FULLERTON FUND FS 31Mar2016 Singh Sekhon Ho Tian Yee Kenneth Charles Borda Nels Radley Friets Phoon Siew Heng Trustee HSBC Institutional Trust Services …

FULLERTON FUND

ANNUAL REPORT AND FINANCIAL STATEMENTS For the financial year ended 31 March 2016 (Audited)

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

FULLERTON SHORT TERM INTEREST RATE FUND FULLERTON SGD CASH FUND FULLERTON ASIAN BOND FUND FULLERTON SINGAPORE BOND FUND FULLERTON SGD INCOME FUND FULLERTON DYNAMIC STRATEGIES FUND – AGGRESSIVE FULLERTON DYNAMIC STRATEGIES FUND – BALANCED FULLERTON TOTAL RETURN FUND

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) _____________________________________________________________________________________

1

Managers

Fullerton Fund Management Company Ltd

(UEN. 200312672W)

60B Orchard Road, #06-18 Tower 2, The Atrium@Orchard, Singapore 238891

Directors of the Manager

Manraj Singh Sekhon

Ho Tian Yee

Kenneth Charles Borda

Nels Radley Friets

Phoon Siew Heng

Trustee

HSBC Institutional Trust Services (Singapore) Limited

21 Collyer Quay, #13-02 HSBC Building, Singapore 049320

Auditors

PriceWaterhouseCoopers LLP

8 Cross Street, #17-00 PWC Building, Singapore 048424

Legal Advisors to the Managers

Tan Peng Chin LLC

30 Raffles Place, #11-00 Chevron House, Singapore 048622

Legal Advisors to the Trustee

Shook Lin & Bok LLP

1 Robinson Road, #18-00 AIA Tower, Singapore 048542

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) _____________________________________________________________________________________

2

Report to Unitholders Pages

Fullerton Short Term Interest Rate Fund 3

Fullerton SGD Cash Fund 9

Fullerton Asian Bond Fund 13

Fullerton Singapore Bond Fund 18

Fullerton SGD Income Fund 22

Fullerton Dynamic Strategies Fund - Aggressive 27

Fullerton Dynamic Strategies Fund - Balanced 32

Fullerton Total Return Fund 37

Financial Statements

Statements of Total Return 47

Statements of Financial Position 51

Statements of Movements of Unitholders’ Funds 55

Statements of Portfolio 59

Notes to the Financial Statements 102

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SHORT TERM INTEREST RATE FUND _____________________________________________________________________________________

3

A) Fund Performance as at 31 March 2016

Fund Performance (1)

/ Benchmark Returns

3-mth %

6-mth %

1-year %

3-year

(3)

%

5-year

(3)

%

Since

Inception(3)

%

Class A S$ (Inception: 9 September 2004)

1.27

1.96 3.02 2.97 3.60 3.68

Benchmark (3-mth SIBID

(2))

0.26

0.50

0.87 0.48 0.40 1.03

Class B S$ (Inception: 4 June 2008)

1.25 1.91 2.91 2.87 3.50 4.22


(2))

0.26 0.50 0.87 0.48 0.40 0.45

Class B1 S$ (Inception: 9 November 2009)

1.21 1.83 2.76 2.72 3.34 3.78


(2))

0.26 0.50 0.87 0.48 0.40 0.41

Class C S$ (Inception: 25 September 2009)

1.17 1.76 2.60 2.56 3.18 3.72


(2))

0.26 0.50 0.87 0.48 0.40 0.41

Class R S$ (Inception: 29 October 2015)

1.22 - - - - 1.29(4)


(2))

0.26 - - - - 0.43

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Fullerton Fund Management Company Ltd and Bloomberg (3) Annualised (4) Not annualised as performance is less than 1 year

Market Review

Global bond markets saw heightened volatility for most of the 12 months under review, as uncertainty

over US monetary policy and global economic growth concerns drove sentiment. Falling oil prices,

worries over slowing growth in China, tepid earnings growth and geopolitical risks contributed to jittery

investor sentiment in the first half of the period. The Federal Reserve eventually came through on its

guidance with a rate hike of 25bps in December, setting the stage for a gradual normalisation of

interest rates ahead.


4

Risk assets were off to a turbulent start in 2016 as risk aversion spiked on the back of an equities rout

in China, RMB depreciation, a continued slide in oil prices and slower leading indicators in the US.

Investors nonetheless drew some relief from the Federal Reserve’s dovish stance, as it toned down

its guidance for US rate normalisation. Following the torrid sell-off in the previous month, risk assets

stabilised in February. Bond markets ended the period in positive territory, after the European Central

Bank increased its monthly quantitative easing programme.

Singapore’s economic growth was subdued during the period under review. The economy grew just

1.8%yoy in 4Q15 while full year growth was at 2.0%. On the inflation front, the Consumer Price Index

(CPI) declined by 0.7%yoy in the fourth quarter while for 2015 as a whole, the CPI fell by 0.5%. In

October, the Monetary Authority of Singapore maintained its policy of a modest and more gradual

appreciation of the S$NEER policy band, but reduced slightly the rate of appreciation. Towards the

end of the period, Singapore also announced the 2016 Budget – the government committed to higher

spending and outlined various measures to help businesses and households overcome the economic

slowdown.

For the 12 months ending 31 March 2016, the fund delivered positive returns over the 3-month SIBID,

with positive coupon carry providing a buffer against downside market movements. While US

Treasury yields trended upwards for much of the year, the fund benefitted from its overall duration

positioning exposure when US Treasury yields tightened over the last quarter 1Q16. Currency

exposures also added value.

Strategy and outlook

Looking ahead, policy divergence continues to be a key theme, with the Federal Reserve still looking

to tighten monetary policy, albeit at a much more gradual pace than before. Elsewhere, central banks

in Europe, Japan and Asia continue to pursue accommodative monetary policies so as to support

fragile recoveries. We are keenly aware of the uncertainties in the macro environment and thus,

continue to focus on issues with better fundamentals, while actively managing duration.


5

B) Distribution of investments

Investments at fair value and as a percentage of Net Asset Value (NAV) of the Fund as at 31 March 2016 classified by:

i. Country, industry and asset class Please refer to the Statements of Portfolio on pages 59 - 66.

ii. Credit rating of debt securities

Fair Value % of NAV

S$ %

A+ / A1 25,832,017 3.85

A / A2 4,356,034 0.65

A- / A3 121,841,870 18.15

BBB+ / Baa1 39,036,265 5.81

BBB / Baa2 48,777,289 7.26

BBB- / Baa3 373,945,958 55.69

BB+/ Ba1 26,290,127 3.92

B+/B1 2,966,775 0.44

BB/Ba2 9,602,400 1.43

Accrued interest on debt securities 5,917,072 0.88

Total 658,565,807 98.08

C) Top ten holdings

Holdings as at 31 March 2016 Fair value % of NAV

S$ %

CapitaLand Limited Series CAPL 2.95% due 20/06/2022 33,810,581 5.04

Newford Capital Limited Conv 0% due 12/05/2016 24,006,969 3.58

Lend Lease Financial International Ltd Ser EMTN 4.625% due 24/07/2017 23,856,730 3.55

Sino Land Company Limited 3.25% due 21/09/2017 21,222,120 3.16

Far East Horizon Limited 4.25% due 30/10/2017 19,263,150 2.87

China Jingye Construction Engineering Spore Pte Ltd 2.95% due 21/05/2017 16,306,950 2.43

Emirates Airline 4.64% due 21/06/2016 15,100,500 2.25

United Engineers Limited Series MTN 4.2% due 26/01/2017 14,384,876 2.14

Courts Asia Limited Series MTN 4.75% due 02/05/2016 12,503,875 1.86

Tan Chong International Limited Series EMTN 2.8% due 09/01/2017 11,726,441 1.75


6

D) Exposure to derivatives as of 31 March 2016 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV

S$ %

Forward foreign exchange contracts 10,976,966 1.63

Total 10,976,966 1.63

ii. Net realised and unrealised gains/losses on derivative contracts

Net Realised

Gain/(Losses) Net Unrealised Gain/(Losses)

S$ S$

Forward foreign exchange contracts 5,420,622 10,976,966

Total 5,420,622 10,976,966

Holdings as at 31 March 2015

Fair value

% of NAV

S$ %

Keppel Land Limited 1.875% due 29/11/2015 31,824,397 3.63

CapitaLand Limited Series CAPL 2.95% due 20/06/2022 27,065,745 3.08

Lend Lease Financial International Ltd Ser EMTN 4.625% due 24/07/2017 24,451,398 2.79

Citigroup Inc Series EMTN 4.05% due 29/06/2016 23,848,688 2.72


Overseas Union Enterprise Limited Ser MTN 3.95% due 29/09/2015 20,205,800 2.30

IDBI Bank Limited Series EMTN 3.65% due 28/08/2015 18,108,090 2.06

CSSC Capital 2013 Limited Series 1 2.75% due 12/12/2016 17,918,948 2.04

Newford Capital Limited Conv 0% due 12/05/2016 17,845,126 2.03

VTB Capital SA 4% due 20/07/2015 17,522,978 2.00


7

E) Global Exposure to Financial Derivatives

The global exposure to financial derivatives is computed using the commitment approach which is calculated as the sum of:

i. The absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements; and

ii. The absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements.

F) Collateral Nil

G) Securities Lending or Repurchase Transactions Nil

H) Amount and percentage of NAV invested in other schemes as at 31 March 2016 Nil

I) Amount and percentage of borrowings to NAV as at 31 March 2016 Nil

J) Amount of redemptions and subscriptions for the period 1 April 2015 to 31 March 2016

Total amount of subscriptions S$ 114,036,415 Total amount of redemptions S$ 341,786,114

K) Related-party transactions for the period 1 April 2015 to 31 March 2016

Please refer to Note 8 of Notes to the Financial Statements on page 142.

L) Financial Ratios


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

N) Key information on underlying schemes which comprise of more than 30% of NAV

Not applicable


8

O) Soft dollar commissions

The Manager is entitled to and may currently receive soft-dollar commissions from, or enter into soft dollar arrangements with, selected brokers who execute trades undertaken for funds it manages. The soft dollars received are restricted to the following kinds of services: research and advisory services, economic and political analysis, portfolio analysis including valuation and portfolio measurement, market analysis, data and quotation services, and computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process.

The Manager will not accept or enter into soft-dollar commissions/arrangements unless such soft-dollar commissions/arrangements will in the opinion of the Managers generally assist the Managers in their provision of investment services. Transactions executed for the Fund were on the best available terms taking into account the relevant market at the time for transactions of the kind and size concerned; and there was no churning of trades to qualify for such soft-dollar commissions/arrangements.

The Manager will comply with applicable regulatory and industry standards on soft dollars.

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD CASH FUND _____________________________________________________________________________________

9


Fund Performance (1)

/ Benchmark Returns

3-mth %

6-mth %

1-year %

3-year

(3)

%

5-year

(3)

%

Since

Inception(3)

%

Class A S$ (Inception: 3 February 2009)

0.29 0.52 0.85 0.51 0.46 0.46

Benchmark (MAS - Banks Saving Deposits Rates

(2))

0.03 0.07 0.13 0.12 0.11 0.13

Class B S$ (Inception: 14 July 2009)

0.31 0.57 0.95 0.61 0.55 0.52

Benchmark (MAS - Banks Saving Deposits Rates

(2))

0.03 0.07 0.13 0.12 0.11 0.12

Notes:

(1)

Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested

(2) Source: Monetary Authority of Singapore website (3) Annualised

Market review









Investors nonetheless drew some relief from the Federal Reserve’s dovish stance as it toned down its

guidance for US rate normalisation. Following the torrid sell-off in the previous month, risk assets





(CPI) declined by 0.7%yoy in the fourth quarter while for 2015 as a whole, the CPI fell by 0.5%. The

Monetary Authority of Singapore maintained its policy of a modest and more gradual appreciation of

the S$NEER policy band, but reduced slightly the rate of appreciation at its policy meeting in October.

