fund with effect from 3 May 2016



AIA European Equity FundOTHER INFORMATION


The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Fund: Capital Group European Growth and Income Fund (Lux)** 33.56% 34.44%** Based on unaudited draft accounts


Soft Dollar CommissionsThe Investment Advisers and Affiliates (the “Affiliates”) will place trades with brokers who provide certain brokerage and/or investment research services to the Affiliates, but only when in the Affiliates judgement the broker is capable of providing best execution for that transaction. For the year ended 30 December 2017, there were no transactions through connected brokers and hence no commissions were paid to connected brokers since none of the Affiliates operate any brokerage activity. These services permit the Affiliates to supplement their own research and analysis, which contributes to the efficient management of investment portfolios by Affiliates for the benefit of investors. Although Affiliates may enter into arrangements with brokers with the expectation that these services will be provided, Affiliates do not incur any obligation with any broker to pay for research by generating trading commissions. Affiliates also pay cash for certain third-party research they receive. In addition, Affiliates’ employees are governed by a global Code of Ethics, which includes rigorous personal investing and gifts and entertainment policies. Affiliates may also provide the Company with other services to support its business development, including, but not limited to, product development, fund registration and any other similar support as may be required for which they receive a reasonable compensation.



AIA Global Balanced FundFUND PERFORMANCE


3-month 2.79 1.85 6-month 4.71 3.83 1-year 9.20 6.32 3-year^ 6.29 5.42 5-year^ 8.20 7.69 10-year^ 2.45 2.34 Since inception^ 2.30 2.55 ^ Annualised returns* 60% MSCI World Index & 40% Citigroup World Govt Bond Index





Aberdeen Pacific Equity Fund 3,323,568 1.82 PineBridge International Funds - Singapore Bond Fund 36,611,539 20.08 PineBridge US Large Cap Research Enhanced Fund 65,577,917 35.96 Nikko AM Shenton Japan Fund 14,712,417 8.07 Legg Mason Western Asset Global Bond Trust 27,238,855 14.94 Capital Group European Growth and Income Fund (Lux) 29,553,617 16.21

Total 177,017,913 97.08



AIA Global Balanced FundPORTFOLIO STATEMENTS

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUNDTop 10 Holdings as at 31 December 2017* Market Value

USD % of Net

Asset Value

Apple Inc. 12,338,898 4.69 Facebook, Inc. 7,294,503 2.77 Alphabet Inc. 7,138,954 2.72 Chevron Corporation 5,412,214 2.06 UnitedHealth Group Incorporated 5,004,222 1.90 Home Depot, Inc. 4,971,182 1.89 Visa Inc. 4,920,419 1.87 Microsoft Corporation 4,911,194 1.87 Boeing Company 4,469,361 1.70 Exxon Mobil Corporation 4,251,421 1.62



Microsoft Corp 8,605,334 3.37SPDR S&P 500 ETF Trust 6,634,147 2.60Johnson & Johnson 6,610,750 2.59AT&T Inc 5,991,499 2.35Apple Inc 5,459,060 2.14FaceBook Inc A 5,453,715 2.14Alphabet Inc 5,372,639 2.10Citigroup Inc 4,691,820 1.84Home Depot Inc 4,640,375 1.82Merck & Co. Inc. 4,494,077 1.76

* Information extracted from the underlying PineBridge US Large Cap Research Enhanced Fund Note: The Underlying Fund was changed from AIG American Equity Fund to PineBridge US Large Cap Research Enhanced Fund effective 18 May 2007.



AIA Global Balanced FundOTHER INFORMATION



Realised Gains/

(Losses)SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts - - 16,187 -

BorrowingsN/A



Expense Ratios 31 Dec 2017 31 Dec 2016 Local Fund* 1.55% 1.55%


Underlying Funds: Aberdeen Pacific Equity Fund^ 1.67% 1.75%PineBridge International Funds - Singapore Bond Fund^^ 0.86% 0.87%Nikko AM Shenton Japan Fund^^ 1.12% 1.11%Capital Group European Growth and Income Fund 0.90% 0.90%Legg Mason Western Asset Global Bond Trust^^ 0.91% 0.88%PineBridge US Large Cap Research Enhanced Fund^^ 1.20% 1.20%Note: Expense ratio does not include brokerage and other transaction costs, performance fee, foreign

exchange gains/losses, front or back end loads arising from the purchase or sale of collective investment schemes investment schemes and tax deducted at source or arising out of income received.

* Includes underlying fund expense ratio^^ Based on unaudited draft accounts^ As of 30 September 2017 and 30 September 2016 respectively





Local Fund: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Fund: Aberdeen Pacific Equity Fund^ 15.43% 9.73%PineBridge International Funds - Singapore Bond Fund* 92.76% 142.80%Nikko AM Shenton Japan Fund* 37.59% 23.39%Capital Group European Growth and Income Fund* 33.56% 34.44%Legg Mason Western Asset Global Bond Trust* 45.84% 39.81%PineBridge US Large Cap Research Enhanced Fund* 129.75% 141.80%* Based on unaudited draft accounts^ As of 30 September 2017 and 30 September 2016 respectively


Soft Dollar CommissionsAberdeen does not receive soft commissions or cash rebates from dealing on the Aberdeen Pacific Equity Fund

There is no soft dollar commission for the PineBridge International Funds - Singapore Bond Fund.

Soft dollar commisions for Nikko AM Shenton Japan Fund:

Appointment of soft dollar brokers The Managers will only appoint soft dollar brokers onto their broker panel after they have ensured that:a) full disclosure of the practice of accepting soft dollars is made;b) the commission rates charged are comparable with the market rates;c) there is no conflict of interest;d) the soft dollar credits are used only for clearly defined services;e) at all times trades are executed through the respective brokers only on the basis of best execution regardless whether soft dollar benefits will accrue. Best execution shall include competitive prices with smooth execution ability; andf) relevant regulations and guidelines are complied with. The procedures for the appointment of the brokers shall be no different from that of normal full service brokers. Execution and allocation If any Trustee objects to the use of the soft dollar brokers, the trades of the relevant Scheme(s) shall be segregated from the rest of the trades that are executed through the




relevant soft dollar broker(s). The Managers will execute trades for such accounts only with authorised full service brokers. It is the responsibility of the Managers to ensure that the allocation quotas are adhered to. In addition, the Managers will monitor the execution ability of the soft dollar brokers and assign the business strictly on a “best execution” basis. Subject to the provisions of the Code*, in its management of the Fund, the Managers may receive soft dollar commissions from, or may enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars received would be restricted to the following kinds of services:

(a) specific advice as to the advisability of dealing in, or of the value of any investments;(b) research and advisory services;(c) economic and political analysis;(d) portfolio analysis including valuation and portfolio measurements;(e) market analysis;(f) data and quotation services;(g) computer hardware or software that are used to support the investment decision making process, the giving of advice, or the conduct of research or analysis; and(h) custodial services in relation to the investments managed for clients. The following are, however, prohibited:a) travel, accommodation and entertainment expenses;b) general administrative goods and services including office equipment and premises;c) membership fees;d) employee salaries;e) direct money payments / rebates. The Managers will retain the records of the payments made using soft dollar commissions. Subject to the provisions of the Code, the Sub-Managers of the Nikko AM Shenton Japan Fund may receive soft-dollar commissions from, or may enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund. However, in any such arrangement, the Sub-Managers of the Nikko AM Shenton Japan Fund will abide by the restrictions and prohibitions set out in paragraph above. The Managers and the Sub-Managers of the Nikko AM Shenton Japan Fund will not accept or enter into soft-dollar commissions / arrangements unless: • such soft-dollar commissions / arrangements would in the opinion of the Managers / Sub- Managers, assist the Managers / Sub-Managers in their management of the Fund;• the Managers / Sub-Managers shall ensure at all times that best execution is carried out for the transactions; and • no unnecessary trades are entered into in order to qualify for such soft-dollar commissions/ arrangements. The Managers and the Sub-Managers of the Nikko AM Shenton Japan Fund will comply with applicable regulatory and industry standards on soft dollars.




* The “Code” means the Code on Collective Investment Schemes issued by the Authority pursuant to the Securities and Futures Act, as may be amended, modified, or supplemented from time to time by the Authority. Information is from the Fund’s prospectus dated 25 April 2017

Soft dollar commisions for Capital Group European Growth and Income Fund:

The Investment Advisers and Affiliates (the “Affiliates”) will place trades with brokers who provide certain brokerage and/or investment research services to the Affiliates, but only when in the Affiliates judgement the broker is capable of providing best execution for that transaction. For the year ended 30 December 2017, there were no transactions through connected brokers and hence no commissions were paid to connected brokers since none of the Affiliates operate any brokerage activity. These services permit the Affiliates to supplement their own research and analysis, which contributes to the efficient management of investment portfolios by Affiliates for the benefit of investors. Although Affiliates may enter into arrangements with brokers with the expectation that these services will be provided, Affiliates do not incur any obligation with any broker to pay for research by generating trading commissions. Affiliates also pay cash for certain third-party research they receive. In addition, Affiliates’ employees are governed by a global Code of Ethics, which includes rigorous personal investing and gifts and entertainment policies. Affiliates may also provide the Company with other services to support its business development, including, but not limited to, product development, fund registration and any other similar support as may be required for which they receive a reasonable compensation.

Soft dollar commisions for Legg Mason Western Asset Global Bond Trust:

The Managers and, as the case may be, the Sub-Managers currently do not but shall be entitled to receive or enter into soft-dollar commissions/arrangements in respect of the underlying Fund. The Managers will comply with applicable regulatory and industry standards on soft-dollars. The soft-dollar commissions which the Managers may receive include specific advice as to the advisability of dealing in, or the value of any investments, research and advisory services, economic and political analyses, portfolio analyses including valuation and performance measurements, market analyses, data and quotation services, computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process, the giving of advice, or the conduct of research or analysis, and custodial service in relation to the investments managed for clients.

Soft-dollar commissions received shall not include travel, accommodation, entertainment, general administrative goods and services, general office equipment or premises, membership fees, employees’ salaries or direct money payment.

The Managers will not accept or enter into soft dollar commissions/arrangements unless such soft-dollar commissions/arrangements would, in the opinion of the Managers, assist the Managers in their management of the Underlying Fund, provided that the Managers shall ensure at all times that best execution is carried out for the transactions, and that no unnecessary trades are entered into in order to qualify for such soft-dollar commissions/arrangements.




Soft dollar commisions for PineBridge US Large Cap Research Enhanced Fund:

PineBridge Investments LLC (“PineBridge”) has entered into soft dollar commission arrangements with selected brokers where it obtains services from third parties. These services relate to research and are eligible under the safe harbor of Section 28(e) of the Securities and Exchange Act of 1934. These services generally benefit all of PineBridge’s clients in terms of input into the investment decision making process. The soft dollar credits utilized are not allocated on a specific client basis. PineBridge further confirms that, as per our Compliance Manual, we seek to obtain best execution on all transactions.



AIA Global Bond FundFUND PERFORMANCE


3-month (0.08) 0.63 6-month (0.16) 1.09 1-year 1.93 1.94 3-year^ 1.12 2.58 5-year^ 1.70 3.32 10-year^ 1.20 2.60 Since inception^ 1.38 3.12 ^ Annualised returns* Benchmark Details:Inception to June 2006 - JP Morgan Global Govt Bond Index (Hedged)From July 2006 to February 2014 - Citigroup World Govt Bond (Unhedged)From 10 February 2014 onwards - Citigroup World Govt Bond Index ex Japan (Hedged to S$)

Note: Fund Inception date - 18 March 2000. Fund returns in SGD, bid-to-bid, net dividends reinvested




Legg Mason Western Asset Global Bond Trust 25,132,205 99.98



AIA Global Bond FundPORTFOLIO STATEMENTS

LEGG MASON WESTERN ASSET GLOBAL BOND TRUST



US Treasury Bond 1.5% 31/12/2018 25,767,684 9.19Buoni Poliennali Del Tes 1.45% 15/09/2022 16,321,855 5.82France (Govt of) (Reg S) 0.25% 25/11/2016 16,080,750 5.74US Treasury Bond 4.5% 15/08/2039 14,333,196 5.11US Treasury Bond 2.125% 29/02/2024 11,347,664 4.05Japan (Govt of) CPI Linked Ser 16 1.4% 10/06/2018 10,884,252 3.88Poland Government Bond Ser 726 2.5% 25/07/2026 10,405,357 3.71US Treasury Bond 2.875% 15/05/2043 10,225,010 3.65UK Treasury 4.25% 07/12/2040 9,680,028 3.45Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/2042 9,450,273 3.37



US Treasury Bond 1.5% 31/12/2018 24,905,129 9.99France (Govt of) (Reg S) 0.25% 25/11/2016 17,564,512 7.05TSY Infl IX Bond 0.250% 15/01/2025 14,226,133 5.71Buoni Poliennali Del Tes 1.45% 15/09/2022 14,142,537 5.68US Treasury Bond 4.5% 15/08/2039 13,575,186 5.45Poland Government Bond Ser 726 2.5% 25/07/2026 13,054,592 5.24Japan (Govt of) CPI Linked Ser 16 1.4% 10/06/2018 10,871,254 4.36Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/2042 10,141,054 4.06US Treasury Bond 2.875% 15/05/2043 9,466,669 3.79US Treasury N/B 1.00% 15/09/2017 9,259,883 3.71

* Information extracted from the underlying Legg Mason Western Asset Global Bond Trust



AIA Global Bond FundOTHER INFORMATION



Realised Gains/

(Losses)SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts - - - -

BorrowingsN/A





Underlying Fund: Legg Mason Western Asset Global Bond Trust** 0.91% 0.88%Note: Expense ratio does not include brokerage and other transaction costs, performance fee, foreign

exchange gains/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.

* Includes underlying fund expense ratio** Based on unaudited draft accounts


Local Fund: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Fund:Legg Mason Western Asset Global Bond Trust** 45.84% 39.81%

** Based on unaudited draft accounts




Soft Dollar CommissionsThe Managers and, as the case may be, the Sub-Managers currently do not but shall be entitled to receive or enter into soft-dollar commissions/arrangements in respect of the underlying Fund. The Managers will comply with applicable regulatory and industry standards on soft-dollars. The soft-dollar commissions which the Managers may receive include specific advice as to the advisability of dealing in, or the value of any investments, research and advisory services, economic and political analyses, portfolio analyses including valuation and performance measurements, market analyses, data and quotation services, computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process, the giving of advice, or the conduct of research or analysis, and custodial service in relation to the investments managed for clients.

Soft-dollar commissions received shall not include travel, accommodation, entertainment, general administrative goods and services, general office equipment or premises, membership fees, employees’ salaries or direct money payment.

The Managers will not accept or enter into soft dollar commissions/arrangements unless such soft-dollar commissions/arrangements would, in the opinion of the Managers, assist the Managers in their management of the Underlying Fund, provided that the Managers shall ensure at all times that best execution is carried out for the transactions, and that no unnecessary trades are entered into in order to qualify for such soft-dollar commissions/arrangements.

