FULLERTON LUX FUNDS. Fullerton Lux Funds - High Income Asian Equities. Fullerton Lux Funds - Asian Small Cap Equities

Transcription

1 Société d'investissement à Capital Variable R.C.S. Luxembourg N B Annual Report as at March 31, 2014

2 Fullerton Lux Funds - High Income Asian Equities Fullerton Lux Funds - Asian Small Cap Equities Fullerton Lux Funds - Asian Equities Fullerton Lux Funds - Asia Focus Equities (formerly Fullerton Lux Funds - High Conviction Asian Equities) Fullerton Lux Funds - ASEAN Growth Fullerton Lux Funds - Asian Currency Bonds Fullerton Lux Funds - Asian Bonds Fullerton Lux Funds - RMB Bonds Fullerton Lux Funds - Asian Short Duration Bonds No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document ("KIID") which will be accompanied by a copy of the latest annual report and a copy of the latest available semi-annual report, if published after such annual report.

3 Table of Contents Organisation of the SICAV 3 Directors' Report 4 Audit report 9 Statistics 11 Combined Statement of Net Assets as at March 31, Combined Statement of Operations and Changes in Net Assets for the year / period ended March 31, Fullerton Lux Funds - High Income Asian Equities Statement of Net Assets as at March 31, Statement of Operations and Changes in Net Assets for the year ended March 31, Statement of Changes in Number of Shares 15 Securities Portfolio as at March 31, Financial derivative instruments as at March 31, Portfolio Breakdowns 17 Top Ten Holdings 17 Fullerton Lux Funds - Asian Small Cap Equities Statement of Net Assets as at March 31, Statement of Operations and Changes in Net Assets for the year ended March 31, Statement of Changes in Number of Shares 18 Securities Portfolio as at March 31, Portfolio Breakdowns 21 Top Ten Holdings 21 Fullerton Lux Funds - Asian Equities Statement of Net Assets as at March 31, Statement of Operations and Changes in Net Assets for the year ended March 31, Statement of Changes in Number of Shares 22 Securities Portfolio as at March 31, Portfolio Breakdowns 24 Top Ten Holdings 24 Fullerton Lux Funds - Asia Focus Equities (formerly Fullerton Lux Funds - High Conviction Asian Equities) Statement of Net Assets as at March 31, Statement of Operations and Changes in Net Assets for the year ended March 31, Statement of Changes in Number of Shares 25 Securities Portfolio as at March 31, Portfolio Breakdowns 27 Top Ten Holdings 27 Fullerton Lux Funds - ASEAN Growth Statement of Net Assets as at March 31, Statement of Operations and Changes in Net Assets for the period ended March 31, Statement of Changes in Number of Shares 28 Securities Portfolio as at March 31, Portfolio Breakdowns 30 Top Ten Holdings 30 1

4 Table of Contents Fullerton Lux Funds - Asian Currency Bonds Statement of Net Assets as at March 31, Statement of Operations and Changes in Net Assets for the year ended March 31, Statement of Changes in Number of Shares 31 Securities Portfolio as at March 31, Financial derivative instruments as at March 31, Portfolio Breakdowns 34 Top Ten Holdings 34 Fullerton Lux Funds - Asian Bonds Statement of Net Assets as at March 31, Statement of Operations and Changes in Net Assets for the year ended March 31, Statement of Changes in Number of Shares 35 Securities Portfolio as at March 31, Financial derivative instruments as at March 31, Portfolio Breakdowns 38 Top Ten Holdings 38 Fullerton Lux Funds - RMB Bonds Statement of Net Assets as at March 31, Statement of Operations and Changes in Net Assets for the period ended March 31, Statement of Changes in Number of Shares 39 Securities Portfolio as at March 31, Financial derivative instruments as at March 31, Portfolio Breakdowns 42 Top Ten Holdings 42 Fullerton Lux Funds - Asian Short Duration Bonds Statement of Net Assets as at March 31, Statement of Operations and Changes in Net Assets for the period ended March 31, Statement of Changes in Number of Shares 43 Securities Portfolio as at March 31, Financial derivative instruments as at March 31, Portfolio Breakdowns 46 Top Ten Holdings 46 Notes to the Financial Statements 47 2

5 Organisation of the SICAV Registered Office 33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Board of Directors Chairman Manraj Singh Sekhon (until April 18, 2013), Chief Executive Officer, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Orchard, Singapore Trevor Chudleigh (since April 25, 2013), Head of Business Development, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Orchard, Singapore Directors Ling Sow Kheng, Senior Vice President, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Orchard, Singapore Marc Mok (until December 27, 2013), Vice President, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Orchard, Singapore Gopi d/o Bhagu Mirchandani, Senior Vice President, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Orchard, Singapore Wah Geok Sum, Chief Operating Officer, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Orchard, Singapore Koh Boon San (since May 7, 2014), Head of Risk & Compliance, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Orchard, Singapore Management Company RBS (Luxembourg) S.A., 33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Custodian, Administrator, Registrar and Transfer Agent, Domiciliary Agent BNP Paribas Securities Services - Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg Investment Manager Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Orchard, Singapore Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'esch, L-1471 Luxembourg, Grand Duchy of Luxembourg Legal Adviser in Luxembourg Elvinger Hoss & Prussen, 2 Place Winston Churchill, BP 425, L-2014 Luxembourg, Grand Duchy of Luxembourg 3

6 Directors' Report Dear Shareholders, Fullerton Lux Funds - High Income Asian Equities Asian stock markets were volatile during the period under review amid strong macro headwinds. Among the many issues weighing on investor sentiment, the main drivers were the Federal Reserve s plans to taper its asset purchases and fears of a China hard landing. Geopolitical tensions in Syria, then Ukraine and Russia, also added to the volatility. Emerging markets sold off after the Fed started tapering its bond purchases by US$10 billion a month from December, with economies that had large current account deficits hardest hit. Investor sentiment recovered in February and March, lifted by hopes for a dovish Fed and China stimulus. Across the region, Taiwan was the outperformer, while Indonesia posted steep declines on the back of the emerging market selloff in 3Q In Asia, monetary policy was mixed. Singapore and Malaysia kept their monetary policy relatively stable, given the moderate growth-inflation mix. Indonesia and India in particular had to hike interest rates throughout the year to address inflationary pressures and stabilize their economies. More positively, both countries have made decent progress in recent months towards reducing their current account deficits. In contrast, the political instability in Thailand has forced multiple rate cuts due to delays in government investment and ongoing political tensions. Elsewhere in China, the government announced broad reform plans at its Third Plenary meeting in November, to reduce its economy s reliance on investment and exports. The People s Bank of China also guided the fixing for spot US Dollar/ Chinese Yuan weaker in early 2014, and loosened its grip on the tightly controlled currency by widening the trading band to +/-2%. Growth in the region was uneven but was positive for the year under review. The Philippines beat government expectations and grew by 7.2% in 2013, despite being hit by an earthquake and super typhoon Haiyan. China s economy grew 7.7% in 2013, exceeding the government s target of 7.5%, while Taiwan s growth accelerated to 2.2%. In Singapore, a strong 4Q13 helped raise the final Gross Domestic Product for 2013 to 4.1%, but Thailand s full-year growth for 2013 was far below the previous year at 2.9%, due to its turbulent political climate. The Bank of Thailand has revised down its 2014 growth forecast to 2.7%, citing weak domestic demand affected by ongoing instability. The Fund s underperformance was mainly due to negative allocation effects. In particular, the underweight exposure to technology and overweight in energy went against us. Such losses were mitigated by positive stock selection in consumer discretionary, technology and materials. Growth forecasts have been revised up in many large economies around the world, with the notable exception of China. The global market environment remains challenging as this has not yet generated sufficient demand for manufactured goods to absorb excess capacity in Asia. As a result, the downtrend in earnings revisions in Asia has yet to reverse, driven by margin declines. Although valuations are reasonable, the subdued outlook for Asian earnings is likely to hang over markets for the rest of the year. At the same time, external headwinds such as the Russia-Ukraine crisis will add to bouts of market volatility. In such an environment, we remain disciplined in stock selection and prefer companies with good earnings and sustainable dividend prospects for investors. Fullerton Lux Funds - Asian Small Cap Equities Global stock markets came under pressure for much of the year under review, amid weaker than expected economic data from key developed economies and China. Investor sentiment was driven by the US Federal Reserve's plans to taper its quantitative easing programme and emerging markets sold off in mid in anticipation of the Fed s move to cut back its bond buying. Corporate earnings forecasts continued to be downgraded over 2013 in the challenging economic environment. The start of 2014 remained difficult for Asian equity markets amid heightened fears of a China hard landing, and macroeconomic data from the US surprised on the downside, in part due to adverse weather. Furthermore, political unrest in Thailand, as well as upcoming elections in Indonesia and India, heightened uncertainty levels. There were also no signs that earnings downgrades had eased in early However, Asian equity markets recovered some ground in February and March, as the US economy recovered from the weather effects and investors priced in the Federal Reserve s tapering intentions. There was also some renewed interest in emerging markets as countries with weaker economic standing like Indian and Indonesia showed improvements in their current account balances and on the back of rising expectations of Chinese stimulus. Within Asia, macro factors provided uneven support to stock market performance and monetary policy turned mixed. Indonesia and India had to hike interest rates throughout the year to address inflationary pressures and stabilize their economies. In contrast, the political instability in Thailand has forced multiple rate cuts due to delays in government investment and fall in tourist arrivals. Asian small caps outperformed their larger cap counterparts for the period under review. In particular, small caps in Taiwan and China outperformed while small caps in Philippines and Thailand underperformed. The Fund s slight underperformance was due to negative allocation, especially in the first quarter of 2014 when there was significant intra-sector and intrastyle rotation. Stock selection was positive. Our positions in industrials, energy and consumer discretionary added value over the year, but these gains were not sufficient to make up for the drag arising from the underweight exposure in technology and overweight exposures in industrials and consumer discretionary. 4

7 Directors' Report (continued) Fullerton Lux Funds - Asian Small Cap Equities (continued) Growth forecasts have been revised up in many large economies around the world, with the notable exception of China. The global market environment remains challenging as this has not yet generated sufficient demand for manufactured goods to absorb excess capacity in Asia. As a result, the downtrend in earnings revisions in Asia has yet to reverse, driven by margin declines. Although valuations are reasonable, the subdued outlook for Asian earnings is likely to hang over markets for the rest of the year. At the same time, external headwinds such as the Russia-Ukraine crisis will add to bouts of market volatility. In such an environment, we expect that a bottom-up approach focused on finding stocks with specific growth drivers will generate returns for investors. We remain invested in good quality stocks that provide exposure to structural growth themes such as mass consumption, clean energy, oil & gas services and the global recovery. Fullerton Lux Funds - Asian Equities During the 12 months under review, Asian stock markets were buffeted by concerns over the Federal Reserve s proposed exit from quantitative easing. Emerging markets saw a capital exodus, with economies that ran large current account deficits particularly hard hit. The divergence in the growth trajectories of emerging markets and developed markets also sapped investor sentiment towards Asia, as a slowing China contrasted with recoveries in the US and Europe. Geopolitical tensions in Syria and Ukraine added to the intermittent bouts of volatility. For the year as a whole, Asian market performance underwent a reversal from previous years, with North Asia generally holding up better than ASEAN. Taiwan outperformed on hopes for an export-led recovery, while Indonesia and Thailand lagged due to current account concerns and political instability, respectively. Full year growth in most Asian countries moderated albeit remaining positive. China s economy grew 7.7% in 2013, exceeding the government s target of 7.5%, while Taiwan s growth accelerated to 2.2%. The Philippines expanded at a faster-than-expected pace of 7.2% but India and Thailand revised their Gross Domestic Product forecasts lower. At the same time, Asian monetary policy stances turned mixed, with India and Indonesia tightening in order to support their currencies, while Thailand and Korea cut interest rates to support domestic growth. Tight liquidity in China led to spiking Shanghai Interbank Offered Rates (SHIBOR) and towards the end of the period, the People s Bank of China also guided the fixing for spot US Dollar/ Chinese Yuan weaker and widened the trading band to +/-2%, possibly to help deter hot money inflows. On the political front, China s leadership unveiled a detailed reform plan for the next 5-10 years at the Third Plenary Session. In Thailand, growing domestic violence led the government to call snap elections and declare a State of Emergency in Bangkok. The Fund s underperformance was driven largely by its overweight exposures in Indonesia and Thailand; both markets were caught up in the macro-induced emerging market selloff in the middle of 2013 and corrected sharply. Positive stock selection in the consumer discretionary and energy sectors provided little relief. Growth forecasts have been revised up in many large economies around the world, with the notable exception of China. That said, this has not yet generated sufficient demand for manufactured goods to absorb excess capacity in Asia. As a result, the downtrend in earnings revisions in Asia has yet to reverse, driven by margin declines. Although valuations are reasonable, the subdued outlook for Asian earnings is likely to hang over markets for the rest of the year. At the same time, external headwinds such as the Russia-Ukraine crisis will add to bouts of market volatility. In such an environment, we expect that a bottom-up approach focused on finding stocks with specific growth drivers will generate returns for investors. Fullerton Lux Funds - Asia Focus Equities (formerly Fullerton Lux Funds - High Conviction Asian Equities) Asian stock markets were roiled by macro-induced volatility during the 12 months under review. Worries over the Federal Reserve s plans to exit quantitative easing, geopolitical tensions in Syria, Ukraine and Thailand, and China hard landing risks weighed on investor risk appetite. In addition, the relatively better growth momentum within the developed economies versus emerging markets resulted in asset rotation out of the latter. Economic fundamentals in Asia remained sound, albeit with signs of growth moderation. China s economy grew 7.7% in 2013, exceeding the government s target of 7.5%, while export-focused economies like Taiwan and Korea saw growth accelerate to 2.2% and 3%, respectively. The Philippines expanded at a faster-than-expected pace of 7.2%. In contrast, India and Thailand revised their Gross Domestic Product forecasts lower. Equity market performance mirrored the region s disparate economic performance, with North Asia generally holding up better than ASEAN. Taiwan outperformed on the back of positive earnings momentum out of the export-focused IT sector, while Indonesia and Thailand lagged due to current account concerns and political instability, respectively. At the same time, Asian monetary policy diverged: India and Indonesia tightened policy in order to support their currencies, while Thailand and Korea cut interest rates to support domestic growth. Tight liquidity in China led to spiking Shanghai Interbank Offered Rates (SHIBOR) and towards the end of the period, the People s Bank of China also guided the fixing for spot US Dollar/ Chinese Yuan lower and widened the trading band to +/-2%, possibly to help deter hot money inflows. On the political front, China s new leadership unveiled a detailed reform plan at the Third Plenary Session, which featured a shift to a market-based resource allocation framework. In Thailand, the government called snap elections and declared a State of Emergency in Bangkok as public protests against Prime Minister Yingluck Shinawatra turned violent. 5

8 Directors' Report (continued) Fullerton Lux Funds - Asia Focus Equities (formerly Fullerton Lux Funds - High Conviction Asian Equities) (continued) The Fund s underperformance was mainly due to its overweight exposures in Indonesia and Thailand; both markets were caught up in the macro-induced emerging market selloff in the middle of Positive stock selection in the consumer discretionary and energy sectors helped to mitigate losses. Growth forecasts have been revised up in many large economies around the world, with the notable exception of China. That said, this has not yet generated sufficient demand to absorb excess capacity in Asia. As a result, the downtrend in earnings revisions in Asia has yet to reverse, driven by margin declines. Although valuations are reasonable, the subdued outlook for Asian earnings is likely to hang over markets for the rest of the year. At the same time, external headwinds such as the Russia-Ukraine crisis will add to bouts of market volatility. In such an environment, we expect that a bottom-up approach focused on finding stocks with specific growth drivers will generate returns for investors. We remain invested in good quality stocks that provide exposure to structural growth themes such as semiconductor demand, infrastructure and consumption. Fullerton Lux Funds - ASEAN Growth The inception date for the Fund is May 23, Global markets were challenged during the period under review, as investor sentiment was mainly driven by the US Federal Reserve's plans to taper its quantitative easing programme. Geopolitical tensions first in Syria, then in Thailand, Ukraine and Russia also added to volatility within the equities market. Indonesia was badly hit by heightened risk aversion in 3Q 2013, amid fears that its current account deficit left it particularly vulnerable to capital outflows. The start of 2014 remained difficult as global risk aversion saw investors move out of emerging markets after the Fed started tapering its bond purchases in December, coupled with fears of a China hard landing. However, risk assets recovered some ground from February this year, as developed economies continued to recover. Although concerns over China s slowdown lingered and tensions escalated between Russia-Ukraine, investors hoped for a dovish Fed and China stimulus. ASEAN markets were lower in US Dollar terms for the period under review, with Indonesia the worst performing. Economic growth in the region was mixed throughout the year but ended the year positive. The Philippines beat government expectations and grew by 7.2% in 2013, despite being hit by an earthquake and super typhoon Haiyan. In Singapore, a strong 4Q13 helped bring the final Gross Domestic Product for 2013 to 4.1%, as growth was supported by the improving external environment and a robust domestic construction sector. Thailand s 4Q13 Gross Domestic Product grew 0.6% quarter on quarter due to the turbulent political climate, and full-year growth for 2013 was 2.9%, far below the previous year. The Bank of Thailand has revised down its 2014 growth forecast to 2.7%, citing weak domestic demand. Trade balances of most economies also improved on the back of falling imports in Monetary policy was uneven within the region. Indonesia in particular had to hike interest rates throughout the year to address inflationary pressures and stabilize its currency. This has shown positive results as domestic inflation and the trade balance improved in The Indonesia government also plans to unveil a third economic package to address its current account situation. In contrast, the political instability in Thailand has forced multiple rate cuts due to delays in government investment and ongoing political tensions. The government called snap elections and declared a State of Emergency in Bangkok as public protests against Prime Minister Yingluck Shinawatra turned increasingly violent. The rest of the ASEAN countries kept monetary policy stable, given the moderate growth-inflation mix. Nonetheless, the central banks are slightly hawkish in their outlook for this year, especially in countries such as Philippines and Malaysia where inflation risks are skewed to the upside. Growth forecasts have been revised up in many large economies around the world, with the notable exception of China. That said, this has not yet generated sufficient demand for manufactured goods to absorb excess capacity in Asia. As a result, the downtrend in earnings revisions in Asia has yet to reverse, driven by margin declines. Although valuations are reasonable, the subdued outlook for Asian earnings is likely to hang over markets for the rest of the year. At the same time, external headwinds such as the Russia-Ukraine crisis will add to bouts of market volatility. In such an environment, we expect that a bottom-up approach on finding stocks with specific growth drivers will generate returns for investors. We continue to be invested in good quality, growth-oriented stocks that provide exposure to structural growth themes in ASEAN such as the growing affluence of middle class consumers and rising infrastructure needs. Fullerton Lux Funds - Asian Currency Bonds The 12 months under review were marked by concerns over the Federal Reserve s plans to exit quantitative easing. Global bond markets turned volatile as investors priced in the prospect of higher US interest rates. Emerging market currencies were hit by capital outflows, with current account deficit economies bearing the brunt of the selloff. Within Asia, the Indian Rupee and Indonesian Rupiah were particularly affected. At the same time, the US Treasury yield curve bear steepened, with the ten-year yield rising as much as 118bps before falling back to 2.72% by the end of the period on the back of geopolitical risks. In contrast, credits continued to perform well, with the JP Morgan Asia Credit Index composite spread tightening by 25bps. In Asia, monetary policy stances turned mixed, with India and Indonesia tightening in order to support their currencies, while Thailand and Korea cut interest rates to support domestic growth. Tight liquidity in China led to spiking Shanghai Interbank Offered Rates (SHIBOR) and towards the end of the period, the People s Bank of China also guided the fixing for spot US Dollar/ Chinese Yuan weaker and widened the trading band to +/-2%, possibly to help deter hot money inflows. At the same time, the region s economic fundamentals showed signs of moderation, albeit remaining positive. China grew 7.7% in 2013, better than the government s target of 7.5% but significantly slower than the double-digit growth of previous years. Although China s Third Plenum yielded a number of proposed policy changes that were initially well-received by investors, a lack of details on implementation and an absence of large-scale stimulus kept sentiment towards China depressed. Elsewhere, the export-oriented economies of Taiwan and Korea grew by a better-then-expected 2.2% and 3% respectively, supported by the recovery in the developed economies. 6