Towards the end of the period, Singapore also announced the 2016 Budget – the government

committed to higher spending and outlined various measures to help businesses and households

overcome the economic slowdown.


10

The Singapore Domestic Savings Deposit Rate rose marginally during the 12 month period, while the

SIBOR rate initially rose throughout most of 2015 but later declined towards the end of the period,

after the Federal Reserve toned down its guidance for the normalisation of interest rates in the US

this year. We remained prudent and placed deposits with counterparty banks that had sound balance

sheets.

Strategy and Outlook

Market expectations for the next US rate hike have been pushed back, while major central banks in

Europe, China and Japan are likely to remain supportive in the face of disinflationary pressures and

softer growth. With this in mind, Singapore rates may remain relatively unchanged in the coming

quarters, but face possible upward pressure should the SGD weaken further. We will continue to seek

out banks with sound balance sheets and better SGD deposit rates.



i. Country, industry and asset class

Please refer to the Statements of Portfolio on page 67 - 68.


Nil

iii. Term to maturity profile of the underlying investments

Fair Value % of NAV

S$ %

Up to 30 days 30,080,261.66 47.08

31 – 90 days 27,976,998.83 43.79

Total 58,057,260.49 90.88

C) Top ten holdings

Not applicable

D) Exposure to derivatives as at 31 March 2016

Nil

E) Global Exposure to Financial Derivatives Not applicable


11

F) Collateral

Nil

G) Securities Lending or Repurchase Transaction Nil







L) Financial ratios



N) Key information on underlying schemes which comprise of more than 30% of NAV Not applicable

O) Soft dollar commissions The Manager is entitled to and may currently receive soft-dollar commissions from, or enter into soft dollar arrangements with, selected brokers who execute trades undertaken for funds it manages. The soft dollars received are restricted to the following kinds of services: research and advisory services, economic and political analysis, portfolio analysis including valuation and portfolio measurement, market analysis, data and quotation services, and computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process. The Manager will not accept or enter into soft-dollar commissions/ arrangements unless such soft-dollar commissions/arrangements will in the opinion of the Managers generally assist the Managers in their provision of investment services. Transactions executed for the Fund were on


12

the best available terms taking into account the relevant market at the time for transactions of the kind and size concerned; and there was no churning of trades to qualify for such soft-dollar commissions/arrangements. The Manager will comply with applicable regulatory and industry standards on soft dollars.

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON ASIAN BOND FUND _____________________________________________________________________________________

13


Fund Performance(1)

/ Benchmark Returns

3-mth %

6-mth %

1-year %

3-year

(4)

%

5-year

(4)

%

Since

Inception(4)

%

Class A US$ (Inception: 3 August 2009)

2.71 4.07 2.92 3.32 5.33 7.16

Benchmark (JACI Investment Grade Total Return

(2))

3.60 4.64 3.41 3.96 5.31 6.20

Class B S$ (S$ Hedged) (Inception: 8 June 2009)

2.66 4.40 3.72 3.73 5.50 6.84

Benchmark (JACI Investment Grade Total Return – S$ Hedged

(2) (3))

3.77 5.13 4.39 4.33 5.41 6.13

Class C US$ (Inception: 27 April 2009)

2.78 4.23 3.24 3.63 5.73 8.90

Benchmark (JACI Investment Grade Total Return

(2))

3.60 4.64 3.41 3.96 5.31 7.39

Class D RMB (RMB Hedged) (Inception: 16 August 2011)

4.58 6.88 7.23 6.07 -- 7.26

Benchmark(5)

4.80 7.09 7.66 7.03 -- 7.57

Notes:

(1)


(2) Source: Fullerton Fund Management Company Ltd and JP Morgan (3) The benchmark prior to 8 May 2010 was JACI Investment Grade Total Return and with effect from

8 May 2010, the benchmark is JACI Investment Grade Total Return – S$ Hedged (4) Annualised (5) This is an offshore Renminbi-hedged benchmark computed by Fullerton Fund Management

Company Ltd derived from JACI Investment Grade Total Return

Market Review


over US monetary policy and global economic growth concerns drove sentiment. Overall, US

Treasury yields were lower over at the long end while Asian credit spreads widened. On Asian credits,

high yield and investment grade corporates outperformed, but high yield sovereigns did not

contribute. In particular, Philippine and Chinese names added the most value, while Indonesia bonds

lagged its regional peers.


14

At the start of the period, geopolitical issues in the Middle East and Greece dented risk appetite but a

relatively dovish Federal Reserve (Fed) kept markets supported. Asian bonds were also broadly

boosted by monetary policy easing in China. However, investor sentiment reversed in June as

anxieties over Greece’s membership in the Eurozone and US interest rate expectations resulted in a

sharp selloff in global bonds. Bond markets were further affected in August, after China devalued the

RMB, fuelling a sell-off in emerging Asia.

Markets remained volatile amid concerns over China's growth slowdown and lacklustre global

economic data, but stayed buoyed by accommodative central bank policies in the second half of the

period under review. Expectations of a delayed US rate lift-off drove sentiment in October, as did the

People's Bank of China’s accommodative stance, with cuts in the lending rates and reserve ratio.

Sentiment was muted after the European Central Bank (ECB) disappointed with easing measures that

fell short of market expectations, and the Fed followed through on its guidance and lifted US interest

rates by 25bps in a widely expected move in December. Asian credits generally benefited from a flight

to quality as risk assets got off to a rocky start in 2016. Sentiment was dampened by worries over

China’s economy, a lack of clarity on the RMB and fluctuating oil prices. Bond markets ended the

period in positive territory after the ECB increased its monthly quantitative easing programme, while

the Federal Reserve toned down the guidance for US rate hikes.

For the 12 months ending 31 March 2016, the Fund delivered positive returns over its benchmark.

Returns from duration positioning was flat but the Fund benefitted from positive allocation and credit

selection, with positions in China and Hong Kong adding the most value. Currency impact was

however a drag on overall returns.


We expect weakness in the global economic environment to remain but that should be mitigated by

supportive monetary policy in developed countries and in Asia. We will continue to maintain a shorter

duration relative to the benchmark. The credit strategy will focus on opportunities in corporate bonds

with better fundamentals and commensurate valuations, and we remain selective in the high yield

sector.


15




Please refer to the Statements of Portfolio on page 69.


Not Applicable

C) Top 10 holdings

D) Exposure to Derivatives as at 31 March 2016 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV

US$ %

Forward foreign exchange contracts 917,949 2.71

Total 917,949 2.71


Net Realised


US$ US$

Forward foreign exchange contracts 283,264 917,949

Total 283,264 917,949

Holdings as at 31 March 2016 US$ %

Fullerton Lux Funds – Asian Bonds Class I USD Distribution 32,879,631 97.11

Holdings as at 31 March 2015 US$ %



16


The global exposure to financial derivatives is computed using the commitment approach which is calculated as the sum of:

i. The absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements; and

ii. The absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements.

F) Collateral

Nil

G) Securities Lending or Repurchase Transactions

Nil

H) Amount and percentage of NAV invested in other schemes as at 31 March 2016

I) Amount and percentage of borrowings to NAV as at 31 March 2016

Nil


Total amount of subscriptions US$ 22,346,947 Total amount of redemptions US$ 49,413,205 K) Related-party transactions for the period 1 April 2015 to 31 March 2016


L) Financial ratios


M) Any material information that will adversely impact the valuation of the scheme such as

contingent liabilities of open contracts

Nil

Market Value % of NAV

US$ %



17

N) Key information on underlying schemes which comprise of more than 30% of NAV

Fullerton Lux Funds – Asian Bonds Class I USD Distribution

i. Top ten holdings

ii. Financial ratios

31 March 2016 31 March 2015

% %

Expense ratio* 0.70 0.72

Turnover ratio -18.04 25.68

* The total operating expenses do not include brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.






US$ %

India Government Bond 7.28% 13-03/06/2019 4,593,366 2.14

Malayan Banking 12-20/09/2022 FRN 4,296,665 2.01

Pertamina 4.875% 12-03/05/2022 3,821,438 1.77

PCCW CAP No4 5.75% 12-17/04/2022 3,708,903 1.74

China Taiping CA 4.125% 12-21/11/2022 3,096,570 1.44

Pertamina 5.25% 11-23/05/2021 2,622,038 1.21

Macquarie Bk Ltd 4.875% 15-10/06/2025 2,413,992 1.13

Smartone Fin Ltd 3.875% 13-08/04/2023 2,361,960 1.10

QBE Insurance 14-02/12/2044 FRN 2,307,987 1.07

Perusahaan Listr 5.5% 11-22/11/2021 2,268,945 1.06

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SINGAPORE BOND FUND _____________________________________________________________________________________

18


Fund Performance(1)

/ Benchmark Returns

3-mth %

6-mth %

1-year %

3-year

(3)

%

5-year

(3)

%

Since

Inception(3)

%

Class A S$ (Inception: 16 August 2011)

2.90 3.40 3.69 2.10 -- 2.27

Benchmark (50% UOB SGB-All and 50% UOB SGB-Short

(2))

2.80 3.46 3.99 1.43 -- 1.33

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Fullerton Fund Management Company Ltd and UOB (3) Annualised

Market Review















(CPI) declined by 0.7%yoy in the fourth quarter while for 2015 as a whole, the CPI fell by 0.5%. The

Monetary Authority of Singapore maintained its policy of a modest and more gradual appreciation of

the S$NEER policy band, but reduced slightly the rate of appreciation at its policy meeting in October.

Towards the end of the period, Singapore also announced the 2016 Budget – the government

committed to higher spending and outlined various measures to help businesses and households

overcome the economic slowdown. SGS bonds performed well and yields across all tenors fell over

the period, with 2-year, 5-year and 10-year yields down 50bps, 38bps and 43bps respectively,

For 12 months ending 31 March 2016, the Fund marginally outperformed its UOB SGS composite

benchmark. The Fund’s performance was driven by the exposure to SGD credits and credit selection.

Duration effects were flat.


19


We intend to stay neutral on duration as the interest rate environment will be volatile in the coming months. We will look to add short-dated SGD corporate bonds, while maintaining the overweight to short-dated investment grade credit names for carry.




Please refer to the Statements of Portfolio on pages 70 - 76.


Fair Value % of NAV

S$ %

AAA / Aaa 169,250,460 66.44

AA/ Aa2 1,502,618 0.59

A+ / A1 2,017,340 0.79

A / A2 4,485,352 1.76

A- / A3 11,386,381 4.47

BBB+ / Baa1 6,791,946 2.67

BBB / Baa2 10,093,792 3.96

BBB- / Baa3 41,253,161 16.19

BB+/ Ba1 4,393,125 1.72

BB/Ba2 1,680,420 0.66


Total 254,404,545 99.86


20

C) Top ten holdings

D) Exposure to derivatives as at 31 March 2016 Nil

E) Global Exposure to Financial Derivatives Not applicable

F) Collateral Nil



S$ %

Singapore Government Bond 4% due 01/09/2018 35,506,350 13.94

Singapore Government Bond 0.5% due 01/04/2018 14,416,625 5.66


Singapore Government Bond 3% due 01/09/2024 10,910,000 4.28








S$ %





Overseas Union Enterprise Limited Series MTN 3.95% due 29/09/2015 6,061,740 3.58

Viva iTrust MTN Pte Limited Series MTN 4.15% due 19/09/2018 6,036,510 3.56






21


Nil



Total amount of subscriptions S$ 77,063,476 Total amount of redemptions S$ -



L) Financial ratios Please refer to Note 9 of Notes to the Financial Statements on page 143.