AIA Global Bond FundOTHER INFORMATION



AIA Global Equity FundFUND PERFORMANCE


3-month 1.60 4.05 6-month 6.45 7.94 1-year 15.75 14.68 3-year^ 9.97 9.61 5-year^ 12.93 13.58 10-year^ 2.38 4.19 Since inception^ 1.35 3.17 ^ Annualised returns* Benchmark Details:The benchmark was previously MSCI All Country World Daily Total Return Net Index. This was changed to MSCI World Index with effect from 1 March 2011.10 February 2014 - 26 October 2016 - MSCI All Country World Index.From 27 October 2016 onwards - the benchmark was changed to MSCI All Country World DTR Net Index.

Note: Fund inception date - 18 March 2000. Fund returns in SGD, bid-to-bid, net dividends reinvested




PineBridge Global Focus Equity Fund 70,675,411 99.86



AIA Global Equity FundPORTFOLIO STATEMENTS

PINEBRIDGE GLOBAL FOCUS EQUITY FUNDTop 10 Holdings as at 31 December 2017* Market Value

USD % of Net

Asset Value

Honeywell International Inc. 12,834,852 4.67 Medtronic Public Limited Company 9,382,585 3.41 Aramark 8,857,138 3.22 Huntington Bancshares Incorporated 8,499,502 3.09 Alphabet Inc. 8,483,030 3.09 Prudential plc 8,342,716 3.03 Essilor International SA 8,221,736 2.99 RPC Group Plc 8,118,802 2.95 Broadridge Financial Solutions, Inc. 8,064,700 2.93 Signature Bank 8,040,691 2.92



Honeywell International Inc 7,389,608 5.10Discover Financial Service 7,155,365 4.94Comcast Corp Class 6,465,152 4.46TE Connectivity Ltd 5,402,108 3.73Keycorp 4,997,795 3.45Alphabet Inc 4,849,794 3.35Chubb Ltd 4,621,425 3.19Royal Dutch Shell Plc 4,608,409 3.18Procter & Gamble Co 4,400,579 3.04Crown Holdings Inc 4,344,753 3.00

* Information extracted from the underlying PineBridge Global Focus Equity Fund



AIA Global Equity FundOTHER INFORMATION



Realised Gains/

(Losses)SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts 23 - (765) 23

BorrowingsN/A


Related-Party TransactionsN/A



Underlying Fund: PineBridge Global Focus Equity Fund^ 1.19% 1.21%Note: Expense ratio does not include brokerage and other transaction costs, performance fee, foreign

exchange gains/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.

* Includes underlying fund expense ratio^ Based on unaudited draft accounts



Turnover Ratios 31 Dec 2017 31 Dec 2016 Local Fund The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s). Underlying Fund: PineBridge Global Focus Equity Fund^ 46.57% 49.22%^ Based on unaudited draft accounts


Soft Dollar CommissionsPineBridge Investments LLC (“PineBridge”) has entered into soft dollar commission arrangements with selected brokers where it obtains services from third parties. These services relate to research and are eligible under the safe harbor of Section 28(e) of the Securities and Exchange Act of 1934. These services generally benefit all of PineBridge’s clients in terms of input into the investment decision making process. The soft dollar credits utilized are not allocated on a specific client basis. PineBridge further confirms that, as per our Compliance Manual, we seek to obtain best execution on all transactions.

AIA Global Equity FundOTHER INFORMATION



AIA Global Property Returns FundFUND PERFORMANCE


3-month 1.98 3.32 6-month 3.51 3.61 1-year 8.41 5.31 3-year^ 5.91 5.63 5-year^ N/A N/A10-year^ N/A N/ASince inception^ 5.74 7.44 ^ Annualised returns* Customised FTSE EPRA/NAREIT Net Total Return Index (SGD), 25% Singapore REITs + 75%

Global (ex-Singapore) REITsNote: Fund inception date - 2 April 2013. Fund returns in SGD, bid-to-bid, net dividends reinvested


Investment In Collective Investment Scheme Market Value % of NetSGD Asset Value

Janus Henderson Global Select Funds - Janus Henderson Global Property Income Fund 10,039,628 99.96



JANUS HENDERSON GLOBAL SELECT FUNDS - JANUS HENDERSON GLOBAL PROPERTY INCOME FUND

Top 10 Holdings as at 31 December 2017* Market Value % of NetSGD Asset Value

Mapletree Commercial Trust 621,548 6.02CapitaLand Commercial Trust 588,637 5.70Simon Property Group 468,070 4.53Alexandria Real Estate Equities 342,603 3.32Dream Global Real Estate Investment Trust 327,745 3.17MGM Growth Properties 323,948 3.14Mapletree Industrial Trust 311,040 3.01Cousins Properties 309,389 3.00Equity Residential 307,816 2.98Kite Realty Group Trust 285,168 2.76

Top 10 Holdings as at 31 December 2016* Market Value % of NetSGD Asset Value

Ascendas Real Estate Investment Trust 752,660 8.60 Simon Property Group Inc 562,934 6.20 Mapletree Commercial Trust 532,619 6.10 Stockland Trust Group 544,627 5.70 Rexford Industrial Realty Inc REIT 406,308 4.30 Physicians Realty Trust REIT 394,198 4.20 CapitaLand Mall Trust 366,523 4.20 HCP Inc Com 358,126 3.90 Store Capital Corp REIT 344,240 3.80 Invincible Investment Corp 289,555 3.50 * Information extracted from the underlying Janus Henderson Global Select Funds - Janus Henderson Global Property Income Fund

AIA Global Property Returns FundPORTFOLIO STATEMENTS



AIA Global Property Returns FundOTHER INFORMATION

Exposure To Derivatives Market Value SGD

% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD


BorrowingsN/A





Underlying Fund: Janus Henderson Global Select Funds - Janus Henderson Global Property Income Fund 2.21%^ 2.02%**


* Includes underlying fund expense ratio** Based on unaudited accounts^ Based on audited accounts as of 30 June 2017

Turnover Ratios 31 Dec 2017 31 Dec 2016 Local FundThe turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Fund: Janus Henderson Global Select Funds - Janus Henderson Global Property Income Fund 103.24%^ 44.96%**

** Based on unaudited accounts^ Based on audited accounts as of 30 June 2017


Soft Dollar CommissionsPayment for Investment Research and the Sharing of Broker Commission

No cash rebates in relation to broker transactions are retained by the Managers, the Sub-Managers, the Underlying Managers and the Underlying Investment Managers or any of



AIA Global Property Returns FundOTHER INFORMATION

their connected persons in respect of the Fund or the Underlying Entities (as the case may be). All transactions carried out on behalf of the Fund or the Underlying Entities are conducted on an arm’s length basis and are executed on the best available terms.

The Managers, Sub-Managers and the Underlying Investment Managers use investment research, both internally generated and externally sourced, to inform their decision making. The below sets out the provisions for payment to third parties for investment research.

In respect of the Janus Henderson Global Property Income Fund, the Managers, Sub-Managers may effect transactions through brokers whereby, depending on applicable regulations, either the broker collects research commission as part of a transaction and transfers it to an account held by the Managers or Sub-Manager(s) (as relevant) or the broker agrees to use a proportion of any commission earned on such transactions to discharge the broker’s own costs or the costs of third parties in providing research and other eligible goods and services to the Managers or Sub-Managers. The services which can be paid for under such arrangements are those permitted under applicable regulations.

In respect of the Underlying Entities, the Underlying Investment Managers that are based within the European Union pay for research they use from their own resources. Underlying Investment Managers that are based outside the European Union may receive research (and other services permitted by local regulation) from investment brokers who are paid for that research (or services) from the commission the relevant Underlying Entity pays for transactions.

Where the Managers, Sub-Managers or Underlying Investment Managers for the Fund or Underlying Entities (as the case may be) enter into commission sharing arrangements, they will ensure that the broker or counterparty to the arrangement has agreed to provide best execution to the Fund or the relevant Underlying Entity, the benefits provided under the arrangements assist in the provision of investment services to the Fund or the relevant Underlying Entity and the Managers, Sub-Managers or Underlying Investment Managers do not enter into unnecessary trades in order to achieve a sufficient volume of transactions to qualify for soft dollars.

The above provisions shall be subject to the provisions of the Code in relation to any commission sharing arrangements undertaken by the Managers and the Sub-Managers.



AIA Global Resources FundFUND PERFORMANCE


3-month 6.93 8.37 6-month 16.00 20.99 1-year 9.02 16.83 3-year^ 2.87 8.12 5-year^ (2.24) (0.44)10-year^ (5.94) (3.29)Since inception^ (2.45) 1.67 Ânnualised returns*Benchmark Details:Inception to 31 October 2007: HSBC Global Mining Index From 01 November 2007: 75% Euromoney Global Mining Index and 25% MSCI AII Country World Energy IndexWith effect from 1 Oct 2013, HSBC Global Mining Accumulation Index was renamed to Euromoney Global Mining Index

Note: Fund inception date - 26 January 2007. Fund return in SGD, bid-to-bid, net dividends reinvested


Investment in Collective Investment Scheme Market Value SGD


First State Global Resources 220,109,566 99.81



AIA Global Resources FundPORTFOLIO STATEMENTS

FIRST STATE GLOBAL RESOURCESTop 10 Holdings as at 31 December 2017* Market Value

SGD % of Net

Asset Value

BHP Billiton 87,447,535 10.10Rio Tinto 72,670,119 8.40Vale SA 41,550,618 4.80Chevron Corp 33,292,650 3.80Glencore PLC 33,205,724 3.80Teck Resources Ltd 29,380,981 3.40Southern Copper Corp 24,513,126 2.80First Quantum Minerals Ltd 24,078,496 2.80Franco-Nevada Corp 22,166,125 2.60Canadian Natural Resources Limited 22,079,199 2.50


% of NetAsset Value

BHP Billiton 71,100,984 7.70Rio Tinto 54,778,190 5.90Exxon Mobil Corp 45,371,834 4.90Glencore International 43,343,012 4.70Chevron Corp 30,985,643 3.40Vale SA 28,956,821 3.10Suncor Energy Inc 26,559,122 2.90Franco-Nevada Corp 26,190,246 2.80Goldcorp Inc 22,501,479 2.40South32 Ltd 21,671,506 2.40

* The information pertains to First State Global Resources Fund, an England & Wales domiciled fund, which is the underlying fund of the Singapore-registered First State Global Resources. Figures are based on unaudited account figures.



AIA Global Resources FundOTHER INFORMATION


% of Net AssetValue

Realised Gains/

(Losses)SGD

Unrealised Gains/

(Losses) SGD


BorrowingsN/A





Underlying Fund: First State Global Resources** 1.69% 1.71%


* Includes underlying fund expense ratio ** Based on unaudited accounts


Local Fund The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Fund: First State Global Resources** 48.13% 59.12%

** Based on unaudited accounts


Soft Dollar Commissions In order to allign with the policy of First State Investments internationally, the Investment Manager has ceased all of its soft dollar arrangements previously made with brokers with effect from 13 June 2005.



AIA Global Technology FundFUND PERFORMANCE


3-month 3.78 6.68 6-month 11.11 14.46 1-year 29.39 28.58 3-year^ 17.60 17.59 5-year^ 20.34 22.31 10-year^ 10.05 8.77 Since inception^ 3.18 4.01 ^ Annualised returns*Benchmark Details:Inception to August 2001 - Pacific Stock Exchange 100 (PSE 100) IndexFrom September 2001 to 29 September 2017 - Merrill Lynch 100 Technology IndexFrom 30 September 2017 onwards - MSCI World Information Technology Index





Franklin Templeton Investment Funds - Franklin Technology Fund

129,763,645 100.57



AIA Global Technology FundPORTFOLIO STATEMENTS

FRANKLIN TEMPLETON INVESTMENT FUNDS - FRANKLIN TECHNOLOGY FUNDTop 10 Holdings as at 31 December 2017* Market Value

USD % of Net

Asset Value

Alibaba Group Holding Ltd 72,058,867 4.00Microsoft Corp 69,595,485 3.87Amazon.Com Inc 67,947,233 3.78Facebook Inc 64,972,820 3.61Salesforce.Com Inc 62,667,786 3.48Servicenow Inc 58,401,403 3.25Apple Inc 51,734,617 2.88Alphabet Inc 50,017,987 2.78Analog Devices Inc 41,425,841 2.30Tencent Holdings Ltd 41,359,263 2.30



Facebook Inc 33,709,751 3.78Microsoft Corp 32,685,214 3.66Amazon.Com Inc 31,869,512 3.57Texas Instruments Inc 27,546,467 3.09Salesforce.com Inc 27,315,322 3.06Alphabet Inc 26,628,133 2.98Servicenow Inc 25,127,026 2.82Fidelity National Information Services Inc 24,658,488 2.76Broadcomm Ltd 23,864,205 2.67Apple Inc 23,163,629 2.60

* Information extracted from the underlying Luxembourg-registered Franklin Templeton Investment Funds - Franklin Technology Fund



AIA Global Technology FundOTHER INFORMATION


% of Net AssetValue

Realised Gains/

(Losses)SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts (103) - (21,413) (103)

BorrowingsN/A



Expense Ratios 31 Dec 2017 31 Dec 2016Local Fund* 1.75% 1.75%Note: Expense ratio does not include insurance coverage, brokerage and other transaction costs,

performance fee, foreign exchange gains/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.

Underlying Fund: Franklin Templeton Investment Funds - Franklin Technology Fund** 1.82% 1.83%Note: Expense ratio does not include in brokerage and other transaction costs, performance fee,

foreign exchange gains/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.

* Includes underlying fund expense ratio** Based on unaudited draft accounts

Turnover Ratios 31 Dec 2017 31 Dec 2016Local Fund The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Fund: Franklin Templeton Investment Funds - Franklin Technology Fund* 47.03% 40.22%* Based on unaudited draft accounts


Soft Dollar CommissionsThe Franklin Templeton Investment Funds - Franklin Technology Fund paid US$139,643 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.



