Semi Annual Report - UOB Groupa) UOB Kay Hian Private Limited 33,786.46 0.779 26,319.65 iii) Investment in Initial Public Offerings managed by UOB Group. N/A iv) As at 31 December

United Real EstateMulti Strategy Funds United Global Real Estate

Securities FundUnited Asia Pacific Real

Estate Income Fund

Semi Annual Report

for the financial period 1st July to 31st December 2014

United Real Estate Multi Strategy Funds(Constituted under a Trust Deed in the Republic of Singapore)

1

MANAGERUOB Asset Management LtdRegistered Address:80 Raffles PlaceUOB PlazaSingapore 048624Company Registration No. : 198600120Z

OPERATIONS ADDRESS80 Raffles Place#06-00, UOB Plaza 2Singapore 048624Tel: 1800 22 22 228

DIRECTORS OF UOB ASSET MANAGEMENTTerence Ong Sea EngCheo Chai HongThio Boon Kiat

TRUSTEE / REGISTRARHSBC Institutional Trust Services (Singapore) Limited21 Collyer Quay#10-02, HSBC BuildingSingapore 049320

CUSTODIAN (For Sub-Fund: United Global Real Estate Securities Fund)State Street Bank and Trust CompanyOne Lincoln StreetBoston, MA 02111United States of America

CUSTODIAN (For Sub-Fund: United Asia Pacific Real Estate Income Fund)The HongKong and Shanghai Banking Corporation Limited1 Queen’s Road CentralHong Kong

AUDITORSPricewaterhouseCoopers LLP8 Cross Street#17-00, PWC BuildingSingapore 048424

SOLICITORS TO THE MANAGERTan Peng Chin LLC30 Raffles Place#11-00, Chevron HouseSingapore 048622

SOLICITORS TO THE TRUSTEEAllen & Gledhill LLPOne Marina Boulevard#28-00Singapore 018989

United Real Estate Multi Strategy Funds – United Global Real Estate Securities Fund

(Constituted under a Trust Deed in the Republic of Singapore)

2

A) Fund Performance

Fund Performance/ Benchmark Returns

3 mth

%Growth

6 mth

%Growth

1 yr

%Growth

3 yrAnn

Comp Ret

5 yrAnn

Comp Ret

10 yr Ann

Comp Ret

SinceInception

04 May 2005 Ann

CompRet

United Global Real Estate Securities Fund 10.73 6.54 17.05 12.14 5.98 N/A 1.54

Benchmark 11.41 8.61 19.91 16.13 10.32 N/A 4.17

Source: Lipper, a Thomson Reuters Company.

Note: The performance returns of the Fund are in Singapore dollars based on a NAV-to-NAV basis with net dividends reinvested. The benchmark of the Fund: S&P Developed Property Index.

For the six months ended 31 December 2014, the net asset value of the Fund rose 6.5% in Singapore dollar terms, compared to the benchmark S&P Developed Property Index, which increased 8.6% during the same period.

The Fund’s underperformance was largely a result of asset allocation, namely the Fund’s overweight in Japan and underweight in United States, which negatively impacted performance.

Security selection, particularly in United States, Hong Kong, and United Kingdom contributed positively to the performance, while that in Japan detracted from performance in the period under review.

The contributors to performance included Simon Property Group Ltd, Avalonbay Communities Inc, Macerich Company, UDR INC, Ventas INC and Public Storage. The detractors from performance included American Realty Capital Properties, Mitsui Fudosan Company Ltd and Sumitomo Realty & Development.

As at 31 December 2014, the Fund was positioned 47.66% in the United States, 10.42% in Hong Kong, 14.91% in Japan, 7.57% in Australia, 6.94% in United Kingdom, 2.98% in Singapore, 3.88% in France, 3.64% in other regions and 2.00% in cash.

Market Review

After a generally positive start to the fiscal year, property counters declined sharply towards the end of September 2014 as the US Federal Reserve (Fed) announced an end to its quantitative easing programme by October and raised the possibility of an increase in short-term interest rate by early 2015. As higher interest rates affect borrowing costs for Real Estate Investment Trusts (REITs) and property developers, it naturally made these property-related stocks a less attractive investment versus other equity counters. Further exacerbating the decline were sizeable equity issuances by some property companies and REITs in a bid to re-capitalise before the inevitable rate increase.



3

Fortunately, subsequent supportive comments by US Fed Chairman Janet Yellen helped calm investor jitters. She reiterated her stance on maintaining the “lower for longer” Fed policy in terms of rates, and reassured investors of the Fed’s patience before normalizing its monetary policy. As a result, the majority of the Fund’s holdings managed to recoup some of their earlier losses and closed off the period in positive territory.