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

Nil






FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON SGD INCOME FUND _____________________________________________________________________________________

22


Fund Performance(1)

3-mth

% 6-mth

% 1-year

%

3-year

(2)

%

5-year

(2)

%

Since

Inception(2)

%

Class A S$ (Inception: 5 January 2012

1.85 2.96 3.78 3.54 -- 5.59

Class B S$ (Inception: 14 May 2012)

1.80 2.85 3.57 3.34 -- 4.64

Class C S$ (Inception: 13 Jun 2012)

1.93 3.11 4.10 3.86 -- 5.22

Class D US$ Hedged (Inception: 19 May 2015)

1.65 2.79 -- -- -- 2.52(3)

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Annualised (3) Not annualised as the performance is less than 1 year

Market Review















(CPI) declined by 0.7%yoy in the fourth quarter while for 2015 as a whole, the CPI fell by 0.5%. In

October, the Monetary Authority of Singapore maintained its policy of a modest and more gradual

appreciation of the S$NEER policy band, but reduced slightly the rate of appreciation. Towards the

end of the period, Singapore also announced the 2016 Budget – the government committed to higher

spending and outlined various measures to help businesses and households overcome the economic

slowdown.


23

For the 12 months ending 31 March 2016, the fund delivered positive returns over the 3-month SIBID.

Coupon carry generated positive returns for the Fund, providing a buffer against downside market

movements. The Fund’s duration positioning on the shorter end also ended value. However, negative

spread returns capped overall performance.


Corporate profitability in Asia remains under pressure, in light of the tepid growth environment. We

remain focused on managing duration and continue to favour investment grade issues from quality

companies, while staying highly selective in the high yield space.






Fair Value % of NAV

S$ %

AA/ Aa2 8,522,201 0.58

AA-/ Aa3 2,041,008 0.14

A+/ A1 51,378,155 3.51

A/ A2 37,529,761 2.56

A-/ A3 120,517,628 8.23

BBB+/ Baa1 124,216,748 8.48

BBB/ Baa2 191,091,100 13.05

BBB-/ Baa3 524,528,711 35.81

BB+/ Ba1 46,944,035 3.20

BB/Ba2 52,407,484 3.58

BB-/Ba3 85,189,223 5.82

B+/B1 60,098,344 4.10

B/B2 84,283,088 5.75

B-/B3 36,391,816 2.48

CCC/Caa2 310,028 0.02


Total 1,445,331,485 98.67


24

C) Top ten holdings

D) Exposure to derivatives as at 31 March 2016 i. Fair value of derivative contracts and as a percentage of NAV

Fair value % of NAV

S$ %

Forward foreign exchange contracts 23,391,466 1.60

Total 23,391,466 1.60


S$ %

Value Success Intl Limited Series EMTN 4.125% due 06/09/2019 19,247,063 1.31

Cheung Kong Bond Securities Limited 5.125% Perp 16,791,254 1.15

China Jingye Constuction Engr Spore Pte Ltd 2.95% due 21/05/2017 16,059,875 1.10

Wheelock Finance Limited Series EMTN 4.5% due 02/09/2021 15,785,351 1.08

Lend Lease Financial Intl Ltd Series EMTN 4.625% due 24/07/2017 14,405,404 0.98

Far East Horizon Limited 4.25% due 30/10/2017 14,193,900 0.97


Julius Baer Group Limited Var Perp 13,493,453 0.92

ABN AMRO Bank NV Var 25/10/2022 13,014,053 0.89

Indian Oil Corporation Limited 4.1% due 15/10/2022 12,849,135 0.88


S$ %


Value Success Intl Limited Series EMTN 4.125% due 06/09/2019 19,033,969 1.50

Ascendas Pte Limited Var Perp 16,685,543 1.31

Wheelock Finance Limited Series EMTN 4.5% due 02/09/2021 15,780,853 1.24

VTB Capital SA 4% due 20/07/2015 15,054,953 1.19

Emirates Airline 4.64% due 21/06/2016 14,981,280 1.18

Lend Lease Financial Intl Ltd Ser EMTN 4.625% due 24/07/2017 14,764,482 1.16

ABN AMRO Bank NV Var 25/10/2022 14,706,926 1.16

Ubitech Hub Pte Limited 4.2% due 12/06/2017 14,385,233 1.13



25


Net Realised


S$ S$

Forward foreign exchange contracts 15,948,050 23,391,466

Total 15,948,050 23,391,466


The global exposure to financial derivatives is computed using the commitment approach which is calculated as the sum of: i. The absolute value of the exposure of each individual financial derivative not involved in

netting or hedging arrangements; and ii. The absolute value of the net exposure of each individual financial derivative after netting or

hedging arrangements.

F) Collateral Nil








L) Financial ratios Please refer to Note 9 of Notes to the Financial Statements on page 143.


26







FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND – AGGRESSIVE _____________________________________________________________________________________

27


Fund Performance(1)

/ Benchmark Returns

3-mth %

6-mth %

1-year %

3-year

%

5-year

%

Since

Inception

%

Class A S$ (Inception: 17 April 2013)

-5.85 -3.15 -7.78 -- -- 4.86

Benchmark (80% MSCI AC World Net Index and 20% Citigroup World Govt Bond Index

(2))

-3.55 -0.18 -4.13 -- -- 8.07

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Fullerton Fund Management Company Ltd and Bloomberg

Market Review

Global risk assets saw heightened volatility for most of the 12 months under review, as uncertainty

over US monetary policy, plunging oil prices and economic growth concerns drove investor sentiment.

Risk appetite was firm at the start but took a sharp turn on the back of an escalation in the Greek debt

crisis in June. China also proved to be a source of volatility after its equity markets fell sharply in July,

followed by an unexpected RMB devaluation in August. These events sparked a rout on global

markets and sentiment stayed subdued after, particularly as investors braced themselves for the start

of US interest rates normalisation, which came as expected at the end of 2015. In Asia, weak

economic data in China and a continued slump in commodity prices also rekindled fears of a wider

growth slowdown. Later, the possibility of the UK's exit from the European Union added to risk

aversion and consequently, bond markets benefitted from a flight to quality. Equity markets also

rebounded towards the end of the period under review, on the back of stabilising crude oil prices and

accommodative central bank policies.

Global central banks generally remained supportive throughout the year under review, as

policymakers remained cognisant of downside risks to growth. The People’s Bank of China introduced

several easing measures in order to support the economy and sentiment, including cutting interest

rates and reserve requirements. Elsewhere, although the European Central Bank initially disappointed

with easing measures that fell short of market expectations, it increased its monthly quantitative

easing program in March, which buoyed sentiment. Meanwhile, after commencing on its first rate hike

in December, rhetoric from the US Federal Reserve generally remained dovish, with toned down

guidance for the path of future rate hikes.

For the 12 months ending 31 March 2016, equity and fixed income performances were both positive,

while currency performance was negative due to weakness in the USD. For fixed income, exposures

to global sovereign and local currency emerging market bonds contributed positively. Within equities,

contribution came from both developed and emerging market equities whereas Japanese equity

exposures detracted. Overall, the underweight to equity exposures subtracted value, as markets

rallied strongly in March. Underperformance of active funds came largely from one manager.


28


Equity markets will likely continue to oscillate with no clear trend, with upside capped by growth

concerns and downside supported by global policy makers who wish to avert any meltdown in

financial markets. Investors are likely to seek returns through fixed income yielding investments and in

markets that have been extended to the downside for too long.






Not Applicable

C) Top ten holdings


S$ %

iShares Global Government Bond UCITS ETF 4,859,184 11.16

db x-trackers MSCI Emerging Markets Index UCITS ETF 4,644,569 10.67

Winton UCITS Funds Public Company Limited - Winton Global Equity Fund 4,058,090 9.32

Dimensional Funds PLC - Emerging Markets Value Fund 3,461,859 7.95

Vanguard Investment Ser Public Coy Ltd - Global Enhanced Equity Fund 2,582,489 5.93

Dimensional Funds II Public Company Limited - Global Core Equity Fund 2,299,154 5.28

iShares Emerging Markets Local Government Bond UCITS ETF 2,196,213 5.05

SPDR MSCI ACWI UCITS ETF 2,106,081 4.84

NEXT FUNDS Nikkei 225 Leveraged Index ETF 2,061,201 4.74

SSgA Global Treasury Bond Index Fund 2,015,888 4.63


29


Fair value % of NAV

S$ %


Total 413,620 0.95


Net Realised


S$ S$


Total 16,941 413,620






S$ %




db x-trackers S&P 500 2x Leveraged Daily UCITS ETF 2,454,642 6.10



ChinaAMC ETF Series - ChinaAMC CSI 300 Index ETF 2,231,927 5.55

J O Hambro Capital Mgt Umbrella Fd PLC - Global Select Fund USD Class A 2,108,236 5.24




30

F) Collateral Nil








L) Financial ratios


Market value % of NAV

S$ %



Winton UCITS Funds Public Company Ltd - Winton Global Equity Fund 4,058,090 9.32

Dimensional Funds PLC - Emerging Markets Value Fund 3,461,859 7.95



iShares Emerging Markets Local Government Bond UCITS ETF 2,196,213 5.05




J O Hambro Capital Mgt Umbrella Fd PLC - Global Select Fund USD Class A 1,771,338 4.07

Egerton Capital Equity Fund Class A$HD 1,520,367 3.49

db x-trackers S&P 500 2x Leveraged Daily UCITS ETF 754,844 1.74


31






The Manager will comply with applicable regulatory and industry standards on soft dollar.

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON DYNAMIC STRATEGIES FUND - BALANCED _____________________________________________________________________________________

32


Fund Performance(1)

/ Benchmark Returns

3-mth %

6-mth %

1-year %

3-year

%

5-year

%

Since

Inception

%


-3.65 -2.31 -4.74 -- -- 2.83

Benchmark (50% MSCI AC World Net Index and 50% Citigroup World Govt Bond Index

(2))

-1.60 -0.03 -1.15 -- -- 6.41

Notes: (1) Fund performance is calculated on a bid-to-bid basis with dividends (if any) reinvested (2) Source: Fullerton Fund Management Company Ltd and Bloomberg

Market Review

Global risk assets saw heightened volatility for most of the 12 months under review, as uncertainty

over US monetary policy, plunging oil prices and economic growth concerns drove investor sentiment.

Risk appetite was firm at the start but took a sharp turn on the back of an escalation in the Greek debt

crisis in June. China also proved to be a source of volatility after its equity markets fell sharply in July,

followed by an unexpected RMB devaluation in August. These events sparked a rout on global

markets and sentiment stayed subdued after, particularly as investors braced themselves for the start

of US interest rates normalisation, which came as expected at the end of 2015. In Asia, weak

economic data in China and a continued slump in commodity prices also rekindled fears of a wider

growth slowdown. Later, the possibility of the UK's exit from the European Union added to risk

aversion and consequently, bond markets benefitted from a flight to quality. Equity markets also

rebounded towards the end of the period under review, on the back of stabilising crude oil prices and

accommodative central bank policies.

Global central banks generally remained supportive throughout the year under review, as

policymakers remained cognisant of downside risks to growth. The People’s Bank of China introduced

several easing measures in order to support the economy and sentiment, including cutting interest

rates and reserve requirements. Elsewhere, although the European Central Bank initially disappointed

with easing measures that fell short of market expectations, it increased its monthly quantitative

easing program in March, which buoyed sentiment. Meanwhile, after commencing on its first rate hike

in December, rhetoric from the US Federal Reserve generally remained dovish, with toned down

guidance for the path of future rate hikes.

