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EASTSPRING INVESTMENTS UNIT TRUSTS- GLOBAL TECHNOLOGY FUND

- PAN EUROPEAN FUND

- PROTECTED GLOBAL TITANS FUND (S$)

- ASIAN BALANCED FUND

- DRAGON PEACOCK FUND

- GLOBAL BASICS FUND

- GLOBAL BALANCED FUND

- ASIAN INFRASTRUCTURE EQUITY FUND

- GLOBAL LEADERS FUND

- GLOBAL POSITIONING STRATEGY FUND

- SINGAPORE SELECT BOND FUND

- SINGAPORE ASEAN EQUITY FUND

SEMI-ANNUAL REPORTSFor the half year ended 30 June 2013

UNAUDITED FINANCIAL STATEMENTSFor the half year ended 30 June 2013

1

EASTSPRING INVESTMENTS UNIT TRUSTS

Manager AuditorsEastspring Investments KPMG LLP(Singapore) Limited 16 Raffles Quay #22-0010 Marina Boulevard #32-01 Hong Leong BuildingMarina Bay Financial Centre Tower 2 Singapore 048581Singapore 018983(UEN. 199407631H)

Directors of the Manager Solicitors to the ManagerGraham David MasonGuy Robert StrappJulian Christopher Vivian PullLakshman Kumar Mylavarapu

Allen & Gledhill LLPOne Marina Boulevard #28-00Singapore 018989

Trustee Solicitors to the TrusteeHSBC Institutional Trust Services Shook Lin & Bok LLP(Singapore) Limited 1 Robinson Road #18-0021 Collyer Quay #10-02 AIA TowerHSBC Building Singapore 048542Singapore 049320(UEN. 194900022R)

2

TABLE OF CONTENTS

PageSEMI-ANNUAL REPORTS For the half year ended 30 June 2013

Eastspring Investments Unit Trusts - Global Technology FundManager’s / Sub-Manager’s CommentaryFinancial HighlightsFinancial Highlights of Underlying Fund

4 - 56 - 9

10

Eastspring Investments Unit Trusts - Pan European FundManager’s / Sub-Manager’s CommentaryFinancial HighlightsFinancial Highlights of Underlying Fund

11 - 1213 - 16

17

Eastspring Investments Unit Trusts - Protected Global Titans Fund (S$)Manager’s CommentaryFinancial Highlights

18 - 1920 - 24

Eastspring Investments Unit Trusts - Asian Balanced FundManager’s / Sub-Manager’s CommentaryFinancial HighlightsFinancial Highlights of Underlying Funds

25 - 2728 - 31

32

Eastspring Investments Unit Trusts - Dragon Peacock FundManager’s / Sub-Manager’s CommentaryFinancial Highlights

33 - 3435 - 40

Eastspring Investments Unit Trusts - Global Basics FundManager’s CommentaryFinancial HighlightsFinancial Highlights of Underlying Fund

41 - 4243 - 46

47

Eastspring Investments Unit Trusts - Global Balanced FundManager’s / Sub-Manager’s CommentaryFinancial HighlightsFinancial Highlights of Underlying Funds

48 - 5051 - 5455 - 57

3

Eastspring Investments Unit Trusts - Asian Infrastructure Equity FundManager’s CommentaryFinancial HighlightsFinancial Highlights of Underlying Fund

58 - 6061 - 64

65

Eastspring Investments Unit Trusts - Global Leaders FundManager’s CommentaryFinancial HighlightsFinancial Highlights of Underlying Fund

66 - 6768 - 7172 - 73

Eastspring Investments Unit Trusts - Global Positioning Strategy FundManager’s CommentaryFinancial HighlightsFinancial Highlights of Underlying Fund

74 - 7778 - 8182 - 83

Eastspring Investments Unit Trusts - Singapore Select Bond FundManager’s CommentaryFinancial Highlights

84 - 8586 - 91

Eastspring Investments Unit Trusts - Singapore ASEAN Equity FundManager’s CommentaryFinancial Highlights

92 - 9394 - 99

Unaudited Financial StatementsFor the half year ended 30 June 2013 101 - 149

4

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL TECHNOLOGY FUNDIncluded under the CPF Investment Scheme – Ordinary Account

StructureEastspring Investments Unit Trusts - Global Technology Fund (the “Fund”) is organised as a feeder fund which feeds into the Luxembourg-domiciled Eastspring Investments – Global Technology Fund (“GT Underlying Fund”). The investment manager and sub-manager of the GT Underlying Fund is the Manager and the UK domiciled Henderson Global Investors Limited respectively.

Investment ObjectiveThe investment objective of the Fund is to maximise long-term total returns through investment in equities and equity-related securities of companies around the world with innovative products, processes or services. These investments include, but are not restricted to, those companies whose provision or use of technology give them a strategic advantage in the market. The Manager intends to achieve this investment objective by investing all or substantially all of the assets of the Fund into the GT Underlying Fund which shares the same investment objective.

Manager’s Commentary

Fund performanceOver the review period, both the Fund and its benchmark rose 8.7% (bid-to-bid basis).

Market background2013 marked a relative inflection for equity markets. Volatility, which had been a feature of 2012, somewhat receded and the S&P 500 enjoyed the best January in a decade. Ample central bank liquidity spurred equity markets to new highs and bond yields fell to record lows. Technology underperformed the wider market in this regime. The declining performance of Apple, in particular, significantly affected indices and overall sentiment. Likewise, the relative underperformance in growth-orientated sectors, such as technology, was partly attributable to what the fund manager believes was yield seeking investors purchasing high dividend parts of the equity market as a substitute for bonds.

Factors affecting performance1

The underweight to the Computers & Peripherals sector was the largest positive contributor to relative outperformance, driven largely by our Apple exposure. The stock selection within the Internet & Catalogue Retail sector was also a significant contributor to outperformance. Stock selection within the Software and the Electronic Equipment Instruments & Components sectors were the largest detractors from performance.

5

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL TECHNOLOGY FUND

At the stock level, positive contributions came from the underweight in Apple. The position in social media company Facebook (purchased at an attractive low valuation) performed well and was sold after hitting our valuation targets. Priceline Inc, the US internet company, continued its impressive run so far this year. Similarly, Tripadvisor Inc and Rightmove PLC outperformed, capping off a strong period for internet related names. Fleetcor, a stock in our Paperless Payment theme, benefitted after announcing a partnership with Vodafone for mobile payment services.

Hewlett Packard was the largest detractor from relative performance in the period. The stock, which is not held, performed strongly following better than expected quarterly earnings, driven by restructuring benefits and higher margins from its printer division. The underweights, Microsoft and Intel, rose during the quarter, detracting from performance. Samsung Electronics was another detractor; the company’s share price fell as the market expectations for its new flagship device (Galaxy S4) reset from elevated levels following reports of a slowdown in production. F5 Networks detracted from performance as the communications equipment company fell after releasing disappointing results.

Key changes to the portfolioNo material changes have been made to the portfolio’s strategy.

Outlook and strategyWhile near-term direction will be sensitive to macroeconomic conditions, the fund manager believes the fundamental backdrop for technology equities looks very attractive. Valuation levels look very compelling from both an absolute and relative basis: balance sheets are very healthy, cash generation is strong and demand has the potential to recover from below-trend levels.

The fund manager believes that his overall bias towards companies with strong barriers to entry should cushion the portfolio from macroeconomic volatility. The valuation-aware process focuses on underappreciated areas of secular growth that potentially offers strong returns over the long-term. The Fund remains biased to our preferred themes of e-commerce, online advertising, data growth, connectivity and paperless payment.

1 Please note that the securities mentioned herein are included for illustrative purposes only. It should not be construed as a recommendation to purchase or sell any particular securities. There is no guarantee that any securities discussed herein will remain in the portfolio at the time you received this material or that securities sold have been repurchased.

6


Fund Performance(As at 30 June 2013)

Fund/Benchmark

3 months

%

6 months

%

1 year

%

3years

%

5years

%

10years

%

Since inception+

%

(average annual compounded return)

Eastspring Investments Unit Trusts- Global Technology Fund

2.5 8.7 10.6 9.1 4.1 3.8 -3.9

MSCI AC World Information Technology Index * 2.6 8.7 9.6 9.5 3.4 3.4 -2.3

Source: Eastspring Investments (Singapore) Limited. The return is in S$, and calculated on a bid-to-bid basis with net income reinvested, if any.

* From inception to 30 November 2008, the Fund was benchmarked against FTSE World information Technology Index and from 1 December 2008, the Fund was benchmarked against the MSCI AC World Information Technology Index. The two series are chain-linked to derive the longer period benchmark returns. From 1 December 2008 to 30 April 2012, the Sub-Fund was benchmarked against MSCI AC World Information Technology Index on a gross dividend basis. With effect from 1 May 2012, the benchmark returns will be on a net dividend basis. The two series are chain-linked to derive the longer period benchmark returns.

There has been no dividend distribution since the inception of the Fund.

+ 4 May 2001

Past performance is not necessarily indicative of the future performance of the Fund.

7


Schedule of Investments(As at 30 June 2013)

Number of Shares Investment Funds Market ValueSGD

% of Net Assets***

LuxembourgEastspring Investments - Global Technology Fund Class Cs11,964,312 81,333,391 99.99

Total Investments 81,333,391 99.99 Other Net Assets 9,404 0.01 Total Net Assets Attributable to Unitholders 81,342,795 100.00 *** Any differences in the percentage of the Net Asset figures are the result of roundings.

8

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL TECHNOLOGY FUND(As at 30 June 2013)

Exposure to DerivativesNil

Global exposure

Global derivative exposure is computed using the commitment approach which is calculated as the sum of: a) the absolute value of the exposure of each individual financial derivative not involved in

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

netting or hedging arrangements; andc) The sum of the values of cash collateral received pursuant to :

(i) the reduction of exposure to counterparties of OTC financial derivatives; and(ii) EPM techniques relating to securities lending and repurchase transactions, and

that are reinvested.

CollateralNil for the period ended 30 June 2013.

Securities Lending or Repurchase TransactionsNil for the period ended 30 June 2013.

Investment in other unit trusts, mutual funds and collective investment schemesThe Eastspring Investments Unit Trusts - Global Technology Fund invests SGD 81,333,391 equivalent to 99.99% of its net asset value attributable to unitholders, in Eastspring Investments - Global Technology Fund Class Cs.

Refer to the Statement of Portfolio in the Financial Statements for investment in other schemes including but not limited to REITs and ETFs.

BorrowingsNil

Related Party TransactionsThe Fund invests SGD 81,333,391 equivalent to 99.99% of its net asset value, in Eastspring Investments - Global Technology Fund. Some directors of the Eastspring Investments, an open-ended investment company registered in Luxembourg, are also directors of Eastspring Investments (Singapore) Limited.

9


Total Subscriptions and Redemptions for the period ended 30 June 2013

SGDSubscriptions 1,430,510 Redemptions 4,895,909

Annualised Expense Ratio**1.70% (2012: 1.72%)

** The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). This is the sum of the Fund’s expense ratio and the weighted average of the underlying funds’ unaudited expense ratio of 1.08% (2012: 1.10%).

The calculation of the Fund’s expense ratio at 30 June 2013 was based on total operating expenses of SGD 492,229 (2012: SGD 491,309) divided by the average net asset value of SGD 80,457,162 (2012: SGD 79,380,525) for the year. The total operating expenses do not include (where applicable) bokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances. The unaudited expense ratio of the underlying funds are obtained from Underlying Funds’ Manager.

Turnover Ratio1.26% (2012: 1.86%)

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of SGD 1,031,000 (2012: SGD 1,532,000) divided by the average daily net asset value of SGD 81,581,452 (2012: SGD 82,186,080).

Soft Dollar CommissionNil for the Fund.

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

Pre-determined payoutsThe Fund does not offer pre-determined payouts.

10

EASTSPRING INVESTMENTS – GLOBAL TECHNOLOGY FUND

Top 10 Holdings (As at 30 June 2013) Market Value % of Net USD Assets***

Google Inc 5,221,878 7.83 Microsoft Corporation 4,070,655 6.10 Samsung Electronics Company Limited 3,368,954 5.05 CISCO Systems Inc 3,268,187 4.90 Apple Inc 3,143,377 4.71 International Business Machines Corporation 2,728,389 4.09 Qualcomm Inc 2,714,619 4.07 Oracle Corporation 2,489,892 3.73 Visa Inc 2,082,667 3.12 Mastercard Inc 1,858,626 2.79 Top 10 Holdings (As at 30 June 2012) Market Value % of Net USD Assets***

Apple Inc 6,447,168 9.91 Microsoft Corporation 4,593,529 7.06 Google Inc 3,712,742 5.71 International Business Machines Corporation 3,692,372 5.67 Samsung Electronics Company Limited 3,195,047 4.91 Intel Corporation 2,888,186 4.44 CISCO Systems Inc 2,176,626 3.34 Qualcomm Inc 2,015,736 3.10 Oracle Corporation 1,977,143 3.04 Mastercard Inc 1,724,589 2.65 *** Any differences in the percentage of the Net Asset figures are the result of rounding.


** The expense ratio does not include, (where applicable) brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other schemes and tax deducted at source or arising out of income received.

Turnover Ratio27.21% (2012: 33.77%)

11

EASTSPRING INVESTMENTS UNIT TRUSTS – PAN EUROPEAN FUNDIncluded under the CPF Investment Scheme – Ordinary Account

StructureEastspring Investments Unit Trusts - Pan European Fund (the “Fund”) is organised as a feeder fund which feeds into the Luxembourg-domiciled Eastspring Investments – Pan European Fund (“PE Underlying Fund”). The investment manager and sub-manager of the PE Underlying Fund is the Manager and the UK domiciled M&G Investment Management Limited respectively.

Investment ObjectiveThe investment objective of the Fund is to maximise long-term total return by investing in equity and equity-related securities of companies, which are incorporated, or have their area of primary activity, in Europe (including United Kingdom). The Fund may also invest in depository receipts, including American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), debt securities convertible into common shares, preference shares and warrants. The Manager intends to achieve this investment objective by investing all or substantially all of the assets of the Fund into the PE Underlying Fund which shares the same investment objective.


Fund performanceOver the review period, the Fund gained 5.9% (bid-to-bid basis) while its benchmark rose 6.1%.

Market CommentaryThe period under review began amid a wave of renewed investor confidence that culminated in many stock markets around the world reaching multi-year highs by the end of January, largely based on the last minute solution in the US to avoid going over the ‘fiscal cliff’. Following a subsequent period of volatility, markets again rose to new highs in May amid buoyant investor confidence. However, a downward trend set in at the end of the month, and this accelerated in June, as fear and uncertainty over the Fed’s intentions became all-encompassing, leading to broad sell-offs across equity markets. This was in spite of the US publishing encouraging economic data, as this supported the case for tapering and hence further unsettled markets. Near the end of the review period, central bankers in the US and Europe moved to reassure investors that interest rates were not set to rise in the near term, and equities rebounded, gaining back some of their earlier losses. As a result, the first half of 2013 ended positively for European equities.


The fund’s best performer for the six months under review was European aerospace giant EADS. Its share price was bolstered in December by a number of factors, including a reaffirmation of its solid industry positioning and robust order book, as well as a reorganisation of its shareholder structure, with reduced government ownership of the company cheering investors. Confidence in the company remained buoyant throughout the review period, and its share price rose accordingly.

Other key contributors included Finnish athletic equipment specialist Amer Sports and German-listed sportswear manufacturer Adidas in the consumer space, both of which held up well in difficult market conditions. In the information technology sector, Amadeus, the Spain-based global leader in providing advanced technology solutions for the travel industry, was also supportive to fund performance.

12

EASTSPRING INVESTMENTS UNIT TRUSTS – PAN EUROPEAN FUND

In an atmosphere where the materials and energy sectors were out of favour, some of the fund’s holdings in those sectors dragged on returns. These included UK-listed precious metals miner Hochschild Mining and oil and gas explorer Tullow Oil. Similarly, the world’s largest miner Rio Tinto, and the global leader in the recycling of precious metals from mobile phones, laptops, PCs and cars Umicore detracted as well. Software company Software AG also experienced share price weakness following the publication of mixed financial results during the period.

Key changes to the portfolio1

The fund managers added two new positions during the review period. The first was French-listed food producer Danone. The company has a global footprint and distribution network which is very difficult to replicate, and has experienced strong growth with increasing market penetration. They also added branded jewellery creator and distributor Pandora, where the fund managers see healthy growth potential as organised branded jewellery retail takes market share from smaller, more fragmented operators, with room for extensive expansion into North American and Asian markets.

Conversely they closed their position in defence and automotive company Rheinmetall. Uncertainty over whether the business would spin off its automotive division has persisted for some time, leading to volatility in its share price, and there have been ongoing concerns about the sustainability of returns in its defence division. A strong recovery in Rheinmetall’s shares in May provided an opportunity to exit what has been a relatively long term holding. OutlookMuch of the fear and uncertainty which dominated markets in June stemmed from anxiety over the potential for the Fed to begin ‘tapering’ its bond-buying programme. The Fed had been pumping $85 billion per month into the system in an effort to strengthen the US recovery, and had made it clear from the outset that its programme would persist until such time as employment figures, in particular, improved. Following Bernanke’s comments about scaling back stimulus measures, the US published strong economic data, which demonstrated an improvement in fundamentals.

The fund managers believe that the planned reduction in the Fed’s asset purchases is actually a good sign in the medium term, and while taken badly by the market in the short term, is a necessary pre-condition for continued normalisation of economic conditions. To justify earlier market rallies, the fund manager now needs to see improvement in both the economy and corporates to support these share price moves.

The fund managers remain relatively optimistic, helped by the improvement being seen in the US, and the ongoing stabilisation in Europe. While uncertainty over the wider global recovery remains, as long-term, bottom-up stock pickers, they see opportunities in volatile markets, and believe they will be able to continue finding companies that should grow and deliver value for investors over the long term.

1Please note that the securities mentioned herein are included for illustrative purposes only. It should not be construed as a recommendation to purchase or sell any particular securities. There is no guarantee that any securities discussed herein will remain in the portfolio at the time you received this material or that securities sold have been repurchased.

13



Fund / Benchmark

3 months

%

6 months

%

1 year

%

3 years

%

5 years

%

10 years (%)

Since inception+

%

(average annual compounded return)Eastspring Investments Unit Trusts - Pan European Fund 0.1 5.9 18.1 6.2 -5.1 3.3 0.0

MSCI Europe Index * 1.7 6.1 19.0 7.4 -2.2 4.5 1.7


* The benchmark of the Fund has been changed from the FTSE World Europe (including UK) Index to MSCI Europe Index with effect from 1 January 2012 as the Manager is of the view that the MSCI index is more relevant in measuring the performance of the Fund with its peers. This change in benchmark will be applied retrospectively. From 1 January 2012 to 30 April 2012, the Fund was benchmarked against MSCI Europe Index on a gross dividend basis. With effect from 1 May 2012, the benchmark returns will be on a net dividend basis. The two series are chain-linked to derive the longer period benchmark returns.


+ 4 May 2001


14




% of Net Assets***

LuxembourgEastspring Investments - Pan European Fund Class Cs3,627,629 40,331,975 99.98

Total Investments 40,331,975 99.98 Other Net Assets 9,325 0.02 Total Net Assets Attributable to Unitholders 40,341,300 100.00 *** Any differences in the percentage of the Net Asset figures are the result of roundings.

15

EASTSPRING INVESTMENTS UNIT TRUSTS – PAN EUROPEAN FUND(As at 30 June 2013)

Exposure to DerivativesNil.

Global exposureGlobal derivative exposure is computed using the commitment approach which is calculated as the sum of: a) the absolute value of the exposure of each individual financial derivative not involved in


netting or hedging arrangements; and c) The sum of the values of cash collateral received pursuant to : (i) the reduction of exposure to counterparties of OTC financial derivatives; and (ii) EPM techniques relating to securities lending and repurchase transactions, and




Investment in other unit trusts, mutual funds and collective investment schemesThe Fund invests SGD 40,331,975 equivalent to 99.98% of its net asset attributable to unitholders, in Eastspring Investments - Pan European Fund Class Cs.


BorrowingsNil.

Related Party TransactionsThe Fund invests SGD 40,331,975 equivalent to 99.98% of its net asset attributable to unitholders, in Eastspring Investments - Pan European Fund. Some directors of the Eastspring Investments, an open-ended investment company registered in Luxembourg, are also directors of Eastspring Investments (Singapore) Limited.

16

EASTSPRING INVESTMENTS UNIT TRUSTS – PAN EUROPEAN FUND(As at 30 June 2013)






Turnover Ratio4.70% (2012: 2.13%)

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of SGD 1,925,000 (2012: SGD 774,000) divided by the average daily net asset value of SGD 40,920,141 (2012: SGD 36,314,605).




17

EASTSPRING INVESTMENTS – PAN EUROPEAN FUND


HSBC Holdings PLC 1,377,968 4.01 Nestle SA 1,245,692 3.63 Novartis AG 1,227,760 3.58 Unilever NV 1,113,111 3.24 Roche Holding AG 1,088,444 3.17 Zurich Insurance Group AG 908,331 2.64 Total SA 840,232 2.45 Ericsson LM - B Shares 815,042 2.37 Eads NV 806,432 2.35 Svenska Handelsbanken 805,460 2.35 Top 10 Holdings (As at 30 June 2012) Market Value % of Net USD Assets***

Nestle SA 1,543,358 3.83 HSBC Holdings PLC 1,532,932 3.81 Novartis AG 1,326,272 3.30 Unilever NV 1,300,341 3.23 Roche Holding AG 1,111,139 2.76 Zurich Insurance Group AG 1,019,179 2.53 Glaxosmithkline PLC 1,008,810 2.51 Total SA 976,031 2.43 Ericsson LM - B Shares 958,716 2.38 Carnival PLC 897,383 2.23

*** Any differences in the percentage of the Net Asset figures are the result of roundings.



Turnover Ratio5.09% (2012: 6.30%)

18

EASTSPRING INVESTMENTS UNIT TRUSTS – PROTECTED GLOBAL TITANS FUND (S$)Included under the CPF Investment Scheme – Ordinary Account and Special Account

StructureThe Eastspring Investments Unit Trusts - Protected Global Titans Fund (S$) (the “Fund”) is a fund organised as a direct investment portfolio.