In terms of sector performance, almost all the sectors within the benchmark index recorded gains with the specialized, residential and hospitality REITs performing the best with average gains of 13.0 per cent, 12.9 per cent and 10.5 per cent respectively, as investors remained hungry for high-yielding assets with stable returns. The lone laggard in the benchmark was the real estate development subsector, which registered an average decline of 6.0 per cent for the-six month period. The sector had generally faced challenges as central banks globally placed restrictions on mortgage loans and lending that in turn curbed demand somewhat.

As for geographical performances, some notable mentions include Hong Kong and United Kingdom, which experienced a rebound over the past six months and the United States which was boosted by a recovery in economic data such as housing starts.

Market Outlook

With the US Fed willing to remain patient on rate increases – and the ECB embarking on further monetary easing – general equity performance should remain largely positive during the first couple of months in 2015. Subsequently, we expect the rhetoric on interest rate hikes to re-emerge again sometime in mid-2015, which will negatively affect property-related counters as it has in the past. However, as most of these property-related companies should have already taken advantage of the still-low yield environment to refinance and re-capitalise, we do not expect a similar magnitude of sell-down as before.



4

B) Investments at fair value and as a percentage of NAV as at 31 December 2014 under review classified by

Fair Value % of NAV (S$)

i) Country

Australia 674,479 7.57Austria 14,550 0.16Canada 207,165 2.33France 344,970 3.88Hong Kong 927,324 10.42Japan 1,327,352 14.91Singapore 265,005 2.98Sweden 102,557 1.15United Kingdom 618,422 6.94United States 4,242,480 47.66

Portfolio of investments 8,724,304 98.00Other net assets 177,801 2.00

Total 8,902,105 100.00

ii) Industry

Financials 8,724,304 98.00


Total 8,902,105 100.00

iii) Asset Class

Equities 8,724,304 98.00Other net assets 177,801 2.00

Total 8,902,105 100.00

iv) Credit rating of debt securities

N/A



5

C) Top Ten Holdings

The top 10 holdings as at 31 December 2014 and 31 December 2013 Percentage of total net assets attributable to 10 largest holdings at 31 December 2014 Fair Value unitholders (S$) %

SUN HUNG KAI PROPERTIES LIMITED 404,287 4.54JAPAN EXCELLENT INC 361,870 4.06MITSUI FUDOSAN COMPANY LTD 323,773 3.64PUBLIC STORAGE 293,934 3.30SIMON PROPERTY GROUP LTD 265,445 2.98CROMWELL PROPERTY GROUP 265,144 2.98CAPITACOMMERCIAL TRUST 265,005 2.98HAMMERSON PLC 259,918 2.92CHEUNG KONG HOLDINGS LIMITED 244,913 2.75STOCKLAND 238,620 2.68

Percentage of total net assets attributable to 10 largest holdings at 31 December 2013 Fair Value unitholders (S$) %

LAND SECURITIES GROUP PLC 576,167 5.74MITSUBISHI ESTATE CO LTD 528,921 5.27UDR INC 483,500 4.82CHEUNG KONG HOLDINGS LIMITED 438,488 4.37VORNADO REALTY TRUST 437,214 4.35ARTIS REAL ESTATE INVESTMENT TRUST 354,937 3.53SUN HUNG KAI PROPERTIES LIMITED 336,316 3.35DAIWAHOUSE RESIDENTIAL INVESTMENT CORP 327,558 3.26WESTFIELD GROUP 324,066 3.23PUBLIC STORAGE 323,079 3.22

D) Exposure to derivatives

i) fair value of derivative contracts and as a percentage of NAV as at 31 December 2014

N/A

ii) net gains/(losses) on derivative contracts realised during the financial period ended 31 December 2014

N/A

iii) net gains/(losses) on outstanding derivative contracts marked to market as at 31 December 2014

N/A



6

E) Amount and percentage of net asset value (NAV) invested in other schemes as at 31 December 2014

Please refer to the Portfolio Statement on page 20 to 22

F) Amount and percentage of borrowings to net asset value (NAV) as at 31 December 2014

N/A

G) Amount of redemptions and subscriptions for the period 01 July 2014 to 31 December 2014

Total amount of redemptions SGD 1,335,044 Total amount of subscriptions SGD 732,417

H) The amount and terms of related-party transactions for the period 01 July 2014 to 31 December 2014

i) As at 31 December 2014 the Fund maintained current accounts with the United Overseas Bank Limited as follows:

Bank balances SGD 783

ii) Purchase/holdings of UOBAM unit trusts by UOB or its affiliated companies as at 31 December 2014

Holdings of United Global Real Estate Securities Fund as at 31 December 2014 were as follows:

Affiliated Companies No. of Units Unit Price Market Value SGD SGD

a) UOB Kay Hian Private Limited 33,786.46 0.779 26,319.65

iii) Investment in Initial Public Offerings managed by UOB Group.