For the 12 months ending 31 March 2016, equity and fixed income performances were both positive,

while currency performance was negative due to weakness in the USD. For fixed income, exposures

to global sovereign and local currency emerging market bonds contributed positively. Within equities,

contribution came from both developed and emerging market equities whereas Japanese equity

exposures detracted. Overall, the underweight to equity exposures subtracted value, as markets

rallied strongly in March. Underperformance of active funds came largely from one manager.


33


Equity markets will likely continue to oscillate with no clear trend, with upside capped by growth concerns and downside supported by global policy makers who wish to avert any meltdown in financial markets. Investors are likely to seek returns through fixed income yielding investments and in markets that have been extended to the downside for too long.






Not Applicable

C) Top ten holdings


S$ %





iShares Emerging Markets Local Government Bond UCITS ETF 832,665 5.10

Fullerton Short Term Interest Rate Fund Class B 673,296 4.12

Dimensional Funds PLC - Emerging Markets Value Fund 651,998 3.99

Egerton Capital Equity Fund Class A$HD 628,476 3.85

db x-trackers II Iboxx $ Treasuries UCITS ETF 549,938 3.37

NEXT FUNDS Nikkei 225 Leveraged Index ETF 549,681 3.37


34


Fair value % of NAV

S$ %


Total 148,364 0.91


Net Realised


S$ S$


Total 16,084 148,364





F) Collateral Nil


S$ %



db x-trackers S&P 500 2x Leveraged Daily UCITS ETF 1,012,733 6.73

Winton UCITS Funds Public Company Limited - Winton Global Equity Fund 781,845 5.20


ChinaAMC ETF Series - ChinaAMC CSI 300 Index ETF 666,564 4.43


J O Hambro Capital Mgt Umbrella Fund PLC - Global Select Fund USD Class A 636,500 4.23


iShares Barclays USD Asia High Yield Bond Index ETF 422,854 2.81


35








L) Financial ratios



Market value % of NAV

S$ %

SSgA Global Treasury Bond Index Fund 3,170,898

19.42




iShares Emerging Markets Local Government Bond UCITS ETF 832,665 5.10


Dimensional Funds PLC - Emerging Markets Value Fund 651,998 3.99


db x-trackers II Iboxx $ Treasuries UCITS ETF 549,938 3.37


J O Hambro Capital Mgt Umbrella Fd PLC - Global Select Fund USD Class A 534,787 3.27

Dimensional Funds II Public Company Limited - Global Core Equity Fund 370,911 2.27

db x-trackers S&P 500 2x Leveraged Daily UCITS ETF 268,524 1.64


36






FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT TO UNITHOLDERS FULLERTON TOTAL RETURN FUND _________________________________________________________________________________

37


Fund Performance(1)

3-mth

% 6-mth

% 1-year

%

3-year

%

5-year

%

Since

Inception

%


-2.59 -0.49 -4.21 -- -- 2.65

Class B US$ (Inception: 15 April 2013)

0.67 3.02 -3.61 -- -- 0.94

Notes:

(1)


Market Review

Investor sentiment was firm at the start of the year under review but took a sharp turn on the

back of an escalation in the Greek debt crisis in June. China also proved to be a source of

volatility, as its equity markets fell sharply in the following months and Chinese authorities

devalued the CNY. Although risk assets rebounded in October after global policymakers pledged

to stay vigilant, the relief rally was short-lived as investors braced themselves for the start of US

rate normalisation, which commenced as expected in December. Global data was also mixed,

with pockets of strength countered by weakness elsewhere. At the start of 2016, risk aversion

spiked on the back of concerns over whether Chinese policymakers planned to weaken the CNY

further. However, positive US data surprises saw equity markets stabilise towards the end of the

period under review, while bond markets also benefitted from a flight to quality.

Against a volatile backdrop, global central banks generally remained accommodative. In Asia,

the People’s Bank of China introduced several easing measures in order to support the

economy, including cutting interest rates and reserve requirements. The European Central Bank

(ECB) also embarked on a Quantitative Easing programme, which it further expanded in 2016 to

encourage banks to lend. Elsewhere, although the Federal Reserve lifted rates in December, it

also pledged to move carefully and gradually. Indeed, towards the end of the period under

review, the Federal Reserve was more dovish than expected and stressed the need to stay

vigilant, given the tepid global recovery.

For the 12 months ending 31 March 2016, fund performance was dragged down by the equities

exposure given the uncertain and turbulent market environment. Asian stock markets sold off on

the back of heightened volatility and growth concerns. Positive returns from the fixed income

segment helped negate some of the portfolio’s losses, with our China and Hong Kong positions

contributing the most value.


Our central scenario remains that global recovery will stay uneven and sub-par for longer.

Hence, policymakers need to stay supportive to contain downside risks. US consumption has

stayed resilient but exports are still struggling. On balance, investment spending should gradually

improve given the Federal Reserve’s reassurance to move cautiously. Elsewhere, we expect the


38

ECB and the Bank of Japan to remain steadfast in supporting fragile domestic recoveries.

Moreover, we continue to expect Asian central banks to ease further as needed; Asian

governments will also likely pursue fiscal reflation. On China, policymakers have ample fiscal and

monetary resources to engineer soft-landing. In the interim, however, China’s foreign exchange

policy intentions remain a source of uncertainty for markets.

Market volatility will thus stay elevated, reflecting heightened focus on global policy and macro

outcomes. We retain a modest exposure to equities and will reassess our asset allocation stance

as needed. Bottom-up, we remain disciplined on credit and stock selection. We prefer Asian

credits with stronger fundamentals that offer relative value. We still expect Asia’s corporate

earnings to selectively improve.




Please refer to the Statements of Portfolio on page 101.


Not Applicable

C) Top ten holdings


US$ %

Fullerton Lux Funds – Asia Growth & Income Equities USD Class I 25,286,469 50.17 (Formally known as Fullerton Lux Funds - High Income Asian Equities) Fullerton Lux Funds – Asian Bonds Class I USD Distribution 15,148,223 30.06


US$ %

Fullerton Lux Funds – Asia Growth & Income Equities USD Class I 36,743,744 69.86 (Formally known as Fullerton Lux Funds - High Income Asian Equities) Fullerton Lux Funds – Asian Bonds Class I USD Distribution 15,455,155 29.39


39


Fair value % of NAV

US$ %

Futures contracts (240,130) (0.48)


Total 530,614 1.05


Net Realised


US$ US$

Futures contracts (407,661) (240,130)


Total 213,827 530,614

E) Global Exposure to Financial Derivatives The global exposure to financial derivatives is computed using the commitment approach which is calculated as the sum of: i. The absolute value of the exposure of each individual financial derivative not involved

in netting or hedging arrangements; and ii. The absolute value of the net exposure of each individual financial derivative after

netting or hedging arrangements.

F) Collateral Nil



Market Value % of NAV

US$ %

Fullerton Lux Funds – Asia Growth & Income Equities USD Class I 25,286,469 50.17



40



Total amount of subscriptions US$ 2,060,528 Total amount of redemptions US$ 1,040,763



L) Financial ratios



N) Key information on underlying schemes which comprise of more than 30% of NAV 1. Fullerton Lux Funds – Asian Bonds Class I USD Distribution

i. Top ten holdings


US$ %

India Government Bond 7.28% 13-03/06/2019 4,593,366 2.14

Malayan Banking 12-20/09/2022 FRN 4,296,665 2.01

Pertamina 4.875% 12-03/05/2022 3,821,438 1.77

PCCW CAP No4 5.75% 12-17/04/2022 3,708,903 1.74

China Taiping CA 4.125% 12-21/11/2022 3,096,570 1.44

Pertamina 5.25% 11-23/05/2021 2,622,038 1.21

Macquarie Bk Ltd 4.875% 15-10/06/2025 2,413,992 1.13

Smartone Fin Ltd 3.875% 13-08/04/2023 2,361,960 1.10

QBE Insurance 14-02/12/2044 FRN 2,307,987 1.07

Perusahaan Listr 5.5% 11-22/11/2021 2,268,945 1.06


41


31 March 2016

31 March 2015

% %


Turnover ratio -18.04 25.68


2. Fullerton Lux Funds – Asia Growth & Income Equities USD Class I i. Top ten holdings




US$ %

Samsung Electronics - PFD 5,546,616 5.29

Taiwan Semiconductor Manufacturing Co Ltd 5,431,210 5.18

Industrial and Commerical Bank of China - H 5,366,458 5.12

Sands China Ltd 3,618,987 3.46

AIA Group Ltd 3,287,561 3.14

Digital Telecommunications-F 3,286,022 3.13

YES Bank Ltd 3,264,092 3.12

Indiabulls Housing Finance L 3,089,856 2.95

HDFC Bank Ltd 2,861,443 2.73

United Overseas Bank Ltd 2,548,821 2.43

31 March 2016

31 March 2015

% %


Turnover ratio 58.41 139.06


42





FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) REPORT OF THE TRUSTEE For the financial year ended 31 March 2016

43

The Trustee is under a duty to take into custody and hold the assets of Fullerton Fund - Fullerton Short Term Interest Rate Fund, Fullerton Fund - Fullerton SGD Cash Fund, Fullerton Fund - Fullerton Asian Bond Fund, Fullerton Fund - Fullerton Singapore Bond Fund, Fullerton Fund - Fullerton SGD Income Fund, Fullerton Fund - Fullerton Dynamic Strategies Fund – Aggressive, Fullerton Fund - Fullerton Dynamic Strategies Fund – Balanced and Fullerton Fund - Fullerton Total Return Fund (the “Sub-Funds”) in trust for the unitholders. In accordance with the Securities and Futures Act (Cap. 289), and its subsidiary legislation and the Code on Collective Investment Schemes, the Trustee shall monitor the activities of the Manager for compliance with the limitations imposed on the investment and borrowing powers as set out in the Trust Deed in each annual accounting year and report thereon to unitholders in an annual report. To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Sub-Funds during the financial year covered by these financial statements, set out on pages 47 to 152, in accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed. For and on behalf of the Trustee HSBC Institutional Trust Services (Singapore) Limited

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENT BY THE MANAGER For the financial year ended 31 March 2016

44

In the opinion of the directors of Fullerton Fund Management Company Ltd (“the Manager”), the accompanying financial statements of Fullerton Fund - Fullerton Short Term Interest Rate Fund, Fullerton Fund - Fullerton SGD Cash Fund, Fullerton Fund - Fullerton Asian Bond Fund, Fullerton Fund - Fullerton Singapore Bond Fund, Fullerton Fund - Fullerton SGD Income Fund, Fullerton Fund - Fullerton Dynamic Strategies Fund – Aggressive, Fullerton Fund - Fullerton Dynamic Strategies Fund – Balanced and Fullerton Fund - Fullerton Total Return Fund (the “Sub-Funds”) set out on pages 47 to 152, comprising the Statements of Total Return, Statement of Financial Position, Statement of Movements of Unitholders’ Funds, Statements of Portfolio and Notes to the Financial Statements are drawn up so as to present fairly, in all material respects, the financial position of the Sub-Funds as at 31 March 2016 and the total return and changes in unitholders’ funds for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonable grounds to believe that the Sub-Funds will be able to meet its financial obligations as and when they materialise. For and on behalf of the Manager Fullerton Fund Management Company Ltd

45

INDEPENDENT AUDITOR'S REPORT TO THE UNITHOLDERS OF

Fullerton Fund - Fullerton Short Term Interest Rate Fund, Fullerton Fund - Fullerton SGD Cash Fund, Fullerton Fund - Fullerton Asian Bond Fund, Fullerton Fund - Fullerton Singapore Bond

Fund, Fullerton Fund - Fullerton SGD Income Fund, Fullerton Fund - Fullerton Dynamic Strategies Fund - Aggressive, Fullerton Fund - Fullerton Dynamic Strategies Fund – Balanced,

and Fullerton Fund - Fullerton Total Return Fund (Constituted under a Trust Deed in the Republic of Singapore)

We have audited the financial statements of Fullerton Fund - Fullerton Short Term Interest Rate Fund, Fullerton Fund - Fullerton SGD Cash Fund, Fullerton Fund - Fullerton Asian Bond Fund, Fullerton Fund - Fullerton Singapore Bond Fund, Fullerton Fund - Fullerton SGD Income Fund, Fullerton Fund - Fullerton Dynamic Strategies Fund - Aggressive, Fullerton Fund - Fullerton Dynamic Strategies Fund – Balanced and Fullerton Fund - Fullerton Total Return Fund (the “Sub-Funds”), which comprise the Statements of Financial Position and Statements of Portfolio as at 31 March 2016, the Statements of Total Return and Statements of Movements of Unitholders’ Funds for the year then ended, and a summary of significant accounting policies and other explanatory information as set out on pages 47 to 152. Manager’s responsibility for the financial statements The Sub-Funds’ Manager (the “Manager”) is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. 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 auditor’s judgement, 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 auditor 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 Sub-Funds’ Manager, 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.