The Fund is no longer available for subscription. This is solely for the information of unitholders in the Fund and, accordingly, is not and should not be construed as an offer in the Fund or an advertisement in respect thereof.

Investment Objective The investment objective of the Fund is to achieve long term capital growth by gaining exposure to top global multinational companies through the Dow Jones Global Titans 50 IndexSM while at the same time providing protection against the net asset value (“NAV”) of the Fund falling below the floor level of 95% of its NAV as at the start of each floor period, such period to be more than 12 months but less than 13 months. The Fund is denominated in Singapore Dollars.


Fund performanceThe Fund returned 1.9% (bid-to-bid basis) in Singapore Dollar term for the year ending 30 June 2013, outperforming its benchmark, which yielded 1.2% for the same period.

Market backgroundAs the year started, risk assets performed well as a slew of stronger than expected economic data pointed to a recovery in the US and Japan. Negative developments which emerged during the period, such as the US fiscal expenditure cuts and Cyprus debt issues, were largely shrugged off by sanguine investors. However in May, QE tapering expectations rose, leading to a widespread selloff across the various asset classes. Global equities also gave up some of the earlier gains. Nevertheless, global equities represented by the Dow Jones Global Titans 50 IndexSM registered a positive return of 5.73% over the semi-annual period.

Factors affecting performanceThe Fund outperformed the benchmark, as exposure to a call option contract linked to the Dow Jones Global Titans 50 IndexSM led to positive returns, as the index rose over the period.

Key changes to the portfolio The Fund was mainly invested in short-dated fixed income holdings after the maturity of the contract in February.

19

EASTSPRING INVESTMENTS UNIT TRUSTS – PROTECTED GLOBAL TITANS FUND (S$)

OutlookVolatility in equity markets is expected to remain high in the near term amid uncertainty on the timing and extent of potential winding down of the US Fed’s quantitative easing. However, with the US and Japan economies appearing to be on a mend and tail risks in the Eurozone being curtailed by supportive policy measure, the macro environment is likely to support risk appetite in the longer term. Nevertheless, the Fund Manager recognizes that the global growth trajectory remains fragile and equity markets are thus subject to bouts of volatility. As such, the Fund Manager will seek to regain exposure to the Dow Jones Global Titans 50 IndexSM when the opportunity for a better entry point arises.

20



Fund / Benchmark

3 months

%

6months

%

1 year

%

3 years

%

5 years

%

10 years

%

Since inception+

%

(average annual compounded return)Eastspring Investments Unit Trusts - Protected Global Titans Fund (S$)

0.2 1.9 2.1 0.8 0.9 2.2 1.5

CPF Ordinary Account Interest Rate *

0.6 1.2 2.5 2.5 2.5 2.5 2.5

Source: Eastspring Investments (Singapore) Limited. The return is in S$, and calculated on a bid-to-bid basis with net income reinvested, if any. *Proportion of 1 year CPF interest rate.


+ 31 October 2001


21

EASTSPRING INVESTMENTS UNIT TRUSTS – PROTECTED GLOBAL TITANS FUND (S$)(As at 30 June 2013)




netting or hedging arrangements; andc) The sum of the values of cash collateral received pursuant to : (i) the reduction of exposure to counterparties of OTC financial derivatives; and (ii) EPM techniques relating to securities lending and repurchase transactions, and




Investment in other unit trusts, mutual funds and collective investment schemesRefer to the Statement of Portfolio in the Financial Statements for investment in other schemes including but not limited to REITs and ETFs.

BorrowingsNil.

Related Party TransactionsIn the normal course of the business of the Trust, trustee fees, valuation fees and management fees have been paid or are payable to the Trustee and the Manager respectively as noted in the statement of total return.

Transactions with related parties were at terms agreed between the parties and within the provisions of the Trust Deed.


SGDSubscriptions - Redemptions 486,106

22

EASTSPRING INVESTMENTS UNIT TRUSTS – PROTECTED GLOBAL TITANS FUND (S$)(As at 30 June 2013)


** The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 June 2013 was based on total operating expenses of SGD 84,798 (2012: SGD 94,999) divided by the average net asset value of SGD 12,624,495 (2012: SGD 13,943,270) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances.

Turnover Ratio28.70% (2012: 59.57%)





23


Top 10 Holdings (As at 30 June 2013) Market Value % of Net SGD Assets***

FCT MTN Pte Ltd MTN 2.8% 24/01/2014 1,004,300 8.23 Merrill Lynch & Co. EMTN 4.62% 04/11/2013 756,782 6.20 Singapore Press Holdings Ltd MTN 2.81% 02/03/2015 512,014 4.19 Heineken Asia Pacific Pte Ltd MTN 3.55% 01/10/2014 509,969 4.18 ANZ National (Intl) Ltd Series EMTN 2.95% 27/07/2015 509,832 4.18 Overseas Union Enterprise Ltd 3.36% 27/09/2013 501,849 4.11 Starhill Global Reit 3.405% 13/07/2015 501,450 4.11 Ascendas Real Estate Investment Trust MTN 5% 22/07/2013 500,661 4.10 CapitaMalls Asia Treasure 2.15% 21/01/2014 500,137 4.10 CDLHT MTN Pte Ltd Series MTN 2.355% 19/08/2013 498,631 4.08

Top 10 Holdings(As at 30 June 2012) Market Value % of Net SGD Assets***

Citigroup Inc EMTN 4.98% 20/06/2013 1,026,411 7.77 Kookmin Bank Series GMTN 1.3% 27/03/2013 1,003,835 7.60 Export-Import Bank of Korea EMTN 1.45% 24/10/2012 1,002,581 7.59 Bank of China / Hong Kong Ser FXCD 1.55% 23/11/2012 1,001,984 7.59 Bank of America Corporation EMTN 2.5% 23/11/2012 1,001,871 7.59 FCT MTN Pte Ltd Series MTN 2.83% 12/02/2013 761,852 5.77 Morgan Stanley EMTN 3.585% 23/10/2012 754,610 5.71 Hana Bank Series EMTN 1.1% 02/07/2012 754,061 5.71 National Agricultural Co Series EMTN 1.1% 05/07/2012 754,031 5.71 Shinhan Bank Series GMTN 1.05% 26/07/2012 753,200 5.70

*** Any differences in the percentage of the Net Asset figures are the result of rounding.

24


Schedule of Investments (As at 30 June 2013) Market Value % of Net SGD Assets***Country Australia 509,832 4.18 Singapore 10,363,966 84.88 United States of America 1,009,777 8.27 Accrued interest receivable on quoted bonds 69,755 0.57

Market Value % of Net SGD Assets***Industry Banks 5,583,499 45.73 Brewery 509,969 4.18 Consumer 501,849 4.11 Finance 1,263,878 10.35 Hotel 498,631 4.08 Print and publish 512,014 4.19 Real estate 1,007,324 8.25 Real estate investment trusts 1,002,111 8.21 Shipping 1,004,300 8.23 Accrued interest receivable on quoted bonds 69,755 0.57

Market Value % of Net SGD Assets***Credit Ratings (by S&P/Moody’s)AA- 509,832 4.18 A- 1,009,777 8.27 A3 500,661 4.10 BBB+ 2,015,719 16.52 Baa1 254,101 2.08 Not rated 7,593,485 62.18 Accrued interest receivable on quoted bonds 69,755 0.57

Market Value % of Net SGD Assets***Asset ClassBonds 6,809,908 55.78 Time deposits 5,073,667 41.55 Accrued interest receivable on quoted bonds 69,755 0.57 Other net current assets 256,954 2.10


25

EASTSPRING INVESTMENTS UNIT TRUSTS – ASIAN BALANCED FUNDIncluded under the CPF Investment Scheme – Ordinary Account and Special Account

StructureThe Eastspring Investment Unit Trusts - Asian Balanced Fund (the “Fund”) is organised as a feeder fund which feeds into the Luxembourg - domiciled Eastspring Investments – Asian Equity Fund (“Eastspring Investments – Asian Equity”) for its equity participation and Eastspring Investments - US High Investment Grade Bond Fund (“Eastspring Investments - US HIG Bond Fd”) and Eastspring Investments – US Investment Grade Bond Fund (“Eastspring Investments - US IG Bond Fd”) for its bond participation. The investment manager of Eastspring Investments - Asian Equity Fund, Eastspring Investments - US HIG Bond Fd and Eastspring Investments - US IG Bond Fd is the Manager. The investment sub-manager of the Eastspring Investments - US HIG Bond Fund and Eastspring Investments - US IG Bond Fund is PPM America, Inc.

Investment ObjectiveThe investment objective of the Fund is to maximise total return in the medium to long term by investing in a portfolio comprising equities of companies in the Asian ex-Japan region, and quality corporate bonds and other fixed income securities issued in the United States market.


Fund performanceThe Fund dropped 4.1% (bid-to-bid basis) in the first half of 2013 and underperformed its composite benchmark which fell 0.7%. Since its 24 February 2003 inception, the Fund was up by 5.5% p.a., lagging behind its composite benchmark by 1.1% p.a.

Market backgroundFinancial markets had a good start into the New Year of 2013, amid optimism over the US economy and global central banks’ monetary stimulus. Investors’ sentiment, however, took a turn in May as the US Federal Reserve Board signaled that it is preparing to taper its bond-buying program. This led a global sell-off in most asset classes, with emerging markets among the worst hit in volatile trading.

Against this backdrop, Asian equities were volatile over the review period, posting a return of -2.12%1. Philippines, Indonesia and Malaysia were among the top performers for the review period, whilst India, China and Korea were the key underperformers.

1 Thomson Reuters Datastream, 30 June 2013. Based on MSCI AC Asia ex Japan (Net) Index in Singapore dollar term, as at 30 June 2013

26

EASTSPRING INVESTMENTS UNIT TRUSTS – ASIAN BALANCED FUND

US investment grade bonds also delivered negative returns in US dollar terms over the review period, as US Treasury yields spiked up amid concerns over potential tapering of the US Federal Reserve’s quantitative easing policy. A 3.8%2 depreciation of the Singapore dollar against the US dollar, however, helped translated into a positive gain of 0.5% and 0.3% respectively for US high investment grade and US investment grade bonds in Singapore dollar terms over the review period.

Factors affecting performanceFor the review period, the Fund maintained a neutral allocation between equities and bonds. However the underperformance of the underlying Asian equity, US high investment grade bond and US investment grade bond sub-funds dragged the Fund’s overall relative performance.

Within the Asian equity sub-fund, the Fund’s cash holdings contributed positively to relative returns as most Asian markets were down over the review period. Stock selection in the materials sector also helped relative performance. These were, however, more than offset by the negative stock selection within the consumer discretionary, consumer staples and health care sectors. Within the US high investment grade bond sub-fund, overweight the railroads sector contributed positively to the Fund’s relative returns. This was, however, more than offset by the underweight position in the banking sector. For the US investment grade bond sub-fund, the overweight allocation to the banking sector aided relative returns but it was moderated by the overweight in metal/mining (excluding steel) sector. Key changes to the portfolio3

Over the review period, the Asian equity sub-fund established new positions in AU Optronics Corp., China Telecom Corp. Ltd., and Kasikornbank Pcl. A position was closed in Bangkok Bank Pcl. Within the US high investment grade bond sub-fund, it increased its allocation to the Industrial and Finance sectors; in an effort to increase the sub-fund’s overall spread duration. The US investment grade bond sub-fund transitioned to a more neutral position over the review period. It also moved to an underweight position in Sovereigns and increased the overweight position in Banking and Commercial Mortgage-Backed Securities.

2 Bloomberg, as at 30 June 20133 Please note that the securities mentioned herein are included for illustrative purposes only. It should not be construed as a recommendation to purchase or sell any particular securities. There is no guarantee that any securities discussed herein will remain in the portfolio at the time you received this material or that securities sold have been repurchased.

27


OutlookThe fund manager believes the risks of fiscal tightening in the US and Europe, coupled with slower medium term growth rate in China due to overinvestment could continue to place downward pressures on global growth.

The fund manager notes that recent liquidity driven rally in Asian Equities has been partially unwound and sentiment is no longer overly bullish. Hence, the fund manager is less negative on Asian equities and is looking for positive economic signals to increase the Fund’s equity allocation. However, in the near term, weaker Asian growth data should continue to place downward pressures on earnings, which could be negative for Asian equities. Furthermore, Asian equity markets do not look cheap, based on price-to-book measure and longer-term cyclically adjusted price-earnings ratio.

US Corporates’ balance sheets have continued to impress with healthy profit margins and liquidity, thus they may be able to weather any possible cyclical downturn better than previous recession. However, an improvement in the US and global economy could place upward pressure on bond yields. Therefore, despite the positive signs of a cyclical recovery led by the US in the near term, the fund manager is still concerned about the medium-term macro outlook and unattractive equity valuations. As such, Asian equities are unlikely to outperform US bonds and the fund manager is maintaining a neutral allocation between the two asset classes.

28



Fund / Benchmark

3 months

%

6 months

%

1 year

%

3years

%

5 years

%

10 years

%

Since inception+

%

(average annual compounded return)Eastspring Investments Unit Trusts - Asian Balanced Fund -3.8 -4.1 1.0 0.7 2.1 4.7 5.5

Composite Benchmark50% MSCI AC Asia ex Japan Index

30% The BofA Merrill Lynch U.S. Corporates, A2 Rated and above Index (formerly known as Merrill Lynch US Corporates A-AAA rated (adjusted for A- credits))

20% The BofA Merrill Lynch U.S. Corporates, BBB3-A3 Rated Index (formerly known as Merrill Lynch US Corporates BBB – A rated) *

-2.1 -0.7 5.2 2.7 4.4 5.9 6.6


* 50% MSCI AC Asia ex Japan Index, 30% The BofA Merrill Lynch U.S. Corporates, A2 Rated and above Index, 20% The BofA Merrill Lynch U.S. Corporates, BBB3-A3 Rated Index. From inception to 30 September 2008, the Sub-Fund was benchmark against a composite of 50% MSCI AC Far East ex Japan Index, 30% The BofA Merrill Lynch U.S. Corporates, A2 Rated and above Index, and 20% The BofA Merrill Lynch U.S. Corporates, BBB3-A3 Rated Index. With effect from 1 May 2012, the 50% MSCI AC Asia ex Japan Index was changed from a gross dividend to a net dividend basis. The series are chain-linked to derive the longer period benchmark returns.

Please note that The BofA Merrill Lynch U.S. Corporates, A2 Rated and above Index was formerly known as Merrill Lynch US Corporates A-AAA rated (adjusted for A- credits) and The BofA Merrill Lynch U.S. Corporates, BBB3-A3 Rated Index was formerly known as Merrill Lynch US Corporates BBB – A rated.


+ 24 February 2003


29



Number of Shares Investment Funds

Market ValueSGD

% of Net Assets***

LuxembourgEastspring Investments

9,514,324 - Asian Equity Fund Class D 424,939,994 50.66

Eastspring Investments13,347,612 - US High Investment Grade Bond Fund Class D 246,736,909 29.42

Eastspring Investments 7,692,637 - US Investment Grade Bond Fund Class D 165,090,950 19.68 Total Investments 836,767,853 99.76 Other Net Assets 2,020,652 0.24 Total Net Assets Attributable to Unitholders 838,788,505 100.00


30

EASTSPRING INVESTMENTS UNIT TRUSTS – ASIAN BALANCED FUND(As at 30 June 2013)








Investment in other unit trusts, mutual funds and collective investment schemesThe Eastspring Investments Unit Trusts - Asian Balanced Fund invests SGD 424,939,994, SGD 246,736,909 and SGD 165,090,950 equivalent to 50.66%, 29.42% and 19.68% of its net asset value attributable to unitholders in Eastspring Investments - Asian Equity Fund Class D, Eastspring Investments - US High Investment Grade Bond Fund Class D and Eastspring Investments - US Investment Grade Bond Fund Class D respectively


BorrowingsNil

Related Party TransactionsThe Eastspring Investments Unit Trusts - Asian Balanced Fund invests SGD 424,939,994, SGD 246,736,909 and SGD 165,090,950 equivalent to 50.66%, 29.42% and 19.68% of its net asset value attributable to unitholders in Eastspring Investments - Asian Equity Fund, Eastspring Investments - US High Investment Grade Bond Fund and Eastspring Investments - US Investment Grade Bond Fund respectively. Some directors of the Eastspring Investments, an open-ended investment company registered in Luxembourg, are also directors of Eastspring Investments (Singapore) Limited.

31

EASTSPRING INVESTMENTS UNIT TRUSTS – ASIAN BALANCED FUND(As at 30 June 2013)





The calculation of the Fund’s expense ratio at 30 June 2013 was based on total operating expenses of SGD 12,011,868 (2012: SGD 5,226,654) divided by the average net asset value of SGD 857,611,425 (2012: SGD 803,519,144) for the year. The total operating expenses do not include (where applicable) bokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances. The unaudited expense ratio of the underlying funds are obtained from Underlying Funds’ Manager.

Turnover Ratio6.41% (2012: 117.30%)

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of SGD 56,084,031 (2012: sales of SGD 970,786,602) divided by the average daily net asset value of SGD 875,268,655 (2012: SGD 827,579,901).




32

EASTSPRING INVESTMENTS – ASIAN EQUITY FUND

Top 10 Holdings(As at 30 June 2013) Market Value % of Net USD Assets***

Samsung Electronic Co Limited 48,860,996 6.87 Taiwan Semiconductor Manufacturing 28,050,196 3.94 DBS Group Holdings Limited 23,134,223 3.25 Cheung Kong Holdings Ltd 20,394,396 2.87 China Construction Bank - H 17,745,515 2.49 ICICI Bank Ltd 16,917,329 2.38 Bank Rakyat Indonesia 16,078,223 2.26 Standard Chartered PLC 15,423,574 2.17 Hyundai Motor Co 13,359,204 1.88 COSCO Pacific Ltd 13,130,558 1.85


Samsung Electronic Co Limited 40,697,788 5.95 Taiwan Semiconductor Manufacturing 21,017,522 3.07 Hon Hai Precision Industry 19,653,613 2.87 DBS Group Holdings Limited 19,284,854 2.82 Bank Rakyat Indonesia 17,765,125 2.60 China Pacific Insurance 16,644,909 2.43 Singapore Telecom Ltd 16,562,617 2.42 China Construction Bank - H 16,258,057 2.38 Bank of China Limited - H 15,316,988 2.24 Cheung Kong Holdings Ltd 13,330,958 1.95




Turnover Ratio25.11% (2012: 37.92%)

33

EASTSPRING INVESTMENTS UNIT TRUSTS – DRAGON PEACOCK FUNDIncluded under the CPF Investment Scheme – Ordinary Account

StructureThe Eastspring Investments Unit Trusts - Dragon Peacock Fund (the “Fund”) is a fund organised as a direct investment portfolio. For efficient portfolio management purposes, a Mauritian entity, Dragon Peacock Investments Limited has been established to hold all the investments of the Fund in China and/or India (except such investments which the Manager determines should be held directly by the Fund). The Trustee remains responsible for the safe custody of the assets of the Fund held through the Mauritian entity. The Mauritian entity is expected to be governed by the provisions of the India-Mauritius Double Taxation Avoidance Treaty and the China-Mauritius Double Taxation Avoidance Treaty. If it is no longer beneficial to invest through the Mauritian entity, the Fund may elect to invest directly in China and/or India. The Manager has sub-delegated the investment management of the Fund’s China portfolio to the investment sub-manager, Eastspring Investments (Hong Kong) Limited.

Investors should note that the net asset value of this Fund is likely to have a high volatility due to its concentration of investment in two countries.

Investment ObjectiveThe investment objective of the Fund is to maximize long-term total return by investing primarily in equity and equity-related instruments of corporations, which are incorporated in, or listed in, or operating principally from, or carrying on significant business in, or derive substantial revenue from, or whose subsidiaries, related or associated corporations derive substantial revenue from, the People’s Republic of China (PRC) and the Republic of India (India).


PerformanceFor the six months ended 30 June 2013, the Fund declined 7.6% (bid-to-bid basis) to underperform its benchmark, which declined 5.7%.

Market BackgroundThe stock markets of China and India declined in January-June, pressured by concerns about the economic outlook for each country as well as the United States. There was fear for China’s economic growth slowdown and uncertainty about the future of rising mainland property prices. There was worry the Federal Reserve Board will reduce its US economic stimulus program of quantitative easing.

In India, concern emerged that a depreciating Rupee and nagging inflation will keep the central bank from cutting interest rates. There were misgivings about political gridlock. The MSCI India Index declined 4.5% for the half year period. The MSCI China fell 7.4%.1

1 Thomson Reuters Datastream, as at 11 July 2013

34

EASTSPRING INVESTMENTS UNIT TRUSTS – DRAGON PEACOCK FUND


Stock selection in China financials and materials was a key contributor to the Fund’s performance. Stock selection in India information technology and consumer staples, and among China consumer discretionary stocks, was a key detractor.

Dr. Reddy’s Laboratories Ltd. and Mahindra & Mahindra Financial Services Ltd. (M&MFS) were large contributors to Fund performance, and outperformed the benchmark. Dr. Reddy’s is a leading India drug maker. The company benefits from a declining Rupee because roughly 70% of sales are made overseas.

M&MFS is one of India’s largest auto finance companies and is likely to benefit from currently-strong monsoon rains. The rains are good for Indian agriculture and imply that people in the small and rural cities and towns served by M&MFS will have extra money to spend on autos.

Tencent Holdings Ltd. and Ranbaxy Laboratories Ltd. were among the larger detractors from Fund performance. The Fund held no shares in Tencent Holdings on a belief the stock was too expensive, and suffered as the stock outperformed the benchmark. Ranbaxy underperformed.

Tencent Holdings is China’s largest Internet business. During the half year, the company reported good results for fourth-quarter 2012 and first-quarter 2013.