N/A

iv) As at 31 December 2014 there was no brokerage income earned by UOB Kay Hian Pte Ltd.



7

I) Expense ratios United Global Real Estate Securities Fund 31 December 31 December 2014 2013

Expense ratio1 (including preliminary expenses) 2.40% 2.14% Expense ratio1 (excluding preliminary expenses) 2.40% 2.14%

1 The expense ratios have been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the Sub-Funds’ expense ratios at 31 December 2014 was based on total operating expenses divided by the average net asset value respectively for the year. The total operating expenses do not include (where applicable) brokerage and other transaction 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 Sub-Funds do not pay any performance fee. The average net asset value is based on the daily balances.

Total operating expenses and average net asset value are as below:

United Global Real Estate Securities Fund 31 December 31 December 2014 2013

Total operating expenses (including preliminary expenses) $218,650 $256,527 Total operating expenses (excluding preliminary expenses) $218,650 $256,527 Average net asset value $9,126,535 $11,978,301

J) Turnover ratios


Turnover ratio2 174.77% 50.09%

2 The portfolio turnover ratios are 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 total value of purchases or sales of the underlying investments divided by the average daily net asset value respectively as below:


Total value of sales or purchases of the underlying investments $15,314,296 $5,585,348 Average daily net asset value $8,762,681 $11,151,058



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K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts

N/A

L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme (“the underlying scheme”)1 should be disclosed as well

i) top 10 holdings at market value and as percentage of NAV as at 31 December 2014 and 31 December 2013

N/A

ii) expense ratios for the financial period ended 31 December 2014 and 31 December 2013

N/A

iii) turnover ratios for the financial period ended 31 December 2014 and 31 December 2013

N/A

M) Soft dollar commissions/arrangements

UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management’s duties to clients. As such services generally benefit all of UOB Asset Management’s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades.

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts

N/A

1 where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager.

United Real Estate Multi Strategy Funds – United Asia Pacific Real Estate Income Fund


9

A) Fund Performance

Class SGD ACC


3 mth

%Growth

6 mth

%Growth

1 yr

%Growth

3 yrAnn

Comp Ret

5 yrAnn

Comp Ret

10 yr Ann

Comp Ret

SinceInception

17 June 2013 Ann

CompRet

United Asia Pacific Real Estate Income Fund 8.20 7.80 19.57 N/A N/A N/A 10.18

Benchmark 8.57 6.91 20.88 N/A N/A N/A 13.19


Note: The performance returns of the Fund are in Singapore dollars based on a NAV-to-NAV basis with net dividends reinvested. The benchmark of the Fund: S&P Asia Pacific REITs Index.

Class SGD DIST


3 mth

%Growth

6 mth

%Growth

1 yr

%Growth

3 yrAnn

Comp Ret

5 yrAnn

Comp Ret

10 yr Ann

Comp Ret

SinceInception

17 June 2013 Ann

CompRet

United Asia Pacific Real Estate Income Fund 8.34 7.83 19.72 N/A N/A N/A 9.98

Benchmark 8.57 6.91 20.88 N/A N/A N/A 13.19


Note: The performance returns of the Fund are in Singapore dollars based on a NAV-to-NAV basis with net dividends reinvested. The benchmark of the Fund: S&P Asia Pacific REITs Index.

Class USD AccSub-class was fully redeemed on 28 October 2014, hence no performance figure for the period under review.

Class USD DistSub-class was incepted on 25 November 2014, hence no performance figure for the period under review.



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Class SGD Acc For the six months ended 31 December 2014, the Fund rose by 7.80%, compared with a 6.91% increase in the benchmark S&P Asia Pacific REITs Index, in Singapore dollar terms.

Class SGD DistFor the six months ended 31 December 2014, the Fund rose by 7.83%, compared with a 6.91% increase in the benchmark S&P Asia Pacific REITs Index, in Singapore dollar terms.

The Fund outperformed the benchmark due mainly to its overweight position in Japan REITs and underweight in Singapore REITs. The Fund did not benefit from the outperformance in Hong Kong REITS where the Fund was underweight. Hong Kong REITs did well despite high valuations due to asset recycling and strong rental reversions. Singapore REITs underperformed their peers in Japan and Hong Kong markets, despite offering the widest yield spread over its 10-year sovereign bond.

The Fund was helped by positive stock selection in Japan and Singapore.

The contributors to performance included Daiwa Office Investment Corp (Japan), Ichigo Real Estate Investment Corp (Japan) and Suntec REIT (Singapore).

The key detractors from performance were Japan Retail Fund Investment (Japan) and Mirvac Group (Australia).

