Société d'investissement à Capital Variable R.C.S. Luxembourg N B 148 899 Annual Report as at March 31, 2017
Fullerton Lux Funds - Asia Growth & Income Equities Fullerton Lux Funds - Asian Small Cap Equities Fullerton Lux Funds - Asian Equities* Fullerton Lux Funds - Asia Focus Equities Fullerton Lux Funds - Asia Absolute Alpha Fullerton Lux Funds - ASEAN Growth Fullerton Lux Funds - China A Equities Fullerton Lux Funds - All China Equities** Fullerton Lux Funds - Global Emerging Market Equities Fullerton Lux Funds - Asian Currency Bonds Fullerton Lux Funds - Asian High Yield 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. * Fund closed on January 24, 2017. ** Fund launched on September 8, 2016.
Table of Contents Organisation of the SICAV 4 Directors' Report 5 Audit report 15 Statistics 17 Combined Statement of Net Assets as at March 31, 2017 22 Combined Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 22 Fullerton Lux Funds - Asia Growth & Income Equities Statement of Net Assets as at March 31, 2017 23 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 23 Statement of Changes in Number of Shares 23 Securities Portfolio as at March 31, 2017 24 Portfolio Breakdowns 25 Top Ten Holdings 25 Fullerton Lux Funds - Asian Small Cap Equities Statement of Net Assets as at March 31, 2017 26 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 26 Statement of Changes in Number of Shares 26 Securities Portfolio as at March 31, 2017 27 Portfolio Breakdowns 28 Top Ten Holdings 28 Fullerton Lux Funds - Asian Equities* Statement of Operations and Changes in Net Assets for the period ended January 24, 2017 29 Statement of Changes in Number of Shares 29 Fullerton Lux Funds - Asia Focus Equities Statement of Net Assets as at March 31, 2017 30 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 30 Statement of Changes in Number of Shares 30 Securities Portfolio as at March 31, 2017 31 Portfolio Breakdowns 32 Top Ten Holdings 32 Fullerton Lux Funds - Asia Absolute Alpha Statement of Net Assets as at March 31, 2017 33 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 33 Statement of Changes in Number of Shares 33 Securities Portfolio as at March 31, 2017 34 Financial derivative instruments as at March 31, 2017 34 Portfolio Breakdowns 35 Top Ten Holdings 35 * Fund closed on January 24, 2017. 1
Table of Contents Fullerton Lux Funds - ASEAN Growth Statement of Net Assets as at March 31, 2017 36 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 36 Statement of Changes in Number of Shares 36 Securities Portfolio as at March 31, 2017 37 Portfolio Breakdowns 38 Top Ten Holdings 38 Fullerton Lux Funds - China A Equities Statement of Net Assets as at March 31, 2017 39 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 39 Statement of Changes in Number of Shares 39 Securities Portfolio as at March 31, 2017 40 Portfolio Breakdowns 41 Top Ten Holdings 41 Fullerton Lux Funds - All China Equities** Statement of Net Assets as at March 31, 2017 42 Statement of Operations and Changes in Net Assets for the period ended March 31, 2017 42 Statement of Changes in Number of Shares 42 Securities Portfolio as at March 31, 2017 43 Financial derivative instruments as at March 31, 2017 43 Portfolio Breakdowns 44 Top Ten Holdings 44 Fullerton Lux Funds - Global Emerging Market Equities Statement of Net Assets as at March 31, 2017 45 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 45 Statement of Changes in Number of Shares 45 Securities Portfolio as at March 31, 2017 46 Portfolio Breakdowns 47 Top Ten Holdings 47 Fullerton Lux Funds - Asian Currency Bonds Statement of Net Assets as at March 31, 2017 48 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 48 Statement of Changes in Number of Shares 48 Securities Portfolio as at March 31, 2017 49 Financial derivative instruments as at March 31, 2017 50 Portfolio Breakdowns 51 Top Ten Holdings 51 ** Fund launched on September 8, 2016. 2
Table of Contents Fullerton Lux Funds - Asian High Yield Bonds Statement of Net Assets as at March 31, 2017 52 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 52 Statement of Changes in Number of Shares 52 Securities Portfolio as at March 31, 2017 53 Financial derivative instruments as at March 31, 2017 53 Portfolio Breakdowns 55 Top Ten Holdings 55 Fullerton Lux Funds - Asian Bonds Statement of Net Assets as at March 31, 2017 56 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 56 Statement of Changes in Number of Shares 56 Securities Portfolio as at March 31, 2017 57 Financial derivative instruments as at March 31, 2017 59 Portfolio Breakdowns 60 Top Ten Holdings 60 Fullerton Lux Funds - RMB Bonds Statement of Net Assets as at March 31, 2017 61 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 61 Statement of Changes in Number of Shares 61 Securities Portfolio as at March 31, 2017 63 Financial derivative instruments as at March 31, 2017 64 Portfolio Breakdowns 65 Top Ten Holdings 65 Fullerton Lux Funds - Asian Short Duration Bonds Statement of Net Assets as at March 31, 2017 Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 Statement of Changes in Number of Shares Securities Portfolio as at March 31, 2017 Financial derivative instruments as at March 31, 2017 66 66 66 67 69 Portfolio Breakdowns Top Ten Holdings 70 70 Notes to the Financial Statements 71 Supplementary Information (unaudited) 79 3
Organisation of the SICAV Registered Office 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Board of Directors Chairman Trevor Norman Chudleigh, Head of Business Development, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Atrium @ Orchard, Singapore 238891 Directors Jeffrey Lawrence Plein, Chief Operating Officer, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Atrium @ Orchard, Singapore 238891 Gopi d/o Bhagu Mirchandani (until November 8, 2016), Senior Vice President, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Atrium @ Orchard, Singapore 238891 Koh Boon San (until November 8, 2016), Senior Vice President, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Atrium @ Orchard, Singapore 238891 Gillian Ong (from November 9, 2016), Vice President, Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Atrium @ Orchard, Singapore 238891 Management Company Lemanik Asset Management S.A. (since November 7, 2016), 106, route d Arlon, L-8210 Mamer, Grand Duchy of Luxembourg FundRock Management Company S.A. (until November 6, 2016), H2O Building, 33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Depositary, Administrator, Registrar and Transfer Agent, Domiciliary Agent BNP Paribas Securities Services - Luxembourg Branch, 60, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Investment Manager Fullerton Fund Management Company Ltd., 60B Orchard Road, #06-18 Tower 2, The Atrium @ Orchard, Singapore 238891 Auditor PricewaterhouseCoopers, Société coopérative 2 rue Gerhard Mercator, B.P. 1443 L-1014 Luxembourg, Grand Duchy of Luxembourg Legal Adviser in Luxembourg Elvinger Hoss Prussen, 2 Place Winston Churchill, B.P. 425 L-2014 Luxembourg, Grand Duchy of Luxembourg The Board of Directors of the Company decided to replace the current management company FundRock Management Company S.A. with Lemanik Asset Management S.A. with effect as from November 7, 2016. 4
Directors Report Fullerton Lux Funds - Asia Growth & Income Equities Asian equity markets generally ended the period under review on a firmer note, with investor sentiment boosted by the global recovery that was gaining traction. Sources of volatility over the year included the United Kingdom s unexpected vote to leave the European Union in June. Donald Trump s surprise win in the US Presidential elections in November, and later, his administration s plans to push through with proposed fiscal and trade policies, also drove performance of equity markets here in Asia. Markets consolidated in December on the back of the Federal Reserve s (Fed) first rate hike, but optimism over US fiscal expansion plans saw equity markets rally in 1Q17. Investors also took the Fed s rate hike in March 2017 in stride, after the Fed offered the assurance that the pace of normalisation would continue to be gradual. Asian economies showed firming growth momentum over the year under review. In the Philippines, 2016 GDP growth registered 6.8%, driven by strong investment spending. Singapore s economy expanded 2% in 2016, on the back of strong improvements in the manufacturing and services sectors. China s full year growth of 6.7% was in line with the government s target, with the economy supported by government infrastructure spending and a rebounding property market. Meanwhile, Taiwan s 2016 GDP growth of 1.5% was its fastest in four years, as strong export and investment growth helped offset soft private consumption. In Malaysia, the economy grew 4.2% in 2016, on the back of strong public investment and private consumption. Elsewhere, Indonesia s 2016 GDP growth of 5% lent weight to the stable growth outlook for the country. In contrast, South Korea s economy expanded slower in 2016, with GDP growth at 2.8%, as the impeachment of the President hurt consumer confidence and spending. Monetary policy was mixed over the period, with policymakers generally mindful of downside risks to growth amidst growing global policy and political uncertainties, balanced against manageable inflation risks. The Philippines and Thailand left their policies unchanged but the Monetary Authority of Singapore surprised in April 2016 with a move to reduce the SGD Nominal Effective Exchange Rate appreciation bias to neutral. Similarly, the Bank of Korea made a surprise key policy rate cut in June 2016, bringing it to a record low of 1.25%. Taiwan and Malaysia's central banks also cut rates once during the 12 months under review, to support economic growth. The Reserve Bank of India (RBI) and Bank Indonesia (BI) eased monetary policy multiple times. The RBI cut interest rates twice but shifted to a neutral stance in March 2017, which suggested an end to the rate cutting cycle. BI cut benchmark rates three times over the year, in a bid to boost domestic demand and economic growth. In contrast, the People s Bank of China (PBOC) increased the interest rates on its medium-term lending facility by 10bps each month from January to March 2017. The moves reinforced views that PBOC was tightening policy, to contain capital outflows and financial system risk. The Fund underperformed its benchmark over the period. Value generated by positions in India and Singapore were negated by drag arising from positions in China, Hong Kong and Korea. By sector, positions in the consumer discretionary and industrials were the key detractors. Notwithstanding the Asia s strong performance in 1Q17, investors need to be poised for continued volatility as US policy uncertainties and political risks are likely to dominate sentiment in the months ahead. There are however, reasons to be optimistic US economic data remains robust and a turnaround in Asian trade growth is now visible. Given a sustained positive earnings revision trend since the end of last year, the outlook for the region appears constructive. In terms of valuations, Asian equities remain attractively priced, trading at a significant discount relative to global equities on both Price-to- Earnings and Price-to-Book value terms. All things considered, we remain vigilant in the implementation of our high conviction approach to stock selection, taking into account sources of risk and opportunity arising from both top-down and bottom-up drivers. To this end, we have taken profit in positions that have done well while reducing exposure in names with limited catalysts to fund investments in companies with sustainable and/or growing dividend yield, with a strong growth outlook. Fullerton Lux Funds - Asian Small Cap Equities Asian equity markets generally ended the period under review on a firmer note, with investor sentiment boosted by the global recovery that was gaining traction. Sources of volatility over the year included the United Kingdom s unexpected vote to leave the European Union in June. Donald Trump s surprise win in the US Presidential elections in November, and later, his administration s plans to push through with proposed fiscal and trade policies, also drove performance of equity markets here in Asia. Markets consolidated in December on the back of the Federal Reserve s (Fed) first rate hike, but optimism over US fiscal expansion plans saw equity markets rally in 1Q17. Investors also took the Fed s rate hike in March 2017 in stride, after the Fed offered the assurance that the pace of normalisation would continue to be gradual. Across the 12-month period, small cap equities were broadly positive across Asia, with India the key outperformer. Asian economies showed firming growth momentum over the year under review. In the Philippines, 2016 GDP growth registered 6.8%, driven by strong investment spending. Singapore s economy expanded 2% in 2016, on the back of strong improvements in the manufacturing and services sectors. China s full year growth of 6.7% was in line with the government s target, with the economy supported by government infrastructure spending and a rebounding property market. Meanwhile, Taiwan s 2016 GDP growth of 1.5% was its fastest in four years, as strong export and investment growth helped offset soft private consumption. In Malaysia, the economy grew 4.2% in 2016, on the back of strong public investment and private consumption. Elsewhere, Indonesia s 2016 GDP growth of 5% lent weight to the stable growth outlook for the country. In contrast, South Korea s economy expanded slower in 2016, with GDP growth at 2.8%, as the impeachment of the President hurt consumer confidence and spending. Monetary policy was mixed over the period, with policymakers generally mindful of downside risks to growth amidst growing global policy and political uncertainties, balanced against manageable inflation risks. The Philippines and Thailand left their policies unchanged but the Monetary Authority of Singapore surprised in April 2016 with a move to reduce the SGD Nominal Effective Exchange Rate appreciation bias to neutral. Similarly, the Bank of Korea made a surprise key policy rate cut in June 2016, bringing it to a record low of 1.25%. Taiwan and Malaysia's central banks also cut rates once during the 12 months under review, to support economic growth. 5
Directors Report (continued) Fullerton Lux Funds - Asian Small Cap Equities (continued) The Reserve Bank of India (RBI) and Bank Indonesia (BI) eased monetary policy multiple times. The RBI cut interest rates twice but shifted to a neutral stance in March 2017, which suggested an end to the rate cutting cycle. BI cut benchmark rates three times over the year, in a bid to boost domestic demand and economic growth. In contrast, the People s Bank of China (PBOC) increased the interest rates on its medium-term lending facility by 10bps each month from January to March 2017. The moves reinforced views that PBOC was tightening policy, to contain capital outflows and financial system risk. The Fund underperformed its benchmark during the period. Positions in China and Indonesia were the key detractors, which outweighed value-add from positions in Korea and Hong Kong. By sector, materials, consumer discretionary and industrial names were the key detractors, negating gains from IT and healthcare positions. Notwithstanding Asia s strong performance in 1Q17, investors need to be poised for continued volatility as US policy uncertainties and political risks are likely to dominate sentiment in the months ahead. There are however, reasons to be optimistic US economic data remains robust and a turnaround in Asian trade growth is now visible. Given a sustained positive earnings revision trend since the end of last year, the region s outlook appears constructive. In terms of valuations, Asian equities remain attractively priced, trading at a significant discount relative to global equities on both Price-to-Earnings and Priceto-Book value terms. To this end, we have taken profit in positions that have done well, and reduced exposure in names with limited catalysts to fund investments in small cap companies with superior growth outlook and reasonable valuations. Improving design and higher technologies for mobile devices, infrastructure development and rising credit/financial product penetration are some of the key investment themes we are exposed to in Asia. Fullerton Lux Funds - Asian Equities Asian equity markets generally ended the period under review on a firmer note, with investor sentiment boosted by the global recovery that was gaining traction. Sources of volatility over the year included the United Kingdom s unexpected vote to leave the European Union in June. Donald Trump s surprise win in the US Presidential elections in November, and later, his administration s plans to push through with proposed fiscal and trade policies, also drove performance of equity markets here in Asia. Markets consolidated in December on the back of the Federal Reserve s (Fed) first rate hike, but optimism over US fiscal expansion plans saw equity markets rally in 1Q17. Asian economies showed firming growth momentum over the year under review. In the Philippines, 2016 GDP growth registered 6.8%, driven by strong investment spending. Singapore s economy expanded 2% in 2016, on the back of strong improvements in the manufacturing and services sectors. China s full year growth of 6.7% was in line with the government s target, with the economy supported by government infrastructure spending and a rebounding property market. Meanwhile, Taiwan s 2016 GDP growth of 1.5% was its fastest in four years, as strong export and investment growth helped offset soft private consumption. In Malaysia, the economy grew 4.2% in 2016, on the back of strong public investment and private consumption. Elsewhere, Indonesia s 2016 GDP growth of 5% lent weight to the stable growth outlook for the country. In contrast, South Korea s economy expanded slower in 2016, with GDP growth at 2.8%, as the impeachment of the President hurt consumer confidence and spending. Monetary policy was mixed over the period, with policymakers generally mindful of downside risks to growth amidst growing global policy and political uncertainties, balanced against manageable inflation risks. The Philippines and Thailand left their policies unchanged but the Monetary Authority of Singapore surprised in April 2016 with a move to reduce the SGD Nominal Effective Exchange Rate appreciation bias to neutral. Similarly, the Bank of Korea made a surprise key policy rate cut in June 2016, bringing it to a record low of 1.25%. Taiwan and Malaysia's central banks also cut rates once during the 12 months under review, to support economic growth. The Reserve Bank of India (RBI) and Bank Indonesia (BI) eased monetary policy multiple times. The RBI cut interest rates twice but shifted to a neutral stance in March 2017, which suggested an end to the rate cutting cycle. BI cut benchmark rates three times over the year, in a bid to boost domestic demand and economic growth. In contrast, the People s Bank of China (PBOC) increased the interest rates on its medium-term lending facility by 10bps each month from January to March 2017. The Fund underperformed its benchmark during the period, with exposure to China/Hong Kong and Korea being a key source of drag, outweighing valueadd from our positions in India and Thailand. By sector, consumer discretionary, financials and utilities sectors were the biggest detractors during the period. The Lux Asian Equities fund was fully liquidated on 24 January 2017, after redemptions from all investors. Fullerton Lux Funds - Asia Focus Equities Asian equity markets generally ended the period under review on a firmer note, with investor sentiment boosted by the global recovery that was gaining traction. Sources of volatility over the year included the United Kingdom s unexpected vote to leave the European Union in June. Donald Trump s surprise win in the US Presidential elections in November, and later, his administration s plans to push through with proposed fiscal and trade policies, also drove performance of equity markets here in Asia. Markets consolidated in December on the back of the Federal Reserve s (Fed) first rate hike, but optimism over US fiscal expansion plans saw equity markets rally in 1Q17. Investors also took the Fed s rate hike in March 2017 in stride, after the Fed offered the assurance that the pace of normalisation would continue to be gradual. 6
Directors Report (continued) Fullerton Lux Funds - Asia Focus Equities (continued) Asian economies showed firming growth momentum over the year under review. In the Philippines, 2016 GDP growth registered 6.8%, driven by strong investment spending. Singapore s economy expanded 2% in 2016, on the back of strong improvements in the manufacturing and services sectors. China s full year growth of 6.7% was in line with the government s target, with the economy supported by government infrastructure spending and a rebounding property market. Meanwhile, Taiwan s 2016 GDP growth of 1.5% was its fastest in four years, as strong export and investment growth helped offset soft private consumption. In Malaysia, the economy grew 4.2% in 2016, on the back of strong public investment and private consumption. Elsewhere, Indonesia s 2016 GDP growth of 5% lent weight to the stable growth outlook for the country. In contrast, South Korea s economy expanded slower in 2016, with GDP growth at 2.8%, as the impeachment of the President hurt consumer confidence and spending. Monetary policy was mixed over the period, with policymakers generally mindful of downside risks to growth amidst growing global policy and political uncertainties, balanced against manageable inflation risks. The Philippines and Thailand left their policies unchanged but the Monetary Authority of Singapore surprised in April 2016 with a move to reduce the SGD Nominal Effective Exchange Rate appreciation bias to neutral. Similarly, the Bank of Korea made a surprise key policy rate cut in June 2016, bringing it to a record low of 1.25%. Taiwan and Malaysia's central banks also cut rates once during the 12 months under review, to support economic growth. The Reserve Bank of India (RBI) and Bank Indonesia (BI) eased monetary policy multiple times. The RBI cut interest rates twice but shifted to a neutral stance in March 2017, which suggested an end to the rate cutting cycle. BI cut benchmark rates three times over the year, in a bid to boost domestic demand and economic growth. In contrast, the People s Bank of China (PBOC) increased the interest rates on its medium-term lending facility by 10bps each month from January to March 2017. The moves reinforced views that PBOC was tightening policy, to contain capital outflows and financial system risk. The Fund underperformed its benchmark during the period. Positions in Indonesia, Hong Kong and China were the key detractors, which outweighed valueadd from positions in India and Taiwan. By sector, industrial and material names were the key detractors, negating significant gains from IT and consumer discretionary companies. Notwithstanding Asia s strong performance in 1Q17, investors need to be poised for continued volatility as US policy uncertainties and political risks are likely to dominate sentiment in the months ahead. There are however, reasons to be optimistic US economic data remains robust and a turnaround in Asian trade growth is now visible. Given a sustained positive earnings revision trend since the end of last year, the region s outlook appears constructive. In terms of valuations, Asian equities remain attractively priced, trading at a significant discount relative to global equities on both Price-to-Earnings and Priceto-Book value terms. All things considered, we remain vigilant in the implementation of our high conviction approach to stock selection, taking into account sources of risk and opportunity arising from both top-down and bottom-up drivers. Infrastructure spending, rising credit/financial product penetration and technology innovative companies are among some of the key investment themes we are exposed to in Asia. Fullerton Lux Funds - Asia Absolute Alpha Asian equity markets generally ended the period under review on a firmer note, with investor sentiment boosted by the global recovery that was gaining traction. Sources of volatility over the year included the United Kingdom s unexpected vote to leave the European Union in June. Donald Trump s surprise win in the US Presidential elections in November, and later, his administration s plans to push through with proposed fiscal and trade policies, also drove performance of equity markets here in Asia. Markets consolidated in December on the back of the Federal Reserve s (Fed) first rate hike, but optimism over US fiscal expansion plans saw equity markets rally in 1Q17. Investors also took the Fed s rate hike in March 2017 in stride, after the Fed offered the assurance that the pace of normalisation would continue to be gradual. Asian economies showed firming growth momentum over the year under review. In the Philippines, 2016 GDP growth registered 6.8%, driven by strong investment spending. Singapore s economy expanded 2% in 2016, on the back of strong improvements in the manufacturing and services sectors. China s full year growth of 6.7% was in line with the government s target, with the economy supported by government infrastructure spending and a rebounding property market. Meanwhile, Taiwan s 2016 GDP growth of 1.5% was its fastest in four years, as strong export and investment growth helped offset soft private consumption. In Malaysia, the economy grew 4.2% in 2016, on the back of strong public investment and private consumption. Elsewhere, Indonesia s 2016 GDP growth of 5% lent weight to the stable growth outlook for the country. In contrast, South Korea s economy expanded slower in 2016, with GDP growth at 2.8%, as the impeachment of the President hurt consumer confidence and spending. Monetary policy was mixed over the period, with policymakers generally mindful of downside risks to growth amidst growing global policy and political uncertainties, balanced against manageable inflation risks. The Philippines and Thailand left their policies unchanged but the Monetary Authority of Singapore surprised in April 2016 with a move to reduce the SGD Nominal Effective Exchange Rate appreciation bias to neutral. Similarly, the Bank of Korea made a surprise key policy rate cut in June 2016, bringing it to a record low of 1.25%. Taiwan and Malaysia's central banks also cut rates once during the 12 months under review, to support economic growth. The Reserve Bank of India (RBI) and Bank Indonesia (BI) eased monetary policy multiple times. The RBI cut interest rates twice but shifted to a neutral stance in March 2017, which suggested an end to the rate cutting cycle. BI cut benchmark rates three times over the year, in a bid to boost domestic demand and economic growth. In contrast, the People s Bank of China (PBOC) increased the interest rates on its medium-term lending facility by 10bps each month from January to March 2017. The moves reinforced views that PBOC was tightening policy, to contain capital outflows and financial system risk. The Fund generated 6.46% in terms over the period, gross of fees. Positions in IT companies in China, Hong Kong and Korea, as well as financial companies were key sources of value-add. Consumer discretionary names also contributed positively to performance. 7