Ranbaxy is also a large Indian drug maker. The stock declined after Ranbaxy set aside US$500 million in penalties following an investigation of company manufacturing practices by the US Food and Drug Administration. The fund managers believe Ranbaxy has been dealing successfully with US authorities.


Among its larger transactions the Fund established new positions in Tata Consultancy Services Ltd., a leading information technology consultant that is active globally, and China Bluechemical Ltd., a low-cost producer of urea and methanol. Positions were closed in the Ping An Insurance (Group) Co. of China Ltd. and Colgate-Palmolive (India) Ltd.

OutlookThe fund managers believe the long-term growth potential of China and India remains strong. Domestic consumption in each country is likely to rise as middle income populations expand. China’s stock market valuation remains below historical averages and is attractive. Economic growth is likely to remain strong compared with the world average. India’s equities valuations are relatively inexpensive. The fund managers like the country’s strong domestic consumption and young working population.

2 Please note that the securities mentioned herein are included for illustrative purposes only. It should not be construed as a recommendation to purchase or sell any particular securities. There is no guarantee that any securities discussed herein will remain in the portfolio at the time you received this material or that securities sold have not been repurchased.

35



Fund / Benchmark

3 months

%

6months

%

1 year

%

3 years

%

5 years

%

Since inception+

%

(average annual compounded return)Eastspring Investments Unit Trusts - Dragon Peacock Fund -2.6 -7.6 6.0 -6.3 -0.1 8.1

Composite Benchmark50% MSCI China Index 50% MSCI India Index

-3.8 -5.7 6.7 -5.0 0.7 11.6



+ 18 June 2004


36

EASTSPRING INVESTMENTS UNIT TRUSTS – DRAGON PEACOCK FUND(As at 30 June 2013)









BorrowingsNil.





37



** The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). This is the sum of the Fund’s expense ratio and the weighted average of the underlying funds’ unaudited expense ratio of 0.06% (2012: 0.05%). The calculation of the expense ratio at 30 June 2013 was based on total operating expenses of SGD 15,211,933 (2012: SGD 15,340,514) divided by the average net asset value of SGD 942,035,422 (2012: SGD 963,586,858) for the year. The total operating expenses do not include (where applicable) bokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances. The unaudited expense ratio of the underlying funds are obtained from Underlying Funds’ Manager.

Turnover Ratio5.48% (2012: 2.83%)


Soft Dollar CommissionThe soft dollar arrangements may include specific advice as to the advisability of dealing in, or as to 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 extend that they are used to support the investment decision making process, the giving of advice, the conduct of research or analysis, or analysis of trade execution, and custodial service in relation to the investments managed for clients.

Soft dollar arrangements have been undertaken by the Manager in respect of Eastspring Investments Unit Trusts - Dragon Peacock Fund. The soft dollar arrangements relate essentially to the use of analytical tool provided by a broker, ITG Hong Kong Limited (“ITG HK”) for the purpose of assessing and monitoring the efficiency of trade execution. The Manager also uses an execution management system provided by ITG HK. This system enhances current equity order management workflows by increasing functionality with regard to live market data, pre and post-trade execution analytics and access to broker algorithm trading strategies. The said broker has also executed trades for other schemes managed by the Manager.

38


Soft-dollar commissions/arrangements 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 Manager confirms that the goods and services received were for the benefits of the funds, trades were executed at the best available terms, taking into account the relevant market at the time for transactions of the kind and size concerned, and there was no churning of trades.



39



Bank of China Ltd 46,418,994 5.16 Reliance Industries Ltd 42,860,411 4.77 Industrial and Commercial Bank of China Ltd 42,103,735 4.68 ICICI Bank Ltd 40,071,981 4.46 Dr Reddy’s Laboratories Ltd 33,485,436 3.73 CNOOC Ltd 32,214,284 3.58 China Mobile Ltd 31,660,920 3.52 Infosys Ltd 30,389,617 3.38 China Pacific Insurance Group Co Ltd 30,032,344 3.34 HDFC Bank Ltd 27,657,069 3.08


Bank of China Ltd 44,824,789 5.13 Reliance Industries Ltd 40,698,505 4.66 Infosys Ltd 38,457,318 4.40 CNOOC Ltd 37,707,861 4.31 Industrial and Commercial Bank of China Ltd 36,880,996 4.22 ICICI Bank Ltd 34,495,432 3.95 Dr Reddy’s Laboratories Ltd 33,175,083 3.80 China Mobile Ltd 28,200,705 3.23 HDFC Bank Ltd 27,326,402 3.13 China Unicom (Hong Kong) Limited 27,175,787 3.11


40


Schedule of Investments(As at 30 June 2013) Market Value % of Net SGD Assets***CountryChina 225,524,921 25.09 Hong Kong 201,577,743 22.43 India 452,577,424 50.35

Market Value % of Net SGD Assets***IndustryAutomotive 26,386,036 2.93 Auto and trucks 18,723,180 2.08 Banks 181,739,294 20.22 Cement 8,856,559 0.99 Chemical 7,694,878 0.86 Citygas 5,230,348 0.58 Computer software 65,780,715 7.32 Consumer 14,970,124 1.67 Electronics 14,428,599 1.61 Finance 45,281,440 5.03 Insurance 30,032,344 3.34 Manufacturing 8,934,924 0.99 Media 11,966,962 1.33 Medical - drugs 43,898,265 4.89 Metal products 7,249,840 0.81 Mining 15,136,876 1.68 Miscellaneous 22,828,149 2.54 Motor 16,483,035 1.83 Oil and gas 80,195,572 8.92 Paper 1,722,982 0.19 Petrochemical 42,860,411 4.77 Property 25,270,341 2.81 Real estate 12,035,224 1.34 Retail 37,124,269 4.14 Services 11,561,103 1.29 Telecom services 68,213,624 7.59 Tobacco 24,275,447 2.70 Transport - Ship 5,321,260 0.59

Market Value % of Net SGD Assets***Asset ClassEquities 879,680,088 97.87 Other net current assets 19,127,887 2.13


41

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL BASICS FUNDIncluded under the CPF Investment Scheme – Ordinary Account

StructureEastspring Investments Unit Trusts - Global Basics Fund (the “Fund’) is organised as a feeder fund, which feeds into Sterling Class A shares of the M&G Investment Funds (1) – M&G Global Basics Fund (“M&G Global Basics Fund”), domiciled in the United Kingdom.

The investment manager of the M&G Global Basics Fund is the UK domiciled M&G Investment Management Limited.

The Manager is currently offering three Classes of Units in the Fund, namely, SGD Class, USD Class and Euro Class. There are no material differences between the three Classes save for the difference in the base currency of each Class. Units of the SGD Class shall hereinafter be referred to as “Eastspring Investments Unit Trusts - Global Basics Fund SGD Class”, Units of the USD Class shall hereinafter be referred to as “Eastspring Investments Unit Trusts - Global Basics Fund USD Class” and Units of the Euro Class shall hereinafter be referred to as “Eastspring Investments Unit Trusts - Global Basics Fund Euro Class”.

Investors should note that the Eastspring Investments Unit Trusts - Global Basics Fund USD Class and Eastspring Investments Unit Trusts - Global Basics Fund Euro Class may be subject to foreign exchange risk and currency conversion costs. In addition, a separate Net Asset Value per Unit (denominated in the relevant base currency), which may differ as a consequence of the aforesaid variable factors will be calculated for each Class.

Investment Objective The investment objective of the Fund is to invest wholly or mainly in companies operating in basic industries (‘primary’ and ‘secondary’ industries) and also in companies that service these industries. The Fund may also invest in other global equities. The sole aim of the Fund is long-term capital growth. The Manager intends to achieve this investment objective by investing all or substantially all of the assets of the Fund into the M&G Global Basics Fund which shares the same investment objective.


Fund performance1

The Fund gained 2.0% (bid-to-bid basis) in Singapore Dollar terms, lagging its composite benchmark, which produced a positive return of 8.7%.

Market background Global equity markets witnessed wide fluctuations for the period under review. The Japanese and US indices in particular rallied at the start of the six months in response to government-led fiscal stimulus and increased appetite for risk. Later in the period though, some of these gains were trimmed by concerns about a tapering of US stimulus measures and weak economic data from China.

1 The performance mentioned above applies to SGD class only and not the USD and EUR classes.

42

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL BASICS FUND

Worries about China’s growth prospects weighed heavily on emerging market indices in particular and also on commodity-producing companies whose products have been in high demand throughout that country’s economic transformation. As a result, the basic materials sector and miners especially fared poorly.

Factors affecting performanceThe Fund’s overweight exposure to the out-of-favour basic materials sector was major a drag on fund performance, although positive stock selection within the mining and consumer services sectors aided returns somewhat.


Following the sale of Australian-listed St Barbara and Resolute Mining during the first quarter, the Fund no longer has exposure to pure play gold mining companies. One additional exit was Australian stem cell research company Mesoblast, which was sold in March.

In the second quarter, an uncharacteristically large number of long-standing holdings left the portfolio during the quarter, including UK-listed oil explorer Tullow Oil, US-listed oral hygiene company Colgate-Palmolive, US seed producer Monsanto and US engineering and construction group Fluor.

Proceeds from the sales were recycled into several holdings bought in 2012, including US logistics business UPS, US industrials conglomerate United Technologies and French advertising agency Publicis.

OutlookAs we move into the second half of 2013, the fund manager remains cautiously optimistic in his outlook. Concerns about slowing emerging markets growth should be balanced by increasing evidence that the US, the world’s largest economy, appears to be on the path to recovery. Arguably, the proposed tapering of fiscal stimulus in the US is a good indication of the health of the economy and so should be viewed positively.

The companies held in the Fund are established, cash-generative businesses whose stable domestic operations help fuel their growth and expansion elsewhere in the world. Across the portfolio, these companies are well placed to manage their business through the market cycle, delivering value for investors over the long term.


43



Fund / Benchmark

3 months

%

6 months

%

1 year

%

3 years

%

5 years

%

Since inception+

%

(average annual compounded return)Eastspring Investments Unit Trusts - Global Basics Fund SGD Class

-3.0 2.0 6.8 3.5 -4.9 1.4

FTSE Global Basics Composite Index SGD* 1.0 8.7 14.5 9.2 0.9 3.4

Eastspring Investments Unit Trusts - Global Basics Fund USD Class

-5.2 -1.7 6.7 6.8 -3.6 3.3

FTSE Global Basics Composite Index USD* -1.2 4.7 14.4 12.8 2.3 5.9

Eastspring Investments Unit Trusts - Global Basics Fund Euro Class

-6.4 -0.4 4.2 4.7 0.1 -0.2

FTSE Global Basics Composite Index Euro* -2.4 6.2 11.7 10.6 6.3 4.9

Source: Eastspring Investments (Singapore) Limited. The return is calculated on a bid-to-bid basis with net income reinvested, if any. The return for Eastspring Investments Unit Trusts - Global Basics Fund SGD Class is calculated in S$, the return for Eastspring Investments Unit Trusts - Global Basics USD Class is calculated in US$ and the return for Eastspring Investments Unit Trusts - Global Basics Fund Euro Class is calculated in Euro.

* The FTSE Global Basics Composite Index is a customised benchmark which is derived by combining all the sector indices of the FTSE World Index save for the media, IT, telecommunications, financials and healthcare sector indices.


+ SGD Class: 18 October 2005USD Class: 11 September 2006Euro Class: 6 May 2008


44



Market Value % of Net SGD Assets***CountrySingapore 47,979,435 16.13 United Kingdom 246,255,975 82.82

Market Value % of Net SGD Assets***IndustryBank 14,000,175 4.70 Government 33,979,260 11.43 Unit Trust 246,255,975 82.82

Market Value % of Net SGD Assets***Credit Ratings (by S&P/Moody’s)AAA 33,979,260 11.43 Not rated 260,256,150 87.52

Market Value % of Net SGD Assets***Asset ClassBonds 33,979,260 11.43 Investment Fund 246,255,975 82.82 Time Deposits 14,000,175 4.70 Other net current assets 3,108,351 1.05


45

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL BASICS FUND(As at 30 June 2013)

Exposure to DerivativesThe unrealised gain/loss at the end of the period was nil and realised loss is SGD 3,423 for the period.







Investment in other unit trusts, mutual funds and collective investment schemesThe Fund invests SGD 246,255,975 equivalent to 82.82% of its net asset attributable to unitholders, in M&G Global Basics Fund Net Accumulation Shares in Sterling Class A.


BorrowingsNil

Related Party TransactionsThe Fund invests SGD 246,255,975 equivalent to 82.82% of its net asset attributable to unitholders, in M&G Global Basics Fund Net Accumulation Shares in Sterling Class A.



46

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL BASICS FUND(As at 30 June 2013)



The calculation of the Fund’s expense ratio at 30 June 2013 was based on total operating expenses of $272,316 (2012: $307,634) divided by the average net asset value of $311,285,532 (2012: $346,241,425) for the year. The total operating expenses do not include (where applicable) bokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances. The unaudited expense ratio of the underlying funds are obtained from Underlying Funds’ Manager.

Turnover Ratio11.20% (2012: 0.44%)



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


47

M & G GLOBAL BASICS FUND NET ACCUMULATION SHARES IN STERLING CLASS A SHARES

Top 10 Holdings(As at 30 June 2013) Market Value % of Net GBP Assets***

Symrise 370,611,073 8.19 Ansell 243,952,661 5.39 Kirin 226,919,437 5.02 Kerry 223,483,031 4.94 AMMB 214,440,735 4.74 Publicis Groupe 208,617,587 4.61 Scotts Miracle 208,630,909 4.61 Unilever 203,643,000 4.50 G4S 201,254,400 4.45 Agrana 195,847,490 4.33 Top 10 Holdings(As at 30 June 2012) Market Value % of Net GBP Assets***

Tullow Oil 330,075,000 6.37 Fraser & Neave 324,577,542 6.26 Symrise 265,856,500 5.13 G4S 243,706,500 4.70 Colgate-Palmolive 199,316,196 3.84 Ansell 196,379,847 3.79 Monsanto 194,169,352 3.74 K&S 189,091,620 3.65 AMMB 177,305,120 3.42 Scotts Miracle 161,887,840 3.12


Annualised Expense Ratio**1.66%^ (2012: 1.67%)


^ For the period 1 March 2012 – 28 February 2013. Source: M&G Securities Limited

Turnover Ratio***27.50%# (2012: 48.90%)

*** The Portfolio Turnover Rate (PTR) is a ratio that reflects the volume of trading within each sub-fund over the course of a 12 month period. The PTR is calculated by taking the sum of all transactions in securities less the sum of all transactions in the sub-fund’s shares and is expressed as a percentage of the sub-fund’s average net asset value.# For the period 1 March 2012 - 28 February 2013. Source: M&G Securities Limited (Interim Investment Report and Unaudited Financial Statements, April 2013)

48

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL BALANCED FUNDIncluded under the CPF Investment Scheme – Ordinary Account and Special Account

StructureThe Eastspring Investments Unit Trusts - Global Balanced Fund (the “Fund”) is organized as a feeder fund which feeds into the United Kingdom – domiciled M&G Investment Funds (1) – M&G Global Basics Fund (“M&G Global Basics Fund”) for its equity participation and the Singapore – domiciled Legg Mason Western Asset Global Bond Trust (“LMWAGBT”) for its bond participation.

The investment manager of the M&G Global Basics Fund is the UK domiciled M&G Investment Management Limited and the investment manager of the LMWAGBT is the Singapore incorporated Western Asset Management Company Pte Ltd (“WAMC Pte Ltd”).

The investment sub-managers of the LMWAGBT are Western Asset Management Company (“WAMC”) and Western Asset Management Company Limited (WAMCL”). WAMC manages the North America, South America and Central America portfolio of debt securities of the LMWAGBT and WAMCL manages the Europe, UK, Scandinavia, Middle East and Japan portfolio of debt securities of the LMWAGBT.

Investment ObjectiveThe investment objective of the Fund is to maximise total return in the medium to long term by investing primarily in a portfolio comprising global equities and high quality debt securities of major global bond markets.


Fund performanceThe Fund fell 0.1% (bid-to-bid basis) for the first half year of 2013 and underperformed its composite benchmark1 by 4.8%.

Market backgroundGlobal equity markets witnessed wide fluctuations for the period under review. The Japanese and US indices in particular rallied at the start of the six months in response to government-led fiscal stimulus and increased appetite for risk. Later in the period, some of these gains were trimmed by concerns about a tapering of stimulus measures in the US and weak economic data from China. Worries about China’s growth prospects weighed heavily on emerging market indices in particular and also on commodity-producing companies whose products have been in high demand throughout that country’s economic transformation. As a result, the basic materials sector and miners especially fared poorly.

1 Based on a composite of 60% FTSE Global Basics Composite Index and 40% Citigroup World Government Bond Index ex-Japan hedged to SGD.

49

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL BALANCED FUND

In the fixed income markets, during Q1 2013, Eurozone peripheral country bonds, led by Italy, posted strong gains on implicit support from the European Central Bank. US, UK and Australian bonds declined, as investors chased higher yields in other markets. In Q2 2013, most government bonds posted sharp losses in the quarter led by the US, UK and Canadian markets. Rate cuts in Australia mitigated the declines while Italy bucked the trend posting positive returns as stability returned after the Cyprus bailout and Italy formed a government.

Factors affecting performanceThe Fund feeds into the M&G Global Basics Fund and the Legg Mason Western Asset Global Bond Trust. The Fund’s underperformance over the review period was mainly due to the M&G Global Basic Fund, which rose 2.01% in Singapore dollar terms (Sterling Class) and underperformed its benchmark’s 8.72% gain2. Whilst Legg Mason Western Asset Global Bond Trust fell 2.12% in Singapore dollar terms, lagging behind its benchmark that was down by 1.23%3.

Within the equity sub-fund, its overweight exposure to the out-of-favour basic materials sector was major a drag on fund performance, although positive stock selection within the mining and consumer services sectors aided returns somewhat.

Within the bond sub-fund, its overweight exposure to US duration detracted from performance as yields rose across the curve. Overweight positions in Italy and South Africa detracted from performance while a long position in Mexico contributed to performance. In addition, a weaker South African rand detracted from performance. The allocation to investment grade credit contributed positively, but it was offset by agency mortgages, which lagged equivalent-duration US Treasuries.


The Fund has generally maintained its allocations of 60% towards global equities and 40% towards global bonds over the review period.

Within the equity sub-fund, it sold St Barbara and Resolute Mining so the Fund no longer has exposure to pure play gold mining companies. It also sold Australian stem cell research company Mesoblast. In the second quarter, an uncharacteristically large number of long-standing holdings left the portfolio, including UK-listed oil explorer Tullow Oil, US-listed oral hygiene company Colgate-Palmolive, US seed producer Monsanto and US engineering and construction group Fluor. Proceeds from the sales were recycled into several holdings bought in 2012, including US logistics business UPS, US industrials conglomerate United Technologies and French advertising agency Publicis.

2 Eastspring Investments (Singapore) Limited, 10 July 2013.3 Legg Mason Asset Management Singapore Pte. Ltd., as at 30 June 2013 4 Please note that the securities mentioned herein are included for illustrative purposes only. It should not be construed as a recommendation to purchase or sell any particular securities. There is no guarantee that any securities discussed herein will remain in the portfolio at the time you received this material or that securities sold have not been repurchased.

50


Within the bond sub-fund, it added duration in Europe - specifically Italy and Germany, in UK, in Australia in March and cut down later in May. The fund manager also added duration and currency exposure in South Africa and Mexico. In addition, the fund manager reduced duration in Japan.

OutlookLooking ahead, the Fund will continue to maintain its allocations of approximately 60% in global equities and 40% in global bond.

Within the equity sub-fund, it remains cautiously optimistic. Concerns about slowing emerging markets growth should be balanced by increasing evidence that the US, the world’s largest economy, appears to be on the path to recovery. Arguably, the proposed tapering of fiscal stimulus in the US is a good indication of the health of the economy and so should be viewed positively. The companies held in the sub-fund are established, cash-generative businesses whose stable domestic operations help fuel their growth and expansion elsewhere in the world. Across the portfolio, these companies are well placed to manage their business through the market cycle, delivering value for investors over the long term.

Within the bond sub-fund, it will manage duration tactically, maintaining an overweight position in US duration as part of a diversified global portfolio and tactically switch between the US and Europe on relative value opportunities. The current bias is towards 30-year US Treasuries that should protect downside risk in credit sectors. It maintains an overweight exposure to UK gilts and to selected peripheral euro zone country bonds, with a bias towards Italian government bonds. The sub-fund continues to manage an overweight to Mexico peso and overweight exposure to agency mortgage pass-through securities.

51



Fund / Benchmark

3 months

%

6 months

%

1 year

%

3 years

%

5 years

%

Since inception+

%

(average annual compounded return)Eastspring Investments Unit Trusts- Global Balanced Fund

-3.1 -0.1 3.9 2.9 -2.0 -2.0

Composite Benchmark 60% FTSE Global Basics Composite Index 40% Citigroup World Government Bond Index ex Japan hedged to S$*

0.1 4.7 9.4 6.9 1.9 0.4


* FTSE Global Basics Composite Index is a customised benchmark which is derived by combining all the sector indices of the FTSE World Index save for the media, IT, telecommunications, financials and healthcare sector indices.

From 1 April 2011, the Citigroup World Government Bond Index (S$) ex Japan has changed to the Citigroup World Government Bond Index ex Japan hedged to SGD, pursuant to a similar change of one of the underlying funds’ benchmark.


+ 1 October 2007


52




% of Net Assets***

United Kingdom

779,804

M&G Investment Funds (1)- Global Basics Fund Net Accumulation Shares in Sterling Class A 14,783,191 59.82

Singapore

7,877,217Legg Mason Western Asset Global Bond Trust 9,830,767 39.78

Total Investments 24,613,958 99.60 Other net assets 99,984 0.40 Total Net Assets Attributable to Unitholders 24,713,942 100.00 *** Any differences in the percentage of the Net Asset figures are the result of rounding.

53

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL BALANCED FUND(As at 30 June 2013)





that are reinvested. CollateralNil for the period ended 30 June 2013.