9 Directors' Report (continued) Fullerton Lux Funds - Asian Currency Bonds (continued) Inflows into emerging market bond funds reversed over the year, reflecting the impact of Fed tightening on global liquidity, as well as relatively better economic momentum in developed markets versus emerging markets. Asian local rates posted losses in US Dollar terms due to negative duration and FX effects. In local currency terms, Thailand was the strongest performer after the Bank of Thailand cut interest rates three times over the year in order to support the economy. In contrast, Indonesia was the worst performer for the year, reflecting its weak current account and successive tightening measures by Bank Indonesia to support the Indonesian Rupiah. The Fund s underperformance was due to negative duration and FX effects. Market allocation and credit selection were positive. The portfolio s long Philippine Peso duration stance detracted from performance, as rising inflation and expectations of interest rate hikes in the Philippines led investors to shun long-dated bonds. On the FX front, the overweight exposure to the Indian Rupee proved negative for performance as the Indian Rupee was negatively impacted by current account concerns in the second half of The growth-inflation mix in Asia remains largely benign for local currency bond investors. As currency volatilities decline with reduced macro vulnerabilities, we continue to overweight higher-yielding markets to increase portfolio yield. We remain selective in duration exposure, and choose to underweight duration in markets with flat curves or low yields. While we believe that US Dollar strength will re-assert itself in the medium term as weather effects filter out of US macro data, we have taken a more tactical stance in the short term, varying US Dollar exposure to take into account shifts in market sentiment. Fullerton Lux Funds - Asian Bonds Global bond markets were challenged for most of the 12 months under review, driven primarily by US Federal Reserve policy direction. Credit markets were easily spooked by any news of the Fed s plans on tapering its quantitative easing programme. In December, Fed started to cut back on its bond buying programme by US$10 billion per month. Investors moved out of emerging markets in droves, with markets that had high current account deficits especially affected. The beginning of 2014 remained volatile as risk aversion spiked amidst weak US and Europe data. Within Asia, China s continued growth slowdown also added to investor worries. Nonetheless, markets rebounded in February as the developed economies finally showed signs of regaining traction in their recovery. Investors also began to adjust to the Federal Reserve tapering and emerging markets saw renewed interest. In Asia, monetary policy was mixed. Indonesia and India in particular had to hike interest rates throughout the year to address inflationary pressures and stabilize their economies. More positively, both countries have made decent progress in recent months towards reducing their current account deficits. In contrast, the political instability in Thailand has forced rate cuts. Credit spread moves were uneven over the year. Investment grade bonds were well supported, but high yield bond spreads gapped wider as risk aversion spiked. Chinese high yield names were particularly affected by negative sentiment towards China, currency weakening and a heavy supply pipeline. The JP Morgan Asia Credit Index investment grade spread tightened by 38bps but the high yield spread was marginally wider by 4bps. The ten-year US Treasury yield rose to 2.72% and the US Dollar saw broad-based strength. The Fund s outperformance relative to the benchmark was driven mainly by market allocation and credit selection, while duration effects subtracted from performance. The underweight allocation in Indonesia and overweight in Japan added value, while our Singapore and Chinese credit holdings outperformed. The allocation to Asian currencies was negative for performance as the US Dollar strengthened. We retain a tactical stance in the near term although growth in Asia is expected to remain supported by exports, the momentum appears to be moderating given uneven global economic growth and increased geopolitical risks in the region. We continue to be cautious in our credit selection and prefer investment grade bonds as we expect credit spreads to widen. We will maintain exposure to selected HY corporate bonds and look to add on bonds that are attractively valued with high credit quality in this deteriorating leverage environment. The portfolio will retain an overall short duration bias in the near term. On the currency front, we continue to overweight Asian currencies but will stay tactical in managing FX exposures around election risks. Fullerton Lux Funds - RMB Bonds The inception date of the Fund is May 2, Global bond markets were turbulent in the past year, as worries over the US Federal Reserve s plan to exit quantitative easing were set against geopolitical tensions first in Syria, then in Ukraine and Russia. Emerging market bond funds came under pressure when the Fed started tapering its bond purchases by US$10 billion a month in December, coupled with fears over a continued slowdown in China s growth. Asian credits finally recovered some ground in February and March, lifted by hopes for a dovish Fed and China stimulus. Over the year, credit spread moves were uneven the JP Morgan Asia Credit Index investment grade spread tightened by 38bps but the high yield spread was wider by 107bps. Investment grade bonds were well supported, but high yield bond spreads gapped wider due to concerns over selective credit risks. Chinese high yield names were particularly affected by negative sentiment towards China, currency weakening and a heavy supply pipeline. The US ten-year Treasury yield shot up past the 3% level, before falling back to trade around the % range as the Russia-Ukraine crisis deepened. In China, uneven growth momentum dominated headlines and issues such as overcapacity, cheap credit and shadow banking also weighed on investor sentiment. Manufacturing activity slowed further in 2014 in March, the official Purchasing Managers Index edged up to 50.3 but the HSBC flash indicator fell deeper into contractionary territory at 48. The slowing was partly due to the near term effect of the Chinese authorities anti-corruption and anti-pollution campaigns. Consequently, the government introduced small stimulus measures to stabilize growth, such as increasing spending on infrastructure, affordable housing and tax reliefs for small business. 7

10 Directors' Report (continued) Fullerton Lux Funds - RMB Bonds (continued) We maintain a cautious stance on US interest rates fixed income markets are likely to remain range bound as the Federal Reserve will continue to err on the side of caution when debating the trajectory of future interest rate hikes. On RMB bonds, we continue to prefer short-dated bonds. While ongoing weakness in China s economic data and volatility in Chinese Offshore Yuan FX (CNH) could dampen investor sentiment, the strong pipeline of Chinese Offshore Yuan (CNH) government bond auctions may provide some currency support in the short term. We also believe the economic reforms in China will boost the sustainability of its growth over the longer term. Fullerton Lux Funds - Asian Short Duration Bonds The inception date of the Fund was October 18, During the period under review, global bond markets came under pressure as investors adjusted to the prospect of the end of US Quantitative Easing. In December, the US Federal Reserve announced the start of tapering, cutting its monthly bond purchases by US$10 billion. This, combined with concerns over growth risks in China and geopolitics in Russia/Ukraine, resulted in intermittent bouts of market volatility. The US Treasury yield curve steepened over the period, with the five-year yield up 39bps while the two-year yield rose 11bps. In contrast, credit spreads tightened, led by investment grade bonds. Within Asia, high yield sovereigns and Indian corporates led the gains, with the latter driven by optimism that the pro-market BJP opposition party would win this year s general election. The recovery in the US and Europe provided a year-end fillip to Asian exports. As a result, growth across most Asian economies picked up in 4Q 2013, with export-dependent countries like China, Taiwan, Korea and Singapore seeing a pickup in manufacturing activity. Indonesia s economic growth gathered pace as a weaker Indonesian Rupiah supported exports and private consumption remained firm. In contrast, India s economic growth slowed in the last quarter of 2013, due partly to higher borrowing costs. At the same time, monetary policy began to diverge, reflecting the growth-inflation mix. The Reserve Bank of India raised the policy rate twice in order to anchor rising inflation expectations. Elsewhere, the Monetary Authority of Singapore maintained its tightening bias, allowing modest Singapore Dollar appreciation. In contrast, the Bank of Thailand cut interest rates twice in order to support growth, given the ongoing political crisis. The Fund s positive returns were supported by interest accrual and rolldown effects. The Fund s exposure to Singapore Dollar credits also helped performance, as Singapore Dollar corporate bonds remained resilient on the back of strong demand. However, duration was negative, given the back up in US rates over the period. We intend to maintain a shorter duration stance as we think US economic growth could come in stronger than expected, driven by consumption and capital expenditure, and send benchmark interest rates higher. In terms of credit selection, we have a preference for higher quality credits, given deleveraging challenges in most sectors. Global risk measurement methods The management company uses a risk management process that allows a monitoring of the risk of the portfolio positions and their share of the overall risk profile of the Funds at any time. In accordance with the amended Law of December 17, 2010 and the applicable regulatory requirements of the Commission de Surveillance du Secteur Financier ("CSSF") the Management Company reports to the CSSF on a regular basis on the risk management process. The Management Company ensures, based on appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset value of the portfolio. The Management Company uses the Commitment Approach to monitor the aforementioned risk. Commitment Approach The nine Funds use the commitment approach in order to monitor and measure the global exposure. The global exposure of the Funds is calculated based on the commitment approach in accordance with the methodology described in the ESMA's guidelines Yours sincerely, The Board of Directors (FULLERTON LUX FUNDS) June 27, 2014 Note: The figures stated in this report are historical and not necessarily indicative of future performance. 8

11 Audit report To the Shareholders of FULLERTON LUX FUNDS Following our appointment by the General Meeting of the Shareholders dated September 18, 2013, we have audited the accompanying financial statements of FULLERTON LUX FUNDS and of each of its Funds, which comprise the Statement of Net Assets and the Securities Portfolio as at March 31, 2014 and the Statement of Operations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of FULLERTON LUX FUNDS and of each of its Funds as of March 31, 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg T: , F: , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU

12 Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, June 27, 2014 Represented by Valérie Arnold 10

13 Statistics March 31, 2014 March 31, 2013 March 31, 2012 Fullerton Lux Funds - High Income Asian Equities Net asset value Net asset value per share 99,689, ,176, ,676, Class A (SGD) Accumulation SGD Class A () Accumulation Class I (EUR) Accumulation EUR Class I () Accumulation Class I () Distribution Number of shares Class A (SGD) Accumulation 58,800 28,454 - Class A () Accumulation 100, , ,000 Class I (EUR) Accumulation 1,669,250 1,669,250 1,669,250 Class I () Accumulation 752, ,276 5,483,093 Class I () Distribution 6,733,428 5,000,000 - Fullerton Lux Funds - Asian Small Cap Equities Net asset value Net asset value per share 260,602, ,630, ,887, Class A (SGD) Accumulation SGD Class A () Accumulation Class I (EUR) Accumulation EUR Class I () Accumulation Number of shares Class A (SGD) Accumulation 432,064 83,489 - Class A () Accumulation 117, , ,000 Class I (EUR) Accumulation 2,218,140 1,325,599 1,316,449 Class I () Accumulation 14,509,714 7,444,498 2,757,280 Fullerton Lux Funds - Asian Equities Net asset value Net asset value per share 81,490, ,471, ,008, Class A (SGD) Accumulation SGD Class C () Accumulation Class I (EUR) Accumulation EUR Class I (SGD) Accumulation SGD Class I () Accumulation Number of shares Class A (SGD) Accumulation 59,357 51,754 - Class C () Accumulation ,762 Class I (EUR) Accumulation 1,496,950 1,496,950 1,496,950 Class I (SGD) Accumulation 3,409,018 1,124, ,278 Class I () Accumulation 2,673,186 2,673,186 2,673,186 Fullerton Lux Funds - Asia Focus Equities (formerly Fullerton Lux Funds - High Conviction Asian Equities) Net asset value 87,394, ,076, ,924,

14 Statistics March 31, 2014 March 31, 2013 March 31, 2012 Net asset value per share Class A (SGD) Accumulation SGD Class A () Accumulation Class I (EUR) Accumulation EUR Class I () Accumulation Number of shares Class A (SGD) Accumulation 124, ,322 20,654 Class A () Accumulation 100, , ,000 Class I (EUR) Accumulation 1,975,617 1,975,617 1,975,617 Class I () Accumulation 4,246,687 4,246,687 4,246,687 Fullerton Lux Funds - ASEAN Growth* Net asset value Net asset value per share 60,141, Class A (SGD) Accumulation SGD Class A () Accumulation Class I (EUR) Accumulation EUR Class I () Accumulation Number of shares Class A (SGD) Accumulation 1,307, Class A () Accumulation 1,038, Class I (EUR) Accumulation 2,395, Class I () Accumulation 1,989, Fullerton Lux Funds - Asian Currency Bonds Net asset value Net asset value per share 94,591, ,649, ,779, Class A (SGD) Distribution SGD Class A () Distribution Class I (EUR) Accumulation EUR Class I () Accumulation Number of shares Class A (SGD) Distribution 13,266 13,058 34,395 Class A () Distribution 100, Class I (EUR) Accumulation 2,642,482 2,642,482 2,745,764 Class I () Accumulation 5,068,522 5,161,805 5,376,355 Fullerton Lux Funds - Asian Bonds Net asset value Net asset value per share 140,953, ,263, Class A (SGD) Hedged Distribution SGD Class A () Accumulation Class A () Distribution Class I (SGD) Hedged Accumulation SGD Class I () Accumulation Class I () Distribution

15 Statistics March 31, 2014 March 31, 2013 March 31, 2012 Number of shares Class A (SGD) Hedged Distribution 425, ,907 - Class A () Accumulation 485, ,507 - Class A () Distribution 180, ,416 - Class I (SGD) Hedged Accumulation 2,689,192 2,689,192 - Class I () Accumulation 1,144, Class I () Distribution 8,912,028 12,375,567 - Fullerton Lux Funds - RMB Bonds** Net asset value Net asset value per share 277,617, Class A (CHF) Hedged Accumulation CHF Class A (EUR) Hedged Accumulation EUR Class A (SGD) Accumulation SGD Class A () Accumulation Class I (CNH) Accumulation CNH Class I () Accumulation Class J (JPY) Distribution JPY 10, Class R () Accumulation Number of shares Class A (CHF) Hedged Accumulation 153, Class A (EUR) Hedged Accumulation 176, Class A (SGD) Accumulation 478, Class A () Accumulation 279, Class I (CNH) Accumulation 15,357, Class I () Accumulation 790, Class J (JPY) Distribution 72, Class R () Accumulation 100, Fullerton Lux Funds - Asian Short Duration Bonds*** Net asset value Net asset value per share *The Fund has been launched on May 27, **The Fund has been launched on May 2, ***The Fund has been launched on October 18, ,589, Class A (SGD) Hedged Distribution SGD Class A () Accumulation Class A () Distribution Class I () Accumulation Number of shares Class A (SGD) Hedged Distribution 911, Class A () Accumulation 1,350, Class A () Distribution 183, Class I () Accumulation 2,025,

16 Statement of Net Assets as at March 31, 2014 Notes Combined Statements Statement of Operations and Changes in Net Assets for the year / period ended March 31, 2014 Notes Assets Investment in securities at cost 2.7 1,068,590, Unrealised appreciation / (depreciation) on securities 42,402, Investment in securities at market value 2.1 1,110,992, Cash at bank 39,703, Collateral on swap contract 12 1,337, Receivable for investment sold 5,106, Receivable on subscriptions 697, Net unrealised appreciation on forward foreign exchange 2.3, 13 27, contracts Net unrealised appreciation on futures contracts 2.2, 14 29, Dividends and interest receivable 2.1, 2.8 7,512, Other receivables 2,479, Total assets 1,167,887, Liabilities Accrued expenses 2,391, Other payables 2,491, Payable for investment purchased 12,322, Net unrealised depreciation on forward foreign exchange 2.3, 13 1,493, contracts Net unrealised depreciation on swap contracts 2.6, , Payable on redemptions 3,014, Total liabilities 21,816, Net assets at the end of the year / period 1,146,070, Income Dividends (net of withholding taxes) 2.8 7,647, Interest on bonds 2.1, ,917, Bank interest , Other income Total income 29,632, Expenses Investment management fees 5 8,232, Custodian fees 4 227, Management Company fees 6 277, Administration fees 4 301, Professional fees , Transaction costs 16 3,033, Taxe d'abonnement 7 130, Bank interest and charges 106, Tax charges 16, Other expenses 9 285, Total expenses 12,873, Net investment income / (loss) 16,758, Net realised gain / (loss) on: Investments 2.4 1,443, Foreign currencies translation 2.5 (1,937,661.43) Futures contracts , Forward foreign exchange contracts 2.3 2,744, Swap contracts , Net realised gain / (loss) for the year / period 19,534, Net change in unrealised appreciation / (depreciation) on: Investments (30,165,583.43) Futures contracts 2.2, 14 29, Forward foreign exchange contracts 2.3, 13 (1,676,236.02) Swap contracts 2.6, 12 (122,480.99) Increase / (Decrease) in net assets as a result of operations (12,400,436.19) Proceeds received on subscription of shares 841,517, Net amount paid on redemption of shares (311,759,954.79) Dividend distribution 15 (4,553,890.13) Net assets at the beginning of the year / period 633,267, Net assets at the end of the year / period 1,146,070,