Directors Report (continued) Fullerton Lux Funds - Asia Absolute Alpha (continued) Notwithstanding Asia s strong performance in 1Q17, investors need to be poised for continued volatility as US policy uncertainties and political risks are likely to dominate sentiment in the months ahead. There are however, reasons to be optimistic US economic data remains robust and a turnaround in Asian trade growth is now visible. Given a sustained positive earnings revision trend since the end of last year, the outlook for the region appears constructive. In terms of valuations, Asian equities remain attractively priced, trading at a significant discount relative to global equities on both Price-to- Earnings and Price-to-Book value terms. All things considered, we remain vigilant in the implementation of our high conviction approach to stock selection, taking into account sources of risk and opportunity arising from both top-down and bottom-up drivers. Infrastructure spending, increased consumption, rising credit/financial product penetration and technology innovative companies are among some of the key investment themes we are exposed to in Asia. Fullerton Lux Funds - ASEAN Growth ASEAN equity markets were mixed but as a whole, ended the period under review on a firmer note. Investors took comfort that policymakers would stay pro-active, with sentiment boosted by the global recovery that was gaining traction. Sources of volatility over the year included the United Kingdom s unexpected vote to leave the European Union in June. Donald Trump s surprise win in the US Presidential elections in November, and later, his administration s plans to push through with proposed fiscal and trade policies, also drove performance of equity markets here in Asia. While markets consolidated in December on the back of the Federal Reserve s (Fed) first rate hike, upbeat economic data and optimism over US fiscal expansion plans saw equity markets rally in 1Q17, with a tailwind boost from higher oil prices. Investors also took the Fed s rate hike in March 2017 in stride, after the Fed assured that the pace of normalisation would continue to be gradual. ASEAN economies showed firming growth momentum over the year under review. In the Philippines, 2016 GDP growth registered 6.8%, driven by strong investment spending. Singapore s economy expanded 2% in 2016, on the back of strong improvements in the manufacturing and services sectors. In Malaysia, the economy grew 4.2% in 2016, on the back of strong investment and private consumption. Elsewhere, Indonesia s 2016 GDP growth of 5% lent weight to the stable growth outlook for the country. Meanwhile, Thai GDP grew 3.2% in 2016, marginally higher than the previous year. Monetary policy was mixed over the period, with policymakers generally mindful of downside risks to growth amidst growing global policy and political uncertainties, balanced against manageable inflation risks. The Philippines and Thailand left their policies unchanged. During the year, Bangko Sentral ng Pilipinas implemented an interest rate corridor system to keep interbank rates closer to its policy rate, in a bid to improve monetary policy transmission. Thailand kept rates on hold and cited downside risks to growth, but also pointed to an upward trending inflation. Meanwhile, the Monetary Authority of Singapore surprised in April 2016 with a move to reduce the SGD Nominal Effective Exchange Rate appreciation bias to neutral. Malaysia's central bank also cut rates once, but subsequently stayed steady. Bank Indonesia (BI) cut its benchmark rates three times over the year, in a bid to boost domestic demand and economic growth. The Fund underperformed its benchmark during the period. Stock selection in Indonesia and Singapore were the main detractors; by sector, materials, industrial and consumer names dragged on performance. Notwithstanding Asia s strong performance in 1Q17, investors need to be poised for continued volatility as US policy uncertainties and political risks are likely to dominate sentiment in the months ahead. There are however, reasons to be optimistic US economic data remains robust and a turnaround in Asian trade growth is now visible. Given a sustained positive earnings revision trend since the end of last year, the region s outlook appears constructive. All things considered, we remain mindful of pockets of opportunity here in ASEAN for us to implement our bottom-up driven approach to stock selection, taking into account sources of risk and opportunity arising from both top-down and bottom-up drivers. We continue to seek out sustainable, quality growth names in ASEAN, with infrastructure spending and rising credit/financial product penetration among some of the key investment themes we are exposed to. Fullerton Lux Funds - China A Equities The China A-share equity market was volatile over the 12 months under review, although it ended the period positive, with the MSCI China A index up by about 5% in local currency terms. Markets initially remained in a tight range as investors grappled with a slew of concerns worries over a slowdown in China, the Chinese Yuan depreciation and a decline in oil prices. Investors focused on domestic economic growth data, particularly after volatility and risk aversion spiked on the back of the UK's surprise vote to leave the European Union in June. Markets were later affected by concerns over the US Federal Reserve's pace of rate normalisation, as well as the Chinese government s decision to include wealth management products under its regulatory oversight. Nonetheless, sentiment rebounded in October, as fiscal stimulus and development of the One Belt One Road initiative proved supportive. Towards the end of 2016, the US Presidential election was another major risk event and a resulting bond market correction negatively affected the A-share market. Investor sentiment was muted in the new year, on the back of further property control measures, as well as the China Banking Regulatory Commission's stringent regulatory measures as it looked to curb interbank leverage and illegal outsourcing from banks. China s economy stabilised over the period under review, as both the official Purchasing Managers Index (PMI) and Caixin PMI were resilient. In March 2017, the official manufacturing PMI rose to its highest level in five years, which confirmed that activity growth and the job market continued to gain strength amid external demand recovery. Overall, China s 4Q16 GDP growth of 6.8%yoy beat expectations, bringing full year growth to 6.7%, buoyed by government infrastructure spending and a rebounding property market. 8
Directors Report (continued) Fullerton Lux Funds - China A Equities (continued) On the monetary policy front, the People s Bank of China (PBOC) stayed on an overall modest tightening stance. Notably, the PBOC introduced the use of both 14-day and 28-day reverse repo operations in September 2016, in a continued effort to reduce reliance on cheap funding and to curb leverage in the bond market. The central bank remained committed to deleveraging and containing asset bubbles in 2017 it raised the 6-month and 1-year Medium Term Lending Facility (MLF) rates in January, and later suspended its Open Market Operations (OMO) after the Chinese New Year Holiday, citing sufficient liquidity in the banking system. In March, the PBOC reduced the pace of its OMO over the month and concurrently raised interest rates, increasing the OMO Reverse Repo, SLF (20bps hike for overnight tenor) and MLF rates by 10bps across the board. Separately, the China Foreign Trade Exchange System (CFETS) modified the CNY CFETS index to include another 11 currencies from 1 January 2017. This move reduced the G3 currency weights, and included more emerging market currencies. This measure also signalled continued policy focus on managing the CNY on a trade weighted basis to increase the currency s flexibility against the. The Fund outperformed outperformance against the benchmark significantly over the period under review. Positive stock selection in materials, industrials and IT contributed the most value to performance. While we remain positive on China s economy and financial markets over the longer term, we remain cautious in the near term as sentiment could be negatively affected by weaker economic data, liquidity tightening as well as potential shocks from the external environment. In addition, further financial regulation will likely have an impact on the Chinese financial markets. With the exception of several thematic sectors, other growth sectors have suffered severely on the back of valuation cuts and low transactions. Against such a backdrop, we remain focused on our bottom-up approach, and prefer companies with solid profit growth profiles and reasonable valuations. Fullerton Lux Funds - All China Equities The Fullerton Lux All China Equities Fund was incepted on 8 September 2016. Equity markets were volatile over the seven months under review, as investors grappled with the Chinese Yuan depreciation, political and policy uncertainty. Markets were affected by concerns over the US Federal Reserve's pace of rate normalisation, as well as the Chinese government s decision to include wealth management products under its regulatory oversight. Towards the end of 2016, the US Presidential election was another major risk event and a resulting bond market correction negatively affected the A-share market. Investor sentiment was muted for A-share market in the new year, on the back of further property control measures, as well as the China Banking Regulatory Commission's stringent regulatory measures as it looked to curb interbank leverage and illegal outsourcing from banks. China s economy stabilised over the period under review, as both the official Purchasing Managers Index (PMI) and Caixin PMI were resilient. In March 2017, the official manufacturing PMI rose to its highest level in five years, which confirmed that activity growth and the job market continued to gain strength amid external demand recovery. Overall, China s 4Q16 GDP growth of 6.8%yoy beat expectations, bringing full year growth to 6.7%, buoyed by government infrastructure spending and a rebounding property market. On the monetary policy front, the People s Bank of China (PBOC) stayed on an overall modest tightening stance. Notably, the PBOC introduced the use of both 14-day and 28-day reverse repo operations in September 2016, in a continued effort to reduce reliance on cheap funding and to curb leverage in the bond market. The central bank remained committed to deleveraging and containing asset bubbles in 2017, after it increased short-term borrowing costs onshore. It raised the 6-month and 1-year Medium Term Lending Facility (MLF) rates in January, and later suspended its Open Market Operations (OMO) after the Chinese New Year Holiday, citing sufficient liquidity in the banking system. In March, the PBOC reduced the pace of its OMO over the month and concurrently raised interest rates, increasing the OMO Reverse Repo, SLF (20bps hike for overnight tenor) and MLF rates by 10bps across the board. Separately, the China Foreign Trade Exchange System (CFETS) modified the CNY CFETS index to include another 11 currencies from 1 January 2017. The modification reduced the G3 currency weights and included more emerging market currencies. This measure signalled continued policy focus on managing the CNY on a trade weighted basis to increase the currency s flexibility against the. The Fund delivered returns of -2.3% (gross of fees) in terms over the period under review, as it was negatively impacted by the RMB depreciation of close to 1%. Markets were also volatile during the first three months of the fund s ramp-up period. The fund has since recovered some of the losses this year, mainly on the back of positive contribution from stock selection in the consumer discretionary and IT sectors. While we remain positive on the Chinese markets in the longer term, we are cautious in the near term as economic data might be weaker than expected in the second half of this year; markets may also be negatively affected by liquidity tightening and potential shocks from the external environment. In addition, further financial regulation will likely have an impact on the financial markets. Against such a backdrop, we remain focused on our bottom-up approach and continue to invest in companies with quality earning profiles and reasonable valuations. 9
Directors Report (continued) Fullerton Lux Funds - Global Emerging Market Equities Emerging Market (EM) equities enjoyed a strong recovery in the 12 months to March 2017, having troughed in 1Q16 along with the oil price. Over the period, the earnings cycle inflected and the strength moderated, encouraging increased appetite for the asset class. Loose global monetary policy also continued to support risk assets, including EM equities, within which Latin America led performance on the back of higher commodity prices and political change in Brazil. At the sector level, IT has been the standout performer, driven by the semiconductor and internet sub-sectors. IT has benefitted from both structural and cyclical earnings tailwinds, resulting in strong outperformance from Korean, Taiwanese and Chinese large-cap tech names. Sources of volatility over the year included the United Kingdom s unexpected vote to leave the European Union in June and Donald Trump s surprise win in the US Presidential elections in November. Despite these external shocks, the earnings recovery for EM was not derailed. Initial consensus positioning for a stronger also proved exaggerated during the period under review, allowing EM equities to perform well into 1Q17, on the back of a combination of positive earnings revisions and undemanding valuations. Nonetheless, concerns lingered over political stability in developed markets, as well as levels of credit within the Chinese economy, combined with elevated US equity valuations. The Fund captured the strong recovery in EM equity markets and outperformed its benchmark over the period. By sector, utilities led alpha generation, supported by consumer staples, whilst from a geographic perspective, the fund s overweight in Latin America (Brazil, Argentina and Chile) was a key contributor to performance. Stock selection within Asia delivered notably, particularly names within the Indian industrials and defence sectors, as well as in Chinese gaming and Taiwanese tech. Notwithstanding EM equities strong performance in 1Q17, investors need to be poised for continued volatility in the months ahead, given concerns over US and Latin America political issues, as well as Chinese debt sustainability. Within EM, there is an ongoing secular shift in market leadership, moving from capital-intensive traditional business models, to those that are able to transition up the value chain. Winners are likely to display a combination of intellectual property, brand equity and distribution capability, to cite some examples of sources of less tangible asset value, giving rise to a sustainable competitive advantage. We continue to focus on stock selection as our main source of alpha, preferring well run businesses that are able to capture these growth opportunities at attractive rates of return, with good cash conversion. To this end, we have taken profit in positions that have done well while reducing exposure in names with limited catalysts to fund investments in companies with a strong growth outlook. We raised exposure to sub-sectors including CEEMEA telecoms and insurance, Latin American software and food services, as well as Asian IT names, and pared our positions in areas including CEEMEA healthcare, and Chinese gaming and entertainment. Fullerton Lux Funds - Asian Currency Bonds Investors had to navigate through a choppy investment environment over the twelve-month period under review, as markets were roiled by political events over 2016 and 2017, including Brexit and the US Presidential elections. While global markets saw significant volatility, Asian local currency bonds performed well for most of 2016, benefiting from the subsequent strong fund inflows into Asian bond markets post-brexit, as risk aversion receded and markets saw resurgence in demand for bonds by yield-seeking investors. The positive performance however, derailed in the fourth quarter of 2016 driven by concerns over central bank policies in the developed market and President Trump s potential reflation policies. Worries over a slowdown in China, RMB depreciation, and decline in oil prices at the start of 2016, led to a rally in US Treasuries as investors sought refuge in safe haven assets. This, coupled with supportive policy actions by various Asian central banks, helped the positive performance in Asian local currency bonds for most of the first half of 2016. A more hawkish Fed led to a reversal of some gains in the mid-year, but this was subsequently shrugged off in the aftermath of the Brexit vote. Markets derailed in the fourth quarter of 2016 as the outcome of the US Presidential election caught investors by surprise. Asian local currency bonds sold off over the period, driven by the sharp rise in US Treasury yields as investors worried about President Trump s potential reflation policies and the path of Fed policy actions. After the weak performance at the end of 2016, Asian local currency bonds rallied over the first quarter of 2017, driven mostly by the strong performance of Asian currencies versus the. Increased uncertainty over the Trump administration s policies and comments from the President favoring a weaker currency, played against the. The recovery in the growth momentum in Asia, coupled with continued strong fund inflows into Asian bond markets, also supported the strength in Asian currencies. Performance of local currency bonds were however mixed, led by country specific factors including more hawkish policy stance in China and India versus a positive ratings outlook upgrade for Indonesia. On monetary policy, over the review period, central banks in Indonesia, India, Korea and Taiwan lowered their benchmark interest rates. In Singapore, the Monetary Authority of Singapore surprised the market with a move to reduce the SGD Nominal Effective Exchange Rate appreciation bias to neutral in April, marking the first time that the central bank shifted to a neutral policy stance outside of a recession. Elsewhere, the People s Bank of China (PBoC) has been moving to curb financial leveraging and asset bubbles with a series of actions to tighten liquidity in the interbank market, such as a reduction in Open Market Operations (OMO) liquidity injections and raising front-end interbank lending rates. These included the Medium Term Lending Facility and Standing Lending Facility rates, as well as the OMO Reverse Repo rates. Apart from central bank actions, the Indian government surprised the market with its demonetization move in November; despite the near term headwind on growth, the move was seen as a potential avenue to increase the country s tax base over the longer term. China also announced in December that the CNY China Foreign Exchange Trade System (CFETS) index would be modified to include another 11 currencies, with effect from 1 January 2017. This move reduces the G3 currency weights, while more emerging market currencies would be included. This measure also signalled continued policy focus on managing the CNY on a trade weighted basis to increase the currency s flexibility against the. 10
Directors Report (continued) Fullerton Lux Funds - Asian Currency Bonds (continued) Given the market volatility over the review period, Asian local currency markets delivered a muted performance, with the iboxx ALBI generating a flat return in terms, and a gain of 1.98% in local currency terms. India and Indonesia were the outperformers in both and local currency terms; MYR and PHP bonds were the laggards, with losses exacerbated by the weakness in their currencies against the. For the 12 months ending 31 March 2017, the Fund delivered a strong outperformance relative to the benchmark, in terms. The Fund s allocation to credits was a key driver of performance as Asian corporate bonds outperformed on the back of investors demand for yield assets. Market allocation effects were also positive, as the fund gained from its overweight in higher yielding bonds including India and Indonesia. Duration effects detracted from overall performance. Asia s reflation theme remains in play after the strong growth rebound in 1Q17, and portfolio flows are supportive of Asian currencies. In China, financial deleveraging is a key policy focus and the unwinding of leveraged positions creates headwinds to CNY bonds. However, we believe that growth and financial stability remain important ahead of China s National Congress meetings in 4Q17, and would look to fade sharp selloffs in CNY bonds. We continue to stay defensive in duration and stay overweight in higher-yielding markets. Fullerton Lux Funds - Asian High Yield Bonds Bond markets experienced heightened volatility over the twelve months under review. Investors had to grapple with a slew of concerns worries over a slowdown in China, RMB depreciation, and a decline in oil prices at the start of 2016. Central bank actions were also in the spotlight after the European Central Bank and the Bank of Japan adopted a more hawkish tilt; the Federal Reserve (Fed) later turned more cautious and backpedalled on its more hawkish stance, citing concerns over global economic uncertainties. All these led to a strong relief rally for global financial assets. The unexpected outcome of the Brexit vote roiled global financial markets; nonetheless, bond markets rallied in the aftermath of the Brexit vote as demand for safe haven assets rose sharply. Following Brexit, the US Presidential election was another major risk event. The surprise election of Donald Trump as the 45th US President contributed to even greater uncertainty for global debt markets, particularly for emerging markets. Bond markets had a strong start in 2017 as markets focused on the prospects of stronger US economic growth from President Trump s proposed fiscal reflationary policies. Nonetheless, risk appetite was tempered by the lack of clarity on Trump s fiscal stimulus and the likelihood of increased US trade protectionism. Markets were also concerned over developments in the French elections but the attention eventually shifted to the hawkish Fed rhetoric from Fed Chair Yellen and various Fed officials, and the prospects of a rate hike in March. Markets took the 25bps rate hike by the Fed in their stride and risk assets rallied after Fed Chair Janet Yellen offered the assurance that the pace of rate hikes would continue to be gradual. Nonetheless, the Trump administration s failure to advance its healthcare legislation in Congress sparked concerns over its ability to push through pro-growth policies. Elsewhere, the United Kingdom triggered Article 50 on 29 March, putting the wheels of Britain s formal exit from the European Union (EU), into motion. US Treasury movements were choppy overall, as 10-year Treasury yields see-sawed within a significant range, in reaction to rhetoric from the Fed, ECB and BOJ, market moving events in the course of 2016, as well as economic data and political newsflow. USTs saw a sharp sell-off following Trump s election as US President and this volatility continued in December after the Fed surprised the market with hawkish revisions to its policy forward guidance. The 10-year Treasury yield climbed to 2.59% in the last quarter of the year before retracing to 2.44% at the end of December. UST yields saw bouts of volatility in 1Q2017 but continued to stay within the range that held since last November. Stronger than expected payroll numbers accompanied by a rise in the unemployment rate pushed Treasury yields lower in February but gains were subsequently reversed following the resurgence of expectations for progrowth policies by the Trump administration, and a more hawkish bias by the Fed for a March rate hike. The long end of the curve declined, with the 10-year Treasury yield ending March at 2.39%. Asian credits performed well over the period, with the JACI Composite index up 4.7% during the 12 months to end March, largely driven by tighter spreads as the search for yield continued. The JACI High Yield (HY) Index posted a strong return of 11.3%. From a country perspective, Mongolia and Sri Lanka credits were the outperformers. Key sub-segments that outperformed were HY sovereigns and corporates, which returned 12.9% and 11.3%, respectively, as spreads compressed significantly on the back of the strong appetite for yield. For the 12 months ending 31 March 2017, the Fund delivered positive returns. Credit spread compression was the key driver of returns as high yield bonds continued to perform amidst the strong investor demand for yield assets. The Fund also benefited from yield carry. Duration effects were a detractor as US Treasury yields rose over the review period. Emerging Asia growth has improved year-to-date, led by exports and industrial sectors. This has resulted in some stabilising and improving trends in credit fundamentals, which continued to support the credit markets. Despite the improved macro backdrop, we remain cognisant of the uncertainty around US policy outlook and geopolitical risks. In terms of credit selection, the Fund holds a small amount of investment grade credits for diversification. 11