AIA Greater China Balanced/Equity FundFUND PERFORMANCE

AIA GREATER CHINA BALANCED FUND


3-month 4.33 3.22 6-month 10.40 8.00 1-year 24.11 20.72 3-year^ 10.41 8.55 5-year^ 10.19 7.94 10-year^ 2.92 3.77 Since inception^ 7.26 7.47 ^ Annualised returns* 60% MSCI Golden Dragon DTR Net & 40% JP Morgan Sing Govt Bond Index All

Note: Fund inception date - 21 January 2003. Fund returns in SGD, bid-to-bid, net dividends reinvested

AIA GREATER CHINA EQUITY FUND

Period Fund%

Benchmark*%

3-month 6.57 4.91 6-month 16.45 13.12 1-year 37.18 33.01 3-year^ 14.67 12.27 5-year^ 14.80 12.06 10-year^ 3.15 3.56 Since inception^ 9.52 9.90

^ Annualised returns* MSCI Golden Dragon DTR Net

Note: Fund inception date - 21 January 2003. Fund returns in SGD, bid-to-bid, net dividends reinvested


AIA GREATER CHINA BALANCED FUND


% of NetAsset Value

Fidelity Funds - Greater China Fund II 273,711,636 62.64 PineBridge - International Funds - Singapore Bond Fund 154,253,757 35.30

Total 427,965,393 97.94



AIA Greater China Balanced/Equity FundPORTFOLIO STATEMENTS

AIA GREATER CHINA EQUITY FUND


% of NetAsset Value

Fidelity Funds - Greater China Fund II 556,739,312 100.02

FIDELITY FUNDS - GREATER CHINA FUND IITop 10 Holdings as at 31 December 2017* Market Value

SGD % of Net

Asset Value

Tencent Holdings 78,976,998 9.51Taiwan Semiconduct Manufacturing 75,486,898 9.09Alibaba Group Holdings ADR 75,317,572 9.07Industrial & Commercial Bank Of China 30,946,525 3.73AIA Group 27,769,688 3.34China Pacific Insurance Group 19,279,939 2.32China Mobile 18,830,461 2.27China Life Insurance 18,203,128 2.19Ping An Insurance 16,194,503 1.95New Oriental Education & Technology Group ADR 13,801,657 1.66


% of NetAsset Value

Taiwan Semiconduct Manufacturing 62,812,878 6.62Tencent Holdings 56,189,595 5.93China Mobile 37,741,202 3.98Alibaba Group Holdings ADR 35,514,090 3.74Industrial & Commercial Bank Of China 25,223,297 2.66China Petroleum & Chemical 20,327,694 2.14AIA Group 20,119,069 2.12Ping An Insurance 11,436,182 1.21China Pacific Insurance Group 11,272,685 1.19Sun Hung Kai Properties 10,837,412 1.14

* Information extracted from the underlying Fidelity Funds - Greater China Fund II



AIA Greater China Balanced/Equity FundPORTFOLIO STATEMENTS

PINEBRIDGE INTERNATIONAL FUNDS - SINGAPORE BOND FUNDTop 10 Holdings as at 31 December 2017* Market Value

SGD % of Net

Asset Value



% of NetAsset Value


*Information extracted from underlying PineBridge International Funds - Singapore Bond Fund



AIA Greater China Balanced/Equity FundOTHER INFORMATION


% of Net AssetValue

Realised Gains/

(Losses)SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts:AIA Greater China Balanced Fund - - - - AIA Greater China Equity Fund - - - -

BorrowingsN/A


Subscriptions SGD

AIA Greater China Balanced Fund 57,325,453 50,713,752 AIA Greater China Equity Fund 102,222,442 73,480,040


Expense Ratios 31 Dec 2017 31 Dec 2016AIA Greater China Balanced Fund* 1.55% 1.55%AIA Greater China Equity Fund* 1.75% 1.75%


Underlying Funds:Fidelity Funds - Greater China Fund II 1.06%** 1.05%^PineBridge International Funds - Singapore Bond Fund** 0.86% 0.87%..


investment schemes and tax deducted at source or arising out of income received.* Includes underlying fund expense ratio^ Based on audited figures as of 30 April 2016** Based on unaudited draft accounts



AIA Greater China Balanced/Equity FundOTHER INFORMATION

Turnover Ratios 31 Dec 2017 31 Dec 2016 Local Funds: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Funds:Fidelity Funds - Greater China Fund II 61.50%** 82.56%^PineBridge International Fund - Singapore Bond Fund** 92.76% 142.80%..^ As of 30 April 2016** Based on unaudited draft accounts


Soft Dollar CommissionsThere is no soft dollar commission for the PineBridge International Funds - Singapore Bond Fund.

Soft dollar commisions for Fidelity Fund - Greater China Fund II :

The Investment Manager and any of its delegates may effect transactions by or through the agency ofanother person with whom the Investment Manager and any of its delegates have an arrangement underwhich that party will from time to time provide to or procure for the Investment Manager and any of itsdelegates goods, services or other benefits (such as research and advisory services, where permitted byregulation only), the nature of which is such that their provision can reasonably be expected to benefitthe Fund as a whole and may contribute to an improvement in the performance of the Fund and that ofthe Investment Manager or any of its delegates in providing services to the Fund and for which no directpayment is made but instead the Investment Manager and any of its delegates undertake to place businesswith that party. For the avoidance of doubt, such goods and services do not include travel, accommodation,entertainment, general administrative goods or services, general office equipment or premises, membershipfees, employee salaries or direct money payments.

The Investment Manager and any of its delegates shall not retain the benefit of any cash commission rebate(being repayment of a cash commission made by a broker or dealer to the Investment Manager and/orany delegates) paid or payable from any such broker or dealer in respect of any business placed with suchbroker or dealer by the Investment Manager or any of its delegates for or on behalf the Fund. Any such cashcommission rebate from any such broker or dealer will be held by the Investment Manager and any of itsdelegates for the account of the Fund. Brokerage rates will not be excessive of customary brokerage rates.All transactions will be done with best execution.



AIA Growth FundFUND PERFORMANCE



^ Annualised returns* Benchmark Details:Inception to December 1997 - 80% Customised Equity Index (80% SESALL + 20% MSCI Singapore) 20% 1 mth SIBOR (mid)January 1998 to August 1998 - 50% MSCI Singapore + 30% MSCI Malaysia (SGD) + 20% 1 mth SIBOR (bid)September 1998 to November 1999 - 80% MSCI Singapore + 20% 1 mth SIBOR (bid)December 1999 to 11 April 2001 - 80% SES AII Index + 20% 1 mth SIBOR (bid)From 12 April 2001 onwards - 70% SES AII Index (Price Return) + 30% JP Morgan Singapore Government Bond Index AIIFrom 1 July 2006 onwards - 70% FTSE Singapore Total; Return + 30% JP Morgan Singapore Government Bond Index AllFrom 24 October 2014 onwards - 70% MSCI Singapore + 30% JP Morgan Singapore Government Bond Index All

Note: Fund inception date - 12 September 1995. Fund returns in SGD, bid-to-bid, net dividends reinvested



AIA Growth FundPORTFOLIO STATEMENTS

Country Allocation Market Value % of Net SGD Asset Value

Singapore 586,643,303 88.63 Australia 13,183,132 1.99 United Kingdom 12,660,319 1.91 China 12,246,864 1.85 Japan 6,457,330 0.98 Thailand 6,440,000 0.97 Indonesia 3,675,604 0.56 Canada 3,021,968 0.46 France 2,334,855 0.35 Netherlands 1,846,023 0.28 Malaysia 1,548,103 0.23 UAE 1,093,720 0.17 Germany 760,275 0.11

Portfolio of Investments 651,911,496 98.49Other Net Assets 9,983,024 1.51 Total 661,894,520 100.00

Industry Allocation Market Value % of Net SGD Asset Value

Financials 287,846,864 43.49 Real Estate 106,639,332 16.11 Industrial 76,772,204 11.60 Telecommunication Services 61,689,420 9.32 Sovereign Government Obligations 53,917,854 8.15 Consumer Discretionary 23,214,613 3.51 Consumer Staples 20,657,090 3.12 Government Agency 9,806,970 1.48 Information Technology 5,322,200 0.80 Utilities 4,588,949 0.69 Healthcare 1,456,000 0.22

Portfolio of Investments 651,911,496 98.49Other Net Assets 9,983,024 1.51 Total 661,894,520 100.00




Asset Class Market Value % of Net SGD Asset Value

Equities 436,724,029 65.98Fixed Income Securities 154,685,249 23.37Reits / Trust 38,746,750 5.85Hybrid Securities 21,755,468 3.29Other Net Assets 9,983,024 1.51

Total 661,894,520 100.00

Credit Rating of Debt Securities** Market Value % of Net SGD Asset Value

Aaa 55,032,269 8.31A1 6,694,900 1.01A2 3,718,145 0.56A3 15,357,567 2.32Baa1 21,285,700 3.22Baa2 11,791,666 1.78Baa3 17,651,967 2.67Ba1 2,465,061 0.37Not rated 42,443,442 6.41


Top 10 Holdings as at 31 December 2017 Market Value % of Net SGD Asset Value

DBS Group Holdings Ltd NPV 85,394,316 12.90Oversea-Chinese Banking Corp NPV 73,605,186 11.12United Overseas Bank Ltd NPV 65,908,983 9.96Singapore Telecom Ltd NPV 48,233,199 7.29Capitaland Ltd NPV 19,397,703 2.93Keppel Corp Ltd NPV 17,823,750 2.69Genting Singapore PLC USD0.10 16,327,840 2.47Wilmar International Ltd NPV 14,217,090 2.15Singapore Tech Engineering 13,281,240 2.01City Developments Ltd NPV 11,952,930 1.81





DBS Group Holdings LTD NPV 60,448,974 10.24Singapore Telecom Ltd NPV 58,307,655 9.88Oversea-Chinese Banking Corp NPV 53,829,462 9.12United Overseas Bank Ltd NPV 51,710,593 8.76Keppel Corp Ltd NPV 15,256,650 2.58Capitaland Ltd NPV 14,737,902 2.50Singapore Exchange Ltd NPV 12,816,400 2.17Comfort Delgro Corp Ltd NPV 12,300,600 2.08Singapore Tech Engineering 12,299,840 2.08Global Logistic Properties l NPV 12,252,680 2.08



AIA Growth FundOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts 208,842 - 1,386,969 208,842

Investment In Collective Investment Schemes Market Value % of Net SGD Asset Value

Ascendas Real Estate Inv Trt NPV (REIT) 11,872,800 1.79Capitaland Commercial Trust 7,910,086 1.20Keppel REIT 7,686,000 1.16Capitaland Mall Trust 5,708,400 0.86Hutchison Port Holdings TR-U 3,064,465 0.46Netlink NBN Trust 2,505,000 0.38

BorrowingsN/A





Turnover Ratios 31 Dec 2017 31 Dec 2016Local Fund 30.52% 31.23%





AIA India Balanced/Opportunities FundFUND PERFORMANCE

AIA INDIA BALANCED FUND



^ Annualised returns* 60% MSCI India Index & 40% JP Morgan Sing Govt Bond Index All

Note: Fund inception date - 10 August 2005. Fund returns in SGD, bid-to-bid, net dividends reinvested

AIA INDIA OPPORTUNITIES FUND


3-month 5.92 10.05 6-month 4.65 11.74 1-year 24.27 28.35 3-year^ 8.61 9.00 5-year^ 13.28 10.84 10-year^ 4.75 (0.25)Since inception^ 8.10 7.38

Ânnualised returns*MSCI India Index




AIA India Balanced/Opportunities FundPORTFOLIO STATEMENTS

AIA INDIA BALANCED FUND


Aberdeen India Opportunities Fund 227,475,591 62.94 PineBridge International Funds - Singapore Bond Fund 125,645,682 34.76

Total 353,121,273 97.70

AIA INDIA OPPORTUNITIES FUND


Aberdeen India Opportunities Fund 235,860,644 100.01

ABERDEEN INDIA OPPORTUNITIES FUND

Top 10 Holdings as at 31 December 2017*^ Market Value % of Net SGD Asset Value

HDFC 269,027,098 9.70Tata Consultancy Services 224,351,769 8.10ITC 133,193,061 4.80Kotak Mahindra Bank 127,655,960 4.60Grasim Industries 119,410,013 4.30Piramal Enterprises 117,988,493 4.30Hindustan Unilever 114,348,428 4.10Hero MotoCorp 111,534,466 4.00Container Corporation 101,614,772 3.70Sun Pharmaceutical 101,048,801 3.60




Top 10 Holdings as at 31 December 2016*# Market Value % of Net SGD Asset Value

HDFC 415,223,519 8.57Tata Consultancy Services 354,757,316 7.32Infosys 325,396,490 6.71Grasim Industries 299,149,598 6.17ITC 226,694,503 4.68Bosch 187,782,050 3.87Kotak Mahindra Bank 185,932,238 3.84Godrej Consumer Products 177,655,693 3.67Piramal Enterprises 177,485,905 3.66Hindustan Unilever 175,920,000 3.63

*Based on Aberdeen Global - Indian Equity Fund, the underlying fund which Aberdeen India Opportunities Fund feeds into Aberdeen Global - Indian Equity Fund is not authorised for public sale in Singapore.^ Based on audited accounts as of 30 September 2017# Based on audited accounts as of 30 September 2016

PINEBRIDGE INTERNATIONAL FUNDS - SINGAPORE BOND FUND

Top 10 Holdings as at 31 December 2017* Market Value % of Net SGD Asset Value










AIA India Balanced/Opportunities FundOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts:AIA India Balanced Fund - - - - AIA India Opportunities Fund - - - -

BorrowingsN/A

Total Redemptions and Subscriptions Redemptions SubscriptionsSGD SGD

AIA India Balanced Fund 54,964,413 40,092,046 AIA India Opportunities Fund 64,654,088 47,017,267

Related-Party TransactionsN/A

Expense Ratios 31 Dec 2017 31 Dec 2016AIA India Balanced Fund* 1.55% 1.55%AIA India Opportunities Fund* 1.75% 1.75%


Underlying Funds:Aberdeen India Opportunities Fund^ 1.75% 1.75%PineBridge International Funds - Singapore Bond Fund** 0.86% 0.87%


* Includes underlying fund expense ratio ^ Based on audited accounts as of 30 September 2017 and 30 September 2016 respectively ** Based on unaudited draft accounts



AIA India Balanced/Opportunities FundOTHER INFORMATION

Turnover Ratios 31 Dec 2017 31 Dec 2016 Local Funds: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Funds:Aberdeen India Opportunities Fund^ 16.97% 14.09%PineBridge International Funds - Singapore Bond Fund** 92.76% 142.80%

** Based on unaudited draft accounts ^ Based on audited accounts as of 30 September 2017 and 30 September 2016 respectively

Any Material Information That Will Adversely Impact The Valuation Of The FundsNIL

Soft Dollar CommissionsAberdeen does not receive soft commissions or cash rebates from dealing on the Aberdeen India Opportunities Fund.

There is no soft dollar commission for the PineBridge International Funds - Singapore Bond Fund.



AIA India Equity FundFUND PERFORMANCE


3-month 10.06 10.05 6-month 10.30 11.74 1-year 20.72 28.35 3-year^ 11.89 9.00 5-year^ 17.49 10.84 10-year^ 5.19 (0.25)Since inception^ 11.40 7.76

Ânnualised returns*MSCI India Index

Note: Fund inception date - 10 August 2005. Fund returns in SGD, bid-to-bid, net dividends reinvested.