17 Fullerton Lux Funds - High Income Asian Equities (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2014 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2014 the year ended March 31, 2014 Notes Notes Assets Investment in securities at cost ,681, Unrealised appreciation / (depreciation) on securities 4,274, Investment in securities at market value ,955, Cash at bank 3,892, Collateral on swap contract 12 1,337, Receivable for investment sold 914, Dividends and interest receivable 2.1, , Total assets 101,416, Liabilities Accrued expenses 260, Other payables 6, Payable for investment purchased 1,358, Net unrealised depreciation on swap contracts 2.6, , Total liabilities 1,726, Net assets at the end of the year 99,689, Income Dividends (net of withholding taxes) 2.8 2,885, Interest on bonds 2.1, , Bank interest Total income 2,941, Expenses Investment management fees 5 936, Custodian fees 4 25, Management Company fees 6 23, Administration fees 4 28, Professional fees 10 33, Transaction costs , Taxe d'abonnement 7 10, Bank interest and charges 9, Tax charges 4, Other expenses 9 33, Total expenses 1,551, Net investment income / (loss) 1,389, Net realised gain / (loss) on: Investments 2.4 2,646, Foreign currencies translation 2.5 (173,839.45) Swap contracts , Net realised gain / (loss) for the year 4,157, Net change in unrealised appreciation / (depreciation) on: Investments (3,184,035.50) Swap contracts 2.6, 12 (122,480.99) Increase / (Decrease) in net assets as a result of operations 850, Proceeds received on subscription of shares 30,762, Net amount paid on redemption of shares (13,572,237.95) Dividend distribution 15 (1,526,936.35) Net assets at the beginning of the year 83,176, Net assets at the end of the year 99,689, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the year Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the year Class A (SGD) Accumulation 28,454 33,346 (3,000) 58,800 Class A () Accumulation 100, ,000 Class I (EUR) Accumulation 1,669, ,669,250 Class I () Accumulation 752, ,276 Class I () Distribution 5,000,000 3,041,835 (1,308,407) 6,733,428 15

18 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - High Income Asian Equities (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV Transferable securities admitted to an official exchange listing Electric & Electronic Shares 391,000 DELTA ELECTRONICS INDUSTRIAL CO TWD 2,413, ,000 MEDIATEK INC TWD 3,217, ,750 SAMSUNG ELECTRONICS - PFD KRW 3,723, ,553,000 TAIWAN SEMICONDUCTOR TWD 6,043, MANUFACTURING CO LTD 206,000 VENTURE CORPORATION LTD SGD 1,219, ,618, Financial services 3,473,582 CHINATRUST FINANCIAL HOLDING BANK TWD 2,172, ,000 HUTCHISON WHAMPOA LTD HKD 1,774, ,600 KB FINANCIAL GROUP INC KRW 1,350, ,000 KEPPEL CORP LTD SGD 3,492, ,621,500 LANGHAM HOSPITALITY INVESTME HKD 1,811, ,300 SIAM CEMENT PUB CO - FOREIGN REG THB 1,850, ,000 WHARF HOLDINGS LTD HKD 1,291, ,743, Banks 1,038,500 BOC HONG KONG HOLDINGS LTD HKD 2,958, ,200 HANG SENG BANK LTD HKD 1,149, ,800 HSBC HOLDINGS PLC HKD 1,628, ,196,624 INDUSTRIAL AND COMMERCIAL BANK OF CHINA -H- HKD 3,195, ,700 SIAM COMMERCIAL BANK - FOREIGN THB 1,056, ,000 UNITED OVERSEAS BANK LTD SGD 2,337, ,325, Telecommunication 2,906,000 CHINA COMMUNICATIONS SERVICES -H- HKD 1,344, ,500 CHINA MOBILE LTD HKD 2,521, ,400 DIGI.COM BERHAD MYR 1,550, ,380 KT CORP KRW 2,037, ,092 SK TELECOM CO LTD KRW 1,030, ,217,500 TELEKOMUNIKASI INDONESIA SER B IDR 1,407, ,000 TOTAL ACCESS COMMUNICATION - NVDR THB 269, ,000 TOTAL ACCESS COMMUNICATION THB 452, FOREIGN 10,614, Energy 3,583,000 CHINA PETROLEUM & CHEMICAL -H- HKD 3,205, ,105,300 GAS MALAYSIA SDN BERHAD MYR 1,259, ,500 POWER ASSETS HOLDINGS LTD HKD 1,079, ,221 S-OIL CORPORATION - PRF KRW 882, ,426, Lodging & Restaurants 61,970 KANGWON LAND INC KRW 1,804, ,200 SANDS CHINA LTD HKD 3,534, ,339, Building materials 1,875,000 CHINA RAILWAY CONSTRUCTION -H- HKD 1,585, ,295,000 TAIWAN CEMENT CORPORATION TWD 1,998, ,059,700 WIJAYA KARYA BETON TBK PT IDR 314, ,899, Diversified services 3,904,000 ANHUI EXPRESSWAY CO LTD -H- HKD 2,008, ,896,000 ZHEJIANG EXPRESSWAY CO LTD -H- HKD 1,728, ,736, Chemical 618,000 CHINA OILFIELD SERVICES -H- HKD 1,449, ,311 LG HAUSYS LTD KRW 1,092, ,542, Food services 3,466,000 EMPERADOR SHS PHP 902, ,000 TINGYI (CAYMAN ISLN) HLDG CO HKD 1,439, ,342, Agriculture 30,600 KT&G CORP KRW 2,299, ,299, Insurance 568,200 CHINA PACIFIC INSURANCE GR -H- HKD 2,028, ,028, Real estate 1,071,100 IJM LAND BERHAD MYR 970, ,490,700 TICON INDUSTRIAL GROWTH LEAS THB 1,049, ,020, Distribution & Wholesale 458,600 MATAHARI DEPARTMENT STORE TB IDR 561, ,978,000 TIPHONE MOBILE INDONESIA TBK IDR 1,305, ,866, Forest products & Paper 2,023,000 LEE & MAN PAPER MANUFACTURING HKD 1,256, ,256, Media 202,600 TELEVISION BROADCASTS LTD HKD 1,213, ,213, Auto Parts & Equipment 950,000 XINYI GLASS HOLDINGS LTD HKD 772, , ,046, Warrants Financial services 724,000 BNP PAR PN 02/08/2015 DAQIN RAILWAY 777, ,353 DEUTSCHE CW 27/10/2020 COAL INDIA 1,476, ,478 DEUTSCHE CW 29/05/2018 BAJAJ AUTO 993, ,281 DEUTSCHE CW17 17/01/2017 OIL & NATURAL 1,436, ,764 JPM CW 01/03/2017 HINDUSTAN U 1,224, ,909, ,909, Total Securities Portfolio 94,955, Financial derivative instruments as at March 31, 2014 Denomination Currency Notional Unrealised appreciation / (depreciation) in Equity Swap DAQIN RAILWAY CO LTD - A 08/10/2014 1,150, (101,797.70) (101,797.70) Total Equity Swap (101,797.70) Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 94,955, (101,797.70) (0.10) 5,229, (393,667.09) (0.40) 99,689,

19 Fullerton Lux Funds - High Income Asian Equities (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares Warrants Country allocation % of portfolio % of net assets China Taiwan South Korea Hong Kong Singapore Cayman Islands Luxembourg Thailand Malaysia Indonesia Other Top Ten Holdings Top Ten Holdings Sector Market value % of net assets TAIWAN SEMICONDUCTOR MANUFACTURING Electric & Electronic 6,043, CO LTD SAMSUNG ELECTRONICS - PFD Electric & Electronic 3,723, SANDS CHINA LTD Lodging & 3,534, Restaurants KEPPEL CORP LTD Financial services 3,492, MEDIATEK INC Electric & Electronic 3,217, CHINA PETROLEUM & CHEMICAL -H- Energy 3,205, INDUSTRIAL AND COMMERCIAL BANK OF Banks 3,195, CHINA -H- BOC HONG KONG HOLDINGS LTD Banks 2,958, CHINA MOBILE LTD Telecommunication 2,521, DELTA ELECTRONICS INDUSTRIAL CO Electric & Electronic 2,413,

20 Fullerton Lux Funds - Asian Small Cap Equities (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2014 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2014 the year ended March 31, 2014 Notes Notes Assets Investment in securities at cost ,497, Unrealised appreciation / (depreciation) on securities 32,706, Investment in securities at market value ,204, Cash at bank 13,057, Receivable for investment sold 1,823, Receivable on subscriptions 31, Dividends and interest receivable 2.1, , Total assets 267,323, Liabilities Accrued expenses 610, Payable for investment purchased 6,111, Total liabilities 6,721, Net assets at the end of the year 260,602, Income Dividends (net of withholding taxes) 2.8 2,203, Bank interest Total income 2,203, Expenses Investment management fees 5 2,102, Custodian fees 4 59, Management Company fees 6 52, Administration fees 4 56, Professional fees 10 30, Transaction costs 16 1,241, Taxe d'abonnement 7 24, Bank interest and charges 11, Other expenses 9 42, Total expenses 3,621, Net investment income / (loss) (1,417,456.02) Net realised gain / (loss) on: Investments 2.4 6,094, Foreign currencies translation 2.5 (224,480.31) Net realised gain / (loss) for the year 4,452, Net change in unrealised appreciation / (depreciation) on: Investments (2,074,177.57) Increase / (Decrease) in net assets as a result of operations 2,378, Proceeds received on subscription of shares 147,093, Net amount paid on redemption of shares (22,499,129.00) Net assets at the beginning of the year 133,630, Net assets at the end of the year 260,602, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the year Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the year Class A (SGD) Accumulation 83, ,864 (183,289) 432,064 Class A () Accumulation 103,634 1,392,968 (1,379,335) 117,267 Class I (EUR) Accumulation 1,325, ,186 (102,645) 2,218,140 Class I () Accumulation 7,444,498 7,065,216-14,509,714 18

21 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian Small Cap Equities (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV Transferable securities admitted to an official exchange listing Cosmetics Shares 3,608,000 CHINA MEDICAL SYSTEM HOLDING HKD 4,083, ,800,000 CORDLIFE GROUP LTD SGD 4,457, ,000 COSMAX INC KRW 7,778, ,000 GINKO INTERNATIONAL CO LTD TWD 6,689, ,000 MEDY-TOX INC KRW 6,516, ,710,400 MELCO CROWN PHILIPPINES RESO PHP 3,104, Distribution & Wholesale 32,630, ,800,000 BOLINA HOLDING CO LTD HKD 1,469, ,800,000 CHINA MERCHANTS LAND LTD HKD 1,809, ,876,000 FUTURE BRIGHT HOLDINGS LTD HKD 2,394, ,180,000 JINTIAN PHARMACEUTICAL GROUP HKD 4,050, ,025,600 MATAHARI DEPARTMENT STORE TB IDR 3,702, ,316,000 NEWOCEAN ENERGY HLDGS LTD HKD 5,658, ,137,190 ROBINSONS RETAIL HOLDINGS IN PHP 1,724, ,388,500 SAMSONITE INTERNATIONAL SA HKD 7,389, ,127,400 TIPHONE MOBILE INDONESIA TBK IDR 2,841, Electric & Electronic 31,041, ,880,000 BOER POWER HOLDINGS LTD HKD 9,259, ,000 HERMES MICROVISION INC TWD 4,326, ,000 OPTRON-TEC INC KRW 1,670, ,980,500 SARIN TECHNOLOGIES LTD SGD 3,898, ,000 TONG HSING ELECTRONIC INDUSTRIES TWD 4,178, ,280,000 ZHUZHOU CSR TIMES ELECTRIC -H- HKD 7,685, Textile 31,020, ,160 ECLAT TEXTILE COMPANY LTD TWD 7,168, ,003,809 SRI REJEKI ISMAN TBK PT IDR 2,501, ,488,000 TOUNG LOONG TEXTILE MANUF CO TWD 8,145, Diversified services 17,815, ,880,000 EZION HOLDINGS LTD SGD 10,081, ,742,400 LOGINDO SAMUDRAMAKMUR TBK PT IDR 4,234, ,000 MERIDA INDUSTRY CO LTD TWD 3,303, Chemical 17,619, ,388,019 DIALOG GROUP BERHAD MYR 4,824, ,800 HAN KUK CARBON CO LTD KRW 4,637, ,880,000 HILONG HOLDING LTD HKD 4,876, ,080,000 UMW OIL + GAS CORP BHD MYR 2,592, Building materials 16,930, ,800,000 ARWANA CITRAMULIA TBK PT IDR 2,395, ,088,200 SINO-THAI ENGINEERING & THB 4,014, CONSTRUCTION FOREIGN 2,880,000 SUMMIT ASCENT HOLDINGS LTD HKD 4,210, ,224,700 WIJAYA KARYA BETON TBK PT IDR 2,556, ,800,000 WIJAYA KARYA PT IDR 589, ,765, Auto Parts & Equipment 2,888,000 TECHTRONIC INDUSTRIES CO HKD 8,041, ,400,000 XINYI GLASS HOLDINGS LTD HKD 4,392, ,434, Financial services 2,888,000 MELCO INTERNATIONAL DEVELOPMENT LTD HKD 9,679, ,679, Energy 8,004,000 COSCO CAPITAL INC PHP 1,695, ,888,000 HUADIAN FUXIN ENERGY CORP -H HKD 7,027, ,723, Metal 6,888,000 TON YI INDUSTRIAL CORP TWD 7,826, ,826, Storage & Warehousing 4,580,000 CPMC HOLDINGS LTD HKD 3,636, ,127,000 GREATVIEW ASEPTIC PACKAGING HKD 3,785, ,422, Real estate 65,413,000 FILINVEST LAND INC PHP 2,100, ,088,000 SUNAC CHINA HOLDINGS LTD HKD 3,531, ,632, Aerospace & Defense 148,880 KOREA AEROSPACE INDUSTRIES KRW 4,748, ,748, Telecommunication 3,480,000 THAICOM PCL - FOREIGN THB 4,425, ,425, Private Equity 300,000 EROS INTERNATIONAL PLC 4,398, ,398, Banks 4,082,900 RIZAL COMMERCIAL BANKING PHP 4,279, ,279, Forest products & Paper 4,880,000 LEE & MAN PAPER MANUFACTURING HKD 3,032, ,032, Transportation 1,868,000 KERRY LOGISTICS NETWORK LTD HKD 2,740, ,740, Diversified machinery 8,000,000 DYNA-MAC HOLDINGS LTD SGD 2,444, ,444, Computer software 12,800,000 CHINA ITS HOLDINGS CO LTD HKD 2,310, ,310, Food services 1,560,000 HONWORLD GROUP LTD HKD 1,427, ,427, ,346, Warrants Financial services 1,888,000 DEUTSCHE CW 06/11/2020 PRESTIGE ES 5,385, ,385, ,385, Other transferable securities Shares Office & Business equipment 328,200 KING SLIDE WORKS CO LTD TWD 4,472, ,472, ,472, Total Securities Portfolio 252,204,

22 Fullerton Lux Funds - Asian Small Cap Equities (in ) Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 252,204, ,057, (4,659,509.87) (1.79) 260,602,

23 Fullerton Lux Funds - Asian Small Cap Equities (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares Warrants Country allocation % of portfolio % of net assets Cayman Islands Taiwan South Korea Hong Kong Indonesia Singapore Bermuda China Philippines Luxembourg Thailand Malaysia Other Top Ten Holdings Top Ten Holdings Sector Market value % of net assets EZION HOLDINGS LTD Diversified services 10,081, MELCO INTERNATIONAL DEVELOPMENT LTD Financial services 9,679, BOER POWER HOLDINGS LTD Electric & Electronic 9,259, TOUNG LOONG TEXTILE MANUF CO Textile 8,145, TECHTRONIC INDUSTRIES CO Auto Parts & 8,041, Equipment TON YI INDUSTRIAL CORP Metal 7,826, COSMAX INC Cosmetics 7,778, ZHUZHOU CSR TIMES ELECTRIC -H- Electric & Electronic 7,685, SAMSONITE INTERNATIONAL SA Distribution & 7,389, Wholesale ECLAT TEXTILE COMPANY LTD Textile 7,168,

24 Fullerton Lux Funds - Asian Equities (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2014 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2014 the year ended March 31, 2014 Notes Notes Assets Investment in securities at cost ,889, Unrealised appreciation / (depreciation) on securities 8,222, Investment in securities at market value ,111, Cash at bank 1,749, Receivable for investment sold 125, Dividends and interest receivable 2.1, , Other receivables 1,295, Total assets 85,364, Liabilities Accrued expenses 231, Other payables 1,294, Payable for investment purchased 2,347, Total liabilities 3,874, Net assets at the end of the year 81,490, Income Dividends (net of withholding taxes) , Bank interest Total income 951, Expenses Investment management fees 5 782, Custodian fees 4 20, Management Company fees 6 19, Administration fees 4 24, Professional fees 10 31, Transaction costs , Taxe d'abonnement 7 7, Bank interest and charges 8, Other expenses 9 29, Total expenses 1,391, Net investment income / (loss) (440,165.02) Net realised gain / (loss) on: Investments 2.4 1,366, Foreign currencies translation 2.5 (399,049.97) Net realised gain / (loss) for the year 527, Net change in unrealised appreciation / (depreciation) on: Investments (138,224.12) Increase / (Decrease) in net assets as a result of operations 389, Proceeds received on subscription of shares 41,590, Net amount paid on redemption of shares (22,961,711.77) Net assets at the beginning of the year 62,471, Net assets at the end of the year 81,490, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the year Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the year Class A (SGD) Accumulation 51,754 7,603-59,357 Class C () Accumulation Class I (EUR) Accumulation 1,496, ,496,950 Class I (SGD) Accumulation 1,124,458 5,025,953 (2,741,393) 3,409,018 Class I () Accumulation 2,673, ,673,186 22