Directors Report (continued) Fullerton Lux Funds - Asian Bonds Bond markets experienced heightened volatility over the twelve months under review. Investors had to grapple with a slew of concerns worries over a slowdown in China, RMB depreciation, and a decline in oil prices at the start of 2016. Central bank actions were also in the spotlight after the European Central Bank and the Bank of Japan adopted a more hawkish tilt; the Federal Reserve (Fed) later turned more cautious and backpedalled on its more hawkish stance, citing concerns over global economic uncertainties. All these led to a strong relief rally for global financial assets. The unexpected outcome of the Brexit vote roiled global financial markets; nonetheless, bond markets rallied in the aftermath of the Brexit vote as demand for safe haven assets rose sharply. Following Brexit, the US Presidential election was another major risk event. The surprise election of Donald Trump as the 45 th US President contributed to even greater uncertainty for global debt markets, particularly for emerging markets. Bond markets had a strong start in 2017 as markets focused on the prospects of stronger US economic growth from President Trump s proposed fiscal reflationary policies. Nonetheless, risk appetite was tempered by the lack of clarity on Trump s fiscal stimulus and the likelihood of increased US trade protectionism. Markets were also concerned over developments in the French elections but the attention eventually shifted to the hawkish Fed rhetoric from Fed Chair Yellen and various Fed officials, and the prospects of a rate hike in March. Markets took the 25bps rate hike by the Fed in their stride and risk assets rallied after Fed Chair Janet Yellen offered the assurance that the pace of rate hikes would continue to be gradual. Nonetheless, the Trump administration s failure to advance its healthcare legislation in Congress sparked concerns over its ability to push through pro-growth policies. Elsewhere, the United Kingdom triggered Article 50 on 29 March, putting the wheels of Britain s formal exit from the European Union (EU), into motion. US Treasury movements were choppy overall, as 10-year Treasury yields see-sawed within a significant range, in reaction to rhetoric from the Fed, ECB and BOJ, market moving events in the course of 2016, as well as economic data and political news flow. USTs saw a sharp sell-off following Trump s election as US President and this volatility continued in December after the Fed s surprised the market with hawkish revisions to its policy forward guidance. The 10-year Treasury yield climbed to 2.59% in the last quarter of the year before retracing to 2.44% at the end of December. UST yields saw bouts of volatility in 1Q2017 but continued to stay within the range that held since last November. Stronger than expected payroll numbers accompanied by a rise in the unemployment rate pushed Treasury yields lower in February but gains were subsequently reversed following the resurgence of expectations for progrowth policies by the Trump administration, and a more hawkish bias by the Fed for a March rate hike. The long end of the curve declined, with the 10-year Treasury yield ending March at 2.39%. Asian credits performed well over the period, with the JACI Composite index up 4.7% during the 12 months to end March, largely driven by tighter spreads as the search for yield continued. The JACI Investment Grade (IG) Index delivered a return of 3.2%. Both IG sovereigns and corporates did well, with returns of 3.8% and 3.1%, respectively. From a country perspective, Indonesia and Macau credits were the outperformers. In comparison, high yield bonds outperformed IG credits, with the JACI High Yield (HY) Index posting a strong return of 11.3%. Key sub-segments that outperformed were HY sovereigns and corporates, which returned 12.9% and 11.3%, respectively, as spreads compressed significantly on the back of the strong appetite for yield. For the 12 months ending 31 March 2017, the Fund delivered positive returns over its benchmark. The Fund benefitted from positive allocation and credit selection; in particular, the off-benchmark positions in Australia, and the underweight to China and Korea, added the most value. Positive currency effects also added value while duration effects were flat. Emerging Asia growth has improved year-to-date, led by exports and industrial sectors. This has resulted in some stabilising and improving trends in credit fundamentals, which continued to support the credit markets. Despite the improved macro backdrop, we remain cognisant of the uncertainty around US policy outlook and geopolitical risks. As such, we continue to be tactical in our duration stance and maintain underweight duration relative to the benchmark. As for credit strategy, we continue to hold shorter-dated IG and HY for carry and would invest selectively in longer dated IG deals. Fullerton Lux Funds - RMB Bonds Bond markets experienced heightened volatility over the twelve months under review, as markets were roiled political events and Fed policy actions, over 2016 and 2017, including Brexit and the US Presidential elections. That said, the Asian credit market performed well for most of 2016, benefiting from the strong fund inflows into Asian bond markets, led by investors seeking yield strategies. The positive performance in Asian credit markets however derailed in the fourth quarter of 2016, driven by concerns over central bank policies in developed markets and President Trump s potential fiscal reflation policies. The Asian credit market had a strong start in 2017 as investor sentiments were buoyed by the improved US and global growth environment. Nonetheless, risk appetite was tempered by concerns over developments in the French elections, geopolitical tensions, as well as the subsequent hawkish Fed rhetoric. The CNH bond market also performed well the review period, driven by supportive technical factors. The primary market had remained lacklustre, with new bond issuance declining significantly over 2016. This, coupled with bond maturities and stable investor base, was positive for the performance of the CNH bond market. The China onshore bond market saw significant volatility over the twelve month period, driven primarily by domestic factors and concerns over tightening liquidity. Fears of a China hard landing and RMB devaluation drove China Government Bond (CGBs) yields higher at the start of 2016. Defaults in the onshore corporate bond market and the People s Bank of China s (PBOC) shift to a less accommodative monetary policy stance led to further market volatility over the course of the year. Whilst there was some reversal of the weak performance in the CGB market post Brexit, tighter monetary conditions and further regulatory scrutiny on onshore wealth management products drove further weakness in the CGB bond market towards year-end. CGB yields has continued to move higher over 2017, driven by ongoing efforts by the PBOC to curb financial leverage, including reducing liquidity operations and raising front-end interbank lending rates, 12
Directors Report (continued) Fullerton Lux Funds - RMB Bonds (continued) That said, the China onshore debt market witnessed other positive developments, after Citigroup announced that it would be the first major index provider to include Chinese onshore bonds in some of its bond indices. The Chinese authorities also introduced an additional measure that allows overseas funds to buy onshore bonds in transactions carried out in Hong Kong, to ease investor access to the country s debt market. For the 12 months ending 31 March 2017, the Fund delivered positive returns over the CNH Overnight Deposit Rate. Yield carry and credit spread compression were key contributors to portfolio performance. In particular, the portfolio benefited from tightening credit spreads in its and CNH credit allocations. Duration however detracted from overall performance as US Treasury and CGB yields rose over the review period. Emerging Asia growth has improved year-to-date, led by exports and industrial sectors. This has resulted in some stabilising and improving trends in credit fundamentals that continued to support the credit markets. Despite the improved macro backdrop, we remain cognisant of the uncertainty on US policy outlook and geopolitical risks. For the exposure in this Fund, we would be tactical in our duration strategy. We maintain a defensive stance for our CNY exposure as market conditions remain soft. Inter-bank liquidity onshore tightened further and there has been a sharp increase in the number of cancelled credit bond issuance transactions. We expect Chinese authorities to continue enforcing tightening measures to drive financial deleveraging. Fullerton Lux Funds - Asian Short Duration Bonds Bond markets experienced heightened volatility over the twelve months under review. Investors had to grapple with a slew of concerns worries over a slowdown in China, RMB depreciation, and a decline in oil prices at the start of 2016. Central bank actions were also in the spotlight after the European Central Bank and the Bank of Japan adopted a more hawkish tilt; the Federal Reserve (Fed) later turned more cautious and backpedalled on its more hawkish stance, citing concerns over global economic uncertainties. All these led to a strong relief rally for global financial assets. The unexpected outcome of the Brexit vote roiled global financial markets; nonetheless, bond markets rallied in the aftermath of the Brexit vote as demand for safe haven assets rose sharply. Following Brexit, the US Presidential election was another major risk event. The surprise election of Donald Trump as the 45 th US President contributed to even greater uncertainty for global debt markets, particularly for emerging markets. Bond markets had a strong start in 2017 as markets focused on the prospects of stronger US economic growth from President Trump s proposed fiscal reflationary policies. Nonetheless, risk appetite was tempered by the lack of clarity on Trump s fiscal stimulus and the likelihood of increased US trade protectionism. Markets were also concerned over developments in the French elections but the attention eventually shifted to the hawkish Fed rhetoric from Fed Chair Yellen and various Fed officials, and the prospects of a rate hike in March. Markets took the 25bps rate hike by the Fed in their stride and risk assets rallied after Fed Chair Janet Yellen offered the assurance that the pace of rate hikes would continue to be gradual. Nonetheless, the Trump administration s failure to advance its healthcare legislation in Congress sparked concerns over its ability to push through pro-growth policies. Elsewhere, the United Kingdom triggered Article 50 on 29 March, putting the wheels of Britain s formal exit from the European Union (EU), into motion. US Treasury movements were choppy overall, as 10-year Treasury yields see-sawed within a significant range, in reaction to rhetoric from the Fed, ECB and BOJ, market moving events in the course of 2016, as well as economic data and political news flow. USTs saw a sharp sell-off following Trump s election as US President and this volatility continued in December after the Fed s surprised the market with hawkish revisions to its policy forward guidance. The 10-year Treasury yield climbed to 2.59% in the last quarter of the year before retracing to 2.44% at the end of December. UST yields saw bouts of volatility in 1Q2017 but continued to stay within the range that held since last November. Stronger than expected payroll numbers accompanied by a rise in the unemployment rate pushed Treasury yields lower in February but gains were subsequently reversed following the resurgence of expectations for progrowth policies by the Trump administration, and a more hawkish bias by the Fed for a March rate hike. The long end of the curve declined, with the 10-year Treasury yield ending March at 2.39%. Asian credits performed well over the period, with the JACI Composite index up 4.7% during the 12 months to end March, largely driven by tighter spreads as the search for yield continued. The JACI Investment Grade (IG) Index delivered a return of 3.2%. Both IG sovereigns and corporates did well, with returns of 3.8% and 3.1%, respectively. From a country perspective, Indonesia and Macau credits were the outperformers. In comparison, high yield bonds outperformed IG credits, with the JACI High Yield (HY) Index posting a strong return of 11.3%. Key sub-segments that outperformed were HY sovereigns and corporates, which returned 12.9% and 11.3%, respectively, as spreads compressed significantly on the back of the strong appetite for yield. For the 12 months ending 31 March 2017, the Fund delivered positive returns. Positive yield carry was the key driver of performance, while spread compression in credits also added value. The key performance detractor was the fund s duration exposure, while currency effects were flat. Emerging Asia growth has improved year-to-date, led by exports and industrial sectors. This has resulted in some stabilising and improving trends in credit fundamentals, which continued to support the credit markets. Despite the improved macro backdrop, we remain cognisant of the uncertainty around US policy outlook and geopolitical risks. As such, we would maintain our short duration stance for the fund. As for credit strategy, we continue to hold shorter dated IG and HY for carry. 13
Directors Report (continued) 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 thirteen 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 10-788. Yours sincerely, The Board of Directors (FULLERTON LUX FUNDS) July 3, 2017 Note: The figures stated in this report are historical and not necessarily indicative of future performance. 14
Audit report To the Shareholders of FULLERTON LUX FUNDS Following our appointment by the General Meeting of the Shareholders dated September 21, 2016, 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, 2017 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, 2017, 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, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F: +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n 10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 15
Other information The Board of Directors of the SICAV is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our audit report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard. PricewaterhouseCoopers, Société coopérative Luxembourg, July 3, 2017 Represented by Valérie Arnold 16
Statistics March 31, 2017 March 31, 2016 March 31, 2015 Fullerton Lux Funds - Asia Growth & Income Equities Net asset value Net asset value per share 223,912,640.76 104,742,900.22 123,540,491.11 Class A (SGD) Accumulation SGD 12.922 11.003 12.087 Class A () Accumulation 13.664 12.075 12.995 Class I (EUR) Accumulation EUR 15.566 12.846 14.572 Class I () Accumulation 12.425 10.921 11.690 Class I () Distribution 10.187 9.297 10.366 Class A (SGD) Accumulation 476,308 47,745 60,591 Class A () Accumulation 100,000 100,000 100,000 Class I (EUR) Accumulation 1,669,250 1,669,250 1,669,250 Class I () Accumulation 9,760,140 1,306,308 1,444,285 Class I () Distribution 6,786,724 6,938,065 7,595,172 Fullerton Lux Funds - Asian Small Cap Equities Net asset value Net asset value per share 278,963,283.09 236,579,089.34 259,667,938.19 Class A (SGD) Accumulation SGD 12.159 11.420 13.066 Class A () Accumulation 12.609 12.291 13.778 Class I (CHF) Accumulation CHF - 9.978 11.240 Class I (EUR) Accumulation EUR 16.917 15.361 18.105 Class I () Accumulation 13.344 12.905 14.353 Class A (SGD) Accumulation 305,364 337,704 356,195 Class A () Accumulation 103,370 108,414 108,414 Class I (CHF) Accumulation - 378,050 345,050 Class I (EUR) Accumulation 1,316,449 1,664,058 1,664,058 Class I () Accumulation 18,826,797 15,451,275 15,223,322 Fullerton Lux Funds - Asian Equities* Net asset value Net asset value per share - 66,789,330.92 102,077,220.61 Class A (SGD) Accumulation SGD - 9.843 11.672 Class I (EUR) Accumulation EUR - 11.955 14.638 Class I (SGD) Accumulation SGD - 10.455 12.330 Class I () Accumulation - 10.173 11.754 Class A (SGD) Accumulation - 61,982 61,982 Class I (EUR) Accumulation - 1,496,950 1,496,950 Class I (SGD) Accumulation - 2,421,315 5,198,378 Class I () Accumulation - 2,673,186 2,673,186 * Fund closed on January 24, 2017. Fullerton Lux Funds - Asia Focus Equities Net asset value 261,691,313.32 141,671,691.62 97,839,539.88 17
Statistics March 31, 2017 March 31, 2016 March 31, 2015 Net asset value per share Class A (SGD) Accumulation SGD 13.975 11.735 13.553 Class A () Accumulation 13.417 11.694 13.230 Class I (EUR) Accumulation EUR 16.780 13.623 16.205 Class I () Accumulation 14.811 12.806 14.375 Class I (SGD) Accumulation SGD 10.621 - - Class A (SGD) Accumulation 96,265 103,278 114,575 Class A () Accumulation 100,000 100,000 100,000 Class I (EUR) Accumulation 1,975,617 1,975,617 1,975,617 Class I () Accumulation 14,976,700 8,511,965 4,246,687 Class I (SGD) Accumulation 287,355 - - Fullerton Lux Funds - Asia Absolute Alpha Net asset value Net asset value per share 74,903,269.80 42,236,940.99 - Class A (SGD) Accumulation SGD 11.475750 10.440438 - Class I () Accumulation 11.110691 10.436184 - Class A (SGD) Accumulation 49,303 44,499 - Class I () Accumulation 6,705,117 4,014,107 - Fullerton Lux Funds - ASEAN Growth Net asset value Net asset value per share 73,200,295.24 55,077,445.00 60,241,473.60 Class A (SGD) Accumulation SGD 8.272 8.117 9.098 Class A () Accumulation 7.452 7.590 8.333 Class I (EUR) Accumulation EUR 9.229 8.778 10.159 Class I () Accumulation 7.610 7.709 8.418 Class A (SGD) Accumulation 1,319,213 1,319,213 1,319,213 Class A () Accumulation 1,038,619 1,038,619 1,038,619 Class I (EUR) Accumulation 2,395,912 2,395,912 2,395,912 Class I () Accumulation 4,474,607 1,989,413 1,989,413 Fullerton Lux Funds - China A Equities Net asset value Net asset value per share 31,220,448.82 28,256,358.30 32,189,480.27 Class A () Accumulation 13.593 12.909 15.325 Class I () Accumulation 13.853 13.052 15.374 Class A () Accumulation 1,234,294 1,178,957 1,098,367 Class I () Accumulation 1,042,502 998,902 998,902 Fullerton Lux Funds - All China Equities** Net asset value 39,519,905.47 - - 18
Statistics March 31, 2017 March 31, 2016 March 31, 2015 Net asset value per share Class I () Accumulation 9.709 - - Class I () Accumulation 4,070,425 - - ** Fund launched on September 8, 2016. Fullerton Lux Funds - Global Emerging Market Equities Net asset value Net asset value per share 56,782,223.45 19,039,219.46 21,483,518.22 Class A () Accumulation 8.883 7.504 8.504 Class I () Accumulation 9.013 7.573 8.536 Class A () Accumulation 500,000 500,000 500,000 Class I () Accumulation 5,807,173 2,018,641 2,018,641 Fullerton Lux Funds - Asian Currency Bonds Net asset value Net asset value per share 111,849,246.26 103,569,497.98 97,406,549.94 Class A (SGD) Distribution SGD 10.104 10.051 10.556 Class A () Distribution 10.269 10.336 10.227 Class I (EUR) Accumulation EUR 14.699 13.636 14.236 Class I () Accumulation 11.337 11.201 11.034 Class A (SGD) Distribution 11,219 6,153 13,490 Class A () Distribution 186,332 100,000 100,000 Class I (EUR) Accumulation 2,642,482 2,642,482 2,642,482 Class I () Accumulation 6,033,080 5,493,291 5,068,521 Fullerton Lux Funds - Asian High Yield Bonds Net asset value Net asset value per share 60,695,573.07 31,271,807.69 15,815,698.11 Class A (SGD) Hedged Distribution SGD 10.622 10.099 10.032 Class A () Distribution 10.493 9.990 10.004 Class A (SGD) Hedged Distribution 1,524,661 844,434 784,472 Class A () Distribution 4,680,014 2,496,424 1,008,643 Fullerton Lux Funds - Asian Bonds Net asset value Net asset value per share 204,095,192.27 214,855,607.33 211,518,027.68 Class A (EUR) Hedged Accumulation EUR 10.555 10.214 - Class A (SGD) Hedged Distribution SGD 10.197 10.138 10.172 Class A () Accumulation 11.849 11.307 10.974 Class A () Distribution 10.235 10.177 10.281 Class I () Accumulation 12.060 11.458 11.072 Class I () Distribution 11.230 11.102 11.169 Class R (SGD) Accumulation SGD 10.086 - - 19
Statistics March 31, 2017 March 31, 2016 March 31, 2015 Class A (EUR) Hedged Accumulation 143,616 43,600 - Class A (SGD) Hedged Distribution 1,362,210 775,483 709,078 Class A () Accumulation 2,793,157 3,369,464 2,460,311 Class A () Distribution 3,718,437 6,573,366 5,379,882 Class I () Accumulation 2,322,368 2,436,608 2,038,302 Class I () Distribution 8,290,563 6,809,558 9,078,651 Class R (SGD) Accumulation 38,145 - - Fullerton Lux Funds - RMB Bonds Net asset value Net asset value per share 70,291,740.90 144,961,904.42 221,439,183.16 Class A (CHF) Hedged Accumulation CHF 9.976 10.383 10.391 Class A (CNH) Distribution CNH 106.970 104.381 100.638 Class A (EUR) Hedged Accumulation EUR 10.152 10.505 10.433 Class A (SGD) Accumulation SGD 11.820 11.589 11.670 Class A () Accumulation 10.426 10.611 10.468 Class I (CNH) Accumulation CNH 118.220 112.691 106.277 Class I (EUR) Accumulation EUR 13.417 12.777 13.313 Class I () Accumulation 10.577 10.730 10.549 Class J (JPY) Distribution JPY 10,600.000 11,208.000 12,185.000 Class R () Accumulation 10.397 10.550 10.377 Class A (CHF) Hedged Accumulation 813,207 650,707 608,457 Class A (CNH) Distribution 17,373 17,003 810,113 Class A (EUR) Hedged Accumulation 157,115 157,115 156,550 Class A (SGD) Accumulation 27,075 150,643 627,841 Class A () Accumulation 214,377 377,908 445,734 Class I (CNH) Accumulation 2,741,391 4,691,156 10,240,914 Class I (EUR) Accumulation 50,560 2,785,835 108,980 Class I () Accumulation 595,515 319,004 620,450 Class J (JPY) Distribution 24,129 38,360 54,524 Class R () Accumulation 131,300 100,000 100,000 Fullerton Lux Funds - Asian Short Duration Bonds Net asset value Net asset value per share 236,161,210.85 132,293,098.81 122,431,859.18 Class A (EUR) Hedged Accumulation EUR - - 10.045 Class A (SGD) Hedged Accumulation SGD 10.946 10.563 10.207 Class A (SGD) Hedged Distribution SGD 10.781 10.598 10.437 Class A () Accumulation 11.292 10.878 10.591 Class A () Distribution 10.600 10.418 10.349 Class I () Accumulation 11.446 10.983 10.652 Class R (SGD) Hedged Accumulation SGD 10.188 - - 20
Statistics March 31, 2017 March 31, 2016 March 31, 2015 Class A (EUR) Hedged Accumulation - - 60,000 Class A (SGD) Hedged Accumulation 876,315 39,781 44,735 Class A (SGD) Hedged Distribution 3,011,502 3,156,495 2,367,872 Class A () Accumulation 3,117,461 2,443,498 2,502,564 Class A () Distribution 5,543,816 1,578,997 1,223,568 Class I () Accumulation 9,793,384 5,837,228 6,037,361 Class R (SGD) Hedged Accumulation 836 - - 21
Statement of Net Assets as at March 31, 2017 Notes Combined Statement Statement of Operations and Changes in Net Assets for the year ended March 31, 2017 Notes Assets Investment in securities at cost 2.7 1,606,458,488.24 Unrealised appreciation / (depreciation) on securities 64,496,948.25 Investment in securities at market value 2.1 1,670,955,436.49 Cash at bank 55,332,083.03 Receivable for investment sold 6,284,574.41 Receivable on subscriptions 614,942.48 Receivable on withholding tax reclaim 1,247.61 Net unrealised appreciation on forward foreign exchange 2.3, 13 40,546.68 contracts Net unrealised appreciation on futures contracts 2.2, 14 84,739.84 Dividends and interest receivable 2.1, 2.8 11,312,033.15 Formation expenses 2.9 18,548.38 Other receivables 180.31 Total assets 1,744,644,332.38 Liabilities Bank overdraft 204,938.35 Accrued expenses 4,457,604.41 Other payables 11,554.25 Payable for investment purchased 13,890,067.95 Payable on redemptions 2,066,636.40 Net unrealised depreciation on forward foreign exchange 2.3, 13 396,146.36 contracts Other liabilities 331,041.36 Total liabilities 21,357,989.08 Net assets at the end of the year 1,723,286,343.30 Income Dividends (net of withholding taxes) 2.8 16,052,876.05 Interest on bonds 2.1, 2.8 30,378,863.92 Bank interest 2.8 83,367.18 Other income 151,223.66 Total income 46,666,330.81 Expenses Investment management fees 5 14,379,327.83 Depositary fees 4 369,695.13 Performance fees 6 22,853.17 Management Company fees 7 342,289.66 Administration fees 4 505,862.21 Professional fees 11 374,768.87 Transaction costs 16 6,738,848.35 Taxe d'abonnement 8 296,723.73 Bank interest and charges 183,619.15 Amortisation of formation expenses 2.9 22,538.91 Tax charges 23,829.42 Other expenses 10 354,926.40 Total expenses 23,615,282.83 Net investment income / (loss) 23,051,047.98 Net realised gain / (loss) on: Investments 2.4 8,068,585.16 Foreign currencies translation 2.5 (913,443.44) Futures contracts 2.2 (5,564,674.34) Forward foreign exchange contracts 2.3 (420,383.70) Net realised gain / (loss) for the year 24,221,131.66 Net change in unrealised appreciation / (depreciation) on: Investments 67,700,203.73 Futures contracts 2.2 143,577.17 Forward foreign exchange contracts 2.3 (1,675,893.12) Increase / (Decrease) in net assets as a result of operations 90,389,019.44 Proceeds received on subscription of shares 858,212,277.69 Net amount paid on redemption of shares (534,666,015.85) Dividend distribution 15 (11,993,830.06) Net assets at the beginning of the year 1,321,344,892.08 Net assets at the end of the year 1,723,286,343.30 22
Fullerton Lux Funds - Asia Growth & Income Equities (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 200,185,741.96 Unrealised appreciation / (depreciation) on securities 16,513,701.28 Investment in securities at market value 2.1 216,699,443.24 Cash at bank 9,025,243.64 Receivable for investment sold 447,606.00 Dividends and interest receivable 2.1, 2.8 650,299.09 Total assets 226,822,591.97 Liabilities Accrued expenses 587,227.97 Other payables 4,660.18 Payable for investment purchased 2,302,083.34 Other liabilities 15,979.72 Total liabilities 2,909,951.21 Net assets at the end of the year 223,912,640.76 Income Dividends (net of withholding taxes) 2.8 3,902,471.44 Bank interest 2.8 2,426.06 Total income 3,904,897.50 Expenses Investment management fees 5 1,529,967.45 Depositary fees 4 38,022.74 Management Company fees 7 31,190.03 Administration fees 4 43,318.39 Professional fees 11 31,089.58 Transaction costs 16 478,996.92 Taxe d'abonnement 8 18,010.88 Bank interest and charges 16,219.73 Other expenses 10 20,676.12 Total expenses 2,207,491.84 Net investment income / (loss) 1,697,405.66 Net realised gain / (loss) on: Investments 2.4 (1,236,070.45) Foreign currencies translation 2.5 35,328.42 Forward foreign exchange contracts 2.3 (417.17) Net realised gain / (loss) for the year 496,246.46 Net change in unrealised appreciation / (depreciation) on: Investments 17,555,144.41 Increase / (Decrease) in net assets as a result of operations 18,051,390.87 Proceeds received on subscription of shares 118,942,236.68 Net amount paid on redemption of shares (15,346,731.00) Dividend distribution 15 (2,477,156.01) Net assets at the beginning of the year 104,742,900.22 Net assets at the end of the year 223,912,640.76 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A (SGD) Accumulation 47,745 439,421 (10,858) 476,308 Class A () Accumulation 100,000 - - 100,000 Class I (EUR) Accumulation 1,669,250 - - 1,669,250 Class I () Accumulation 1,306,308 9,524,045 (1,070,213) 9,760,140 Class I () Distribution 6,938,065 175,810 (327,151) 6,786,724 23
Securities Portfolio as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - Asia Growth & Income 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 Banks Shares 4,124,600 BANK MANDIRI PERSERO TBK PT IDR 3,621,464.01 1.62 8,650,000 BANK OF CHINA LTD-H HKD 4,296,836.75 1.92 13,134,600 BANK TABUNGAN NEGARA PERSERO IDR 2,237,480.11 1.00 435,500 BOC HONG KONG HOLDINGS LTD HKD 1,779,415.34 0.79 1,766,000 CHINA MERCHANTS BANK -H- HKD 4,670,334.29 2.09 225,475 HDFC BANK LIMITED INR 5,076,358.74 2.27 13,018,000 INDUSTRIAL AND COMMERCIAL BANK OF HKD 8,510,467.57 3.80 CHINA -H- 1,700,000 MALAYAN BANKING BHD MYR 3,426,510.87 1.53 2,333,500 METROPOLITAN BANK & TRUST PHP 3,720,577.02 1.66 859,300 SIAM COMMERCIAL BANK - FOREIGN THB 4,076,128.19 1.82 242,894 UNITED OVERSEAS BANK LTD SGD 3,842,264.21 1.72 243,600 YES BANK LTD INR 5,809,701.86 2.59 51,067,538.96 22.81 Electric & Electronic 532,949 DELTA ELECTRONICS INDUSTRIAL CO TWD 2,854,222.92 1.27 1,253,000 PEGATRON CORP TWD 3,708,312.12 1.66 8,504 SAMSUNG ELECTRONICS - PFD KRW 12,189,852.00 5.44 1,634,000 TAIWAN SEMICONDUCTOR TWD 10,178,006.61 4.55 MANUFACTURING CO LTD 28,930,393.65 12.92 Telecommunication 785,400 ADVANCED INFO SERVICE-FOR RG THB 4,068,425.02 1.82 467,236 BHARTI INFRATEL LTD INR 2,347,886.48 1.05 579,500 CHINA MOBILE LTD HKD 6,342,685.82 2.84 7,710,800 DIGITAL TELECOMMUNICATIONS-F THB 3,186,421.33 1.42 2,268,000 HKBN LTD HKD 2,533,425.96 1.13 10,862 SK TELECOM CO LTD KRW 2,447,665.11 1.09 20,926,509.72 9.35 Insurance 1,184,200 AIA GROUP LTD HKD 7,467,351.22 3.34 1,637,800 CHINA PACIFIC INSURANCE GR -H- HKD 5,912,064.64 2.64 63,000 DONGBU INSURANCE CO LTD KRW 3,605,472.46 1.61 16,984,888.32 7.59 Auto Parts & Equipment 116,526 DOOSAN BOBCAT INC KRW 3,824,111.63 1.71 62,956 KIA MOTORS CORP KRW 2,085,772.79 0.93 32,400 MARUTI SUZUKI INDIA LTD INR 3,005,298.52 1.34 1,440,000 NEXTEER AUTOMOTIVE GROUP LTD HKD 2,123,696.99 0.95 1,015,500 TECHTRONIC INDUSTRIES CO LTD HKD 4,110,039.72 1.84 15,148,919.65 6.77 Financial services 893,000 BOC AVIATION LTD HKD 4,763,448.07 2.13 5,644,222 CHINATRUST FINANCIAL HOLDING BANK TWD 3,487,821.35 1.56 392,200 INDIABULLS HOUSING FINANCE L INR 6,033,728.49 2.69 14,284,997.91 6.38 Energy 4,447,000 CHINA PETROLEUM & CHEMICAL -H- HKD 3,605,397.23 1.61 4,499,000 CNOOC LTD HKD 5,372,908.08 2.40 912,269 POWER GRID CORP OF INDIA LTD INR 2,775,277.66 1.24 11,753,582.97 5.25 Real estate 1,404,000 CHINA RESOURCES LAND LTD HKD 3,794,301.56 1.69 1,750,000 GLOBAL LOGISTIC PROPERTIES L SGD 3,480,683.55 1.55 27,766,000 MEGAWORLD CORP PHP 1,870,434.60 0.84 9,145,419.71 4.08 Distribution & Wholesale 2,951,600 MATAHARI DEPARTMENT STORE TB IDR 2,918,264.15 1.30 364,000 PRESIDENT CHAIN STORE CORP TWD 2,999,095.29 1.34 732,500 SAMSONITE INTERNATIONAL SA HKD 2,667,715.46 1.19 8,585,074.90 3.83 Lodging & Restaurants 76,010 KANGWON LAND INC KRW 2,596,424.83 1.16 1,224,400 SANDS CHINA LTD HKD 5,672,457.66 2.53 8,268,882.49 3.69 Internet 234,000 TENCENT HOLDINGS LTD HKD 6,709,288.79 3.00 6,709,288.79 3.00 Entertainment 679,000 IMAX CHINA HOLDING INC HKD 3,495,225.56 1.56 3,495,225.56 1.56 Cosmetics 736,800 SINOPHARM GROUP CO-H HKD 3,418,222.49 1.53 3,418,222.49 1.53 Agriculture 32,848 KT&G CORP KRW 2,863,882.57 1.28 2,863,882.57 1.28 Metal 616,386 COAL INDIA LTD INR 2,781,363.38 1.24 2,781,363.38 1.24 Building materials 10,230,900 CEMEX HOLDINGS PHILIPPINES I PHP 1,433,447.11 0.64 2,892,000 CRCC HIGH-TECH EQUIPMENT C-H HKD 1,347,262.75 0.60 2,780,709.86 1.24 Diversified services 1,263,088 SHENZHEN INTL HOLDINGS HKD 2,070,849.22 0.92 2,070,849.22 0.92 IT Consultancy 54,971 Tata Consultancy Services Ltd INR 2,061,189.54 0.92 2,061,189.54 0.92 Diversified machinery 5,080,000 SKP RESOURCES BHD MYR 1,457,826.27 0.65 1,457,826.27 0.65 Other transferable securities 212,734,765.96 95.01 Shares Real estate 4,617,904 KEPPEL DC REIT SGD 3,964,677.28 1.77 3,964,677.28 1.77 3,964,677.28 1.77 Total Securities Portfolio 216,699,443.24 96.78 Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 216,699,443.24 96.78 9,025,243.64 4.03 (1,812,046.12) (0.81) 223,912,640.76 100.00 24