PORTFOLIO STATEMENTS As at 31 December 2017


PineBridge India Equity Fund 275,378,388 100.01

PINEBRIDGE INDIA EQUITY FUND

Top 10 Holdings as at 31 December 2017* Market Value % of Net USD Asset Value

Infosys Limited 145,961,509 9.23 Shree Cement Limited 133,983,640 8.47 Divi's Laboratories Limited 117,930,826 7.46 Bharat Heavy Electricals Limited 104,632,921 6.62 Wipro Limited 86,886,693 5.49 Bajaj Auto Limited 67,939,839 4.30 Hero Motocorp Limited 65,128,240 4.12 Sun Pharmaceutical Industries Limited 62,117,251 3.93 HDFC Bank Limited 59,649,262 3.77 Cummins India Limited 54,560,404 3.45



AIA India Equity FundPORTFOLIO STATEMENTS


Infosys Ltd 99,621,829 8.85Shree Cement Ltd 89,697,342 7.97Wipro Ltd 85,791,909 7.63Sun Pharmaceutical 59,298,451 5.27Hero Motocorp Ltd 58,200,111 5.17AIA Engineering Ltd 47,967,179 4.26Cummins India Ltd 47,838,067 4.25Bajaj Auto Ltd 47,833,310 4.25Bharat Heavy Electricals 47,199,052 4.19Bayer Cropscience Ltd 45,856,570 4.08

* Information extracted from the underlying PineBridge India Equity Fund



AIA India Equity FundOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts 2,101 - (21,598) 2,101

BorrowingsN/A





Underlying Fund: PineBridge India Equity Fund^ 1.23% 1.24%


investment schemes and tax deducted at source or arising out of income received.* Includes underlying fund expense ratio^ Based on unaudited draft accounts

Turnover Ratios 31 Dec 2017 31 Dec 2016Local FundThe turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Fund: PineBridge India Equity Fund^ 42.19% 16.65%

^ Based on unaudited draft accounts





AIA International Health Care FundFUND PERFORMANCE


3-month 1.77 (0.73)6-month 4.20 0.28 1-year 16.05 10.82 3-year^ 9.00 5.42 5-year^ 16.28 14.73 10-year^ 5.74 6.49 Since inception^ 3.83 2.83

Ânnualised returns*MSCI World Health Care Index




AB SICAV I - International Health Care Portfolio 63,231,307 100.04

AB SICAV I - INTERNATIONAL HEALTH CARE PORTFOLIO


UnitedHealth Group, Inc. 31,545,621 6.54Roche Holding AG 26,700,769 5.54Johnson & Johnson 26,278,538 5.45Pfizer, Inc. 25,091,405 5.20Biogen, Inc. 19,582,498 4.06AbbVie, Inc. 19,030,594 3.95GlaxoSmithKline PLC 18,385,150 3.81Medtronic PLC 17,387,655 3.60Cigna Corp. 16,923,490 3.51Edwards Lifesciences Corp. 16,862,543 3.50



AIA International Health Care FundPORTFOLIO STATEMENTS


Pfizer, Inc. 32,627,134 7.97Johnson & Johnson 28,727,614 7.01Roche Holding AG 26,678,885 6.51UnitedHealth Group, Inc. 23,909,976 5.84Gilead Sciences, Inc. 20,749,356 5.07Biogen, Inc. 18,098,076 4.42Aetna, Inc. 17,995,091 4.39Medtronic PLC 16,525,146 4.03Cigna Corp. 16,301,592 3.98GlaxoSmithKline PLC 16,177,403 3.95

* Information extracted from the Luxembourg-registered AB SICAV I - International Health Care Portfolio



AIA International Health Care FundOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts 126 - (3,771) 126

BorrowingsN/A





Underlying Fund: AB SICAV I - International Health Care Portfolio^^ 1.28% 1.36%

Note: Expense ratio does not include brokerage and other transaction costs, performance fee, foreign exchange gains/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.* Include underlying fund expense ratio^^ Based on audited figures from published Luxembourg Annual report period ending 31 May 2017 and 31 May 2016 respectively.



AIA International Health Care FundOTHER INFORMATION

Turnover Ratios 31 Dec 2017 31 Dec 2016Local FundThe turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Fund: AB SICAV I - International Health Care Portfolio^^ 16.74% 58.81%

^^ Based on audited figures from published Luxembourg Annual report period ending 31 May 2017 and 31 May 2016 respectively.


Soft Dollar CommissionsFor the period ended 31 December 2017, the Investment Manager received and entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Underlying Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received include specialist industry, company and consumer research, portfolio and market analysis and computer software used for the delivery of such services.

The nature of the goods and services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Underlying Fund and may contribute to an improvement in the Underlying Fund’s performance.

For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments.



AIA Japan Balanced/Equity FundFUND PERFORMANCE

AIA JAPAN BALANCED FUNDPeriod Fund Benchmark*

% %3-month 4.75 4.38 6-month 6.66 6.21 1-year 13.06 11.01 3-year^ 8.71 8.24 5-year^ 8.99 8.02 10-year^ 2.90 2.47 Since inception^ 1.77 1.81

^ Annualised returns* Benchmark Details:From inception to 30 June 2011 - 60% MSCI Japan DTR Net & 40% JP Morgan Sing Govt Bond Index AllFrom 1 July 2011 onwards - 60% TOPIX1 Index & 40% JP Morgan Sing Govt Bond Index All

1Prior to 1 May 2017, the performance returns of the benchmark is calculated using price index methodology. With effect from 1 May 2017, it is calculated using net total return index methodology.


AIA JAPAN EQUITY FUNDPeriod Fund Benchmark*

% %3-month 7.15 6.86 6-month 10.24 10.05 1-year 18.38 15.74 3-year^ 11.50 11.79 5-year^ 12.29 12.23 10-year^ (1.22) 1.73 Since inception^ (2.68) 0.42

^ Annualised returns* Benchmark Details:From inception to 30 June 2011 - MSCI Japan DTR Net From 1 July 2011 onwards - TOPIX1 Index





AIA Japan Balanced/Equity FundPORTFOLIO STATEMENTS

AIA JAPAN BALANCED FUND


Nikko AM Shenton Japan Fund 12,294,082 62.73 PineBridge International Funds - Singapore Bond Fund 6,687,576 34.12

18,981,658 96.85

AIA JAPAN EQUITY FUND


Nikko AM Shenton Japan Fund 22,150,943 99.84

NIKKO AM SHENTON JAPAN FUND

Top 10 Holdings as at 31 December 2017* Market Value % of Net JPY ‘000 Asset Value

Sony Corporation 269,907 3.71Mitsubishi UFJ Financial Group Incorporated 242,135 3.33Nintendo Company Limited 222,426 3.06Sumitomo Metal Mining Company Limited 195,728 2.69Toyota Motor Corporation 194,751 2.68Sumitomo Mitsui Financial Group Incorporated 184,010 2.53Hitachi Limited 164,167 2.26Softbank Group Corporation 162,344 2.23TDK Corporation 159,123 2.19Nippon Electric Glass Company Limited 138,030 1.90

Top 10 Holdings as at 31 December 2016* Market Value % of Net JPY ‘000 Asset Value

Sony Corporation 200,758 3.01Toyota Motor Corporation 199,462 2.99Nintendo Company Limited 188,958 2.83Mitsubishi UFJ Financial Group Incorporated 149,514 2.24Softbank Group Corporation 143,653 2.15Sumitomo Mitsui Financial Group Incorporated 137,368 2.06Toray Industries Incorporated 134,360 2.01NTT Docomo Incorporated 125,161 1.87Mitsubishi Heavy Industries Limited 115,042 1.72Mitsubishi Corporation 115,038 1.72

* Information extracted from the underlying Nikko AM Shenton Japan Fund based on unaudited draft accounts.



AIA Japan Balanced/Equity FundPORTFOLIO STATEMENTS

PINEBRIDGE INTERNATIONAL FUNDS - SINGAPORE BOND FUND








AIA Japan Balanced/Equity FundOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contractsAIA Japan Balanced Fund - - - - AIA Japan Equity Fund - - - -

BorrowingsN/A

Redemptions SubscriptionsTotal Redemptions and Subscriptions SGD SGDAIA Japan Balanced Fund 4,391,018 2,936,156 AIA Japan Equity Fund 11,312,393 8,665,530


Expense Ratios 31 Dec 2017 31 Dec 2016AIA Japan Balanced Fund* 1.55% 1.55%AIA Japan Equity Fund* 1.67% 1.66%


Underlying Funds:Nikko AM Shenton Japan Fund^^ 1.12% 1.11%PineBridge International Funds - Singapore Bond Fund^^ 0.86% 0.87%


* Includes underlying fund expense ratio^^ Based on unaudited draft accounts

Turnover Ratios 31 Dec 2017 31 Dec 2016Local Funds: The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Funds:Nikko AM Shenton Japan Fund** 37.59% 23.39%PineBridge International Fund - Singapore Bond Fund** 92.76% 142.80%

** Based on unaudited draft accounts



Any Material Information That Will Adversely Impact The Valuation Of The FundsNil

Soft Dollar CommissionsThere is no soft dollar commission for the PineBridge International Funds - Singapore Bond Fund.

Soft dollar commisions for Nikko AM Shenton Japan Fund:

Appointment of soft dollar brokers The Managers will only appoint soft dollar brokers onto their broker panel after they have ensured that:a) full disclosure of the practice of accepting soft dollars is made;b) the commission rates charged are comparable with the market rates;c) there is no conflict of interest;d) the soft dollar credits are used only for clearly defined services;e) at all times trades are executed through the respective brokers only on the basis of best execution regardless whether soft dollar benefits will accrue. Best execution shall include competitive prices with smooth execution ability; andf) relevant regulations and guidelines are complied with. The procedures for the appointment of the brokers shall be no different from that of normal full service brokers.

Execution and allocation If any Trustee objects to the use of the soft dollar brokers, the trades of the relevant Scheme(s) shall be segregated from the rest of the trades that are executed through the relevant soft dollar broker(s). The Managers will execute trades for such accounts only with authorised full service brokers. It is the responsibility of the Managers to ensure that the allocation quotas are adhered to. In addition, the Managers will monitor the execution ability of the soft dollar brokers and assign the business strictly on a “best execution” basis. Subject to the provisions of the Code*, in its management of the Fund, the Managers may receive soft dollar commissions from, or may enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars received would be restricted to the following kinds of services:(a) specific advice as to the advisability of dealing in, or of the value of any investments;(b) research and advisory services;(c) economic and political analysis;(d) portfolio analysis including valuation and portfolio measurements;(e) market analysis;(f) data and quotation services;(g) computer hardware or software that are used to support the investment decision making





process, the giving of advice, or the conduct of research or analysis; and(h) custodial services in relation to the investments managed for clients. The following are, however, prohibited:a) travel, accommodation and entertainment expenses;b) general administrative goods and services including office equipment and premises;c) membership fees;d) employee salaries;e) direct money payments / rebates.

The Managers will retain the records of the payments made using soft dollar commissions.

Subject to the provisions of the Code, the Sub-Managers of the Nikko AM Shenton Japan Fund may receive soft-dollar commissions from, or may enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund. However, in any such arrangement, the Sub-Managers of the Nikko AM Shenton Japan Fund will abide by the restrictions and prohibitions set out in the prospectus. The Managers and the Sub-Managers of the Nikko AM Shenton Japan Fund will not accept or enter into soft-dollar commissions / arrangements unless: - such soft-dollar commissions / arrangements would in the opinion of the Managers / Sub-Managers, assist the Managers / Sub-Managers in their management of the Fund;- the Managers / Sub-Managers shall ensure at all times that best execution is carried out for the transactions; and - no unnecessary trades are entered into in order to qualify for such soft-dollar commissions / arrangements. The Managers and the Sub-Managers of the Nikko AM Shenton Japan Fund will comply with applicable regulatory and industry standards on soft dollars. * The “Code” means the Code on Collective Investment Schemes issued by the Authority pursuant to the Securities and Futures Act, as may be amended, modified, or supplemented from time to time by the Authority. Information is from the Fund’s prospectus dated 25 April 2017



AIA Managed PortfoliosFUND PERFORMANCE

AIA PORTFOLIO 30Period Fund Benchmark*


^ Annualised returns* Benchmark Details:Inception to 30 June 2011 - 25% MSCI AC World Free Index & 75% JP Morgan Sing Govt Bond IndexFrom 1 July 2011 - 30% MSCI World & 70% Citigroup World Government BondFrom 2 January 2014 - 30% MSCI World Index & 70% Citigroup World Government Bond IndexSGD Hedged




^ Annualised returns* Benchmark Details:Inception to 30 June 2011 - 45% MSCI AC World Free Index & 40% JP Morgan Sing Govt Bond Index & 15% Salomon World Govt Bond IndexFrom 1 July 2011 - 50% MSCI World & 50% Citigroup World Government BondFrom 2 January 2014 - 50% MSCI World Index & 50% Citigroup World Government Bond IndexSGD Hedged




AIA Managed PortfoliosFUND PERFORMANCE



^ Annualised returns* Benchmark Details:Inception to 30 June 2011 - 65% MSCI AC World Free Index & 20% JP Morgan Sing Govt Bond Index & 15% Salomon World Govt Bond IndexFrom 1 July 2011 - 70% MSCI World & 30% Citigroup World Government BondFrom 2 January 2014 - 70% MSCI World Index & 30% Citigroup World Government Bond IndexSGD Hedged




^ Annualised returns* Benchmark Details:Inception to 30 June 2011 - MSCI World Free Index From 1 July 2011 - 60% MSCI World & 40% Dividend Yield (MSCI World)




AIA Managed PortfoliosPORTFOLIO STATEMENTS

PORTFOLIO 30Investment In Collective Investment Scheme Market Value % of Net

SGD Asset ValueSchroder Multi-Asset Revolution 30 16,773,800 99.79






SGD Asset ValueAllianz Global Investors Premier Funds - Global High Payout Fund

10,323,417 97.15




SCHRODER MULTI-ASSET REVOLUTION 30


Schroder Singapore Fixed Income Fund Class I 8,481,304 31.86Schroder Global Quality Bond Class I USD Acc 3,923,749 14.74Schroder Asian Investment Grade Credit Class I 2,387,589 8.97SISF - US Large Cap I Acc 1,840,487 6.91SISF - QEP Global Core I Acc 1,538,404 5.78SISF - QEP Global Active Value I Acc 1,291,999 4.85SISF - Asian Opportunities I Acc 1,128,732 4.24SISF - Global Inflation Linked Bond I Acc 1,116,302 4.19SISF - Euro Equity I Acc 1,113,166 4.18SISF - QEP Global Quality I Acc 836,709 3.14


Schroder Singapore Fixed Income Fund Class I 9,188,456 35.91 Schroder Global Quality Bond Class I USD Acc 3,894,612 15.22 SISF - QEP Global Core I Acc 3,210,744 12.55 Schroder Asian Investment Grade Credit Class I 2,337,649 9.14 SISF - US Large Cap I Acc 1,518,711 5.94 SISF - Global Inflation Linked Bond I Acc 1,156,558 4.52 SISF - QEP Global Quality I Acc 995,205 3.89 SISF - Global Corporate Bond I Acc 809,580 3.16 SISF - European Large Cap I Acc 749,864 2.93 Vanguard Energy ETF 322,872 1.26