25 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian Equities (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV Transferable securities admitted to an official exchange listing Electric & Electronic Shares 242,000 MEDIATEK INC TWD 3,572, ,628 SAMSUNG ELECTRONICS CO LTD KRW 4,577, ,820 SK HYNIX INC KRW 2,192, ,050,000 TAIWAN SEMICONDUCTOR TWD 4,085, MANUFACTURING CO LTD 14,427, Distribution & Wholesale 862,000 HAIER ELECTRONICS GROUP CO HKD 2,333, ,200 MATAHARI DEPARTMENT STORE TB IDR 1,222, ,244,000 NEWOCEAN ENERGY HLDGS LTD HKD 1,735, ,530 ROBINSONS RETAIL HOLDINGS IN PHP 687, ,100 SAMSONITE INTERNATIONAL SA HKD 1,853, ,833, Financial services 1,912,000 E.SUN FINANCIAL HOLDING CO TWD 1,152, ,800 KEPPEL CORP LTD SGD 3,188, ,000 SIAM CEMENT PUB CO - FOREIGN REG THB 1,384, ,000 WHARF HOLDINGS LTD HKD 1,202, ,927, Banks 573,500 BOC HONG KONG HOLDINGS LTD HKD 1,633, ,500 CHINA MERCHANTS BANK -H- HKD 1,456, ,000 KASIKORNBANK PCL FOREIGN THB 1,870, ,310 METROPOLITAN BANK & TRUST PHP 1,095, ,055, Insurance 791,400 AIA GROUP LTD HKD 3,754, ,800 CHINA PACIFIC INSURANCE GR -H- HKD 1,638, ,392, Auto Parts & Equipment 1,620,000 CSR CORP LTD -H- HKD 1,361, ,500 TECHTRONIC INDUSTRIES CO HKD 2,114, ,718,000 XINYI GLASS HOLDINGS LTD HKD 1,397, ,873, Lodging & Restaurants 267,000 GALAXY ENTERTAINMENT GROUP L HKD 2,321, ,061 MELCO CROWN ENTERTAINME-ADR 1,687, ,009, Diversified services 652,000 CHINA EVERBRIGHT INTL LTD HKD 892, ,560,000 EZION HOLDINGS LTD SGD 2,674, ,567, Real estate 912,000 CHINA OVERSEAS LAND & INVESTMENT LTD HKD 2,363, ,000 GLOBAL LOGISTIC PROPERTIES L SGD 1,169, ,532, Chemical 984,889 DIALOG GROUP BERHAD MYR 1,082, ,734 LG HAUSYS LTD KRW 1,155, ,000 UMW OIL + GAS CORP BHD MYR 651, ,889, Energy 2,638,000 HUADIAN FUXIN ENERGY CORP -H HKD 1,438, ,800 TENAGA NASIONAL BERHAD MYR 1,310, ,748, Internet 23,687 SINA CORP 1,396, ,900 TENCENT HOLDINGS LTD HKD 1,314, ,710, Food services 228,000 CHINA MENGNIU DAIRY CO HKD 1,141, ,523,000 EMPERADOR SHS PHP 1,178, ,319, Metal 1,833,000 TON YI INDUSTRIAL CORP TWD 2,082, ,082, Textile 177,780 ECLAT TEXTILE COMPANY LTD TWD 2,054, ,054, Cosmetics 3,971,100 MELCO CROWN PHILIPPINES RESO PHP 1,151, ,151, Forest products & Paper 1,751,000 LEE & MAN PAPER MANUFACTURING HKD 1,087, ,087, Building materials 1,809,200 SINO-THAI ENGINEERING & CONSTRUCTION FOREIGN THB 897, , Aerospace & Defense 24,140 KOREA AEROSPACE INDUSTRIES KRW 769, , Telecommunication 1,022,000 CHINA COMMUNICATIONS SERVICES -H- HKD 472, , ,806, Warrants Financial services 390,843 DEUTSCHE CW 06/03/2017 IDEA CELLUL 899, ,301 DEUTSCHE CW 17/01/2017 INFOSYS TEC 1,500, ,377 DEUTSCHE CW 24/03/2020 MOTHERSON S 1,208, ,213 JPM CW 07/02/2017 TATA MOTORS 1,843, ,000 JPM CW 30/05/2017 YES BANK LT 852, ,304, ,304, Total Securities Portfolio 82,111, Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 82,111, ,749, (2,370,902.09) (2.91) 81,490,

26 Fullerton Lux Funds - Asian Equities (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares Warrants Country allocation % of portfolio % of net assets Hong Kong Taiwan South Korea Cayman Islands Singapore China Luxembourg Thailand Philippines Bermuda Malaysia Germany Other Top Ten Holdings Top Ten Holdings Sector Market value % of net assets SAMSUNG ELECTRONICS CO LTD Electric & Electronic 4,577, TAIWAN SEMICONDUCTOR MANUFACTURING Electric & Electronic 4,085, CO LTD AIA GROUP LTD Insurance 3,754, MEDIATEK INC Electric & Electronic 3,572, KEPPEL CORP LTD Financial services 3,188, EZION HOLDINGS LTD Diversified services 2,674, CHINA OVERSEAS LAND & INVESTMENT LTD Real estate 2,363, HAIER ELECTRONICS GROUP CO Distribution & Wholesale 2,333, GALAXY ENTERTAINMENT GROUP L Lodging & Restaurants 2,321, SK HYNIX INC Electric & Electronic 2,192,

27 Fullerton Lux Funds - Asia Focus Equities (formerly Fullerton Lux Funds - High Conviction Asian Equities) (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2014 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2014 the year ended March 31, 2014 Notes Notes Assets Investment in securities at cost ,975, Unrealised appreciation / (depreciation) on securities 11,563, Investment in securities at market value ,539, Cash at bank 4,577, Receivable for investment sold 403, Dividends and interest receivable 2.1, , Other receivables 383, Total assets 89,949, Liabilities Accrued expenses 237, Other payables 384, Payable for investment purchased 1,933, Total liabilities 2,554, Net assets at the end of the year 87,394, Income Dividends (net of withholding taxes) 2.8 1,108, Bank interest Total income 1,109, Expenses Investment management fees 5 886, Custodian fees 4 23, Management Company fees 6 21, Administration fees 4 27, Professional fees 10 32, Transaction costs , Taxe d'abonnement 7 9, Bank interest and charges 8, Other expenses 9 29, Total expenses 1,531, Net investment income / (loss) (422,243.69) Net realised gain / (loss) on: Investments 2.4 1,360, Foreign currencies translation 2.5 (344,151.47) Net realised gain / (loss) for the year 594, Net change in unrealised appreciation / (depreciation) on: Investments (284,913.81) Increase / (Decrease) in net assets as a result of operations 309, Proceeds received on subscription of shares 224, Net amount paid on redemption of shares (215,548.34) Net assets at the beginning of the year 87,076, Net assets at the end of the year 87,394, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the year Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the year Class A (SGD) Accumulation 124,322 25,025 (24,484) 124,863 Class A () Accumulation 100, ,000 Class I (EUR) Accumulation 1,975, ,975,617 Class I () Accumulation 4,246, ,246,687 25

28 Fullerton Lux Funds - Asia Focus Equities (formerly Fullerton Lux Funds - High Conviction Asian Equities) (in ) Securities Portfolio as at March 31, 2014 Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV Transferable securities admitted to an official exchange listing Electric & Electronic Shares 230,000 MEDIATEK INC TWD 3,394, ,300 SAMSUNG ELECTRONICS CO LTD KRW 4,163, ,000 SK HYNIX INC KRW 2,976, ,577,000 TAIWAN SEMICONDUCTOR TWD 6,136, MANUFACTURING CO LTD 16,671, Distribution & Wholesale 860,000 HAIER ELECTRONICS GROUP CO HKD 2,328, ,200 MATAHARI DEPARTMENT STORE TB IDR 1,150, ,080,000 NEWOCEAN ENERGY HLDGS LTD HKD 1,608, ,710 ROBINSONS RETAIL HOLDINGS IN PHP 1,098, ,100 SAMSONITE INTERNATIONAL SA HKD 2,302, ,488, Insurance 1,080,000 AIA GROUP LTD HKD 5,123, ,000 CHINA PACIFIC INSURANCE GR -H- HKD 2,613, ,737, Financial services 3,800,000 E.SUN FINANCIAL HOLDING CO TWD 2,289, ,000 KEPPEL CORP LTD SGD 2,869, ,000 SIAM CEMENT PCL - NVDR THB 2,422, ,582, Banks 875,000 BOC HONG KONG HOLDINGS LTD HKD 2,492, ,000 KASIKORNBANK PCL FOREIGN THB 2,594, ,087, Real estate 1,048,000 CHINA OVERSEAS LAND & INVESTMENT LTD HKD 2,715, ,000 GLOBAL LOGISTIC PROPERTIES L SGD 1,451, ,166, Internet 38,000 SINA CORP 2,240, ,000 TENCENT HOLDINGS LTD HKD 1,460, ,700, Lodging & Restaurants 325,000 GALAXY ENTERTAINMENT GROUP L HKD 2,825, ,825, Chemical 12,496 LG HAUSYS LTD KRW 1,866, ,000 UMW OIL + GAS CORP BHD MYR 906, ,772, Auto Parts & Equipment 960,000 TECHTRONIC INDUSTRIES CO HKD 2,673, ,673, Food services 297,000 CHINA MENGNIU DAIRY CO HKD 1,487, ,067,300 EMPERADOR SHS PHP 1,059, ,546, Metal 2,070,000 TON YI INDUSTRIAL CORP TWD 2,351, ,351, Textile 199,340 ECLAT TEXTILE COMPANY LTD TWD 2,304, ,304, Diversified services 1,271,600 EZION HOLDINGS LTD SGD 2,180, ,180, Aerospace & Defense 59,000 KOREA AEROSPACE INDUSTRIES KRW 1,881, ,881, Cosmetics 4,348,600 MELCO CROWN PHILIPPINES RESO PHP 1,260, ,260, Telecommunication 2,134,000 CHINA COMMUNICATIONS SERVICES -H- HKD 987, , ,219, Warrants Financial services 927,000 DEUTSCHE CW 06/03/2017 IDEA CELLUL 2,133, ,000 DEUTSCHE CW 17/01/2017 INFOSYS TEC 2,308, ,000 JPM CW 07/02/2017 TATA MOTORS 2,937, ,000 JPM CW 30/05/2017 YES BANK LT 1,940, ,319, ,319, Total Securities Portfolio 84,539, Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 84,539, ,577, (1,722,181.85) (1.97) 87,394,

29 Fullerton Lux Funds - Asia Focus Equities (formerly Fullerton Lux Funds - High Conviction Asian Equities) (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares Warrants Country allocation % of portfolio % of net assets Taiwan Hong Kong South Korea Singapore Luxembourg Cayman Islands Thailand Germany Bermuda China Philippines Netherlands Other Top Ten Holdings Top Ten Holdings Sector Market value % of net assets TAIWAN SEMICONDUCTOR MANUFACTURING Electric & Electronic 6,136, CO LTD AIA GROUP LTD Insurance 5,123, SAMSUNG ELECTRONICS CO LTD Electric & Electronic 4,163, MEDIATEK INC Electric & Electronic 3,394, SK HYNIX INC Electric & Electronic 2,976, JPM CW 07/02/2017 TATA MOTORS Financial services 2,937, KEPPEL CORP LTD Financial services 2,869, GALAXY ENTERTAINMENT GROUP L Lodging & 2,825, Restaurants CHINA OVERSEAS LAND & INVESTMENT LTD Real estate 2,715, TECHTRONIC INDUSTRIES CO Auto Parts & 2,673, Equipment 27

30 Fullerton Lux Funds - ASEAN Growth* (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2014 Assets for the Statement of Operations and Changes in Net Assets for period ended March 31, 2014 the period ended March 31, 2014 Notes Notes Assets Investment in securities at cost ,861, Unrealised appreciation / (depreciation) on securities (1,976,262.84) Investment in securities at market value ,884, Cash at bank 3,628, Receivable for investment sold 285, Dividends and interest receivable 2.1, , Total assets 60,889, Liabilities Accrued expenses 176, Payable for investment purchased 572, Total liabilities 748, Net assets at the end of the period 60,141, *The Fund has been launched on May 27, Income Dividends (net of withholding taxes) , Total income 498, Expenses Investment management fees 5 562, Custodian fees 4 13, Management Company fees 6 18, Administration fees 4 17, Professional fees 10 19, Transaction costs , Taxe d'abonnement 7 12, Bank interest and charges 7, Other expenses 9 21, Total expenses 1,003, Net investment income / (loss) (504,811.71) Net realised gain / (loss) on: Investments 2.4 (7,172,319.77) Foreign currencies translation 2.5 (205,205.13) Net realised gain / (loss) for the period (7,882,336.61) Net change in unrealised appreciation / (depreciation) on: Investments (1,976,262.84) Increase / (Decrease) in net assets as a result of operations (9,858,599.45) Proceeds received on subscription of shares 70,000, Net amount paid on redemption of shares - Net assets at the beginning of the period - Net assets at the end of the period 60,141, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period Class A (SGD) Accumulation - 1,307,787-1,307,787 Class A () Accumulation - 1,038,619-1,038,619 Class I (EUR) Accumulation - 2,395,912-2,395,912 Class I () Accumulation - 1,989,413-1,989,413 28

31 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - ASEAN Growth (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV Transferable securities admitted to an official exchange listing Banks Shares 2,338,600 BANK MANDIRI TBK PT IDR 1,945, ,900 KASIKORNBANK PCL FOREIGN THB 2,993, ,010 RIZAL COMMERCIAL BANKING PHP 727, ,200 SIAM COMMERCIAL BANK - FOREIGN THB 1,156, ,000 UNITED OVERSEAS BANK LTD SGD 3,419, Real estate 10,242, ,123,000 CAPITAMALLS ASIA LTD SGD 1,595, ,500 CENTRAL PATTANA PUB CO LTD THB 1,282, FOREIGN REGISTERED 26,381,000 FILINVEST LAND INC PHP 847, ,257,000 GLOBAL LOGISTIC PROPERTIES L SGD 2,644, ,000 HONGKONG LAND HOLDINGS LTD 698, ,746,800 IJM LAND BERHAD MYR 2,489, ,219,600 ROBINSONS LAND CO PHP 595, ,154, Financial services 170,660 AYALA CORPORATION PHP 2,199, ,000 KEPPEL CORP LTD SGD 4,642, ,400 SIAM CEMENT PUB CO - FOREIGN REG THB 1,261, ,103, Distribution & Wholesale 1,820,700 MATAHARI DEPARTMENT STORE TB IDR 2,227, ,500 ROBINSON DEPARTMENT STORE PCL FOREIGN THB 698, ,140 ROBINSONS RETAIL HOLDINGS IN PHP 1,407, ,514,066 SIAM GLOBAL HOUSE PCL FOREIGN THB 1,115, ,449, Chemical 2,362,500 DIALOG GROUP BERHAD MYR 2,597, ,400 SAPURA-KENCANA PETROLEUM BERHAD MYR 1,180, ,000 UMW OIL + GAS CORP BHD MYR 916, ,693, Diversified services 2,104,800 EZION HOLDINGS LTD SGD 3,608, ,605,000 LOGINDO SAMUDRAMAKMUR TBK PT IDR 802, ,411, Energy 2,569,400 COSCO CAPITAL INC PHP 544, ,900 TENAGA NASIONAL BERHAD MYR 2,687, ,232, Building materials 537,700 GAMUDA BERHAD MYR 775, ,949,000 SINO-THAI ENGINEERING & CONSTRUCTION FOREIGN THB 967, ,910,100 WIJAYA KARYA BETON TBK PT IDR 566, ,789,300 WIJAYA KARYA PT IDR 797, ,106, Lodging & Restaurants 1,730,300 GENTING MALAYSIA BERHAD MYR 2,225, ,225, Telecommunication 10,152,500 TELEKOMUNIKASI INDONESIA SER B IDR 1,979, ,979, Food services 7,034,500 EMPERADOR SHS PHP 1,832, ,832, Cosmetics 2,517,700 MELCO CROWN PHILIPPINES RESO PHP 729, , Textile 37,065,016 SRI REJEKI ISMAN TBK PT IDR 724, , ,884, Total Securities Portfolio 56,884, Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 56,884, ,628, (372,026.69) (0.62) 60,141,

32 Fullerton Lux Funds - ASEAN Growth (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares Country allocation % of portfolio % of net assets Singapore Malaysia Thailand Indonesia Philippines Bermuda Top Ten Holdings Top Ten Holdings Sector Market value % of net assets KEPPEL CORP LTD Financial services 4,642, EZION HOLDINGS LTD Diversified services 3,608, UNITED OVERSEAS BANK LTD Banks 3,419, KASIKORNBANK PCL FOREIGN Banks 2,993, TENAGA NASIONAL BERHAD Energy 2,687, GLOBAL LOGISTIC PROPERTIES L Real estate 2,644, DIALOG GROUP BERHAD Chemical 2,597, IJM LAND BERHAD Real estate 2,489, MATAHARI DEPARTMENT STORE TB Distribution & Wholesale 2,227, GENTING MALAYSIA BERHAD Lodging & Restaurants 2,225,

33 Fullerton Lux Funds - Asian Currency Bonds (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2014 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2014 the year ended March 31, 2014 Notes Notes Assets Investment in securities at cost ,999, Unrealised appreciation / (depreciation) on securities (4,437,467.04) Investment in securities at market value ,561, Cash at bank 1,280, Dividends and interest receivable 2.1, , Total assets 94,762, Liabilities Accrued expenses 156, Other payables 1, Net unrealised depreciation on forward foreign exchange contracts 2.3, 13 13, Total liabilities 171, Net assets at the end of the year 94,591, Income Dividends (net of withholding taxes) Interest on bonds 2.1, 2.8 4,066, Bank interest 2.8 2, Total income 4,069, Expenses Investment management fees 5 606, Custodian fees 4 26, Management Company fees 6 23, Administration fees 4 28, Professional fees 10 31, Transaction costs 16 40, Taxe d'abonnement 7 9, Bank interest and charges 8, Tax charges 1, Other expenses 9 27, Total expenses 804, Net investment income / (loss) 3,265, Net realised gain / (loss) on: Investments 2.4 (521,463.18) Foreign currencies translation 2.5 (398,147.24) Futures contracts 2.2 (86,948.53) Forward foreign exchange contracts , Net realised gain / (loss) for the year 2,953, Net change in unrealised appreciation / (depreciation) on: Investments (8,932,859.25) Forward foreign exchange contracts 2.3, 13 (76,637.58) Increase / (Decrease) in net assets as a result of operations (6,056,390.07) Proceeds received on subscription of shares 1,001, Net amount paid on redemption of shares (999,999.98) Dividend distribution 15 (4,213.02) Net assets at the beginning of the year 100,649, Net assets at the end of the year 94,591, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the year Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the year Class A (SGD) Distribution 13, ,266 Class A () Distribution - 100, ,000 Class I (EUR) Accumulation 2,642, ,642,482 Class I () Accumulation 5,161,805 1 (93,284) 5,068,522 31