Fullerton Lux Funds - Asia Growth & Income Equities (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares 100.00 96.78 100.00 96.78 Country allocation % of portfolio % of net assets China 20.37 19.72 Hong Kong 14.41 13.96 India 13.79 13.34 South Korea 13.67 13.22 Taiwan 10.72 10.38 Singapore 7.41 7.17 Thailand 5.23 5.06 Indonesia 4.05 3.92 Cayman Islands 3.90 3.77 Philippines 3.24 3.14 Malaysia 2.25 2.18 Bermuda 0.96 0.92 100.00 96.78 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets SAMSUNG ELECTRONICS - PFD Electric & Electronic 12,189,852.00 5.44 TAIWAN SEMICONDUCTOR MANUFACTURING Electric & Electronic 10,178,006.61 4.55 CO LTD INDUSTRIAL AND COMMERCIAL BANK OF Banks 8,510,467.57 3.80 CHINA -H- AIA GROUP LTD Insurance 7,467,351.22 3.34 TENCENT HOLDINGS LTD Internet 6,709,288.79 3.00 CHINA MOBILE LTD Telecommunication 6,342,685.82 2.84 INDIABULLS HOUSING FINANCE L Financial services 6,033,728.49 2.69 CHINA PACIFIC INSURANCE GR -H- Insurance 5,912,064.64 2.64 YES BANK LTD Banks 5,809,701.86 2.59 SANDS CHINA LTD Lodging & 5,672,457.66 2.53 Restaurants 25
Fullerton Lux Funds - Asian Small Cap Equities (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 253,160,112.56 Unrealised appreciation / (depreciation) on securities 12,941,868.41 Investment in securities at market value 2.1 266,101,980.97 Cash at bank 14,224,073.77 Dividends and interest receivable 2.1, 2.8 768,790.97 Total assets 281,094,845.71 Liabilities Accrued expenses 793,799.87 Other payables 127.97 Payable for investment purchased 1,337,633.79 Other liabilities 0.99 Total liabilities 2,131,562.62 Net assets at the end of the year 278,963,283.09 Income Dividends (net of withholding taxes) 2.8 4,076,169.05 Bank interest 2.8 11,211.04 Total income 4,087,380.09 Expenses Investment management fees 5 2,909,964.78 Depositary fees 4 84,046.89 Management Company fees 7 58,348.20 Administration fees 4 79,603.97 Professional fees 11 34,976.41 Transaction costs 16 1,867,812.41 Taxe d'abonnement 8 31,271.68 Bank interest and charges 28,051.38 Other expenses 10 30,674.94 Total expenses 5,124,750.66 Net investment income / (loss) (1,037,370.57) Net realised gain / (loss) on: Investments 2.4 (908,206.30) Foreign currencies translation 2.5 (221,674.79) Forward foreign exchange contracts 2.3 1,711.73 Net realised gain / (loss) for the year (2,165,539.93) Net change in unrealised appreciation / (depreciation) on: Investments 13,096,734.76 Increase / (Decrease) in net assets as a result of operations 10,931,194.83 Proceeds received on subscription of shares 98,057,597.93 Net amount paid on redemption of shares (66,604,599.01) Net assets at the beginning of the year 236,579,089.34 Net assets at the end of the year 278,963,283.09 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A (SGD) Accumulation 337,704 5,279 (37,619) 305,364 Class A () Accumulation 108,414 - (5,044) 103,370 Class I (CHF) Accumulation 378,050 84,700 (462,750) - Class I (EUR) Accumulation 1,664,058 - (347,609) 1,316,449 Class I () Accumulation 15,451,275 7,606,259 (4,230,737) 18,826,797 26
Securities Portfolio as at March 31, 2017 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 Electric & Electronic Shares 4,880,000 HUA HONG SEMICONDUCTOR LTD HKD 6,845,288.58 2.45 10,960,000 INARI AMERTRON BHD MYR 5,052,182.84 1.81 188,000 KOH YOUNG TECHNOLOGY INC KRW 8,624,161.35 3.08 31,278 LG INNOTEK CO LTD KRW 3,817,800.98 1.37 2,680,000 POWERTECH TECHNOLOGY INC TWD 7,799,097.86 2.80 6,080,000 Q TECHNOLOGY GROUP CO LTD HKD 4,538,130.85 1.63 492,000 SILERGY CORP TWD 9,080,337.74 3.25 355,558 TES CO LTD KRW 7,328,634.17 2.63 16,800,000 TONGDA GROUP HOLDINGS LTD HKD 5,923,866.82 2.12 Building materials 59,009,501.19 21.14 28,800,000 CEMEX HOLDINGS PHILIPPINES I PHP 4,035,155.91 1.45 14,280,000 CRCC HIGH-TECH EQUIPMENT C-H HKD 6,652,459.20 2.38 2,880,000 GAMUDA BERHAD MYR 3,371,014.22 1.21 2,095,984 J.KUMAR INFRAPROJECTS LTD INR 8,354,201.54 2.99 128,000 KYUNG DONG NAVIEN CO LTD KRW 3,719,931.90 1.33 1,118,400 MUHIBBAH ENGINEERING (M) BHD MYR 684,864.71 0.25 1,177,707 ORIENT CEMENT LTD INR 2,386,102.30 0.86 34,800,000 PEMBANGUNAN PERUMAHAN PERSER IDR 8,644,178.23 3.09 188,000,000 WASKITA BETON PRECAST TBK PT IDR 7,054,144.12 2.53 Cosmetics 44,902,052.13 16.09 4,488,000 CHINA MEDICAL SYSTEM HOLDING HKD 7,958,798.46 2.85 38,800 COSMAX INC KRW 4,718,590.54 1.69 108,800 KOREA KOLMAR CO LTD KRW 7,306,518.55 2.62 14,800 MEDY-TOX INC KRW 6,127,514.75 2.20 7,832,300 PRODIA WIDYAHUSADA TBK PT IDR 2,968,227.38 1.06 4,880,000 3SBIO INC HKD 6,028,878.01 2.16 Financial services 35,108,527.69 12.58 1,880,000 BOC AVIATION LTD HKD 10,028,311.73 3.60 3,560,000 IJM CORP BHD MYR 2,735,062.48 0.98 268,000 INDIABULLS HOUSING FINANCE L INR 4,122,996.52 1.48 488,000 LIC HOUSING FINANCE LTD INR 4,653,512.16 1.67 2,280,000 MELCO INTERNATIONAL DEVELOP. HKD 4,025,635.04 1.44 4,080,000 SRISAWAD POWER 1979 PCL-F THB 5,135,251.19 1.84 Auto Parts & Equipment 30,700,769.12 11.01 2,680,000 NEXTEER AUTOMOTIVE GROUP LTD HKD 3,952,436.06 1.42 148,000 SFA ENGINEERING CORP KRW 9,581,686.13 3.43 79,500 TECHTRONIC INDUSTRIES CO LTD HKD 321,760.86 0.12 Insurance 13,855,883.05 4.97 168,000 DONGBU INSURANCE CO LTD KRW 9,614,593.22 3.45 Real estate 9,614,593.22 3.45 6,800,000 ECO WORLD DEVELOPMENT GROUP MYR 2,412,386.57 0.86 715,222 PHOENIX MILLS LTD INR 4,173,551.84 1.50 800,000 PRESTIGE ESTATES PROJECTS INR 2,682,290.65 0.96 Textile 9,268,229.06 3.32 280,000 ECLAT TEXTILE COMPANY LTD TWD 2,805,307.59 1.01 7,880,000 REGINA MIRACLE INTERNATIONAL HKD 6,074,331.39 2.17 Chemical 8,879,638.98 3.18 368,903 DNF CO LTD KRW 4,271,924.95 1.53 8,000,000 SINOPEC KANTONS HOLDINGS HKD 4,344,580.81 1.56 Energy 8,616,505.76 3.09 68,000,000 CONCORD NEW ENERGY GROUP LTD HKD 3,456,618.50 1.24 14,800,000 HUANENG RENEWABLES CORP-H HKD 5,123,413.84 1.84 Banks 8,580,032.34 3.08 48,800,000 BANK TABUNGAN NEGARA PERSERO IDR 8,313,083.72 2.98 Distribution & Wholesale 8,313,083.72 2.98 4,720,000 MATAHARI DEPARTMENT STORE TB IDR 4,666,691.56 1.68 898,800 SAMSONITE INTERNATIONAL SA HKD 3,273,368.82 1.17 Agriculture 7,940,060.38 2.85 9,943,100 BUMITAMA AGRI LTD SGD 5,619,925.96 2.01 Office & Business equipment 5,619,925.96 2.01 2,800,000 PRIMAX ELECTRONICS LTD TWD 4,590,922.79 1.65 Diversified machinery 4,590,922.79 1.65 12,800,000 SKP RESOURCES BHD MYR 3,673,263.03 1.32 Engineering & Construction 3,673,263.03 1.32 1,280,000 BHARAT ELECTRONICS LTD INR 3,085,775.26 1.11 Electric & Electronic Other transferable securities Shares 3,085,775.26 1.11 261,758,763.68 93.83 2,280,000 VANGUARD INTERNATIONAL SEMI TWD 4,343,217.29 1.56 4,343,217.29 1.56 4,343,217.29 1.56 Total Securities Portfolio 266,101,980.97 95.39 Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 266,101,980.97 95.39 14,224,073.77 5.10 (1,362,771.65) (0.49) 278,963,283.09 100.00 27
Fullerton Lux Funds - Asian Small Cap Equities (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares 100.00 95.39 100.00 95.39 Country allocation % of portfolio % of net assets South Korea 24.46 23.33 Cayman Islands 14.09 13.43 Indonesia 11.89 11.34 India 11.07 10.57 Hong Kong 7.72 7.35 Taiwan 7.34 7.02 Malaysia 6.74 6.43 Singapore 5.88 5.61 China 4.43 4.22 Bermuda 2.93 2.80 Other 3.45 3.29 100.00 95.39 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets BOC AVIATION LTD Financial services 10,028,311.73 3.60 DONGBU INSURANCE CO LTD Insurance 9,614,593.22 3.45 SFA ENGINEERING CORP Auto Parts & 9,581,686.13 3.43 Equipment SILERGY CORP Electric & Electronic 9,080,337.74 3.25 PEMBANGUNAN PERUMAHAN PERSER Building materials 8,644,178.23 3.09 KOH YOUNG TECHNOLOGY INC Electric & Electronic 8,624,161.35 3.08 J.KUMAR INFRAPROJECTS LTD Building materials 8,354,201.54 2.99 BANK TABUNGAN NEGARA PERSERO Banks 8,313,083.72 2.98 CHINA MEDICAL SYSTEM HOLDING Cosmetics 7,958,798.46 2.85 POWERTECH TECHNOLOGY INC Electric & Electronic 7,799,097.86 2.80 28
Fullerton Lux Funds - Asian Equities* (in ) Statement of Operations and Changes in Net Assets for the period ended January 24, 2017 Income Dividends (net of withholding taxes) 2.8 1,103,932.79 Bank interest 2.8 783.64 Total income 1,104,716.43 Expenses Investment management fees 5 489,287.29 Depositary fees 4 4,055.92 Management Company fees 7 9,703.42 Administration fees 4 20,346.50 Professional fees 11 26,207.51 Transaction costs 16 388,283.44 Taxe d'abonnement 8 4,064.60 Bank interest and charges 9,555.27 Other expenses 10 49,086.02 Total expenses 1,000,589.97 Net investment income / (loss) 104,126.46 Net realised gain / (loss) on: Investments 2.4 3,462,035.51 Foreign currencies translation 2.5 17,903.50 Forward foreign exchange contracts 2.3 11,417.46 Net realised gain / (loss) for the period 3,595,482.93 Net change in unrealised appreciation / (depreciation) on: Notes Investments (337,412.61) Increase / (Decrease) in net assets as a result of operations 3,258,070.32 Proceeds received on subscription of shares 8,949,157.72 Net amount paid on redemption of shares (78,996,558.96) Net assets at the beginning of the period 66,789,330.92 Net assets at the end of the period - Statement of Changes in Number of Shares in issue at the beginning of the period subscribed redeemed in issue at the end of the period Class A (SGD) Accumulation 61,982 - (61,982) - Class I (EUR) Accumulation 1,496,950 - (1,496,950) - Class I (SGD) Accumulation 2,421,315 1,107,986 (3,529,301) - Class I () Accumulation 2,673,186 - (2,673,186) - * Fund closed on January 24, 2017. 29
Fullerton Lux Funds - Asia Focus Equities (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 227,587,990.61 Unrealised appreciation / (depreciation) on securities 31,627,663.76 Investment in securities at market value 2.1 259,215,654.37 Cash at bank 1,553,963.63 Receivable for investment sold 1,526,083.93 Receivable on subscriptions 210,621.11 Dividends and interest receivable 2.1, 2.8 992,167.96 Other receivables 180.31 Total assets 263,498,671.31 Liabilities Bank overdraft 204,938.35 Accrued expenses 745,887.85 Payable for investment purchased 856,531.79 Total liabilities 1,807,357.99 Net assets at the end of the year 261,691,313.32 Income Dividends (net of withholding taxes) 2.8 3,961,953.52 Interest on bonds 2.1, 2.8 0.03 Bank interest 2.8 4,088.00 Total income 3,966,041.55 Expenses Investment management fees 5 2,647,462.10 Depositary fees 4 65,787.28 Management Company fees 7 53,340.63 Administration fees 4 71,467.11 Professional fees 11 30,899.14 Transaction costs 16 2,584,036.11 Taxe d'abonnement 8 29,414.40 Bank interest and charges 24,405.38 Other expenses 10 44,894.83 Total expenses 5,551,706.98 Net investment income / (loss) (1,585,665.43) Net realised gain / (loss) on: Investments 2.4 8,211,131.73 Foreign currencies translation 2.5 (147,769.94) Forward foreign exchange contracts 2.3 6,357.58 Net realised gain / (loss) for the year 6,484,053.94 Net change in unrealised appreciation / (depreciation) on: Investments 25,573,806.95 Increase / (Decrease) in net assets as a result of operations 32,057,860.89 Proceeds received on subscription of shares 193,036,596.91 Net amount paid on redemption of shares (105,074,836.10) Net assets at the beginning of the year 141,671,691.62 Net assets at the end of the year 261,691,313.32 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A (SGD) Accumulation 103,278 503 (7,516) 96,265 Class A () Accumulation 100,000 82 (82) 100,000 Class I (EUR) Accumulation 1,975,617 - - 1,975,617 Class I () Accumulation 8,511,965 14,275,958 (7,811,223) 14,976,700 Class I (SGD) Accumulation - 287,355-287,355 30
Securities Portfolio as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - Asia Focus 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 40,000 BROADCOM SHS 8,801,600.00 3.36 49,693 LG INNOTEK CO LTD KRW 6,065,540.77 2.32 2,000,000 PEGATRON CORP TWD 5,919,093.56 2.26 11,200 SAMSUNG ELECTRONICS - PFD KRW 16,054,367.63 6.13 1,400 SAMSUNG ELECTRONICS CO LTD KRW 2,578,914.33 0.99 2,300,000 TAIWAN SEMICONDUCTOR TWD 14,326,447.50 5.47 MANUFACTURING CO LTD 53,745,963.79 20.53 Banks 15,500,000 BANK OF CHINA LTD-H HKD 7,699,534.06 2.94 300,000 HDFC BANK LIMITED INR 6,754,219.42 2.58 16,000,000 INDUSTRIAL AND COMMERCIAL BANK OF CHINA -H- HKD 10,459,938.63 4.00 500,000 UNITED OVERSEAS BANK LTD SGD 7,909,343.60 3.02 240,000 YES BANK LTD INR 5,723,844.20 2.19 38,546,879.91 14.73 Internet 120,000 ALIBABA GROUP HOLDING-SP ADR 13,062,000.00 4.99 545,000 TENCENT HOLDINGS LTD HKD 15,626,334.99 5.97 28,688,334.99 10.96 Cosmetics 2,900,000 CSPC PHARMACEUTICAL GROUP LT HKD 3,799,191.78 1.45 9,339,700 PRODIA WIDYAHUSADA TBK PT IDR 3,539,490.73 1.35 1,300,000 SINOPHARM GROUP CO-H HKD 6,031,065.75 2.31 4,200,000 3SBIO INC HKD 5,188,788.45 1.98 18,558,536.71 7.09 Insurance 1,300,000 AIA GROUP LTD HKD 8,197,565.09 3.13 1,200,000 CHINA PACIFIC INSURANCE GR -H- HKD 4,331,711.79 1.66 90,000 DONGBU INSURANCE CO LTD KRW 5,150,674.94 1.97 17,679,951.82 6.76 Lodging & Restaurants 755,300 CITY DEVELOPMENTS LTD SGD 5,511,900.29 2.11 1,250,000 GALAXY ENTERTAINMENT GROUP L HKD 6,844,709.47 2.61 1,100,000 SANDS CHINA LTD HKD 5,096,131.52 1.95 17,452,741.28 6.67 Energy 5,500,000 CNOOC LTD HKD 6,568,347.29 2.51 2,400,000 POWER GRID CORP OF INDIA LTD INR 7,301,208.73 2.79 13,869,556.02 5.30 Auto Parts & Equipment 950,000 MOTHERSON SUMI SYSTEMS LTD INR 5,447,612.67 2.08 1,300,000 NEXTEER AUTOMOTIVE GROUP LTD HKD 1,917,226.45 0.73 1,300,000 TECHTRONIC INDUSTRIES CO LTD HKD 5,261,498.41 2.01 12,626,337.53 4.82 Building materials 5,200,000 CHINA RAILWAY CONSTRUCTION -H- HKD 7,374,462.64 2.82 20,000,094 PEMBANGUNAN PERUMAHAN PERSER IDR 4,967,941.87 1.90 12,342,404.51 4.72 Financial services 1,000,000 BOC AVIATION LTD HKD 5,334,208.37 2.04 9,000,184 E.SUN FINANCIAL HOLDING CO TWD 5,472,636.86 2.09 10,806,845.23 4.13 Diversified machinery 334,000 AIRTAC INTERNATIONAL GROUP TWD 3,285,789.02 1.26 40,000 LARGAN PRECISION CO LTD TWD 6,301,395.82 2.40 9,587,184.84 3.66 Agriculture 1,850,000 ITC LTD INR 7,995,603.76 3.06 7,995,603.76 3.06 Aerospace 135,000 KOREA AEROSPACE INDUSTRIES KRW 6,953,411.17 2.66 6,953,411.17 2.66 Transportation 400,000 ZTO EXPRESS CAYMAN INC-ADR 5,204,000.00 1.99 5,204,000.00 1.99 Telecommunication 4,000,000 HKT TRUST AND HKT LTD-SS HKD 5,157,902.81 1.97 5,157,902.81 1.97 259,215,654.37 99.05 Total Securities Portfolio 259,215,654.37 99.05 Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 259,215,654.37 99.05 1,349,025.28 0.52 1,126,633.67 0.43 261,691,313.32 100.00 31
Fullerton Lux Funds - Asia Focus Equities (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares 100.00 99.05 100.00 99.05 Country allocation % of portfolio % of net assets China 26.88 26.64 South Korea 14.20 14.07 Hong Kong 13.82 13.68 India 12.82 12.70 Taiwan 12.35 12.22 Singapore 10.63 10.53 Cayman Islands 6.02 5.96 Indonesia 3.28 3.25 100.00 99.05 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets SAMSUNG ELECTRONICS - PFD Electric & Electronic 16,054,367.63 6.13 TENCENT HOLDINGS LTD Internet 15,626,334.99 5.97 TAIWAN SEMICONDUCTOR MANUFACTURING Electric & Electronic 14,326,447.50 5.47 CO LTD ALIBABA GROUP HOLDING-SP ADR Internet 13,062,000.00 4.99 INDUSTRIAL AND COMMERCIAL BANK OF Banks 10,459,938.63 4.00 CHINA -H- BROADCOM SHS Electric & Electronic 8,801,600.00 3.36 AIA GROUP LTD Insurance 8,197,565.09 3.13 ITC LTD Agriculture 7,995,603.76 3.06 UNITED OVERSEAS BANK LTD Banks 7,909,343.60 3.02 BANK OF CHINA LTD-H Banks 7,699,534.06 2.94 32
Fullerton Lux Funds - Asia Absolute Alpha (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 68,881,917.77 Unrealised appreciation / (depreciation) on securities 4,674,725.69 Investment in securities at market value 2.1 73,556,643.46 Cash at bank 1,515,719.80 Receivable for investment sold 2,311,343.80 Net unrealised appreciation on forward foreign exchange 2.3, 13 47.59 contracts Dividends and interest receivable 2.1, 2.8 190,773.60 Total assets 77,574,528.25 Liabilities Accrued expenses 242,861.80 Other payables 4,457.59 Payable for investment purchased 2,423,939.06 Total liabilities 2,671,258.45 Net assets at the end of the year 74,903,269.80 Income Dividends (net of withholding taxes) 2.8 740,750.80 Bank interest 2.8 9,172.38 Total income 749,923.18 Expenses Investment management fees 5 568,266.60 Depositary fees 4 13,408.24 Performance fees 6 22,853.17 Management Company fees 7 12,075.33 Administration fees 4 21,363.70 Professional fees 11 21,315.10 Transaction costs 16 684,430.96 Taxe d'abonnement 8 5,987.31 Bank interest and charges 7,155.10 Other expenses 10 21,171.97 Total expenses 1,378,027.48 Net investment income / (loss) (628,104.30) Net realised gain / (loss) on: Investments 2.4 4,275,571.83 Foreign currencies translation 2.5 43,663.31 Futures contracts 2.2 (4,319,222.14) Forward foreign exchange contracts 2.3 (2,156.84) Net realised gain / (loss) for the year (630,248.14) Net change in unrealised appreciation / (depreciation) on: Investments 3,227,517.35 Futures contracts 2.2 58,837.33 Forward foreign exchange contracts 2.3 47.59 Increase / (Decrease) in net assets as a result of operations 2,656,154.13 Proceeds received on subscription of shares 30,036,874.74 Net amount paid on redemption of shares (26,700.06) Net assets at the beginning of the year 42,236,940.99 Net assets at the end of the year 74,903,269.80 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A (SGD) Accumulation 44,499 4,804-49,303 Class I () Accumulation 4,014,107 2,693,568 (2,558) 6,705,117 33
Securities Portfolio as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - Asia Absolute Alpha (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 16,000 BROADCOM SHS 3,520,640.00 4.71 16,052 LG INNOTEK CO LTD KRW 1,959,311.38 2.62 1,700 SAMSUNG ELECTRONICS - PFD KRW 2,436,823.66 3.25 600 SAMSUNG ELECTRONICS CO LTD KRW 1,105,249.00 1.48 510,000 TAIWAN SEMICONDUCTOR TWD 3,176,734.01 4.24 MANUFACTURING CO LTD 200,000 VENTURE CORP LTD SGD 1,641,251.40 2.19 13,840,009.45 18.49 Banks 7,500,000 BANK OF CHINA LTD-H HKD 3,725,581.00 4.98 100,000 HDFC BANK LIMITED INR 2,251,406.47 3.01 70,000 YES BANK LTD INR 1,669,454.56 2.23 7,646,442.03 10.22 Building materials 5,271,500 CRCC HIGH-TECH EQUIPMENT C-H HKD 2,455,773.02 3.28 2,500,000 GAMUDA BERHAD MYR 2,926,227.63 3.91 7,700,073 PEMBANGUNAN PERUMAHAN PERSER IDR 1,912,666.76 2.55 7,294,667.41 9.74 Cosmetics 1,200,000 CSPC PHARMACEUTICAL GROUP LT HKD 1,572,079.36 2.10 2,700,000 PRODIA WIDYAHUSADA TBK PT IDR 1,023,226.12 1.37 500,000 SINOPHARM GROUP CO-H HKD 2,319,640.67 3.09 1,600,000 3SBIO INC HKD 1,976,681.32 2.64 6,891,627.47 9.20 Internet 23,000 ALIBABA GROUP HOLDING-SP ADR 2,503,550.00 3.34 107,000 TENCENT HOLDINGS LTD HKD 3,067,922.65 4.10 5,571,472.65 7.44 Telecommunication 5,400,000 DIGITAL TELECOMMUNICATIONS-F THB 2,231,503.24 2.98 2,500,000 HKT TRUST AND HKT LTD-SS HKD 3,223,689.26 4.30 5,455,192.50 7.28 Financial services 400,000 BOC AVIATION LTD HKD 2,133,683.35 2.85 5,000,000 CHINATRUST FINANCIAL HOLDING BANK TWD 3,089,727.29 4.12 5,223,410.64 6.97 Energy 1,800,000 CNOOC LTD HKD 2,149,640.93 2.87 1,000,000 POWER GRID CORP OF INDIA LTD INR 3,042,170.30 4.06 5,191,811.23 6.93 Insurance 55,000 DONGBU INSURANCE CO LTD KRW 3,147,634.68 4.20 3,147,634.68 4.20 Lodging & Restaurants 660,000 SANDS CHINA LTD HKD 3,057,678.91 4.08 3,057,678.91 4.08 Agriculture 550,000 ITC LTD INR 2,377,071.39 3.17 2,377,071.39 3.17 Aerospace 45,000 KOREA AEROSPACE INDUSTRIES KRW 2,317,803.72 3.09 2,317,803.72 3.09 Auto Parts & Equipment 530,000 TECHTRONIC INDUSTRIES CO LTD HKD 2,145,072.43 2.86 2,145,072.43 2.86 Transportation 140,000 ZTO EXPRESS CAYMAN INC-ADR 1,821,400.00 2.43 1,821,400.00 2.43 Diversified machinery 10,000 LARGAN PRECISION CO LTD TWD 1,575,348.95 2.10 1,575,348.95 2.10 73,556,643.46 98.20 Total Securities Portfolio 73,556,643.46 98.20 Financial derivative instruments as at March 31, 2017 Purchase Sale Maturity Date Commitment in Unrealised appreciation / (depreciation) in Forward foreign exchange contracts 5,600,000 HKD 720,708 05/04/17 720,707.73 47.59 47.59 Total Forward foreign exchange contracts 47.59 Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 73,556,643.46 98.20 47.59-1,515,719.80 2.02 (169,141.05) (0.22) 74,903,269.80 100.00 34
Fullerton Lux Funds - Asia Absolute Alpha (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares 100.00 98.20 100.00 98.20 Country allocation % of portfolio % of net assets China 23.29 22.87 South Korea 14.91 14.64 India 12.70 12.47 Hong Kong 12.36 12.13 Taiwan 10.66 10.46 Singapore 9.92 9.75 Cayman Islands 5.16 5.07 Indonesia 3.99 3.92 Malaysia 3.98 3.91 Thailand 3.03 2.98 100.00 98.20 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets BANK OF CHINA LTD-H Banks 3,725,581.00 4.98 BROADCOM SHS Electric & Electronic 3,520,640.00 4.71 HKT TRUST AND HKT LTD-SS Telecommunication 3,223,689.26 4.30 TAIWAN SEMICONDUCTOR MANUFACTURING Electric & Electronic 3,176,734.01 4.24 CO LTD DONGBU INSURANCE CO LTD Insurance 3,147,634.68 4.20 CHINATRUST FINANCIAL HOLDING BANK Financial services 3,089,727.29 4.12 TENCENT HOLDINGS LTD Internet 3,067,922.65 4.10 SANDS CHINA LTD Lodging & 3,057,678.91 4.08 Restaurants POWER GRID CORP OF INDIA LTD Energy 3,042,170.30 4.06 GAMUDA BERHAD Building materials 2,926,227.63 3.91 35
Fullerton Lux Funds - ASEAN Growth (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 73,293,554.63 Unrealised appreciation / (depreciation) on securities (2,045,862.19) Investment in securities at market value 2.1 71,247,692.44 Cash at bank 1,987,599.93 Receivable for investment sold 645,551.89 Dividends and interest receivable 2.1, 2.8 288,621.95 Total assets 74,169,466.21 Liabilities Accrued expenses 233,954.29 Other payables 775.74 Payable for investment purchased 734,440.94 Total liabilities 969,170.97 Net assets at the end of the year 73,200,295.24 Income Dividends (net of withholding taxes) 2.8 1,359,774.70 Bank interest 2.8 184.48 Total income 1,359,959.18 Expenses Investment management fees 5 717,507.64 Depositary fees 4 20,762.43 Management Company fees 7 13,363.87 Administration fees 4 21,747.11 Professional fees 11 17,492.51 Transaction costs 16 247,950.82 Taxe d'abonnement 8 12,920.97 Bank interest and charges 9,659.63 Other expenses 10 12,420.28 Total expenses 1,073,825.26 Net investment income / (loss) 286,133.92 Net realised gain / (loss) on: Investments 2.4 (1,456,118.48) Foreign currencies translation 2.5 (37,080.91) Forward foreign exchange contracts 2.3 (9,679.72) Net realised gain / (loss) for the year (1,216,745.19) Net change in unrealised appreciation / (depreciation) on: Investments (460,404.57) Increase / (Decrease) in net assets as a result of operations (1,677,149.76) Proceeds received on subscription of shares 19,800,000.00 Net amount paid on redemption of shares - Net assets at the beginning of the year 55,077,445.00 Net assets at the end of the year 73,200,295.24 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A (SGD) Accumulation 1,319,213 - - 1,319,213 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 2,485,194-4,474,607 36
Securities Portfolio as at March 31, 2017 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 1,520,100 BANK CENTRAL ASIA TBK PT IDR 1,887,933.24 2.58 2,354,800 BANK MANDIRI PERSERO TBK PT IDR 2,067,551.63 2.82 11,592,900 BANK TABUNGAN NEGARA PERSERO IDR 1,974,851.40 2.70 350,800 KASIKORNBANK PCL FOREIGN THB 1,929,464.56 2.64 542,200 MALAYAN BANKING BHD MYR 1,092,855.41 1.49 677,272 METROPOLITAN BANK & TRUST PHP 1,079,855.43 1.48 314,660 OVERSEA-CHINESE BANKING CORP SGD 2,188,212.52 2.99 214,100 SIAM COMMERCIAL BANK - FOREIGN THB 1,015,592.98 1.39 214,458 UNITED OVERSEAS BANK LTD SGD 3,392,444.02 4.62 Telecommunication 16,628,761.19 22.71 247,300 ADVANCED INFO SERVICE-FOR RG THB 1,281,030.69 1.75 1,722,300 SINGAPORE TELECOMMUNICATIONS SGD 4,830,327.36 6.60 13,432,100 TELEKOMUNIKASI INDONESIA PER IDR 4,163,038.65 5.69 Building materials 10,274,396.70 14.04 8,112,700 CEMEX HOLDINGS PHILIPPINES I PHP 1,136,666.99 1.55 2,054,500 GAMUDA BERHAD MYR 2,404,773.86 3.29 9,172,103 PEMBANGUNAN PERUMAHAN PERSER IDR 2,278,313.02 3.11 46,387,100 WASKITA BETON PRECAST TBK PT IDR 1,740,538.77 2.38 4,336,209 WIJAYA KARYA PERSERO TBK PT IDR 784,230.49 1.07 Real estate 8,344,523.13 11.40 78,490 AYALA CORPORATION PHP 1,321,854.17 1.81 276,700 CAPITALAND LTD SGD 718,616.99 0.98 878,300 CENTRAL PATTANA PUB CO LTD THB 1,450,521.49 1.97 FOREIGN REGISTERED 2,283,250 ECO WORLD DEVELOPMENT GROUP MYR 810,012.01 1.11 120,600 HONGKONG LAND HOLDINGS LTD 927,414.00 1.27 1,545,000 ROBINSONS LAND CO PHP 708,221.04 0.97 146,200 UOL GROUP LTD SGD 729,057.61 1.00 6,665,697.31 9.11 Distribution & Wholesale 1,049,500 CP ALL PCL FOREIGN THB 1,801,979.61 2.46 2,065,900 MATAHARI DEPARTMENT STORE TB IDR 2,042,567.39 2.78 820,000 PUREGOLD PRICE CLUB INC PHP 714,180.19 0.98 937,330 ROBINSONS RETAIL HOLDINGS IN PHP 1,438,453.24 1.97 5,997,180.43 8.19 Energy 4,248,400 METRO PACIFIC INVESTMENTS CO PHP 509,723.20 0.70 300,000 PTT PCL/FOREIGN THB 3,378,684.48 4.62 480,100 TENAGA NASIONAL BERHAD MYR 1,488,415.40 2.03 5,376,823.08 7.35 Financial services 39,585 GT CAPITAL HOLDINGS INC PHP 903,334.60 1.23 1,973,700 IJM CORP BHD MYR 1,516,346.30 2.07 171,100 SIAM CEMENT PUB CO - FOREIGN REG THB 2,688,804.26 3.68 5,108,485.16 6.98 Agriculture 2,710,500 BUMITAMA AGRI LTD SGD 1,531,998.00 2.09 1,604,700 QL RESOURCES BHD MYR 1,653,472.72 2.26 3,185,470.72 4.35 Lodging & Restaurants 1,686,600 GENTING MALAYSIA BERHAD MYR 2,077,049.93 2.84 2,077,049.93 2.84 Food services 1,459,850 CENTURY PACIFIC FOOD INC PHP 491,708.19 0.67 11,212,600 NIPPON INDOSARI CORPINDO TBK IDR 1,295,816.56 1.77 1,787,524.75 2.44 Transportation 808,500 COMFORTDELGRO CORP LTD SGD 1,480,818.00 2.02 1,480,818.00 2.02 Chemical 3,619,752 DIALOG GROUP BERHAD MYR 1,447,739.49 1.98 1,447,739.49 1.98 Electric & Electronic 2,692,600 INARI AMERTRON BHD MYR 1,241,195.94 1.70 1,241,195.94 1.70 Cosmetics 2,327,400 PRODIA WIDYAHUSADA TBK PT IDR 882,020.91 1.20 882,020.91 1.20 Diversified machinery 2,613,500 SKP RESOURCES BHD MYR 750,005.70 1.02 750,005.70 1.02 71,247,692.44 97.33 Total Securities Portfolio 71,247,692.44 97.33 Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 71,247,692.44 97.33 1,987,599.93 2.72 (34,997.13) (0.05) 73,200,295.24 100.00 37
Fullerton Lux Funds - ASEAN Growth (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares 100.00 97.33 100.00 97.33 Country allocation % of portfolio % of net assets Indonesia 26.83 26.10 Singapore 20.87 20.30 Malaysia 20.33 19.79 Thailand 19.01 18.51 Philippines 11.66 11.36 Bermuda 1.30 1.27 100.00 97.33 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets SINGAPORE TELECOMMUNICATIONS Telecommunication 4,830,327.36 6.60 TELEKOMUNIKASI INDONESIA PER Telecommunication 4,163,038.65 5.69 UNITED OVERSEAS BANK LTD Banks 3,392,444.02 4.62 PTT PCL/FOREIGN Energy 3,378,684.48 4.62 SIAM CEMENT PUB CO - FOREIGN REG Financial services 2,688,804.26 3.68 GAMUDA BERHAD Building materials 2,404,773.86 3.29 PEMBANGUNAN PERUMAHAN PERSER Building materials 2,278,313.02 3.11 OVERSEA-CHINESE BANKING CORP Banks 2,188,212.52 2.99 GENTING MALAYSIA BERHAD Lodging & 2,077,049.93 2.84 Restaurants BANK MANDIRI PERSERO TBK PT Banks 2,067,551.63 2.82 38