46

Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Sub-Funds as at 31 March 2016 and the total return/deficit for the year then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants. PricewaterhouseCoopers LLP Public Accountants and Chartered Accountants Singapore, 28 June 2016

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF TOTAL RETURN For the financial year ended 31 March 2016

The accompanying notes form an integral part of these financial statements.

47

Fullerton Short Term Interest Rate Fund

Fullerton SGD Cash Fund

Note 2016 2015 2016 2015 S$ S$ S$ S$ Investment income Interest on deposits 436 173 468,147 235,452 Sundry income 121,566 196,000 - - 122,002 196,173 468,147 235,452

Less: Expenses Management fees 8 2,108,330 2,466,704 39,022 32,983 Trustee fees 8 129,662 157,690 20,000 20,000 Audit fees 19,746 18,700 7,016 6,152 Custodian fees 8 90,544 135,276 - - Valuation fee 6,013 5,997 - - Transaction cost 9,788 12,407 - - Others 42,631 (146,482) 25,400 20,321 2,406,714 2,650,292 91,438 79,456 Net (loss)/income (2,284,712) (2,454,119) 376,709 155,996 Net gains or losses on value

of investments and financial derivatives

Net gains on investments 18,334,690 73,741,015 - - Net gains/(losses) on foreign

exchange forward contracts

5,420,622 (36,894,891) - - Net foreign exchange

gains/(losses)

34,879 845,259 - (7)

23,790,191 37,691,383 - (7)

Total return for the year

before income tax

21,505,479 35,237,264 376,709 155,989 Less : Income tax 3 (58,754) (12,453) (19) -

Total return for the year after income tax

21,446,725 35,224,811

376,690 155,989



48

Fullerton Asian

Bond Fund Fullerton Singapore

Bond Fund

Note 2016 2015 2016 2015 US$ US$ S$ S$ Investment income Dividend income 1,967,702 2,904,373 - - Interest on deposits - 1 - - Sundry income - - 6,000 48,125 1,967,702 2,904,374 6,000 48,125

Less: Expenses Management fees 8 404,561 582,285 578,247 539,362 Less: Management fee rebate 8 (288,618) (444,737) - - Trustee fees 8 9,719 14,996 38,550 35,957 Audit fees 12,336 14,715 17,036 19,449 Custodian fees 8 - - 21,016 22,288 Valuation fee 21,232 26,756 56,432 53,936 Transaction costs 5,659 6,791 3,171 3,529 Others 19,534 (29,077) 21,208 (30,140)

184,423 171,729 735,660 644,381

Net income/(loss) 1,783,279 2,732,645 (729,660) (596,256) Net gains or losses on value

of investments and financial derivatives

Net (losses)/gains on investments (1,112,164) 2,320,222 8,907,728 6,225,064

Net gains/(losses) on foreign exchange forward contracts 283,264 (1,390,735) - -

Net foreign exchange gains/(losses)

54,298 29,296 31 (41)

(774,602) 958,783 8,907,759 6,225,023

Total return for the year before income tax

1,008,677 3,691,428 8,178,099 5,628,767

Less : Income tax 3 (13) - (41) -

Total return for the year after income tax

1,008,664 3,691,428 8,178,058 5,628,767



49

Fullerton SGD Income Fund

Fullerton Dynamic Strategies Fund -

Aggressive Note 2016 2015 2016 2015

S$ S$ S$ S$ Investment income Dividend income - - 134,095 161,264 Interest on deposits 45 2 - - Sundry income 381,554 249,346 - 1,191 381,599 249,348 134,095 162,455

Less: Expenses Management fees 8 10,800,396 9,257,966 520,380 419,392 Trustee fees 8 268,122 229,952 12,000 12,000 Audit fees 25,456 19,548 7,869 8,501 Custodian fees 8 148,861 140,758 2,093 2,235 Valuation fee 299,007 260,753 12,000 12,000 Transaction costs 20,495 20,296 88,671 102,328 Others 187,318 (523,542) 6,428 48,516 11,749,655 9,405,731 649,441 604,972

Net loss (11,368,056) (9,156,383) (515,346) (442,517)

Net gains or losses on value of investments and financial derivatives

Net gains/(losses) on investments

44,522,292 101,094,158 (2,412,894) 3,733,480

Net gains/(losses) on foreign exchange forward contracts

15,948,050 (40,989,800) 16,941 11,063

Net foreign exchange (losses)/gains

(1,459,943) 387,073 (584,387) 408,765

59,010,399 60,491,431 (2,980,340) 4,153,308

Total return/(deficit) for the year before income tax

47,642,343 51,335,048 (3,495,686) 3,710,791

Less : Income tax 3 (99,816) (47,999) (1,802) (3,663)

Total return/(deficit) for the year after income tax

47,542,527 51,287,049 (3,497,488) 3,707,128



50

Fullerton Dynamic Strategies Fund -

Balanced

Fullerton Total Return Fund

Note 2016 2015 2016 2015 S$ S$ US$ US$

Investment income Dividend income 71,441 98,388 1,820,409 1,770,046 Sundry income - 406 4,025 - 71,441 98,794 1,824,434 1,770,046

Less: Expenses Management fees 8 191,479 169,295 612,144 556,060 Less: Management fee rebate 8 (1,329) (1,290) (376,727) (393,429) Trustee fees 8 12,000 12,000 10,203 9,268 Audit fees 7,869 8,501 10,139 10,917 Custodian fees 8 719 838 43 - Valuation fee 12,000 12,000 10,202 9,268 Transaction costs 34,529 43,802 4,923 3,173 Others 12,590 31,067 (18,191) 50,513 269,857 276,213 252,736 245,770

Net (loss)/income (198,416) (177,419) 1,571,698 1,524,276

Net gains or losses on value of investments and financial derivatives

Net (losses)/gains on investments

(353,386) 1,018,973 (3,192,764) 2,033,819

Net gains/(losses) on foreign exchange forward contracts

16,084 52,024 621,488 (725,886)

Net losses on futures contracts - - (407,661) - Net foreign exchange (losses)/

gains

(231,010) 164,172 33,046 (366,566)

(568,312) 1,235,169 (2,945,891) 941,367

Total (deficit)/return for the year before income tax

(766,728) 1,057,750 (1,374,193) 2,465,643

Less : Income tax 3 (502) (2,587) - -

Total (deficit)/return for the year after income tax

(767,230) 1,055,163 (1,374,193) 2,465,643

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF FINANCIAL POSITION As at 31 March 2016


51



Note 2016 2015 2016 2015 S$ S$ S$ S$ ASSETS

Portfolio of investments 658,565,807 889,210,067 - - Interest receivable 1 1 48,445 8,430 Cash and bank balances 8 4,838,675 1,957,559 3,509,428 1,610,468 Fixed deposits 4 - - 58,057,260 27,150,059 Due from unitholders 44,701 - 2,302,016 237,508 Sales awaiting settlements 2,052,708 - - - Financial derivatives,

at fair value 5 11,185,452 376,656 - - Total assets 676,687,344 891,544,283 63,917,149 29,006,465

LIABILITIES Accrued expenses and

other payables 24,214 30,855 10,626 9,383 Due to Manager 497,056 594,442 11,931 5,523 Due to Trustee 30,559 38,169 8,206 7,824 Due to unitholders 4,480,448 2,243,369 - 53,929 Financial derivatives,

at fair value 5 208,486 10,887,893 - - Total liabilities 5,240,763 13,794,728 30,763 76,659

EQUITY Net assets attributable to

unitholders 671,446,581 877,749,555 63,886,386 28,929,806



52

Fullerton Asian Bond Fund

Fullerton Singapore Bond Fund

Note 2016 2015 2016 2015 US$ US$ S$ S$ ASSETS Portfolio of investments 32,879,631 60,961,432 254,404,545 163,118,048 Cash and bank balances 8 293,600 253,952 594,232 7,068,184 Due from unitholders 10,079 112,673 - - Sales awaiting settlements 45,408 11,842 - 1,049,037 Other receivables 48,475 103,028 - - Financial derivatives,

at fair value 5 921,822 9,372 - - Total assets 34,199,015 61,452,299 254,998,777 171,235,269


other payables 21,497 22,976 38,299 33,346 Purchases awaiting settlements 17,612 112,479 - 1,548,880 Due to Manager 73,191 136,533 187,370 125,587 Due to Trustee 1,634 3,461 12,491 8,373 Due to unitholders 45,524 11,864 - - Distribution payable 178,888 212,979 - - Financial derivatives,

at fair value 5 3,873 202,124 - - Total liabilities 342,219 702,416 238,160 1,716,186


unitholders 33,856,796 60,749,883 254,760,617 169,519,083



53


Fullerton Dynamic Strategies Fund – Aggressive

Note 2016 2015 2016 2015 S$ S$ S$ S$

ASSETS Portfolio of investments 1,445,331,485 1,295,335,039 34,331,277 31,775,525 Interest receivable 22 - - - Cash and bank balances 8 29,046,678 7,008,704 14,208,233 8,616,762 Due from unitholders 14,250,182 4,546,200 306,159 100,000 Sales awaiting settlements 4,303,292 7,609,787 - - Other receivables 248 612 - - Financial derivatives,

at fair value 5 28,499,045 136,116 469,444 17,221

Total assets 1,521,430,952 1,314,636,458 49,315,113 40,509,508


other payables

126,629 97,475 17,818 20,027 Purchases awaiting

settlements

28,051,418 13,098,768 5,560,337 - Due to Manager 2,816,749 2,502,148 127,469 115,928 Due to Trustee 69,916 62,027 5,452 6,942 Due to unitholders 5,376,260 1,742,306 20,169 151,924 Distribution payable 15,132,100 11,894,727 - - Financial derivatives,

at fair value 5 5,107,579 14,911,846

55,824 3,463 Total liabilities 56,680,651 44,309,297 5,787,069 298,284


unitholders 1,464,750,301 1,270,327,161

43,528,044 40,211,224



54

Fullerton Dynamic Strategies Fund - Balanced Fullerton Total Return Fund

Note 2016 2015 2016 2015 S$ S$ US$ US$

ASSETS

Portfolio of investments 14,088,808 11,995,275 40,434,692 52,198,899 Cash and bank balances 8 5,051,778 3,133,343 8,712,043 576,535

Margin deposits - - 805,789 -

Due from unitholders 48,500 11,179 - -

Other receivables 332 321 80,878 104,208 Financial derivatives,

at fair value 5 173,233 14,496 993,140 106,492

Total assets 19,362,651 15,154,614 51,026,542 52,986,134


other payables 22,056 23,115 16,135 17,025 Purchases awaiting

settlements 2,929,870 - 132 35,448

Due to Manager 48,021 43,714 144,803 145,435

Due to Trustee 9,609 9,907 2,413 2,424 Due to unitholders - 27,844 - - Financial derivatives,

at fair value 5 24,869 2,769 462,526 194,157 Total liabilities 3,034,425 107,349 626,009 394,489


unitholders

16,328,226 15,047,265 50,400,533 52,591,645

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF MOVEMENTS OF UNITHOLDERS' FUNDS For the financial year ended 31 March 2016