* Information extracted from the underlying Schroder Multi-Asset Revolution 30# Based on unaudited accounts as of 30 June 2017 ^ Based on unaudited accounts as of 30 June 2016






Schroder Singapore Fixed Income Fund Class I 14,747,256 20.30 SISF - QEP Global Core I Acc 9,751,492 13.43SISF - US Large Cap I Acc 9,508,566 13.09Schroder Global Quality Bond Class I USD Acc 8,061,047 11.10SISF - QEP Global Active Value I Acc 5,892,143 8.11Schroder Asian Investment Grade Credit Class I 4,291,112 5.91SISF - Euro Equity I Acc 4,018,801 5.53SISF - Asian Opportunities I Acc 3,707,960 5.11SISF - QEP Global Quality I Acc 3,055,792 4.21SISF - Global Inflation Linked Bond I Acc 2,306,473 3.18


Schroder Singapore Fixed Income Fund Class I 16,182,021 23.64 SISF - QEP Global Core I Acc 11,861,293 17.33 SISF - QEP Global Quality I Acc 7,653,205 11.18 Schroder Global Quality Bond Class I USD Acc 7,528,526 11.00 SISF - US Large Cap I Acc 7,242,472 10.58 Schroder Asian Investment Grade Credit Class I 4,479,798 6.54 SISF - European Large Cap I Acc 2,628,652 3.84 SISF - Global Inflation Linked Bond I Acc 2,174,417 3.18 SISF- Global Corporate Bond I Acc 2,088,041 3.05 SISF - Global Equity Alpha I Acc 2,052,318 3.00

* Information extracted from the underlying Schroder Multi-Asset Revolution 50# Based on unaudited accounts as of 30 June 2017 ^ Based on unaudited accounts as of 30 June 2016






SISF - QEP Global Core I Acc 27,973,461 18.20SISF - US Large Cap I Acc 26,248,949 17.08 Schroder Singapore Fixed Income Fund Class I 18,646,995 12.13 SISF - QEP Global Active Value I Acc 16,941,254 11.02 SISF - Euro Equity I Acc 11,793,716 7.67 SISF - Asian Opportunities I Acc 11,187,413 7.28 SISF - QEP Global Quality I Acc 11,004,819 7.16 Schroder Global Quality Bond Class I USD Acc 5,630,269 3.66 SISF - Japanese Equity I Acc 4,988,599 3.25 SISF - Global Inflation Linked Bond I Acc 3,343,799 2.18


SISF - QEP Global Core I Acc 34,130,859 23.91 Schroder Singapore Fixed Income Fund Class I 20,870,731 14.62 SISF - US Large Cap I Acc 20,360,747 14.26 SISF - QEP Global Quality I Acc 19,988,085 14.00 SISF - European Large Cap I Acc 9,712,254 6.80 SISF - Global Equity Alpha I Acc 8,831,820 6.19 Schroder Global Quality Bond Class I USD Acc 5,782,880 4.05 SISF- Global Corporate Bond I Acc 4,326,856 3.03 Schroder Asian Investment Grade Credit Class I 3,695,184 2.59 SISF - Global Inflation Linked Bond I Acc 3,152,351 2.21

* Information extracted from the underlying Schroder Multi-Asset Revolution 70 # Based on unaudited accounts as of 30 June 2017 ^ Based on unaudited accounts as of 30 June 2016




ALLIANZ GLOBAL INVESTORS PREMIER FUNDS - ALLIANZ GLOBAL HIGH PAYOUT FUND


Exxon Mobil Corp 1,594,524 2.13 Apple Inc 1,547,141 2.07 Intel Corp Com 1,532,807 2.05 Altria Group Inc 1,509,884 2.02 Pfizer Inc 1,494,298 2.00 Johnson & Johnson 1,358,266 1.82 AT & T Inc 1,281,288 1.71 Novartis 1,262,503 1.69 AbbVie Inc 1,222,083 1.63 Lyondellbasell Industries Class A 1,168,951 1.56


AT & T Inc 1,435,044 1.73 Chevron Corp 1,413,360 1.71 General Motors Co 1,393,600 1.68 Pfizer Inc 1,385,374 1.67 The Children's Place, Inc 1,211,400 1.46 Apple Inc 1,158,400 1.40 Dow Chemical Co 1,144,400 1.38 Daimler AG Reg 1,116,822 1.35 Cisco Systems Inc 1,114,374 1.35 Johnson & Johnson 1,037,160 1.25

*Information extracted from underlying Allianz Global Investors Premier Funds - Allianz Global High Payout Fund



AIA Managed PortfoliosOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts:AIA Portfolio 30 - - - - AIA Portfolio 50 - - - - AIA Portfolio 70 - - - - AIA Portfolio 100 - - - -

BorrowingsN/A

Total Redemptions and Subscriptions Redemptions SubscriptionsSGD SGD

AIA Portfolio 30 2,868,409 2,319,248 AIA Portfolio 50 3,258,476 2,791,229 AIA Portfolio 70 5,953,710 5,015,760 AIA Portfolio 100 1,471,549 1,214,995


Expense Ratios 31 Dec 2017 31 Dec 2016AIA Portfolio 30* 0.95% 0.95%AIA Portfolio 50* 1.55% 1.55%AIA Portfolio 70* 1.55% 1.55%AIA Portfolio 100* 1.75% 1.73%


Underlying Funds:Schroder Multi-Asset Revolution 30^ 1.47% 1.48%Schroder Multi-Asset Revolution 50^ 1.48% 1.48%Schroder Multi-Asset Revolution 70^ 1.51% 1.51%Allianz Global Investors Premier Funds - Allianz Global High Payout Fund#

1.63% 1.66%Note: Expense ratio does not include brokerage and other transaction costs, performance fee,

foreign exchange gains/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.

* Includes underlying fund expense ratio^ Based on unaudited accounts as of 30 September 2017 and 30 June 2016 respectively# Based on unaudited draft accounts



AIA Managed PortfoliosOTHER INFORMATION

Turnover Ratios 31 Dec 2017 31 Dec 2016 Local Funds:The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Funds:Schroder Multi-Asset Revolution 30^ 45.43% 35.15%Schroder Multi-Asset Revolution 50^ 58.62% 35.73%Schroder Multi-Asset Revolution 70^ 79.87% 32.94%Allianz Global Investors Premier Funds - Allianz Global High Payout Fund* 94.98% 69.72%

^ Based on unaudited accounts as of 30 June 2017 and 30 June 2016 respectively* Based on unaudited draft accounts


Soft Dollar CommissionsAllianzGI does not receive any soft dollar commissions in respect of Allianz Global High Payout Fund.

Soft dollar commissions for Schroder funds:

In the management of the Fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the Fund and the soft dollars received are restricted to the following kinds of services:

(i) research, analysis or price information; (ii) performance measurement;(iii) portfolio valuations; and (iv) administration services.

The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the Fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment.

The description of soft dollars and the conditions set out above also apply to the investment managers of the underlying funds domiciled in Luxembourg and Singapore.



AIA Multi SelectFUND PERFORMANCE

AIA Multi Select 30Period Fund Benchmark*

% %3-month 1.24 1.66 6-month 2.25 2.91 1-year 5.68 6.59 3-year^ 2.81 4.85 5-year^ 3.03 5.04 10-year^ N/A N/ASince inception^ 2.18 4.09

Ânnualised Returns*Benchmark Details :From inception to 1 June 2015: 3% MSCI Singapore DTR Net, 4% MSCI AC Asia ex Jp DTR Net, 6.6% MSCI Japan DTR Net, 4.4% MSCI Europe DTR Net, 12% MSCI North America DTR Net, 23% Citi World Govt Bond Index & 47% Citi Singapore Govt Bond IndexFrom 2 June 2015 onwards: 3% MSCI AC Asia ex Japan DTR Net, 2% TOPIX1 Index, 8% MSCI Europe DTR Net, 17% S&P 500 TR, 35% Citi World Govt Bond Index ex Japan (hedged to S$), 35% JP Morgan Sing. Govt. Bond Index All


Note: Fund Inception date - 25 June 2008. Fund returns in SGD, bid to bid, net dividends reinvested



Ânnualised Returns*Benchmark Details :From inception to 1 June 2015: 7% MSCI Singapore DTR Net, 4% MSCI AC Asia ex Jp DTR Net, 9% MSCI Japan DTR Net, 2% MSCI Emerging Markets DTR Net, 17% MSCI Europe DTR Net, 16% MSCI North America DTR Net, 22% Citi World Govt Bond Index & 23% Citi Singapore Govt Bond IndexFrom 2 June 2015 onwards: 13% MSCI AC Asia ex Japan DTR Net, 2% TOPIX1 Index, 10% MSCI Emerging Markets DTR Net, 8% MSCI Europe DTR Net 17% S&P 500 TR, 25% Citi World Govt Bond Index ex Japan (hedged to S$), 25% JP Morgan Sing. Govt. Bond Index All





AIA Multi SelectFUND PERFORMANCE



Ânnualised Returns*Benchmark Details: From inception to 1 June 2015: 10% MSCI Singapore DTR Net, 4% MSCI AC Asia ex Jp DTR Net, 10% MSCI Japan DTR Net, 3% MSCI Emerging Markets DTR Net, 29% MSCI Europe DTR Net, 19% MSCI North America DTR Net, 15% Citi World Govt Bond Index & 10% Citi Singapore Govt Bond IndexFrom 2 June 2015 onwards: 23% MSCI AC Asia ex Japan DTR Net, 2% TOPIX1 Index, 20% MSCI Emerging Markets DTR Net, 8% MSCI Europe DTR Net 17% S&P 500 TR, 15% Citi World Govt Bond Index ex Japan (hedged to S$), 15% JP Morgan Sing. Govt. Bond Index All



AIA Multi Select 30Investment In Collective Investment Scheme Market Value

SGD% of Net

Asset ValueAIA Regional Equity Fund 44,413 3.95 AIA Japan Equity Fund 28,528 2.54 AIA European Equity Fund 96,480 8.59 AIA US Equity Fund 224,691 20.00 AIA Global Bond Fund 358,832 31.93 AIA Regional Fixed Income Fund 373,367 33.23

Total 1,126,311 100.24



AIA Multi SelectPORTFOLIO STATEMENTS


SGD% of Net

Asset ValueAIA Regional Equity Fund 467,077 15.93 AIA Japan Equity Fund 69,024 2.36 AIA Emerging Markets Equity Fund 363,647 12.41 AIA European Equity Fund 232,039 7.92 AIA US Equity Fund 542,703 18.51 AIA Global Bond Fund 611,554 20.86 AIA Regional Fixed Income Fund 639,428 21.81

Total 2,925,472 99.80


SGD% of Net

Asset ValueAIA Regional Equity Fund 1,182,740 25.45AIA Japan Equity Fund 99,854 2.15 AIA Emerging Markets Equity Fund 1,038,340 22.35AIA European Equity Fund 351,335 7.55AIA US Equity Fund 799,031 17.20AIA Global Bond Fund 579,682 12.48AIA Regional Fixed Income Fund 597,395 12.86

Total 4,648,377 100.04

AIA Multi Select 30


AIA Regional Fixed Income Fund 373,367 33.23 AIA Global Bond Fund 358,832 31.93 AIA US Equity Fund 224,691 20.00 AIA European Equity Fund 96,480 8.59 AIA Regional Equity Fund 44,413 3.95 AIA Japan Equity Fund 28,528 2.54





AIA Regional Fixed Income Fund 310,226 33.20 AIA Global Bond Fund 308,380 33.00 AIA US Equity Fund 179,870 19.25 AIA European Equity Fund 77,178 8.26 AIA Regional Equity Fund 30,673 3.28 AIA Japan Equity Fund 21,725 2.32




AIA Multi Select 30 invested more than 30% of its assets in AIA Global Bond Fund and AIA Regional Fixed Income Fund.The following are the top 10 holdings in the AIA Global Bond Fund and AIA Regional Fixed Income Fund.

AIA GLOBAL BOND FUND


US Treasury Bond 1.5% 31/12/2018 25,767,684 9.19Buoni Poliennali Del Tes 1.45% 15/09/2022 16,321,855 5.82France (Govt of) (Reg S) 0.25% 25/11/2016 16,080,750 5.74US Treasury Bond 4.5% 15/08/2039 14,333,196 5.11US Treasury Bond 2.125% 29/02/2024 11,347,664 4.05Japan (Govt of) CPI Linked Ser 16 1.4% 10/06/2018 10,884,252 3.88Poland Government Bond Ser 726 2.5% 25/07/2026 10,405,357 3.71US Treasury Bond 2.875% 15/05/2043 10,225,010 3.65UK Treasury 4.25% 07/12/2040 9,680,028 3.45Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/2042 9,450,273 3.37


US Treasury Bond 1.5% 31/12/2018 24,905,129 9.99France (Govt of) (Reg S) 0.25% 25/11/2016 17,564,512 7.05TSY Infl IX Bond 0.250% 15/01/2025 14,226,133 5.71Buoni Poliennali Del Tes 1.45% 15/09/2022 14,142,537 5.68US Treasury Bond 4.5% 15/08/2039 13,575,186 5.45Poland Government Bond Ser 726 2.5% 25/07/2026 13,054,592 5.24Japan (Govt of) CPI Linked Ser 16 1.4% 10/06/2018 10,871,254 4.36Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/2042 10,141,054 4.06US Treasury Bond 2.875% 15/05/2043 9,466,669 3.79US Treasury N/B 1.00% 15/09/2017 9,259,883 3.71

*Information extracted from the underlying Legg Mason Western Asset Global Bond Trust




AIA REGIONAL FIXED INCOME FUND


Singapore Gov't SIGB 3 09/01/24 51,747,560 4.03 SIngapore Gov't SIGB 2 3/8 06/01/25 48,041,235 3.74 Singapore Gov't SIGB 2 3/4 07/01/23 43,012,487 3.35 Singapore Gov't SIGB 2 1/4 08/01/36 40,751,755 3.17 Singapore Gov't SIGB 2 7/8 09/01/30 33,930,273 2.64 Singapore Gov't SIGB 2 1/4 06/01/21 29,028,105 2.26 Singapore Gov't SIGB 2 3/4 03/01/46 27,602,640 2.15 Singapore Gov't SIGB 3 3/8 09/01/33 26,366,430 2.05 United Overseas UOBSP 3 1/2 05/22/26 25,649,750 2.00 Stanln Frn 10Apr2023 24,732,995 1.92


Singapore Gov't SIGB 3 09/01/24 50,537,000 4.39 Singapore Gov't SIGB 2 3/8 06/01/25 46,516,250 4.04 Singapore Gov't SIGB 2 3/4 07/01/23 42,275,388 3.67 Singapore Gov't SIGB 2 1/4 08/01/36 30,448,658 2.65 Singapore Gov't SIGB 3 1/2 03/01/27 29,281,500 2.54 Singapore Gov't SIGB 2 1/4 06/01/21 29,018,700 2.52 Singapore Gov't SIGB 2 1/8 06/01/26 27,181,560 2.36 Singapore Gov't SIGB 2 7/8 09/01/30 25,410,500 2.21 United Overseas UOBSP 3 1/2 05/22/26 25,340,975 2.20 Stanln FRN 10Apr2023 25,266,850 2.20