Fullerton Lux Funds - China A Equities (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 29,794,238.11 Unrealised appreciation / (depreciation) on securities 521,498.65 Investment in securities at market value 2.1 30,315,736.76 Cash at bank 1,031,387.80 Formation expenses 2.9 8,070.44 Total assets 31,355,195.00 Liabilities Accrued expenses 134,746.18 Total liabilities 134,746.18 Net assets at the end of the year 31,220,448.82 Income Dividends (net of withholding taxes) 2.8 404,150.19 Bank interest 2.8 5,453.33 Total income 409,603.52 Expenses Investment management fees 5 421,885.52 Depositary fees 4 15,708.06 Management Company fees 7 6,682.28 Administration fees 4 12,647.11 Professional fees 11 21,644.38 Transaction costs 16 35,812.60 Taxe d'abonnement 8 9,480.88 Bank interest and charges 4,569.32 Amortisation of formation expenses 2.9 7,960.99 Other expenses 10 10,950.54 Total expenses 547,341.68 Net investment income / (loss) (137,738.16) Net realised gain / (loss) on: Investments 2.4 (1,130,103.64) Foreign currencies translation 2.5 (126,254.38) Forward foreign exchange contracts (3,351.70) Net realised gain / (loss) for the year (1,397,447.88) Net change in unrealised appreciation / (depreciation) on: Investments 3,064,629.72 Increase / (Decrease) in net assets as a result of operations 1,667,181.84 Proceeds received on subscription of shares 1,349,997.85 Net amount paid on redemption of shares (53,089.17) Net assets at the beginning of the year 28,256,358.30 Net assets at the end of the year 31,220,448.82 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () Accumulation 1,178,957 59,276 (3,939) 1,234,294 Class I () Accumulation 998,902 43,600-1,042,502 39
Securities Portfolio as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - China A 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 Auto Parts & Equipment Shares 97,700 ZHENGZHOU YUTONG BUS CO -A CNY 304,506.75 0.98 Electric & Electronic Other transferable securities Shares 304,506.75 0.98 304,506.75 0.98 358,600 BEIJING DINGHAN TECH-A CNY 999,032.46 3.20 716,760 CHANGYUAN GROUP LTD - A CNY 1,573,550.82 5.03 150,200 GOERTEK INC -A CNY 741,869.59 2.38 40,900 HANGZHOU HIKVISION DIGITAL-A CNY 189,313.71 0.61 48,800 HANGZHOU ZHONGHENG ELECTRI-A CNY 126,747.95 0.41 123,889 HENAN PINGGAO ELECTRIC CO-A CNY 303,440.31 0.97 394,604 JIANGSU CHANGJIANG ELECTRO-A CNY 1,081,014.60 3.45 32,472 JIANGSU NATA OPTO-ELECTRON-A CNY 143,423.98 0.46 197,500 NANJING KANGNI MECHANICAL -A CNY 434,731.16 1.39 45,800 SHENZHEN INOVANCE TECHNOLO-A CNY 145,870.71 0.47 169,800 TIANSHUI HUATIAN TECHNOLOG-A CNY 326,946.50 1.05 Banks 6,065,941.79 19.42 887,700 CHINA CITIC BANK CORP LTD-A CNY 864,284.70 2.77 458,900 CHINA MERCHANTS BANK-A CNY 1,276,463.08 4.09 592,000 INDUSTRIAL BANK CO LTD -A CNY 1,392,428.19 4.46 Diversified services 3,533,175.97 11.32 310,038 BEIJING ORIGINWATER TECHNO-A CNY 729,682.39 2.34 61,900 CHINA INTERNATIONAL TRAVEL-A CNY 509,172.80 1.63 211,000 FOCUSED PHOTONICS HANGZHOU-A CNY 906,544.13 2.90 989,200 GEM CO LTD-A CNY 1,178,407.10 3.78 Distribution & Wholesale 3,323,806.42 10.65 69,900 LAOBAIXING PHARMACY CHAIN-A CNY 446,168.83 1.43 210,012 MIDEA GROUP CO LTD-A CNY 1,014,743.86 3.25 140,200 SHANGHAI PHARMACEUTICALS-A CNY 474,196.53 1.52 304,797 WUHAN DEPARTMENT STORE GRP-A CNY 997,298.85 3.19 Cosmetics 2,932,408.07 9.39 189,945 JIANGSU HENGRUI MEDICINE C-A CNY 1,497,392.51 4.80 203,100 SHENZHEN SALUBRIS PHARM-A CNY 841,364.38 2.69 167,600 SICHUAN KELUN PHARMACEUTIC-A CNY 386,668.88 1.24 Real estate 2,725,425.77 8.73 96,553 CHINA FORTUNE LAND DEVELOP-A CNY 381,908.84 1.22 347,500 CHINA STATE CONSTRUCTION -A CNY 463,885.42 1.49 749,700 POLY REAL ESTATE GROUP CO -A CNY 1,036,689.02 3.32 452,100 SHENZHEN WORLD UNION PROPE-A CNY 515,614.52 1.65 Building materials 2,398,097.80 7.68 79,600 ANHUI CONCH CEMENT CO LTD-A CNY 239,546.54 0.77 118,000 BEIJING ORIENTAL YUHONG-A CNY 457,152.77 1.46 311,160 CHINA CAMC ENGINEERING CO -A CNY 1,279,082.11 4.10 Financial services 1,975,781.42 6.33 184,950 HAITONG SECURITIES CO LTD-A CNY 391,809.78 1.25 217,797 HUATAI SECURITIES CO LTD-A CNY 531,236.24 1.70 96,700 HUMANWELL HEALTHCARE GROUP-A CNY 276,975.73 0.89 209,350 ORIENT SECURITIES CO LTD-A CNY 445,930.43 1.43 1,645,952.18 5.27 Textile 754,200 ZHEJIANG SEMIR GARMENT CO-A CNY 1,075,742.02 3.45 Insurance 1,075,742.02 3.45 197,800 PING AN INSURANCE GROUP CO-A CNY 1,062,217.51 3.40 Food services 1,062,217.51 3.40 127,200 CHONGQING BREWERY CO-A CNY 400,142.31 1.28 133,039 SICHUAN SWELLFUN CO LTD-A CNY 474,492.05 1.52 Transportation 874,634.36 2.80 377,027 CCS SUPPLY CHAIN MANAGEME-A CNY 736,352.22 2.36 Telecommunication 736,352.22 2.36 147,600 DR PENG TELCOM & MEDIA GR-A CNY 422,553.33 1.35 88,400 HYTERA COMMUNICATIONS CORP-A CNY 187,143.89 0.60 Auto Parts & Equipment 609,697.22 1.95 118,683 SAIC MOTOR CORP LTD-A CNY 437,067.20 1.40 Chemical 437,067.20 1.40 172,317 LIANHE CHEMICAL TECHNOLOGY-A CNY 393,300.89 1.26 Storage & Warehousing 393,300.89 1.26 186,044 ORG PACKAGING CO LTD-A CNY 221,629.17 0.71 221,629.17 0.71 30,011,230.01 96.12 Total Securities Portfolio 30,315,736.76 97.10 Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 30,315,736.76 97.10 1,031,387.80 3.30 (126,675.74) (0.40) 31,220,448.82 100.00 40
Fullerton Lux Funds - China A Equities (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares 100.00 97.10 100.00 97.10 Country allocation % of portfolio % of net assets China 100.00 97.10 100.00 97.10 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets CHANGYUAN GROUP LTD - A Electric & Electronic 1,573,550.82 5.03 JIANGSU HENGRUI MEDICINE C-A Cosmetics 1,497,392.51 4.80 INDUSTRIAL BANK CO LTD -A Banks 1,392,428.19 4.46 CHINA CAMC ENGINEERING CO -A Building materials 1,279,082.11 4.10 CHINA MERCHANTS BANK-A Banks 1,276,463.08 4.09 GEM CO LTD-A Diversified services 1,178,407.10 3.78 JIANGSU CHANGJIANG ELECTRO-A Electric & Electronic 1,081,014.60 3.45 ZHEJIANG SEMIR GARMENT CO-A Textile 1,075,742.02 3.45 PING AN INSURANCE GROUP CO-A Insurance 1,062,217.51 3.40 POLY REAL ESTATE GROUP CO -A Real estate 1,036,689.02 3.32 41
Fullerton Lux Funds - All China Equities** (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for period ended March 31, 2017 the period ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 33,741,656.41 Unrealised appreciation / (depreciation) on securities 1,098,649.08 Investment in securities at market value 2.1 34,840,305.49 Cash at bank 4,777,038.92 Net unrealised appreciation on futures contracts 2.2, 14 16,320.00 Total assets 39,633,664.41 Liabilities Accrued expenses 113,758.94 Total liabilities 113,758.94 Net assets at the end of the period 39,519,905.47 ** Fund launched on September 8, 2016. Income Dividends (net of withholding taxes) 2.8 70,773.57 Bank interest 2.8 4,124.90 Total income 74,898.47 Expenses Investment management fees 5 191,958.44 Depositary fees 4 5,394.14 Management Company fees 7 9,712.55 Administration fees 4 9,410.64 Professional fees 11 19,815.48 Transaction costs 16 136,076.62 Taxe d'abonnement 8 2,291.83 Bank interest and charges 1,575.80 Other expenses 10 8,685.01 Total expenses 384,920.51 Net investment income / (loss) (310,022.04) Net realised gain / (loss) on: Investments 2.4 11,935.53 Foreign currencies translation 2.5 (83,613.88) Futures contracts 2.2 (1,218,216.48) Forward foreign exchange contracts 2.3 4,853.39 Net realised gain / (loss) for the period (1,595,063.48) Net change in unrealised appreciation / (depreciation) on: Investments 1,098,649.08 Futures contracts 2.2 16,320.00 Increase / (Decrease) in net assets as a result of operations (480,094.40) Proceeds received on subscription of shares 39,999,999.87 Net amount paid on redemption of shares - Net assets at the beginning of the period - Net assets at the end of the period 39,519,905.47 Statement of Changes in Number of Shares in issue at the beginning of the period subscribed redeemed in issue at the end of the period Class I () Accumulation - 4,070,425-4,070,425 42
Securities Portfolio as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - All China 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 Internet Shares 8,269 ALIBABA GROUP HOLDING-SP ADR 900,080.65 2.28 38,943 CTRIP.COM INTERNATIONAL-ADR 1,935,077.67 4.90 71,800 TENCENT HOLDINGS LTD HKD 2,058,662.11 5.21 21,500 WEIBO CORP-SPON ADR 1,128,105.00 2.85 Energy 6,021,925.43 15.24 872,000 CNOOC LTD HKD 1,041,381.61 2.64 2,100,000 PETROCHINA CO LTD -H- HKD 1,537,719.08 3.89 65,500 POWER ASSETS HOLDINGS LTD HKD 564,756.90 1.43 Auto Parts & Equipment 3,143,857.59 7.96 213,500 BYD CO LTD-H HKD 1,184,187.82 3.00 311,500 TECHTRONIC INDUSTRIES CO LTD HKD 1,260,735.97 3.19 Cosmetics 2,444,923.79 6.19 289,600 SINOPHARM GROUP CO-H HKD 1,343,535.88 3.40 872,000 3SBIO INC HKD 1,077,291.32 2.73 Food services 2,420,827.20 6.13 2,186,000 CHINA FOODS LTD HKD 891,774.11 2.26 644,000 CHINA RESOURCES BEER HOLDIN HKD 1,465,256.21 3.70 Lodging & Restaurants 2,357,030.32 5.96 162,800 SANDS CHINA LTD HKD 754,227.46 1.91 431,200 WYNN MACAU LTD HKD 877,870.94 2.22 Insurance 1,632,098.40 4.13 450,000 CHINA PACIFIC INSURANCE GR -H- HKD 1,624,391.92 4.11 Electric & Electronic 260,000 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1,624,391.92 4.11 TWD 1,619,511.46 4.10 1,619,511.46 4.10 Financial services 2,100,000 CHINATRUST FINANCIAL HOLDING BANK TWD 1,297,685.46 3.28 1,297,685.46 3.28 Telecommunication 930,000 CHINA UNICOM HONG KONG LTD HKD 1,244,691.52 3.15 1,244,691.52 3.15 Building materials 790,000 CHINA RAILWAY CONSTRUCTION -H- HKD 1,120,351.05 2.83 1,120,351.05 2.83 Distribution & Wholesale 289,800 SAMSONITE INTERNATIONAL SA HKD 1,055,432.00 2.67 1,055,432.00 2.67 Transportation 77,689 ZTO EXPRESS CAYMAN INC-ADR 1,010,733.89 2.56 1,010,733.89 2.56 Diversified machinery 5,000 LARGAN PRECISION CO LTD TWD 787,674.48 1.99 787,674.48 1.99 Textile 610,000 REGINA MIRACLE INTERNATIONAL HKD 470,221.08 1.19 470,221.08 1.19 Other transferable securities Shares Cosmetics 109,338 CHINA NATIONAL ACCORD MEDI-A CNY 1,194,314.82 3.02 75,000 DONG-E-E-JIAOCO LTD-A CNY 713,893.11 1.81 260,714 JIANGSU HENGRUI MEDICINE C-A CNY 2,055,285.43 5.19 3,963,493.36 10.02 Electric & Electronic 299,000 GOERTEK INC -A CNY 1,476,824.29 3.74 1,476,824.29 3.74 Food services 20,489 KWEICHOW MOUTAI CO LTD-A CNY 1,148,632.25 2.91 1,148,632.25 2.91 6,588,949.90 16.67 Total Securities Portfolio 34,840,305.49 88.16 Financial derivative instruments as at March 31, 2017 Quantity Denomination Future contracts (48) MSCI CHINA FREE PRICE 1,624,320.00 16,320.00 27/04/2017 16,320.00 Total Future contracts 16,320.00 Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets ** Fund launched on September 8, 2016. Currency Commitment in Unrealised appreciation / (depreciation) in % NAV 34,840,305.49 88.16 16,320.00 0.04 4,777,038.92 12.09 (113,758.94) (0.29) 39,519,905.47 100.00 28,251,355.59 71.49 43
Fullerton Lux Funds - All China Equities** (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares 100.00 88.16 100.00 88.16 Country allocation % of portfolio % of net assets China 59.75 52.68 Hong Kong 20.39 17.97 Taiwan 10.63 9.37 Cayman Islands 9.23 8.14 100.00 88.16 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets TENCENT HOLDINGS LTD Internet 2,058,662.11 5.21 JIANGSU HENGRUI MEDICINE C-A Cosmetics 2,055,285.43 5.19 CTRIP.COM INTERNATIONAL-ADR Internet 1,935,077.67 4.90 CHINA PACIFIC INSURANCE GR -H- Insurance 1,624,391.92 4.11 TAIWAN SEMICONDUCTOR MANUFACTURING Electric & Electronic 1,619,511.46 4.10 CO LTD PETROCHINA CO LTD -H- Energy 1,537,719.08 3.89 GOERTEK INC -A Electric & Electronic 1,476,824.29 3.74 CHINA RESOURCES BEER HOLDIN Food services 1,465,256.21 3.70 SINOPHARM GROUP CO-H Cosmetics 1,343,535.88 3.40 CHINATRUST FINANCIAL HOLDING BANK Financial services 1,297,685.46 3.28 ** Fund launched on September 8, 2016. 44
Fullerton Lux Funds - Global Emerging Market Equities (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 49,865,755.66 Unrealised appreciation / (depreciation) on securities 5,039,925.11 Investment in securities at market value 2.1 54,905,680.77 Cash at bank 6,599,569.96 Receivable for investment sold 624,465.48 Dividends and interest receivable 2.1, 2.8 70,586.64 Formation expenses 2.9 5,617.09 Total assets 62,205,919.94 Liabilities Accrued expenses 149,120.81 Other payables 1,532.26 Payable for investment purchased 5,273,043.20 Other liabilities 0.22 Total liabilities 5,423,696.49 Net assets at the end of the year 56,782,223.45 Income Dividends (net of withholding taxes) 2.8 432,899.99 Bank interest 2.8 1,466.78 Total income 434,366.77 Expenses Investment management fees 5 346,362.49 Depositary fees 4 24,500.64 Management Company fees 7 6,655.09 Administration fees 4 12,561.33 Professional fees 11 23,898.55 Transaction costs 16 270,151.38 Taxe d'abonnement 8 5,319.14 Bank interest and charges 8,028.20 Amortisation of formation expenses 2.9 7,175.90 Other expenses 10 21,964.98 Total expenses 726,617.70 Net investment income / (loss) (292,250.93) Net realised gain / (loss) on: Investments 2.4 1,289,526.76 Foreign currencies translation 2.5 4,250.44 Forward foreign exchange contracts 2.3 (2,663.09) Net realised gain / (loss) for the year 998,863.18 Net change in unrealised appreciation / (depreciation) on: Investments 4,444,140.81 Increase / (Decrease) in net assets as a result of operations 5,443,003.99 Proceeds received on subscription of shares 32,300,000.00 Net amount paid on redemption of shares - Net assets at the beginning of the year 19,039,219.46 Net assets at the end of the year 56,782,223.45 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A () Accumulation 500,000 - - 500,000 Class I () Accumulation 2,018,641 3,788,532-5,807,173 45
Securities Portfolio as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - Global Emerging Market 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 Energy Shares 409,200 CIA ENERGETICA MINAS GER-PRF BRL 1,330,089.01 2.34 1,229,000 CNOOC LTD HKD 1,467,558.48 2.58 160,000 ENEL AMERICAS SA-ADR 1,662,400.00 2.94 15,760 PAMPA ENERGIA SA-SPON ADR 854,507.20 1.50 62,025 SASOL LTD ZAR 1,806,759.99 3.19 56,419 YPF S.A.-SPONSORED ADR 1,369,853.32 2.41 Electric & Electronic 8,491,168.00 14.96 96,100 LAND MARK OPTOELECTRONICS TWD 935,900.74 1.65 2,117 SAMSUNG ELECTRONICS - PFD KRW 3,034,562.19 5.35 69,000 SILERGY CORP TWD 1,273,462.14 2.24 355,000 TAIWAN SEMICONDUCTOR TWD 2,211,256.26 3.90 MANUFACTURING CO LTD 7,455,181.33 13.14 Banks 11,502 BANCO MACRO SA-ADR 997,223.40 1.76 299,000 BOC HONG KONG HOLDINGS LTD HKD 1,221,547.83 2.16 25,391 GRUPO FINANCIERO GALICIA-ADR 961,303.26 1.69 136,180 HALYK SAVINGS BANK-GDR REG S 981,857.80 1.73 50,023 HDFC BANK LIMITED INR 1,124,834.28 1.98 411,400 MALAYAN BANKING BHD MYR 829,213.19 1.46 6,115,979.76 10.78 Insurance 225,600 AIA GROUP LTD HKD 1,422,429.44 2.50 23,095 DONGBU INSURANCE CO LTD KRW 1,321,720.43 2.33 310,500 ODONTOPREV S.A. BRL 1,105,109.80 1.95 112,456 POWSZECHNY ZAKLAD UBEZPIECZE PLN 987,764.14 1.74 4,837,023.81 8.52 Food services 287,103 EMBOTELLADORA ANDINA-A PREF CLP 1,105,734.97 1.95 84,670 X 5 RETAIL GROUP NV-REGS GDR 2,849,145.50 5.01 3,954,880.47 6.96 Cosmetics 4,152 MEDY-TOX INC KRW 1,719,016.31 3.02 918,000 3SBIO INC HKD 1,133,990.64 2.00 2,853,006.95 5.02 Chemical 17,300 FRUTAROM ILS 964,950.05 1.70 3,420 SYNGENTA AG-2ND LINE CHF 1,504,624.42 2.65 2,469,574.47 4.35 Internet 47,144 CTRIP.COM INTERNATIONAL-ADR 2,317,127.60 4.08 2,317,127.60 4.08 Diversified machinery 9,000 LARGAN PRECISION CO LTD TWD 1,417,814.21 2.49 17,426 TENARIS SA-ADR 594,923.64 1.05 2,012,737.85 3.54 Telecommunication 2,928,007 TELESITES SAB DE CV MXN 1,887,313.39 3.32 1,887,313.39 3.32 Distribution & Wholesale 469,500 SAMSONITE INTERNATIONAL SA HKD 1,709,690.86 3.01 1,709,690.86 3.01 Auto Parts & Equipment 50,523 DOOSAN BOBCAT INC KRW 1,658,047.08 2.92 1,658,047.08 2.92 Financial services 2,605,000 CHINATRUST FINANCIAL HOLDING BANK TWD 1,609,748.09 2.83 1,609,748.09 2.83 Agriculture 333,189 ITC LTD INR 1,438,252.35 2.53 1,438,252.35 2.53 Building materials 212,921 TECHNO ELECTRIC & ENGINEERIN INR 1,313,398.67 2.31 1,313,398.67 2.31 Transportation 94,964 ZTO EXPRESS CAYMAN INC-ADR 1,243,078.76 2.19 1,243,078.76 2.19 Diversified services 196,000 MERIDA INDUSTRY CO LTD TWD 1,036,764.28 1.83 1,036,764.28 1.83 Engineering & Construction 415,130 BHARAT ELECTRONICS LTD INR 999,547.28 1.76 999,547.28 1.76 Aerospace 15,218 KOREA AEROSPACE INDUSTRIES KRW 783,829.72 1.38 783,829.72 1.38 Computer software 82,300 TOTVS SA BRL 719,330.05 1.27 719,330.05 1.27 54,905,680.77 96.70 Total Securities Portfolio 54,905,680.77 96.70 Summary of net assets Total Securities Portfolio Cash at bank Other assets and liabilities Total net assets % NAV 54,905,680.77 96.70 6,599,569.96 11.62 (4,723,027.28) (8.32) 56,782,223.45 100.00 46
Fullerton Lux Funds - Global Emerging Market Equities (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Shares 100.00 96.70 100.00 96.70 Country allocation % of portfolio % of net assets South Korea 15.51 15.00 Taiwan 13.13 12.70 Hong Kong 10.60 10.25 India 8.88 8.58 Argentina 7.62 7.36 Cayman Islands 6.65 6.43 Brazil 5.75 5.56 Netherlands 5.19 5.01 Chile 5.04 4.89 China 4.22 4.08 Mexico 3.44 3.32 South Africa 3.29 3.19 Switzerland 2.74 2.65 Other 7.94 7.68 100.00 96.70 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets SAMSUNG ELECTRONICS - PFD Electric & Electronic 3,034,562.19 5.35 X 5 RETAIL GROUP NV-REGS GDR Food services 2,849,145.50 5.01 CTRIP.COM INTERNATIONAL-ADR Internet 2,317,127.60 4.08 TAIWAN SEMICONDUCTOR MANUFACTURING Electric & Electronic 2,211,256.26 3.90 CO LTD TELESITES SAB DE CV Telecommunication 1,887,313.39 3.32 SASOL LTD Energy 1,806,759.99 3.19 MEDY-TOX INC Cosmetics 1,719,016.31 3.02 SAMSONITE INTERNATIONAL SA Distribution & 1,709,690.86 3.01 Wholesale ENEL AMERICAS SA-ADR Energy 1,662,400.00 2.94 DOOSAN BOBCAT INC Auto Parts & 1,658,047.08 2.92 Equipment 47
Fullerton Lux Funds - Asian Currency Bonds (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 113,397,181.85 Unrealised appreciation / (depreciation) on securities (3,556,608.65) Investment in securities at market value 2.1 109,840,573.20 Cash at bank 1,016,217.34 Receivable on subscriptions 11,389.10 Receivable on withholding tax reclaim 1,247.61 Net unrealised appreciation on futures contracts 2.2, 14 68,419.84 Dividends and interest receivable 2.1, 2.8 1,203,900.50 Total assets 112,141,747.59 Liabilities Accrued expenses 216,507.17 Net unrealised depreciation on forward foreign exchange 2.3, 13 11,806.94 contracts Other liabilities 64,187.22 Total liabilities 292,501.33 Net assets at the end of the year 111,849,246.26 Income Interest on bonds 2.1, 2.8 5,053,575.41 Bank interest 2.8 1,297.31 Other income 24,483.98 Total income 5,079,356.70 Expenses Investment management fees 5 655,143.16 Depositary fees 4 27,519.19 Management Company fees 7 22,754.77 Administration fees 4 32,256.79 Professional fees 11 27,338.42 Transaction costs 16 11,926.97 Taxe d'abonnement 8 11,494.07 Bank interest and charges 13,982.24 Tax charges 5,126.41 Other expenses 10 12,010.76 Total expenses 819,552.78 Net investment income / (loss) 4,259,803.92 Net realised gain / (loss) on: Investments 2.4 (846,150.39) Foreign currencies translation 2.5 (128,588.62) Futures contracts 2.2 (2,548.32) Forward foreign exchange contracts 2.3 (254,643.58) Net realised gain / (loss) for the year 3,027,873.01 Net change in unrealised appreciation / (depreciation) on: Investments (1,844,421.55) Futures contracts 2.2 68,419.84 Forward foreign exchange contracts 2.3 (28,343.65) Increase / (Decrease) in net assets as a result of operations 1,223,527.65 Proceeds received on subscription of shares 7,222,786.22 Net amount paid on redemption of shares (149,325.67) Dividend distribution 15 (17,239.92) Net assets at the beginning of the year 103,569,497.98 Net assets at the end of the year 111,849,246.26 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A (SGD) Distribution 6,153 6,947 (1,881) 11,219 Class A () Distribution 100,000 86,332-186,332 Class I (EUR) Accumulation 2,642,482 - - 2,642,482 Class I () Accumulation 5,493,291 551,709 (11,920) 6,033,080 48
Securities Portfolio as at March 31, 2017 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 5,000,000 CHINA GOVT BOND 2.43% 16-28/07/2019 CNY 716,925.70 0.64 3,500,000 CHINA GOVT BOND 2.58% 16-14/04/2021 CNY 498,694.24 0.45 9,500,000 CHINA GOVT BOND 2.9% 16-05/05/2026 CNY 1,335,113.61 1.19 2,000,000 CHINA GOVT BOND 3.05% 15-22/10/2022 CNY 291,666.25 0.26 1,590,000 CHINA GOVT BOND 3.1% 15-28/05/2020 CNY 230,959.68 0.21 10,000,000 CHINA GOVT BOND 3.25% 16-04/07/2021 CNY 1,399,194.21 1.25 3,000,000 CHINA GOVT BOND 3.27% 16-22/08/2046 CNY 395,368.37 0.35 1,000,000 CHINA GOVT BOND 3.31% 15-05/02/2020 CNY 146,410.48 0.13 6,500,000 CHINA GOVT BOND 3.4% 17-09/02/2027 CNY 953,390.31 0.85 900,000 CHINA GOVT BOND 3.53% 14-30/10/2019 CNY 132,461.56 0.12 5,000,000 CHINA GOVT BOND 3.54% 15-16/04/2022 CNY 739,927.71 0.66 2,500,000 CHINA GOVT BOND 3.7% 16-23/05/2066 CNY 345,859.08 0.31 1,000,000 CHINA GOVT BOND 3.96% 10-15/04/2030 CNY 151,098.67 0.14 1,000,000 CHINA GOVT BOND 4.5% 11-23/06/2041 CNY 162,037.77 0.14 50,000,000 EX-IM BK OF IN 9.1% 12-15/06/2022 INR 821,173.97 0.73 1,000,000 EXP-IMP BK CHINA 3.15% 16-05/12/2019 CNY 142,452.15 0.13 30,000,000 INDIA GOVT BOND 7.5% 04-10/08/2034 INR 466,495.15 0.42 20,000,000,000 INDONESIA EXIMBK 8.35% 16-25/08/2021 IDR 1,508,648.79 1.35 7,000,000,000 INDONESIA EXIMBK 9.5% 15-13/03/2020 IDR 540,786.82 0.48 20,000,000,000 INDONESIA GOVT 7% 11-15/05/2022 IDR 1,513,053.88 1.35 6,700,000,000 INDONESIA GOVT 8.25% 10-15/07/2021 IDR 528,608.89 0.47 7,500,000,000 INDONESIA GOVT 8.25% 15-15/05/2036 IDR 596,102.38 0.53 45,000,000,000 INDONESIA GOVT 8.375% 10-15/09/2026 IDR 3,678,869.36 3.29 22,000,000,000 INDONESIA GOVT 8.375% 13-15/03/2034 IDR 1,751,480.95 1.57 3,000,000,000 INDONESIA GOVT 8.75% 13-15/02/2044 IDR 243,320.69 0.22 35,000,000,000 INDONESIA GOVT 8.75% 15-15/05/2031 IDR 2,919,271.24 2.61 200,000,000 KOREA TRSY BD 1.5% 16-10/09/2036 FLAT KRW 155,763.21 0.14 900,000,000 KOREA TRSY BD 2.625% 15-10/09/2035 KRW 841,732.96 0.75 FLAT 1,000,000,000 KOREA TRSY BD 2.75% 14-10/12/2044 KRW 973,812.89 0.87 FLAT 4,000,000,000 KOREA TRSY BD 3% 14-10/09/2024 FLAT KRW 3,795,868.59 3.40 1,700,000,000 KOREA TRSY BD 3.375% 13-10/09/2023 KRW 1,644,703.95 1.47 FLAT 300,000,000 KOREA TRSY BD 4.75% 10-10/12/2030 KRW 350,913.87 0.31 FLAT 4,500,000,000 KOREA TRSY BD 5% 10-10/06/2020 FLAT KRW 4,496,056.34 4.03 1,000,000,000 KOREA TRSY BD 5.5% 09-10/12/2029 FLAT KRW 1,235,549.45 1.10 4,500,000,000 KOREA TRSY BD 5.75% 08-10/09/2018 KRW 4,278,017.81 3.83 FLAT 11,000,000 MALAYSIA GOVT 3.795% 15-30/09/2022 MYR 2,463,675.77 2.20 5,000,000 MALAYSIA GOVT 3.8% 16-17/08/2023 MYR 1,115,293.81 1.00 3,000,000 MALAYSIA GOVT 3.882% 17-10/03/2022 MYR 679,985.25 0.61 1,000,000 MALAYSIA GOVT 4.048% 14-30/09/2021 MYR 227,820.94 0.20 5,500,000 MALAYSIA GOVT 4.736% 16-15/03/2046 MYR 1,239,331.97 1.11 2,000,000 MALAYSIA INVEST 3.743% 16-26/08/2021 MYR 448,252.88 0.40 5,000,000 MALAYSIA INVEST 3.99% 15-15/10/2025 MYR 1,114,565.08 1.00 2,500,000 MALAYSIA INVEST 4.07% 16-30/09/2026 MYR 558,180.74 0.50 2,000,000 MALAYSIAN GOVT 3.733% 13-15/06/2028 MYR 423,367.52 0.38 1,500,000 MALAYSIAN GOVT 3.844% 13-15/04/2033 MYR 311,448.35 0.28 6,500,000 MALAYSIAN GOVT 3.889% 13-31/07/2020 MYR 1,475,952.50 1.32 3,000,000 MALAYSIAN GOVT 4.232% 11-30/06/2031 MYR 658,079.22 0.59 130,000,000 PHILIPPINE GOVT 6.25% 11-14/01/2036 PHP 2,886,672.90 2.58 105,000,000 PHILIPPINE GOVT 4.95% 10-15/01/2021 PHP 2,136,893.32 1.91 85,000,000 PHILIPPINES(REP) 3.9% 12-26/11/2022 PHP 1,649,152.04 1.47 250,000 REP OF SRI LANKA 5.75% 16-18/01/2022 257,146.25 0.23 250,000 REP OF SRI LANKA 6.85% 15-03/11/2025 259,156.25 0.23 870,000 Singapore Government 3.5% due 01 March SGD 692,158.79 0.62 2027 420,000 SINGAPORE GOVT 2.25% 16-01/08/2036 SGD 292,677.91 0.26 970,000 SINGAPORE GOVT 2.375% 15-01/06/2025 SGD 707,523.16 0.63 650,000 SINGAPORE GOVT 2.75% 12-01/04/2042 SGD 492,250.22 0.44 560,000 SINGAPORE GOVT 2.875% 10-01/09/2030 SGD 424,092.49 0.38 250,000 SINGAPORE GOVT 3% 09-01/09/2024 SGD 190,221.32 0.17 600,000 SINGAPORE GOVT 3.375% 13-01/09/2033 SGD 484,863.15 0.43 21,397,600 THAILAND GOVT 1.2% 11-14/07/2021 THB 617,350.19 0.55 20,529,400 THAILAND GOVT 1.25% 13-12/03/2028 THB 562,546.11 0.50 46,000,000 THAILAND GOVT 1.875% 16-17/06/2022 THB 1,318,368.21 1.18 15,000,000 THAILAND GOVT 3.4% 15-17/06/2036 THB 444,556.74 0.40 10,000,000 THAILAND GOVT 3.625% 10-16/06/2023 THB 313,663.27 0.28 16,000,000 THAILAND GOVT 3.65% 10-20/06/2031 THB 498,192.12 0.45 65,000,000 THAILAND GOVT 3.85% 10-12/12/2025 THB 2,078,024.10 1.86 15,000,000 THAILAND GOVT 4.26% 12-12/12/2037 THB 487,851.05 0.44 22,000,000 THAILAND GOVT 4.875% 09-22/06/2029 THB 773,097.43 0.69 68,264,202.03 61.04 Banks 250,000 ABN AMRO BANK NV 12-25/10/2022 FRN SGD 181,649.29 0.16 200,000 ABN AMRO BANK NV 17-27/03/2028 201,126.00 0.18 1,000,000 AGRICUL DEV BANK 3.99% 12-04/09/2019 CNY 145,568.17 0.13 200,000 AUST & NZ BANK 16-29/12/2049 219,679.00 0.20 200,000 AUST & NZ BANK 4.4% 16-19/05/2026 205,510.00 0.18 12,000,000,000 BANK OCBC NISP 9.8% 15-10/02/2018 IDR 919,084.44 0.82 2,300,000 CHINA DEV BANK 3.94% 15-10/07/2022 CNY 332,342.20 0.30 5,000,000 CHINA DEV BANK 4.25% 15-13/04/2022 CNY 730,488.95 0.65 250,000 COMMERZBANK AG 17-01/03/2027 SGD 183,961.10 0.16 200,000 DBS GROUP HLDGS 16-29/12/2049 196,865.00 0.18 10,000,000 DEUTSCHE BK/SG 4.5% 15-20/08/2020 CNH 1,400,747.06 1.25 600,000 MACQUARIE BK LTD 4.875% 15-10/06/2025 622,551.00 0.56 250,000 NATIONWIDE BLDG 4% 16-14/09/2026 242,052.50 0.22 6,003,947 STAND CHART SG 7.8% 12-16/04/2021 5,467,050.04 4.89 1,991,544 STAND CHART SG 8.33% 13-13/07/2026 FLAT 1,686,331.92 1.51 300,000 STANDARD CHART 4.3% 16-19/02/2027 295,939.50 0.26 13,030,946.17 11.65 Real estate 250,000 ASCENDAS INDIA 3.8% 14-27/08/2019 SGD 181,376.52 0.16 250,000 ASCOTT REIT MTN 4.205% 15-23/11/2022 SGD 187,283.49 0.17 500,000 CAMBRIDGE INDUST 3.95% 16-09/05/2023 SGD 359,175.78 0.32 250,000 CAMBRIDGE MTN PT 4.1% 14-29/04/2020 SGD 183,285.00 0.16 500,000 CAPITALAND TREAS 3.8% 14-28/08/2024 SGD 373,264.85 0.33 200,000 CENTRAL CHINA 6.75% 16-08/11/2021 208,206.00 0.19 1,000,000 CHAMPION MTN 3.75% 13-17/01/2023 1,006,765.00 0.89 250,000 CHN SCE PROPERTY 10% 15-02/07/2020 278,555.00 0.25 750,000 FIRST REIT 4.125% 13-22/05/2018 SGD 543,914.93 0.49 250,000 FRANSHION BRILLA 3.6% 17-03/03/2022 248,477.50 0.22 500,000 GREENLAND HK 3.875% 16-28/07/2019 498,240.00 0.45 250,000 LENDLEASE GROUP 4.5% 16-26/05/2026 254,648.75 0.23 4,000,000 LONGFOR PROPERTI 6.75% 14-28/05/2018 CNH 590,808.65 0.53 250,000 MAPLETREE LOGIST 16-29/12/2049 SGD 184,427.93 0.16 250,000 MARQUEE LAND PTE 9.75% 14-05/08/2019 267,008.75 0.24 500,000 OUE LTD 3.8% 15-15/04/2020 SGD 363,901.35 0.33 500,000 POLY REAL ESTATE 4.6% 15-25/05/2020 CNY 72,757.24 0.07 250,000 RKI FIN 2016 A 5% 16-09/08/2019 255,178.75 0.23 500,000 SABANA TRSY 4.5% 12-24/09/2017 CV SGD 352,217.99 0.31 300,000 THETA CAPITAL 7% 14-11/04/2022 314,704.50 0.28 250,000 TIMES PROPERTY 11.45% 15-05/03/2020 279,875.00 0.25 200,000 TIMES PROPERTY 6.25% 17-23/01/2020 206,712.00 0.18 500,000 VIVA ITRUST MTN 4.15% 14-19/09/2018 SGD 356,832.67 0.32 250,000 WING TAI HLDGS 4.5% 12-26/09/2022 SGD 187,905.94 0.17 200,000 YANLORD LAND HK 5.875% 17-23/01/2022 209,455.00 0.19 7,964,978.59 7.12 Financial services 1,500,000 CENTRAL HUIJIN 3.55% 15-15/09/2020 CNY 215,110.36 0.19 5,000,000 CITIC GROUP 5.1% 11-17/11/2018 CNY 734,704.11 0.66 60,000,000 HOUSING DEV FIN 7.875% 16-21/08/2019 INR 938,897.33 0.84 750,000 MAPLETREE TREA 17-29/12/2049 SGD 553,796.25 0.50 50,000,000 POWER FIN CORP 8.53% 15-24/07/2020 INR 797,316.91 0.71 60,000,000 RURAL ELECTRIFIC 8.23% 15-23/01/2025 INR 953,223.13 0.85 100,000,000 RURAL ELECTRIFIC 8.37% 15-14/08/2020 INR 1,592,290.13 1.42 5,785,338.22 5.17 Supranational organisation 60,000,000 ASIAN DEV BANK 6.45% 16-08/08/2021 INR 940,072.26 0.84 7,000,000,000 INTERAMER DEV BK 9.5% 16-15/04/2019 IDR 551,377.04 0.49 80,000,000 INTL FIN CORP 7.8% 14-03/06/2019 INR 1,282,836.81 1.15 40,000,000 INTL FIN CORP 8.25% 14-10/06/2021 INR 662,819.99 0.59 3,437,106.10 3.07 Telecommunication 1,000,000 BHARTI AIRTEL IN 5.125% 13-11/03/2023 1,050,880.00 0.94 500,000 PCCW CAP NO4 5.75% 12-17/04/2022 550,550.00 0.49 250,000 PROVEN GLORY CAP 3.25% 17-21/02/2022 248,861.25 0.22 500,000 PROVEN HONOUR 4.125% 16-06/05/2026 502,867.50 0.45 49