As at 31 December 2014, the Fund was positioned 37.80% in Australia, 41.53% in Japan, 4.29% in Hong Kong, 11.75% in Singapore with the remainder (4.63%) in cash.

Economic and Market Review

Asia Pacific equity markets gained in the six-month period under review, performing on par with global equity markets, where emerging markets underperformed developed markets. The Asia Pacific real estate investment trusts (REITs) market outperformed the broader market as high yield investments retained favour in a low interest rate environment, but lagged the global REITs market.

Markets moved steadily higher towards mid-year as global economic data improved. A sharp sell-off occurred in September with the US dollar strengthening on expectations of the US Federal Reserve’s (Fed’s) first rate hike, which sent most Asian currencies weaker. There were significant central bank actions in the last quarter of 2014. The US Fed ended quantitative easing as scheduled, while Japan surprised markets by further easing monetary policy, and raising allocation to equities and foreign assets for its government pension fund. China unexpectedly cut interest rates in a bid to ease the interest burden on the corporate sector and revive its economy. Oil prices declined substantially in the second half of 2014, on increased production by Saudi Arabia and weaker global demand. This caused a collapse of the Russian rouble and a sell-off in emerging market currencies at the end of the year. Other net oil-exporting markets such as Malaysia were also hit by the oil price weakness, though most other oil-consuming markets benefitted.



11

REITs globally, including Asia Pacific REITs, performed well as long term expectations for interest rates remained low and yield spreads remained attractive. The best-performing Asia Pacific REIT markets for the period under review were Hong Kong and Japan. Singapore and Australia underperformed but still posted positive returns.

Outlook and Fund Strategy

The Asia Pacific region is broadly expected to see improving growth as the tailwinds from lower energy prices is expected to ease inflation pressures. An expected increase in US rates in 2015 may create some uncertainty on markets especially in dividend plays including REITs. However we believe that the normalisation of rates is taking place in tandem with a sustainable recovery in global growth which should bode well for growth in the Asia Pacific region.

In Japan, Prime Minister Shinzo Abe has received political support and a stronger mandate in pushing ahead with structural reform. The Bank of Japan is likely to keep monetary conditions loose in a bid to stimulate growth and inflation. The Government Pension Investment Fund of Japan has also announced its intention to raise its allocation to J-REITs. Some of these pro-growth measures have led to a recovery in the physical property market, especially in Tokyo central office where vacancy rates are declining and rents are rising. Boosted by supportive measures and rising real estate prices, we expect more capital market activities in the J-REITs sector including acquisitions, divestments and public offerings. J-REITs offer over 250 basis points (bps) spread over the risk-free rate with room for further compression. We are overweight in J-REITs, in particular the office sub-sector.

Macroeconomic conditions in Australia are more mixed, as lower commodity prices pose a risk to GDP growth. Against this backdrop, we expect monetary policy to remain accommodative while the regulator takes a moderate approach to addressing concerns on the overheating housing market through the use of macro prudential measures. With stability in the physical property market, A-REITs will be encouraged to increase property acquisitions, which will underpin growth in distribution per unit (DPU). As the earnings outlook remains resilient, the A-REITs sector is expected to remain defensive as dividend yields are attractive. A-REITs offer a tighter yield spread of 150bps over the risk-free rate. We are neutral A-REITs, favouring specialty retail and residential over office.

In Singapore, the Monetary Authority of Singapore’s (MAS) proposals to refine the regulatory framework for S-REITs would help to improve valuations in the long-term. We believe these proposed measures to strengthen the corporate governance of S-REITs and to enhance the disclosure on REIT income support and operating expenses would help to improve investors’ perceptions and confidence in the sector. S-REITs offer yield spread of 300bps over the risk-free rate, which is the largest yield spread in the region. We remain positive on SREITs, preferring retail and office to industrial. We underweight the Hong Kong REIT sector as yield spreads are less attractive.

We believe that the Asia Pacific REIT market still presents an attractive investment proposition from a total return perspective, with a combination of stable dividend yield and upside potential for asset valuations. Investors have increased allocations to long-dated assets including real estate as institutional investors such as pension funds seek to match the duration of their liabilities with their assets. We believe that this is a structural trend and Asia Pacific REITs should feature as a key investment component in investors’ diversified portfolios.

While rising interest rates could lead to cap rate expansion and pose a drag on asset values, we expect rental growth to be able to offset most of this impact. Corporate balance sheets have also improved post the global financial crisis and many REITs have taken steps to manage their refinancing needs in anticipation of higher interest rates. Hence any impact on valuations and earnings should be manageable if rates rise in a gradual and orderly manner.