AIA Multi Select 50


AIA Regional Fixed Income Fund 639,428 21.81 AIA Global Bond Fund 611,554 20.86 AIA US Equity Fund 542,703 18.51 AIA Regional Equity Fund 467,077 15.93 AIA Emerging Markets Equity Fund 363,647 12.41 AIA European Equity Fund 232,039 7.92 AIA Japan Equity Fund 69,024 2.36





AIA Regional Fixed Income Fund 552,792 23.04 AIA Global Bond Fund 547,433 22.82 AIA US Equity Fund 449,481 18.74 AIA Regional Equity Fund 331,668 13.83 AIA Emerging Markets Equity Fund 264,540 11.03 AIA European Equity Fund 192,339 8.02 AIA Japan Equity Fund 54,286 2.26

AIA Multi Select 70


AIA Regional Equity Fund 1,182,740 25.45AIA Emerging Markets Equity Fund 1,038,340 22.35AIA US Equity Fund 799,031 17.20AIA Regional Fixed Income Fund 597,395 12.86AIA Global Bond Fund 579,682 12.48AIA European Equity Fund 351,335 7.55AIA Japan Equity Fund 99,854 2.15


AIA Regional Equity Fund 638,338 23.52 AIA Emerging Markets Equity Fund 576,296 21.23 AIA US Equity Fund 489,746 18.05 AIA Regional Fixed Income Fund 365,787 13.48 AIA Global Bond Fund 365,182 13.46 AIA European Equity Fund 212,478 7.83 AIA Japan Equity Fund 58,784 2.17




% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts:AIA Multi Select 70 - - - - AIA Multi Select 50 - - - - AIA Multi Select 30 - - - -

BorrowingsN/A


Subscriptions SGD

AIA Multi Select 70 385,491 1,776,305 AIA Multi Select 50 449,867 676,491 AIA Multi Select 30 41,429 175,306


Expense Ratios 31 Dec 2017 31 Dec 2016 AIA Multi Select 70* 1.95% 2.10%AIA Multi Select 50* 1.92% 1.94%AIA Multi Select 30* 2.72% 2.83%


AIA Multi SelectOTHER INFORMATION



AIA Multi SelectOTHER INFORMATION

Underlying Funds: 31 Dec 2017 31 Dec 2016 AIA Emerging Markets Equity Fund 1.75% 1.75%AIA Regional Equity Fund 1.68% 1.67%AIA Japan Equity Fund 1.67% 1.66%AIA European Equity Fund 1.76% 1.79%AIA US Equity Fund 1.73% 1.73%AIA Global Bond Fund 0.95% 0.95%AIA Regional Fixed Income Fund 0.87% 0.87%

Note:* Includes underlying fund expense ratio

Turnover Ratios 31 Dec 2017 31 Dec 2016 Local Funds:The turnover ratio of the Local Fund(s) follow that of the Underlying Fund(s) as the Local Fund(s) invest all or substantially all of its assets into its Underlying Fund(s).

Underlying Funds:Please refer to the respective ILP sub-funds.


Soft Dollar CommissionsPlease refer to the respective ILP sub-funds.



AIA Regional Equity FundFUND PERFORMANCE



^ Annualised returns* Benchmark Details : Inception to December 2000 - MSCI AC Far East Free ex Japan GrossFrom January 2001 onwards - MSCI AC Far East Free ex Japan DTR Net Index (in SGD)From 1 October 2014 onwards - MSCI All Country Asia ex-Japan

Note: Fund inception date - 2 September 1997. Fund returns in SGD, bid-to-bid, net dividends reinvested



Fidelity Funds- Asian Equity Fund 1,320,514,935 100.02



AIA Regional Equity FundPORTFOLIO STATEMENTS

FIDELITY FUNDS - ASIAN EQUITY FUND


Tencent Holdings 90,046,532 6.82Taiwan Semiconduct Manufacturing 78,938,319 5.98Alibaba Group Holding ADR 61,458,662 4.66Samsung Electronics 53,169,512 4.03AIA Group 48,316,613 3.66United Overseas Bank 34,104,300 2.58China Mobile 30,569,897 2.32HDFC Bank 26,352,075 2.00Housing Development Finance 24,587,468 1.86China Petroleum & Chemical 24,484,293 1.85


Taiwan Semiconduct Manufacturing 61,056,384 6.11Samsung Electronics 60,689,480 6.07Tencent Holdings 51,786,981 5.18AIA Group 40,083,787 4.01Alibaba Group Holdings ADR 39,575,667 3.96China Mobile 24,483,258 2.45Bank Central Asia 21,420,863 2.14SK HYNIX 20,792,344 2.08Techtonic Industries ORD 20,515,947 2.05United Overseas Bank 20,164,367 2.02

* Information extracted from the underlying Fidelity Funds - Asian Equity Fund



AIA Regional Equity FundOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD


BorrowingsN/A



Expense Ratios 31 Dec 2017 31 Dec 2016Local Fund* 1.68% 1.67%


Underlying Fund:Fidelity Funds - Asian Equity Fund 1.22%** 1.21%^

Note: Expense ratio does not include brokerage and other transaction costs, performance fee, foreign exchange gains/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.* Includes underlying fund expense ratio^ Based on audited accounts as of 30 April 2016** Based on unaudited accounts


Underlying Fund:Fidelity Funds - Asian Equity Fund 93.92%** 128.59%^

^ Based on audited accounts as of 30 April 2016** Based on unaudited accounts




AIA Regional Equity FundOTHER INFORMATION

Soft Dollar CommissionsThe Investment Manager and any of its delegates may effect transactions by or through the agency of another person with whom the Investment Manager and any of its delegates have an arrangement under which that party will from time to time provide to or procure for the Investment Manager and any of its delegates goods, services or other benefits (such as research and advisory services, where permitted by regulation only), the nature of which is such that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the performance of the Fund and that of the Investment Manager or any of its delegates in providing services to the Fund and for which no direct payment is made but instead the Investment Manager and any of its delegates undertake to place business with that party. For the avoidance of doubt, such goods and services do not include travel, accommodation,entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments.

The Investment Manager and any of its delegates shall not retain the benefit of any cash commission rebate(being repayment of a cash commission made by a broker or dealer to the Investment Manager and/or any delegates) paid or payable from any such broker or dealer in respect of any business placed with such broker or dealer by the Investment Manager or any of its delegates for or on behalf the Fund. Any such cash commission rebate from any such broker or dealer will be held by the Investment Manager and any of its delegates for the account of the Fund. Brokerage rates will not be excessive of customary brokerage rates.All transactions will be done with best execution.



AIA Regional Fixed Income FundFUND PERFORMANCE



^ Annualised returns* Benchmark Details:Inception to December 2000 - UOB Sing Govt Bond Index (AII)January 2001 onwards - JP Morgan Sing Bond Index (AII)

Note: Fund inception date - 2 September 1997. Funds returns in SGD, bid-to-bid, net dividends reinvested



Singapore 834,376,680 64.90Australia 86,459,181 6.73China 79,887,790 6.21United Kingdom 68,173,574 5.30Japan 48,781,903 3.79Hong Kong 30,408,135 2.37Indonesia 23,012,603 1.79Canada 21,402,705 1.67France 13,492,880 1.05Netherlands 9,757,547 0.76Malaysia 9,147,883 0.71UAE 7,861,110 0.61Germany 5,321,925 0.41

Portfolio of Investments 1,238,083,916 96.30Other Net Assets 47,519,448 3.70Total 1,285,603,364 100.00



AIA Regional Fixed Income FundPORTFOLIO STATEMENTS


Sovereign Government Obligations 429,857,535 33.44Financials 311,593,465 24.24Real Estate 234,093,727 18.21Industrial 101,219,275 7.87Telecommunication Services 69,728,825 5.42Government Agency 63,157,970 4.91Utilities 28,433,119 2.21

Portfolio of Investments 1,238,083,916 96.30Other Net Assets 47,519,448 3.70Total 1,285,603,364 100.00


Fixed Income Securities 1,118,888,789 87.03Hybrid Securities 119,195,127 9.27Other Net Assets 47,519,448 3.70

Total 1,285,603,364 100.00


Aaa 432,955,362 33.68 A1 31,338,255 2.44 A2 27,563,850 2.14 A3 112,871,538 8.78 Baa1 147,446,080 11.47 Baa2 70,148,863 5.46 Baa3 106,239,678 8.26 Ba1 15,426,510 1.20 Not rated 294,093,781 22.88




AIA Regional Fixed Income FundPORTFOLIO STATEMENTS


Singapore Gov't SIGB 3 09/01/24 51,747,560 4.03 SIngapore Gov't SIGB 2 3/8 06/01/25 48,041,235 3.74 Singapore Gov't SIGB 2 3/4 07/01/23 43,012,487 3.35 Singapore Gov't SIGB 2 1/4 08/01/36 40,751,755 3.17 Singapore Gov't SIGB 2 7/8 09/01/30 33,930,273 2.64 Singapore Gov't SIGB 2 1/4 06/01/21 29,028,105 2.26 Singapore Gov't SIGB 2 3/4 03/01/46 27,602,640 2.15 Singapore Gov't SIGB 3 3/8 09/01/33 26,366,430 2.05 United Overseas UOBSP 3 1/2 05/22/26 25,649,750 2.00 Stanln Frn 10Apr2023 24,732,995 1.92


Singapore Gov't SIGB 3 09/01/24 50,537,000 4.39 Singapore Gov't SIGB 2 3/8 06/01/25 46,516,250 4.04 Singapore Gov't SIGB 2 3/4 07/01/23 42,275,388 3.67 Singapore Gov't SIGB 2 1/4 08/01/36 30,448,658 2.65 Singapore Gov't SIGB 3 1/2 03/01/27 29,281,500 2.54 Singapore Gov't SIGB 2 1/4 06/01/21 29,018,700 2.52 Singapore Gov't SIGB 2 1/8 06/01/26 27,181,560 2.36 Singapore Gov't SIGB 2 7/8 09/01/30 25,410,500 2.21 United Overseas UOBSP 3 1/2 05/22/26 25,340,975 2.20 Stanln FRN 10Apr2023 25,266,850 2.20



AIA Regional Fixed Income FundOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts 1,440,329 - 9,933,831 1,440,329


BorrowingsN/A



Expense Ratios 31 Dec 2017 31 Dec 2016Local Fund 0.87% 0.87%


Turnover Ratios 31 Dec 2017 31 Dec 2016Local Fund 75.18% 53.81%





AIA S$ Money Market FundFUND PERFORMANCE



^ Annualised returns*Benchmark Details:Inception to August 2015 - 1 week SIBOR (Bid)From September 2015 onwards - 1 month Deposit Rate

Note: Fund inception date - 15 June 1999. Fund returns in SGD, bid-to-bid, net dividends reinvested



Singapore 37,379,650 61.40Qatar 4,007,200 6.58South Korea 3,995,080 6.56Malaysia 1,994,560 3.28

Portfolio of Investments 47,376,490 77.82 Other Net Assets 13,500,704 22.18Total 60,877,194 100.00


Sovereign Government Obligations 41,374,730 67.96Financials 4,007,200 6.58Government Agency 1,994,560 3.28

Portfolio of Investments 47,376,490 77.82 Other Net Assets 13,500,704 22.18Total 60,877,194 100.00



AIA S$ Money Market FundPORTFOLIO STATEMENTS


Fixed Income Securities 47,376,490 77.82Other Net Assets 13,500,704 22.18

Total 60,877,194 100.00


Aaa 4,986,400 8.19 Aa2 3,995,080 6.56 Aa3 4,007,200 6.58 A3 1,994,560 3.28 Not rated 32,393,250 53.21


Maturity of Debt Securities Market Value % of Net SGD Asset Value

Up to 30 days 4,494,960 7.38 31 - 60 days 9,974,900 16.39 61 - 90 days 12,956,390 21.28 91-120 days 4,986,400 8.19 121-180 days 12,969,280 21.30 More than 180 days 1,994,560 3.28


MAS Bills MASPSP 03/09/18 6,978,650 11.46MAS Bills MASPSP 03/23/18 5,977,740 9.82MAS Bills MASPSP 02/23/18 4,987,900 8.19MAS Bills MASPSP 02/27/18 4,987,000 8.19Singapore Gov't SIGB 0 1/2 04/01/18 4,986,400 8.19MAS Bills MASPSP 05/22/18 4,967,000 8.16MAS Bills MASPSP 01/26/18 4,494,960 7.38QNB Finance Ltd QNBK 2 1/2 05/04/18 4,007,200 6.58EXP-IMP BK Korea EIBKOR 1 3/4 06/15/18 3,995,080 6.56Cagamas Global CAGA 1.52 09/20/18 1,994,560 3.28



AIA S$ Money Market FundPORTFOLIO STATEMENTS


MAS Bills MASPSP 01/20/17 4,997,895 6.37MAS Bills MASPSP 02/03/17 4,996,170 6.37QNB Finance Ltd QNBK 2 1/2 05/04/18 4,004,880 5.12EXP-IMP BK Korea EIBKOR 1 3/4 06/15/18 3,997,380 5.11MAS Bills MASPSP 06/06/17 3,982,112 5.09Cagamas Global CAGA 2.37 11/27/17 3,010,560 3.85Malayan Banking MAYMK 1.85 04/10/17 2,998,320 3.83Com Bk Australia CBAAU 1.1 07/14/17 2,996,970 3.83Sumitomo MIT/SG SUMIBK 1.9 02/27/17 998,725 1.28



AIA S$ Money Market FundOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD



BorrowingsN/A





Turnover Ratios 31 Dec 2017 31 Dec 2016 Local Fund 65.19% 15.26%



Important Note: The Cash Fund* is recommended to be used as a short term holding fund and not as a form of long term investment as the Cash Fund* may not yield returns that are higher than the prevailing CPF interest rates. If you are in doubt, you should consult your AIA Financial Services Consultant / Financial Advisory Representative.

*This refers to investment using your CPF monies only. The Cash Fund is also referred to as Money Market Fund.