Fullerton Lux Funds - Asian Currency Bonds (in ) Securities Portfolio as at March 31, 2017 Financial derivative instruments as at March 31, 2017 Quantity/ Nominal Denomination Currency Market value % in NAV Quantity Denomination Currency Commitment in Unrealised appreciation / (depreciation) in 350,000 SMARTONE FIN LTD 3.875% 13-08/04/2023 352,399.25 0.32 Energy 2,705,558.00 2.42 200,000 ADANI TRANSMISSI 4% 16-03/08/2026 196,220.00 0.18 2,000,000 CHINA NATL PETRO 12-12/04/2022 FRN CNY 291,973.28 0.26 2,000,000 CHINA THREE GORG 4.55% 14-06/11/2021 CNY 293,035.71 0.26 500,000 INDIAN OIL CORP 5.75% 13-01/08/2023 560,087.50 0.50 200,000 LISTRINDO CAP 4.95% 16-14/09/2026 195,693.00 0.17 700,000 ONGC VIDESH VANK 3.75% 16-27/07/2026 687,435.00 0.62 Insurance 2,224,444.49 1.99 200,000 DAI-ICHI LIFE 16-29/12/2049 194,903.00 0.17 600,000 NIPPON LIFE INS 14-16/10/2044 FRN 634,281.00 0.58 250,000 QBE INSURANCE 14-02/12/2044 FRN 273,566.25 0.24 Auto Parts & Equipment 1,102,750.25 0.99 250,000 ASL MARINE HLDGS 4.75% 13-28/03/2020 SGD 129,676.03 0.12 250,000 SEMBCORP INDUST 15-29/12/2049 FRN SGD 183,113.29 0.16 5,000,000 VOLKSWAGEN INTFN 3.75% 12-30/11/2017 CNH 720,809.54 0.64 Metal 1,033,598.86 0.92 300,000 CHINA HONGQIAO 7.625% 14-26/06/2017 283,483.50 0.25 200,000 CHINALCO CAPITAL 4% 16-25/08/2021 199,100.00 0.18 250,000 MINMETALS BOUNTE 4.2% 16-27/07/2026 253,878.75 0.23 Transportation 736,462.25 0.66 1,000,000 NEPTUNE ORIENT 4.4% 12-08/11/2019 SGD 668,949.46 0.60 Diversified services 668,949.46 0.60 750,000 CWT LTD 3.9% 13-18/04/2019 SGD 539,893.19 0.48 250,000 EZION HOLDINGS 14-31/05/2049 FRN SGD 124,869.08 0.11 Distribution & Wholesale 664,762.27 0.59 550,000 LS FINANCE 2025 4.5% 15-26/06/2025 528,404.25 0.47 Food services 528,404.25 0.47 250,000 OLAM INTL LTD 16-29/12/2049 248,616.25 0.22 250,000 OLAM INTL LTD 5.8% 12-17/07/2019 SGD 186,140.55 0.17 Lodging & Restaurants 434,756.80 0.39 500,000 HOTEL PROPERTIES 3.5% 13-15/01/2018 SGD 362,443.61 0.32 Textile 362,443.61 0.32 300,000 GOLDEN LEGACY PT 9% 14-24/04/2019 314,595.00 0.28 Agriculture 314,595.00 0.28 200,000 REWARD INTL INV 7.25% 17-25/01/2020 203,779.00 0.18 Chemical 203,779.00 0.18 200,000 UPL CORP LTD 3.25% 16-13/10/2021 198,155.00 0.18 Electric & Electronic 198,155.00 0.18 250,000 UNITED ENG LTD 3.68% 16-01/06/2021 SGD 179,342.85 0.16 179,342.85 0.16 Future contracts 116 KOREA 3YR BND FUTURE 20/06/2017 KRW 11,354,162.14 16,077.35 (12) KOREAN 10YR 5% BND FUTURE KRW 1,340,248.54 (1,073.06) 20/06/2017 (15) US 10YR NOTE FUT (CBT) 21/06/2017 1,865,156.25 10,078.05 (3) 90DAYS EURO $ FUT 17/12/2018 734,700.00 900.00 (37) 90DAYS EURO $ FUT 18/12/2017 9,105,700.00 42,437.50 68,419.84 Total Future contracts 68,419.84 Purchase Sale Maturity Date Commitment in Unrealised appreciation / (depreciation) in Forward foreign exchange contracts 2,800,000 3,968,720 SGD 25/04/17 2,800,000.00 (40,101.19) 2,785,394 SGD 1,965,000 25/04/17 1,965,000.00 28,294.25 (11,806.94) Total Forward foreign exchange contracts (11,806.94) Total financial derivative instruments 56,612.90 Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 109,840,573.20 98.20 56,612.90 0.05 1,016,217.34 0.91 935,842.82 0.84 111,849,246.26 100.00 109,840,573.20 98.20 Total Securities Portfolio 109,840,573.20 98.20 50
Fullerton Lux Funds - Asian Currency Bonds (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments 100.00 98.20 100.00 98.20 Country allocation % of portfolio % of net assets South Korea 16.19 15.90 Indonesia 12.93 12.69 Singapore 10.48 10.29 Malaysia 9.76 9.59 China 9.52 9.35 United Kingdom 7.00 6.88 Thailand 6.46 6.35 Philippines 6.07 5.96 India 5.76 5.65 Supranational - Multinational 3.13 3.07 Cayman Islands 3.05 2.99 Virgin Islands 3.04 2.99 Netherlands 2.14 2.09 Other 4.47 4.40 100.00 98.20 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets STAND CHART SG 7.8% 12-16/04/2021 Banks 5,467,050.04 4.89 KOREA TRSY BD 5% 10-10/06/2020 FLAT Government 4,496,056.34 4.03 KOREA TRSY BD 5.75% 08-10/09/2018 FLAT Government 4,278,017.81 3.83 KOREA TRSY BD 3% 14-10/09/2024 FLAT Government 3,795,868.59 3.40 INDONESIA GOVT 8.375% 10-15/09/2026 Government 3,678,869.36 3.29 INDONESIA GOVT 8.75% 15-15/05/2031 Government 2,919,271.24 2.61 PHILIPPINE GOVT 6.25% 11-14/01/2036 Government 2,886,672.90 2.58 MALAYSIA GOVT 3.795% 15-30/09/2022 Government 2,463,675.77 2.20 PHILIPPINE GOVT 4.95% 10-15/01/2021 Government 2,136,893.32 1.91 THAILAND GOVT 3.85% 10-12/12/2025 Government 2,078,024.10 1.86 51
Fullerton Lux Funds - Asian High Yield Bonds (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 54,653,002.79 Unrealised appreciation / (depreciation) on securities 784,064.52 Investment in securities at market value 2.1 55,437,067.31 Cash at bank 5,473,377.57 Net unrealised appreciation on forward foreign exchange 2.3, 13 40,499.09 contracts Dividends and interest receivable 2.1, 2.8 893,067.34 Formation expenses 2.9 4,860.85 Total assets 61,848,872.16 Liabilities Accrued expenses 190,903.26 Payable for investment purchased 962,395.83 Total liabilities 1,153,299.09 Net assets at the end of the year 60,695,573.07 Income Interest on bonds 2.1, 2.8 2,671,038.50 Bank interest 2.8 74.92 Total income 2,671,113.42 Expenses Investment management fees 5 525,744.07 Depositary fees 4 3,911.19 Management Company fees 7 9,105.22 Administration fees 4 15,286.03 Professional fees 11 15,030.66 Transaction costs 16 4,352.02 Taxe d'abonnement 8 23,025.44 Bank interest and charges 5,255.19 Amortisation of formation expenses 2.9 7,402.02 Other expenses 10 10,414.64 Total expenses 619,526.48 Net investment income / (loss) 2,051,586.94 Net realised gain / (loss) on: Investments 2.4 1,315,753.96 Foreign currencies translation 2.5 (4,198.43) Forward foreign exchange contracts 2.3 (72,224.30) Net realised gain / (loss) for the year 3,290,918.17 Net change in unrealised appreciation / (depreciation) on: Investments 499,706.80 Forward foreign exchange contracts 2.3 (223,218.18) Increase / (Decrease) in net assets as a result of operations 3,567,406.79 Proceeds received on subscription of shares 32,049,966.40 Net amount paid on redemption of shares (4,256,030.56) Dividend distribution 15 (1,937,577.25) Net assets at the beginning of the year 31,271,807.69 Net assets at the end of the year 60,695,573.07 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A (SGD) Hedged Distribution 844,434 872,603 (192,376) 1,524,661 Class A () Distribution 2,496,424 2,448,722 (265,132) 4,680,014 52
Securities Portfolio as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian High Yield 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 Real estate Bonds and other debt instruments 700,000 AGILE PROPERTY 8.375% 14-18/02/2019 731,237.50 1.20 750,000 AGILE PROPERTY 9% 15-21/05/2020 823,822.50 1.36 500,000 AOYUAN PROPERTY 6.35% 17-11/01/2020 517,800.00 0.85 1,000,000 AOYUAN PROPERTY 6.525% 16-25/04/2019 1,036,390.00 1.71 600,000 CENTRAL CHINA RE 6.5% 13-04/06/2018 611,229.00 1.01 700,000 CENTRAL CHINA RE 8% 13-28/01/2020 729,225.00 1.20 300,000 CENTRAL CHINA 6.75% 16-08/11/2021 312,309.00 0.51 500,000 CENTRAL CHINA 8.75% 15-23/01/2021 548,912.50 0.90 900,000 CHN SCE PROPERTY 10% 15-02/07/2020 1,002,798.00 1.65 1,300,000 CIFI HOLDINGS 7.75% 15-05/06/2020 1,402,115.00 2.31 1,250,000 COUNTRY GARDEN 7.5% 15-09/03/2020 1,335,225.00 2.20 750,000 FRANSHION BRILLA 17-29/12/2049 770,546.25 1.27 1,000,000 FUTURE LAND DEVE 5% 17-16/02/2020 1,008,975.00 1.66 700,000 KWG PROPERTY HOL 8.975% 14-733,022.50 1.21 14/01/2019 1,000,000 KWG PROPERTY 6% 17-11/01/2022 1,030,545.00 1.70 1,500,000 LONGFOR PROPERTI 6.75% 13-29/01/2023 1,592,452.50 2.63 450,000 MARQUEE LAND PTE 9.75% 14-05/08/2019 480,615.75 0.79 500,000 NEW WORLD CN LAN 4.75% 17-23/01/2027 515,635.00 0.85 1,500,000 NWD FINANCE(BVI) 5.75% 16-29/12/2049 1,483,507.50 2.44 750,000 RKI FIN 2016 A 5% 16-09/08/2019 765,536.25 1.26 1,600,000 SHIMAO PROPERTY 8.375% 15-10/02/2022 1,787,944.00 2.96 600,000 SHUI ON DEVELOP 12-10/12/2049 FRN 626,058.00 1.03 600,000 SHUI ON DEVELOP 5.7% 17-06/02/2021 608,553.00 1.00 300,000 SHUI ON DEVELOP 9.625% 14-10/06/2019 317,599.50 0.52 150,000 SHUI ON DEVELOP 9.75% 14-19/05/2020 158,712.00 0.26 1,500,000 THETA CAPITAL 7% 14-11/04/2022 1,573,522.50 2.59 750,000 TIMES PROPERTY 6.25% 17-23/01/2020 775,170.00 1.28 1,000,000 WANDA PROPERTIES 7.25% 14-29/01/2024 1,106,835.00 1.82 250,000 XINYUAN REAL EST 7.75% 17-28/02/2021 247,636.25 0.41 1,500,000 YANLORD LAND HK 5.875% 17-23/01/2022 1,570,912.50 2.59 750,000 YUZHOU PROPERTIE 6% 17-25/01/2022 773,842.50 1.27 400,000 YUZHOU PROPERTIE 9% 14-08/12/2019 431,116.00 0.71 27,409,800.50 45.15 Metal 1,500,000 ABJA INVESTMENT 5.95% 14-31/07/2024 1,551,502.50 2.56 250,000 FORTUNE STAR 5.25% 17-23/03/2022 254,237.50 0.42 500,000 VEDANTA RESOURCE 7.125% 13-31/05/2023 514,225.00 0.85 1,750,000 VEDANTA RESOURCE 8.25% 11-07/06/2021 1,889,641.25 3.11 4,209,606.25 6.94 Building materials 800,000 ALAM SYNERGY 6.625% 16-24/04/2022 808,988.00 1.33 250,000 ALAM SYNERGY 6.95% 13-27/03/2020 257,427.50 0.42 1,000,000 INDO ENERGY FIN 6.375% 13-24/01/2023 953,080.00 1.57 800,000 PRATAMA AGUNG 6.25% 15-24/02/2020 838,240.00 1.38 1,000,000 WEST CHINA CEM 6.5% 14-11/09/2019 1,044,965.00 1.73 3,902,700.50 6.43 Distribution & Wholesale 1,500,000 GOLDEN EAGLE RET 4.625% 13-21/05/2023 1,385,775.00 2.29 1,250,000 LI & FUNG LTD 5.25% 16-29/12/2049 1,112,162.50 1.83 450,000 PACIFIC EMERALD 9.75% 13-25/07/2018 468,798.75 0.77 250,000 TRAFIGURA BEHEER 14-31/08/2049 FRN SGD 181,465.96 0.30 3,148,202.21 5.19 Energy 750,000 LISTRINDO CAP 4.95% 16-14/09/2026 733,848.75 1.21 200,000 PERTAMINA 6.5% 11-27/05/2041 225,320.00 0.37 1,500,000 PETRON CORP 13-30/12/2048 FRN 1,580,347.50 2.60 2,539,516.25 4.18 Financial services 750,000 NOBLE GROUP LTD 6.75% 09-29/01/2020 724,687.50 1.19 500,000 NWD MTN LTD 4.375% 15-30/11/2022 519,680.00 0.86 1,200,000 TML HOLDINGS PTE 5.75% 14-07/05/2021 1,272,312.00 2.10 2,516,679.50 4.15 Banks 290,000 BANK OF CEYLON 5.325% 13-16/04/2018 293,825.10 0.48 500,000 BK OF EAST ASIA 15-29/12/2049 FRN 500,612.50 0.82 650,000 MACQUARIE BK LON 17-31/12/2049 653,500.25 1.08 1,000,000 WOORI BANK 16-29/12/2049 983,810.00 1.63 2,431,747.85 4.01 Government 500,000 MONGOLIA 10.875% 16-06/04/2021 577,550.00 0.95 200,000 MONGOLIA 8.75% 17-09/03/2024 218,804.00 0.36 500,000 REP OF SRI LANKA 6% 14-14/01/2019 518,672.50 0.85 720,000 REP OF SRI LANKA 6.25% 10-04/10/2020 760,060.80 1.26 2,075,087.30 3.42 Food services 370,000 FPC TREASURY LTD 4.5% 13-16/04/2023 375,784.95 0.62 200,000 FPT FINANCE LTD 6.375% 10-28/09/2020 217,441.00 0.36 400,000 JGSH PHILIPPINES 4.375% 13-23/01/2023 409,886.00 0.68 1,000,000 OLAM INTL LTD 16-29/12/2049 994,465.00 1.63 1,997,576.95 3.29 Auto Parts & Equipment 250,000 MITRA PINASTHIKA 6.75% 14-19/09/2019 261,675.00 0.43 700,000 NEXTEER AUTO GRP 5.875% 14-15/11/2021 739,812.50 1.22 500,000 ZOOMLION HK SPV 6.125% 12-20/12/2022 501,760.00 0.83 1,503,247.50 2.48 Transportation 800,000 PELABUHAN IND II 4.25% 15-05/05/2025 798,704.00 1.31 300,000 SRILANKAN AIR 5.3% 14-27/06/2019 301,266.00 0.50 1,099,970.00 1.81 Electric & Electronic 1,000,000 STATS CHIPPAC 8.5% 15-24/11/2020 1,082,285.00 1.78 1,082,285.00 1.78 Textile 500,000 PB INTERNAT 7.625% 17-26/01/2022 519,992.50 0.86 519,992.50 0.86 Telecommunication 500,000 TBG GLOBAL PTE 4.625% 13-03/04/2018 503,897.50 0.83 503,897.50 0.83 Chemical 500,000 YINGDE GASES INV 8.125% 13-22/04/2018 496,757.50 0.82 496,757.50 0.82 55,437,067.31 91.34 Total Securities Portfolio 55,437,067.31 91.34 Financial derivative instruments as at March 31, 2017 Purchase Sale Maturity Date Commitment in Unrealised appreciation / (depreciation) in Forward foreign exchange contracts 141,693 200,000 SGD 03/05/17 141,693.23 (1,440.24) 16,085,000 SGD 11,468,806 24/04/17 11,468,805.70 41,939.33 40,499.09 Total Forward foreign exchange contracts 40,499.09 53
Fullerton Lux Funds - Asian High Yield Bonds (in ) Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 55,437,067.31 91.34 40,499.09 0.07 5,473,377.57 9.02 (255,370.90) (0.43) 60,695,573.07 100.00 54
Fullerton Lux Funds - Asian High Yield Bonds (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments 100.00 91.34 100.00 91.34 Country allocation % of portfolio % of net assets Cayman Islands 39.30 35.90 Singapore 18.53 16.91 Virgin Islands 11.55 10.55 Hong Kong 4.64 4.24 United Kingdom 4.34 3.96 Netherlands 3.98 3.64 Sri Lanka 3.38 3.09 Bermuda 3.31 3.02 Philippines 2.85 2.60 Other 8.12 7.43 100.00 91.34 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets VEDANTA RESOURCE 8.25% 11-07/06/2021 Metal 1,889,641.25 3.11 SHIMAO PROPERTY 8.375% 15-10/02/2022 Real estate 1,787,944.00 2.96 LONGFOR PROPERTI 6.75% 13-29/01/2023 Real estate 1,592,452.50 2.63 PETRON CORP 13-30/12/2048 FRN Energy 1,580,347.50 2.60 THETA CAPITAL 7% 14-11/04/2022 Real estate 1,573,522.50 2.59 YANLORD LAND HK 5.875% 17-23/01/2022 Real estate 1,570,912.50 2.59 ABJA INVESTMENT 5.95% 14-31/07/2024 Metal 1,551,502.50 2.56 NWD FINANCE(BVI) 5.75% 16-29/12/2049 Real estate 1,483,507.50 2.44 CIFI HOLDINGS 7.75% 15-05/06/2020 Real estate 1,402,115.00 2.31 GOLDEN EAGLE RET 4.625% 13-21/05/2023 Distribution & 1,385,775.00 2.29 Wholesale 55
Fullerton Lux Funds - Asian Bonds (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 196,400,198.47 Unrealised appreciation / (depreciation) on securities 2,152,839.33 Investment in securities at market value 2.1 198,553,037.80 Cash at bank 3,468,336.09 Receivable for investment sold 30,890.94 Receivable on subscriptions 292,932.37 Dividends and interest receivable 2.1, 2.8 2,787,461.46 Total assets 205,132,658.66 Liabilities Accrued expenses 486,785.37 Payable on redemptions 335,532.60 Net unrealised depreciation on forward foreign exchange contracts 2.3, 13 215,148.42 Total liabilities 1,037,466.39 Net assets at the end of the year 204,095,192.27 Income Interest on bonds 2.1, 2.8 10,144,443.65 Bank interest 2.8 198.01 Other income 30,692.86 Total income 10,175,334.52 Expenses Investment management fees 5 1,755,119.95 Depositary fees 4 24,413.49 Management Company fees 7 45,775.53 Administration fees 4 63,683.00 Professional fees 11 25,666.09 Transaction costs 16 11,812.93 Taxe d'abonnement 8 62,802.57 Bank interest and charges 21,548.88 Other expenses 10 39,815.41 Total expenses 2,050,637.85 Net investment income / (loss) 8,124,696.67 Net realised gain / (loss) on: Investments 2.4 (288,934.54) Foreign currencies translation 2.5 (64,380.10) Futures contracts 2.2 (24,687.40) Forward foreign exchange contracts 2.3 (43,707.97) Net realised gain / (loss) for the year 7,702,986.66 Net change in unrealised appreciation / (depreciation) on: Investments 1,856,101.77 Forward foreign exchange contracts 2.3 432,249.89 Increase / (Decrease) in net assets as a result of operations 9,991,338.32 Proceeds received on subscription of shares 97,975,180.63 Net amount paid on redemption of shares (112,482,439.66) Dividend distribution 15 (6,244,494.35) Net assets at the beginning of the year 214,855,607.33 Net assets at the end of the year 204,095,192.27 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A (EUR) Hedged Accumulation 43,600 199,097 (99,081) 143,616 Class A (SGD) Hedged Distribution 775,483 1,333,274 (746,547) 1,362,210 Class A () Accumulation 3,369,464 1,827,612 (2,403,919) 2,793,157 Class A () Distribution 6,573,366 1,815,608 (4,670,537) 3,718,437 Class I () Accumulation 2,436,608 11,037 (125,277) 2,322,368 Class I () Distribution 6,809,558 4,055,948 (2,574,943) 8,290,563 Class R (SGD) Accumulation - 38,239 (94) 38,145 56
Securities Portfolio as at March 31, 2017 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 Real estate Bonds and other debt instruments 200,000 AOYUAN PROPERTY 6.35% 17-11/01/2020 207,120.00 0.10 1,000,000 ASCENDAS HOSPITA 3.325% 16- SGD 716,856.26 0.35 23/09/2022 750,000 ASCENDAS INDIA 3.8% 14-27/08/2019 SGD 544,129.57 0.27 1,000,000 ASCENDAS PROPERT 3.8% 12-01/10/2018 SGD 721,975.33 0.35 1,000,000 ASCOTT REIT MTN 4.205% 15-23/11/2022 SGD 749,133.96 0.37 500,000 BESTGAIN REAL E 2.625% 13-13/03/2018 500,335.00 0.25 300,000 BESTGAIN REAL 3.95% 16-23/12/2019 307,506.00 0.15 1,000,000 CAMBRIDGE INDUST 3.95% 16-09/05/2023 SGD 718,351.56 0.35 1,000,000 CAMBRIDGE MTN PT 4.1% 14-29/04/2020 SGD 733,139.99 0.36 750,000 CAPITALAND TREAS 4.3% 10-31/08/2020 SGD 570,548.60 0.28 800,000 CHAMPION MTN 3.75% 13-17/01/2023 805,412.00 0.39 1,500,000 CHINA OVERSEAS F 3.95% 12-15/11/2022 1,541,520.00 0.76 800,000 CHINA OVERSEAS F 5.35% 12-15/11/2042 837,300.00 0.41 500,000 CHN SCE PROPERTY 10% 15-02/07/2020 557,110.00 0.27 1,400,000 COUNTRY GARDEN 7.5% 15-09/03/2020 1,495,452.00 0.73 2,000,000 CROESUS RETAIL T 5% 16-13/04/2020 SGD 1,447,005.65 0.71 500,000 DOUBLE ROSY 3.625% 14-18/11/2019 508,202.50 0.25 1,000,000 FCL TREASURY 15-29/12/2049 FRN SGD 729,845.32 0.36 1,000,000 FCL TREASURY 4.15% 17-23/02/2027 SGD 716,824.06 0.35 500,000 FCL TREASURY 4.25% 16-21/04/2026 SGD 363,917.45 0.18 750,000 FIRST REIT 4.125% 13-22/05/2018 SGD 543,914.93 0.27 500,000 FRANSHION BRILLA 17-29/12/2049 513,697.50 0.25 750,000 FUTURE LAND DEVE 6.25% 15-12/11/2017 762,195.00 0.37 500,000 GLL IHT PTE LTD 3.62% 17-30/03/2021 SGD 358,034.63 0.18 1,100,000 LENDLEASE GROUP 4.5% 16-26/05/2026 1,120,454.50 0.55 500,000 MAPLETREE COMMER 3.11% 16- SGD 353,233.93 0.17 24/08/2026 500,000 MARQUEE LAND PTE 9.75% 14-05/08/2019 534,017.50 0.26 750,000 NWD FINANCE(BVI) 5.75% 16-29/12/2049 741,753.75 0.36 400,000 POLY REAL ESTATE 5.25% 14-25/04/2019 417,578.00 0.20 500,000 RKI FIN 2016 A 5% 16-09/08/2019 510,357.50 0.25 500,000 RKI FIN 2016 B 4.7% 16-06/09/2021 500,695.00 0.25 1,500,000 SABANA TRSY 4.5% 12-24/09/2017 CV SGD 1,056,653.96 0.52 1,500,000 SHIMAO PROPERTY 8.375% 15-10/02/2022 1,676,197.50 0.82 500,000 SINO OC TR FIN I 4.625% 14-30/07/2019 513,985.00 0.25 1,000,000 SINO OC TR FIN I 6% 14-30/07/2024 1,085,135.00 0.53 900,000 SINO OCEAN LAND 4.45% 15-04/02/2020 923,391.00 0.45 400,000 SINO OCEAN LAND 5.95% 15-04/02/2027 427,442.00 0.21 2,750,000 SOILBUILD BUSINE 3.45% 15-21/05/2018 SGD 1,970,449.66 0.97 800,000 SUN HUNG KAI PRO 3.625% 13-16/01/2023 825,264.00 0.40 900,000 SWIRE PRO MTN FI 4.375% 12-18/06/2022 962,910.00 0.47 700,000 TIMES PROPERTY 11.45% 15-05/03/2020 783,650.00 0.38 350,000 TIMES PROPERTY 6.25% 17-23/01/2020 361,746.00 0.18 1,000,000 VIVA ITRUST MTN 4.15% 14-19/09/2018 SGD 713,665.33 0.35 1,500,000 WING TAI HLDGS 4.5% 12-26/09/2022 SGD 1,127,435.61 0.55 1,000,000 WING TAI HLDGS 4.7% 14-28/02/2024 SGD 753,194.16 0.37 500,000 YANLORD LAND HK 5.875% 17-23/01/2022 523,637.50 0.26 700,000 YUEXIU REIT MTN 3.1% 13-14/05/2018 702,394.00 0.34 400,000 YUZHOU PROPERTIE 9% 14-08/12/2019 431,116.00 0.21 35,965,884.21 17.61 Banks 1,500,000 ABN AMRO BANK NV 16-01/04/2026 FRN SGD 1,117,798.45 0.55 600,000 ABN AMRO BANK NV 17-27/03/2028 603,378.00 0.30 500,000 AMBANK M BHD 3.125% 14-03/07/2019 505,370.00 0.25 300,000 AUST & NZ BANK 16-29/12/2049 329,518.50 0.16 1,500,000 BANGKOK BANK HK 3.875% 12-27/09/2022 1,556,295.00 0.76 250,000 BANK EAST ASIA 4.25% 12-13/09/2022 SGD 180,632.45 0.09 400,000 BANK EAST ASIA 6.125% 10-16/07/2020 437,548.00 0.21 24,000,000,000 BANK OCBC NISP 9.8% 15-10/02/2018 IDR 1,838,168.88 0.90 750,000 BANK OF CEYLON 5.325% 13-16/04/2018 759,892.50 0.37 900,000 CHINA CITIC BANK 13-07/05/2024 946,246.50 0.46 1,000,000 CHINA CONST ASIA 14-20/08/2024 FRN 1,025,385.00 0.50 500,000 CHINA CONST BANK 15-13/05/2025 FRN 508,330.00 0.25 2,000,000 CHONG HING BANK 6% 10-04/11/2020 2,154,660.00 1.06 400,000 COM BK AUSTRALIA 16-20/10/2026 396,574.00 0.19 1,000,000 DAH SING BANK 14-29/01/2024 FRN 1,034,830.00 0.51 500,000 DAH SING BANK 16-30/11/2026 505,850.00 0.25 500,000 DBS GROUP HLDGS 16-29/12/2049 492,162.50 0.24 400,000 FUBON BANK HK 6.125% 10-30/11/2020 438,952.00 0.22 800,000 HSBC HOLDINGS 14-29/12/2049 FRN 802,152.00 0.39 1,000,000 HSBC HOLDINGS 15-29/12/2049 FRN 1,019,715.00 0.50 500,000 ICBC ASIA 13-10/10/2023 FRN 511,195.00 0.25 2,500,000 KAZAKH DEVELOPME 4.125% 12-10/12/2022 2,479,625.00 1.21 600,000 KOREA EXCH BANK 4.25% 14-14/10/2024 614,991.00 0.30 1,000,000 Krung Thai Bank due 26 December 2024 FRN 1,036,980.00 0.51 2,400,000 MACQUARIE BK LTD 4.875% 15-10/06/2025 2,490,204.00 1.22 1,250,000 MALAYAN BANKING 16-29/10/2026 1,259,625.00 0.62 1,000,000 NATL AUSTRALIABK 16-19/05/2028 SGD 739,063.95 0.36 400,000 SHINHAN BANK 16-07/12/2026 406,660.00 0.20 500,000 SOCIETE GENERALE 16-19/05/2026 SGD 361,796.13 0.18 400,000 STAND CHART HK 5.875% 10-24/06/2020 434,208.00 0.21 600,000 STANDARD CHART 4.05% 16-12/04/2026 606,516.00 0.30 600,000 UBS GROUP 15-29/12/2049 FRN 618,753.00 0.30 700,000 WOORI BANK 4.75% 14-30/04/2024 724,174.50 0.35 1,400,000 WOORI BANK 5% 15-10/06/2045 1,425,732.00 0.70 1,000,000 WOORI BANK 5.875% 11-13/04/2021 1,102,945.00 0.54 31,465,927.36 15.41 Energy 1,150,000 ADANI TRANSMISSI 4% 16-03/08/2026 1,128,265.00 0.55 1,500,000 APT PIPELINES 4.2% 15-23/03/2025 1,531,200.00 0.75 500,000 BHARAT PETROLEUM 4.625% 12-25/10/2022 531,840.00 0.26 500,000 BPRL INTERNATION 4.375% 17-18/01/2027 510,255.00 0.25 500,000 CNOOC FIN 2014 4.25% 14-30/04/2024 521,830.00 0.26 1,000,000 CNOOC FINANCE 2.625% 15-05/05/2020 997,810.00 0.49 1,000,000 CNOOC FINANCE 3.5% 15-05/05/2025 991,190.00 0.49 500,000 INDIAN OIL CORP 4.1% 12-15/10/2022 SGD 369,658.97 0.18 1,000,000 INDIAN OIL CORP 5.75% 13-01/08/2023 1,120,175.00 0.55 1,750,000 LISTRINDO CAP 4.95% 16-14/09/2026 1,712,313.75 0.84 1,500,000 NTPC LTD 4.75% 12-03/10/2022 1,603,687.50 0.79 1,000,000 ONGC VIDESH LTD 4.625% 14-15/07/2024 1,052,865.00 0.52 2,750,000 PERTAMINA 4.875% 12-03/05/2022 2,916,210.00 1.42 2,600,000 PERTAMINA 5.25% 11-23/05/2021 2,789,423.00 1.36 1,100,000 PERTAMINA 5.625% 13-20/05/2043 1,134,116.50 0.56 2,650,000 PERUSAHAAN GAS 5.125% 14-16/05/2024 2,811,239.25 1.37 1,100,000 PERUSAHAAN LISTR 5.5% 11-22/11/2021 1,197,201.50 0.59 500,000 PTT PCL 4.5% 12-25/10/2042 496,075.00 0.24 750,000 PTTEP CAN INTL 5.692% 11-05/04/2021 827,823.75 0.41 1,500,000 RELIANCE INDUSTR 4.125% 15-28/01/2025 1,532,055.00 0.75 1,000,000 RELIANCE INDUSTR 4.875% 15-10/02/2045 995,815.00 0.49 1,000,000 SINOPEC GRP OVER 2.5% 15-28/04/2020 996,150.00 0.49 27,767,199.22 13.61 Financial services 1,100,000 ASTRA SEDAYA FIN 2.875% 15-01/04/2018 1,101,105.50 0.54 500,000 CHARMING LIGHT I 3.75% 14-03/09/2019 511,190.00 0.25 1,500,000 CHINA CINDA FIN 5.625% 14-14/05/2024 1,645,020.00 0.80 1,000,000 CHINA CINDA 2015 3.125% 15-23/04/2020 1,007,150.00 0.49 500,000 CHINA CINDA 2015 4.25% 15-23/04/2025 503,472.50 0.25 1,000,000 CHINA MERCHANTS 5% 12-04/05/2022 1,073,575.00 0.53 500,000 CICC HK FIN 2016 2.75% 16-18/05/2019 501,020.00 0.25 600,000 HAITING 2015 4.2% 15-29/07/2020 618,321.00 0.30 500,000 HLP FINANCE LTD 4.45% 14-16/04/2021 522,202.50 0.26 1,000,000 HLP FINANCE LTD 4.75% 12-25/06/2022 1,061,185.00 0.52 500,000 HUARONG FIN II 3.25% 16-03/06/2021 495,375.00 0.24 750,000 HUARONG FIN II 4.5% 15-16/01/2020 776,081.25 0.38 1,000,000 HUTCH WHA INT 12 3.25% 12-08/11/2022 1,019,080.00 0.50 1,000,000 HUTCH WHAM INTL 11 4.625% 12-13/01/2022 1,080,415.00 0.53 750,000 KEPPEL CORP LTD 4% 12-07/09/2042 SGD 524,584.26 0.26 1,500,000 LANDMARK FUNDING 3.42% 15-12/06/2020 1,501,762.50 0.73 1,000,000 MAPLETREE TREA 12-29/07/2049 FRN SGD 722,036.14 0.35 48,000,000 NOMURA BANK INTL 6.75% 10-04/10/2020 PHP 1,033,183.59 0.51 1,000,000 NWD MTN LTD 4.375% 15-30/11/2022 1,039,360.00 0.51 1,100,000 SSG RESOURCES 4.25% 12-04/10/2022 1,148,411.00 0.56 17,884,530.24 8.76 Government 400,000 EX-IM BK OF IN 3.375% 16-05/08/2026 383,356.00 0.19 2,000,000 EXP-IMP BK INDIA 4% 13-14/01/2023 2,071,040.00 1.01 500,000 EXP-IMP BK KOREA 4% 10-29/01/2021 523,810.00 0.26 500,000 EXP-IMP BK KOREA 4.375% 11-15/09/2021 534,207.50 0.26 305,000,000 INDIA GOVT BOND 7.28% 13-03/06/2019 INR 4,779,899.85 2.35 57
Securities Portfolio as at March 31, 2017 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 10,000,000,000 INDONESIA EXIMBK 8.35% 16-25/08/2021 IDR 754,324.40 0.37 750,000 INDONESIA (REP) 4.125% 15-15/01/2025 770,295.00 0.38 800,000 INDONESIA (REP) 5.125% 15-15/01/2045 849,592.00 0.42 1,000,000 INDONESIA 5.25% 12-17/01/2042 1,076,805.00 0.53 1,800,000 KAZAGRO NATL MGM 4.625% 13-24/05/2023 1,764,054.00 0.86 1,000,000 PHILIPPINES(REP) 3.95% 15-20/01/2040 1,030,640.00 0.50 500,000 REP OF SRI LANKA 5.75% 16-18/01/2022 514,292.50 0.25 400,000 REP OF SRI LANKA 6% 14-14/01/2019 414,938.00 0.20 600,000 REP OF SRI LANKA 6.85% 15-03/11/2025 621,975.00 0.30 500,000 VIETNAM (REP OF) 6.75% 10-29/01/2020 547,662.50 0.27 16,636,891.75 8.15 Telecommunication 862,000 BHARTI AIRTEL IN 5.125% 13-11/03/2023 905,858.56 0.44 1,900,000 BHARTI AIRTEL IN 5.35% 14-20/05/2024 2,015,539.00 0.99 600,000 HKT CAPITAL NO 2 3.625% 15-02/04/2025 599,805.00 0.29 500,000 HKT CAPITAL NO 4 3% 16-14/07/2026 469,860.00 0.23 3,300,000 PCCW CAP NO4 5.75% 12-17/04/2022 3,633,630.00 1.78 900,000 PCCW-HKT CAP NO5 3.75% 13-08/03/2023 922,167.00 0.45 400,000 PROVEN GLORY CAP 3.25% 17-21/02/2022 398,178.00 0.20 1,700,000 PROVEN HONOUR 4.125% 16-06/05/2026 1,709,749.50 0.84 2,400,000 SMARTONE FIN LTD 3.875% 13-08/04/2023 2,416,452.00 1.18 1,600,000 TBG GLOBAL PTE 5.25% 15-10/02/2022 1,646,992.00 0.81 14,718,231.06 7.21 Insurance 1,000,000 AGEAS CAPITAL 4.125% 13-25/04/2023 1,014,190.00 0.50 500,000 CHINA LIFE INSUR 15-03/07/2075 FRN 502,550.00 0.25 3,000,000 CHINA TAIPING CA 4.125% 12-21/11/2022 3,097,965.00 1.51 500,000 DAI-ICHI LIFE 16-29/12/2049 487,257.50 0.24 500,000 DAI-ICHI MUTUAL 14-29/10/2049 FRN 527,717.50 0.26 600,000 FUKOKU MUTUAL 15-28/07/2049 FRN 613,107.00 0.30 1,750,000 MEIJI YASUDA LIF 15-20/10/2045 FRN 1,855,647.50 0.91 1,500,000 NIPPON LIFE INS 14-16/10/2044 FRN 1,585,702.50 0.78 2,200,000 QBE INSURANCE 14-02/12/2044 FRN 2,407,383.00 1.18 900,000 QBE INSURANCE 16-17/06/2046 944,437.50 0.46 13,035,957.50 6.39 Food services 550,000 FPC FINANCE LTD 6% 12-28/06/2019 582,700.25 0.29 1,500,000 FPC TREASURY LTD 4.5% 13-16/04/2023 1,523,452.50 0.74 1,000,000 JGSH PHILIPPINES 4.375% 13-23/01/2023 1,024,715.00 0.50 1,000,000 OLAM INTL LTD 16-29/12/2049 994,465.00 0.49 1,500,000 OLAM INTL LTD 5.8% 12-17/07/2019 SGD 1,116,843.32 0.55 1,000,000 OLAM INTL LTD 6% 12-25/10/2022 SGD 750,822.43 0.37 5,992,998.50 2.94 Transportation 1,538,000 COSCO FINANCE CO 4% 12-03/12/2022 1,593,714.05 0.78 500,000 NEPTUNE ORIENT 4.4% 12-08/11/2019 SGD 334,474.73 0.16 1,150,000 PELABUHAN IND II 4.25% 15-05/05/2025 1,148,137.00 0.56 1,600,000 PELABUHAN IND II 5.375% 15-05/05/2045 1,569,392.00 0.77 1,200,000 PELABUHAN INDONE 4.875% 14-1,258,356.00 0.62 01/10/2024 5,904,073.78 2.89 Distribution & Wholesale 900,000 GOLDEN EAGLE RET 4.625% 13-21/05/2023 831,465.00 0.41 750,000 LI & FUNG LTD 5.25% 16-29/12/2049 667,297.50 0.33 1,400,000 LS FINANCE 2025 4.5% 15-26/06/2025 1,345,029.00 0.65 500,000 MIDEA INVST DEV 2.375% 16-03/06/2019 499,135.00 0.24 800,000 SHINSEGAE CO LTD 15-08/05/2045 FRN 787,464.00 0.39 4,130,390.50 2.02 Metal 1,000,000 ABJA INVESTMENT 5.95% 14-31/07/2024 1,034,335.00 0.51 300,000 BAO-TRANS 3.75% 13-12/12/2018 304,785.00 0.15 500,000 BHP FINANCE USA 15-19/10/2075 FRN 542,880.00 0.27 500,000 CHINA HONGQIAO 6.875% 14-03/05/2018 467,505.00 0.23 950,000 CHINALCO CAPITAL 4% 16-25/08/2021 945,725.00 0.46 750,000 SHENHUA OVERSEAS 3.875% 15-761,910.00 0.37 20/01/2025 4,057,140.00 1.99 Building materials 1,550,000 CCCI TREASURE 15-29/12/2049 FRN 1,561,640.50 0.78 300,000 CHALIECO HK CORP 16-29/12/2049 310,837.50 0.15 900,000 CRCC YUPENG 14-28/02/2049 FRN 919,966.50 0.45 500,000 DOOSAN POWER SYS 15-03/12/2045 FRN 499,617.50 0.24 200,000 INDO ENERGY FIN 6.375% 13-24/01/2023 190,616.00 0.09 3,482,678.00 1.71 Diversified services 1,000,000 CWT LTD 3.9% 13-18/04/2019 SGD 719,857.59 0.35 8,280 HYFLUX LTD 11-29/04/2049 SR SGD 580,547.97 0.28 1,200,000 ROYAL CAPITAL 15-29/05/2049 FRN 1,257,216.00 0.63 500,000 SHENZHEN EXPRESS 2.875% 16-494,737.50 0.24 18/07/2021 3,052,359.06 1.50 Electric & Electronic 1,600,000 SEMICONDUCTOR MA 4.125% 14-07/10/2019 1,642,384.00 0.80 500,000 STATS CHIPPAC 8.5% 15-24/11/2020 541,142.50 0.27 2,183,526.50 1.07 Auto Parts & Equipment 500,000 ASL MARINE HLDGS 4.75% 13-28/03/2020 SGD 259,352.06 0.13 500,000 HYUNDAI CAPITAL 3% 17-06/03/2022 498,952.50 0.24 500,000 HYUNDAI CAPITAL 4.5% 13-16/05/2017 AUD 382,991.19 0.19 200,000 NEXTEER AUTO GRP 5.875% 14-15/11/2021 211,375.00 0.10 450,000 SAMVARDHANA 4.875% 16-16/12/2021 464,717.25 0.23 1,817,388.00 0.89 Lodging & Restaurants 500,000 BANYAN TREE HOLD 4.875% 14-03/06/2019 SGD 337,597.69 0.17 2,000,000 HOTEL PROPERTIES 3.95% 12-13/09/2019 SGD 1,474,078.43 0.72 1,811,676.12 0.89 Chemical 500,000 COSL SG CAPITAL 4.5% 15-30/07/2025 516,397.50 0.26 500,000 UPL CORP LTD 3.25% 16-13/10/2021 495,387.50 0.24 500,000 YINGDE GASES INV 8.125% 13-22/04/2018 496,757.50 0.24 1,508,542.50 0.74 Agriculture 1,300,000 IOI INVESTMENT 4.375% 12-27/06/2022 1,339,968.50 0.66 1,339,968.50 0.66 Diversified services 1,200,000 CLOVERIE PLC 4.75% 16-29/12/2049 1,143,210.00 0.56 1,143,210.00 0.56 Textile 600,000 GOLDEN LEGACY PT 8.25% 16-07/06/2021 636,165.00 0.31 636,165.00 0.31 194,534,737.80 95.31 Mortgage backed securities Financial services 2,600,000 ASTLC 3A A2 4.65% 16-08/07/2026 2,605,980.00 1.28 1,400,000 ASTLC 3A B 6.5% 16-08/07/2026 1,412,320.00 0.69 4,018,300.00 1.97 4,018,300.00 1.97 Total Securities Portfolio 198,553,037.80 97.28 58