Investment in other unit trusts, mutual funds and collective investment schemesThe Fund invests SGD 14,783,191 equivalent to 59.82% and SGD 9,830,767 equivalent to 39.78% of its net asset value attributable to unitholders, in M&G Investment Funds (1) - Global Basics Fund Net Accumulation Shares in Sterling Class A and Legg Mason Western Asset Global Bond Trust respectively.


BorrowingsNil

Related Party TransactionsThe Fund invests SGD 14,783,191 equivalent to 59.82% of its net asset value attributable to unitholders, in M&G Investment Funds (1) - Global Basics Fund Net Accumulation Shares in Sterling Class A.

54

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL BALANCED FUND(As at 30 June 2013)


SGDSubscriptions 391,691 Redemptions 2,745,463




Turnover Ratio0.38% (2012: 1.86%)

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of SGD 100,395 (2012: SGD 562,779) divided by the average daily net asset value of SGD 26,583,836 (2012: SGD 30,259,546).




55

M & G GLOBAL BASICS FUND NET ACCUMULATION SHARES IN STERLING CLASS A SHARES

Top 10 Holdings(As at 30 June 2013) Market Value % of Net GBP Assets***

Symrise 370,611,073 8.19 Ansell 243,952,661 5.39 Kirin 226,919,437 5.02 Kerry 223,483,031 4.94 AMMB 214,440,735 4.74 Publicis Groupe 208,617,587 4.61 Scotts Miracle 208,630,909 4.61 Unilever 203,643,000 4.50 G4S 201,254,400 4.45 Agrana 195,847,490 4.33

Top 10 Holdings (As at 30 June 2012) Market Value % of Net GBP Assets***

Tullow Oil 330,075,000 6.37 Fraser & Neave 324,577,542 6.26 Symrise 265,856,500 5.13 G4S 243,706,500 4.70 Colgate-Palmolive 199,316,196 3.84 Ansell 196,379,847 3.79 Monsanto 194,169,352 3.74 K&S 189,091,620 3.65 AMMB 177,305,120 3.42 Scotts Miracle 161,887,840 3.12





Turnover Ratio***27.50%# (2012: 48.90%)

*** The Portfolio Turnover Rate (PTR) is a ratio that reflects the volume of trading within each sub-fund over the course of a 12 month period. The PTR is calculated by taking the sum of all transactions in securities less the sum of all transactions in the sub-fund’s shares and is expressed as a percentage of the sub-fund’s average net asset value.# For the period 1 March 2012 - 28 February 2013. Source: M&G Securities Limited (Interim Investment Report and Unaudited Financial Statements, April 2013)

56

LEGG MASON WESTERN ASSET GLOBAL BOND TRUST

Top 10 Holdings(As at 31 March 2013)^^ Market Value % of Net SGD Assets***

Buoni Poliennali Del Tes 5.5% 01/11/2022 45,525,768 13.54 Bundesrepublic Deutschland Series 06 (BR) 4% 04/07/2016 31,823,692 9.47 Bundesrepublic Deutschland (BR) 4.25% 04/07/2017 31,632,247 9.41 Bundesrepublic Deutschland Series 09 3.25% 04/01/2020 14,919,985 4.44 Fnma 30YR FRN 25/01/2043 14,149,353 4.21 US Treasury Bond 4.375% 15/11/2039 13,815,331 4.11 UK Treasury 4.25% 07/12/2040 13,013,003 3.87 US Treasury Note 0.75% 15/12/2013 12,956,671 3.85 Government of France OAT 3.25% 25/10/2021 12,145,354 3.61 Bundesrepublic Deutschland Series 05 (BR) 3.5% 04/01/2016 11,051,900 3.29

Top 10 Holdings(As at 31 March 2012)^^ Market Value % of Net SGD Assets***

Government of France OAT 3.25% 25/10/2021 44,043,166 13.39 Bundesrepublic Deutschland Series 06 (BR) 4% 04/07/2016 28,515,843 8.67 US Treasury Note 0.875% 31/12/2016 25,909,819 7.88 US Treasury Bond 4.375% 15/11/2039 14,821,658 4.51 UK Treasury 4.25% 07/12/2040 14,412,053 4.38 Bundesrepublic Deutschland Series 05 (BR) 3.5% 04/01/2016 13,725,601 4.17 Bundesrepublic Deutschland (BR) 4.25% 04/07/2017 11,848,822 3.60 Buoni Poliennali Del Tes 3.75% 15/04/2016 9,245,522 2.81 Buoni Poliennali Del Tes 4.25% 01/07/2014 9,049,900 2.75 Government of Poland Series 0922 5.75% 23/09/2022 8,931,877 2.72

^^ The information of the Legg Mason Western Asset Global Bond Trust is disclosed based on information from the fund’s latest annual report as at 31 March 2013.


57

LEGG MASON WESTERN ASSET GLOBAL BOND TRUST



^ For the period 1 April 2012 to 31 March 2013. Source: Annual Report of Legg Mason Western Asset Global Bond Trust for the financial year ended 31 March 2013.

Turnover Ratio207.04%# (2012: 269.81%)

# For the period 1 April 2012 to 31 March 2013. Source: Annual Report of Legg Mason Western Asset Global Bond Trust for the financial year ended 31 March 2013.

58

EASTSPRING INVESTMENTS UNIT TRUSTS – ASIAN INFRASTRUCTURE EQUITY FUNDIncluded under the CPF Investment Scheme – Ordinary Account

StructureThe Eastspring Investments Unit Trusts - Asian Infrastructure Equity Fund (the “Fund”) is organised as a feeder fund which feeds into the Luxembourg – domiciled Eastspring Investments– Asian Infrastructure Equity Fund (“Eastspring Investments – Asian Infrastructure Equity Fund”).

The investment manager of Eastspring Investments – Asian Infrastructure Equity Fund is the Manager.

The Manager is currently offering three Classes of Units in the Fund, namely, SGD Class, USD class and Euro Class. There are no material differences between the three classes save for the difference in the base currency of each Class. Units of the SGD Class shall hereinafter be referred to as the “SGD Class Units”, Units in the USD Class shall hereinafter be referred to as the “USD Class Units” and Units in the Euro Class shall hereinafter be referred to as the “Euro Class Units”

Investors should note that the USD Class Units and Euro Class Units may be subject to foreign exchange risk and currency conversion costs. In addition, a separate Net Asset Value per Unit (denominated in the relevant base currency), which may differ as a consequence of the aforesaid variable factors will be calculated for each Class.

Investment ObjectiveThe investment objective of the Fund is to maximise long-term capital appreciation by investing primarily in equity and equity-related securities of corporations deriving substantial revenue from, or whose subsidiaries, related or associated corporations are engaged in, infrastructure or related business and are incorporated in, or listed in, or operating principally from the Asia ex-Japan region.

The Fund may also invest in depository receipts including American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), debt securities convertible into common shares, preference shares and warrants.

The Manager intends to achieve this investment objective by investing all or substantially all of the assets of the Fund into the Eastspring Investments - Asian Infrastructure Equity Fund which shares the same investment objective.

Investors should note that “infrastructure” or “infrastructure related” may be capable of wide-ranging interpretation. The Manager has the sole discretion to decide as to what constitute “infrastructure” or “infrastructure related” investments for the purposes of any such investments under the Fund and / or Eastspring Investments - Asian Infrastructure Equity Fund.

59

EASTSPRING INVESTMENTS UNIT TRUSTS – ASIAN INFRASTRUCTURE EQUITY FUND


Fund Performance1

The Fund fell 7.3% (bid-to-bid basis) over the review period, while its benchmark fell 6.3%.

Market backgroundThe first half of 2013 started on a positive note, with Asian markets responding positively as the US headed off an immediate budget crisis and global tail risks abated. The risk-on environment did not last long, however, as risk reversion returned to Asia in February and March as China reported softer economic data and concerns flared on the Cyprus banking sector. April was a positive month, boosted by the Bank of Japan’s large-scale monetary easing. But May and June saw progressively larger sell offs, especially in emerging markets in Southeast Asia, as investors worried about the impacts of tapering in the US Federal Reserve’s asset buying program sooner than expected.


Stock selection was the main driver for the underperformance. Positive relative contributions came from stock selection in the Industrials and Energy sectors. Nonetheless, they were not enough to offset negative relative contributions from stock selection in Telecoms, Utilities, and Materials.

At a stock level, positive performance came from companies such as Taiwan Secom, Metro Pacific Investments and Thai Tap Water Supply. On the other hand, holdings in Banpu and LG Chem and non-holding of SingTel caused a drag in performance.


During the year to date the fund manager looked for opportunities to sell stocks to lock in strong performance while adding names that have good earnings growth potential and are attractively priced. In this light, the Fund trimmed Manila Water, Guangshen Railway, and Thai Thap Water Supply. The proceeds were used to fund a new position in Hutchinson Whampoa and to increase holdings in names that continue to look attractive such as LG Chem, Metro Pacific Investments, and China Oilfield Services.

Outlook and strategyThe fund manager remains convinced that the structural infrastructure story remains intact, especially in emerging countries in Asia. The Fund is well positioned and the fund manager will continue to focus on domestic demand driven infrastructure investments that are endorsed strongly by local governments, such as India, Indonesia, Philippines and Thailand. The fund manager is of the opinion that the alternative energy theme (including nuclear power) is here to stay. The demand for power is inevitable given the pace of growth, especially those in the emerging Asian countries, urbanization of its population and historical underinvestment in infrastructure.

60


1 The performance mentioned above applies to SGD class only and not the USD and EUR classes.2 Please note that the securities mentioned herein are included for illustrative purposes only. It should not be construed as a recommendation to purchase or sell any particular securities. There is no guarantee that any securities discussed herein will remain in the portfolio at the time you received this material or that securities sold have been repurchased.

61



Fund / Benchmark

3 months

%

6 months

%

1 year

%

3 years

%

5 years

%

Since inception+

%

(average annual compounded return)Eastspring Investments Unit Trusts - Asian Infrastructure Equity Fund SGD Class

-6.4 -7.3 2.7 -2.5 -1.0 -3.2

MSCI AC Asia ex Japan Selected Sectors Index SGD* -4.3 -6.3 2.5 -0.5 -1.8 -3.4

Eastspring Investments Unit Trusts - Asian Infrastructure Equity Fund USD Class

-8.5 -10.8 2.5 0.7 0.4 -1.8

MSCI AC Asia ex Japan Selected Sectors Index USD* -6.4 -9.7 2.4 2.7 -0.4 -1.9

Eastspring Investments Unit Trusts - Asian Infrastructure Equity Fund EUR Class

-9.4 -9.4 0.2 -1.3 4.4 1.8

MSCI AC Asia ex Japan Selected Sectors Index EUR* -7.5 -8.4 -0.1 0.7 3.5 1.6

Source: Eastspring Investments (Singapore) Limited. The return is calculated on a bid-to-bid basis with net income reinvested, if any. The return for Eastspring Investments Unit Trusts - Asian Infrastructure Equity SGD Class is calculated in S$, the return for Eastspring Investments Unit Trusts - Asian Infrastructure Equity USD Class is calculated in US$ and return for Eastspring Investments Unit Trusts - Asian Infrastructure Equity EUR Class is calculated in Euro.* The MSCI AC Asia ex Japan Selected Sectors Index is a customised benchmark which is derived by combining the MSCI sector indices for Energy, Industrials, Materials, Telecommunication Services & Utilities in the MSCI AC Asia ex Japan Index. The country coverage for the MSCI AC Asia ex Japan Selected Sectors Index remains the same as that for MSCI AC Asia ex Japan Index. From inception to 30 April 2012, the Fund was benchmarked against MSCI AC Asia ex Japan Selected Sectors Index Index on a gross dividend basis. With effect from 1 May 2012, the benchmark returns will be on a net dividend basis. The two series are chain-linked to derive the longer period benchmark returns.There has been no dividend distribution since the inception of the Fund.+ 1 April 2008Past performance is not necessarily indicative of the future performance of the Fund.

62




% of Net Assets***

Luxembourg

1,106,600

Eastspring Investments - Asian Infrastructure Equity Fund Class C 13,870,794 99.93

Total Investments 13,870,794 99.93 Other Net Assets 10,247 0.07 Total Net Assets Attributable to Unitholders 13,881,041 100.00 *** Any differences in the percentage of the Net Asset figures are the result of rounding.

63

EASTSPRING INVESTMENTS UNIT TRUSTS – ASIAN INFRASTRUCTURE EQUITY FUND(As at 30 June 2013)

Exposure to DerivativesThe Fund has the following exposure to derivatives as at 30 June 2013:

Fair value30 June 2013

Percentage of total net assets

attributable tounitholders

S$ (%)

Forward foreign exchange contracts 3 *

The unrealised gain at the end of the period was SGD 3 and realised loss is SGD 927 for the period.

* denotes amount less than 0.01%







Investment in other unit trusts, mutual funds and collective investment schemes The Fund invests SGD 13,870,794 equivalent to 99.93% of its net asset value attributable to unitholders, in Eastspring Investments - Asian Infrastructure Equity Fund Class C.


BorrowingsNil

64

EASTSPRING INVESTMENTS UNIT TRUSTS – ASIAN INFRASTRUCTURE EQUITY FUND(As at 30 June 2013)

Related Party TransactionsThe Fund invests SGD 13,870,794 equivalent to 99.93% of its net asset value, in Eastspring Investments - Asian Infrastructure Equity Fund Class C. Some directors of the Eastspring Investments, an open-ended investment company registered in Luxembourg, are also directors of Eastspring Investments (Singapore) Limited.






Turnover Ratio6.49% (2012: 7.15%)

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being sales of SGD 965,350 (2012: SGD 976,494) divided by the average daily net asset value of SGD 14,869,378 (2012: SGD 13,657,523).




65

EASTSPRING INVESTMENTS – ASIAN INFRASTRUCTURE EQUITY FUND


China Mobile Ltd 3,173,992 8.08 Reliance Industries Ltd 1,847,902 4.71 Taiwan Secom Company Ltd 1,571,298 4.00 Posco 1,556,471 3.96 Chunghwa Telecom Co Ltd 1,548,319 3.94 SembCorp Industries Ltd 1,529,397 3.89 Petronas Chemicals Group Bhd 1,396,715 3.56 CNOOC Ltd 1,374,005 3.50 China Resources Power Holdings Co Ltd 1,352,046 3.44 China Petroleum & Chemical 1,348,593 3.43 Top 10 Holdings(As at 30 June 2012) Market Value % of Net USD Assets***

China Mobile Ltd 4,873,317 9.60 Posco 2,445,020 4.82 China Shenhua Energy 1,987,889 3.92 China Petroleum & Chemical 1,896,471 3.74 CNOOC Ltd 1,852,475 3.65 SembCorp Industries Ltd 1,809,885 3.57 Petrochina Co Ltd 1,803,676 3.55 Macquarie Korea Infrastructure Fund 1,803,441 3.55 Reliance Industries Ltd 1,682,288 3.31 LG Chem Ltd 1,614,050 3.18 *** Any differences in the percentage of the Net Asset figures are the result of rounding.



Turnover Ratio1.72% (2012: 10.36%)

66

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL LEADERS FUNDIncluded under the CPF Investment Scheme – Ordinary Account

StructureEastspring Investments Unit Trusts - Global Leaders Fund (the “Fund”) is organised as a feeder fund, which feeds into Euro Class A shares of the M&G Investment Funds (1) – M&G Global Leaders Fund (“M&G Global Leaders Fund”), domiciled in the United Kingdom.

The investment manager of the M&G Global Leaders Fund is the UK domiciled M&G Investment Management Limited.

The Manager is currently offering two Classes of Units in the Eastspring Investments Unit Trusts - Global Leaders Fund, namely SGD Class and USD Class. There are no material differences between the two Classes save for the difference in the base currency of the Class. Units of the SGD Class shall hereinafter be referred to as the “SGD Class Units” andUnits of the USD Class shall hereinafter be referred to as the “USD Class Units”.

Investors should note that the USD Class Units may be subject to foreign exchange risks and currency conversion costs. In addition, a separate Net Asset Value per Unit (denominated in the relevant base currency) which may differ as a consequence of the aforesaid variable factors will be calculated for each Class.

Investment ObjectiveThe investment objective of the Fund is to maximise long-term total return (the combination of income and growth of capital) by investing in a wide range of global equities that the Manager considers to be leading in their field. The Manager intends to achieve this investment objective by investing all or substantially all of the assets of the Fund into the M&G Global Leaders Fund which shares the same investment objective.


Fund performance1

The Fund returned 15.5% (bid-to-bid basis) in Singapore Dollar terms, outperforming its benchmark, which produced a positive return of 10.5%.

Market backgroundGlobal equities performed strongly on the whole in the first six months of the year, the principal exceptions being emerging markets. However, from mid-May onwards, investor sentiment was shaken by comments from US Federal Reserve Chairman Ben Bernanke regarding future plans for the monthly purchase of bonds.

In the US, job creation remains robust and the housing market continues to recover. Meanwhile in the UK, business surveys point to reasonably strong GDP growth in the second quarter. In Japan, first-quarter GDP was revised up, with growth lifted by strong household spending.

1 The performance mentioned above applies to SGD class only.

67

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL LEADERS FUND


Fund outperformance was driven by both stock selection and asset allocation. Stock selection in Japan, information technology, consumer discretionary and industrials added value whilst in healthcare it detracted. An underweight in materials and an overweight in healthcare as well as an overweight in Japan and the US also contributed.

Japanese names featured heavily in the fund’s top performers including IT and management consultant Nomura Research, video games developer Sega Sammy and tyre and rubber products manufacturer Bridgestone.

US housing-related stocks such as windows and doors manufacturer Fortune Brands and Citigroup – which is a big mortgage lender – were also leading contributors.

Key changes to the portfolio2 Changes to sector weightings included an increase in financials and consumer discretionary and a decrease in materials. In financials, the fund manager initiated positions in a number of banks such as Morgan Stanley, Lloyds Banking and Royal Bank of Scotland which are restructuring; in materials, Anglo American was sold.

Outlook As the US economy has begun healing there has been a significant re-rating of US equities. The banking sector looks broadly to be in good shape, and the next step is to see the corporate sector put its excess liquidity to work. The fund manager believes the US market is reasonably valued today.

His excitement for Japanese stocks is based on whether they can improve returns, which are well below those of companies in the US.

As a value investor, the fund manager believes emerging markets should be watched closely following recent weakness, as they will likely overshoot on the downside.


68



Fund/Benchmark 3

months (%)

6 months

(%)

1 year (%)

3 years (%)

Since inception+

(%)(average annual compounded return)

Eastspring Investments Unit Trusts -Global Leaders Fund SGD Class 4.4 15.5 21.4 7.6 -1.5

MSCI AC World Index SGD* 2.0 10.5 17.4 9.4 1.9

Eastspring Investments Unit Trusts -Global Leaders Fund USD Class 2.1 11.3 21.3 N.A 16.5

MSCI AC World Index USD* -0.2 6.4 17.2 N.A 17.9

Source: Eastspring Investments (Singapore) Limited. The return is calculated on a bid-to-bid basis with net income reinvested, if any. The return for Eastspring Investments Unit Trusts – Global Leaders Fund SGD Class is calculated in S$ and the return for Eastspring Investments Unit Trusts – Global Leaders Fund USD Class is calculated in US$.


* With effect from 1 January 2012, the benchmark of the Fund was changed from the FTSE World Index to the MSCI AC World Index as the Manager is of the view that the MSCI index is more relevant in measuring the performance of the Fund with its peers. The change in benchmark is applied retrospectively.

+ SGD Class: 22 July 2008USD Class: 30 September 2011


69




% of Net Assets***

United Kingdom

298,000

M&G Investment Funds (1)- Global Leaders Fund EuroClass A shares 6,862,432 95.58


70

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL LEADERS FUND(As at 30 June 2013)

Exposure to DerivativesThe unrealised gain/loss at the end of the period was nil and realised loss is SGD 244 for the period.




that are reinvested. CollateralNil for the period ended 30 June 2013.


Investment in other unit trusts, mutual funds and collective investment schemesThe Fund invests SGD 6,862,432 equivalent to 95.58% of its net asset value attributable to unitholders, in M & G Investment Funds (1) - Global Leaders Fund Euro Class A Shares.


BorrowingsNil

Related Party TransactionsThe Fund invests SGD 6,862,432 equivalent to 95.58% of its net asset value attributable to unitholders, in M & G Investment Funds (1) - Global Leaders Fund Euro Class A Shares.

71

EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL LEADERS FUND(As at 30 June 2013)


SGDSubscriptions 2,159,668 Redemptions 494,907 Annualised Expense Ratio**1.85% (2012: 1.94%)


The calculation of the Fund’s expense ratio at 30 June 2013 was based on total operating expenses of SGD 595 (2012: SGD 947) divided by the average net asset value of SGD 4,972,968 (2012: SGD 3,441,445) for the year. The total operating expenses do not include (where applicable) bokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances. The unaudited expense ratio of the underlying funds are obtained from Underlying Funds’ Manager.

Turnover Ratio3.61% (2012: 3.78%)





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M&G GLOBAL LEADERS FUND

Top 10 Holdings (As at 30 June 2013) Market Value % of Net GBP Assets***

Microsoft 30,243,062 3.25 General Electric 24,723,564 2.66 Citigroup 24,306,023 2.61 AIA 23,212,151 2.50 Nomura 23,031,706 2.48 Metlife 21,442,363 2.31 Novartis 19,039,876 2.05 Haemonetics 18,410,796 1.98 Amgen 18,174,724 1.95 Anadarko Petroleum 17,535,000 1.89 Top 10 Holdings (As at 30 June 2012) Market Value % of Net GBP Assets***

General Electric 31,325,125 3.61 Wells Fargo 22,702,955 2.62 Ebay 21,363,831 2.46 Pfizer 20,750,849 2.39 Sanofi 19,394,273 2.24 Eli Lilly 19,298,088 2.23 Hitachi 19,126,091 2.21 Qualcomm 17,928,162 2.07 Lowe’s 17,396,731 2.01 Dr Pepper Snapple 17,307,066 2.00





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M&G GLOBAL LEADERS FUND

Turnover Ratio***71.67%# (2012: 188.81%)

*** The Portfolio Turnover Rate (PTR) is a ratio that reflects the volume of trading within each sub-fund over the course of a 12 month period. The PTR is calculated by taking the sum of all transactions in securities less the sum of all transactions in the sub-fund’s shares and is expressed as a percentage of the sub-fund’s average net asset value.