34 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian Currency Bonds (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV Transferable securities admitted to an official exchange listing Government Bonds and other debt instruments 1,000,000 CHINA GOVT BOND 3.09% 13-30/05/2018 CNY 154, ,000,000 CHINA GOVT BOND 3.14% 12-07/06/2019 CNY 609, ,000,000 CHINA GOVT BOND 3.38% 13-23/05/2023 CNY 736, ,000,000 CHINA GOVT BOND 3.39% 12-23/08/2022 CNY 595, ,000,000 CHINA GOVT BOND 3.46% 13-11/07/2020 CNY 2,438, ,000,000 CHINA GOVT BOND 3.48% 13-04/07/2014 CNY 805, ,000,000 CHINA GOVT BOND 3.77% 13-15/08/2016 CNY 323, ,000,000 CHINA GOVT BOND 3.96% 10-15/04/2030 CNY 145, ,000,000 CHINA GOVT BOND 4.07% 13-17/10/2020 CNY 316, ,000,000 CHINA GOVT BOND 4.08% 13-22/08/2023 CNY 468, ,000,000 CHINA GOVT BOND 4.13% 13-07/11/2018 CNY 481, ,000,000 CHINA GOVT BOND 4.47% 14-07/01/2019 CNY 652, ,000,000,000 INDONESIA GOVT 10.5% 09-15/08/2030 IDR 2,046, ,000,000,000 INDONESIA GOVT 5.625% 12-15/05/2023 IDR 894, ,000,000,000 INDONESIA GOVT 6.125% 12-15/05/2028 IDR 572, ,793,000,000 INDONESIA GOVT 6.625% 12-15/05/2033 IDR 272, ,400,000,000 INDONESIA GOVT 7% 11-15/05/2027 IDR 736, ,000,000,000 INDONESIA GOVT 7.875% 13-15/04/2019 IDR 888, ,000,000,000 INDONESIA GOVT 8.25% 10-15/07/2021 IDR 1,431, ,990,000,000 INDONESIA GOVT 8.25% 11-15/06/2032 IDR 254, ,000,000,000 INDONESIA GOVT 9.5% 10-15/07/2031 IDR 952, ,000,000,000 INDONESIA RETAIL 6.25% 12-15/10/2015 IDR 1,911, ,000,000,000 KOREA TRSY BD 2.75% 13-10/03/2018 KRW 929, FLAT 1,700,000,000 KOREA TRSY BD 3.375% 13-10/09/2023 KRW 1,583, FLAT 3,350,000,000 KOREA TRSY BD 4% 11-10/03/2016 FLAT KRW 3,224, ,000,000,000 KOREA TRSY BD 4.5% 10-10/03/2015 FLAT KRW 2,872, ,000,000 KOREA TRSY BD 4.75% 10-10/12/2030 KRW 322, FLAT 4,500,000,000 KOREA TRSY BD 5% 10-10/06/2020 FLAT KRW 4,694, ,000,000,000 KOREA TRSY BD 5.5% 09-10/12/2029 FLAT KRW 1,157, ,500,000,000 KOREA TRSY BD 5.75% 08-10/09/2018 KRW 1,564, FLAT 3,000,000 MALAYSIAN GOVT 3.26% 13-01/03/2018 MYR 906, ,800,000 MALAYSIAN GOVT 3.314% 12-31/10/2017 MYR 2,368, ,500,000 MALAYSIAN GOVT 3.434% 11-15/08/2014 MYR 460, ,000,000 MALAYSIAN GOVT 3.492% 12-31/03/2020 MYR 898, ,000,000 MALAYSIAN GOVT 3.58% 11-28/09/2018 MYR 1,218, ,000,000 MALAYSIAN GOVT 3.733% 13-15/06/2028 MYR 565, ,700,000 MALAYSIAN GOVT 3.814% 07-15/02/2017 MYR 2,072, ,500,000 MALAYSIAN GOVT 3.889% 13-31/07/2020 MYR 1,068, ,000,000 MALAYSIAN GOVT 4.16% 11-15/07/2021 MYR 926, ,000,000 MALAYSIAN GOVT 4.181% 14-15/07/2024 MYR 923, ,000,000 PHILIPPINE GOVT 6.25% 11-14/01/2036 PHP 1,812, ,000,000 PHILIPPINE GOVT 2.125% 13-23/05/2018 PHP 1,600, ,000,000 PHILIPPINE GOVT 4.95% 10-15/01/2021 PHP 465, ,000,000 PHILIPPINE GOVT 5.875% 08-31/01/2018 PHP 369, ,000,000 PHILIPPINE GOVT 9.125% 06-04/09/2016 PHP 257, ,300,000 SINGAPORE GOVT 2.75% 13-01/07/2023 SGD 1,054, ,000,000 SINGAPORE GOVT 3% 09-01/09/2024 SGD 823, ,500,000 SINGAPORE GOVT 3.375% 13-01/09/2033 SGD 2,873, ,269,400 THAILAND GOVT 1.2% 11-14/07/2021 THB 624, ,304,050 THAILAND GOVT 1.25% 13-12/03/2028 THB 414, ,000,000 THAILAND GOVT 3.45% 11-08/03/2019 THB 620, ,000,000 THAILAND GOVT 3.625% 10-16/06/2023 THB 1,685, ,000,000 THAILAND GOVT 3.65% 10-17/12/2021 THB 2,955, ,000,000 THAILAND GOVT 3.65% 10-20/06/2031 THB 288, ,000,000 THAILAND GOVT 3.875% 09-13/06/2019 THB 318, ,613, Real estate 1,250,000 AACI REIT MTN 4.9% 12-08/08/2016 SGD 1,024, ,000 CENTRAL CHINA RE 6.5% 13-04/06/ , ,000,000 CENTRAL PLAZA DE 7.6% 12-29/11/2015 CNH 167, ,000 CHAMPION MTN 3.75% 13-17/01/ , ,000,000 CHINA OVERSEAS F 3.95% 12-15/11/ , ,000 CROESUS RETAIL T 4.6% 14-23/01/2017 SGD 200, ,000 FANTASIA HOLDING % 14-23/01/ , ,000 FIRST REIT 4.125% 13-22/05/2018 SGD 590, ,000,000 GEMDALE INTL HLD 9.15% 12-26/07/2015 CNH 335, ,000,000 KAISA GROUP 6.875% 13-22/04/2016 CNH 314, ,000 KAISA GROUP 8.875% 13-19/03/ , ,000,000 OXLEY HOLDINGS 5.1% 13-16/05/2017 SGD 791, ,300,000 POLY REAL ESTATE 4.5% 13-06/08/2018 1,276, ,000 SABANA TRSY 4.5% 12-24/09/2017 CV SGD 409, ,000 SHIMAO PROPERTY 11% 11-08/03/ , ,000 WANDA PROPERTIES 4.875% 13-21/11/ , ,000 WING TAI HLDGS 4.5% 12-26/09/2022 SGD 199, ,000 YUEXIU PROPERTY 4.5% 13-24/01/ , ,300,000 YUEXIU REIT MTN 3.1% 13-14/05/2018 1,223, ,000 YUZHOU PROPERTIE 8.625% , /01/ ,029, Banks 250,000 ABN AMRO BANK NV 12-25/10/2022 FRN SGD 204, ,000 BANGKOK BANK HK 4.8% 10-18/10/ , ,000,000 CHINA DEV BANK 5.8% 14-03/01/2016 CNY 817, ,000,000,000 EXP-IMP BK KOREA 5% 13-15/02/2015 IDR 343, ,000,000,000 EXP-IMP BK KOREA 8.4% 11-06/07/2016 IDR 533, ,500,000,000 LLOYDS TSB BANK 8.5% 11-15/04/2014 IDR 658, ,003,947 STAND CHART SG 7.8% 12-16/04/2021 5,344, ,991,544 STAND CHART SG 8.33% 13-13/07/2026 1,602, FLAT 9,710, Financial services 5,000,000 FAR EAST HORIZON 3.9% 11-03/06/2014 CNH 803, ,000 HERO ASIA INV PERP FRN 507, ,000 TML HOLDINGS PTE 4.25% 13-16/05/2018 SGD 388, ,699, Telecommunication 200,000 BHARTI AIRTEL IN 5.125% 13-11/03/ , ,000 PCCW CAP NO4 5.75% 12-17/04/ , ,000 SMARTONE FIN LTD 3.875% 13-08/04/ , ,493, Supranational organisation 80,000,000 INTL FIN CORP 7.8% 14-03/06/2019 INR 1,344, ,344, Energy 1,100,000 MIE HOLDINGS 9.75% 11-12/05/2016 1,159, ,159, Transportation 1,000,000 NEPTUNE ORIENT 4.4% 12-08/11/2019 SGD 799, , Diversified services 750,000 CWT LTD 3.9% 13-18/04/2019 SGD 576, ,000 HYFLUX LTD 14-31/01/2049 FRN SGD 199, , Building materials 700,000 CHINA SHANSHUI C 8.5% 11-25/05/ , , Metal 500,000 BAOSHAN IRON 0.8% 08-19/06/2014 CNY 79, ,000 BERAU CAPITAL RESOURCES 12.5% , /07/ , Electric & Electronic 600,000 STATS CHIPPAC 4.5% 13-20/03/ , , Lodging & Restaurants 500,000 HOTEL PROPERTIES 3.5% 13-15/01/2018 SGD 395, ,

35 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian Currency Bonds (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Textile 300,000 TEXHONG TEXTILE 6.5% 13-18/01/ , , Food services 300,000 FPC TREASURY LTD 4.5% 13-16/04/ , , Insurance 300,000 AGEAS CAPITAL 4.125% 13-25/04/ , , Auto Parts & Equipment 250,000 ASL MARINE HLDGS 4.75% 13-28/03/2017 SGD 198, , ,100, Mortgage backed securities Government 15,000,000 THAILAND GOVT 4.26% 12-12/12/2037 THB 460, , , Total Securities Portfolio 92,561, Financial derivative instruments as at March 31, 2014 Purchase Sale Maturity Date Commitment in Unrealised appreciation / (depreciation) in Forward foreign exchange contracts 2,100,000 23,998,800,000 IDR 30/04/2014 2,100, , ,700,000 8,931,870 MYR 30/04/2014 2,700, (28,544.25) 900,000 1,137,870 SGD 30/05/ , (3,057.00) 27,866,250 CNH 4,500,000 30/04/2014 4,500, (19,766.57) 83,020,765 HKD 10,700,000 30/05/ ,700, , ,733,680,000 KRW 1,600,000 30/04/2014 1,600, , ,063,000 PHP 600,000 30/04/ , , ,640 SGD 200,000 30/05/ , , (13,798.11) Total Forward foreign exchange contracts (13,798.11) Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 92,561, (13,798.11) (0.01) 1,280, , ,591,

36 Fullerton Lux Funds - Asian Currency Bonds (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments Mortgage backed securities Country allocation % of portfolio % of net assets Singapore South Korea Malaysia Indonesia China Thailand Cayman Islands Virgin Islands Philippines Hong Kong Other Top Ten Holdings Top Ten Holdings Sector Market value % of net assets STAND CHART SG 7.8% 12-16/04/2021 Banks 5,344, KOREA TRSY BD 5% 10-10/06/2020 FLAT Government 4,694, KOREA TRSY BD 4% 11-10/03/2016 FLAT Government 3,224, THAILAND GOVT 3.65% 10-17/12/2021 Government 2,955, SINGAPORE GOVT 3.375% 13-01/09/2033 Government 2,873, KOREA TRSY BD 4.5% 10-10/03/2015 FLAT Government 2,872, CHINA GOVT BOND 3.46% 13-11/07/2020 Government 2,438, MALAYSIAN GOVT 3.314% 12-31/10/2017 Government 2,368, MALAYSIAN GOVT 3.814% 07-15/02/2017 Government 2,072, INDONESIA GOVT 10.5% 09-15/08/2030 Government 2,046,

37 Fullerton Lux Funds - Asian Bonds (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2014 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2014 the year ended March 31, 2014 Notes Notes Assets Investment in securities at cost ,413, Unrealised appreciation / (depreciation) on securities (1,832,847.91) Investment in securities at market value ,580, Cash at bank 2,517, Dividends and interest receivable 2.1, 2.8 2,123, Total assets 141,221, Liabilities Accrued expenses 241, Net unrealised depreciation on forward foreign exchange contracts 2.3, 13 27, Total liabilities 268, Net assets at the end of the year 140,953, Income Interest on bonds 2.1, 2.8 7,733, Total income 7,733, Expenses Investment management fees 5 1,006, Custodian fees 4 19, Management Company fees 6 38, Administration fees 4 44, Professional fees 10 33, Transaction costs 16 5, Taxe d'abonnement 7 19, Bank interest and charges 12, Other expenses 9 52, Total expenses 1,232, Net investment income / (loss) 6,501, Net realised gain / (loss) on: Investments , Foreign currencies translation 2.5 (265,045.42) Futures contracts , Forward foreign exchange contracts , Net realised gain / (loss) for the year 6,923, Net change in unrealised appreciation / (depreciation) on: Investments (7,456,390.26) Forward foreign exchange contracts 2.3, 13 (174,362.65) Increase / (Decrease) in net assets as a result of operations (707,748.40) Proceeds received on subscription of shares 83,527, Net amount paid on redemption of shares (105,390,655.74) Dividend distribution 15 (2,739,126.52) Net assets at the beginning of the year 166,263, Net assets at the end of the year 140,953, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the year Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the year Class A (SGD) Hedged Distribution 321, ,726 (246,522) 425,111 Class A () Accumulation 107, ,668 (109,305) 485,870 Class A () Distribution 377,416 - (196,555) 180,861 Class I (SGD) Hedged Accumulation 2,689, ,689,192 Class I () Accumulation - 1,144,020-1,144,020 Class I () Distribution 12,375,567 5,849,463 (9,313,002) 8,912,028 35

38 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian Bonds (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV Transferable securities admitted to an official exchange listing Banks Bonds and other debt instruments 1,000,000 BANGKOK BANK HK 3.875% 12-27/09/ , ,050,000 BANGKOK BANK HK 4.8% 10-18/10/2020 2,126, ,000,000 BANK EAST ASIA 11-04/05/2022 FRN 1,073, ,000 BANK EAST ASIA 6.125% 10-16/07/ , ,000 BANK OF CEYLON 5.325% 13-16/04/ , ,000,000 BANK OF CEYLON 6.875% 12-03/05/2017 1,049, ,000 CHINA CITIC BANK 13-07/05/ , ,000,000 CHINA TRUST COMMERCIAL BANK 05-1,003, /03/2049 FRN 2,000,000 CHONG HING BANK 6% 10-04/11/2020 2,090, ,000 CITIC BANK INTL 12-28/09/2022 FRN 482, ,500,000 DAH SING BANK 12-09/02/2022 FRN SGD 1,239, ,000 DAH SING BANK 14-29/01/2024 FRN 402, ,000,000 EXP-IMP BK INDIA 4% 13-14/01/ , ,000 EXP-IMP BK KOREA 4% 10-29/01/ , ,000 EXP-IMP BK KOREA 4.375% 11-15/09/ , ,000,000,000 EXP-IMP BK KOREA 5% 13-15/02/2015 IDR 429, ,500,000,000 EXP-IMP BK KOREA 8.4% 11-06/07/2016 IDR 755, ,000 FUBON BANK HK 6.125% 10-30/11/ , ,000 ICBC ASIA 13-10/10/2023 FRN 492, ,100,000 ICICI BANK LTD 5.75% 10-16/11/2020 1,175, ,000 ICICI BANK/DUBAI 4.75% 11-25/11/ , ,000 IDBI BANK LTD 4.375% 12-26/03/ , ,000 INDIAN OVERSEAS 5% 11-19/10/ , ,000,000 KAZAKH DEVELOPME 4.125% 12-1,798, /12/2022 2,000,000 MALAYAN BANKING 12-20/09/2022 FRN 1,993, ,600,000 RHB BANK 3.25% 12-11/05/2017 1,644, ,000 SHINHAN BANK 4.5% 12-09/10/2015 AUD 466, ,400,000 STAND CHART HK 5.875% 10-24/06/2020 1,539, ,000,000 STANDARD CHART 09-29/06/2049 FRN 1,047, ,000 STANDARD CHART 5.7% 14-26/03/ , ,600,000 WOORI BANK 5.875% 11-13/04/2021 1,789, ,745, Real estate 2,000,000 AACI REIT MTN 4.9% 12-08/08/2016 SGD 1,639, ,000 AGILE PROPERTY 9.875% 12-20/03/ , ,000,000 ASCENDAS PROPERT 3.8% 12-01/10/2018 SGD 787, ,000 BESTGAIN REAL E 2.625% 13-13/03/ , ,000,000 CENTRAL CHINA RE 8% 13-28/01/ , ,200,000 CHAMPION MTN 3.75% 13-17/01/2023 1,927, ,000 CHINA MERCHANTS 4.021% 13-11/12/ , ,500,000 CHINA OVERSEAS F 3.95% 12-15/11/2022 1,353, ,000,000 CHINA OVERSEAS F 4.875% 12-15/02/2017 1,056, ,000 CHINA OVERSEAS F 5.35% 12-15/11/ , ,000 COUNTRY GARDEN 10.5% 10-11/08/ , ,000 FANTASIA HOLDING % 14-23/01/ , ,000 FIRST REIT 4.125% 13-22/05/2018 SGD 590, ,000,000 FRANSHION INVEST 4.7% 12-26/10/ , ,000 GEMDALE INT INVEST 7.125% 12-16/11/ , ,000,000 GOODMAN FUNDING 6.375% 10-12/11/2020 1,135, ,000 IFC DEVELOPMENT 2.375% 13-21/05/ , ,000,000 KWG PROPERTY HOL 12.75% 11-30/03/2016 1,063, ,000 LONGFOR PROPERTIES 9.5% 11-07/04/ , ,000 SABANA SUKUK PTE 4% 14-19/03/2018 SGD 397, ,500,000 SABANA TRSY 4.5% 12-24/09/2017 CV SGD 1,229, ,500,000 SINO LAND 3.25% 12-21/09/2017 1,507, ,000 SUN HUNG KAI PRO 3.625% 13-16/01/ , ,000,000 SUN HUNG KAI PRO 4.5% 12-14/02/2022 1,032, ,000 SWIRE PRO MTN FI 4.375% 12-18/06/ , ,000 THETA CAPITAL 7% 12-16/05/ , ,500,000 WING TAI HLDGS 4.5% 12-26/09/2022 SGD 1,197, ,000,000 WISEYEAR HLD LTD 5% 12-15/02/2017 1,061, ,000,000 WISEYEAR HLD LTD 5.875% 11-06/04/2021 1,068, ,000 YUEXIU PROPERTY 3.25% 13-24/01/ , ,000 YUEXIU PROPERTY 4.5% 13-24/01/ , ,000,000 YUEXIU REIT MTN 3.1% 13-14/05/ , ,809, Financial services 1,000,000 BOC AVIATION 2.875% 12-10/10/ , ,000 BRIGHT FOOD HK 3% 13-21/05/ , ,000,000 CHINA MERCHANTS 5% 12-04/05/2022 1,004, ,000 HERO ASIA INV PERP FRN 609, ,000,000 HLP FINANCE LTD 4.75% 12-25/06/ , ,000,000 HOWES CAPITAL 4.75% 12-10/04/2017 1,050, ,000,000 HUTCH WHA INT % 12-08/11/ , ,000,000 HUTCH WHAM INTL % 12-13/01/2022 1,056, ,500,000 HUTCH WHAM INTL 7.625% 09-09/04/2019 1,826, ,000 HYUNDAI CAPITAL 4.5% 13-16/05/2017 AUD 461, ,000 INDIAN RAIL FIN 3.417% 12-10/10/ , ,500,000 KAZAGRO NATL MGM 4.625% 13-24/05/2023 1,388, ,000 KEPPEL CORP LTD 4% 12-07/09/2042 SGD 527, ,900,000 LEIGHTON FINANCE 5.95% 12-13/11/2022 1,938, ,250,000 MAPLETREE TREA 12-29/07/2049 FRN SGD 1,830, ,000,000 NOMURA BANK INTL 6.75% 10-04/10/2020 PHP 557, ,800,000 RURAL ELECT CORP 4.25% 11-25/01/2016 1,850, ,600,000 SSG RESOURCES 4.25% 12-04/10/2022 1,577, ,300,000 SWIRE PAC MTN FI 4.5% 13-09/10/2023 1,323, ,250,000 TML HOLDINGS PTE 4.25% 13-16/05/2018 SGD 970, ,000 UBITECH HUB 4.2% 12-12/06/2017 SGD 401, ,000 WHARF FIN 1 LTD 4.5% 11-20/07/2021 SGD 407, ,890, Energy 500,000 APT PIPELINES 3.875% 12-11/10/ , ,000 INDIAN OIL CORP 4.1% 12-15/10/2022 SGD 374, ,000 KAZMUNAYGAS NAT 4.4% 13-30/04/ , ,000 KOREA GAS CORP 4.25% 10-02/11/ , ,000 MAJAPAHIT HOLD 8% 09-07/08/ , ,000,000 NTPC LTD 4.75% 12-03/10/2022 1,968, ,000 PERTAMINA 4.875% 12-03/05/ , ,300,000 PERTAMINA 5.25% 11-23/05/2021 2,311, ,500,000 PERTAMINA 5.625% 13-20/05/2043 1,273, ,800,000 PERUSAHAAN LISTR 5.5% 11-22/11/2021 1,827, ,000 PTT PCL 4.5% 12-25/10/ , ,000,000 PTTEP CAN INTL 5.692% 11-05/04/2021 2,197, ,100,000 1MDB ENERGY LTD 5.99% 12-11/05/2022 1,219, ,054, Telecommunication 1,700,000 PCCW CAP NO4 5.75% 12-17/04/2022 1,751, ,500,000 PCCW-HKT CAP NO4 4.25% 10-24/02/2016 1,574, ,000 PCCW-HKT CAP NO5 3.75% 13-08/03/ , ,600,000 SMARTONE FIN LTD 3.875% 13-08/04/2023 1,388, ,250,000 TATA COMM 4.25% 13-01/02/2016 SGD 995, ,000 TBG GLOBAL PTE 4.625% 13-03/04/ , ,866, Diversified services 1,000,000 CWT LTD 3.9% 13-18/04/2019 SGD 768, ,250,000 EZION HOLDINGS 12-29/09/2049 FRN SGD 1,019, ,000 HYFLUX LTD 11-29/04/2049 SR SGD 1,665, ,300,000 ROYAL CAPITAL 11-29/05/2049 FRN 1,384, ,836, Government 1,500,000 INDONESIA 5.25% 12-17/01/2042 1,366, ,000,000 MALAYSIAN GOVT 3.197% 12-15/10/2015 MYR 1,226, ,000,000 PERUSAHAAN PENER 3.3% 12-21/11/ , ,000 PERUSAHAAN PENER 6.125% 13-15/03/ , ,000 REP OF SRI LANKA 6% 14-14/01/ , ,458, Insurance 1,400,000 AGEAS CAPITAL 4.125% 13-25/04/2023 1,266, ,000,000 CHINA TAIPING CA 4.125% 12-21/11/2022 1,839, ,000 NIPPON LIFE INS 12-18/10/2042 FRN 524,