Financial derivative instruments as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian Bonds (in ) Purchase Sale Maturity Date Commitment in Unrealised appreciation / (depreciation) in Forward foreign exchange contracts 382,010 500,000 AUD 28/04/17 382,009.50 133.13 24,652,542 34,800,000 SGD 03/05/17 24,652,542.41 (252,680.50) 178,533 250,000 SGD 24/04/17 178,533.17 (371.70) 1,504,000 EUR 1,609,581 16/06/17 1,609,580.80 1,325.02 13,978,000 SGD 9,966,488 24/04/17 9,966,488.41 36,445.63 (215,148.42) Total Forward foreign exchange contracts (215,148.42) Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 198,553,037.80 97.28 (215,148.42) (0.11) 3,468,336.09 1.70 2,288,966.80 1.13 204,095,192.27 100.00 59
Fullerton Lux Funds - Asian Bonds (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments 97.98 95.31 Mortgage backed securities 2.02 1.97 100.00 97.28 Country allocation % of portfolio % of net assets Virgin Islands 21.50 20.89 Singapore 16.44 16.02 Indonesia 10.68 10.39 Cayman Islands 8.58 8.32 India 7.84 7.64 Hong Kong 5.54 5.39 Australia 5.23 5.08 Netherlands 4.16 4.07 South Korea 3.53 3.43 Japan 2.55 2.49 Malaysia 2.14 2.09 Kazakhstan 2.14 2.07 Other 9.67 9.40 100.00 97.28 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets INDIA GOVT BOND 7.28% 13-03/06/2019 Government 4,779,899.85 2.35 PCCW CAP NO4 5.75% 12-17/04/2022 Telecommunication 3,633,630.00 1.78 CHINA TAIPING CA 4.125% 12-21/11/2022 Insurance 3,097,965.00 1.51 PERTAMINA 4.875% 12-03/05/2022 Energy 2,916,210.00 1.42 PERUSAHAAN GAS 5.125% 14-16/05/2024 Energy 2,811,239.25 1.37 PERTAMINA 5.25% 11-23/05/2021 Energy 2,789,423.00 1.36 ASTLC 3A A2 4.65% 16-08/07/2026 Financial services 2,605,980.00 1.28 MACQUARIE BK LTD 4.875% 15-10/06/2025 Banks 2,490,204.00 1.22 KAZAKH DEVELOPME 4.125% 12-10/12/2022 Banks 2,479,625.00 1.21 SMARTONE FIN LTD 3.875% 13-08/04/2023 Telecommunication 2,416,452.00 1.18 60
Fullerton Lux Funds - RMB Bonds (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 73,713,921.29 Unrealised appreciation / (depreciation) on securities (5,202,986.77) Investment in securities at market value 2.1 68,510,934.52 Cash at bank 2,207,580.75 Receivable for investment sold 698,632.37 Receivable on subscriptions 99,999.90 Dividends and interest receivable 2.1, 2.8 929,821.90 Total assets 72,446,969.44 Liabilities Accrued expenses 157,172.47 Payable on redemptions 1,731,103.80 Net unrealised depreciation on forward foreign exchange 2.3, 13 16,079.06 contracts Other liabilities 250,873.21 Total liabilities 2,155,228.54 Net assets at the end of the year 70,291,740.90 Income Interest on bonds 2.1, 2.8 4,265,039.27 Bank interest 2.8 11,898.52 Other income 77,865.55 Total income 4,354,803.34 Expenses Investment management fees 5 536,051.88 Depositary fees 4 22,793.97 Management Company fees 7 20,850.48 Administration fees 4 41,849.15 Professional fees 11 60,396.14 Transaction costs 16 7,657.27 Taxe d'abonnement 8 14,636.01 Bank interest and charges 16,017.49 Tax charges 18,703.01 Other expenses 10 42,568.76 Total expenses 781,524.16 Net investment income / (loss) 3,573,279.18 Net realised gain / (loss) on: Investments 2.4 (3,197,565.55) Foreign currencies translation 2.5 (302,578.00) Forward foreign exchange contracts 2.3 (882,512.81) Net realised gain / (loss) for the year (809,377.18) Net change in unrealised appreciation / (depreciation) on: Investments (258,517.60) Forward foreign exchange contracts 2.3 (1,025,058.04) Increase / (Decrease) in net assets as a result of operations (2,092,952.82) Proceeds received on subscription of shares 13,804,325.05 Net amount paid on redemption of shares (86,256,642.28) Dividend distribution 15 (124,893.47) Net assets at the beginning of the year 144,961,904.42 Net assets at the end of the year 70,291,740.90 Statement of Changes in Number of Shares in issue at the beginning of the year 61 subscribed redeemed in issue at the end of the year Class A (CHF) Hedged Accumulation 650,707 162,500-813,207 Class A (CNH) Distribution 17,003 4,600 (4,230) 17,373 Class A (EUR) Hedged Accumulation 157,115 - - 157,115 Class A (SGD) Accumulation 150,643 1,520 (125,088) 27,075 Class A () Accumulation 377,908 33,372 (196,903) 214,377 Class I (CNH) Accumulation 4,691,156 275,009 (2,224,774) 2,741,391 Class I (EUR) Accumulation 2,785,835 5,310 (2,740,585) 50,560 Class I () Accumulation 319,004 463,607 (187,096) 595,515 Class J (JPY) Distribution 38,360 15,269 (29,500) 24,129
Fullerton Lux Funds - RMB Bonds (in ) Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class R () Accumulation 100,000 31,300-131,300 62
Securities Portfolio as at March 31, 2017 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 400,000 ABN AMRO BANK NV 17-27/03/2028 402,252.00 0.57 13,500,000 AUST & NZ BANK 15-30/01/2025 FRN CNH 1,951,049.43 2.77 521,000 BANGKOK BANK HK 3.875% 12-27/09/2022 540,553.13 0.77 400,000 BANK OF CEYLON 5.325% 13-16/04/2018 405,276.00 0.58 3,000,000 BANK OF CHINA/AB 3.6% 15-30/06/2017 CNH 434,893.59 0.62 3,000,000 BANK OF CHINA/NY 3.6% 16-12/07/2018 CNY 430,383.95 0.61 9,000,000 BK TOKYO-MIT UFJ 3.05% 14-26/05/2017 CNH 1,305,086.08 1.86 5,000,000 BPCE 15-26/03/2025 FRN CNH 734,831.83 1.05 10,000,000 CHINA DEV BANK 5.1% 14-07/08/2021 CNY 1,510,050.79 2.14 6,000,000 DEUTSCHE BK SING 4% 15-05/03/2018 CNH 862,326.06 1.23 500,000 HSBC HOLDINGS 14-29/12/2049 FRN 501,345.00 0.71 8,000,000 ICBC/SINGAPORE 3.2% 16-19/09/2018 CNY 1,137,289.76 1.62 6,000,000 KOREA DEV BANK 3.55% 15-19/06/2018 CNH 862,108.15 1.23 9,000,000 KOREA DEV BANK 4.1% 15-24/08/2018 CNH 1,299,352.95 1.85 8,000,000 SHINHAN BANK 4.2% 15-06/08/2018 CNH 1,155,712.57 1.64 Real estate 13,532,511.29 19.25 6,700,000 BESTGAIN REAL 4.5% 13-04/12/2018 CNH 968,449.47 1.38 500,000 CAPITALAND TREAS 4.076% 12-20/09/2022 516,572.50 0.73 500,000 DOUBLE ROSY 3.625% 14-18/11/2019 508,202.50 0.72 1,000,000 FCL TREASURY 4.15% 17-23/02/2027 SGD 716,824.06 1.02 1,000,000 FRANSHION BRILLA 3.6% 17-03/03/2022 993,910.00 1.41 10,000,000 GREENLAND HK HLD 5.5% 14-23/01/2018 CNH 1,454,076.07 2.07 12,500,000 LAI FUNG HOLDING 6.875% 13-25/04/2018 CNH 1,815,043.76 2.59 11,000,000 LONGFOR PROPERTI 6.75% 14-28/05/2018 CNH 1,624,723.79 2.31 8,500,000 POLY REAL ESTATE 4.6% 15-25/05/2020 CNY 1,236,873.13 1.76 500,000 RKI FIN 2016 A 5% 16-09/08/2019 510,357.50 0.73 500,000 SWIRE PRO MTN FI 4.375% 12-18/06/2022 534,950.00 0.76 Financial services 10,879,982.78 15.48 13,000,000 BOC AVIATION 4.2% 14-05/11/2018 CNH 1,878,212.34 2.67 26,550,000 CAGAMAS GLOBAL 3.7% 14-22/09/2017 CNH 3,835,733.22 5.45 500,000 CHINA CINDA 2017 3.65% 17-09/03/2022 505,872.50 0.72 500,000 CHINA CINDA 2017 4.4% 17-09/03/2027 500,927.50 0.71 5,000,000 CITIC GROUP 5.1% 11-17/11/2018 CNY 734,704.11 1.05 15,000,000 FUQING INVT MGMT 4.85% 15-21/07/2018 CNH 2,168,976.70 3.09 425,000 SSG RESOURCES 4.25% 12-04/10/2022 443,704.25 0.63 Energy 10,068,130.62 14.32 10,000,000 CHINA NATL PETRO 4.65% 12-11/09/2018 CNY 1,467,732.31 2.09 7,000,000 CHINA POWER INTL 4.5% 14-09/05/2017 CNH 1,016,307.56 1.45 10,000,000 CHINA THREE GORG 4.71% 12-09/03/2019 CNY 1,459,998.46 2.08 1,000,000 RWE AG 12-12/10/2072 FRN 1,025,050.00 1.46 17,000,000 VEOLIA ENVRNMT 4.5% 12-28/06/2017 CNH 2,465,891.13 3.50 Food services 7,434,979.46 10.58 10,000,000 FONTERRA COOPERA 4% 15-22/06/2020 CNH 1,423,772.53 2.03 21,000,000 FONTERRA 3.6% 14-29/01/2019 CNH 2,989,251.15 4.25 1,000,000 OLAM INTL LTD 16-29/12/2049 994,465.00 1.41 1,000,000 OLAM INTL LTD 6% 12-25/10/2022 SGD 750,822.43 1.07 Government 6,158,311.11 8.76 2,978,000 CHINA GOVT BOND 3.09% 13-30/05/2018 CNY 433,250.96 0.62 15,500,000 EXP-IMP BK KOREA 3.625% 14-27/01/2019 CNH 2,212,532.97 3.14 10,000,000 EXP-IMP BK KOREA 4.1% 15-06/08/2018 CNH 1,444,531.76 2.06 950,000 KAZAGRO NATL MGM 4.625% 13-931,028.50 1.32 24/05/2023 400,000 REP OF SRI LANKA 6% 14-14/01/2019 414,938.00 0.59 500,000 REP OF SRI LANKA 6.85% 15-03/11/2025 518,312.50 0.74 5,954,594.69 8.47 Auto Parts & Equipment 10,000,000 VOLKSWAGEN INTFN 3.5% 14-23/01/2019 CNH 1,421,448.19 2.02 9,000,000 VOLKSWAGEN INTFN 3.75% 12-30/11/2017 CNH 1,297,457.17 1.85 2,718,905.36 3.87 Insurance 200,000 CHINA REINSURANC 3.375% 17-09/03/2022 198,651.00 0.28 400,000 DAI-ICHI MUTUAL 14-29/10/2049 FRN 422,174.00 0.60 300,000 FUKOKU MUTUAL 15-28/07/2049 FRN 306,553.50 0.44 800,000 QBE INSURANCE 14-02/12/2044 FRN 875,412.00 1.25 5,000,000 VALUE SUCCESS 4.75% 13-04/11/2018 CNH 726,286.26 1.03 2,529,076.76 3.60 Chemical 15,000,000 SINOCHEM OFFSH 3.55% 14-13/05/2017 CNH 2,175,818.97 3.10 2,175,818.97 3.10 Telecommunication 12,000,000 CHINA UNICOM 4% 14-16/04/2017 CNH 1,742,067.21 2.48 300,000 PROVEN GLORY CAP 3.25% 17-21/02/2022 298,633.50 0.42 2,040,700.71 2.90 Office & Business equipment 9,000,000 LENOVO GROUP LTD 4.95% 15-10/06/2020 CNH 1,306,772.67 1.86 1,306,772.67 1.86 Metal 500,000 ABJA INVESTMENT 5.95% 14-31/07/2024 517,167.50 0.74 400,000 CHINA HONGQIAO 6.875% 14-03/05/2018 374,004.00 0.53 891,171.50 1.27 Agriculture 500,000 IOI INVESTMENT 4.375% 12-27/06/2022 515,372.50 0.73 515,372.50 0.73 Transportation 500,000 PELABUHAN IND II 4.25% 15-05/05/2025 499,190.00 0.71 499,190.00 0.71 Distribution & Wholesale 400,000 SHINSEGAE CO LTD 15-08/05/2045 FRN 393,732.00 0.56 393,732.00 0.56 Diversified services 300,000 ROYAL CAPITAL 15-29/05/2049 FRN 314,304.00 0.45 314,304.00 0.45 Electric & Electronic 200,000 STATS CHIPPAC 8.5% 15-24/11/2020 216,457.00 0.31 216,457.00 0.31 67,630,011.42 96.22 Mortgage backed securities Financial services 600,000 ASTLC 3A B 6.5% 16-08/07/2026 605,280.00 0.86 605,280.00 0.86 Other transferable securities 605,280.00 0.86 Money market instruments Banks 2,000,000 CHINA DEVELOP BK 3.2% 11-23/09/2021 CNH 275,643.10 0.39 275,643.10 0.39 275,643.10 0.39 Total Securities Portfolio 68,510,934.52 97.47 63
Financial derivative instruments as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - RMB Bonds (in ) Purchase Sale Maturity Date Commitment in Unrealised appreciation / (depreciation) in Forward foreign exchange contracts 700,000 4,821,110 CNH 05/04/17 700,000.00 (160.26) 1,414,332 2,000,000 SGD 03/05/17 1,414,331.91 (17,001.99) 8,044,113 CHF 8,100,818 20/06/17 8,100,818.23 (30,809.07) 24,339,700 CNH 3,500,000 04/05/17 3,500,000.00 23,990.72 8,276,880 CNH 1,200,000 05/04/17 1,200,000.00 2,034.82 12,368,200 CNH 1,800,000 10/04/17 1,800,000.00 (4,833.49) 4,823,770 CNH 700,000 12/04/17 700,000.00 6.20 24,349,150 CNH 3,500,000 15/06/17 3,500,000.00 13,949.93 44,907,200 CNH 6,500,000 17/05/17 6,500,000.00 (4,809.72) 15,226,420 CNH 2,200,000 31/05/17 2,200,000.00 169.75 1,571,000 EUR 1,681,284 16/06/17 1,681,284.20 1,384.05 (16,079.06) Total Forward foreign exchange contracts (16,079.06) Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 68,510,934.52 97.47 (16,079.06) (0.02) 2,207,580.75 3.14 (410,695.31) (0.59) 70,291,740.90 100.00 64
Fullerton Lux Funds - RMB Bonds (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments 98.71 96.22 Other 1.29 1.25 100.00 97.47 Country allocation % of portfolio % of net assets China 15.23 14.84 Virgin Islands 12.53 12.21 South Korea 10.75 10.48 Singapore 9.04 8.81 Hong Kong 8.13 7.93 Cayman Islands 7.69 7.50 Malaysia 7.00 6.81 New Zealand 6.44 6.28 Netherlands 5.01 4.89 France 4.67 4.55 Australia 4.13 4.02 Germany 2.75 2.69 Other 6.63 6.46 100.00 97.47 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets CAGAMAS GLOBAL 3.7% 14-22/09/2017 Financial services 3,835,733.22 5.45 FONTERRA 3.6% 14-29/01/2019 Food services 2,989,251.15 4.25 VEOLIA ENVRNMT 4.5% 12-28/06/2017 Energy 2,465,891.13 3.50 EXP-IMP BK KOREA 3.625% 14-27/01/2019 Government 2,212,532.97 3.14 SINOCHEM OFFSH 3.55% 14-13/05/2017 Chemical 2,175,818.97 3.10 FUQING INVT MGMT 4.85% 15-21/07/2018 Financial services 2,168,976.70 3.09 AUST & NZ BANK 15-30/01/2025 FRN Banks 1,951,049.43 2.77 BOC AVIATION 4.2% 14-05/11/2018 Financial services 1,878,212.34 2.67 LAI FUNG HOLDING 6.875% 13-25/04/2018 Real estate 1,815,043.76 2.59 CHINA UNICOM 4% 14-16/04/2017 Telecommunication 1,742,067.21 2.48 65
Fullerton Lux Funds - Asian Short Duration Bonds (in ) Statement of Operations Net Assets and as at Changes March in 31, Net 2017 Assets for the Statement of Operations and Changes in Net Assets for year ended March 31, 2017 the year ended March 31, 2017 Notes Notes Assets Investment in securities at cost 2.7 231,783,216.13 Unrealised appreciation / (depreciation) on securities (52,529.97) Investment in securities at market value 2.1 231,730,686.16 Cash at bank 2,451,973.83 Dividends and interest receivable 2.1, 2.8 2,536,541.74 Total assets 236,719,201.73 Liabilities Accrued expenses 404,878.43 Other payables 0.51 Net unrealised depreciation on forward foreign exchange contracts 2.3, 13 153,111.94 Total liabilities 557,990.88 Net assets at the end of the year 236,161,210.85 Income Interest on bonds 2.1, 2.8 8,244,767.06 Bank interest 2.8 30,987.81 Other income 18,181.27 Total income 8,293,936.14 Expenses Investment management fees 5 1,084,606.46 Depositary fees 4 19,370.95 Management Company fees 7 42,732.26 Administration fees 4 60,321.38 Professional fees 11 18,998.90 Transaction costs 16 9,547.90 Taxe d'abonnement 8 66,003.95 Bank interest and charges 17,595.54 Other expenses 10 29,592.14 Total expenses 1,348,769.48 Net investment income / (loss) 6,945,166.66 Net realised gain / (loss) on: Investments 2.4 (1,434,220.81) Foreign currencies translation 2.5 101,549.94 Forward foreign exchange contracts 2.3 826,633.32 Net realised gain / (loss) for the year 6,439,129.11 Net change in unrealised appreciation / (depreciation) on: Investments 184,528.41 Forward foreign exchange contracts 2.3 (831,570.73) Increase / (Decrease) in net assets as a result of operations 5,792,086.79 Proceeds received on subscription of shares 164,687,557.69 Net amount paid on redemption of shares (65,419,063.38) Dividend distribution 15 (1,192,469.06) Net assets at the beginning of the year 132,293,098.81 Net assets at the end of the year 236,161,210.85 Statement of Changes in Number of Shares in issue at the beginning of the year subscribed redeemed in issue at the end of the year Class A (EUR) Hedged Accumulation - - - - Class A (SGD) Hedged Accumulation 39,781 865,885 (29,351) 876,315 Class A (SGD) Hedged Distribution 3,156,495 1,556,413 (1,701,406) 3,011,502 Class A () Accumulation 2,443,498 2,629,718 (1,955,755) 3,117,461 Class A () Distribution 1,578,997 4,720,130 (755,311) 5,543,816 Class I () Accumulation 5,837,228 5,922,143 (1,965,987) 9,793,384 Class R (SGD) Hedged Accumulation - 836-836 66
Securities Portfolio as at March 31, 2017 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 Real estate Bonds and other debt instruments 1,500,000 AACI REIT MTN 3.6% 17-22/03/2022 SGD 1,073,846.32 0.45 1,000,000 ASCENDAS HOSPITA 3.325% 16- SGD 716,856.26 0.30 23/09/2022 1,000,000 ASCOTT CAPITAL 3.78% 12-16/08/2019 SGD 743,485.45 0.31 1,000,000 BESTGAIN REAL E 2.625% 13-13/03/2018 1,000,670.00 0.42 1,000,000 BESTGAIN REAL 3.95% 16-23/12/2019 1,025,020.00 0.43 1,000,000 CAMBRIDGE INDUST 3.95% 16-09/05/2023 SGD 718,351.56 0.30 500,000 CAMBRIDGE MTN PT 4.1% 14-29/04/2020 SGD 366,569.99 0.16 1,275,000 CAPITALAND TREAS 4.076% 12-20/09/2022 1,317,259.88 0.56 2,000,000 CAPITALAND TREAS 4.3% 10-31/08/2020 SGD 1,521,462.94 0.64 250,000 CENTRAL CHINA RE 6.5% 13-04/06/2018 254,678.75 0.11 500,000 CENTRAL CHINA 6.5% 14-26/05/2017 SGD 359,234.80 0.15 550,000 CHINA MERCHANTS 4.021% 13-11/12/2018 563,296.25 0.24 250,000 CHN SCE PROPERTY 10% 15-02/07/2020 278,555.00 0.12 400,000 CIFI HOLDINGS 7.75% 15-05/06/2020 431,420.00 0.18 500,000 COUNTRY GARDEN 7.5% 15-09/03/2020 534,090.00 0.23 2,000,000 CROESUS RETAIL T 5% 16-13/04/2020 SGD 1,447,005.65 0.61 1,000,000 DOUBLE ROSY 3.625% 14-18/11/2019 1,016,405.00 0.43 1,000,000 FCL TREASURY 4.25% 16-21/04/2026 SGD 727,834.90 0.31 2,000,000 FCOT TREASURY 2.625% 17-28/02/2020 SGD 1,436,023.43 0.61 500,000 FIRST REIT 4.125% 13-22/05/2018 SGD 362,609.96 0.15 2,000,000 FRANSHION BRILLA 3.6% 17-03/03/2022 1,987,820.00 0.84 1,500,000 FRANSHION BRILLA 5.75% 14-19/03/2019 1,576,185.00 0.67 650,000 FUTURE LAND DEVE 5% 17-16/02/2020 655,833.75 0.28 750,000 FUTURE LAND DEVE 6.25% 15-12/11/2017 762,195.00 0.32 500,000 GLL IHT PTE LTD 3.62% 17-30/03/2021 SGD 358,034.63 0.15 250,000 GLL IHT PTE LTD 4% 17-31/01/2022 SGD 180,543.91 0.08 1,000,000 GLOB LOGST PROP 3.875% 15-04/06/2025 939,590.00 0.40 1,000,000 GREENLAND GLB 3.5% 14-17/10/2017 1,000,970.00 0.42 900,000 GREENLAND HK 3.875% 16-28/07/2019 896,832.00 0.38 1,100,000 IFC DEVELOPMENT 2.375% 13-21/05/2019 1,103,597.00 0.47 500,000 JOYNOTE LTD 3.408% 11-20/07/2018 SGD 365,226.73 0.15 2,000,000 KEPPEL LAND FINA 3.259% 12-11/12/2019 2,021,330.00 0.87 750,000 KWG PROPERTY HOL 8.975% 14-785,381.25 0.33 14/01/2019 750,000 LENDLEASE GROUP 4.5% 16-26/05/2026 763,946.25 0.32 1,000,000 LONGFOR PROPERTI 6.75% 13-29/01/2023 1,061,635.00 0.45 500,000 MAPLETREE COMMER 3.11% 16- SGD 353,233.93 0.15 24/08/2026 650,000 MARQUEE LAND PTE 9.75% 14-05/08/2019 694,222.75 0.29 500,000 NEW WORLD CN LAN 4.75% 17-23/01/2027 515,635.00 0.22 500,000 POLY REAL ESTATE 4.5% 13-06/08/2018 510,817.50 0.22 800,000 POLY REAL ESTATE 5.25% 14-25/04/2019 835,156.00 0.35 500,000 RKI FIN 2016 A 5% 16-09/08/2019 510,357.50 0.22 1,250,000 RKI FIN 2016 B 4.7% 16-06/09/2021 1,251,737.50 0.53 800,000 SABANA SUKUK PTE 4% 14-19/03/2018 SGD 561,989.09 0.24 2,000,000 SABANA TRSY 4.5% 12-24/09/2017 CV SGD 1,408,871.95 0.60 1,000,000 SHIMAO PROPERTY 8.125% 14-22/01/2021 1,079,850.00 0.46 750,000 SHIMAO PROPERTY 8.375% 15-10/02/2022 838,098.75 0.35 400,000 SHUI ON DEVELOP 5.7% 17-06/02/2021 405,702.00 0.17 1,000,000 SHUI ON DEVELOP 8.7% 14-24/11/2017 1,036,830.00 0.44 2,635,000 SINO LAND 3.25% 12-21/09/2017 2,645,908.90 1.13 1,000,000 SINO OC TR FIN I 4.625% 14-30/07/2019 1,027,970.00 0.44 500,000 SINO OCEAN LAND 4.45% 15-04/02/2020 512,995.00 0.22 250,000 SOILBUILD BUSINE 3.45% 15-21/05/2018 SGD 179,131.79 0.08 500,000 UOL TREASURY 2.5% 16-29/09/2020 SGD 356,099.33 0.15 2,000,000 VIVA ITRUST MTN 4.15% 14-19/09/2018 SGD 1,427,330.66 0.60 750,000 WANDA PROPERTIES 4.875% 13-767,763.75 0.33 21/11/2018 800,000 WHEELOCK FINANCE 2.75% 14-02/07/2017 801,404.00 0.34 500,000 WING TAI HLDGS 4.7% 14-28/02/2024 SGD 376,597.08 0.16 500,000 YANLORD LAND GRP 6.2% 14-08/05/2017 SGD 359,220.49 0.15 1,500,000 YUEXIU REIT MTN 3.1% 13-14/05/2018 1,505,130.00 0.64 400,000 YUZHOU PROPERTIE 9% 14-08/12/2019 431,116.00 0.18 50,746,965.63 21.50 Banks 1,100,000 AMBANK M BHD 3.125% 14-03/07/2019 1,111,814.00 0.47 1,000,000 AUST & NZ BANK 4.4% 16-19/05/2026 1,027,550.00 0.44 700,000 AXIS BANK 5.125% 12-05/09/2017 708,169.00 0.30 500,000 AXIS BANK/DUBAI 2.875% 16-01/06/2021 493,575.00 0.21 500,000 BANGKOK BANK HK 2.75% 12-27/03/2018 502,875.00 0.21 67 1,750,000 BANGKOK BANK HK 3.3% 13-03/10/2018 1,777,273.75 0.75 500,000 BANGKOK BANK HK 3.875% 12-27/09/2022 518,765.00 0.22 1,690,000 BANGKOK BANK HK 4.8% 10-18/10/2020 1,801,151.30 0.76 1,000,000 BANK EAST ASIA 2.375% 14-24/04/2017 1,000,545.00 0.42 1,300,000 BANK OF CEYLON 6.875% 12-03/05/2017 1,304,153.50 0.55 2,000,000 BK OF EAST ASIA 16-03/11/2026 1,983,830.00 0.84 750,000 BUSAN BANK 3.625% 16-25/07/2026 717,723.75 0.30 2,400,000 CIMB BANK BHD 17-15/03/2020 2,400,444.00 1.02 500,000 COM BK AUSTRALIA 16-20/10/2026 495,717.50 0.21 400,000 DAH SING BANK 14-29/01/2024 FRN 413,932.00 0.18 250,000 DAH SING BANK 16-30/11/2026 252,925.00 0.11 1,000,000 HANA BANK 4.25% 11-14/06/2017 1,004,655.00 0.43 1,750,000 ICBC ASIA 13-10/10/2023 FRN 1,789,182.50 0.76 2,000,000 KAZAKH DEVELOPME 4.125% 12-10/12/2022 1,983,700.00 0.84 500,000 MACQUARIE GROUP 6.25% 11-14/01/2021 555,802.50 0.24 3,000,000 MALAYAN BANKING 12-20/09/2022 FRN 3,009,855.00 1.27 750,000 MALAYAN BANKING 16-29/10/2026 755,775.00 0.32 1,000,000 OVERSEA-CHINESE 3.15% 12-11/03/2023 1,006,695.00 0.43 1,200,000 RHB BANK 3.088% 14-03/10/2019 1,214,760.00 0.51 400,000 SHINHAN BANK 16-07/12/2026 406,660.00 0.17 1,400,000 SIAM COMM BANK 3.5% 14-07/04/2019 1,428,679.00 0.60 400,000 SIAM COMMERCIAL 3.2% 17-26/07/2022 401,136.00 0.17 500,000 STAND CHART HK 5.875% 10-24/06/2020 542,760.00 0.23 3,000,000 WOORI BANK 4.75% 14-30/04/2024 3,103,605.00 1.32 33,713,708.80 14.28 Financial services 1,000,000 ADVANCE WISDOM I 2.1% 14-16/10/2017 1,000,925.00 0.42 2,200,000 ASTRA SEDAYA FIN 2.875% 15-01/04/2018 2,202,211.00 0.93 1,000,000 AZURE NOVA INTER 2.25% 16-01/11/2019 988,690.00 0.42 750,000 AZURE NOVA INTER 3% 17-21/03/2020 750,930.00 0.32 500,000 BOC AVIATION 2.375% 16-15/09/2021 483,272.50 0.20 1,400,000 BOC AVIATION 2.875% 12-10/10/2017 1,406,342.00 0.60 900,000 CHARMING LIGHT I 3.75% 14-03/09/2019 920,142.00 0.39 1,000,000 CHINA CINDA FIN 5.625% 14-14/05/2024 1,096,680.00 0.46 500,000 CHINA CINDA 2015 3.125% 15-23/04/2020 503,575.00 0.21 600,000 CHINA CINDA 2015 4.25% 15-23/04/2025 604,167.00 0.26 500,000 CHINA CINDA 2017 3% 17-09/03/2020 502,802.50 0.21 550,000 CHINA CINDA 2017 3.65% 17-09/03/2022 556,459.75 0.24 750,000 CICC HK FIN 2016 2.75% 16-18/05/2019 751,530.00 0.32 1,250,000 FAR EAST HORIZON 4.25% 14-08/10/2019 SGD 915,289.20 0.39 500,000 FAR EAST HORIZON 4.25% 14-30/10/2017 SGD 361,170.11 0.15 600,000 HAITING 2015 3.5% 15-21/04/2020 606,771.00 0.26 400,000 HAITING 2015 4.2% 15-29/07/2020 412,214.00 0.17 400,000 HLP FINANCE LTD 4.45% 14-16/04/2021 417,762.00 0.18 70,000,000 HOUSING DEV FIN 7.875% 16-21/08/2019 INR 1,095,380.21 0.46 1,000,000 HOWES CAPITAL 4.75% 12-10/04/2017 1,000,380.00 0.42 1,450,000 HUARONG FIN II 2.875% 15-19/11/2018 1,454,038.25 0.62 800,000 HUARONG FIN II 3.5% 15-16/01/2018 807,508.00 0.34 750,000 HUARONG FINANCE 3% 14-17/07/2017 751,841.25 0.32 2,400,000 ICBCIL FINANCE 2.375% 16-19/05/2019 2,384,316.00 1.02 600,000 ICBCIL FINANCE 2.75% 16-19/05/2021 590,121.00 0.25 1,500,000 LANDMARK FUNDING 3.42% 15-12/06/2020 1,501,762.50 0.64 2,000,000 MITSUB UFJ LEASE 2.25% 16-07/09/2021 1,942,850.00 0.82 1,000,000 MITSUB UFJ LEASE 2.75% 15-21/10/2020 998,060.00 0.42 200,000 NOBLE GROUP LTD 3.625% 13-20/03/2018 197,463.00 0.08 500,000 NOBLE GROUP LTD 8.75% 17-09/03/2022 494,085.00 0.21 2,000,000 NWD MTN LTD 4.375% 15-30/11/2022 2,078,720.00 0.88 1,300,000 PSALM 7.25% 09-27/05/2019 1,443,364.00 0.61 1,000,000 WHARF FINANCE 3.5% 14-23/01/2019 1,020,120.00 0.43 32,240,942.27 13.65 Energy 700,000 ADANI TRANSMISSI 4% 16-03/08/2026 686,770.00 0.29 500,000 BHARAT PETROLEUM 4.625% 12-25/10/2022 531,840.00 0.23 500,000 BPRL INTERNATION 4.375% 17-18/01/2027 510,255.00 0.22 1,000,000 CHUGOKU ELEC PWR 2.701% 17-16/03/2020 1,003,720.00 0.43 600,000 CNOOC FINANCE 2.625% 15-05/05/2020 598,686.00 0.25 450,000 CNOOC FINANCE 3.5% 15-05/05/2025 446,035.50 0.19 545,000 ENN ENERGY HLDG 3.25% 14-23/10/2019 549,719.70 0.23 500,000 GS CALTEX CORP 3% 14-18/06/2019 506,172.50 0.21 600,000 HERO ASIA INV 2.875% 14-03/10/2017 601,938.00 0.25 2,250,000 LISTRINDO CAP 4.95% 16-14/09/2026 2,201,546.25 0.93
Securities Portfolio as at March 31, 2017 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 2,000,000 MAJAPAHIT HOLD 7.75% 09-20/01/2020 2,259,360.00 0.97 600,000 MAJAPAHIT HOLD 8% 09-07/08/2019 674,337.00 0.29 400,000 NTPC LTD 4.25% 16-26/02/2026 409,300.00 0.17 500,000 NTPC LTD 4.375% 14-26/11/2024 518,580.00 0.22 500,000 NTPC LTD 4.75% 12-03/10/2022 534,562.50 0.23 1,350,000 OIL INDIA LTD 3.875% 14-17/04/2019 1,384,188.75 0.59 2,150,000 ONGC VIDESH LTD 3.25% 14-15/07/2019 2,181,712.50 0.92 1,500,000 ONGC VIDESH VANK 3.75% 16-27/07/2026 1,473,075.00 0.62 1,500,000 PERTAMINA 4.875% 12-03/05/2022 1,590,660.00 0.67 2,000,000 PERTAMINA 5.25% 11-23/05/2021 2,145,710.00 0.91 250,000 PERUSAHAAN GAS 5.125% 14-16/05/2024 265,211.25 0.11 1,000,000 PERUSAHAAN LISTR 5.5% 11-22/11/2021 1,088,365.00 0.46 1,350,000 RH INTL SINGAPOR 3.5% 14-02/05/2019 1,376,649.00 0.58 600,000 SINOPEC GRP OVER 2.5% 15-28/04/2020 597,690.00 0.25 Metal 24,136,083.95 10.22 900,000 ABJA INVESTMENT 4.85% 14-31/01/2020 926,289.00 0.39 1,250,000 BAOSTEEL FIN 201 3.875% 15-28/01/2020 1,278,200.00 0.54 3,300,000 BAO-TRANS 3.75% 13-12/12/2018 3,352,635.00 1.42 400,000 CHINA HONGQIAO 6.875% 14-03/05/2018 374,004.00 0.16 2,000,000 CHINALCO CAPITAL 4% 16-25/08/2021 1,991,000.00 0.84 500,000 CHINALCO FINANCE 3.625% 14-11/12/2019 510,285.00 0.22 500,000 JSW STEEL LTD 4.75% 14-12/11/2019 505,970.00 0.21 1,500,000 MINMETALS BOUNTE 3.125% 16-1,494,922.50 0.63 27/07/2021 1,000,000 MINMETALS BOUNTE 4.2% 16-27/07/2026 1,015,515.00 0.43 3,500,000 SHENHUA OVERSEAS 2.5% 15-20/01/2018 3,512,075.00 1.50 200,000 SKYLAND MINING B 3.5% 14-17/07/2017 200,340.00 0.08 15,161,235.50 6.42 Government 5,500,000 DANGA CAPITAL BH 3.725% 10-11/08/2020 SGD 4,059,932.96 1.71 250,000 EX-IM BK OF IN 2.75% 15-12/08/2020 249,770.00 0.11 700,000 INDIAN RAIL FIN 3.417% 12-10/10/2017 704,179.00 0.30 1,200,000 KAZAGRO NATL MGM 4.625% 13-24/05/2023 1,176,036.00 0.50 2,500,000 PERUSAHAAN PENER 6.125% 13-15/03/2019 2,678,587.50 1.12 800,000 REP OF SRI LANKA 5.125% 14-11/04/2019 821,224.00 0.35 500,000 REP OF SRI LANKA 5.75% 16-18/01/2022 514,292.50 0.22 400,000 REP OF SRI LANKA 6% 14-14/01/2019 414,938.00 0.18 750,000 REP OF SRI LANKA 6.25% 10-04/10/2020 791,730.00 0.34 200,000 REP OF SRI LANKA 6.85% 15-03/11/2025 207,325.00 0.09 1,500,000 SBSN INDO III 3.4% 16-29/03/2021 1,515,810.00 0.64 1,732,000 VIETNAM (REP OF) 6.75% 10-29/01/2020 1,897,102.90 0.80 15,030,927.86 6.36 Telecommunication 1,000,000 AXIATA SPV2 3.466% 15-19/11/2020 1,024,545.00 0.43 500,000 BHARTI AIRTEL IN 5.125% 13-11/03/2023 525,440.00 0.22 1,500,000 BHARTI AIRTEL IN 5.35% 14-20/05/2024 1,591,215.00 0.67 1,200,000 BHARTI AIRTEL 4.375% 15-10/06/2025 1,202,082.00 0.51 250,000 HKT CAPITAL NO 4 3% 16-14/07/2026 234,930.00 0.10 2,500,000 PCCW CAP NO4 5.75% 12-17/04/2022 2,752,750.00 1.17 900,000 PCCW-HKT CAP NO5 3.75% 13-08/03/2023 922,167.00 0.39 300,000 PROVEN GLORY CAP 3.25% 17-21/02/2022 298,633.50 0.13 1,500,000 PROVEN HONOUR 4.125% 16-06/05/2026 1,508,602.50 0.64 500,000 SMARTONE FIN LTD 3.875% 13-08/04/2023 503,427.50 0.21 500,000 TBG GLOBAL PTE 5.25% 15-10/02/2022 514,685.00 0.22 11,078,477.50 4.69 Food services 3,000,000 BRIGHT FOOD HK 3% 13-21/05/2018 3,009,075.00 1.27 750,000 FPC FINANCE LTD 6% 12-28/06/2019 794,591.25 0.34 344,000 FPC TREASURY LTD 4.5% 13-16/04/2023 349,378.44 0.15 1,600,000 JGSH PHILIPPINES 4.375% 13-23/01/2023 1,639,544.00 0.69 2,000,000 OLAM INTL LTD 5.8% 12-17/07/2019 SGD 1,489,124.42 0.63 1,000,000 OLAM INTL LTD 6% 12-25/10/2022 SGD 750,822.43 0.32 1,500,000 PROSPEROUS RAY L 3% 13-12/11/2018 1,516,590.00 0.64 9,549,125.54 4.04 Chemical 600,000 BLUESTAR FIN LTD 3.125% 16-30/09/2019 602,217.00 0.26 1,000,000 BLUESTAR FIN LTD 3.5% 16-30/09/2021 998,225.00 0.42 3,700,000 UPL CORP LTD 3.25% 16-13/10/2021 3,665,867.50 1.55 1,100,000 YINGDE GASES INV 8.125% 13-22/04/2018 1,092,866.50 0.46 6,359,176.00 2.69 Electric & Electronic 1,300,000 COMPETITION TEAM 2.125% 12-13/12/2017 1,300,318.50 0.55 2,799,000 SEMICONDUCTOR MA 4.125% 14-07/10/2019 2,873,145.51 1.21 1,000,000 STATS CHIPPAC 8.5% 15-24/11/2020 1,082,285.00 0.46 1,500,000 UNITED ENG LTD 3.68% 16-01/06/2021 SGD 1,076,057.07 0.46 6,331,806.08 2.68 Distribution & Wholesale 1,000,000 GOLDEN EAGLE RET 4.625% 13-21/05/2023 923,850.00 0.39 1,000,000 LI & FUNG LTD 5.25% 10-13/05/2020 1,067,005.00 0.45 1,000,000 LS FINANCE 2022 4.25% 12-16/10/2022 1,004,500.00 0.43 1,600,000 LS FINANCE 2025 4.5% 15-26/06/2025 1,537,176.00 0.65 1,000,000 MIDEA INVST DEV 2.375% 16-03/06/2019 998,270.00 0.42 5,530,801.00 2.34 Transportation 500,000 NEPTUNE ORIENT 4.4% 12-08/11/2019 SGD 334,474.73 0.14 2,200,000 PELABUHAN IND II 4.25% 15-05/05/2025 2,196,436.00 0.93 1,400,000 PELABUHAN INDONE 4.875% 14-01/10/2024 1,468,082.00 0.62 800,000 SRILANKAN AIR 5.3% 14-27/06/2019 803,376.00 0.34 4,802,368.73 2.03 Diversified services 1,450,000 ANSTOCK II 2.125% 14-24/07/2017 1,449,514.25 0.62 1,000,000 CWT LTD 3.9% 13-18/04/2019 SGD 719,857.59 0.30 250,000 SHENZHEN EXPRESS 2.875% 16-247,368.75 0.10 18/07/2021 2,416,740.59 1.02 Internet 300,000 ALIBABA GROUP 1.625% 15-28/11/2017 299,788.50 0.13 1,000,000 BAIDU INC 3.5% 12-28/11/2022 1,018,925.00 0.43 1,000,000 TENCENT HOLDINGS 2.875% 15-1,011,125.00 0.43 11/02/2020 2,329,838.50 0.99 Diversified machinery 1,700,000 MCC HLDNG HK CP 2.625% 14-16/06/2017 1,701,504.50 0.72 1,701,504.50 0.72 Building materials 600,000 ALAM SYNERGY 6.625% 16-24/04/2022 606,741.00 0.26 500,000 PRATAMA AGUNG 6.25% 15-24/02/2020 523,900.00 0.22 500,000 WEST CHINA CEM 6.5% 14-11/09/2019 522,482.50 0.22 1,653,123.50 0.70 Auto Parts & Equipment 852,000 HYUNDAI CAP AMER 2.55% 14-06/02/2019 856,289.82 0.37 500,000 HYUNDAI CAPITAL 4% 11-08/06/2017 502,015.00 0.21 1,358,304.82 0.58 Textile 1,200,000 GOLDEN LEGACY PT 8.25% 16-07/06/2021 1,272,330.00 0.54 1,272,330.00 0.54 Agriculture 1,200,000 IOI INVESTMENT 4.375% 12-27/06/2022 1,236,894.00 0.52 1,236,894.00 0.52 Supranational organisation 50,000,000 ASIAN DEV BANK 6.45% 16-08/08/2021 INR 783,393.55 0.33 783,393.55 0.33 Lodging & Restaurants 500,000 BANYAN TREE HOLD 4.875% 14-03/06/2019 SGD 337,597.69 0.14 500,000 BANYAN TREE HOLD 5.35% 13-26/11/2018 SGD 346,369.15 0.15 683,966.84 0.29 68