# For the period 1 March 2012 - 28 February 2013. Source: M&G Securities Limited (Interim Investment Report and Unaudited Financial Statements, April 2013)

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EASTSPRING INVESTMENTS UNIT TRUSTS – GLOBAL POSITIONING STRATEGY FUND

StructureThe Eastspring Investments Unit Trusts - Global Positioning Strategy Fund (the “Fund”) is organised as a feeder fund which feeds into the Luxembourg - domiciled Eastspring Investments – Global Market Navigator Fund (“Eastspring Investments – Global Market Navigator Fund”).

The investment manager of Eastspring Investments – Global Market Navigator Fund is the Manager.

The Manager is currently offering two Classes of Units in the Eastspring Investments Unit Trusts - Global Positioning Strategy Fund, namely SGD Class and USD Class. There are no material differences between the two Classes save for the difference in the base currency of the Class. Units of the SGD Class shall hereinafter be referred to as the “SGD Class Units” and Units of the USD Class shall hereinafter be referred to as the “USD Class Units”.

Investors should note that the USD Class Units may be subject to foreign exchange risks and currency conversion costs. In addition, a separate Net Asset Value per Unit (denominated in the relevant base currency) which may differ as a consequence of the aforesaid variable factors will be calculated for each Class.

Investors should note that the net asset value of this Fund is likely to have a high volatility due to the investment policies or portfolio management techniques of the Eastspring Investments – Global Market Navigator Fund.

Investment ObjectiveThe investment objective of the Fund is to achieve positive absolute returns over the medium-term through the implementation of an actively managed asset allocation strategy in a diversified range of global assets including cash, equities, bonds and currencies. Exposure to each of the asset classes will be primarily through exchange traded funds (“ETF”), index futures, direct equity and bonds, swaps, options and foreign exchange forwards, each of which may be traded through recognized exchanges or via the over the counter markets.

The Manager intends to achieve this investment objective by investing all or substantially all of the assets of the Fund into the Eastspring Investments - Global Market Navigator Fund which shares the same investment objective. For the avoidance of doubt, the actively managed asset allocation strategy will be implemented by the Manager only at the underlying fund level.

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Fund performance*The Fund rose 1.5% (bid-to-bid basis) over the review period.

Market backgroundFinancial markets 2013 well, amid optimism over the US economy and global central banks’ monetary stimulus. Investors’ sentiment, however, took a turn in May as the US Federal Reserve Board signalled that it is preparing to taper its bond-buying program. This led a global sell-off in most asset classes, with emerging markets among the worst hit in volatile trading.

Against this backdrop, equities were very volatile in the first half of 2013. Global equity markets1 registered a year-to-date return of +12.0% in early May but gave back most of its gains by late June (+3.5% YTD); it ended the first half of this year with a positive return of 6.4%. Emerging markets such as Czech Republic (-21.3%), Brazil (-18.0%), South Africa (-15.7%) and Poland (-15.6%) were among the worst performers. Whilst developed markets such as Japan (+16.5%), the US (+13.3%) and Switzerland (+10.9%) performed the best2.

Developed bond markets fell 5.7%3 over the first half year, while emerging market local currency bonds performed better, declining by 2.3%4 over the corresponding period. Credit markets saw divergent performance. US high yield credit gained 1.5%5, whilst US investment grade credit and JP Morgan Emerging Market Bond Index dropped 3.3%6 and 9.4%7 respectively.

In currency markets, the US dollar appreciated as investors sought safety in the currency amid an uncertain macro backdrop. Major currencies, including the Japanese yen (-14.3%), euro (-1.4%) and British pound (-6.8%) depreciated against the US dollar. Commodity-linked currencies such as South African rand (-16.8%), Australian dollar (-13.8%) and Brazilian real (-9.0%), as well as the Indian rupee (-8.3%) fell significantly against the US dollar8.

* The performance mentioned above applies to SGD class only.1 Using MSCI AC World Total Return Index (Net) in US dollar terms as a proxy2 All single market returns are based on MSCI Total Return Index (Net) for the respective market in US dollar terms.3 Using Citigroup World Government Bond Index as a proxy4 Using JP Morgan Emerging Local Markets Index Plus as a proxy5 Using Merrill Lynch US High Yield Master II Index as a proxy 6 Using Merrill Lynch US Corporate Master Index as a proxy7 Using JP Morgan Emerging Market Bond Index Plus as a proxyNote: All index returns are sourced from Thomson Reuters Datastream in US dollar terms (unless otherwise stated), as of 30 June 2013.8 All data in the paragraph are from Bloomberg, as of 30 June 2013.

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Factors affecting performanceThe Fund’s equity holdings contributed positively to the absolute return over the first half of this year, notwithstanding the market volatility. On average, the Fund had 58% in equities over the review period. The major contributors to the Fund’s absolute return were its holdings in US and Japan equities. However, being underweight the US detracted value from relative returns. On a positive note, the fund manager did reduce the size of the underweight to this market in January. The Fund’s holdings in attractively valued cyclical equity markets such as Brazil, Russia and global mining equities negatively impacted the Fund’s returns.

Given the broad sell-off in bond markets globally, the Fund’s fixed income holdings detracted value in general. However the select holdings in Mexican peso and Vietnamese dong government bonds as well as US high yield credit contributed positively to the Fund’s returns.

Key changes to the portfolioThe Fund started the year with an underweight position (of about 53%) in equities and gradually moved to a neutral allocation (of 60%) by April. It used the market sell-off in May/June to further increase its equity allocation to 64% by the end of June. Within equities, the Fund cut its allocation to the UK, Germany and Japan in January and correspondingly reduced the underweight tilt to the US. The relative underperformance of the US equity market since the second half of 2012 has narrowed the valuation gap versus these markets, and therefore the fund manager’s decision to reduce the size of the relative tilt. The Fund also added to Italy in April as the post general election led sell-off has brought valuation back to attractive levels again. The Fund also added to Spain, in view of its attractive valuation as well as to diversify our holdings in peripheral Europe. Over the review period, the fund manager also initiated positions in select emerging equity markets including Brazil, China and Turkey. These markets offer a sufficient margin of safety in the current valuations that are beginning to look attractive for the medium-term investor.

Correspondingly, the Fund reduced its bond, credit and cash holdings over the review, in part to fund these equity purchases as well as their unattractive valuation. In particular, it sold off its holdings of German bunds and Japanese government bonds as the extremely low bond yields made these assets unattractive. It also reduced its overweight in US investment grade credit and US high yield credit as spreads over US Treasury have narrowed substantially following their stellar performance over the last few years.

OutlookAs of the end of June, the Fund is modestly overweight equities, underweight government bonds and overweight credit. Within equities, the fund manager is overweight Italy, Spain, China, Turkey, Korea and underweight the United States, Latin America and Asia.

Stronger macro news flow from the United States, particularly the housing and employment data, caused a shift in rhetoric from the Federal Reserve and contributed to higher real interest rates and a stronger dollar in the last two months. At the same time, disappointing growth and tightening credit conditions in China added to pressure on emerging markets, particularly the beneficiaries of easy monetary conditions in the developed world. These

77


developments were consistent with our long-held broad preference for developed market equities relative to emerging markets. However, following the sell-off, the fund manager has started to selectively add positions in China and Turkey, where valuations now offer better forward looking prospective returns.

Sentiment on China has deteriorated dramatically from a year ago. Concerns include excess leverage in the system, asset quality and liquidity issues in the banking sector, as well as a downward recalibration of the growth potential of the country. While these may continue to plague the market in the near term, the fund manager believes that Chinese equities’ have a sufficient margin of safety in the current valuation that is beginning to look attractive for the medium-term investor.

Turkey’s equity market sold off by 20% from its May peak, following the widespread anti-government protests, coupled with recent correction in emerging market sovereign spreads and foreign exchange. This price episode has showed up Turkey as one of the most attractively valued markets within our investment universe.

Credit markets, alongside other ‘carry assets’ such as dividend stocks and real estate investment trusts, were not spared the recent market correction as investors reassessed the timing of the US monetary policy tightening. The recent correction in credit markets has improved its medium-term valuation. Having said that, investors should expect that future returns would stem mainly from the carry they earn, and not much else, as fund manager believes the potential for any further re-rating of this asset class is very limited. A more appropriate view to express on this asset is versus government bonds - credit spreads, particularly high yield corporate bonds, remain our preferred choice over government bonds.

78



Fund/Benchmark 3

months (%)

6 months

(%)

1 year (%)

3 years (%)

Since inception+

(%)

(average annual compounded return)

Eastspring Investments Unit Trusts - Global Positioning Strategy Fund SGD Class

-0.9 1.5 6.9 0.8 -1.0

N.A. * N.A. N.A. N.A. N.A. N.A.

Eastspring Investments Unit Trusts - Global Positioning Strategy Fund USD Class

-3.1 -2.2 6.9 N.A 7.7

N.A. * N.A. N.A. N.A. N.A. N.A.

Source: Eastspring Investments (Singapore) Limited. The return is calculated on a bid-to-bid basis with net income reinvested, if any. The return for Eastspring Investments Unit Trusts – Global Positioning Strategy Fund SGD Class is calculated in S$ and the return for Eastspring Investments Unit Trusts – Global Positioning Strategy Fund USD Class is calculated in US$.

* There is currently no suitable benchmark for the Fund. Prior to 24 June 2010, the benchmark for the Fund was (USD 3-month LIBOR + 3%) per annum. The high market volatility experienced in recent years showed that financial market returns are not normally distributed as assumed in almost all financial models, which has underestimated risk. Given that the Fund is largely invested in risky assets, the Manager is of the view that a cash-plus benchmark no longer reflects the Fund’s investment objective, focus and approach over a short period of time.


+ SGD Class: 30 September 2008USD Class: 30 September 2011


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% of Net Assets***

Luxembourg

148,663

Eastspring Investments - Global Market Navigator Fund Class C 2,105,909 99.49


80


Exposure to DerivativesThe unrealised gain/loss at the end of the period was nil and realised gain is SGD 44 for the period.







Investment in other unit trusts, mutual funds and collective investment schemesThe Fund invests SGD 2,105,909 equivalent to 99.49% of its net asset value attributable to unitholders, in Eastspring Investments - Global Market Navigator Fund Class C.


BorrowingsNil

Related Party TransactionsThe Fund invests SGD 2,105,909 equivalent to 99.49% of its net asset value, in Eastspring Investments - Global Market Navigator Fund. Some directors of the Eastspring Investments, an open-ended investment company registered in Luxembourg, are also directors of Eastspring Investments (Singapore) Limited.

81



SGDSubscriptions 180,835 Redemptions 143,085




Turnover Ratio6.11% (2012: 6.59%)





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EASTSPRING INVESTMENTS – GLOBAL MARKET NAVIGATOR FUND


CS ETF (IE) ON S&P 500 1,162,514 11.32 iShares Core S&P 500 ETF 965,160 9.40 iShares USD Corporate Bond ETF 928,959 9.05 iShares Markit iboxx $ High Yield Capped Bond 644,376 6.27 iShares DJ Euro stoxx 50 572,960 5.58 Mexico ST 8% 19/12/2013 566,361 5.52 DB X-Trackers MSCI Japan TRN 558,796 5.44 US Treasury N/B 1.63% 15/11/2022 550,939 5.36 iShares PLC-iShares FTSE 100 496,654 4.84 CS ETF (IE) On MSCI Russia ETF 408,253 3.98

As at 30 June 2013, the Eastspring Investments-Global Market Navigator Fund had the following open futures contracts:

Number of contracts Contract/Description Expiration Date

Notional Amount

USD

Unrealised Gain/(Loss)

USD2 IBEX 35 Index July 2013 198,970 (11,065)

2 KOSPI 200 Index September 2013 211,900 (7,881)

8 FTSE / MIB Index September 2013 793,171 (50,498)

1,204,041 (69,444)

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EASTSPRING INVESTMENTS – GLOBAL MARKET NAVIGATOR FUND


iShares IBoxx $ Investment Grade Corporate Bond 1,375,218 13.59 CS ETF (IE) ON S&P 500 1,328,976 13.14 iShares Markit iboxx $ High Yield Capped Bond 956,053 9.45 iShares PLC-Ishares FTSE 100 619,228 6.12 DB X-Trackers MSCI Japan TRN 604,209 5.97 Russian - Eurobond 12.75% 24/06/2028 590,818 5.84 CSETF On Euro Stoxx 50 Eurobond 493,261 4.88 iShares iBoxx $ High Yield Corporate Bond 427,700 4.23 Mexico Government Bond 8.5% 31/05/2029 395,134 3.91 Vietnam Government Bond 10.8% 15/04/2017 234,674 2.32

As at 30 June 2012, the Eastspring Investments-Global Market Navigator Fund had the following open futures contracts:

Number of contracts Contract/Description Expiration Date

Notional Amount

USD

Unrealised Gain/(Loss)

USD2 KOSPI 200 Index September 2012 214,520 (1,945)

2 Dax Index September 2012 404,786 13,739

5 FTSE / MIB Index September 2012 445,363 29,950

6 S&P 500 E-mini Index September 2012 403,500 19,965

1,468,169 61,709




Turnover Ratio38.42% (2012: 61.45%)

84

EASTSPRING INVESTMENTS UNIT TRUSTS – SINGAPORE SELECT BOND FUNDIncluded under the CPF Investment Scheme – Ordinary Account and Special Account

StructureThe Eastspring Investments Unit Trusts - Singapore Select Bond Fund (“the Fund”) is a fund organised as a direct investment portfolio.

The Manager is currently offering two Classes of Units in the Fund, namely, Class A and Class AD. There are no material differences between the two Classes save that Class A is an accumulation share class whereby no dividends will be declared and paid out whilst in respect of Class AD, the Manager may at its sole discretion declare and pay out dividends on an annual basis. Units of Class A shall hereinafter be referred to as the “Class A Units” and Units of Class AD shall hereinafter be referred to as the “Class AD Units”.

Investors should note that a separate Net Asset Value per Unit which may differ as a consequence of the aforesaid variable factors will be calculated for each Class.

Investment ObjectiveThe Fund aims to maximise total returns over time by investing primarily in Singapore-dollar denominated debt securities and foreign currency debt securities which will be hedged back into Singapore Dollars.


Fund performance1

For the period ended 30 June 2013, the Fund declined 3.2% (bid-to-bid basis), outperforming the benchmark which fell 3.4%.

Market backgroundInvestors’ concerns over the negative impact of the US expenditure cuts in Q1 were soon offset by the quantitative easing measures introduced by central banks. Investor sentiments were further boosted by a set of stronger than expected US economic data. However, signs of a turnaround in the economy and in the job market led to the US Federal Reserve to signal that it could begin winding down on its quantitative easing program as early as this year in May, triggering a sharp spike in US Treasury yields. Singapore government bond yields surged higher in sympathy with US Treasuries in the latter half of Q2. The knee jerk global sell off in bonds from Asia and other emerging market bond funds led to negative returns for the Singapore bond market for the period.

Factors affecting performanceThe Fund outperformance for H1 2013 can be attributed to its overweight in corporate bonds which had boosted the Fund’s interest income. The Fund also benefitted from its tactical long duration during this period.

1 The performance mentioned applies to share class A only.

85

EASTSPRING INVESTMENTS UNIT TRUSTS – SINGAPORE SELECT BOND FUND

Key changes to portfolioThe Fund is expected to maintain its overweight in corporate credits in view of its attractive yield pick-up over government bonds especially after the sell off and their sound balance sheet. The Fund remains tactical on its duration positioning, with a bias to add to duration should yields move higher.

OutlookNear term interest rates volatility is likely to remain high, driven by the uncertainty in the timing and extent of a potential QE tapering. Nevertheless, global interest rates are expected to remain capped on the upside given the subdued macroeconomic picture. The modest growth outlook for Singapore and the underlying demand for yield should also continue to provide support for Singapore bonds.

The fund manager has pared down on duration to a more neutral position, while seeking opportunities to increase duration position in situations where yields overshoot expectations. The fund manager also remains overweight on corporate credits.

86



Fund / Benchmark

3 months

%

6 months

%

1 year (%)

3 years (%)

Since inception+


Eastspring Investments Unit Trusts - Singapore Select Bond Fund Class A

-3.4 -3.2 0.5 N.A. 3.6

HSBC Singapore Local Currency All Bond Index -3.0 -3.4 -1.7 N.A. 2.3

Fund / Benchmark

3 months

%

6 months

%

1 year

%

3 years

%

Since inception+

%Eastspring Investments Unit Trusts - Singapore Select Bond Fund Class Ad

-3.4 -3.2 N.A. N.A. -3.0

HSBC Singapore Local Currency All Bond Index -3.0 -3.4 N.A. N.A. -3.3



+ Class A: 8 April 2011Class Ad: 9 November 2012


87

EASTSPRING INVESTMENTS UNIT TRUSTS – SINGAPORE SELECT BOND FUND(As at 30 June 2013)

Exposure to DerivativesThe Fund has the following exposure to derivatives as at 30 June 2013:

Fair value30 June 2013

S$


attributable tounitholders

(%)

Forward foreign exchange contracts (1,869,624) (0.62)

The unrealised loss at the end of the period was SGD 1,869,624 and realised loss is SGD 528,360 for the period.








BorrowingsNil



88

EASTSPRING INVESTMENTS UNIT TRUSTS – SINGAPORE SELECT BOND FUND(As at 30 June 2013)




** The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 June 2013 was based on total operating expenses of SGD 1,570,415 (2012: SGD 786,101) divided by the average net asset value of SGD 245,652,588 (2012: SGD 118,980,999) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances.

Turnover Ratio41.38% (2012: 38.92%)

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being sales of SGD 118,294,280 (2012: SGD 55,622,713) divided by the average daily net asset value of SGD 285,867,047 (2012: SGD 142,909,951).




89



Government of Singapore 3.5% 01/03/2027 17,099,486 5.68 Government of Singapore 3% 01/09/2024 12,532,301 4.16 Government of Singapore 3.125% 01/09/2022 10,577,582 3.51 Government of Singapore 2.875% 01/09/2030 9,596,933 3.19 Government of Singapore 4% 01/09/2018 8,992,011 2.98 Singapore T-Bills Series 183 29/11/2013 7,990,560 2.65 Oversea-Chinese Banking 4% Perp 7,092,368 2.35 NTUC Income Insurance (Reg) Var 23/08/2027 6,680,408 2.22 Government of Singapore 2.75% 01/04/2042 6,513,187 2.16 Keppel Land Limited 1.875% 29/11/2015 5,917,500 1.96



Government of Singapore 3.125% 01/09/2022 11,288,223 6.77 Government of Singapore 3.5% 01/03/2027 9,763,956 5.86 Government of Singapore 3% 01/09/2024 9,017,724 5.41 Government of Singapore 3.25% 01/09/2020 7,987,171 4.79 Government of Singapore 2.5% 01/06/2019 6,828,413 4.10 Government of Singapore 2.25% 01/06/2021 5,563,888 3.34 Government of Singapore 2.875% 01/09/2030 3,905,149 2.34 Oversea-Chinese Banking Corporation Limited EMTN 15/11/2022 3,189,048 1.91 Government of Singapore 2.75% 01/04/2042 3,085,859 1.85 Suntec Reit Series MTN (BR) 3.1% 08/08/2016 3,026,145 1.82 *** Any differences in the percentage of the Net Asset figures are the result of rounding.

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Schedule of Investments(As at 30 June 2013) Market Value % of Net SGD Assets***

Country Australia 3,050,931 1.01 People’s Republic of China 11,864,553 3.94 Great Britain 8,622,686 2.86 Hong Kong 21,551,505 7.16 Malaysia 13,547,255 4.50 Singapore 227,053,959 75.36 Thailand 6,077,634 2.02 United States of America 5,228,668 1.73 Accrued interest receivable on quoted bonds 2,686,117 0.89

Market Value % of Net SGD Assets***

Industry Agriculture 2,359,986 0.78 Banks 62,450,502 20.72 Computer software 564,024 0.19 Diversified resources 2,306,456 0.77 Finance 40,837,027 13.55 Government 86,384,559 28.67 Hotels 6,975,681 2.32 Household 3,499,720 1.16 Industrials 758,501 0.25 Insurance 6,680,408 2.22 Investment 7,677,700 2.55 Materials 2,447,403 0.81 Metal products 1,017,728 0.34 Miscellaneous 9,400,037 3.12 Oil and gas 3,502,685 1.16 Real estate 37,607,039 12.49 Real estate investment trusts 13,614,122 4.51 Transport 5,402,704 1.80 Transport - Rail 519,606 0.17 Transport - Ship 2,991,303 1.00 Accrued interest receivable on quoted bonds 2,686,117 0.89


91



Credit Ratings (by S&P/Moody’s) AAA 90,788,349 30.13 A+ 20,650,225 6.85 A- 16,907,606 5.62 A1 2,253,528 0.75 A2 1,013,202 0.34 A3 2,562,519 0.85 BBB+ 35,911,408 11.91 BBB 9,311,469 3.09 BBB- 9,853,980 3.27 Baa1 4,599,168 1.52 Baa2 4,460,830 1.48 Baa3 7,991,943 2.65 Not rated 90,692,964 30.12 Accrued interest receivable on quoted bonds 2,686,117 0.89


Asset ClassBonds 296,997,191 98.58 Accrued interest receivable on quoted bonds 2,686,117 0.89 Other net current assets 1,600,788 0.53


92

EASTSPRING INVESTMENTS UNIT TRUSTS – SINGAPORE ASEAN EQUITY FUNDIncluded under the CPF Investment Scheme – Ordinary Account

StructureThe Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund (the “Fund”) is a fund organized as a direct investment portfolio.