39 Fullerton Lux Funds - Asian Bonds (in ) Securities Portfolio as at March 31, 2014 Financial derivative instruments as at March 31, 2014 Quantity/ Nominal Denomination Currency Market value % in NAV Purchase Sale Maturity Date Commitment in Unrealised appreciation / (depreciation) in 500,000 SOMPO JAPAN INS 13-28/03/2073 FRN 532, Lodging & Restaurants 4,163, ,000 DYNAMIC TALENT 4.75% 12-01/08/ , ,000 HOTEL PROPERTIES 3.9% 13-23/04/2020 SGD 585, ,000,000 HOTEL PROPERTIES 3.95% 12-13/09/2019 SGD 1,589, ,000,000 OVERSEAS UNION E 4.25% 12-30/10/2019 SGD 810, Transportation 3,902, ,000 COSCO FINANCE CO 4% 12-03/12/ , ,000,000 GOODPACK LTD 4.5% 12-18/10/2019 SGD 795, ,000,000 GOODPACK LTD 4.7% 13-24/04/2023 SGD 757, ,000 HAINAN AIR HK 3.625% 13-07/02/ , ,000,000 NEPTUNE ORIENT 4.4% 12-08/11/2019 SGD 799, Metal 3,671, ,000 BAO-TRANS 3.75% 13-12/12/ , ,000 BERAU COAL ENERGY 7.25% , /03/ ,000 INDO ENERGY FIN 6.375% 13-24/01/ , ,000,000 YANCOAL INTL 4.461% 12-16/05/ , ,328, Supranational organisation 2,190,000 ASIAN DEVELOPMENT BANK 3.25% 12-20/07/2017 NZD 1,822, ,822, Distribution & Wholesale 1,500,000 LS FINANCE % 12-26/01/2017 1,602, ,602, Auto Parts & Equipment 500,000 ASL MARINE HLDGS 4.75% 13-28/03/2017 SGD 396, ,000,000 NAM CHEONG LTD 6% 12-05/11/2015 SGD 820, ,217, Electric & Electronic 1,100,000 STATS CHIPPAC 4.5% 13-20/03/2018 1,108, ,108, Food services 550,000 FPC FINANCE LTD 6% 12-28/06/ , ,000 FPC TREASURY LTD 4.5% 13-16/04/ , ,053, Building materials 1,000,000 CHINA SHANSHUI C 8.5% 11-25/05/2016 1,028, ,028, Internet 1,000,000 TENCENT HOLDINGS 3.375% 12-05/03/2018 1,024, ,024, Chemical 500,000 YINGDE GASES INV 8.125% 13-22/04/ , , Textile 500,000 TEXHONG TEXTILE 6.5% 13-18/01/ , , Forward foreign exchange contracts 1,258,596 1,500,000 NZD 07/04/2014 1,258, (39,971.39) 22,400,000 28,428,195 SGD 14/07/ ,400, (161,894.25) 822,617 1,047,000 SGD 21/04/ , (8,453.29) 27,200,000 SGD 21,441,893 12/05/ ,441, , ,200,000 SGD 4,090,945 21/04/2014 4,090, , (27,448.31) Total Forward foreign exchange contracts (27,448.31) Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 136,580, (27,448.31) (0.02) 2,517, ,882, ,953, ,580, Total Securities Portfolio 136,580,

40 Fullerton Lux Funds - Asian Bonds (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments Country allocation % of portfolio % of net assets Cayman Islands Singapore Virgin Islands Hong Kong Indonesia India Malaysia South Korea Kazakhstan Australia Thailand Netherlands Other Top Ten Holdings Top Ten Holdings Sector Market value % of net assets PERTAMINA 5.25% 11-23/05/2021 Energy 2,311, PTTEP CAN INTL 5.692% 11-05/04/2021 Energy 2,197, BANGKOK BANK HK 4.8% 10-18/10/2020 Banks 2,126, CHONG HING BANK 6% 10-04/11/2020 Banks 2,090, MALAYAN BANKING 12-20/09/2022 FRN Banks 1,993, NTPC LTD 4.75% 12-03/10/2022 Energy 1,968, LEIGHTON FINANCE 5.95% 12-13/11/2022 Financial services 1,938, CHAMPION MTN 3.75% 13-17/01/2023 Real estate 1,927, RURAL ELECT CORP 4.25% 11-25/01/2016 Financial services 1,850, CHINA TAIPING CA 4.125% 12-21/11/2022 Insurance 1,839,

41 Fullerton Lux Funds - RMB Bonds* (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2014 Assets for the Statement of Operations and Changes in Net Assets for period ended March 31, 2014 the period ended March 31, 2014 Notes Notes Assets Investment in securities at cost ,839, Unrealised appreciation / (depreciation) on securities (6,020,413.50) Investment in securities at market value ,819, Cash at bank 6,471, Dividends and interest receivable 2.1, 2.8 3,191, Total assets 279,482, Liabilities Accrued expenses 408, Other payables 2, Net unrealised depreciation on forward foreign exchange contracts 2.3, 13 1,452, Total liabilities 1,864, Net assets at the end of the period 277,617, *The Fund has been launched on May 2, Income Interest on bonds 2.1, 2.8 9,401, Bank interest , Other income Total income 9,465, Expenses Investment management fees 5 1,265, Custodian fees 4 36, Management Company fees 6 68, Administration fees 4 67, Professional fees 10 32, Transaction costs 16 10, Taxe d'abonnement 7 30, Bank interest and charges 37, Tax charges 10, Other expenses 9 36, Total expenses 1,596, Net investment income / (loss) 7,869, Net realised gain / (loss) on: Investments 2.4 (2,522,341.69) Foreign currencies translation , Futures contracts , Forward foreign exchange contracts 2.3 1,688, Net realised gain / (loss) for the period 7,237, Net change in unrealised appreciation / (depreciation) on: Investments (6,020,413.50) Forward foreign exchange contracts 2.3, 13 (1,452,640.67) Increase / (Decrease) in net assets as a result of operations (235,528.24) Proceeds received on subscription of shares 420,662, Net amount paid on redemption of shares (142,525,980.13) Dividend distribution 15 (283,614.24) Net assets at the beginning of the period - Net assets at the end of the period 277,617, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period Class A (CHF) Hedged Accumulation - 153, ,250 Class A (EUR) Hedged Accumulation - 176, ,600 Class A (SGD) Accumulation - 478, ,415 Class A () Accumulation - 322,823 (42,891) 279,932 Class I (CNH) Accumulation - 23,171,259 (7,813,868) 15,357,391 Class I () Accumulation - 1,730,480 (940,291) 790,189 Class J (JPY) Distribution - 134,400 (62,392) 72,008 Class R () Accumulation - 100, ,000 39

42 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - RMB Bonds (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV Transferable securities admitted to an official exchange listing Banks Bonds and other debt instruments 10,000,000 ABN AMRO BANK NV 3.5% 12-05/09/2014 CNH 1,615, ,000,000 AGRICUL DEV BANK 3.08% 14-16/01/2016 CNH 643, ,000,000 AGRICUL DEV BANK 3.2% 12-22/06/2015 CNH 1,288, ,000,000 AGRICUL DEV BANK 3.28% 14-16/01/2017 CNH 644, ,000,000 BANGKOK BANK HK 3.3% 13-03/10/2018 1,007, ,000 BANGKOK BANK HK 4.8% 10-18/10/ , ,000,000 BANK EAST ASIA 11-04/05/2022 FRN 1,073, ,000 BANK OF CEYLON 5.325% 13-16/04/ , ,000,000 BK OF CHINA/HK 3.125% 14-23/01/ , ,000,000 BK OF CHINA/LO 3.45% 14-16/01/2017 CNH 805, ,000,000 CHINA CITIC BANK 3.7% 12-01/11/2014 CNH 2,904, ,000,000 CHINA CONST ASIA 3.25% 14-13/03/2016 CNH 965, ,000,000 CHINA DEV BANK 3.6% 13-13/11/2018 CNH 1,606, ,000,000 CHINA DEV BANK 5.8% 14-03/01/2016 CNY 1,634, ,000,000 CHINA TRUST COMMERCIAL BANK 05-1,003, /03/2049 FRN 600,000 DAH SING BANK 14-29/01/2024 FRN 603, ,000,000 DBS BANK LTD 2.5% 13-07/06/2016 CNH 2,403, ,000,000 EMIRATES NBD 4.875% 12-12/03/2015 CNH 2,290, ,000,000 EXP-IMP BK CHINA 2.7% 12-07/04/2014 CNH 1,769, ,000,000 EXP-IMP BK CHINA 3% 14-21/01/2016 CNH 1,610, ,300,000 EXP-IMP BK KOREA 3.25% 12-27/07/2015 CNH 699, ,000,000 EXP-IMP BK KOREA 3.625% 14-27/01/2019 CNH 1,287, ,000,000 GAZPROMBANK 4.25% 14-30/01/2017 CNH 1,896, ,000 ICBC ASIA 13-10/10/2023 FRN 492, ,600,000 ICICI BANK LTD/S 4.9% 12-21/09/2015 CNH 591, ,000 IDBI BANK LTD 4.375% 12-26/03/ , ,000,000 IND & COMM BK OF 3.35% 13-19/11/2016 CNH 805, ,000,000 IND & COMM BK/SG 3.2% 13-28/11/2015 CNH 4,029, ,000 INDIAN OVERSEAS 5% 11-19/10/ , ,000,000 L-BANK FOERDERBK 2.75% 11-28/09/2016 CNH 1,613, ,000,000 MACQUARIE BK LTD 5% 12-22/02/2017 1,090, ,000,000 MORGAN STANLEY 1.625% 11-02/06/2014 CNH 803, ,000,000 OJSC RUSS AGRIC 8.5% 13-16/10/ , ,000,000 RHB BANK 3.25% 12-11/05/2017 2,055, ,000 SIAM COMM BANK 3.375% 12-19/09/ , ,000,000 SOCIETE GENERALE 5% 12-19/04/2015 CNH 1,979, ,000 ST BK INDIA LON 4.5% 09-23/10/ , ,000,000 STANDARD CHART 14-23/01/2026 FRN SGD 811, ,000 STANDARD CHART 5.7% 14-26/03/ , ,500,000 UNITED OVERSEAS 12-17/10/2022 FRN 1,504, ,000,000 UOB CAYMAN LTD 5.796% 05-29/12/2049 1,045, SR 50,413, Real estate 1,200,000 AGILE PROPERTY HOLDGS 8.875% 10-28/04/17 1,228, ,000,000 BEIJING CAPITAL 6.5% 09-24/09/2014 CNY 320, ,000 BESTGAIN REAL E 2.625% 13-13/03/ , ,000,000 CAMBRIDGE MTN PT 4.75% 12-13/03/2015 SGD 799, ,000 CENTRAL CHINA RE 6.5% 13-04/06/ , ,000,000 CENTRAL CHINA RE 8% 13-28/01/ , ,000,000 CENTRAL PLAZA DE 5.75% 14-17/02/2017 CNH 1,938, ,000,000 CENTRAL PLAZA DE 7.6% 12-29/11/2015 CNH 2,840, ,000 CHAMPION MTN 3.75% 13-17/01/ , ,000,000 CHINA MERCHANTS 4.021% 13-11/12/2018 2,023, ,000,000 CHINA OVERSEAS F 3.95% 12-15/11/ , ,000 CHINA OVERSEAS F 4.875% 12-15/02/ , ,750,000 CHINA RESOURCES LAND 4.625% 11-19/05/2016 2,860, ,200,000 COUNTRY GARDEN 10.5% 10-11/08/2015 1,274, ,000 COUNTRY GARDEN 11.75% 09-10/09/ , ,000 FANTASIA HOLDING % 14-23/01/ , ,000 FRANSHION INVEST 4.7% 12-26/10/ , ,500,000 GEMDALE INTL HLD 9.15% 12-26/07/2015 CNH 1,089, ,500,000 GLOB LOGST PROP 3.375% 11-11/05/2016 CNH 6,683, ,000,000 GREENLAND HK HLD 5.5% 14-23/01/2018 CNH 1,566, ,200,000 KAISA GROUP 6.875% 13-22/04/2016 CNH 974, ,000 KAISA GROUP 8.875% 13-19/03/ , ,000,000 KEPPEL LAND FINA 3.259% 12-11/12/ , ,500,000 LAI FUNG HOLDING 6.875% 13-25/04/2018 CNH 1,935, ,000,000 RKI FINANCE % 13-03/12/2016 CNH 1,584, ,000 SHIMAO PROPERTY 8.125% 14-22/01/ , ,000 SINO LAND 3.25% 12-21/09/ , ,000 SUN HUNG KAI PRO 3.625% 13-16/01/ , ,000 SWIRE PRO MTN FI 4.375% 12-18/06/ , ,250,000 WANDA PROPERTIES 7.25% 14-29/01/2024 1,253, ,400,000 WISEYEAR HLD LTD 5.875% 11-06/04/2021 1,495, ,000,000 YANLORD LAND HK 5.375% 13-23/05/2016 CNH 3,734, ,000 YUEXIU PROPERTY 3.25% 13-24/01/ , ,000,000 YUEXIU PROPERTY 4.5% 13-24/01/2023 1,749, ,000,000 YUEXIU REIT MTN 3.1% 13-14/05/2018 1,881, ,250,000 YUZHOU PROPERTIE 8.625% 14-1,172, /01/ ,199, Financial services 600,000 BRIGHT FOOD HK 3% 13-21/05/ , ,000,000 CENTURY TOKYO 2.7% 11-28/04/2014 CNH 3,216, ,000 CHINA MERCHANTS 5% 12-04/05/ , ,000,000 FAR EAST HORIZON 3.9% 11-03/06/2014 CNH 7,716, ,000,000 HERO ASIA INV PERP FRN 1,015, ,000 HLP FINANCE LTD 4.75% 12-25/06/ , ,000,000 HOWES CAPITAL 4.75% 12-10/04/2017 1,050, ,950,000 KAZAGRO NATL MGM 4.625% 13-24/05/2023 1,804, ,000,000 MAPLETREE TREA 12-29/07/2049 FRN SGD 813, ,000,000 MITSUB UFJ LEASE 3.28% 14-27/02/2017 CNH 1,617, ,000,000 MITSUB UFJ LEASE 3.6% 12-02/03/2015 CNH 1,620, ,000,000 NOBLE GROUP LTD 3.625% 13-20/03/2018 2,030, ,000,000 NOBLE GROUP LTD 4% 13-30/01/2016 CNH 3,239, ,150,000 PTTEP AUST INTL 4.152% 10-19/07/2015 2,221, ,000,000 RAINBOW DAYS LTD 2% 11-30/06/2014 CNH 320, ,000,000 RAINBOW DAYS LTD 3% 11-30/06/2016 CNH 3,957, ,000,000 RURAL ELECT CORP 4.25% 11-25/01/2016 2,055, ,000 SSG RESOURCES 4.25% 12-04/10/ , ,100,000 SWIRE PAC MTN FI 4.5% 13-09/10/2023 1,120, ,000,000 WHARF FINANCE 3.5% 14-23/01/2019 1,007, ,961, Energy 1,000,000 APT PIPELINES 3.875% 12-11/10/ , ,400,000 BEIJING WATER 3.75% 11-30/06/2014 CNH 4,560, ,000,000 CHINA GD NUCLEAR 3.75% 12-01/11/2015 CNH 3,562, ,000,000 CHINA POWER INTL 3.2% 10-23/12/2015 CNH 948, ,000,000 CHINA POWER NEW 3.75% 11-29/04/2014 CNH 7,231, ,000,000 CHINA RESOURCE P 3.75% 10-03/08/2015 2,041, ,000,000 CHINA RESOURCES 3.75% 10-12/11/2015 CNH 2,434, ,000,000 KAZMUNAIGAZ FINANCE 11.75% 09-23/01/2015 2,149, ,000 KAZMUNAYGAS NAT 4.4% 13-30/04/ , ,000 LUKOIL INTL FIN 3.416% 13-24/04/ , ,000,000 VEOLIA ENVRNMT 4.5% 12-28/06/2017 CNH 3,650, ,400,000 1MDB ENERGY LTD 5.99% 12-11/05/2022 1,552, ,340, Insurance 2,350,000 CHINA TAIPING CA 4.125% 12-21/11/2022 2,161, ,300,000 MITSUI SUMITOMO 12-15/03/2072 FRN 1,515, ,000,000 NIPPON LIFE INS 12-18/10/2042 FRN 1,048, ,100,000 SOMPO JAPAN INS 13-28/03/2073 FRN 1,172, ,000,000 VALUE SUCCESS 2.075% 11-09/06/2014 CNH 7,231, ,000,000 VALUE SUCCESS 4.75% 13-04/11/2018 CNH 2,437, ,567, Auto Parts & Equipment 6,000,000 CATERPILLAR FINL 2.95% 14-03/03/2016 CNH 974, ,700,000 DOOSAN INFRA 4.5% 11-23/11/2016 1,821, ,000,000 HAI CHAO 2% 11-04/08/2014 CNH 4,809, ,000,000 SINOTRUK HK LTD 4.5% 12-01/08/2014 CNH 2,421, ,000,000 VOLKSWAGEN INTFN 2.15% 11-23/05/2016 CNH 4,791, ,818, Government 8,000,000 BRIT COLUMBIA 2.25% 13-13/11/2014 CNH 1,289, ,000,000 CHINA GOVT BOND 3.46% 13-11/07/2020 CNY 1,524,