55



Note 2016 2015 2016 2015 S$ S$ S$ S$

Net assets attributable to

unitholders at the beginning of the financial year

877,749,555 1,103,842,432

28,929,806 58,298,405

Operations Change in net assets

attributable to unitholders resulting from operations

21,446,725 35,224,811

376,690 155,989

Unitholders' contributions/ (withdrawals)

Creation of units 114,036,415 52,653,833 185,930,505 98,518,246 Cancellation of units (341,786,114) (313,971,521) (151,350,615) (128,042,834) Change in net assets

attributable to unitholders resulting from net creation and cancellation of units

(227,749,699) (261,317,688)

34,579,890 (29,524,588) Total (decrease)/increase in

net assets attributable to unitholders

(206,302,974) (226,092,877)

34,956,580 (29,368,599) Net assets attributable to

unitholders at the end of the financial year 6 671,446,581 877,749,555

63,886,386 28,929,806



56



Note 2016 2015 2016 2015 US$ US$ S$ S$



60,749,883 76,084,534

169,519,083 187,378,257 Operations Change in net assets attributable

to unitholders resulting from operations

1,008,664 3,691,428

8,178,058 5,628,767


Creation of units 22,346,947 30,877,573 77,063,476 83,259 Cancellation of units (49,413,205) (48,946,487) - (23,571,200)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units

(27,066,258) (18,068,914)

77,063,476 (23,487,941)

Distribution 10 (835,493) (957,165) - - Total (decrease)/increase in net

assets attributable to unitholders

(26,893,087) (15,334,651)

85,241,534 (17,859,174)

Net assets attributable to unitholders at the end of the financial year 6 33,856,796 60,749,883

254,760,617 169,519,083



57


Fullerton Dynamic Strategies Fund –

Aggressive 2016 2015 2016 2015 Note S$ S$ S$ S$



1,270,327,161 1,032,790,096

40,211,224 26,919,287 Operations Change in net assets attributable


47,542,527 51,287,049

(3,497,488) 3,707,128


Creation of units 571,469,792 509,426,374 12,352,630 15,359,177 Cancellation of units (368,527,745) (277,305,622) (5,538,322) (5,774,368)


202,942,047 232,120,752

6,814,308 9,584,809

Distribution 10 (56,061,434) (45,870,736) - -

Total increase in net assets attributable to unitholders

194,423,140 237,537,065

3,316,820 13,291,937


unitholders at the end of the financial year 6 1,464,750,301 1,270,327,161

43,528,044 40,211,224



58

Fullerton Dynamic Strategies Fund – Balanced


Note 2016 2015 2016 2015 S$ S$ US$ US$

Net assets attributable to unitholders at the beginning of the financial year

15,047,265 12,619,377

52,591,645 44,268,260

Operations Change in net assets attributable


(767,230) 1,055,163

(1,374,193) 2,465,643


Creation of units 4,857,452 3,531,474 2,060,528 10,231,836 Cancellation of units (2,809,261) (2,158,749) (1,040,763) (2,590,544)


2,048,191 1,372,725 1,019,765 7,641,292

Distribution 10 - - (1,836,684) (1,783,550) Total increase/(decrease) in net

assets attributable to unitholders

1,280,961 2,427,888 (2,191,112) 8,323,385

Net assets attributable to unitholders at the end of the financial year 6 16,328,226 15,047,265

50,400,533 52,591,645

FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) STATEMENTS OF PORTFOLIO As at 31 March 2016


59

Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %

By Geography – Primary DEBT SECURITIES (QUOTED) Australia Lend Lease Financial International Limited Series

EMTN 4.625% due 24/07/2017 23,500,000 23,856,730 3.55 Total Australia 23,856,730 3.55 China Beijing State-Owned Assets Management

(HongKong) Company Limited 3% due 26/05/2020 1,600,000 2,162,198 0.32 Bestgain Real Estate Limited 2.625% due

13/03/2018 5,090,000 6,853,234 1.02 Bestgain Real Estate Lyra Limited Series MTN

3.275% due 06/11/2017 6,500,000 6,443,092 0.96 Bluestar Finance Holdings Limited 3.5% due

11/06/2018 3,500,000 4,742,957 0.71 Bright Food Hong Kong Limited 3% due 21/05/2018 1,800,000 2,432,303 0.36 CCBL Cayman Corporation Limited 3.25% due

28/07/2020 1,100,000 1,506,693 0.22 Century Master Investment Co Limited 4.75% due

19/09/2018 1,000,000 1,415,499 0.21 Charming Light Investments Limited Series EMTN

3.75% due 03/09/2019 3,905,000 5,409,838 0.81 China Cinda Finance 2015 I Limited 3.125% due

23/04/2020 2,000,000 2,715,863 0.40 CITIC Limited Series EMTN 6.875% due 21/01/2018 1,497,000 2,178,893 0.32 CITIC Securities Finance MTN Company Limited

3.5% due 30/10/2019 2,000,000 2,737,557 0.41 CNOOC Finance 2015 Australia Property Limited

2.625% due 05/05/2020 3,100,000 4,163,085 0.62 COSL Singapore Capital Limited Series EMTN 3.5%

due 30/07/2020 1,000,000 1,379,922 0.21 Eastern Creation II Investment Holdings Limited

Series EMTN 2.625% due 20/11/2017 1,000,000 1,357,164 0.20 Express BVI 2015 Limited 3% due 04/06/2018 3,052,000 4,125,749 0.61 Far East Horizon Limited 4.25% due 08/10/2019 1,500,000 1,491,473 0.22 Far East Horizon Limited 4.25% due 30/10/2017 19,000,000 19,263,150 2.87 Franshion Brilliant Limited 5.375% due 17/10/2018 2,000,000 2,824,978 0.42 Franshion Investment Limited 4.7% due 26/10/2017 1,000,000 1,383,066 0.21 Greenland Global Investment Limited 4.375% due

03/07/2019 825,000 1,127,465 0.17



60


Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %

Greenland Global Investment Limited Series

EMTN 3.5% due 17/10/2017 1,950,000 2,639,485 0.39 Hebei Iron & Steel Hong Kong International Trade

Company Limited 2.75% due 27/10/2017 3,000,000 4,074,159 0.61 Hero Asia Investment Limited 2.875% due

03/10/2017 1,000,000 1,357,124 0.20 Hero Asia Investment Limited 3.25% due

12/08/2016 7,000,000 9,467,110 1.41 Huarong Finance Company Limited 4% due

17/07/2019 2,000,000 2,787,300 0.42 Huarong Finance II Company Limited Series

EMTN 2.875% due 19/11/2018 1,800,000 2,453,500 0.37 ICBCIL Finance Company Limited 2.6% due

13/11/2018 2,000,000 2,704,902 0.40 MCC Holding (Hong Kong) Corporation Limited

2.5% due 28/08/2017 200,000 270,820 0.04 MCC Holding (Hong Kong) Corporation Limited

2.625% due 16/06/2017 3,500,000 4,742,934 0.71 MCC Holding (Hong Kong) Corporation Limited

4.875% due 29/07/2016 1,000,000 1,357,824 0.20 Poly Real Estate Finance Limited 4.5% due

06/08/2018 2,300,000 3,207,982 0.48 Poly Real Estate Finance Limited 5.25% due

25/04/2019 3,700,000 5,273,991 0.79 Semiconductor Manufacturing International

Corporation 4.125% due 07/10/2019 4,330,000 5,977,480 0.89 Sino-Ocean Land Treasure Finance I Limited

4.625% due 30/07/2019 5,645,000 7,835,191 1.17 Sino-Ocean Land Treasure Finance II Limited

Series 4.45% due 04/02/2020 2,500,000 3,434,571 0.51 Skyland Mining BVI Limited 3.5% due 17/07/2017 4,200,000 5,672,206 0.84 Weichai International Hong Kong Energy Group Co

Limited 4.125% due 30/09/2020 450,000 616,771 0.09 Yuexiu Property Company Limited 3.25% due

24/01/2018 4,000,000 5,364,127 0.80 Total China 144,951,656 21.59 France RCI Banque SA Series EMTN 3% due 16/04/2018 4,750,000 4,668,799 0.70 Total France 4,668,799 0.70



61


Hong Kong Cathay Financial Holdings Company Limited Series

EMTN 3.25% due 11/05/2017 250,000 250,346 0.04 Cathay Pacific MTN Financing Limited Series

EMTN 3.25% due 17/02/2017 5,250,000 5,255,040 0.78 Cathay Pacific MTN Financing Limited Series

EMTN 3.25% due 20/01/2017 5,000,000 5,010,675 0.75 Double Rosy Limited 3.625% due 18/11/2019 2,000,000 2,745,340 0.41 Dynamic Talent Limited 4.75% due 01/08/2017 1,354,000 1,866,171 0.28 Haitong International Finance 2014 Limited 3.99%

due 11/09/2019 3,000,000 4,135,786 0.62 Haitong International Finance Holdings Limited

3.95% due 29/10/2018 3,000,000 4,193,474 0.62 Henderson Land MTN Pte Limited Series EMTN

4% due 19/09/2018 3,250,000 3,359,736 0.50 Henderson Land MTN Pte Limited Series EMTN

3.865% due 11/11/2016 1,250,000 1,263,419 0.19 Howes Capital Limited 4.75% due 10/04/2017 7,950,000 10,975,730 1.63 Landmark Funding 2015 Limited 3.42% due

12/06/2020 2,200,000 2,998,870 0.45 LS Finance 2017 Limited 5.25% due 26/01/2017 4,535,000 6,250,739 0.93 Newford Capital Limited Conv 0% due 12/05/2016 16,000,000 24,006,969 3.58 Noble Group Limited 3.625% due 20/03/2018 2,000,000 2,049,660 0.30 Noble Group Limited 6.75% due 29/01/2020 1,000,000 917,115 0.14 Sino Land Company Limited 3.25% due 21/09/2017 15,500,000 21,222,120 3.16 Tan Chong International Limited Series EMTN

2.8% due 09/01/2017 11,750,000 11,726,441 1.75 Value Success International Limited Series EMTN

4.125% due 06/09/2019 3,000,000 3,079,530 0.46 Wanda Properties Overseas Limited 4.875% due

21/11/2018 600,000 830,587 0.12 Wharf Finance No.1 Limited Series EMTN 2.995%

due 20/07/2016 11,250,000 11,289,544 1.68 Wheelock Finance Limited 3% due 19/03/2018 4,000,000 5,459,467 0.81 Yuexiu Real Estate Investment Trust MTN

Company Series EMTN 3.1% due 14/05/2018 3,200,000 4,313,989 0.64 Total Hong Kong 133,200,748 19.84



62


India Ascendas India Trust Series EMTN 3.8% due

27/08/2019 3,000,000 3,031,965 0.45 Ascendas Property Fund Trustee Pte Limited Series

EMTN 3.5% due 07/10/2016 2,250,000 2,254,702 0.34 Export-Import Bank of India Series EMTN 3.375%

due 18/09/2017 8,750,000 8,808,144 1.31 ICICI Bank Limited/Dubai Series EMTN 3.1% due

30/11/2018 3,000,000 3,004,965 0.45 Total India 17,099,776 2.55 Singapore AACI Real Estate Investment Trust MTN Pte Limited

Series MTN 3.8% due 21/05/2019 2,500,000 2,525,037 0.38 AACI Real Estate Investment Trust MTN Pte Limited