Investment ObjectiveThe Fund aims to maximise total return in the medium to long term by investing primarily in equities and equity-related securities of companies which are incorporated, quoted or listed in, or have their area of primary activity in Singapore and other ASEAN markets.


Fund performanceDuring the period under review, the Fund gained 8.2% (bid-to-bid basis) against the customized benchmark which added 4.6%.

Market backgroundAsia ex-Japan stock markets gave up early gains to finish January-June moderately lower. Two key headwinds emerged out of the US and China late in the second-quarter which prompted profit-taking across Asian equity markets. Comments by the Chairman of the US Federal Reserve raised concerns about the withdrawal of its Quantitative Easing program sooner than expected. Worries about a liquidity crunch and economic health of China, Asia’s largest economy, added to market volatility in June.

ASEAN economies continued to display positive economic fundamentals driven by domestic consumption, investment expenditure, stable inflation and credit growth. Year-to-date, the political climate has been relatively benign, providing the opportunity for policymakers to address reforms as needed. In the longer-term, ASEAN markets are expected to be driven by corporate earnings growth.


The Fund Manager has a bottom-up valuation driven investment philosophy, but at the same time, is mindful of the global and ASEAN economic backdrop.

Year-to-date, stock selection in Indonesia such as the overweight in Bumi Serpong Damai, Gajah Tunggal and Summarecon Agung contributed positively to portfolio performance. Security selection in Singapore and Malaysia also aided performance.

Security selection in Thailand and the Philippines, namely the underweight in Advanced Info Service and overweight in Banpu and First Gen, detracted from performance.

Security selection in Real Estate and Banks added the most to portfolio performance while stock selection in Utilities and Basic Resources sectors detracted from performance. 1 Please note that the securities mentioned herein are included for illustrative purposes only. It should not be construed as a recommendation to purchase or sell any particular securities. There is no guarantee that any securities discussed herein will remain in the portfolio at the time you received this material or that securities sold have not been repurchased.

93

EASTSPRING INVESTMENTS UNIT TRUSTS – SINGAPORE ASEAN EQUITY FUND

Key changes to the portfolioSince inception, in line with the valuation driven investment process, the Fund has accumulated stocks with attractive valuations and sold names with rich valuations. The process has led to overweights in Financials and Consumer Discretionary while underweighting Consumer Staples and Industrials. The Fund’s geographic allocation continues to find attractive opportunities in Indonesia while Singapore is less attractive.

Outlook and strategyThe fund manager remains constructive on the outlook of the ASEAN economies due to improvement in macro fundamentals and favourable demographics. ASEAN markets have generally performed well year-to-date and may be susceptible to profit taking in the near term. The fund manager is mindful of internal and external concerns and will continue to monitor the macro situation while maintaining our bottom-up, valuation-driven investment approach.

94



Fund / Benchmark

3months

%

6months

%

1 year (%)

3 years (%)

Since inception+


Eastspring Investments Unit Trusts - Singapore Asean Equity Fund -2.4 8.2 17.6 N.A. 10.3

Customised blended FTSE ST All-Share and FTSE ASEAN (ex-Singapore)

-2.2 4.6 15.8 N.A. 9.2



The customised benchmark is derived by combining the FTSE ST All-Share Index and the non-Singapore constituents in the FTSE ASEAN index.

+ 14 March 2012


95

EASTSPRING INVESTMENTS UNIT TRUSTS – SINGAPORE ASEAN EQUITY FUND(As at 30 June 2013)









BorrowingsNil



96

EASTSPRING INVESTMENTS UNIT TRUSTS – SINGAPORE ASEAN EQUITY FUND(As at 30 June 2013)


SGDSubscriptions 25,320,000 Redemptions -

Annualised Expense Ratio**1.71% (2012: 1.80%#)

** The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 June 2013 was based on total operating expenses of SGD 1,182,231 (2012: SGD 205,216) divided by the average net asset value of SGD 69,556,836 (2012: SGD 38,427,965) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances.

Turnover Ratio32.79% (2012: 7.82%#)

The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being sales of SGD 27,454,787 (2012: SGD 3,005,803) divided by the average daily net asset value of SGD 83,740,627 (2012: SGD 38,427,965).

# For the period from 15 March 2012 to 30 June 2012.




97



DBS Group Holdings Ltd 5,437,214 5.62 United Overseas Bank Ltd 4,905,420 5.07 Singapore Telecommunications Ltd 4,594,720 4.75 Jardine Matheson Holdings Ltd 3,985,703 4.12 Keppel Corp Ltd 3,296,800 3.41 Bank Rakyat Indonesia Persero Tbk PT 2,890,906 2.99 Capitaland Limited 2,465,210 2.55 Kasikornbank PCL 2,401,724 2.48 CIMB Group Holdings Bhd 2,286,995 2.37 AMMB Holdings Bhd 2,211,165 2.29


Singapore Telecommunications Limited 2,579,360 5.63DBS Group Holdings Limited 2,089,710 4.56United Overseas Bank Limited 1,791,360 3.91Jardine Matheson Holdings Limited 1,520,565 3.32Bank Rakyat Indonesia 1,460,640 3.19Capitaland Limited 1,331,550 2.91Golden Agri-Resources Limited 1,272,145 2.78Bank Mandiri 1,177,948 2.57Public Bank 1,159,333 2.53Jardine Cycle & Carriage Limited 1,157,500 2.53


98



Country Hong Kong 6,383,298 6.60 Indonesia 14,196,921 14.69 Malaysia 18,223,167 18.85 Philippines 5,944,493 6.15 Singapore 38,282,647 39.60 Thailand 12,726,423 13.17


Industry Agriculture 1,626,480 1.68 Automobile 1,360,000 1.41 Banks 27,048,663 27.97 Brewery 1,687,400 1.75 Building construction 725,633 0.75 Chemical 1,202,425 1.25 Commerce 1,331,960 1.38 Diversified resources 6,598,950 6.82 Educational services 1,299,270 1.34 Electronics 1,940,084 2.01 Engineering 2,291,930 2.37 Enterprise 1,693,805 1.75 Entertainment 1,883,349 1.95 Finance 1,716,580 1.78 Food and beverage 342,261 0.35 Food 695,521 0.73 Hotels 2,127,599 2.20 Investment 2,235,484 2.31 Machine tools 298,545 0.31 Mining 638,571 0.66 Miscellaneous 2,302,846 2.38 Oil and gas 2,469,122 2.55 Public utility 3,000,075 3.10 Real estate 13,730,337 14.21 Real estate investment trusts 3,536,543 3.66 Retail 1,269,137 1.31 Rubber 1,415,819 1.47 Shipbuilding 3,296,800 3.41 Telecom services 5,547,251 5.74 Tobacco 444,509 0.46


99



Asset ClassEquities 95,756,949 99.06 Other net current assets 907,131 0.94


100

FINANCIAL STATEMENTSFor the half year ended 30 June 2013

Page

Statement of Total Return 101 - 106

Statement of Financial Position 107 - 109

Statement of Movements of Unitholders’ Funds 110 - 115

Statement of Portfolio 116 - 149

101

EASTSPRING INVESTMENTS UNIT TRUSTS Statement of Total Return For the half year ended 30 June 2013

Eastspring Investments Unit Trusts -

Global Technology Fund


Pan European FundHalf year

ended 30/06/2013

Half year ended

30/06/2012

Half year ended

30/06/2013

Half year ended

30/06/2012S$ S$ S$ S$

Income Interest - 11 - 9

- 11 - 9 Less: ExpensesAudit fees 1,911 4,108 994 2,893 Management fees 300,072 308,720 150,532 136,503 Less: Management fees rebate (99,967) (102,856) (50,131) (45,473)Others 6,194 7,497 4,990 14,227 Registration fees 6,062 6,569 6,728 6,762 Trustee fees 16,004 16,465 8,028 7,280 Valuation fees 12,003 12,349 6,021 5,460

242,279 252,852 127,162 127,652 Net losses (242,279) (252,841) (127,162) (127,643)

Net gains or losses on value of investments

Net gains on investments 6,985,799 4,442,694 2,427,006 438,816 6,985,799 4,442,694 2,427,006 438,816

Total return for the period before income tax 6,743,520 4,189,853 2,299,844 311,173

Less: Income tax - - - - Total return for the period 6,743,520 4,189,853 2,299,844 311,173

102


Eastspring Investments Unit Trusts - Protected Global Titans Fund (S$)


Asian Balanced FundHalf year

ended 30/06/2013

Half year ended

30/06/2012

Half year ended

30/06/2013

Half year ended

30/06/2012S$ S$ S$ S$

Income Interest 5,652 3,794 - 358 Others 1,250 2,813 - -

6,902 6,607 - 358 Less: ExpensesAudit fees 379 2,009 19,578 8,464 Custody fees 304 545 - - Management fees 27,417 30,507 5,583,968 2,611,039 Others 3,971 4,099 77,956 34,934 Registration fees 3,228 3,197 7,555 8,252 Transaction costs* 170 - - - Trustee fees 2,437 2,712 171,814 165,817 Valuation fees 1,828 2,034 128,861 124,363

39,734 45,103 5,989,732 2,952,869 Net losses (32,832) (38,496) (5,989,732) (2,952,511)

Net gains or losses on value of investments

Net gains/(losses) on investments 437,413 78,171 (29,696,623) 24,917,471 Net foreign exchange (losses)/

gains (171,632) (491) 850 25,668 265,781 77,680 (29,695,773) 24,943,139

Total return/(deficit) for the period before income tax 232,949 39,184 (35,685,505) 21,990,628

Less: Income tax - - - - Total return/(deficit) for the

period 232,949 39,184 (35,685,505) 21,990,628

* The Fund has adopted the recommendations of the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP 7”) issued by the the Institute of Singapore Chartered Accountants (formerly known as the Institute of Certified Public Accountants of Singapore) in June 2012 for the financial period beginning 1 January 2013. In accordance with the RAP7, all expenses relating to the purchase and sale of financial instruments are charged against income. As a transitional provision in the first year of application, reclassification of comparative figures is not required.

103



Dragon Peacock Fund


Global Basics FundHalf year

ended 30/06/2013

Half year ended

30/06/2012

Half year ended

30/06/2013

Half year ended

30/06/2012S$ S$ S$ S$

Income Interest - - 816 49 Dividend 14,104,528 11,913,531 - -

14,104,528 11,913,531 816 49 Less: ExpensesAudit fees 22,435 10,499 7,084 6,680 Custody fees 43,593 50,097 - - Management fees 7,165,502 7,083,779 - - Others 117,155 23,241 10,729 15,710 Registration fees 8,225 9,571 8,505 10,110 Transaction costs* 181,169 - 31 - Trustee fees 191,080 188,901 61,629 67,169 Valuation fees 143,310 141,676 46,222 50,377

7,872,469 7,507,764 134,200 150,046 Net gains/(losses) 6,232,059 4,405,767 (133,384) (149,997)

Net gains or losses on value of investments and financial derivatives

Net (losses)/gains on investments (81,918,264) (2,668,709) 6,922,097 (15,929,005)Net losses on forward foreign

exchange contracts - - (3,423) - Net foreign exchange gains/

(losses) 664,897 (1,857) 4,620 (27,320) (81,253,367) (2,670,566) 6,923,294 (15,956,325)

Total (deficit)/return for the period before income tax (75,021,308) 1,735,201 6,789,910 (16,106,322)

Less: Income tax (1,112,520) (919,719) - - Total (deficit)/return for the

period (76,133,828) 815,482 6,789,910 (16,106,322)


104



Global Balanced Fund

Eastspring Investments Unit Trusts - Asian

Infrastructure Equity FundHalf year

ended 30/06/2013

Half year ended

30/06/2012

Half year ended

30/06/2013

Half year ended

30/06/2012S$ S$ S$ S$


- 16 - 3 Less: ExpensesAudit fees 787 4,027 488 3,387 Management fees 176,103 205,054 36,494 34,221 Less: Management fees rebate (156,473) (181,757) - - Others 2,689 5,985 5,180 3,892 Registration fees 6,037 6,892 3,295 3,236 Trustee fees 5,218 6,076 2,919 2,738 Valuation fees 3,913 4,557 2,190 2,053

38,274 50,834 50,566 49,527 Net losses (38,274) (50,818) (50,566) (49,524)


Net gains/(losses) on investments 80,783 (440,184) (1,050,825) (227,277)Net losses on forward foreign

exchange contracts - - (924) - Net foreign exchange losses (3,621) (2,338) (693) (5,411)

77,162 (442,522) (1,052,442) (232,688)

Total return/(deficit) for the period before income tax 38,888 (493,340) (1,103,008) (282,212)

Less: Income tax - - - - Total return/(deficit) for the

period 38,888 (493,340) (1,103,008) (282,212)

105



Global Leaders Fund

Eastspring Investments Unit Trusts - Global

Positioning Strategy FundHalf year

ended 30/06/2013

Half year ended

30/06/2012

Half year ended

30/06/2013

Half year ended

30/06/2012S$ S$ S$ S$


- 2 - 2 Less: ExpensesAudit fees 247 2,899 164 2,341 Management fees - - 5,229 4,796 Less: Management fees rebate (7,107) (4,546) - - Others 3,633 5,851 2,598 5,430 Registration fees 3,933 3,423 2,946 3,019 Reimbursement from the

Manager (2,500) (8,100) - - Trustee fees 1,143 732 418 384 Valuation fees 857 549 4,905 5,014

206 808 16,260 20,984 Net losses (206) (806) (16,260) (20,982)


Net gains on investments 762,908 3,004 47,393 31,158 Net (losses)/gains on forward

foreign exchange contracts (244) - 44 - Net foreign exchange losses (2,096) (1,450) (462) (413)

760,568 1,554 46,975 30,745

Total return for the period before income tax 760,362 748 30,715 9,763

Less: Income tax - - - - Total return for the period 760,362 748 30,715 9,763

106


Eastspring Investments Unit Trusts - Singapore

Select Bond Fund


ASEAN Equity FundHalf year

ended 30/06/2013

Half year ended

30/06/2012

Half year ended

30/06/2013

Half year ended

30/06/2012S$ S$ S$

Income Interest - 1,367 110 5 Dividend - - 1,551,603 497,398

- 1,367 1,551,713 497,403 Less: ExpensesAudit fees 5,850 4,401 1,645 3,699 Custody fees 69,692 33,908 35,319 8,307 Management fees 700,436 357,283 615,238 170,210 Others 21,285 43 (5,226) 15,057 Preliminary expenses - - - 30,943 Registration fees 6,496 5,959 86 - Transaction costs* 6,535 - 256,553 - Trustee fees 56,035 28,583 16,406 4,539 Valuation fees 42,026 21,437 12,305 3,404

908,355 451,614 932,326 236,159 Net (losses)/gains (908,355) (450,247) 619,387 261,244


Net (losses)/gains on investments (6,942,428) 4,535,279 4,558,214 (1,572,006)Net (losses)/gains on forward

foreign exchange contracts (2,397,984) 87,299 - - Net foreign exchange gains/

(losses) 92,081 295,912 (8,654) (55,581) (9,248,331) 4,918,490 4,549,560 (1,627,587)

Total (deficit)/return for the period before income tax (10,156,686) 4,468,243 5,168,947 (1,366,343)

Less: Income tax - - (101,862) (36,632)Total (deficit)/return for the

period (10,156,686) 4,468,243 5,067,085 (1,402,975)


107

EASTSPRING INVESTMENTS UNIT TRUSTS Statement of Financial PositionAs at 30 June 2013

Eastspring InvestmentsUnit Trusts

- Global Technology Fund

Eastspring InvestmentsUnit Trusts

- Pan European Fund30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$AssetsPortfolio of investments 81,333,391 78,054,591 40,331,975 38,709,968 Receivables 131,654 228,641 112,847 136,119 Cash and bank balances 83,009 - 86,191 3,664 Total assets 81,548,054 78,283,232 40,531,013 38,849,751

LiabilitiesBank overdraft - 24,173 - - Payables 205,259 194,385 189,713 103,024 Total liabilities 205,259 218,558 189,713 103,024

EquityNet assets attributable to

unitholders 81,342,795 78,064,674 40,341,300 38,746,727

Eastspring Investments Unit Trusts - Protected

Global Titans Fund)


Asian Balanced Fund30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$AssetsPortfolio of investments 11,953,330 12,059,043 836,767,853 870,726,405 Receivables 2,164 2,035 13,813,963 7,441,929 Financial derivatives, at fair value - 172,133 - - Cash and bank balances 272,229 288,375 1,890,178 4,038,730 Total assets 12,227,723 12,521,586 852,471,994 882,207,064

LiabilitiesPayables 17,439 58,145 13,683,489 8,915,178 Total liabilities 17,439 58,145 13,683,489 8,915,178


unitholders 12,210,284 12,463,441 838,788,505 873,291,886

108



Dragon Peacock Fund


Global Basics Fund30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$AssetsPortfolio of investments 879,680,088 977,819,612 294,235,410 308,470,140 Receivables 10,637,882 2,101,818 467,103 617,783 Financial derivatives, at fair value - - - 209 Cash and bank balances 10,268,059 17,130,723 3,372,137 134,352 Total assets 900,586,029 997,052,153 298,074,650 309,222,484

LiabilitiesPayables 1,778,054 2,218,905 730,889 724,878 Financial derivatives, at fair value - - - 2,905 Total liabilities 1,778,054 2,218,905 730,889 727,783


unitholders 898,807,975 994,833,248 297,343,761 308,494,701


Global Balanced Fund


Infrastructure Equity Fund30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$AssetsPortfolio of investments 24,613,958 26,936,352 13,870,794 14,848,720 Receivables 162,998 148,277 23,790 220,641 Financial derivatives, at fair value - - 3 5 Cash and bank balances 46,147 11,537 14,337 27,750 Total assets 24,823,103 27,096,166 13,908,924 15,097,116

LiabilitiesPayables 109,161 67,340 27,883 238,527 Financial derivatives, at fair value - - - 94 Total liabilities 109,161 67,340 27,883 238,621


unitholders 24,713,942 27,028,826 13,881,041 14,858,495

109



Global Leaders Fund


Positioning Strategy Fund30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$AssetsPortfolio of investments 6,862,432 4,667,789 2,105,909 2,037,873 Receivables 352,523 107,450 10,844 16,026 Cash and bank balances 80,857 62,916 12,352 15,283 Total assets 7,295,812 4,838,155 2,129,105 2,069,182

LiabilitiesPayables 115,942 83,008 12,328 20,857 Financial derivatives, at fair value - 400 - 13 Total liabilities 115,942 83,408 12,328 20,870


unitholders 7,179,870 4,754,747 2,116,777 2,048,312


Select Bond Fund


ASEAN Equity Fund30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$AssetsPortfolio of investments 299,683,308 252,775,876 95,756,949 65,243,663 Receivables 2,659,482 5,235,944 2,759,216 721,328 Financial derivatives, at fair value 15,063 756,883 - - Cash and bank balances 5,067,245 4,221,696 2,367,017 1,304,973 Total assets 307,425,098 262,990,399 100,883,182 67,269,964

LiabilitiesPayables 4,256,315 5,048,826 4,219,102 992,969 Financial derivatives, at fair value 1,884,687 108,567 - - Total liabilities 6,141,002 5,157,393 4,219,102 992,969


unitholders 301,284,096 257,833,006 96,664,080 66,276,995

110

EASTSPRING INVESTMENTS UNIT TRUSTS Statement of Movements of Unitholders’ Funds

For the half year ended 30 June 2013

Eastspring Investments Unit Trusts - GlobalTechnology Fund

Eastspring Investments Unit Trusts - PanEuropean Fund

30/06/2013 31/12/2012 30/06/2013 31/12/2012S$ S$ S$ S$

Net assets attributable to unitholders at the beginning of financial period/year 78,064,674 77,358,783 38,746,727 35,331,752

OperationsChange in net assets

attributable to unitholders resulting from operations 6,743,520 5,470,332 2,299,844 4,310,944

Unitholders' contributions/(withdrawals)

Creation of units 1,430,510 4,601,655 2,998,356 3,043,875 Cancellation of units (4,895,909) (9,366,096) (3,703,627) (3,939,844)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (3,465,399) (4,764,441) (705,271) (895,969)

Distribution - - - -

Total increase in net assets attributable to unitholders 3,278,121 705,891 1,594,573 3,414,975

Net assets attributable to unitholders at the end of financial period/year 81,342,795 78,064,674 40,341,300 38,746,727

111



Eastspring Investments Unit Trusts - ProtectedGlobal Titans Fund (S$)


Balanced Fund 30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$



attributable to unitholders resulting from operations 232,949 64,466 (35,685,505) 65,937,277


Creation of units - - 16,646,309 41,271,988 Cancellation of units (486,106) (1,470,264) (15,464,185) (23,000,945)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (486,106) (1,470,264) 1,182,124 18,271,043


Total (decrease)/increase in net assets attributable to unitholders (253,157) (1,405,798) (34,503,381) 84,208,320


112



Eastspring Investments Unit Trusts - Dragon

Peacock Fund


Basics Fund 30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$



attributable to unitholders resulting from operations (76,133,828) 129,987,484 6,789,910 (1,837,569)


Creation of units 14,847,118 39,358,456 3,617,450 10,211,102 Cancellation of units (34,738,563) (57,663,206) (21,558,300) (37,984,766)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (19,891,445) (18,304,750) (17,940,850) (27,773,664)


Total (decrease)/increase in net assets attributable to unitholders (96,025,273) 111,682,734 (11,150,940) (29,611,233)


113




Balanced Fund


Infrastructure Equity Fund 30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$



attributable to unitholders resulting from operations 38,888 586,412 (1,103,008) 1,145,549


Creation of units 391,691 695,370 1,135,265 2,389,339 Cancellation of units (2,745,463) (5,472,056) (1,009,711) (1,664,436)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (2,353,772) (4,776,686) 125,554 724,903


Total (decrease)/increase in net assets attributable to unitholders (2,314,884) (4,190,274) (977,454) 1,870,452