43 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - RMB Bonds (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV 22,000,000 CHINA GOVT BOND 3.48% 13-04/07/2014 CNY 3,543, ,000,000 CHINA GOVT BOND 3.77% 13-15/08/2016 CNY 161, ,000,000 CHINA GOVT BOND 3.9% 07-23/08/2014 CNY 1,612, ,000,000 HOUSING & DEV 3.948% 14-29/01/2029 SGD 807, ,000 PERUSAHAAN PENER 6.125% 13-15/03/ , ,000 REP OF SRI LANKA 6% 14-14/01/ , ,000,000 SWEDISH EXP CRED 2.4% 12-13/01/2015 CNH 3,233, ,140, Food services 15,000,000 FONTERRA 1.1% 11-27/06/2014 CNH 2,403, ,000 PROSPEROUS RAY L 3% 13-12/11/ , ,000,000 TESCO PLC 1.75% 11-01/09/2014 CNH 1,603, ,000,000 UNILEVER NV 2.95% 14-27/02/2017 CNH 813, ,300,000 UNI-PRESIDENT CH 3.5% 13-06/06/2016 CNH 3,731, ,437, Telecommunication 16,500,000 AXIATA SPV2 3.75% 12-18/09/2014 CNH 2,661, ,500,000 PCCW CAP NO4 5.75% 12-17/04/2022 2,575, ,000 PCCW-HKT CAP NO5 3.75% 13-08/03/ , ,400,000 SMARTONE FIN LTD 3.875% 13-08/04/2023 2,083, ,000 TBG GLOBAL PTE 4.625% 13-03/04/ , ,516, Metal 11,000,000 BAOSHAN IRON 0.8% 08-19/06/2014 CNY 1,753, ,000,000 BAOSTEEL GROUP 3.675% 12-01/03/2015 CNH 807, ,000 BAO-TRANS 3.75% 13-12/12/ , ,000,000 CHINA MINMETALS 3.65% 13-28/03/2016 CNH 3,198, ,000 YANCOAL INTL 4.461% 12-16/05/ , ,933, Chemical 25,000,000 AIR LIQUIDE FIN 3% 11-19/09/2016 CNH 4,068, ,000,000 SK GLOBAL CHEMIC 4.125% 13-26/09/2016 CNH 1,954, ,000 YINGDE GASES INV 8.125% 13-22/04/ , ,525, Diversified machinery 30,000,000 SINGAMAS CONTAIN 4.75% 11-14/04/2014 CNH 4,820, ,820, Building materials 19,800,000 CHINA SHANSHUI C 6.5% 11-22/07/2014 CNH 3,198, ,000,000 CHINA SHANSHUI C 8.5% 11-25/05/2016 1,028, ,226, Supranational organisation 20,000,000 ASIAN DEV BANK 2.85% 10-21/10/2020 CNH 3,135, ,600,000 CENT AMERICAN BK 3.2% 13-03/04/2016 CNH 579, ,714, Distribution & Wholesale 5,000,000 BSH BOSCH UND SI 3.8% 12-24/07/2017 CNH 824, ,500,000 LS FINANCE % 12-26/01/2017 2,670, ,494, Electric & Electronic 3,000,000 STATS CHIPPAC 4.5% 13-20/03/2018 3,024, ,024, Transportation 1,000,000 CATHAY PAC MTN 3.25% 12-20/01/2017 SGD 801, ,100,000 HAINAN AIR HK 3.625% 13-07/02/2020 1,052, ,854, Agriculture 1,500,000 IOI INVESTMENT 4.375% 12-27/06/2022 1,478, ,478, Lodging & Restaurants 8,000,000 FAR EAST CONSORT 5.875% 13-04/03/2016 CNH 1,276, ,276, Diversified services 1,000,000 ROYAL CAPITAL 11-29/05/2049 FRN 1,064, ,064, Internet 500,000 TENCENT HOLDINGS 3.375% 12-05/03/ , , Textile 500,000 TEXHONG TEXTILE 6.5% 13-18/01/ , , Other transferable securities 266,814, Money market instruments Banks 20,000,000 CHINA DEVELOP BK 3.2% 11-23/09/2021 CNH 3,004, ,004, ,004, Total Securities Portfolio 269,819, Financial derivative instruments as at March 31, 2014 Purchase Sale Forward foreign exchange contracts 1,350,000 1,709,910 SGD 17/04/2014 1,350, (7,289.22) 1,530,000 CHF 1,693,789 12/05/2014 1,693, , ,019,380 CNH 18,600,000 03/04/ ,600, (255,201.51) 117,839,100 CNH 19,500,000 12/05/ ,500, (559,743.11) 355,546,530 CNH 57,900,000 17/04/ ,900, (712,977.55) 1,780,000 EUR 2,407,397 12/05/2014 2,407, , (1,452,640.67) Total Forward foreign exchange contracts (1,452,640.67) Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets Maturity Date Commitment in Unrealised appreciation / (depreciation) in % NAV 269,819, (1,452,640.67) (0.52) 6,471, ,779, ,617,

44 Fullerton Lux Funds - RMB Bonds (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments Money market instruments Country allocation % of portfolio % of net assets Hong Kong Virgin Islands China Cayman Islands Singapore Bermuda Netherlands Japan France Malaysia Other Top Ten Holdings Top Ten Holdings Sector Market value % of net assets FAR EAST HORIZON 3.9% 11-03/06/2014 Financial services 7,716, CHINA POWER NEW 3.75% 11-29/04/2014 Energy 7,231, VALUE SUCCESS 2.075% 11-09/06/2014 Insurance 7,231, GLOB LOGST PROP 3.375% 11-11/05/2016 Real estate 6,683, SINGAMAS CONTAIN 4.75% 11-14/04/2014 Diversified machinery 4,820, HAI CHAO 2% 11-04/08/2014 Auto Parts & Equipment 4,809, VOLKSWAGEN INTFN 2.15% 11-23/05/2016 Auto Parts & Equipment 4,791, BEIJING WATER 3.75% 11-30/06/2014 Energy 4,560, AIR LIQUIDE FIN 3% 11-19/09/2016 Chemical 4,068, IND & COMM BK/SG 3.2% 13-28/11/2015 Banks 4,029,

45 Fullerton Lux Funds - Asian Short Duration Bonds* (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2014 Assets for the Statement of Operations and Changes in Net Assets for period ended March 31, 2014 the period ended March 31, 2014 Notes Notes Assets Investment in securities at cost ,433, Unrealised appreciation / (depreciation) on securities (98,306.58) Investment in securities at market value ,335, Cash at bank 2,528, Receivable for investment sold 1,553, Receivable on subscriptions 666, Net unrealised appreciation on forward foreign exchange 2.3, 13 27, contracts Net unrealised appreciation on futures contracts 2.2, 14 29, Dividends and interest receivable 2.1, , Other receivables 800, Total assets 47,476, Liabilities Accrued expenses 69, Other payables 802, Payable on redemptions 3,014, Total liabilities 3,886, Net assets at the end of the period 43,589, *The Fund has been launched on October 18, Income Interest on bonds 2.1, , Total income 660, Expenses Investment management fees 5 83, Custodian fees 4 1, Management Company fees 6 10, Administration fees 4 7, Professional fees 10 16, Transaction costs 16 2, Taxe d'abonnement 7 6, Bank interest and charges 1, Other expenses 9 13, Total expenses 142, Net investment income / (loss) 518, Net realised gain / (loss) on: Investments , Foreign currencies translation , Futures contracts , Forward foreign exchange contracts 2.3 7, Net realised gain / (loss) for the period 572, Net change in unrealised appreciation / (depreciation) on: Investments (98,306.58) Futures contracts 2.2, 14 29, Forward foreign exchange contracts 2.3, 13 27, Increase / (Decrease) in net assets as a result of operations 530, Proceeds received on subscription of shares 46,653, Net amount paid on redemption of shares (3,594,691.88) Net assets at the beginning of the period - Net assets at the end of the period 43,589, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period Class A (SGD) Hedged Distribution - 973,087 (61,344) 911,743 Class A () Accumulation - 1,648,469 (297,500) 1,350,969 Class A () Distribution - 183, ,798 Class I () Accumulation - 2,034,189 (8,800) 2,025,389 43

46 Securities Portfolio as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian Short Duration Bonds (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Quantity/ Nominal Denomination Currency Market value % in NAV Transferable securities admitted to an official exchange listing Banks Bonds and other debt instruments 500,000 AXIS BANK 5.125% 12-05/09/ , ,090,000 BANGKOK BANK HK 4.8% 10-18/10/2020 1,130, ,000 BANK OF BARODA 4.75% 10-7/10/ , ,000 BANK OF CEYLON 6.875% 12-03/05/ , ,000 DAH SING BANK 14-29/01/2024 FRN 402, ,000 ICBC ASIA 13-10/10/2023 FRN 738, ,000 ICICI BANK/DUBAI 4.75% 11-25/11/ , ,000 INDIAN OVERSEAS 5% 11-19/10/ , ,120,000 KAZAKH DEVELOPME 5.5% 10-20/12/2015 1,170, ,000 KOREA EXCH BANK 4.875% 10-14/01/ , ,000 MACQUARIE BK LTD 5% 12-22/02/ , ,250,000 MALAYAN BANKING 12-20/09/2022 FRN 1,245, ,000,000 ST BK INDIA LON 4.5% 09-23/10/2014 1,016, ,150,000 WOORI BANK 7% 09-02/02/2015 1,206, Real estate 10,382, ,000 AGILE PROPERTY 9.875% 12-20/03/ , ,000 CENTRAL CHINA RE 6.5% 13-04/06/ , ,000 CHINA MERCHANTS 4.021% 13-11/12/ , ,000 CHINA OVERSEAS F 4.875% 12-15/02/ , ,000,000 CHINA RESOURCES LAND 4.625% 11-1,040, /05/ ,000 COUNTRY GARDEN 10.5% 10-11/08/ , ,000 FANTASIA HOLDING % , /01/ ,000 FIRST REIT 4.125% 13-22/05/2018 SGD 393, ,000 FRANSHION INVEST 4.7% 12-26/10/ , ,000 GREEN HONG KONG HOLDING 4.75% , /10/2016 1,100,000 IFC DEVELOPMENT 2.375% 13-21/05/2019 1,045, ,000 KAISA GROUP 8.875% 13-19/03/ , ,000 LONGFOR PROPERTIES 9.5% , /04/ ,000 POLY REAL ESTATE 4.5% 13-06/08/ , ,000,000 SABANA TRSY 4.5% 12-24/09/2017 CV SGD 1,639, ,000 SHIMAO PROPERTY 8.125% 14-22/01/ , ,000 SINO LAND 3.25% 12-21/09/ , ,000 YUEXIU PROPERTY 3.25% 13-24/01/ , ,000 YUZHOU PROPERTIE 8.625% , /01/ ,048, Financial services 500,000 BOC AVIATION 2.875% 12-10/10/ , ,000 INDIAN RAIL FIN 3.417% 12-10/10/ , ,000 RURAL ELECT CORP 4.25% 11-25/01/ , ,000,000 WHARF FINANCE 3.5% 14-23/01/2019 1,007, ,523, Energy 500,000 KAZMUNAIGAZ FINANCE 11.75% 09-23/01/ , ,000 KOREA HYDRO & NU 6.25% 09-17/06/ , ,000 MIE HOLDINGS 9.75% 11-12/05/ , ,000 PERTAMINA 5.25% 11-23/05/ , ,000 TNB CAPITAL L 5.25% 05-05/05/ , ,428, Food services 750,000 FPC FINANCE LTD 6% 12-28/06/ , ,500,000 PROSPEROUS RAY L 3% 13-12/11/2018 1,475, ,275, Transportation 1,500,000 CATHAY PAC MTN 3.25% 12-20/01/2017 SGD 1,202, ,000 GOODPACK LTD 4.5% 12-18/10/2019 SGD 397, ,000 NEPTUNE ORIENT 4.4% 12-08/11/2019 SGD 399, ,000, Distribution & Wholesale 1,250,000 COURTS ASIA LTD 4.75% 13-02/05/2016 SGD 1,017, ,000 LS FINANCE % 12-26/01/ , ,551, Telecommunication 250,000 INDOSAT PALAPA 7.375% 10-29/07/ , ,000 PCCW CAP NO4 5.75% 12-17/04/ , ,000 PCCW-HKT CAP NO4 4.25% 10-24/02/ , ,517, Agriculture 1,500,000 IOI INVESTMENT 4.375% 12-27/06/2022 1,478, ,478, Metal 300,000 BAO-TRANS 3.75% 13-12/12/ , ,000 BERAU COAL ENERGY 7.25% 12-13/03/ , ,000 INDO ENERGY FIN 7% 11-07/05/ , ,000 PT ADARO INDONES 7.625% 09-22/10/ , ,000 YANCOAL INTL 4.461% 12-16/05/ , ,350, Electric & Electronic 1,250,000 STATS CHIPPAC 4.5% 13-20/03/2018 1,260, ,260, Building materials 250,000 CHINA LIANSU GRP 7.875% 11-13/05/ , ,000 CHINA SHANSHUI C 8.5% 11-25/05/ , ,031, Government 500,000 PERUSAHAAN PENER 3.3% 12-21/11/ , ,000 REP OF SRI LANKA 6% 14-14/01/ , , Lodging & Restaurants 500,000 BANYAN TREE HOLD 5.35% 13-26/11/2018 SGD 408, ,000 OVERSEAS UNION E 4.25% 12-30/10/2019 SGD 405, , Diversified services 1,000,000 CWT LTD 3.9% 13-18/04/2019 SGD 768, , Internet 500,000 TENCENT HOLDINGS 4.625% 11-12/12/ , , Auto Parts & Equipment 500,000 CSSC CAP % 13-12/12/ , , ,335, Total Securities Portfolio 41,335, Financial derivative instruments as at March 31, 2014 Quantity Denomination Future contract Currency Commitment in Unrealised appreciation / (depreciation) in (30) US 5YR NOTE FUTURE (CBT) 3,566, , /06/ , Total Future contract 29,

47 Financial derivative instruments as at March 31, 2014 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian Short Duration Bonds (in ) Purchase Sale Maturity Date Commitment in Unrealised appreciation / (depreciation) in Forward foreign exchange contracts 6,790,367 8,600,000 SGD 18/09/2014 6,790, (35,402.77) 9,000,000 SGD 7,081,059 21/04/2014 7,081, , , Total Forward foreign exchange contracts 27, Total financial derivative instruments 56, Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 41,335, , ,528, (330,745.19) (0.76) 43,589,

48 Fullerton Lux Funds - Asian Short Duration Bonds (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments Country allocation % of portfolio % of net assets Cayman Islands Singapore Virgin Islands India Hong Kong Malaysia South Korea Indonesia Kazakhstan Thailand Netherlands Other Top Ten Holdings Top Ten Holdings Sector Market value % of net assets SABANA TRSY 4.5% 12-24/09/2017 CV Real estate 1,639, IOI INVESTMENT 4.375% 12-27/06/2022 Agriculture 1,478, PROSPEROUS RAY L 3% 13-12/11/2018 Food services 1,475, STATS CHIPPAC 4.5% 13-20/03/2018 Electric & Electronic 1,260, MALAYAN BANKING 12-20/09/2022 FRN Banks 1,245, WOORI BANK 7% 09-02/02/2015 Banks 1,206, CATHAY PAC MTN 3.25% 12-20/01/2017 Transportation 1,202, KAZAKH DEVELOPME 5.5% 10-20/12/2015 Banks 1,170, BANGKOK BANK HK 4.8% 10-18/10/2020 Banks 1,130, IFC DEVELOPMENT 2.375% 13-21/05/2019 Real estate 1,045,