12

B) Investments at fair value and as a percentage of NAV as at 31 December 2014 under review classified by

Fair Value % of NAV (S$)

i) Country

Australia 1,022,121 37.80Hong Kong 116,143 4.29Japan 1,123,004 41.53Singapore 317,730 11.75


Total 2,704,313 100.00

ii) Industry

Diversified REITs 1,017,422 37.64Industrial REITs 215,595 7.97Office REITs 300,957 11.13Residential REITs 222,667 8.23Retail REITs 759,382 28.07Specialized REITs 62,975 2.33


Total 2,704,313 100.00

iii) Asset Class

Equities 2,578,998 95.37Other net assets 125,315 4.63

Total 2,704,313 100.00

iv) Credit rating of debt securities

N/A



13

C) Top Ten Holdings

The top 10 holdings as at 31 December 2014 and 31 December 2013 Percentage of total net assets attributable to 10 largest holdings at 31 December 2014 Fair Value unitholders (S$) %

SCENTRE GROUP 201,216 7.44WESTFIELD CORP 166,281 6.15GOODMAN GROUP 154,255 5.70KENEDIX REALTY INVESTMENT CO 149,646 5.53ACTIVIA PROPERTIES INC 138,727 5.13STOCKLAND 125,096 4.63HULIC REIT INC 124,781 4.61THE LINK REIT 116,143 4.29ORIX JREIT INC 113,802 4.21ICHIGO REAL ESTATE INVESTMENT CORP 112,759 4.17

Percentage of total net assets attributable to 10 largest holdings at 31 December 2013 Fair Value unitholders (S$) %

THE LINK REIT 526,551 6.13WESTFIELD GROUP 501,491 5.84GOODMAN GROUP 496,893 5.79MIRVAC GROUP 468,733 5.46JAPAN HOTEL REIT INVESTMENT 446,817 5.21DEXUS PROPERTY GROUP 433,659 5.05NIPPON BUILDING FUND 411,701 4.80AEON REIT INVESTMENT CORP 380,252 4.43JAPAN REAL ESTATE INVESTMENT CORPN 338,759 3.95FEDERATION CENTRES 274,896 3.20

D) Exposure to derivatives

i) fair value of derivative contracts and as a percentage of NAV as at 31 December 2014

N/A

ii) net gains/(losses) on derivative contracts realised during the financial period ended 31 December 2014

N/A

iii) net gains/(losses) on outstanding derivative contracts marked to market as at 31 December 2014

N/A



14

E) Amount and percentage of net asset value (NAV) invested in other schemes as at 31 December 2014

Please refer to the Portfolio Statement on page 25 to 26

F) Amount and percentage of borrowings to net asset value (NAV) as at 31 December 2014

N/A

G) Amount of redemptions and subscriptions for the period 01 July 2014 to 31 December 2014

Total amount of redemptions SGD 2,931,625 Total amount of subscriptions SGD 392,252

H) The amount and terms of related-party transactions for the period 01 July 2014 to 31 December 2014

i) As at 31 December 2014 the Fund maintained current accounts with the United Overseas Bank Limited as follows:

Bank balances SGD 1,882

ii) Purchase/holdings of UOBAM unit trusts by UOB or its affiliated companies as at 31 December 2014

N/A

iii) Investment in Initial Public Offerings managed by UOB Group.

N/A

iv) As at 31 December 2014 there was no brokerage income earned by UOB Kay Hian Pte Ltd.

I) Expense ratios United Asia Pacific Real Estate Income Fund For the financial period from 20 February 2013 (date of constitution) 31 December 31 December 2014 2013

Expense ratio1 (including preliminary expenses) 2.61% 1.67% Expense ratio1 (excluding preliminary expenses) 2.61% 1.28%



15

I) Expense ratios (continued)

1 The expense ratios have been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the Sub-Funds’ expense ratios at 31 December 2014 was based on total operating expenses divided by the average net asset value respectively for the year. The total operating expenses do not include (where applicable) brokerage and other transaction 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 Sub-Funds do not pay any performance fee. The average net asset value is based on the daily balances.

Total operating expenses and average net asset value are as below:

United Asia Pacific Real Estate Income Fund For the financial period from 20 February 2013 (date of constitution) to 31 December 31 December 2014 2013

Total operating expenses (including preliminary expenses) $151,589 $188,603 Total operating expenses (excluding preliminary expenses) $151,589 $139,476 Average net asset value $5,798,410 $12,610,791

J) Turnover ratios

United Asia Pacific Real Estate Income Fund For the financial period from 20 February 2013 (date of constitution) 31 December 31 December 2014 2013

Turnover ratio2 47.04% 104.63%

2 The portfolio turnover ratios are 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 total value of purchases or sales of the underlying investments divided by the average daily net asset value respectively as below:

United Asia Pacific Real Estate Income Fund For the financial period from 20 February 2013 (date of constitution) to 31 December 31 December 2014 2013

Total value of sales or purchases of the underlying investments $1,581,785 $13,194,048 Average daily net asset value $3,362,659 $12,610,791



16

K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts

N/A

L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme (“the underlying scheme”)1 should be disclosed as well

i) top 10 holdings at market value and as percentage of NAV as at 31 December 2014 and 31 December 2013

N/A

ii) expense ratios for the financial period ended 31 December 2014 and 31 December 2013

N/A

iii) turnover ratios for the financial period ended 31 December 2014 and 31 December 2013

N/A

M) Soft dollar commissions/arrangements

UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management’s duties to clients. As such services generally benefit all of UOB Asset Management’s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades.