AIA US Equity FundFUND PERFORMANCE



Ânnualised returns* Standard & Poor’s 500




% of NetAsset Value

PineBridge US Large Cap Research Enhanced Fund 58,024,852 99.84



AIA US Equity FundPORTFOLIO STATEMENTS

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND


Apple Inc. 12,338,898 4.69 Facebook, Inc. 7,294,503 2.77 Alphabet Inc. 7,138,954 2.72 Chevron Corporation 5,412,214 2.06 UnitedHealth Group Incorporated 5,004,222 1.90 Home Depot, Inc. 4,971,182 1.89 Visa Inc. 4,920,419 1.87 Microsoft Corporation 4,911,194 1.87 Boeing Company 4,469,361 1.70 Exxon Mobil Corporation 4,251,421 1.62


Microsoft Corp 8,605,334 3.37SPDR S&P 500 ETF Trust 6,634,147 2.60Johnson & Johnson 6,610,750 2.59AT&T Inc 5,991,499 2.35Apple Inc 5,459,060 2.14FaceBook Inc A 5,453,715 2.14Alphabet Inc 5,372,639 2.10Citigroup Inc 4,691,820 1.84 Home Depot Inc 4,640,375 1.82Merck & Co. Inc. 4,494,077 1.76

* Information extracted from the underlying PineBridge US Large Cap Research Enhanced FundNote: The Underlying Fund was changed from AIG American Equity Fund to PineBridge US Large Cap Research Enhanced Fund effective 18 May 2007.



AIA US Equity FundOTHER INFORMATION


% of NetAsset Value

Realised Gains/

(Losses) SGD

Unrealised Gains/

(Losses) SGD

Forward foreign exchange contracts 160 - 4,196 160

BorrowingsN/A





Underlying Fund:PineBridge US Large Cap Research Enhanced Fund^ 1.20% 1.20%

Note: Expense ratio does not include brokerage and other transaction costs, performance fee, foreign exchange gains/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.* Includes underlying fund expense ratio^ Based on unaudited accounts



AIA US Equity FundOTHER INFORMATION


Underlying Fund:PineBridge US Large Cap Research Enhanced Fund^ 129.75% 141.80%

^ Based on unaudited accounts.


Soft Dollar CommissionsPineBridge Investments LLC (“PineBridge”) has entered into soft dollar commission arrangements with selected brokers where it obtains services from third parties. These services relate to research and are eligible under the safe harbor of Section 28(e) of the Securities and Exchange Act of 1934. These services generally benefit all of PineBridge’s clients in terms of input into the investment decision making process. The soft dollar credits utilized are not allocated on a specific client basis. PineBridge further confirms that, as per our Compliance Manual, we seek to obtain best execution on all transactions.

The accompanying notes form an integral part of these Statements.

Statement of Assets and LiabilitiesAs at 31 December 2017


AIA Acorns of Asia

Fund

AIA Emerging Markets

Balanced Fund


Equity Fund

$ $ $Equity Securities 827,554,377 - - Debt Securities 415,858,784 - - Investments in Funds - 171,916,444 155,197,458 Value of Investments 1,243,413,161 171,916,444 155,197,458

Other AssetsInterest Bearing Deposits and Bank Balances

13,493,197 4,118,248 130,033

Accrued and Outstanding Interest and Dividends

4,178,712 - -

Other Assets 6,891,240 448,591 403,900 Total Assets 1,267,976,310 176,483,283 155,731,391

LiabilitiesOther Liabilities (3,327,695) (429,719) (431,839)

Value of Fund as at 31 December 2017 1,264,648,615 176,053,564 155,299,552

AIA European Equity

Fund

AIA Global Balanced

Fund

AIA Global Bond Fund

$ $ $Equity Securities - - - Debt Securities - - - Investments in Funds 11,118,921 177,017,913 25,132,205 Value of Investments 11,118,921 177,017,913 25,132,205


17,123 5,434,859 30,652


- - -

Other Assets 11,209 72,565 59,732 Total Assets 11,147,253 182,525,337 25,222,589

LiabilitiesOther Liabilities (34,107) (190,810) (86,187)

Value of Fund as at 31 December 2017 11,113,146 182,334,527 25,136,402




AIA Global Equity

Fund

AIA Global PropertyReturns

Fund

AIA Global Resources

Fund



211,902 55,674 569,269


- - -




AIA Global Technology

Fund

AIA Greater China

Balanced Fund

AIA Greater China Equity

Fund$ $ $

Equity Securities - - - Debt Securities - - - Investments in Funds 129,763,645 427,965,393 556,739,312 Value of Investments 129,763,645 427,965,393 556,739,312


91,850 8,924,463 255,911


- - -







AIA Growth Fund

AIA India Balanced

Fund

AIA India Opportunities

Fund

$ $ $Equity Securities 458,479,496 - - Debt Securities 154,685,249 - - Investments in Funds 38,746,751 353,121,273 235,860,644 Value of Investments 651,911,496 353,121,273 235,860,644


7,396,846 8,306,260 66,852


2,908,850 - -




AIA India Equity

Fund

AIA International Health Care

Fund

AIA Japan Balanced

Fund



649,974 57,492 637,871


- - -







AIA Japan Equity

Fund

AIA Portfolio 30

AIA Portfolio 50



51,910 19,120 42,251


- - -




AIA Portfolio 70

AIA Portfolio 100

AIA Multi Select 30



62,515 147,948 4,040


- 261,980 -

Other Assets 100,778 22,520 - Total Assets 43,713,124 10,755,865 1,130,351






AIA Multi Select 50

AIA Multi Select 70

AIA Regional Equity

Fund

$ $ $Equity Securities - - - Debt Securities - - - Investments in Funds 2,925,472 4,648,377 1,320,514,935 Value of Investments 2,925,472 4,648,377 1,320,514,935


13,106 5,664 687,275


- - -

Other Assets - - 408,307 Total Assets 2,938,578 4,654,041 1,321,610,517

LiabilitiesOther Liabilities (7,326) (7,465) (1,419,918)

Value of Fund as at 31 December 2017 2,931,252 4,646,576 1,320,190,599

AIA Regional Fixed Income

Fund

AIA S$ Money Market Fund

AIA US Equity Fund

$ $ $Equity Securities 119,195,127 - - Debt Securities 1,118,888,789 47,376,490 - Investments in Funds - - 58,024,852 Value of Investments 1,238,083,916 47,376,490 58,024,852


35,378,324 13,363,320 189,964


10,831,566 48,563 -

Other Assets 1,598,482 116,428 54,162 Total Assets 1,285,892,288 60,904,801 58,268,978




Capital and Income AccountFrom 1 January 2017 to 31 December 2017


AIA Acorns of Asia Fund


Balanced Fund


Equity Fund

$ $ $ Value of Fund as at 1 January 2017 1,009,885,389 158,682,738 126,685,861

Amounts Received by the Fund for Creation of Units 187,248,217 13,937,466 19,326,653 Amounts Paid by the Fund for Liquidation of Units (189,819,135) (25,696,455) (25,422,390)Net Cash into/ (out of) the Fund (2,570,918) (11,758,989) (6,095,737)

Investment and Other IncomeDividend Income 14,545,397 - - Interest Income 12,612,032 386 7 Other Income 7,090 878 3,013

27,164,519 1,264 3,020

Fund ExpensesManagement Fees (17,244,023) (667,217) (561,476)Other Expenses (1,491,090) (28,036) (24,226)

(18,735,113) (695,253) (585,702)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) (23,502,294) (7,614,269) (10,574,518)Net Realised Gain/ (Loss) on Sale of Investments 43,368,349 2,840,470 547,051 Unrealised Appreciation/(Depreciation) in Value of Investments during the Year

229,038,683 34,597,603 45,319,577

248,904,738 29,823,804 35,292,110 Increase/ (Decrease) in Net Asset Value for the Period 254,763,226 17,370,826 28,613,691





AIA European Equity Fund

AIA Global Balanced

Fund

AIA Global Bond Fund

$ $ $ Value of Fund as at 1 January 2017 10,923,076 177,157,627 28,216,362

Amounts Received by the Fund for Creation of Units 2,535,324 12,639,209 10,102,426 Amounts Paid by the Fund for Liquidation of Units (3,520,702) (23,234,373) (13,660,056)Net Cash into/ (out of) the Fund (985,378) (10,595,164) (3,557,630)

Investment and Other IncomeDividend Income - - - Interest Income 2 416 10 Other Income 587 499 765

589 915 775

Fund ExpensesManagement Fees (83,101) (927,869) 1,185 Other Expenses (12,371) (31,193) (13,034)

(95,472) (959,062) (11,849)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) (79) (4,518,254) - Net Realised Gain/ (Loss) on Sale of Investments 288,696 3,364,108 132,054 Unrealised Appreciation/(Depreciation) in Value of Investments during the Year 981,714 17,884,357 356,690

1,270,331 16,730,211 488,744 Increase/ (Decrease) in Net Asset Value for the Period 190,070 5,176,900 (3,079,960)





AIA Global Equity Fund

AIA Global Property Returns

Fund

AIA Global Resources

Fund


Amounts Received by the Fund for Creation of Units 11,237,989 2,554,923 55,417,514 Amounts Paid by the Fund for Liquidation of Units (7,378,159) (2,432,601) (70,739,671)Net Cash into/ (out of) the Fund 3,859,830 122,322 (15,322,157)

Investment and Other IncomeDividend Income - 419,879 - Interest Income 16 - - Other Income 2,426 870 10,460

2,442 420,749 10,460

Fund ExpensesManagement Fees (321,651) (580) 2,066 Other Expenses (21,014) (17,255) (48,003)

(342,665) (17,835) (45,937)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) (3,167,534) - - Net Realised Gain/ (Loss) on Sale of Investments 861,402 81,088 (8,992,126)Unrealised Appreciation/(Depreciation) in Value of Investments during the Year 11,917,390 281,419 27,558,123

9,611,258 362,507 18,565,997 Increase/ (Decrease) in Net Asset Value for the Period 13,130,865 887,743 3,208,363





AIA Global Technology

Fund

AIA Greater China

Balanced Fund

AIA Greater China Equity

Fund $ $ $

Value of Fund as at 1 January 2017 82,293,445 359,359,925 432,025,839

Amounts Received by the Fund for Creation of Units 45,325,822 50,713,752 73,480,040 Amounts Paid by the Fund for Liquidation of Units (23,741,598) (57,325,453) (102,222,442)Net Cash into/ (out of) the Fund 21,584,224 (6,611,701) (28,742,402)

Investment and Other IncomeDividend Income - - - Interest Income - 888 15 Other Income 1,996 1,059 3,163

1,996 1,947 3,178

Fund ExpensesManagement Fees 88,415 (2,266,477) (3,360,687)Other Expenses (27,073) (54,952) (54,429)

61,342 (2,321,429) (3,415,116)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) (3,778,320) - - Net Realised Gain/ (Loss) on Sale of Investments 3,062,707 16,444,685 17,540,848 Unrealised Appreciation/(Depreciation) in Value of Investments during the Year 25,803,063 70,106,871 139,189,780

25,087,450 86,551,556 156,730,628 Increase/ (Decrease) in Net Asset Value for the Period

46,735,012 77,620,373 124,576,288





AIA Growth Fund

AIA India Balanced

Fund

AIA India Opportunities

Fund $ $ $

Value of Fund as at 1 January 2017 590,211,362 323,284,306 203,903,761


Investment and Other IncomeDividend Income 16,172,357 - - Interest Income 5,141,182 784 - Other Income 5,506 1,084 495

21,319,045 1,868 495

Fund ExpensesManagement Fees (7,900,298) (498,696) 28,625 Other Expenses (163,991) (51,429) (50,724)

(8,064,289) (550,125) (22,099)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) (695,824) - - Net Realised Gain/ (Loss) on Sale of Investments 4,263,565 15,132,372 16,561,710 Unrealised Appreciation/(Depreciation) in Value of Investments during the Year 91,037,900 38,455,971 33,023,085

94,605,641 53,588,343 49,584,795 Increase/ (Decrease) in Net Asset Value for the Period

71,683,158 38,167,719 31,926,370





AIA India Equity

Fund

AIA International

Health Care Fund

AIA Japan Balanced

Fund



Investment and Other IncomeDividend Income - - - Interest Income 58 - 45 Other Income 3,246 961 134

3,304 961 179

Fund ExpensesManagement Fees (1,282,121) (460,265) (91,982)Other Expenses (41,133) (25,326) (12,480)

(1,323,254) (485,591) (104,462)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) (11,488,698) (2,412,695) - Net Realised Gain/ (Loss) on Sale of Investments 15,570,708 2,726,427 790,643 Unrealised Appreciation/(Depreciation) in Value of Investments during the Year 45,831,500 9,179,424 1,658,000

49,913,510 9,493,156 2,448,643 Increase/ (Decrease) in Net Asset Value for the Period 40,647,958 5,811,620 889,498





AIA Japan Equity

Fund

AIA Portfolio 30

AIA Portfolio 50


Amounts Received by the Fund for Creation of Units 8,665,530 2,319,248 2,791,229 Amounts Paid by the Fund for Liquidation of Units (11,312,393) (2,868,409) (3,258,476)Net Cash into/ (out of) the Fund (2,646,863) (549,161) (467,247)

Investment and Other IncomeDividend Income - - - Interest Income 10 5 5 Other Income 786 180 488

796 185 493

Fund ExpensesManagement Fees (109,596) 101,765 1,109 Other Expenses (13,034) (15,468) (25,747)

(122,630) 86,297 (24,638)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) - - - Net Realised Gain/ (Loss) on Sale of Investments 1,516,537 293,899 471,184 Unrealised Appreciation/(Depreciation) in Value of Investments during the Year 2,242,669 652,279 1,957,280

3,759,206 946,178 2,428,464 Increase/ (Decrease) in Net Asset Value for the Period 990,509 483,499 1,937,072





AIA Portfolio 70

AIA Portfolio 100

AIA Multi Select 30

$ $ $ Value of Fund as at 1 January 2017 40,723,537 10,185,701 934,494

Amounts Received by the Fund for Creation of Units 5,015,760 1,214,995 175,306 Amounts Paid by the Fund for Liquidation of Units (5,953,710) (1,471,549) (41,429)Net Cash into/ (out of) the Fund (937,950) (256,554) 133,877

Investment and Other IncomeDividend Income - 515,128 - Interest Income 7 4 1 Other Income 673 295 25

680 515,427 26

Fund ExpensesManagement Fees 7,018 755 (596)Other Expenses (25,860) (14,867) (15,115)

(18,842) (14,112) (15,711)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) - - - Net Realised Gain/ (Loss) on Sale of Investments 890,590 (42,535) 1,542 Unrealised Appreciation/(Depreciation) in Value of Investments during the Year 2,952,079 238,688 69,391

3,842,669 196,153 70,933 Increase/ (Decrease) in Net Asset Value for the Period

2,886,557 440,914 189,125





AIA Multi Select 50

AIA Multi Select 70

AIA Regional Equity

Fund $ $ $

Value of Fund as at 1 January 2017 2,399,074 2,713,809 1,000,105,302

Amounts Received by the Fund for Creation of Units 676,491 1,776,305 206,661,260 Amounts Paid by the Fund for Liquidation of Units (449,867) (385,491) (197,698,353)Net Cash into/ (out of) the Fund 226,624 1,390,814 8,962,907

Investment and Other IncomeDividend Income - - - Interest Income - - - Other Income 162 302 7,054

162 302 7,054

Fund ExpensesManagement Fees (122) (763) (5,302,931)Other Expenses (15,125) (15,114) (69,208)