Securities Portfolio as at March 31, 2017 FULLERTON LUX FUNDS Fullerton Lux Funds - Asian Short Duration Bonds (in ) Quantity/ Nominal Denomination Currency Market value % in NAV Insurance 200,000 CHINA REINSURANC 3.375% 17-09/03/2022 198,651.00 0.08 198,651.00 0.08 228,316,366.16 96.67 Mortgage backed securities Financial services 2,400,000 ASTLC 3A A2 4.65% 16-08/07/2026 2,405,520.00 1.02 1,000,000 ASTLC 3A B 6.5% 16-08/07/2026 1,008,800.00 0.43 3,414,320.00 1.45 3,414,320.00 1.45 Total Securities Portfolio 231,730,686.16 98.12 Financial derivative instruments as at March 31, 2017 Purchase Sale Maturity Date Commitment in Unrealised appreciation / (depreciation) in Forward foreign exchange contracts 17,227,485 24,300,000 SGD 03/05/17 17,227,485.02 (163,234.95) 3,643,242 5,200,000 SGD 17/04/17 3,643,242.49 (77,780.11) 4,563,605 6,400,000 SGD 20/06/17 4,563,605.25 (19,779.67) 1,119,430 1,570,000 SGD 24/04/17 1,119,429.59 (4,092.60) 42,871,400 SGD 30,567,849 24/04/17 30,567,848.77 111,775.39 (153,111.94) Total Forward foreign exchange contracts (153,111.94) Summary of net assets Total Securities Portfolio Total financial derivative instruments Cash at bank Other assets and liabilities Total net assets % NAV 231,730,686.16 98.12 (153,111.94) (0.06) 2,451,973.83 1.04 2,131,662.80 0.90 236,161,210.85 100.00 69
Fullerton Lux Funds - Asian Short Duration Bonds (in ) Portfolio Breakdowns Nature allocation % of portfolio % of net assets Bonds and other debt instruments 98.53 96.67 Mortgage backed securities 1.47 1.45 100.00 98.12 Country allocation % of portfolio % of net assets Virgin Islands 23.44 23.03 Singapore 17.12 16.80 Cayman Islands 10.91 10.72 Hong Kong 9.38 9.21 Indonesia 6.54 6.39 Malaysia 6.39 6.25 India 4.84 4.75 Netherlands 3.13 3.08 Thailand 2.77 2.71 South Korea 2.48 2.43 Sri Lanka 2.10 2.07 Other 10.90 10.68 100.00 98.12 Top Ten Holdings Top Ten Holdings Sector Market value % of net assets DANGA CAPITAL BH 3.725% 10-11/08/2020 Government 4,059,932.96 1.71 UPL CORP LTD 3.25% 16-13/10/2021 Chemical 3,665,867.50 1.55 SHENHUA OVERSEAS 2.5% 15-20/01/2018 Metal 3,512,075.00 1.50 BAO-TRANS 3.75% 13-12/12/2018 Metal 3,352,635.00 1.42 WOORI BANK 4.75% 14-30/04/2024 Banks 3,103,605.00 1.32 MALAYAN BANKING 12-20/09/2022 FRN Banks 3,009,855.00 1.27 BRIGHT FOOD HK 3% 13-21/05/2018 Food services 3,009,075.00 1.27 SEMICONDUCTOR MA 4.125% 14-07/10/2019 Electric & Electronic 2,873,145.51 1.21 PCCW CAP NO4 5.75% 12-17/04/2022 Telecommunication 2,752,750.00 1.17 PERUSAHAAN PENER 6.125% 13-15/03/2019 Government 2,678,587.50 1.12 70
Notes to the Financial Statements as at March 31, 2017 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, 2009. The SICAV is registered in the Luxembourg Trade Register under the number B 148 899. Thirteen Funds are offered to subscribers: - Fullerton Lux Funds - Asia Growth & Income 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 and closed on January 24, 2017); - Fullerton Lux Funds - Asia Focus Equities (launched on June 14, 2010); - Fullerton Lux Funds - Asia Absolute Alpha (launched on July 31, 2014, became dormant on February 3, 2015 and reactivated on June 24, 2015); - Fullerton Lux Funds - ASEAN Growth (launched on May 27, 2013); - Fullerton Lux Funds - China A Equities (launched on November 10, 2014); - Fullerton Lux Funds - All China Equities (launched on September 8, 2016). - Fullerton Lux Funds - Global Emerging Market Equities (launched on July 24, 2014); - Fullerton Lux Funds - Asian Currency Bonds (launched on October 6, 2010); - Fullerton Lux Funds - Asian High Yield Bonds (launched on June 16, 2014); - 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 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. Class A Shares are available to all investors. Class I Shares and Class 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, 2017, the only Share Classes available are Class A (CHF) Hedged Accumulation, Class A (CNH) Distribution, Class A (EUR) Hedged Accumulation, Class A (SGD) Accumulation, Class A (SGD) Distribution, Class A (SGD) Hedged Accumulation, Class A (SGD) Hedged Distribution, Class A () Accumulation, Class A () Distribution, Class I (CHF) Accumulation, Class I (CNH) Accumulation, Class I (EUR) Accumulation, Class I (SGD) 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. 71
Notes to the Financial Statements as at March 31, 2017 (continued) Note 2. Summary of significant accounting policies (continued) 2.2 Valuation of futures contracts The Funds may use futures contracts on currencies, securities, other indices, volatility, inflation and interest rates for hedging and/or investment purposes. 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 contracts The valuation of swap and interest rate swaps 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. For the year ended March 31, 2017, the SICAV has no contracted any swaps contracts. 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. 2.9 Formation expenses The formation expenses are amortised over a period of 3 years. 2.10 Combined statements for the various Funds The combined financial statements of FULLERTON LUX FUNDS are expressed in dollar () by converting the financial statements of the Funds denominated in currencies other than US Dollar () at the rate of exchange prevailing at the end of the year. 72
Notes to the Financial Statements as at March 31, 2017 (continued) Note 3. Exchange rates as at March 31, 2017 The NAV dated March 31, 2017 has been computed for all the Funds on the March 31, 2017 with the exception of Fullerton Lux Funds - Global Emerging Market Equities which has been computed on April 3, 2017. The exchange rates as at March 31, 2017 used for the translation of the SICAV s assets and liabilities (except for Fullerton Lux Funds - Global Emerging Market Equities) not denominated in are as follows: 1 = 1.308568 AUD 1 = 111.965007 JPY 1 = 1.000950 CHF 1 = 1,118.300042 KRW 1 = 6.883684 CNH 1 = 4.425493 MYR 1 = 6.891788 CNY 1 = 1.432051 NZD 1 = 0.936900 EUR 1 = 50.175013 PHP 1 = 7.770600 HKD 1 = 1.397714 SGD 1 = 13,325.500351 IDR 1 = 34.362487 THB 1 = 64.855015 INR 1 = 30.342484 TWD The valuation of Fullerton Lux Funds - Global Emerging Market Equities Fund as at March 31, 2017 is calculated on April 3, 2017 in using the following exchange rates: 1 = 3.174933 BRL 1 = 64.934973 INR 1 = 1.000950 CHF 1 = 1,118.300033 KRW 1 = 662.104997 CLP 1 = 18.834183 MXN 1 = 6.891824 CNY 1 = 4.425506 MYR 1 = 0.934973 EUR 1 = 3.961947 PLN 1 = 0.799682 GBP 1 = 1.397317 SGD 1 = 7.771493 HKD 1 = 30.342480 TWD 1 = 3.630499 ILS 1 = 13.408723 ZAR The Renminbi is subject to foreign exchange restrictions and is not a freely convertible currency. The exchange rate used for the Renminbi Bond Fund is in relation to the offshore Renminbi ( CNH ), not the onshore Renminbi ( CNY ). The value of CNH could differ, perhaps significantly, from that of CNY due to a number of factors including without limitation those foreign exchange control policies and repatriation restrictions applied by the Chinese government from time-to-time as well as other external market forces. Note 4. Depositary, 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 Depositary, Administrative Agent, Domiciliary Agent, Registrar and Transfer Agent of the SICAV. BNP Paribas Securities Services - Luxembourg Branch receives a fee in relation to its depositary services, which is set at a rate of up to 0.30% per annum of the Net Asset Value of the SICAV accrued on a daily basis and payable on a monthly basis. BNP Paribas Securities Services - Luxembourg Branch receives 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 - Asia Growth & Income 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 1.00% of the total net assets per annum. Class I () Accumulation 1.00% of the total net assets per annum. Class I () Distribution 1.00% of the total net assets per annum. Fullerton Lux Funds - Asian Small Cap Equities Class A (SGD) Accumulation Class A () Accumulation Class I (CHF) Accumulation Class I (EUR) Accumulation Class I () Accumulation 1.75% of the total net assets per annum. 1.75% of the total net assets per annum. 1.00% of the total net assets per annum. 1.00% of the total net assets per annum. 1.00% of the total net assets per annum. 73
Notes to the Financial Statements as at March 31, 2017 (continued) Note 5. Investment management fees (continued) Fullerton Lux Funds - Asian Equities (closed on January 24, 2017) Class A (SGD) Accumulation 1.50% of the total net assets per annum. Class I (EUR) Accumulation 1.00% of the total net assets per annum. Class I (SGD) Accumulation 1.00% of the total net assets per annum. Class I () Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - Asia Focus Equities Class A (SGD) Accumulation Class A () Accumulation Class I (EUR) Accumulation Class I (SGD) Accumulation Class I () Accumulation Fullerton Lux Funds - Asia Absolute Alpha Class A (SGD) Accumulation Class I () Accumulation Fullerton Lux Funds - ASEAN Growth Class A (SGD) Accumulation Class A () Accumulation Class I (EUR) Accumulation Class I () Accumulation Fullerton Lux Funds - China A Equities Class A () Accumulation Class I () Accumulation 1.75% of the total net assets per annum. 1.75% of the total net assets per annum. 1.00% of the total net assets per annum. 1.00% of the total net assets per annum. 1.00% of the total net assets per annum. 1.50% of the total net assets per annum. 1.00% of the total net assets per annum. 1.50% of the total net assets per annum. 1.50% of the total net assets per annum. 1.00% of the total net assets per annum. 1.00% of the total net assets per annum. 1.75% of the total net assets per annum. 1.00% of the total net assets per annum. Fullerton Lux Funds - All China Equities (launched on September 8, 2016) Class I () Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - Global Emerging Market Equities Class A () Accumulation 1.50% of the total net assets per annum. Class I () Accumulation 1.00% of the total net assets per annum. Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution Class A () Distribution Class I (EUR) Accumulation Class I () Accumulation Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution Class A () Distribution Fullerton Lux Funds - Asian Bonds Class A (EUR) Hedged Accumulation Class A (SGD) Hedged Distribution Class A () Accumulation Class A () Distribution Class I () Accumulation Class I () Distribution Class R (SGD) Accumulation Fullerton Lux Funds - RMB Bonds Class A (CHF) Hedged Accumulation Class A (CNH) Distribution Class A (EUR) Hedged Accumulation Class A (SGD) Accumulation Class A () Accumulation Class I (CNH) Accumulation Class I (EUR) Accumulation Class I () Accumulation Class J (JPY) Distribution Class R () Accumulation 1.00% of the total net assets per annum. 1.00% of the total net assets per annum. 0.60% of the total net assets per annum. 0.60% of the total net assets per annum. 1.25% of the total net assets per annum. 1.25% of the total net assets per annum. 1.00% of the total net assets per annum. 1.00% of the total net assets per annum. 1.00% of the total net assets per annum. 1.00% of the total net assets per annum. 0.60% of the total net assets per annum. 0.60% of the total net assets per annum. 0.60% 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. 0.80% 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. 0.50% 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. 74
Notes to the Financial Statements as at March 31, 2017 (continued) Note 5. Investment management fees (continued) Fullerton Lux Funds - Asian Short Duration Bonds Class A (EUR) Hedged Accumulation Class A (SGD) Hedged Accumulation Class A (SGD) Hedged Distribution Class A () Accumulation Class A () Distribution Class I () Accumulation Class R (SGD) Hedged Accumulation 0.70% of the total net assets per annum. 0.70% of the total net assets per annum. 0.70% of the total net assets per annum. 0.70% of the total net assets per annum. 0.70% of the total net assets per annum. 0.35% of the total net assets per annum. 0.40% 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. Performance fees For the management of the Fund, Fullerton Lux Funds - Asia Absolute Alpha (only Class I () Accumulation) and Fullerton Lux Funds - All China Equities (launched on September 8, 2016), the Investment Manager is entitled to receive a performance fee in relation to each Share Class on a Share-by-Share basis as detailed below. Detailed information on the performance fee is available at the Registered Office of the Administrator. Calculation method: The performance fee is chargeable only when the GAV per Share exceeds the Hurdle Adjusted High Water Mark. The amount of the performance fee chargeable is 15% of the amount by which the Gross Net Asset Value (GAV) per Share exceeds the Hurdle Adjusted High Water Mark on each Valuation Day during the relevant Performance Period, multiplied by the number of Shares in issue on the relevant Valuation Day. There is no maximum cap to the amount of performance fee that may be charged. Performance fee accrual: The performance fee is accrued in respect of each Share on each Valuation Day to the extent that the Gross Net Asset Value (GAV) per Share, exceeds the Hurdle High Watermark. If, on a Valuation Day, the GAV per Share is less than or equal to the Hurdle Adjusted High Watermark, all previous performance fee accruals is reversed to the Fund. No further performance fee is accrued until the GAV per Share exceeds the Hurdle Adjusted Watermark on a Valuation Day. Calculation method: The performance fee (if any) accrued at the end of each Performance Period is payable in arrears to the Investment Manager within 30 calendar days following the end of the relevant Performance Period. For Shares redeemed or switched before the end of the relevant Performance Period, the performance fee (if any) accrued in respect of said Shares are crystallise and paid within 30 calendar days following the Deadline Day on which the redemption or switch has executed. Note 7. Management Company fees It was decided by the Circular Resolution of the Board of Directors of the SICAV dated October 31, 2016 to replace the current management company FundRock Management Company S.A. with Lemanik Asset Management S.A. with effect as from November 7, 2016. With effect November 7, 2016, Lemanik Asset Management S.A. has been appointed as the New Management Company of the SICAV. The Management Company is entitled to receive a fee 0.02% of the net asset value of the relevant Fund, subject to a minimum monthly fee of EUR 750.00 per Fund per month applied at the SICAV level. Until November 6, 2016, FundRock Management Company S.A. acted as Management Company of the SICAV and received an annual management company fee based on the Net Asset Value of the SICAV accrued on a monthly basis and payable on a monthly basis. The Management Company fee s rates are as follows: up to EUR 100,000,000 0.040% EUR 100,000,000 EUR 350,000,000 0.030% EUR 350,000,000 EUR 650,000,000 0.020% above EUR 650,000,000 0.015% The list of the funds managed by the Management Company may be obtained, on simple request, at the registered office of the Management Company. 75
Notes to the Financial Statements as at March 31, 2017 (continued) Note 8. 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 9. 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 10. Other expenses As at March 31, 2017, the caption Other expenses includes mainly transfer agent fees, regulatory fees, VAT, translation fees, registration fees and Key Investor Information Document ( KIID ) fees. Note 11. Professional fees As at March 31, 2017, the caption Professional fees includes regulatory supervision, compliance, audit and lawyer fees. Note 12. 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 means 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. The Company adopted 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. For the year ended March 31, 2017, no Swing Pricing was applied. Note 13. Forward foreign exchange contracts As at March 31, 2017, the following Funds held forward foreign exchange contracts. No collateral was pledged by these Funds and their counterparties are as follows: Fund name Fullerton Lux Funds - Asia Absolute Alpha Fullerton Lux Funds - Asian Currency Bonds Fullerton Lux Funds - Asian High Yield Bonds Fullerton Lux Funds - Asian Bonds Fullerton Lux Funds - RMB Bonds Fullerton Lux Funds - Asian Short Duration Bonds Counterparties Standard Chartered bank JP Morgan Singapore, HSBC Bank UBS AG (Singapore Branch) UBS AG (Singapore Branch) HSBC Bank, UBS AG (Singapore Branch) JP Morgan Singapore, UBS AG (Singapore Branch) The details of the open forward foreign exchange contracts are listed in the securities listings on pages 34, 50, 53, 59, 64 and 69, respectively. Note 14. Future contracts As at March 31, 2017, the Fund Fullerton Lux Funds - All China Equities (launched on September 8, 2016) and the Fund Fullerton Lux Funds - Asian Currency Bonds held positions in future contracts. The counterparty for these positions is JP Morgan and both Funds have pledged cash collateral of 694,998.45 and 153,509.54, respectively. The details of the future contracts are listed in the securities listings on pages 43 and 50, respectively. 76
Notes to the Financial Statements as at March 31, 2017 (continued) Note 14. Future contracts (continued) There is no open futures position as at March 31, 2017 for the below Funds but there are cash pledged with JPMorgan: Fullerton Lux Funds - Asian Bonds 43,547.36 Fullerton Lux Funds - RMB Bonds 14,198.91 Fullerton Lux Funds - Asia Absolute Alpha 879,865.58 Note 15. Dividend distribution During the period from April 1, 2016 to March 31, 2017 the SICAV distributed the following dividends: Funds Share Classes Ex-Date Dividend per share Total dividend in Fullerton Lux Funds - Asia Growth & Income Equities Class I () Distribution April 1, 2016 0.092 638,301.98 Fullerton Lux Funds - Asia Growth & Income Equities Class I () Distribution July 1, 2016 0.092 642,138.20 Fullerton Lux Funds - Asia Growth & Income Equities Class I () Distribution October 3, 2016 0.090 631,953.38 Fullerton Lux Funds - Asia Growth & Income Equities Class I () Distribution January 3, 2017 0.080 564,762.45 Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution April 1, 2016 0.200 SGD 868.15 Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution October 3, 2016 0.200 SGD 1,371.77 Fullerton Lux Funds - Asian Currency Bonds Class A () Distribution October 3, 2016 0.150 15,000.00 Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution April 1, 2016 0.125 SGD 78,290.35 Fullerton Lux Funds - Asian High Yield Bonds Class A () Distribution April 1, 2016 0.124 312,644.19 Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution July 1, 2016 0.130 SGD 101,243.63 Fullerton Lux Funds - Asian High Yield Bonds Class A () Distribution July 1, 2016 0.130 377,452.99 Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution October 3, 2016 0.133 SGD 118,607.82 Fullerton Lux Funds - Asian High Yield Bonds Class A () Distribution October 3, 2016 0.131 400,018.62 Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution January 3, 2017 0.130 SGD 137,265.80 Fullerton Lux Funds - Asian High Yield Bonds Class A () Distribution January 3, 2017 0.128 412,053.85 Fullerton Lux Funds - Asian Bonds Class A () Distribution April 1, 2016 0.100 657,336.58 Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution April 1, 2016 0.100 SGD 56,805.58 Fullerton Lux Funds - Asian Bonds Class I () Distribution April 1, 2016 0.110 749,059.71 Fullerton Lux Funds - Asian Bonds Class A () Distribution July 1, 2016 0.110 689,502.30 Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution July 1, 2016 0.110 SGD 93,845.48 Fullerton Lux Funds - Asian Bonds Class I () Distribution July 1, 2016 0.110 886,618.40 Fullerton Lux Funds - Asian Bonds Class A () Distribution October 3, 2016 0.110 605,451.16 Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution October 3, 2016 0.110 SGD 108,449.41 Fullerton Lux Funds - Asian Bonds Class I () Distribution October 3, 2016 0.114 958,725.67 Fullerton Lux Funds - Asian Bonds Class A () Distribution January 3, 2017 0.100 457,920.51 Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution January 3, 2017 0.100 SGD 101,753.13 Fullerton Lux Funds - Asian Bonds Class I () Distribution January 3, 2017 0.110 879,026.42 Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution April 1, 2016 0.520 CNH 1,366.12 Fullerton Lux Funds - RMB Bonds Class J (JPY) Distribution June 1, 2016 230 JPY 72,286.27 Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution July 4, 2016 0.530 CNH 1,349.45 Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution October 11, 2016 0.530 CNH 1,340.22 Fullerton Lux Funds - RMB Bonds Class J (JPY) Distribution December 1, 2016 181 JPY 46,909.21 Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution January 3, 2017 0.530 CNH 1,642.20 Fullerton Lux Funds - Asian Short Duration Bonds Class A () Distribution April 1, 2016 0.051 81,728.24 Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution April 1, 2016 0.052 SGD 121,784.96 Fullerton Lux Funds - Asian Short Duration Bonds Class A () Distribution July 1, 2016 0.053 94,091.98 Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution July 1, 2016 0.053 SGD 119,730.35 Fullerton Lux Funds - Asian Short Duration Bonds Class A () Distribution October 3, 2016 0.054 241,635.69 Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution October 3, 2016 0.054 SGD 128,487.72 Fullerton Lux Funds - Asian Short Duration Bonds Class A () Distribution January 3, 2017 0.052 290,373.53 Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution January 3, 2017 0.053 SGD 114,636.59 Note 16. Transaction costs For the year ended March 31, 2017, the SICAV incurred transaction costs which have been defined as brokerage fees, certain taxes and certain depositary 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. 77
Notes to the Financial Statements as at March 31, 2017 (continued) Note 17. Subsequent events It was decided by the Circular Resolution of the Board of Directors of the SICAV dated March 27, 2017 to approve the distribution of dividend for the following Funds: Funds Share Classes Ex-Date Dividend per share Fullerton Lux Funds - Asia Growth & Income Equities Class I () Distribution April 3, 2017 0.090 Fullerton Lux Funds - Asian Currency Bonds Class A (SGD) Distribution April 3, 2017 0.200 SGD Fullerton Lux Funds - Asian Currency Bonds Class A () Distribution April 3, 2017 0.150 Fullerton Lux Funds - Asian High Yield Bonds Class A (SGD) Hedged Distribution April 3, 2017 0.130 SGD Fullerton Lux Funds - Asian High Yield Bonds Class A () Distribution April 3, 2017 0.130 Fullerton Lux Funds - Asian Bonds Class A () Distribution April 3, 2017 0.100 Fullerton Lux Funds - Asian Bonds Class A (SGD) Hedged Distribution April 3, 2017 0.100 SGD Fullerton Lux Funds - Asian Bonds Class I () Distribution April 3, 2017 0.110 Fullerton Lux Funds - RMB Bonds Class A (CNH) Distribution April 5, 2017 0.530 CNH Fullerton Lux Funds - Asian Short Duration Bonds Class A () Distribution April 3, 2017 0.052 Fullerton Lux Funds - Asian Short Duration Bonds Class A (SGD) Hedged Distribution April 3, 2017 0.053 SGD It was decided by the Circular Resolution of the Board of Directors of the SICAV dated May 29, 2017 to approve the distribution of dividend for the following Fund: Funds Share Classes Ex-Date Dividend per share Fullerton Lux Funds - RMB Bonds Class J (JPY) Distribution June 1, 2017 190 JPY 78
Supplementary Information (unaudited) FULLERTON LUX FUNDS Remuneration policies and practices The Management Company has established and applies a remuneration policy and practices that are consistent with, and promote, sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profiles, rules, the Prospectus or the Articles nor impair compliance with the Management Company s obligation to act in the best interest of the SICAV (the Remuneration Policy). The Remuneration Policy includes fixed and variable components of salaries and applies to those categories of staff, including senior management, risk takers, control functions and any employee receiving total remuneration that falls within the remuneration bracket of senior management and risk takers whose professional activities have a material impact on the risk profiles of the Management Company, the SICAV or the Funds. Within the management Company, these categories of staff represents 22 persons. The Remuneration Policy is in line with the business strategy, objectives, values and interests of the Management Company, the SICAV and the Shareholders and includes measures to avoid conflicts of interest. In particular, the Remuneration Policy will ensure that: a) the staff engaged in control functions are compensated in accordance with the achievement of the objectives linked to their functions, independently of the performance of the business areas that they control; b) the fixed and variable components of total remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy on variable remuneration components, including the possibility to pay no variable remuneration component; c) the measurement of performance used to calculate variable remuneration components or pools of variable remuneration components includes a comprehensive adjustment mechanism to integrate all relevant types of current and future risks. By categories of staff, the following table shows the staff expenses for 2016 of these 22 persons split into fixed and variable remuneration: Staff code Fixed remuneration Variable remuneration Total S 1,311,683 371,596 1,683,279 R 585,312 74,500 659,812 C 306,644 14,500 321,144 O 91,000 6,000 97,000 S = Senior Management R = Risk takers, which includes staff members whose professional activities can exert material influence on UCITS or AIFs managed by LAM C = Staff engaged in control functions (other than senior management) responsible for risk management, compliance, internal audit and similar functions O = Any other staff member receiving total remuneration that takes them into the same remuneration bracket as senior management and risk-takers, whose professional activities have a material impact on LAM s risk profile. Details of the Remuneration Policy, including the persons in charge of determining the fixed and variable remunerations of staffs, a description of the key remuneration elements and an overview of how remuneration is determined, is available on the website http://www.lemanikgroup.com/managementcompany-service_substance_governance.cfm. A paper copy of the summarised Remuneration Policy is available free of charge to the Shareholders upon request. 79