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts

N/A

1 where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager.


17

STATEMENTS OF TOTAL RETURNFor the half year ended 31 December 2014 (Un-audited)

United Global Real Estate United Asia Pacific Securities Fund Real Estate Income Fund For the financial period from 20 February 2013 (date of constitution) to 31 December 31 December 31 December 31 December 2014 2013 2014 2013 $ $ $ $

IncomeDividends 171,430 200,430 66,350 332,940 Interest 1 1 11 18

171,431 200,431 66,361 332,958

Less: Expenses Management fee 57,420 73,076 25,084 102,532 Trustee fee 2,521 2,249 2,521 2,734 Audit fee 8,620 8,316 8,571 8,880 Registrar fee 7,531 7,027 7,531 8,544 Valuation fee 5,521 7,027 2,090 8,544 Custody fee 5,420 8,216 322 1,035 Interest expenses 10 - - - Preliminary expenses - - - 49,127 Transaction cost 35,009 15,545 19,752 77,782 Other expenses 9,609 16,375 10,013 7,207

131,661 137,831 75,884 266,385

Net income/(loss) 39,770 62,600 (9,523) 66,573

Net gains or losses on value of investmentsNet gains/(losses) on investments 550,830 (89,764) 170,983 395,867 Net foreign exchange gains/(losses) 11,578 18,016 65,273 (739,607)

562,408 (71,748) 236,256 (343,740)

Total return/(deficit) for the period before income tax 602,178 (9,148) 226,733 (277,167)

Less: Income tax (33,052) (40,497) (3,774) (62,338)

Total return/(deficit) for the period 569,126 (49,645) 222,959 (339,505)


18

STATEMENTS OF FINANCIAL POSITIONAs at 31 December 2014 (Un-audited)

United Global Real Estate United Asia Pacific Securities Fund Real Estate Income Fund 31 December 30 June 31 December 30 June 2014 2014 2014 2014 $ $ $ $

ASSETSPortfolio of investments 8,724,304 9,234,640 2,578,998 5,132,897 Receivables 62,851 51,077 33,953 48,266 Sales awaiting settlement - - - 684,134 Cash and bank balances 281,752 85,805 143,648 85,729

Total Assets 9,068,907 9,371,522 2,756,599 5,951,026

LIABILITIES Payables 78,849 86,951 26,652 390,560 Purchases awaiting settlement - - - 442,069 Proposed distribution payable 87,953 87,109 25,634 48,210 Bank overdraft - 86,090 - -

Total Liabilities 166,802 260,150 52,286 880,839

EQUITY Net assets attributable to unitholders 8,902,105 9,111,372 2,704,313 5,070,187


19

STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the half year ended 31 December 2014 (Un-audited)

United Global Real Estate United Asia Pacific Securities Fund Real Estate Income Fund For the financial period from 20 February 2013 (date of constitution) to 31 December 30 June 31 December 30 June 2014 2014 2014 2014 $ $ $ $

Net assets attributable to unitholders at the beginning of the financial period/year 9,111,372 11,476,591 5,070,187 -

OperationsChange in net assets attributable to unitholders resulting from operations 569,126 810,586 222,959 523,240

Unitholders’ contributions/(withdrawals)Creation of units 732,417 1,101,565 392,252 14,262,300 Cancellation of units (1,335,044) (3,879,346) (2,931,625) (9,489,574)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (602,627) (2,777,781) (2,539,373) 4,772,726

Distribution (175,766) (398,024) (49,460) (225,779)

Total (decrease)/increase in net assets attributable to unitholders (209,267) (2,365,219) (2,365,874) 5,070,187

Net assets attributable to unitholders at the end of financial period/year 8,902,105 9,111,372 2,704,313 5,070,187



20

STATEMENTS OF PORTFOLIOAs at 31 December 2014 (Un-audited)

United Global Real Estate Securities Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December 2014 2014 2014 $ %By Geography – Primary Quoted Equities