(15,247) (15,877) (5,372,139)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) - - - Net Realised Gain/ (Loss) on Sale of Investments 17,443 23,952 18,691,277 Unrealised Appreciation/(Depreciation) in Value of Investments during the Year 303,196 533,576 297,796,198

320,639 557,528 316,487,475 Increase/ (Decrease) in Net Asset Value for the Period

532,178 1,932,767 320,085,297

Value of Fund as at 31 December 2017 2,931,252 4,646,576 1,320,190,599




AIA Regional Fixed Income

Fund

AIA S$ MoneyMarket

Fund

AIA US Equity Fund

$ $ $ Value of Fund as at 1 January 2017 1,150,997,718 78,284,685 53,391,914

Amounts Received by the Fund for Creation of Units 320,720,870 53,608,440 10,142,168 Amounts Paid by the Fund for Liquidation of Units (253,649,738) (71,507,470) (11,662,816)Net Cash into/ (out of) the Fund 67,071,132 (17,899,030) (1,520,648)

Investment and Other IncomeDividend Income 4,653,085 - - Interest Income 34,506,404 705,556 16 Other Income 16,366 6,995 2,778

39,175,855 712,551 2,794

Fund ExpensesManagement Fees (10,356,167) (184,548) (277,508)Other Expenses (250,190) (7,128) (21,288)

(10,606,357) (191,676) (298,796)

Net Gains/(Losses) on InvestmentsExchange Gain/ (Loss) (368,201) - (2,914,927)Net Realised Gain/ (Loss) on Sale of Investments 9,021,926 - 2,072,711 Unrealised Appreciation/(Depreciation) in Value of Investments during the Year 30,311,291 (29,336) 7,387,163

38,965,016 (29,336) 6,544,947 Increase/ (Decrease) in Net Asset Value for the Period 134,605,646 (17,407,491) 4,728,297




Notes to the Statements

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

1. SIGNIFICANT ACCOUNTING POLICIES

Accounting Convention The Statements, expressed in Singapore dollars, are prepared in accordance with the historical cost convention, modified by the revaluation of investments at market prices. The Fund’s policyholders are mainly from Singapore with the subscriptions and redemptions of the units denominated in Singapore dollars. The performance of the Funds is measured and reported to the policyholders in Singapore dollars. The Management considers the Singapore dollar as the currency which most faithfully represents the economic effects of the underlying transactions, events and conditions. The Funds’ functional and presentation currency is the Singapore dollar. Income and Expenditure Recognition Dividends are recognised when the right to receive payment is established. Interest income is recogised on a time-proportionate basis using the effective interest method. Other income and expenses are recognised on an accruals basis. Investments at Fair Value Equity securities are valued at the market closing price prevailing at the balance sheet date. Debt securities are valued at the bid price prevailing at the balance sheet date. Investments in Funds are valued at quoted market prices. Changes in fair value of investments are recognised in the Capital and Income Account. Disposal of Investments For the purpose of determining net realised gains or losses on sale of investment, the cost of disposal of investment is determined on the weighted average cost basis. All gains and losses are taken up in the Capital and Income Account. Financial Derivatives Financial derivatives are financial instruments which include forward contracts. Financial derivatives outstanding at the balance sheet date are measured at their respective fair values provided by a financial service provider. The resulting unrealised gains or losses are taken to the Capital and Income Account. Foreign Currencies Foreign currency monetary assets and liabilities are translated at exchange rates prevailing at the balance sheet date. Foreign currency transactions are translated at exchange rates on transaction dates. Differences in exchange are included in the Capital and Income Account.



Notes to the Statements

3. BID AND OFFER VALUE

Bid priceSGD

Offer priceSGD

Number ofunits issued

AIA Acorns of Asia Fund 3.161 3.328 400,077,189AIA Emerging Markets Balanced Fund 1.256 1.323 139,982,792AIA Emerging Markets Equity Fund 1.152 1.213 134,745,520AIA European Equity Fund 0.989 1.042 11,231,710AIA Global Balanced Fund 1.400 1.474 130,122,793AIA Global Bond Fund 1.213 1.277 20,691,287AIA Global Equity Fund 1.205 1.269 58,697,802AIA Global Property Returns Fund 1.238 1.304 8,108,430AIA Global Resources Fund 0.725 0.764 303,765,560AIA Global Technology Fund 1.620 1.706 79,601,832AIA Greater China Balanced Fund 2.697 2.839 161,905,987AIA Greater China Equity Fund 3.682 3.876 151,134,561AIA Growth Fund 2.748 2.893 240,846,473AIA India Balanced Fund 2.070 2.179 174,478,592AIA India Opportunities Fund 2.432 2.560 96,952,270AIA India Equity Fund 3.589 3.778 76,708,974AIA International Health Care Fund 1.786 1.880 35,375,487AIA Japan Balanced Fund 1.169 1.231 16,746,871AIA Japan Equity Fund 0.689 0.726 32,160,686AIA Portfolio 30 1.634 1.720 10,268,773AIA Portfolio 50 1.502 1.582 22,938,630AIA Portfolio 70 1.459 1.536 29,850,534AIA Portfolio 100 1.193 1.256 8,899,723AIA Multi Select 30 1.227 1.292 915,640AIA Multi Select 50 1.493 1.572 1,963,232AIA Multi Select 70 1.560 1.643 2,977,144AIA Regional Equity Fund 6.745 7.100 195,711,290AIA Regional Fixed Income Fund 2.161 2.275 594,854,624AIA S$ Money Market Fund 1.075 1.132 56,624,720AIA US Equity Fund 1.045 1.100 55,600,899

2. TAXATION No tax is payable on the gains accruing to the policyholders.


INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT TO AIA SINGAPORE PRIVATE LIMITED

Our OpinionIn our opinion, the accompanying financial statements of the AIA Funds (the list of the funds is set out in Note 3) of AIA Singapore Private Limited (“the Company”) for the year ended 31 December 2017 are prepared, in all material respects, in accordance with the stated accounting policies as set out in Note 1.

What we have audited

The financial statements of the AIA Funds comprise:• the Statement of Assets and Liabilities as at 31 December 2017;• the Capital and Income Account for the financial year then ended; and• the notes to the financial statements, including a summary of significant accounting policies.

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

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

Independence

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

Emphasis of Matter - Basis of Accounting and Restriction on Distribution and Use

We draw attention to Note 1 to the financial statements which describes the basis of accounting. The financial statements are prepared to assist the Company to comply with MAS Notice 307 Investment Linked-Life Insurance Policies. As a result, the financial statements may not be suitable for another purpose. This report is intended for the sole benefit and use of the Company and is not intended to nor may it be relied upon by any other party, other than the Company. We accept no liability or responsibility to any other party to whom this report is disclosed or otherwise made available to. This report relates solely to the financial statements of the AIA Funds of the Company and does not extend to the financial statements of the Company taken as a whole. Our report is not modified in respect of this matter.


INDEPENDENT AUDITOR’S REPORT TO AIA SINGAPORE PRIVATE LIMITED (CONTINUED)

Other InformationManagement is responsible for the other information. The other information comprises the relevant sections of the AIA Annual Funds Report 2017 included in pages 2 to 108 and excludes the financial statements and our auditor’s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Management and Those Charged with Governance for the Financial StatementsManagement and Those Charged with Governance is responsible for the preparation of the financial statements in accordance with the accounting policies set out in Note 1, and for such internal control as Management and Those Charged with Governance determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management and Those Charged with Governance are responsible for assessing the AIA Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management and Those Charged with Governance either intends to terminate the AIA Funds or to cease the AIA Funds’ operations, or has no realistic alternative but to do so.

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

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

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


INDEPENDENT AUDITOR’S REPORT TO AIA SINGAPORE PRIVATE LIMITED (CONTINUED)

• Obtain an understanding of internal control relevant to the audit 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 Company’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the AIA Funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the AIA Funds to cease to continue as a going concern.

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

Public Accountants and Chartered AccountantsSingapore, 9 March 2018


It is important for you to know and understand your risk tolerance level as well as the level of risk associated with your investment before making any investment decisions. The investment options available to you may have very different features and risk profiles. Some of these investment features may contain higher risks than others.

Guidance on asset allocation provided herein is provided for reference only. The information contained herein does not take into account your particular investment objectives, financial situations or needs, nor is it intended to be an individualized investment advice relating to your particular circumstances. No investment decision should be made based on this information without first obtaining appropriate professional advice and considering your circumstances.

The implemented solution is how you can use AIA’s ILP funds to apply Mercer’s guidance investment strategy.

You may contact our AIA Customer Service at 1800 248 8000 or [email protected] or contact your AIA Financial Services Consultant to adjust your portfolio to the new implemented solution.

Annual Asset AllocationStrategy Update for Pro Optimiser

and Pro Portfolios


* The Investment Strategy’s expected distribution of returns is assuming a normal distribution with the standard deviation of the statistical distribution of returns generated based on Mercer’s 10-year Capital Market Assumption (“CMAs”). Mercer recommended investment strategy is a set of suggested allocations to asset classes that is generated using Mercer 10-year CMAs. All risks and returns projections in this section are statistical in nature, using Mercer CMAs for the underlying asset classes allocated in this strategy, without considering investment cost. Investors, implementing this strategy using appropriate Investment Linked Life Insurance Policies (ILPs) products as indicated on the next page, are subjected to associated investment costs, and may or may not experience risks and returns as projected by Mercer here, which have been derived using Mercer’s CMAs. Actual return and risks experienced by investors is dependent on the combined performances of these allocated ILP Funds.

Pro OptimiserGuidance Asset Allocation Strategy - Valid till 31 March 2019

67% probability of generating returns of*: 50% probability of generating returns of*: 33% probability of generating returns of*:

3.9% p.a. and above6.2% p.a. and above8.5% p.a. and above

Probability of Loss*: 11.3%

Old New

Singapore Equity 10% 10%

Global Equity 25% 15%

Asia ex Japan Equity

30% 30%

Emerging Markets Equity

15% 20%

Singapore Bonds 20% 20%

REITs0% 5%

5% 15%

20%


1 Performance numbers are net of fund management fees, without taking into consideration the fees and charges payable through deduction of premium or cancellation of units. The returns reflect a portfolio that is rebalanced every calendar quarter end, in SGD, on a bid-bid basis with net dividends reinvested. Past performance is not an indication of future performance of the portfolio.

Performance of Implemented Solution (as of 31 December 2017)1

Returns (SGD)3-month 3.5%

6-month 8.2%

1-year 21.1%

Since Inception (Annualised) 16.5%

Inception Date: 21 March 2016

Old New

AIA Growth Fund 14% 14%

AIA Global Equity Fund 25% 15%

AIA Regional Equity Fund

30% 30%

AIA Emerging Markets Equity Fund

15% 20%

AIA Regional Fixed Income Fund

16% 16%

AIA GlobalPropertyReturns Fund

0% 5%

Pro OptimiserImplemented Asset Allocation Strategy Through AIA ILP Funds

5%

15%

20%






Pro CautiousGuidance Asset Allocation Strategy - Valid till 31 March 2019

Old New


Global Equity 5% 5%


20% 10%


0% 10%






6-month 4.0%

1-year 12.0%


Inception Date: 16 December 2016

Old New




20% 10%


0% 10%


68% 68%

Pro CautiousImplemented Asset Allocation Strategy Through AIA ILP Funds






Pro BalancedGuidance Asset Allocation Strategy - Valid till 31 March 2019

Old New




30% 20%


WorldGovernmentBonds

5% 5%

EmergingMarketsEquity

0% 10%

REITs0% 5%

15%

20%





6-month 6.0%

1-year 16.8%



Pro BalancedImplemented Asset Allocation Strategy Through AIA ILP Funds

Old New




30% 20%


31% 31%

AIA GlobalBond Fund 5% 5%


0% 10%

AIA GlobalPropertyReturns Fund

0% 5%

15%

20%






Pro AdventurousGuidance Asset Allocation Strategy - Valid till 31 March 2019

Old New




10% 20%


35% 30%


REITs0% 5%

20%5%

15%

20%

30%





6-month 9.0%

1-year 23.4%



Old New




10% 20%

AIA Regional EquityFund

35% 30%

AIA Global Property Returns Fund

0% 5%

Pro AdventurousImplemented Asset Allocation Strategy Through AIA ILP Funds

30%

15%20%

30%

5%


Important notices© 2018 Mercer LLC. All rights reserved.

This contains confidential and proprietary information of Mercer and is intended for the exclusive use of the parties to whom it was provided by Mercer. Its content may not be modified, sold or otherwise provided, in whole or in part, to any other person or entity, without Mercer’s prior written permission. The findings, ratings and/or opinions expressed herein are the intellectual property of Mercer and are subject to change without notice. They are not intended to convey any guarantees as to the future performance of the investment products, asset classes or capital markets discussed. Past performance does not guarantee future results.

This does not contain investment advice or constitute individualized investment advice relating to your particular circumstances. No investment decision should be made based on this information without first obtaining appropriate professional advice and considering your circumstances.

Information contained herein has been obtained from a range of third party sources. While the information is believed to be reliable, Mercer has not sought to verify it independently. As such, Mercer makes no representations or warranties as to the accuracy of the information presented and takes no responsibility or liability (including for indirect, consequential or incidental damages), for any error, omission or inaccuracy in the data supplied by any third party.

This does not constitute an offer or a solicitation of an offer to buy or sell securities, commodities and/or any other financial instruments or products or constitute a solicitation on behalf of any of the investment managers, their affiliates, products or strategies the information of which may be contained herein. Such an offer may be made only by delivery of separate confidential offering documents to institutional investors or other qualified investors pursuant to the private placement provisions of the Securities and Futures Act (Cap. 289 of Singapore) and relevant rules and regulations. The contents and information contained herein have not been reviewed nor endorsed by the Monetary Authority of Singapore and/or any other regulatory authorities.

The information contained herein may not adequately take into account the recipient’s particular investment objectives, financial situations, or needs. Prospective investors should consult their legal, tax and financial advisers as to the consequences of an investment. Any manager mix and portfolio structure which may be provided herein are for illustrative purposes only and subject to change. The inclusion of any investment herein does not represent a recommendation of that investment. All investments experience gain or loss. An investor may lose all or a substantial part of its investment in any private investment vehicle. There can be no assurance that the investment objectives of any fund managed by Mercer will be achieved.

For Mercer’s conflict of interest disclosures, contact your Mercer representative or see www.mercer.com/conflictsofinterest.

AIA Singapore Private Limited (Reg. No. 201106386R)

1 Robinson Road, AIA Tower, Singapore 048542 Monday - Friday 8.45am - 5.30pm AIA Customer Care Hotline: 1800 248 8000 aia.com.sg

Documents

AIA Annual Funds Report 2017 ANNUA FUNDS REPORT 2017 1 CONTENTS CEO MESSAGE 2 INTRODUCTION 4 IMPORTANT NOTICE 5 FUND PERFORMANCE SUMMARY 6 PORTFOLIO STATEMENT AIA Acorns of Asia Fund