114




Leaders Fund


PositioningStrategy Fund

30/06/2013 31/12/2012 30/06/2013 31/12/2012S$ S$ S$ S$



attributable to unitholders resulting from operations 760,362 208,230 30,715 112,408


Creation of units 2,159,668 1,556,381 180,835 353,080 Cancellation of units (494,907) (384,807) (143,085) (287,371)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 1,664,761 1,171,574 37,750 65,709


Total increase in net assets attributable to unitholders 2,425,123 1,379,804 68,465 178,117


115




Select Bond Fund


ASEAN Equity Fund 30/06/2013 31/12/2012 30/06/2013 31/12/2012

S$ S$ S$ S$

Net assets attributable to unitholders at the beginning of financial period/year 257,833,006 122,557,800 66,276,995 -


attributable to unitholders resulting from operations (10,156,686) 11,561,425 5,067,085 2,835,136


Creation of units 62,162,039 131,127,716 25,320,000 63,441,859 Cancellation of units (8,554,263) (7,413,935) - -

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 53,607,776 123,713,781 25,320,000 63,441,859


Total increase in net assets attributable to unitholders 43,451,090 135,275,206 30,387,085 66,276,995


116

EASTSPRING INVESTMENTS UNIT TRUSTS Statement of Portfolio As at 30 June 2013

Eastspring Investments Unit Trusts- Global Technology Fund

Holdings Fair value

Percentage of total net assets attributable

to unitholders30/06/2013 30/06/2013 30/06/2013 31/12/2012

(units) (S$) (%) (%)Quoted UnderlyingInvestment Fund

Eastspring Investments:- Global Technology Fund Class Cs 11,964,312 81,333,391 99.99 99.99

Portfolio of investments 81,333,391 99.99 99.99 Other net assets 9,404 0.01 0.01 Net assets attributable to

unitholders 81,342,795 100.00 100.00

Eastspring Investments Unit Trusts- Pan European Fund

Holdings Fair value


to unitholders30/06/2013 30/06/2013 30/06/2013 31/12/2012


Eastspring Investments:- Pan European Fund Class Cs 3,627,629 40,331,975 99.98 99.91


unitholders 40,341,300 100.00 100.00

117


Eastspring Investments Unit Trusts- Asian Balanced Fund

Holdings Fair value


to unitholders30/06/2013 30/06/2013 30/06/2013 31/12/2012


Eastspring Investments:- Asian Equity Fund Class D 9,514,324 424,939,994 50.66 49.94 - US High Investment Grade Bond

Fund Class D 13,347,612 246,736,909 29.42 29.67 - US Investment Grade Bond Fund

Class D 7,692,637 165,090,950 19.68 20.10

Portfolio of investments 836,767,853 99.76 99.71 Other net assets 2,020,652 0.24 0.29 Net assets attributable to

unitholders 838,788,505 100.00 100.00

Eastspring Investments Unit Trusts - Global Balanced Fund

Holdings Fair value


to unitholders30/06/2013 30/06/2013 30/06/2013 31/12/2012


M&G Investment Funds (1)- Global Basics Fund Net Accumulation

Shares in Sterling Class A 779,804 14,783,191 59.82 60.11Legg Mason Western Asset Global

Bond Trust 7,877,217 9,830,767 39.78 39.55


unitholders 24,713,942 100.00 100.00

118


Eastspring Investments Unit Trusts- Asian Infrastructure Equity Fund

Holdings Fair value


to unitholders30/06/2013 30/06/2013 30/06/2013 31/12/2012


Eastspring Investments:- Asian Infrastructure Equity Fund

Class C 1,106,600 13,870,794 99.93 99.93


unitholders 13,881,041 100.00 100.00

Eastspring Investments Unit Trusts- Global Leaders Fund

Holdings Fair value


to unitholders30/06/2013 30/06/2013 30/06/2013 31/12/2012


M&G Investment Funds (1)- Global Leaders Fund Euro Class A 298,000 6,862,432 95.58 98.17


unitholders 7,179,870 100.00 100.00

119


Eastspring Investments Unit Trusts- Global Positioning Strategy Fund

Holdings Fair value


to unitholders30/06/2013 30/06/2013 30/06/2013 31/12/2012


Eastspring Investments:- Global Market Navigator Fund

Class C 148,663 2,105,909 99.49 99.49


unitholders 2,116,777 100.00 100.00

120



Holdings Fair value


attributable to unitholders

30/06/2013 30/06/2013 30/06/2013(units) (S$) (%)

By Geography* - Primary

Quoted bonds

AustraliaANZ National (Intl) Ltd Series EMTN 2.95%

27/07/2015 500,000 509,832 4.18

SingaporeAscendas Real Estate Investment Trust

MTN 5% 22/07/2013 500,000 500,661 4.10 CapitaMalls Asia Treasure 2.15%

21/01/2014 500,000 500,137 4.10 CCT MTN Pte Ltd MTN 3.25% 15/12/2015 250,000 254,101 2.08 CDLHT MTN Pte Ltd Series MTN 2.355%

19/08/2013 500,000 498,631 4.08 City Developments Limited Series MTN

3.82% 13/11/2014 250,000 255,842 2.09 FCT MTN Pte Ltd MTN 2.8% 24/01/2014 1,000,000 1,004,300 8.23 Heineken Asia Pacific Pte Ltd MTN 3.55%

01/10/2014 500,000 509,969 4.18 Overseas Union Enterprise Ltd 3.36%

27/09/2013 500,000 501,849 4.11 Singapore Press Holdings Ltd MTN 2.81%

02/03/2015 500,000 512,014 4.19 Starhill Global Reit 3.405% 13/07/2015 500,000 501,450 4.11 Street Square Pte Ltd 3.02% 05/05/2014 250,000 251,345 2.06

5,290,299 43.33

121



Holdings Fair value



30/06/2013 30/06/2013 30/06/2013(units) (S$) (%)

By Geography* - Primary (continued)

United States of AmericaMerrill Lynch & Co EMTN 4.1% 04/02/2014 250,000 252,995 2.07 Merrill Lynch & Co. EMTN 4.62% 04/11/2013 750,000 756,782 6.20

1,009,777 8.27

Accrued interest receivable on quoted bonds** 69,755 0.57

Total quoted bonds 6,879,663 56.35

Time deposits

SingaporeStandard Chartered Bank, Singapore Branch 1,000,000 8.19 United Overseas Bank, Singapore 2,151,655 17.62 Westpac Banking Corporation, Singapore

Branch 1,922,012 15.74 Total time deposits 5,073,667 41.55

Portfolio of investments 11,953,330 97.90 Other net assets 256,954 2.10 Net assets attributable to unitholders 12,210,284 100.00

* Geography classification is based on the country of incorporation/registration of the entities/issuers.

** As at 31 December 2012, the accrued interest on bonds of $63,319 has been included in the respective country/sector totals. As at 30 June 2013, the accrued interest component has been shown separately following the revised Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued in June 2012 and applicable for accounting periods commencing on or after 30 June 2012.

122



Percentage of total net assets attributable to unitholders

30/06/2013 31/12/2012(%) (%)

By Geography* (summary) - Primary

Singapore 84.88 66.40 South Korea - 16.08 United States of America 8.27 14.28 Australia 4.18 - Accrued interest receivable on quoted bonds** 0.57 -

Portfolio of investments 97.90 96.76 Other net assets 2.10 3.24 Net assets attributable to unitholders 100.00 100.00



123



Fair value

Percentage of total netassets attributable

to unitholders30/06/2013 30/06/2013 31/12/2012

(S$) (%) (%)By Industry - Secondary

Banks 5,583,499 45.73 47.70 Brewery 509,969 4.18 4.15 Consumer 501,849 4.11 4.08 Finance 1,263,878 10.35 18.30 Hotel 498,631 4.08 - Print and publish 512,014 4.19 - Real estate 1,007,324 8.25 8.17 Real estate investment trusts 1,002,111 8.21 14.36 Shipping 1,004,300 8.23 - Accrued interest receivable on quoted

bonds** 69,755 0.57 -

Portfolio of investments 11,953,330 97.90 96.76 Other net assets 256,954 2.10 3.24 Net assets attributable to unitholders 12,210,284 100.00 100.00


124


Eastspring Investments Unit Trusts- Dragon Peacock Fund

Holdings Fair value

Percentage of total

net assets attributable to

unitholders30/06/2013 30/06/2013 30/06/2013

(units) (S$) (%)By Geography* - Primary

Quoted shares

People’s Republic of ChinaBank of China Ltd 89,551,300 46,418,994 5.16 China Bluechemical Ltd 9,970,000 7,694,878 0.86 China Merchants Bank Co Ltd 4,191,000 8,867,813 0.99 China Petroleum & Chemical Corp 23,487,500 20,931,380 2.33 China Shanshui Cement Group Ltd 15,564,000 8,856,559 0.99 China Shenhua Energy Co Ltd 4,699,000 15,136,876 1.68 Dongfeng Motor Group Co Ltd 9,730,000 16,483,035 1.83 Fosun International Ltd 9,705,500 8,934,924 0.99 Industrial and Commercial Bank of

China Ltd 52,763,820 42,103,735 4.68 Lenovo Group Ltd 6,224,000 7,144,491 0.80 Nine Dragons Paper Holdings Ltd 2,099,000 1,722,982 0.19 Sinotrans Shipping Ltd 17,590,500 5,321,260 0.59 Travelsky Technology Ltd 18,940,500 15,175,817 1.69 Wumart Stores Inc 8,954,000 20,732,177 2.31

225,524,921 25.09


125


Eastspring Investments Unit Trusts - Dragon Peacock Fund

Holdings Fair value

Percentage of total


unitholders30/06/2013 30/06/2013 30/06/2013

(units) (S$) (%)By Geography* - Primary (continued)

Quoted shares

Hong KongBelle International Holdings Ltd 9,404,000 16,392,092 1.83 China Mobile Ltd 2,386,000 31,660,920 3.52 China Pacific Insurance Group Co Ltd 7,435,800 30,032,344 3.34 China Resources Land Ltd 3,480,000 12,035,224 1.34 China Resources Power Holding Co Ltd 4,780,000 14,428,599 1.61 China Unicorn Hong Kong Ltd 11,233,990 18,883,901 2.10 CNOOC Ltd 14,993,000 32,214,284 3.58 Franshion Properties China Ltd 59,900,000 25,270,341 2.81 Huabao International Holdings Ltd 20,629,000 11,570,093 1.29 Xingda International Holdings Ltd 17,000,000 9,089,945 1.01

201,577,743 22.43


126



Holdings Fair value

Percentage of total


unitholders30/06/2013 30/06/2013 30/06/2013


Quoted shares (continued)

India (Note 1)Bank of Baroda 869,161 10,703,574 1.19 Cairn India Ltd 2,461,990 15,198,909 1.69 Colgate Palmolive India Ltd 117,677 3,400,031 0.38 Dr Reddy’s Laboratories Ltd 708,224 33,485,436 3.73 Gail India Ltd 775,148 5,230,348 0.58 HDFC Bank Ltd 1,946,884 27,657,069 3.08 Hindalco Industries Ltd 3,425,965 7,249,840 0.81 ICICI Bank Ltd 1,759,227 40,071,981 4.46 Idea Cellular Ltd 5,809,510 17,668,803 1.97 Induslnd Bank Ltd 594,583 5,916,128 0.66 Infosys Ltd 571,150 30,389,617 3.38 ITC Ltd 3,524,100 24,275,447 2.70 Larsen & Toubro Ltd 457,264 13,738,202 1.53 LIC Housing Finance Ltd 4,426,153 24,032,353 2.67 Mahindra & Mahindra Financial Services Ltd 3,836,632 21,249,087 2.36 Mahindra & Mahindra Ltd 905,322 18,723,180 2.08 Mphasis Ltd 1,390,396 10,982,732 1.22 Oil India Ltd 972,277 11,850,999 1.32 Oracle Financial Services Software Ltd 36,329 2,088,058 0.23 Ranbaxy Laboratories Ltd 1,574,325 10,412,829 1.16 Reliance Industries Ltd 2,335,098 42,860,411 4.77 Sun TV Network Ltd 1,494,405 11,966,962 1.33 Tata Consultancy Services Ltd 356,348 11,561,103 1.29 Tata Motors Ltd Class A 4,936,225 14,838,998 1.65 Tata Motors Ltd 1,933,270 11,547,038 1.28

427,099,135 47.52 Other net assets of Dragon Peacock Investments Ltd (“DPI(M)”) 25,478,287 2.83

452,577,422 50.35


Note 1: The India shares are held by Dragon Peacock Investments Ltd.

127



Holdings Fair value

Percentage of total


unitholders30/06/2013 30/06/2013 30/06/2013


Unquoted shares

Republic of IndiaDragon Peacock Investments Ltd 2 2 **

Portfolio of investments 879,680,088 97.87 Other net assets 19,127,887 2.13 Net assets attributable to unitholders 898,807,975 100.00


** denotes amount less than 0.01%

128




30/06/2013 31/12/2012(%) (%)

By Geography* (summary) – Primary

Republic of India 50.35 47.37 People’s Republic of China 25.09 28.01 Hong Kong 22.43 22.91



129



Fair value

Percentage of total net assets attributable to

unitholders30/06/2013 30/06/2013 31/12/2012

(S$) (%) (%)By Industry - SecondaryAdvertising - - 1.97 Automotive 26,386,036 2.93 4.34 Auto and trucks 18,723,180 2.08 1.23 Banks 181,739,294 20.22 19.66 Cement 8,856,559 0.99 1.40 Chemical 7,694,878 0.86 - Citygas 5,230,348 0.58 0.41 Computer software 65,780,715 7.32 6.27 Consumer 14,970,124 1.67 3.89 Electronics 14,428,599 1.61 1.53 Finance 45,281,440 5.03 5.57 Insurance 30,032,344 3.34 4.71 Manufacturing 8,934,924 0.99 1.04 Media 11,966,962 1.33 1.13 Medical - drugs 43,898,265 4.89 5.54 Metal products 7,249,840 0.81 1.57 Mining 15,136,876 1.68 2.52 Miscellaneous 22,828,149 2.54 1.97 Motor 16,483,035 1.83 1.54 Oil and gas 80,195,572 8.92 7.55 Paper 1,722,982 0.19 0.81 Petrochemical 42,860,411 4.77 4.77 Property 25,270,341 2.81 2.56 Real estate 12,035,224 1.34 1.37 Retail 37,124,269 4.14 4.09 Services 11,561,103 1.29 - Telecom services 68,213,624 7.59 6.39 Tobacco 24,275,447 2.70 2.37 Transport - - 0.23 Transport - Ship 5,321,260 0.59 0.52

854,201,801 95.04 96.95 Other net assets of Dragon Peacock

Investments Ltd 25,478,287 2.83 1.34

Portfolio of investments 879,680,088 97.87 98.29 Other net assets 19,127,887 2.13 1.71 Net assets attributable to unitholders 898,807,975 100.00 100.00

130


Eastspring Investments Unit Trusts - Global Basics Fund

Holdings Fair value


to unitholders 30/06/2013 30/06/2013 30/06/2013 31/12/2012

(units) (S$) (%) (%)By Geography* - Primary

Quoted bonds

SingaporeSingapore Treasury Bills Series 91

19/09/2013 34,000,000 33,979,260 11.43 -

Quoted UnderlyingInvestment Fund

United KingdomM&G Investment Funds (1)- Global Basics Fund Net

Accumulation Shares in Sterling Class A 12,989,848 246,255,975 82.82 99.99

Time deposits

SingaporeOverseas-Chinese Banking

Corporation Limited 7,000,000 2.35 - Standard Chartered Bank,

Singapore Branch 7,000,175 2.35 - Total time deposits 14,000,175 4.70 -


unitholders 297,343,761 100.00 100.00


131




30/06/2013 31/12/2012(%) (%)


United Kingdom 82.82 99.99 Singapore 16.13 -




Fair value

Percentage of total netassets attributable

to unitholders30/06/2013 30/06/2013 31/12/2012

(S$) (%) (%)By Industry - Secondary

Banks 14,000,175 4.70 - Government 33,979,260 11.43 - Unit Trusts 246,255,975 82.82 99.99

Portfolio of investments 294,235,410 98.95 99.99 Other net assets 3,108,351 1.05 0.01 Net assets attributable to unitholders 297,343,761 100.00 100.00

132


Eastspring Investments Unit Trusts - Singapore Select Bond Fund

HoldingsFair

value

Percentage of total

net assets attributable

to unitholders30/06/2013 30/06/2013 30/06/2013


Quoted bonds

AustraliaAustralia and New Zealand Banking Group

EMTN (Regs) (BR) 3.45% 08/08/2022 600,000 754,968 0.25 Lend Lease Fin International Limited Series

EMTN (Regs) 4.625% 24/07/2017 1,000,000 1,026,216 0.34 National Capital Trust II Var Perp 500,000 637,281 0.21 Westpac Banking Corporation EMTN (Regs)

FRN 28/02/2023 500,000 632,466 0.21 3,050,931 1.01

People’s Republic of ChinaAzure Orbit International Finance Limited

(Regs) 3.75% 06/03/2023 700,000 814,658 0.27 Baidu Inc (Reg) 3.5% 28/11/2022 500,000 564,024 0.19 BOC Aviation Pte Limited Series EMTN

(Regs) (BR) 2% 26/03/2015 500,000 499,017 0.17 BOC Aviation Pte Limited Series EMTN

(Regs) 2.875% 10/10/2017 800,000 971,939 0.32 BOC Aviation Pte Limited Series EMTN

(Regs) 4.375% 02/05/2023 2,500,000 2,876,894 0.95 China Overseas Finance Series (Regs)

5.35% 15/11/2042 1,200,000 1,289,794 0.43 China Overseas Finance (Regs) 5.5%

10/11/2020 2,000,000 2,594,699 0.86 Cosco Finance Co Limited (Regs) 4%

03/12/2022 2,000,000 2,253,528 0.75 11,864,553 3.94


133



HoldingsFair

value

Percentage of total


to unitholders30/06/2013 30/06/2013 30/06/2013


Quoted bonds (continued)

Great BritainStandard Chartered Bank HK Series EMTN

(BR) Var 27/10/2021 2,250,000 2,297,990 0.76 Standard Chartered PLC (Regs) 5.3% 09/01/2043 3,000,000 3,529,236 1.17 Standard Chartered PLC 5.7% 25/01/2022 700,000 913,747 0.30 Standard Chartered PLC Series EMTN

(Regs) (BR) Var 12/07/2022 1,500,000 1,881,713 0.63 8,622,686 2.86

Hong KongBank of East Asia Limited Series EMTN Var

13/09/2022 2,500,000 2,551,347 0.85 Chinatrust Comm Bank (Regs) Var Perp 500,000 629,411 0.21 Dah Sing Bank Limited Series EMTN (Reg)

4.875% 09/02/2022 3,000,000 3,073,806 1.02 Hutchison Whampoa International Limited

(Regs) 7.625% 09/04/2019 1,500,000 2,306,456 0.77 ICBC Asia Limited 5.125% (Reg) 30/11/2020 1,000,000 1,270,568 0.42 Joynote Limited (BR) 3.408% 20/07/2018 3,000,000 3,001,229 1.00 PCCW Capital No.5 Limited (Regs) 3.75%

08/03/2023 2,000,000 2,266,036 0.75 Sun Hung Kai Prop (Cap) Series EMTN

(Regs) 3.625% 16/01/2023 1,000,000 1,157,573 0.38 Wheelock MTN Pte Limited MTN (BR) 3.5%

15/12/2014 1,000,000 1,012,566 0.34 Wing Lung Bank Limited EMTN (Regs) 3.5%

07/11/2022 600,000 727,927 0.24 Yuexiu Reit MTN Co Series EMTN (Regs)

3.1% 14/05/2018 3,000,000 3,554,586 1.18 21,551,505 7.16


134



HoldingsFair

value

Percentage of total


to unitholders30/06/2013 30/06/2013 30/06/2013



MalaysiaIOI Investment Series EMTN (Reg) 4.375%

27/06/2022 2,000,000 2,359,986 0.78 Malayan Banking EMTN (Regs) Var

20/09/2022 3,000,000 3,691,443 1.23 Malayan Banking Berhad Var Perp 4,250,000 4,479,914 1.49 SSG Resources Limited (Regs) 4.25%

04/10/2022 2,500,000 3,015,912 1.00 13,547,255 4.50

SingaporeAACI REIT MTN Pte Limited Series MTN (BR)

4.9% 08/08/2016 1,250,000 1,286,892 0.43 AACI REIT MTN Pte Limited Series MTN

(Regs) (BR) 4.35% 05/12/2019 1,000,000 963,514 0.32 ARMF Whitesands Pte Limited 2.635%

29/04/2020 1,750,000 1,715,000 0.57 Ascott Capital MTE Pte Limited Series EMTN

(BR) 3.8% 16/12/2015 4,750,000 4,817,323 1.60 Ascott Capital Pte Limited Series MTN (BR)

3.78% 16/08/2019 2,000,000 1,993,551 0.66 Ascott REIT MTN Pte Limited 4.3%

30/11/2018 2,250,000 2,258,496 0.75 BOC Aviation Pte Limited (Regs) (BR) 3.25%

24/04/2014 1,000,000 1,010,167 0.33


135



HoldingsFair

value

Percentage of total


to unitholders30/06/2013 30/06/2013 30/06/2013



Singapore (continued)Cambridge MTN Pte Limited MTN (BR)

4.75% 13/03/2015 500,000 502,168 0.17 Capitaland Limited (Regs) 2.875% 03/09/2016 2,000,000 2,035,500 0.68 Capitaland Treasury Limited MTN 4.35%

31/10/2019 1,000,000 1,020,950 0.34 Capitamall Trust (Regs) 2.125% 19/04/2014 2,500,000 2,564,375 0.85 Capitamalls Asia Treasur EMTN 3.95%

24/08/2017 1,000,000 1,030,081 0.34 CCT MTN Pte Limited MTN (BR) 3.25%

15/12/2015 1,250,000 1,270,504 0.42 CCT MTN Pte Limited MTN 3.64%

18/02/2015 250,000 254,858 0.08 CDLHT MTN Pte Limited Series MTN (BR)