AUSTRALIACROMWELL PROPERTY GROUP 237,387 265,144 2.98 MIRVAC GROUP 88,443 170,715 1.91 STOCKLAND 53,410 238,620 2.68

TOTAL AUSTRALIA 674,479 7.57

AUSTRIABUWOG AG 554 14,550 0.16

CANADADREAM OFFICE REAL ESTATE INVESTMENT TRUST 7,200 207,165 2.33

FRANCEKLEPIERRE 3,710 212,549 2.39 UNIBAIL - RODAMCO SE 388 132,421 1.49

TOTAL FRANCE 344,970 3.88

HONG KONGCHEUNG KONG HOLDINGS LIMITED 11,000 244,913 2.75 HONGKONG LAND HOLDINGS LIMITED 9,000 80,619 0.91 SUN HUNG KAI PROPERTIES LIMITED 20,000 404,287 4.54 SUN HUNG KAI PROPERTIES LIMITED WARRANT DUE 22/04/2016 2,000 6,699 0.08 THE LINK REIT 23,000 190,806 2.14

TOTAL HONG KONG 927,324 10.42



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United Global Real Estate Securities Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December 2014 2014 2014 $ %By Geography – Primary (continued)Quoted Equities

JAPANDAIWA HOUSE INDUSTRY CO LTD 7,900 200,207 2.25 JAPAN EXCELLENT INC 204 361,870 4.06 MITSUBISHI ESTATE CO LTD 7,000 197,707 2.22 MITSUI FUDOSAN COMPANY LTD 9,000 323,773 3.64 NIPPON BUILDING FUND INC 16 106,808 1.20 SUMITOMO REALTY & DEVELOPMENT 3,000 136,987 1.54

TOTAL JAPAN 1,327,352 14.91

SINGAPORECAPITACOMMERCIAL TRUST 151,000 265,005 2.98

SWEDENKLOVERN AB - B SHARES 79,720 102,557 1.15

UNITED KINGDOMBRITISH LAND CO PLC 11,446 183,755 2.06 HAMMERSON PLC 20,793 259,918 2.92 PRIMARY HEALTH PROPERTIES PLC 2,220 16,972 0.19 UNITE GROUP PLC 16,422 157,777 1.77

TOTAL UNITED KINGDOM 618,422 6.94



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United Global Real Estate Securities Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December 2014 2014 2014 $ %By Geography – Primary (continued)Quoted Equities

UNITED STATES AMERICAN REALTY CAPITAL PROPERTIES 6,800 81,547 0.92 AVALONBAY COMMUNITIES INC 800 173,206 1.95 BIOMED REALTY TRUST INC 4,100 117,025 1.31 CBL & ASSOCIATES PROPERTIES INC 3,600 92,640 1.04 CHAMBERS STREET PROPERTIES 11,200 119,619 1.34 DCT INDUSTRIAL TRUST INC 1,400 66,154 0.74 DUKE REALTY CORPORATION 1,300 34,797 0.39 EPR PROPERTIES 800 61,092 0.69 EQUITY RESIDENTIAL 1,300 123,754 1.39 FEDERAL REALTY INVESTMENT TRUST 900 159,163 1.79 GENERAL GROWTH PROPERTIES 4,100 152,828 1.72 HCP INC 3,800 221,708 2.49 HEALTH CARE REIT INC 1,400 140,378 1.58 HOME PROPERTIES INC 1,600 139,083 1.56 HOSPITALITY PROPERTIES TRUST 3,900 160,205 1.80 IRON MOUNTAIN INCORPORATED 2,500 128,071 1.44 MACERICH COMPANY 1,100 121,579 1.36 OMEGA HEALTHCARE INVESTORS 1,300 67,303 0.76 PIEDMONT OFFICE REALTY TRUST 4,700 117,335 1.32 PROLOGIS INC 2,600 148,250 1.66 PUBLIC STORAGE 1,200 293,934 3.30 REALTY INCOME CORPORATION 3,100 195,984 2.20 RLJ LODGING TRUST 2,800 124,406 1.40 SIMON PROPERTY GROUP LTD 1,100 265,445 2.98 SL GREEN REALTY CORPORATION 700 110,399 1.24 SUNSTONE HOTEL INVESTORS INC 9,600 210,023 2.36 UDR INC 3,000 122,519 1.38 VENTAS INC 2,500 237,524 2.67 VORNADO REALTY TRUST 900 140,380 1.58 WHITESTONE REIT 5,800 116,129 1.30

TOTAL UNITED STATES 4,242,480 47.66

Portfolio of investments 8,724,304 98.00 Other net assets 177,801 2.00

Net assets attributable to unitholders 8,902,105 100.00



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United Global Real Estate Securities Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June 2014 2014 % %By Geography - Primary (Summary)Quoted Equities