Series MTN 4.9% due 08/08/2016 10,000,000 10,093,000 1.50 Ascott Capital Pte Limited Series MTN 3.8% due

10/11/2016 2,750,000 2,783,165 0.41 ASL Marine Holdings Limited Series MTN 4.75%

due 28/03/2017 10,000,000 9,602,400 1.43 Biosensors Investment Singapore Pte Limited

Series MTN 4.875% due 23/01/2017 11,000,000 11,110,000 1.65 Cambridge MTN Pte Limited Series MTN 3.5% due

05/11/2018 7,500,000 7,554,600 1.12 Cambridge MTN Pte Limited Series MTN 3.95% due

21/05/2020 10,250,000 10,335,741 1.54 CapitaLand Limited Conv 2.1% due 15/11/2016 6,000,000 6,027,450 0.90 CapitaLand Limited Series CAPL 2.95% due

20/06/2022 33,750,000 33,810,581 5.04 CapitaMalls Asia Treasury Limited Series EMTN

3.95% due 24/08/2017 10,250,000 10,521,266 1.57 China Jingye Construction Engineering Singapore

Pte Limited 2.95% due 21/05/2017 16,500,000 16,306,950 2.43 Courts Asia Limited Series MTN 4.75% due

02/05/2016 12,500,000 12,503,875 1.86 Courts Asia Limited Series MTN 5.75% due

15/03/2019 3,000,000 3,051,135 0.45 CWT Limited Series MTN 3.9% due 18/04/2019 1,000,000 992,545 0.15 DCS Asset Funding Pte Limited Class A1 4.35%

due 07/09/2018 10,000,000 10,000,000 1.49 Eu Yan Sang International Limited Series MTN 4.1%

due 06/06/2018 6,750,000 6,758,201 1.01 Ezion Holdings Limited Series MTN 3.65% due

05/08/2020 8,500,000 8,387,545 1.25



63

Fullerton Short Term Interest Rate Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % FCL Treasury Pte Limited Series MTN 3.7% due

05/04/2019 1,250,000 1,261,175 0.19 FCT MTN Pte Limited Series MTN 2.535% due

12/12/2017 6,000,000 5,986,380 0.89 First Real Estate Investment Trust Series MTN

4.125% due 22/05/2018 10,000,000 10,011,750 1.49 GLL IHT Pte Limited Series MTN 4.35% due

12/09/2017 3,500,000 3,568,950 0.53 GLL IHT Pte Limited Series MTN 5% due

23/02/2017 1,000,000 1,018,090 0.15 Hotel Properties Limited Series MTN 3.5% due





13/09/2019 3,000,000 3,071,430 0.46 Hyflux Limited Series MTN 3.5% due 21/07/2016 10,000,000 10,005,600 1.49 Hyflux Limited Series MTN 4.25% due 09/07/2018 250,000 250,993 0.04 LMIRT Capital Pte Limited Series EMTN 4.1% due

22/06/2020 1,750,000 1,685,600 0.25 LMIRT Capital Pte Limited Series EMTN 4.25% due



23/11/2018 6,000,000 5,884,830 0.88 LMIRT Capital Pte Limited Series EMTN 5.875%

due 06/07/2017 500,000 505,033 0.08 Overseas Union Enterprise Limited Series MTN

3.8% due 15/04/2020 3,000,000 2,973,900 0.44 Overseas Union Enterprise Limited Series MTN

4.95% due 01/02/2017 6,750,000 6,852,634 1.02 Sabana Sukuk Pte Limited Series MTN 4% due

19/03/2018 9,000,000 8,887,500 1.32 Sabana Sukuk Pte Limited Series MTN 4.25% due

03/04/2019 6,250,000 6,134,406 0.91 Sabana Treasury Pte Limited Conv 4.5% due

24/09/2017 8,000,000 7,821,040 1.16 Sembcorp Financial Services Pte Limited Series

MTN 3.7325% due 09/04/2020 2,750,000 2,737,185 0.41



64

Fullerton Short Term Interest Rate Fund Percentage of

total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Soilbuild Business Space Real Estate Investment

Trust 3.45% due 21/05/2018 7,500,000 7,564,988 1.13 Suntec REIT MTN Pte Limited Series EMTN 2.83%

due 12/11/2018 6,000,000 6,047,070 0.90 United Engineers Limited Series MTN 4.2% due

26/01/2017 14,250,000 14,384,876 2.14 Viva iTrust MTN Pte Limited Series MTN 4.15% due

19/09/2018 10,000,000 9,762,500 1.45 Wharf MTN Singapore Pte Limited Series MTN

4.3% due 28/10/2018 2,500,000 2,603,300 0.39 Total Singapore 302,840,539 45.10 United Arab Emirates Emirates Airline 4.64% due 21/06/2016 15,000,000 15,100,500 2.25 Total United Arab Emirates 15,100,500 2.25 United States of America Citigroup Inc Series EMTN 4.05% due 29/06/2016 2,000,000 2,010,880 0.30 Ford Motor Credit Co LLC 3.7% due 11/03/2019 1,000,000 1,012,755 0.15 Morgan Stanley Series EMTN 4% due 23/10/2017 2,750,000 2,820,496 0.42 Total United States of America 5,844,131 0.87 Total Debt Securities 647,562,879 96.45 MONEY MARKET (QUOTED) China ICBCIL Finance Co Limited FRN 13/11/2018 2,000,000 2,709,844 0.40 2,709,844 0.40 Singapore Eu Yan Sang International Limited STP due

29/11/2016 2,400,000 2,376,012 0.35 Total Singapore 2,376,012 0.35

Total Money Market 5,085,856 0.75 Accrued interest on debt securities 5,917,072 0.88 Portfolio of investments 658,565,807 98.08 Other net assets 12,880,774 1.92 Net assets attributable to unitholders 671,446,581 100.00



65

Fullerton Short Term Interest Rate Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Australia 3.55 2.79 Brazil - 0.73 Chile - 0.15 China 21.99 24.05 France 0.70 0.54 Great Britain - 0.75 Hong Kong 19.84 17.33 India 2.55 3.98 Kuwait - 0.26 Russian Federation - 2.00 Singapore 45.45 42.09 Taiwan - 0.08 Thailand - 0.46 United Arab Emirates 2.25 1.90 United States of America 0.87 3.28 Accrued interest on debt securities 0.88 0.92 Portfolio of investments 98.08 101.31 Other net assets/(liabilities) 1.92 (1.31) Net assets attributable to unitholders 100.00 100.00



66

Fullerton Short Term Interest Rate Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary Airlines 10,516,061 1.57 1.21 Bank and Finance 128,492,976 19.14 30.03 Building/Construction 14,384,876 2.14 1.65 Chemicals 4,742,957 0.71 - Commercial Services 8,387,545 1.25 - Consumer - - 0.08 Consumer, Cyclical 1,629,526 0.24 - Consumer, Non-Cyclical 992,545 0.15 - Diversified Resource 14,256,319 2.12 2.07 Electric/Electronics - - 0.47 Engineering and Construction 19,044,135 2.84 - Environmental Control 10,256,593 1.53 1.77 Food 2,432,303 0.36 0.28 Hotel 25,130,026 3.75 5.00 Insurance 3,079,530 0.46 0.35 Investment 10,824,234 1.61 2.90 Investment Companies - - 0.16 Iron and Steel 4,074,159 0.61 0.47 Media 11,110,000 1.65 1.26 Metals 6,371,578 0.95 0.74 Mining 5,672,206 0.84 0.66 Miscellaneous 12,603,300 1.88 1.76 Oil and Gas 5,543,007 0.83 - Pharmaceutical 9,134,213 1.36 1.04 Real Estate Investment Trusts 103,857,522 15.46 8.59 Real Estate 170,417,641 25.38 30.95 Retail 21,805,749 3.24 1.84 Semiconductor 5,977,480 0.89 0.56 Services 15,100,500 2.25 1.74 Shipping 9,602,400 1.43 1.10 Ship Building - - 2.04 Transport 5,482,913 0.81 0.16 Utilities - - 0.16 Wholesale 11,726,441 1.75 1.35 Accrued interest on debt securities 5,917,072 0.88 0.92 Portfolio of investments 658,565,807 98.08 101.31 Other net assets/(liabilities) 12,880,774 1.92 (1.31) Net assets attributable to unitholders 671,446,581 100.00 100.00



67

Fullerton SGD Cash Fund Percentage of total net assets attributable to Fair value at unitholders at 31 March 2016 31 March 2016 S$ % By Institution - Primary FIXED DEPOSITS Singapore Bank of East Asia Limited Hongkong 17,165,801 26.87 Bank of Tokyo-Mitsubishi UFJ Ltd 17,145,312 26.84 Mizuho Corporate Bank Limited 17,237,099 26.98 Standard Chartered Bank 3,506,107 5.49 United Overseas Bank 3,002,941 4.70

Fixed deposits 58,057,260 90.88 Other net assets 5,829,126 9.12 Net assets attributable to unitholders 63,886,386 100.00

Fullerton SGD Cash Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Institution - Primary FIXED DEPOSITS Singapore Bank of East Asia Limited Hongkong 26.87 24.24 Bank of Tokyo- Mitsubishi UFJ 26.84 25.95 Mizuho Corporate Bank Limited 26.98 6.92 Standard Chartered Bank 5.49 20.77 United Overseas Bank 4.70 15.97

Fixed deposits 90.88 93.85 Other net assets 9.12 6.15 Net assets attributable to unitholders 100.00 100.00



68

Fullerton SGD Cash Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary Bank 58,057,260 90.88 93.85 Other net assets 5,829,126 9.12 6.15 Net assets attributable to unitholders 63,886,386 100.00 100.00



69

Fullerton Asian Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 Units US$ %

By Geography - Primary UNIT TRUST Luxembourg Fullerton Lux Funds – Asian Bonds Class I

USD Distribution 2,961,595 32,879,631 97.11 Portfolio of investments 32,879,631 97.11 Other net assets 977,165 2.89 Net assets attributable to unitholders 33,856,796 100.00

As the Sub-Fund invests only in underlying unit trust, no secondary representation is presented.