Var 21/08/2013 1,000,000 992,500 0.33 CMT MTN Pte Limited MTN 3.55%

01/09/2017 1,000,000 1,013,202 0.34 CWT Limited Series MTN (Regs) 3.9%

18/04/2019 2,500,000 2,447,403 0.81 DBS Bank Limited Series MTN (Regs) (BR)

Var 14/02/2023 750,000 741,562 0.25 DBS Bank Limited/Singapore 4.7% Perpetual 5,000,000 5,042,780 1.67 DBS Capital Funding II Var Perp 15/06/2018 1,000,000 1,069,744 0.35 Ezion Holdings Limited Series MTN (Regs)

4.7% 22/05/2019 750,000 742,519 0.25 Ezion Holdings Limited Series MTN Var

(Regs) Perpetual 2,250,000 2,248,784 0.75


136



HoldingsFair

value

Percentage of total


to unitholders30/06/2013 30/06/2013 30/06/2013



Singapore (continued)FCL Treasury Pte Limited MTN (Regs) (BR)

3.8% 28/06/2022 500,000 502,503 0.17 FCL Treasury Pte Limited Series MTN (BR)

3.7% 05/04/2019 1,500,000 1,491,157 0.49 FCT MTN Pet Limited Series MTN (Regs)

(BR) 3% 21/01/2020 1,500,000 1,433,898 0.48 FCT MTN Pte Limited Series MTN (BR) 2.3%

12/06/2015 2,250,000 2,260,202 0.75 First Real Estate Invest MTN 4.125%

22/05/2018 1,000,000 987,600 0.33 Freight Links Express HL MTN (Regs) 4.6%

29/05/2017 2,000,000 1,989,850 0.66 Genting Singapore PLC STP Perp 5,750,000 5,477,329 1.82 GLL IHT Pte Limited Series MTN (BR)

4.125% 13/05/2015 500,000 502,181 0.17 GLL IHT Pte Limited Series MTN (Regs) (BR)

4.1% 13/05/2020 750,000 741,315 0.25 Global Logistic Properti EMTN Var Perp 2,500,000 2,510,751 0.83 Goodpack Limited MTN (BR) 4.7%

19/06/2017 500,000 519,606 0.17 Goodpack Limited Series MTN (BR) 4.7%

24/04/2023 500,000 500,788 0.17 Goodpack Limited Series MTN (Regs) 4.5%

18/10/2019 750,000 758,501 0.25 Government of Singapore 0.5% 01/04/2018 2,500,000 2,421,135 0.80


137



HoldingsFair

value

Percentage of total


to unitholders30/06/2013 30/06/2013 30/06/2013



Singapore (continued)Government of Singapore 2.25% 01/06/2021 4,000,000 4,003,741 1.33 Government of Singapore 2.75% 01/04/2042 6,800,000 6,513,187 2.16 Government of Singapore 2.875% 01/09/2030 9,600,000 9,596,933 3.19 Government of Singapore 3% 01/09/2024 12,200,000 12,532,301 4.16 Government of Singapore 3.125% 01/09/2022 10,000,000 10,577,582 3.51 Government of Singapore 3.5% 01/03/2027 15,900,000 17,099,486 5.68 Government of Singapore 4% 01/09/2018 8,000,000 8,992,011 2.98 Guthrie GTS Limited MTN (BR) 3.7%

23/01/2018 1,000,000 981,506 0.33 Hong Fok Corporation Limited Series MTN

(BR) 4.75% 22/03/2019 1,250,000 1,222,063 0.41 Housing & Development Board MTN (BR)

2.505% 27/06/2024 1,000,000 922,607 0.31 Housing & Development Board MTN (BR)

3.14% 18/03/2021 1,500,000 1,541,753 0.51 Housing & Development Board MTN (Regs)

0.943% 21/03/2016 3,500,000 3,490,033 1.16 Housing & Development Board MTN 2.815%

26/07/2021 3,500,000 3,499,720 1.16 Housing & Development Board Series MTN

(BR) 1.368% 29/05/2018 2,000,000 1,934,951 0.64 Housing & Development Board Series MTN

2.088% 30/08/2022 2,000,000 1,853,495 0.61 Keppel Land Financial EMTN (Regs) (BR)

3.259% 11/12/2019 4,000,000 4,773,075 1.58 Keppel Land Limited 1.875% 29/11/2015 6,000,000 5,917,500 1.96


138



HoldingsFair

value

Percentage of total


to unitholders30/06/2013 30/06/2013 30/06/2013



Singapore (continued)Keppel Telecom & Transport Series MTN (BR)

Step Up 13/08/2019 3,000,000 2,912,066 0.97 Lmirt Capital Pte Limited Series EMTN (BR)

4.88% 06/07/2015 750,000 768,405 0.25 Mapletree Commercial Trust EMTN (Regs)

(BR) 3.6% 24/08/2020 4,500,000 4,460,830 1.48 Mapletree Industrial Trust MTN (BR) 3.75%

08/03/2019 4,500,000 4,504,999 1.50 Mapletree Logistics Trust Var Perp 2,500,000 2,514,614 0.83 Mapletree Treasury Services MTN (BR)

3.88% 04/10/2018 250,000 255,214 0.08 Mapletree Treasury Services MTN 4.45%

07/03/2018 2,000,000 2,098,139 0.70 Maybank Kim Eng Holdings Series MTN

(Regs) (BR) 1.35% 28/01/2014 1,000,000 999,827 0.33 NTUC Income Insurance (Reg) Var

23/08/2027 6,750,000 6,680,408 2.22 Oversea-Chinese Banking 4% Perp 7,250,000 7,092,368 2.35 Oversea-Chinese Banking Corporation

Limited Series EMTN (BR) Var 15/11/2022 2,000,000 2,539,010 0.84

Overseas Union Enterprise Limited MTN (BR) 3.95% 29/09/2015 500,000 505,852 0.17

Sabana Treasury Pte Limited (Regs) Conv 4.5% 24/09/2017 2,000,000 2,046,900 0.68


139



HoldingsFair

value

Percentage of total


to unitholders30/06/2013 30/06/2013 30/06/2013



Singapore (continued)Singapore Labour Foundation Series MTN

1.3% 08/06/2017 750,000 740,146 0.25 Singapore T-Bills Series 183 27/12/2013 3,000,000 2,995,650 0.99 Singapore T-Bills Series 183 29/11/2013 8,000,000 7,990,560 2.65 Singapore T-Bills Series 91 22/08/2013 2,000,000 1,999,220 0.66 ST Engineering Financial Limited EMTN

4.8% 16/07/2019 2,000,000 2,763,794 0.92 Starhill Global Reit 3.405% 13/07/2015 500,000 501,450 0.17 Straits Trading Co Limited Series EMTN 4.3%

09/11/2016 1,000,000 1,017,728 0.34 Street Square Pte Limited 3.02% 05/05/2014 750,000 754,034 0.25 Temasek Financial I Limited (Regs) 3.375%

23/07/2042 600,000 596,278 0.20 Temasek Financial I Limited (Regs) 4.3%

25/10/2019 2,000,000 2,706,471 0.90 Ubitech Hub Pte Limited (BR) 4.2%

12/06/2017 2,000,000 2,021,598 0.67 United Overseas Bank Limited (Regs) Series

EMTN Var 11/07/2022 5,750,000 5,709,413 1.89 United Overseas Bank Limited EMTN

01/04/2021 1,500,000 1,524,269 0.51 United Overseas Land Limited MTN 2.493%

08/05/2015 2,000,000 1,996,067 0.66 Wharf MTN SG Pte Limited Series MTN (BR)

4.3% 28/10/2018 1,750,000 1,788,016 0.59 227,053,959 75.36


140



HoldingsFair

value

Percentage of total


to unitholders30/06/2013 30/06/2013 30/06/2013



ThailandBangkok Bank Public Co (HK) (Regs) 4.8%

18/10/2020 1,000,000 1,305,714 0.44 PTT PCL (Regs) 4.5% 25/10/2042 3,500,000 3,502,685 1.16 Siam Commercial Bank (HK) (Regs) 3.375%

19/09/2017 1,000,000 1,269,235 0.42 6,077,634 2.02

United States of AmericaCBA Capital Trust II (Regs) Var Perp 1,500,000 1,945,255 0.64 Citigroup Inc EMTN 3.83% 18/03/2014 500,000 507,103 0.17 Westpac Capital Trust III (Regs) Var Perp 2,200,000 2,776,310 0.92

5,228,668 1.73

Accrued interest receivable on quoted bonds** 2,686,117 0.89

Portfolio of investments 299,683,308 99.47 Other net assets 1,600,788 0.53 Net assets attributable to unitholders 301,284,096 100.00


** As at 31 December 2012, the accrued interest on bonds of $2,345,674 has been included in the respective country/sector totals. As at 30 June 2013, the accrued interest component has been shown separately following the revised Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued in June 2012 and applicable for accounting periods commencing on or after 30 June 2012.

141



Select Bond Fund Percentage of

total net assets attributable

to unitholders



30/06/2013 31/12/2012(%) (%)


Singapore 75.36 71.12 Hong Kong 7.16 5.24 Malaysia 4.50 4.30 People’s Republic of China 3.94 4.48 Great Britain 2.86 2.24 Thailand 2.02 4.35 United States of America 1.73 2.10 Cayman Islands - - Australia 1.01 1.89 South Korea - 0.98 Republic of India - 0.65 The Netherlands - 0.59 Qatar - 0.10 Accrued interest receivable on quoted bonds** 0.89 -



** As at 31 December 2012, the accrued interest on bonds of $2,345,674 has been included in the respective country/sector totals. As at 30 June 2013, the accrued interest component has been shown separately following the revised Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued in June 2012 and applicable for accounting periods commencing on or after 30 June 2012.

142



Fair Value




attributableto unitholders

30/06/2013 30/06/2013 31/12/2012(S$) (%) (%)

By Industry - Secondary

Agriculture 2,359,986 0.78 0.98 Banks 62,450,502 20.72 23.71 Building construction - - 0.20 Computer software 564,024 0.19 1.19 Diversified resources 2,306,456 0.77 - Finance 40,837,027 13.55 11.77 Government 86,384,559 28.67 28.37 Hotels 6,975,681 2.32 2.36 Household 3,499,720 1.16 - Industrials 758,501 0.25 0.10 Insurance 6,680,408 2.22 2.72 Investment 7,677,700 2.55 2.09 Materials 2,447,403 0.81 - Metal products 1,017,728 0.34 0.40 Miscellaneous 9,400,037 3.12 2.77 Oil and gas 3,502,685 1.16 1.57 Petrochemical - - 1.00 Print and publish - - 0.20 Property - - 0.51 Real estate 37,607,039 12.49 9.50 Real estate investment trusts 13,614,122 4.51 6.44 Retail - - 0.28 Telecom services - - 0.10 Transport 5,402,704 1.80 0.79 Transport - Rail 519,606 0.17 0.20 Transport - Ship 2,991,303 1.00 0.79 Accrued interest receivable on

quoted bonds** 2,686,117 0.89 -


unitholders 301,284,096 100.00 100.00 ** As at 31 December 2012, the accrued interest on bonds of $2,345,674 has been included

in the respective country/sector totals. As at 30 June 2013, the accrued interest component has been shown separately following the revised Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued in June 2012 and applicable for accounting periods commencing on or after 30 June 2012.

143


Eastspring Investments Unit Trusts - Singapore ASEAN Equity Fund

HoldingsFair

value

Percentage of total


to unitholders 30/06/2013 30/06/2013 30/06/2013


Quoted investment funds

SingaporeAscendas Real Estate Investment Trust 367,000 814,740 0.84 Asian Pay Television Trust 900,000 760,500 0.79 CapitaRetail China Trust 818,000 1,141,110 1.18 Mapletree Industrial Trust 830,732 1,092,413 1.13 Suntec Real Estate Investment Trust 312,000 488,280 0.51

4,297,043 4.45

Quoted shares

Hong KongHongkong Land Holdings Ltd 161,000 1,398,745 1.45 Jardine Matheson Holdings Ltd 52,254 3,985,703 4.12 Noble Group Ltd 1,035,078 998,850 1.03

6,383,298 6.60


144



HoldingsFair

value

Percentage of total


to unitholders 30/06/2013 30/06/2013 30/06/2013


Quoted Shares (continued)

IndonesiaAstra International Tbk PT 1,429,000 1,269,137 1.31 Bank Mandiri Persero Tbk PT 1,842,500 2,095,506 2.17 Bank Rakyat Indonesia Persero Tbk PT 2,938,000 2,890,906 2.99 Bumi Serpong Damai PT 5,630,000 1,287,813 1.33 Ciputra Surya Tbk PT 3,446,500 1,442,384 1.49 Gajah Tunggal Tbk PT 3,574,000 1,415,819 1.47 Gudang Garam Tbk PT 69,500 444,509 0.46 Indofood Sukses Makmur Tbk PT 510,000 469,239 0.49 Perusahaan Gas Negara Tbk PT 830,000 599,264 0.62 Semen Indonesia (Persero) Tbk PT 338,000 725,633 0.75 Telekomunikasi Indonesia Persero Tbk PT 887,000 1,258,166 1.30 United Tractors Tbk PT 133,500 298,545 0.31

14,196,921 14.69 MalaysiaAMMB Holdings Bhd 752,500 2,211,165 2.29 Astro Malaysia Holdings Bhd 546,800 656,301 0.68 Axiata Group Bhd 823,700 2,188,924 2.26 CIMB Group Holdings Bhd 688,900 2,286,995 2.37 Genting Bhd 1,362,500 2,127,599 2.20 Genting Malaysia Bhd 288,200 1,207,809 1.25 Media Prima Bhd 1,528,800 1,693,805 1.75 MPHB Capital Bhd 207,150 113,922 0.12 Multi-purpose Holdings Bhd 414,300 600,379 0.62 Petronas Chemicals Group Bhd 163,000 429,889 0.45 Public Bank Bhd 149,300 1,017,656 1.05 Sime Darby Bhd 265,900 1,014,018 1.05 Tenaga Nasional Bhd 331,200 1,095,522 1.13 WCT Holdings Bhd 1,579,900 1,579,183 1.63

18,223,167 18.85


145



HoldingsFair

value

Percentage of total


to unitholders 30/06/2013 30/06/2013 30/06/2013



The PhilippinesAlliance Global Group Inc 498,200 342,261 0.35 Filinvest Land Inc 29,011,000 1,447,937 1.50 First Gen Corp 2,512,400 1,253,938 1.30 Metropolitan Bank & Trust Company 95,860 310,702 0.32 Philippine Long Distance Telephone 7,540 646,387 0.67 Vista Land & Lifescapes Inc 11,819,700 1,943,268 2.01

5,944,493 6.15

SingaporeCapitaland Limited 803,000 2,465,210 2.55 City Developments Ltd 94,000 1,005,800 1.04 DBS Group Holdings Ltd 350,788 5,437,214 5.62 Ezion Holdings Ltd 162,000 340,200 0.35 Global Logistic Properties Ltd 501,000 1,367,730 1.42 Golden Agri-Resources Ltd 876,000 486,180 0.50 Jardine Cycle & Carriage Ltd 32,000 1,360,000 1.41 Keppel Corp Ltd 317,000 3,296,800 3.41 Overseas Education Ltd 1,883,000 1,299,270 1.34 Overseas Union Enterprise Ltd 469,000 1,331,960 1.38 Sembcorp Industries Ltd 119,000 589,050 0.61 Singapore Exchange Ltd 136,000 956,080 0.99 Singapore Press Holdings Ltd 162,000 675,540 0.70 Singapore Technologies Engineering Ltd 326,000 1,362,680 1.41 Singapore Telecommunications Ltd 1,222,000 4,594,720 4.75 United Overseas Bank Ltd 247,000 4,905,420 5.07 UOL Group Ltd 205,000 1,371,450 1.42 Wilmar International Limited 362,000 1,140,300 1.18

33,985,604 35.15


146



HoldingsFair

value

Percentage of total


to unitholders 30/06/2013 30/06/2013 30/06/2013



ThailandAdvanced Info Service PCL 82,600 952,531 0.99 Banpu PCL 67,600 638,571 0.66 Charoen Pokphand Foods Co Ltd 217,000 226,282 0.24 Glow Energy PCL 238,000 686,146 0.71 Kasikornbank PCL 305,100 2,401,724 2.48 Krung Thai Bank PCL 1,788,975 1,477,766 1.53 PTT Exploration & Production PCL 133,655 863,560 0.89 PTT Global Chemical PCL 276,800 772,536 0.80 PTT PCL 76,900 1,006,298 1.04 Siam Commercial Bank PCL 293,100 2,013,609 2.08 Thai Beverage PCL 2,860,000 1,687,400 1.75

12,726,423 13.17

Portfolio of investments 95,756,949 99.06 Other net assets 907,131 0.94 Net assets attributable to unitholders 96,664,080 100.00


147







30/06/2013 31/12/2012 (%) (%)


Singapore 39.60 35.72 Malaysia 18.85 18.48 Indonesia 14.69 17.49 Thailand 13.17 11.09 Hong Kong 6.60 8.02 The Philippines 6.15 7.64



148



Fair Value





30/06/2013 30/06/2013 31/12/2012(S$) (%) (%)

By Industry - Secondary

Agriculture 1,626,480 1.68 3.89 Automobile 1,360,000 1.41 1.81 Banks 27,048,663 27.97 25.27 Brewery 1,687,400 1.75 1.30 Building construction 725,633 0.75 1.02 Chemical 1,202,425 1.25 1.37 Commerce 1,331,960 1.38 1.01 Computer software - - 0.81 Diversified resources 6,598,950 6.82 8.43 Educational services 1,299,270 1.34 - Electronics 1,940,084 2.01 2.78 Engineering 2,291,930 2.37 2.07 Enterprise 1,693,805 1.75 - Entertainment 1,883,349 1.95 3.13 Finance 1,716,580 1.78 1.53 Food and beverage 342,261 0.35 1.55 Food 695,521 0.73 1.21 Hotels 2,127,599 2.20 1.68 Industrials - - 0.66 Investment 2,235,484 2.31 0.96 Machine tools 298,545 0.31 0.34 Metal products - - 0.72 Mining 638,571 0.66 - Miscellaneous 2,302,846 2.38 3.64 Oil and gas 2,469,122 2.55 2.20 Public utility 3,000,075 3.10 1.93 Real estate 13,730,337 14.21 14.32 Real estate investment trusts 3,536,543 3.66 2.61

149



Fair Value





30/06/2013 30/06/2013 31/12/2012(S$) (%) (%)

By Industry - Secondary (continued)

Retail 1,269,137 1.31 1.88 Rubber 1,415,819 1.47 1.49 Shipbuilding 3,296,800 3.41 2.27 Telecom services 5,547,251 5.74 4.89 Tobacco 444,509 0.46 - Transport - Air - - 0.74 Transport - Ship - - 0.93


unitholders 96,664,080 100.00 100.00

150

IMPORTANT INFORMATION

A prospectus in relation to the Fund is available and a copy of the prospectus may be obtained from the Manager and its distribution partners. All application for units in the Fund must be made on the application form accompanying the prospectus. Investors should read the prospectus before deciding whether to subscribe for or purchase units in the Fund. Past performance of the Fund is not necessarily indicative of the future performance of the Fund. The prediction, projection or forecast on the economy, securities markets or the economic trends of the markets targeted by the Fund are not necessarily indicative of the future or likely performance of the Fund. An investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested. Investments in unit trusts are not deposits or other obligations of, or guaranteed or insured by Eastspring Investments (Singapore) Limited (Company Reg No. 199407631H) or any of its related corporations. Investors may wish to seek advice from a financial adviser before making a commitment to invest in units of the Fund. In the event an investor chooses not to seek advice from a financial adviser, the investor should consider whether the Fund is suitable for him. The value of units in the Fund and the income accruing to the units, if any, may fall or rise. Whilst the Manager has taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, the Manager cannot guarantee its accuracy or completeness. Investors should not act on it without first independently verifying its contents. Any opinion or estimate contained in this document is subject to change without notice.

Eastspring Investments (Singapore) Limited is an ultimately wholly-owned subsidiary of Prudential plc of the United Kingdom. Eastspring Investments (Singapore) Limited and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

“Dow Jones,” “Dow Jones Global Titans 50 IndexSM” are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by Eastspring Investments (Singapore) Limited. Eastspring Investments (Singapore) Limited’s Eastspring Investments Unit Trusts - Protected Global Titans Fund (S$) based on the Dow Jones Global Titans 50 IndexSM, is not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such product(s).

Investors of the Eastspring Investments Unit Trusts - Dragon Peacock Fund should note that the Luxembourg-domiciled Eastspring Investments Funds has established a similar sub-fund within the umbrella fund of Eastspring Investments having the same investment objective and focus as the Eastspring Investments Unit Trusts - Dragon Peacock Fund (the “Eastspring Investments sub-fund”). In the event that the Eastspring Investments sub-fund is approved by the Authority as a recognised scheme available for direct investment by the retail public in Singapore, the Manager may, in consultation with the Trustee, and subject to the approval of the relevant authorities, (i) seek to terminate the Eastspring Investments Unit Trusts - Dragon Peacock Fund and exchange existing Units in the Eastspring Investments Unit Trusts - Dragon Peacock Fund for shares in the Eastspring Investments sub-fund; or (ii) change the investment policy of the Eastspring Investments Unit Trusts - Dragon Peacock Fund from a direct investment portfolio to a feeder fund investing all or substantially all of its assets into the Eastspring Investments sub-fund. Investors should note that in the event of an exchange of Units for shares in the Eastspring Investments sub-fund, there

151

is no assurance that the fees and charges of the Eastspring Investments sub-fund would not be higher than that of the Eastspring Investments Unit Trusts - Dragon Peacock Fund. Investors should not invest in the Eastspring Investments Unit Trusts - Dragon Peacock Fund in anticipation of investing in the Eastspring Investments sub-fund as there is no certainty whether the Eastspring Investments sub-fund may be recognised for offer to the retail public in Singapore.

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