49 Notes to the Financial Statements as at March 31, 2014 FULLERTON LUX FUNDS Note 1. General information FULLERTON LUX FUNDS (the "SICAV") is an umbrella structured open-ended investment company with limited liability, organised as a société anonyme and qualifies as a société d investissement à capital variable ("SICAV") under part I of the law of December 17, 2010 ("the 2010 Law"), as amended. The SICAV was incorporated on October 22, 2009 and its Articles of Association were published in the Mémorial on November 9, The SICAV is registered in the Luxembourg Trade Register under the number B Nine Funds are offered to subscribers: - Fullerton Lux Funds - High Income Asian Equities (launched on January 29, 2010); - Fullerton Lux Funds - Asian Small Cap Equities (launched on April 1, 2010); - Fullerton Lux Funds - Asian Equities (launched on April 23, 2010); - Fullerton Lux Funds - Asia Focus Equities* (formerly Fullerton Lux Funds - High Conviction Asian Equities) (launched on June 14, 2010); - Fullerton Lux Funds - ASEAN Growth (launched on May 27, 2013); - Fullerton Lux Funds - Asian Currency Bonds (launched on October 6, 2010); - Fullerton Lux Funds - Asian Bonds (launched on June 22, 2012); - Fullerton Lux Funds - RMB Bonds (launched on May 2, 2013); - Fullerton Lux Funds - Asian Short Duration Bonds (launched on October 18, 2013). *The name of the Fund Fullerton Lux Funds - High Conviction Asian Equities has been changed in Fullerton Lux Funds - Asia Focus Equities on May 2, The Directors may decide to create within each Fund different Share Classes. Shares are generally issued as Accumulation Shares. Distribution Shares are only issued within a Fund at the Directors discretion. Investors may enquire at the Administrator, Global Distributor or their Distributor whether any Distribution Shares are available within each Share Class and Fund. A Shares are available to all investors. I Shares are only available to institutional investors. J shares are only available to institutional investors. Class R Shares are available to retail investors in certain circumstances when investing through distributors, financial advisors, platforms or other intermediaries (together the "Intermediaries") on the basis of a separate agreement or fee arrangement between the investor and an Intermediary. As at March 31, 2014, the only Share Classes available are Class A (CHF) Hedged Accumulation, Class A (EUR) Hedged Accumulation, Class A (SGD) Accumulation, Class A (SGD) Distribution, Class A (SGD) Hedged Distribution, Class A () Accumulation, Class A () Distribution, Class I (CNH) Accumulation, Class I (EUR) Accumulation, Class I (SGD) Accumulation, Class I (SGD) Hedged Accumulation, Class I () Accumulation, Class I () Distribution, Class J (JPY) Distribution, Class R () Accumulation. Refer to Statistics for share classes available to the respective Funds. Note 2. Summary of significant accounting policies The financial statements of the SICAV are prepared in accordance with the Luxembourg regulations for investment funds. The combined financial statements are expressed in. 2.1 Valuation of the investments The value of the assets held by each Fund is calculated as follows: a) Transferable Securities or Money Market Instruments quoted or traded on an official stock exchange or any other Regulated Market, are valued on the basis of the last known price. b) For Transferable Securities or Money Market Instruments not quoted or traded on an official stock exchange or any other Regulated Market, and for quoted or traded Transferable Securities or Money Market Instruments, but for which the last known price is not representative, valuation is based on the probable sales price estimated prudently and in good faith by the Board of Directors of the SICAV. c) Units and shares issued by UCITS or other UCIs will be valued at their last available net asset value. d) Evaluation of negotiable zero coupon debt securities The value of those instruments is based on their acquisition cost plus the prorata temporis price difference between the acquisition price and the reimbursement one. In the event of material changes in market conditions, the valuation basis of these instruments is adjusted to the new market yields. e) Evaluation of negotiable debt securities with floating rate Debt securities with floating interest rate are taken into account in portfolio at their nominal value and accrued interests are booked under Dividends and interest receivable in the Statement of Net Assets and under Interest on bonds in the Statement of Operations and Changes in Net Assets. The interest rates mentioned for those securities in the portfolio correspond to the floating interest rate applicable at the acquisition date of the securities. In the event of material changes in market conditions, the valuation basis of these instruments is adjusted to the new market yields. 2.2 Valuation of futures The Funds may use futures contracts on currencies, securities, indices, volatility, inflation and interest rates for hedging and/or investment purposes. 47

50 Notes to the Financial Statements as at March 31, 2014 (continued) Note 2. Summary of significant accounting policies (continued) 2.2 Valuation of futures (continued) The liquidating value of futures traded on exchanges or on other regulated markets shall be based upon the last available settlement prices of these contracts on exchanges and regulated markets on which the particular contracts are traded by the SICAV; provided that if such settlement prices are not available, the basis for determining the liquidating value of such contracts shall be such valued as the Directors may deem fair and reasonable. Resulting realised and change in unrealised gains or losses are included in the Statement of Operations and Changes in Net Assets. 2.3 Valuation of forward foreign exchange contracts The forward foreign exchange contracts opened at the year-end are valued at the forward exchange rate corresponding to the termination date of the contract. Resulting realised and change in unrealised gains or losses are included in the Statement of Operations and Changes in Net Assets. 2.4 Net realised gain or loss on sales of investments Realised gains or losses on sales of investments are calculated on the basis of the average cost of the investments sold. Redemptions from target investments funds are recorded when the net asset value applied to the redemptions is known. Consequently the recording date of the transaction (and the related realised gain or loss) may be different from the date of the redemption request. 2.5 Foreign currency translation The accounting records and the financial statements of each Fund are expressed in. Bank accounts, other net assets and market value of the investments in securities expressed in currencies other than are converted into at the exchange rates prevailing on the date of the balance sheet. Income and expenses in currencies other than are converted into at the rate of exchange prevailing at transaction date. The resulting gains and losses are recognised in the Statement of Operations and Changes in Net Assets. 2.6 Valuation of swaps The valuation of swap transactions is based on counterparties prices. Resulting realised and change in unrealised gains or losses are included in the Statement of Operations and Changes in Net Assets. 2.7 Cost of investments Cost of investments in currencies other than are converted into at the exchange rate applicable at purchase date. 2.8 Income Dividends are taken into income on the date upon which the relevant securities are first listed as ex-dividend. Interest is booked on an accrual basis. Note 3. Exchange rates as at March 31, 2014 The exchange rates as at March 31, 2014 used for the translation of the SICAV s assets and liabilities not denominated in are as follows: 1 = AUD 1 = JPY 1 = CHF 1 = 1, KRW 1 = CNH 1 = MYR 1 = CNY 1 = NZD 1 = EUR 1 = PHP 1 = HKD 1 = SGD 1 = 11, IDR 1 = THB 1 = INR 1 = TWD Note 4. Custodian, Administrative Agent, Registrar and Transfer Agent, Domiciliary Agent and Listing Agent The Board of Directors of the SICAV has appointed BNP Paribas Securities Services - Luxembourg Branch, as the Custodian, Administrative Agent, Domiciliary Agent, Registrar and Transfer Agent of the SICAV. BNP Paribas Securities Services - Luxembourg Branch may receive a fee in relation to its custodian services, which is set at a rate of up to 0.3% per annum of the Net Asset Value of the SICAV accrued on a daily basis and payable on a monthly basis. 48

51 Notes to the Financial Statements as at March 31, 2014 (continued) Note 4. Custodian, Administrative Agent, Registrar and Transfer Agent, Domiciliary Agent and Listing Agent (continued) BNP Paribas Securities Services - Luxembourg Branch may receive a fee in relation to its administrative, registrar and transfer agent and domiciliary services, which is set at a rate of up to 0.05% per annum of the Net Asset Value of the SICAV accrued on a monthly basis and payable on a monthly basis. Note 5. Investment management fees The Investment manager receives from the SICAV an Investment management fee, as described below: Fullerton Lux Funds - High Income Asian Equities Class A (SGD) Accumulation 1.50% of the total net assets per annum. Class A () Accumulation 1.50% of the total net assets per annum. Class I (EUR) Accumulation 1% of the total net assets per annum. Class I () Accumulation 1% of the total net assets per annum. Class I () Distribution 1% of the total net assets per annum. Fullerton Lux Funds - Asian Small Cap Equities Class A (SGD) Accumulation 1.75% of the total net assets per annum. Class A () Accumulation 1.75% of the total net assets per annum. Class I (EUR) Accumulation 1% of the total net assets per annum. Class I () Accumulation 1% of the total net assets per annum. Fullerton Lux Funds - Asian Equities Class A (SGD) Accumulation Class I (EUR) Accumulation Class I (SGD) Accumulation Class I () Accumulation 1.50% of the total net assets per annum. 1% of the total net assets per annum. 1% of the total net assets per annum. 1% of the total net assets per annum. Fullerton Lux Funds - Asia Focus Equities (formerly Fullerton Lux Funds - High Conviction Asian Equities) Class A (SGD) Accumulation 1.75% of the total net assets per annum. Class A () Accumulation 1.75% of the total net assets per annum. Class I (EUR) Accumulation 1% of the total net assets per annum. Class I () Accumulation 1% of the total net assets per annum. Fullerton Lux Funds - ASEAN Growth Class A (SGD) Accumulation Class A () Accumulation Class I (EUR) Accumulation Class I () Accumulation 1.50% of the total net assets per annum. 1.50% of the total net assets per annum. 1% of the total net assets per annum. 1% of the total net assets per annum. Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution 1% of the total net assets per annum. Class A () Distribution 1% of the total net assets per annum. Class I (EUR) Accumulation 0.60%* of the total net assets per annum. Class I () Accumulation 0.60%* of the total net assets per annum. *As from May 1, 2013, the management fees have been reduced from 1% p.a. to 0.60% p.a.. Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution 1% of the total net assets per annum. Class A () Accumulation 1% of the total net assets per annum. Class A () Distribution 1% of the total net assets per annum. Class I (SGD) Hedged Accumulation 0.60%* of the total net assets per annum. Class I () Accumulation 0.60% of the total net assets per annum. Class I () Distribution 0.60%* of the total net assets per annum. *As from May 1, 2013, the management fees have been reduced from 1% p.a. to 0.60% p.a.. Fullerton Lux Funds - RMB Bonds Class A (CHF) Hedged Accumulation Class A (EUR) Hedged Accumulation Class A (SGD) Accumulation Class A () Accumulation Class I (CNH) Accumulation Class I () Accumulation Class J (JPY) Distribution Class R () Accumulation 0.80% of the total net assets per annum. 0.80% of the total net assets per annum. 0.80% of the total net assets per annum. 0.80% of the total net assets per annum. 0.50% of the total net assets per annum. 0.50% of the total net assets per annum. 0.40% of the total net assets per annum. 0.50% of the total net assets per annum. 49

52 Notes to the Financial Statements as at March 31, 2014 (continued) Note 5. Investment management fees (continued) Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution 0.70% of the total net assets per annum. Class A () Accumulation 0.70% of the total net assets per annum. Class A () Distribution 0.70% of the total net assets per annum. Class I () Accumulation 0.35% of the total net assets per annum. The Investment management fees are expressed in annual rate and are calculated on the basis of daily net assets and payable at the end of each calendar quarter. Note 6. Management Company Fees The SICAV pays to the Management Company an annual management company fee which is set at a rate of up to 0.04% per annum of the Net Asset Value of the SICAV accrued on a monthly basis and payable on a monthly basis. The list of the funds managed by the Management Company may be obtained, on simple request, at the registered office of the Management Company. Note 7. Taxe d'abonnement The SICAV is subject to the Taxe d'abonnement at a rate of 0.05% per annum (reduced to 0.01% on Classes comprising only institutional investors) based on the Net Asset Value of the Fund at the end of the relevant quarter, calculated and paid quarterly. The tax is not applicable for the portion of the assets invested in other Luxembourg undertakings for collective investment already subject to the Taxe d'abonnement. Note 8. Changes in portfolio A copy of the changes in the securities portfolio during the year under review is available, free of charge, at the registered office of the SICAV. Note 9. Other expenses As at March 31, 2014, the caption Other expenses includes mainly transfer agent fees, regulatory fees, VAT, printing fees, translation fees, registration fees, Key Investor Information Document ( KIID ) fees and publication fees. Note 10. Professional fees As at March 31, 2014, the caption Professional fees includes professional fees, audit fees, lawyer fees and legal fees. Note 11. Swing Pricing The Funds are single priced and may suffer a reduction in value as a result of the transaction costs incurred in the purchase and sale of its underlying investments and the spread between the buying and selling prices of such investments caused by subscriptions, switches and/or redemptions in and out of a Fund. This is known as dilution. In order to counter this and to protect Shareholders interests, the Company apply a technique known as swing pricing or dilution adjustment as part of its valuation policy. This mean that in certain circumstances the Company makes adjustments in the calculations of the Net Asset Values per Share, to counter the impact of dealing and other costs on occasions when these are deemed to be significant. The need to make a dilution adjustment depends upon the net value of subscriptions, switches and redemptions received by a Fund on each Dealing Day. The Company therefore reserves the right to make a dilution adjustment where a Fund experiences a net cash movement which exceeds a threshold of the previous Dealing Day s Net Asset Value. It was decided by the Circular Resolution of the Board of Directors of the SICAV dated December 17, 2013 to adopt the Swing Pricing Policy of Fullerton Fund Management Company Ltd, the Investment Manager of the Company s Funds and apply the same to the Company s Funds. 50

53 Notes to the Financial Statements as at March 31, 2014 (continued) Note 11. Swing Pricing (continued) As at March 31, 2014, Swing Pricing was applied on the Fund Fullerton Lux Funds - Asian Equities as follows: Net assets Class A (SGD) Accumulation in Class I (EUR) Accumulation in Class I (SGD) Accumulation in Class I () Accumulation in Total in swung 481, ,346, ,073, ,873, ,775, unswung 480, ,269, ,971, ,769, ,490, Net assets value per share Class A (SGD) Accumulation Class I (EUR) Accumulation Class I (SGD) Accumulation Class I () Accumulation swung unswung Note 12. Swap contract As at March 31, 2014, the Fund Fullerton Lux Funds - High Income Asian Equities held position in swap contract. The type of collateral pledged is composed of cash and the counterparty for this position is Woori Investment and Securities. Note 13. Forward foreign exchange contracts As at March 31, 2014, the Fund Fullerton Lux Funds - Asian Currency Bonds held positions in forward foreign exchange contracts. The counterparties for these positions are Credit Suisse, HSBC, Barclays and State Street Bank and the Fund has not pledged any collateral. As at March 31, 2014, the Fund Fullerton Lux Funds - Asian Bonds held positions in forward foreign exchange contracts. The counterparty for these positions is Barclays and the Fund has not pledged any collateral. As at March 31, 2014, the Fund Fullerton Lux Funds - RMB Bonds held positions in forward foreign exchange contracts. The counterparties for these positions are UBS Warburg, STD Chartered Bank and HSBC and the Fund has not pledged any collateral. As at March 31, 2014, the Fund Fullerton Lux Funds - Asian Short Duration Bonds held positions in forward foreign exchange contracts. The counterparty for these positions is Barclays and the Fund has not pledged any collateral. Note 14. Future contract As at March 31, 2014, the Fund Fullerton Lux Funds - Asian Short Duration Bonds held position in future contract. The counterparty for this position is JP Morgan and the Fund has pledged collateral of 55, Note 15. Dividend distribution During the year from April 1, 2013 to March 31, 2014 the SICAV distributed the following dividends: Funds Share Classes Ex-date Total dividend Total dividend per share in Fullerton Lux Funds - High Income Asian Equities Class I () Distribution July 1, , Fullerton Lux Funds - High Income Asian Equities Class I () Distribution October 1, , Fullerton Lux Funds - High Income Asian Equities Class I () Distribution January 2, , Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution April 2, SGD 2, Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution October 1, SGD 2, Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution April 2, SGD 26, Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution July 1, SGD 47, Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution October 1, SGD 40, Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution January 2, SGD 43,

54 Notes to the Financial Statements as at March 31, 2014 (continued) Note 15. Dividend distribution (continued) Funds Share Classes Ex-date Total dividend Total dividend per share in Fullerton Lux Funds - Asian Bonds Class A () Distribution April 2, , Fullerton Lux Funds - Asian Bonds Class A () Distribution July 1, , Fullerton Lux Funds - Asian Bonds Class A () Distribution October 1, , Fullerton Lux Funds - Asian Bonds Class A () Distribution January 2, , Fullerton Lux Funds - Asian Bonds Class I () Distribution July 1, , Fullerton Lux Funds - Asian Bonds Class I () Distribution October 1, ,019, Fullerton Lux Funds - Asian Bonds Class I () Distribution January 2, ,018, Fullerton Lux Funds - RMB Bonds Class J (JPY) Distribution June 3, JPY 186, Fullerton Lux Funds - RMB Bonds Class J (JPY) Distribution December 2, JPY 97, Note 16. Transaction costs For the year ended March 31, 2014, the Company incurred transaction costs which have been defined as brokerage fees, certain taxes and certain custodian fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. All these costs are included in the caption Transaction costs. Note 17. Subsequent events - It was decided by the Circular Resolution of the Board of Directors of the SICAV dated March 27, 2014 to approve the distribution of dividend for the following Funds: Funds Share Classes Ex-date Total dividend Total dividend per share in Fullerton Lux Funds - High Income Asian Equities Class I () Distribution April 1, , Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution April 1, SGD 2, Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution April 1, SGD 33, Fullerton Lux Funds - Asian Bonds Class A () Distribution April 1, , Fullerton Lux Funds - Asian Bonds Class I () Distribution April 1, , The Fund Fullerton Lux Funds - Asian High Yield Bonds has been launched on June 16, 2014 by normal cash subscription. - The prospectus of the SICAV (the Prospectus ) has been amended with effect from June 16, 2014 to clarify that the SICAV intends to enter into securities lending transactions for efficient portfolio management on behalf of the Equity Funds listed in the Prospectus. Moreover, the investment restrictions relating to the investment of the SICAV s assets have been amended to state that unless otherwise provided for in the Prospectus for a specific Fund, a Fund shall not invest more than 10% of its net assets in units or shares of UCITS and/or of other UCIs. This change has no impact on the current portfolios of the Funds. 52

55