Australia 7.57 8.91 Austria 0.16 0.68 Canada 2.33 - France 3.88 4.64 Hong Kong 10.42 12.59 Japan 14.91 11.48 Netherlands - 1.01 Singapore 2.98 4.03 Sweden 1.15 - United Kingdom 6.94 6.02 United States 47.66 51.99

Portfolio of investments 98.00 101.35 Other net assets/(liabilities) 2.00 (1.35)

Net assets attributable to unitholders 100.00 100.00



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United Global Real Estate Securities Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June 2014 2014 2014 $ % %By Industry - SecondaryQuoted Equities

Financials 8,724,304 98.00 101.35

Portfolio of investments 8,724,304 98.00 101.35 Other net assets/(liabilities) 177,801 2.00 (1.35)

Net assets attributable to unitholders 8,902,105 100.00 100.00



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United Asia Pacific Real Estate Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December 2014 2014 2014 $ %By Geography – Primary Quoted Equities

AUSTRALIACHARTER HALL GROUP 7,000 34,310 1.27 CHARTER HALL RETAIL 6,000 26,806 0.99 DEXUS PROPERTY GROUP 10,666 80,616 2.98 FEDERATION CENTRES 36,000 112,040 4.14 GOODMAN GROUP 25,000 154,255 5.70 GROWTHPOINT PROPERTIES AUSTRALIA LIMITED 5,027 14,991 0.55 INVESTA OFFICE FUND 4,000 15,789 0.59 MIRVAC GROUP 47,000 90,721 3.36 SCENTRE GROUP 53,016 201,216 7.44 STOCKLAND 28,000 125,096 4.63 WESTFIELD CORP 17,000 166,281 6.15

TOTAL AUSTRALIA 1,022,121 37.80

HONG KONGTHE LINK REIT 14,000 116,143 4.29

JAPANACTIVIA PROPERTIES INC 12 138,727 5.13 AEON REIT INVESTMENT CORP 8 15,066 0.56 COMFORIA RESIDENTIAL REIT INC 18 52,221 1.93 HULIC REIT INC 62 124,781 4.61 ICHIGO REAL ESTATE INVESTMENT CORP 109 112,759 4.17 INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT 10 61,340 2.27 JAPAN HOTEL REIT INVESTMENT CORPORATION 74 62,975 2.33 KENEDIX REALTY INVESTMENT CO 20 149,646 5.53 NIPPON ACCOMMODATIONS FUND 11 57,687 2.13 NIPPON BUILDING FUND 12 80,106 2.96 NOMURA REAL ESTATE MASTER FUND INC 44 75,668 2.80 ORIX JREIT INC 61 113,802 4.21 PREMIER INVESTMENT CORPORATION 8 52,166 1.93 SEKISUI HOUSE REIT INC 17 26,060 0.97

TOTAL JAPAN 1,123,004 41.53



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United Asia Pacific Real Estate Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 December 31 December 31 December 2014 2014 2014 $ %By Geography – Primary (continued)Quoted Equities

SINGAPORECAPITACOMMERCIAL TRUST 52,000 91,260 3.37 CAPITAMALL TRUST 30,000 61,200 2.26 MAPLETREE COMMERCIAL TRUST 43,000 60,630 2.24 MAPLETREE GREATER CHINA COMM TRUST 40,000 38,000 1.41 SUNTEC REIT 34,000 66,640 2.47

TOTAL SINGAPORE 317,730 11.75

Portfolio of investments 2,578,998 95.37 Other net assets 125,315 4.63

Net assets attributable to unitholders 2,704,313 100.00



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United Asia Pacific Real Estate Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 December 30 June 2014 2014 % %By Geography - Primary (Summary)Quoted Equities

Australia 37.80 40.62 Hong Kong 4.29 4.50 Japan 41.53 40.44 Singapore 11.75 15.68

Portfolio of investments 95.37 101.24 Other net assets/(liabilities) 4.63 (1.24)

Net assets attributable to unitholders 100.00 100.00



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United Asia Pacific Real Estate Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 December 31 December 30 June 2014 2014 2014 $ % %By Industry - SecondaryQuoted Equities

Diversified REITs 1,017,422 37.64 33.00 Industrial REITs 215,595 7.97 11.09 Office REITs 300,957 11.13 24.35 Residential REITs 222,667 8.23 2.80 Retail REITs 759,382 28.07 30.00 Specialized REITs 62,975 2.33 -

Portfolio of investments 2,578,998 95.37 101.24 Other net assets/(liabilities) 125,315 4.63 (1.24)

Net assets attributable to unitholders 2,704,313 100.00 100.00

Documents

Semi Annual Report - UOB Groupa) UOB Kay Hian Private Limited 33,786.46 0.779 26,319.65 iii) Investment in Initial Public Offerings managed by UOB Group. N/A iv) As at 31 December