70

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % By Geography - Primary DEBT SECURITIES (QUOTED) Australia Lend Lease Financial International Limited Series

EMTN 4.625% due 24/07/2017 2,650,000 2,690,227 1.06 Total Australia 2,690,227 1.06 China (including Hong Kong) Bank of East Asia Limited Series MTN 2% due

10/07/2017 4,000,000 3,986,820 1.56 Bestgain Real Estate Lyra Limited Series MTN

3.275% due 06/11/2017 1,000,000 991,245 0.39 Cathay Pacific MTN Financing Limited Series

EMTN 3.25% due 20/01/2017 3,000,000 3,006,405 1.18 Far East Horizon Limited 4.25% due 30/10/2017 2,000,000 2,027,700 0.80 Henderson Land MTN Pte Limited Series EMTN

4% due 19/09/2018 250,000 258,441 0.10 Joynote Limited 2.585% due 20/07/2016 500,000 501,653 0.20 Value Success International Limited Series EMTN

4.125% due 06/09/2019 2,000,000 2,053,020 0.80 Wharf Finance No 1 Limited Series EMTN 4.5%

due 20/07/2021 500,000 526,925 0.21 Total China (including Hong Kong) 13,352,209 5.24 France RCI Banque SA Series EMTN 3% due 16/04/2018 2,500,000 2,457,262 0.96 Total France 2,457,262 0.96 Malaysia Danga Capital Bhd 3.725% due 11/08/2020 1,250,000 1,283,125 0.50 Total Malaysia 1,283,125 0.50 Singapore AACI Real Estate Investment Trust MTN Pte

Limited Series MTN 4.35% due 05/12/2019 2,500,000 2,503,038 0.98 AACI Real Estate Investment Trust MTN Pte

Limited Series MTN 4.9% due 08/08/2016 5,750,000 5,803,475 2.28 ARMF Whitesands Pte Limited 2.635% due

29/04/2020 3,000,000 2,969,865 1.17 ASL Marine Holdings Limited Series MTN 4.75%

due 28/03/2017 1,750,000 1,680,420 0.66 Cambridge MTN Pte Limited Series EMTN 4.1%

due 29/04/2020 3,000,000 3,043,950 1.19



71

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % China Jingye Construction Engineering Singapore

Pte Limited 2.95% due 21/05/2017 2,500,000 2,470,750 0.97 City Developments Limited Series MTN 3.75% due


15/03/2019 2,500,000 2,542,613 1.00 Eu Yan Sang International Limited Series MTN

4.1% due 06/06/2018 250,000 250,304 0.10 FCL Treasury Pte Limited Series MTN 3.7% due

05/04/2019 750,000 756,705 0.30 FCT MTN Pte Limited Series MTN 2.535% due


4.125% due 22/05/2018 1,500,000 1,501,762 0.59 Hotel Properties Limited Series MTN 3.88% due

08/04/2020 500,000 511,677 0.20 Hotel Properties Limited Series MTN 3.9% due



13/09/2019 1,000,000 1,023,810 0.40 Lend Lease Retail Investments 3 Pte Limited

Series MTN 3.28% due 03/09/2021 2,000,000 1,986,590 0.78 LMIRT Capital Pte Limited Series EMTN 4.25%

due 04/10/2016 500,000 501,415 0.20 Mapletree Greater China Commercial Treasury Co

HKSAR Limited Series EMTN 3.96% due 09/11/2022 1,000,000 1,036,345 0.41

Overseas Union Enterprise Limited Series MTN 3.8% due 15/04/2020 1,000,000 991,300 0.39

Overseas Union Enterprise Limited Series MTN 4.95% due 01/02/2017 500,000 507,602 0.20

Sabana Sukuk Pte Limited Series MTN 4% due 19/03/2018 2,250,000 2,221,875 0.87

Sabana Treasury Pte Limited Conv 4.5% due 24/09/2017 3,250,000 3,177,298 1.25

Singapore Government Bond 0.5% due 01/04/2018 14,500,000 14,416,625 5.66





72

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Singapore Government Bond 2% due 01/07/2020 4,000,000 4,141,400 1.63 Singapore Government Bond 2.25% due

01/06/2021 8,300,000 8,635,113 3.39 Singapore Government Bond 2.375% due








01/09/2030 6,300,000 6,805,512 2.67 Singapore Government Bond 3% due 01/09/2024 10,000,000 10,910,000 4.28 Singapore Government Bond 3.125% due




01/03/2027 9,100,000 10,442,250 4.10 Singapore Government Bond 4% due 01/09/2018 33,000,000 35,506,350 13.94 Suntec Real Estate Investment Trust MTN Pte

Limited Series EMTN 2.83% due 12/11/2018 2,000,000 2,015,690 0.79 United Engineers Limited Series MTN 4.2% due

26/01/2017 1,250,000 1,261,831 0.49 Viva iTrust MTN Pte Limited Series MTN 4.15%

due 19/09/2018 4,500,000 4,393,125 1.72 Total Singapore 218,511,487 85.77



73

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % South Korea Kolao Holdings Series EMTN 2% due 21/08/2017 1,500,000 1,502,618 0.59 Nonghyup Bank 2.25% due 16/07/2018 500,000 498,532 0.20 Total South Korea 2,001,150 0.79

United States of America Citigroup Inc Series EMTN 4.05% due 29/06/2016 1,000,000 1,005,440 0.39 Total United States of America 1,005,440 0.39 Total Debt Securities 241,300,900 94.71 MONEY MARKET (QUOTED) Australia Westpac Banking Corporation Series EMTN Var

12/08/2027 1,000,000 1,001,065 0.39 Total Australia 1,001,065 0.39 Great Britain Standard Chartered Public Company Limited

Series EMTN Var 10/04/2023 1,000,000 1,034,515 0.41 Total Great Britain 1,034,515 0.41 Malaysia Malayan Banking Bhd Series EMTN Var

28/04/2021 2,000,000 2,001,770 0.79 Total Malaysia 2,001,770 0.79 Netherlands ABN AMRO Bank NV Var 25/10/2022 2,000,000 2,041,420 0.80 Total Netherlands 2,041,420 0.80



74

Fullerton Singapore Bond Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Singapore Ascendas Real Estate Investment Trust Var Perp 1,500,000 1,542,060 0.60 CapitaMalls Asia Treasury Limited STP due

12/01/2022 1,500,000 1,519,523 0.60 DBS Bank Limited Singapore Series MTN Var

21/02/2022 2,000,000 2,017,340 0.79 Eu Yan Sang International Limited STP due

29/11/2016 400,000 396,002 0.16 Total Singapore 5,474,925 2.15 Total Money Market 11,553,695 4.54 Accrued interest on debt securities 1,549,950 0.61 Portfolio of investments 254,404,545 99.86 Other net assets 356,072 0.14 Net assets attributable to unitholders 254,760,617 100.00



75


Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Australia 1.45 1.63 China (including Hong Kong) 5.24 7.58 France 0.96 1.47 Great Britain 0.41 0.62 Malaysia 1.29 1.96 Netherlands 0.80 1.22 Russian Federation - 0.87 Singapore 87.92 78.77 South Korea 0.79 0.88 United States of America 0.39 0.61 Accrued interest on debt securities 0.61 0.61 Portfolio of investments 99.86 96.22 Other net assets 0.14 3.78 Net assets attributable to unitholders 100.00 100.00



76

Fullerton Singapore Bond Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary Airlines 3,006,405 1.18 1.79 Bank 13,586,902 5.33 8.06 Building/Construction 1,261,831 0.49 0.75 Consumer, Non-Cyclical - - 0.58 Diversified Resource 526,925 0.21 0.31 Engineering and Construction 2,470,750 0.97 - Finance 6,524,792 2.56 3.13 Government 169,250,460 66.43 49.49 Hotel 5,658,351 2.22 6.72 Insurance 2,053,020 0.81 1.20 Pharmaceutical 646,306 0.25 0.38 Real Estate 17,338,314 6.81 10.82 Real Estate Investment Trusts 24,804,888 9.74 10.51 Retail 4,045,231 1.59 0.88 Transport - Ship 1,680,420 0.66 0.99 Accrued interest on debt securities 1,549,950 0.61 0.61 Portfolio of investments 254,404,545 99.86 96.22 Other net assets 356,072 0.14 3.78 Net assets attributable to unitholders 254,760,617 100.00 100.00



77

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % By Geography - Primary DEBT SECURITIES (QUOTED) Australia Lend Lease Financial International Limited Series

EMTN 4.625% due 24/07/2017 14,190,000 14,405,404 0.98 Macquarie Bank Limited 4.875% due 10/06/2025 3,800,000 5,146,913 0.35 Total Australia 19,552,317 1.33 Bahrain Bahrain Government International Bond 6% due

19/09/2044 1,000,000 1,069,005 0.07 Bahrain Government International Bond 7% due

26/01/2026 1,000,000 1,336,346 0.09 Total Bahrain 2,405,351 0.16 Brazil BTG Investments LP 4.5% due 17/04/2018 3,500,000 3,817,941 0.26 Total Brazil 3,817,941 0.26 British Virgin Islands Big Will Investments Limited Series EMTN

10.875% due 29/04/2016 4,200,000 5,689,088 0.39 NWD MTN Limited Series EMTN 4.375% due

30/11/2022 4,000,000 5,563,128 0.38 Total British Virgin Islands 11,252,216 0.77 Chile Tanner Servicios Financieros SA 4.375% due

13/03/2018 1,000,000 1,324,819 0.09 Total Chile 1,324,819 0.09 China Agile Property Holdings Limited 8.875% due

28/04/2017 500,000 680,033 0.05 Agile Property Holdings Limited 9.875% due

20/03/2017 5,500,000 7,741,768 0.53 Alibaba Group Holding Limited 3.6% due

28/11/2024 1,000,000 1,364,294 0.09 Bao-trans Enterprises Limited 3.75% due

12/12/2018 472,000 648,275 0.04 Beijing State-Owned Assets Management (Hong

Kong) Company Limited 3% due 26/05/2020 800,000 1,081,099 0.07



78

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %

Beijing State-Owned Assets Management (Hong

Kong) Company Limited 4.125% due 26/05/2025 1,000,000 1,366,584 0.09

Bestgain Real Estate Lyra Limited Series MTN 3.275% due 06/11/2017 2,500,000 2,478,113 0.17

Bluestar Finance Holdings Limited 4.375% due 11/06/2020 2,000,000 2,739,442 0.19

Bluestar Finance Holdings Limited 3.5% due 11/06/2018 1,500,000 2,032,696 0.14

Bright Food Hong Kong Limited 3% due 21/05/2018 3,000,000 4,053,838 0.28

CCBL Cayman Corporation Limited 3.25% due 28/07/2020 2,000,000 2,739,442 0.19

CDBL Funding 1 3.25% due 02/12/2019 650,000 885,754 0.06 Century Master Investment Co Limited 4.75%

due 19/09/2018 1,000,000 1,415,499 0.10 Charming Light Investments Limited Series

EMTN 3.75% due 03/09/2019 5,400,000 7,480,954 0.51 Charming Light Investments Limited Series

EMTN 5% due 03/09/2024 1,400,000 1,985,384 0.14 China Cinda Finance 2015 I Limited 4.25% due

23/04/2025 6,700,000 8,913,638 0.61 China Hongqiao Group Limited 6.875% due

03/05/2018 2,100,000 2,813,367 0.19 China Hongqiao Group Limited 7.625% due

26/06/2017 3,000,000 4,130,433 0.28 China Merchants Land Limited 4.021% due

11/12/2018 1,500,000 2,103,615 0.14 China Resources Land Limited Series EMTN

4.375% due 27/02/2019 1,000,000 1,411,540 0.10 China SCE Property Holdings Limited 10% due

02/07/2020 3,750,000 5,495,668 0.38 China Shenhua Overseas Capital Company

Limited 3.875% due 20/01/2025 3,750,000 5,112,291 0.35 Chinalco Finance Holdings Limited 3.625% due

11/12/2019 2,400,000 3,344,033 0.23 CIFI Holdings Group Co Limited 7.75% due

05/06/2020 500,000 700,851 0.05 CITIC Limited 6.625% due 15/04/2021 1,000,000 1,580,114 0.11 CITIC Limited 6.8% due 17/01/2023 1,000,000 1,599,364 0.11



79


CITIC Securities Finance 2013 Company Limited

2.5% due 03/05/2018 850,000 1,150,036 0.08 CITIC Securities Finance MTN Company Limited

3.5% due 30/10/2019 3,200,000 4,380,091 0.30 CNOOC Finance Limited 2015 USA LLC 3.5%

due 05/05/2025 3,650,000 4,857,731 0.33 COSCO Finance Company Limited 4% due

03/12/2022 3,000,000 4,223,025 0.29 COSL Singapore Capital Limited Series EMTN

4.5% due 30/07/2025 3,600,000 4,988,418 0.34 Country Garden Holdings Company Limited

7.5% due 09/03/2020 1,500,000 2,118,956 0.14 Eastern Creation II Investment Holdings Limited

Series EMTN (Reg) 3.25% due 20/01/2020 2,500,000 3,432,214 0.23 Express BVI 2015 Limited 3% due 04/06/2018 4,000,000 5,407,272 0.37 Fantasia Holdings Group Company Limited

10.625% due 23/01/2019 3,150,000 4,423,614 0.30 Far East Horizon Limited 4.25% due 08/10/2019 4,500,000 4,474,418 0.31 Far East Horizon Limited 4.25% due 30/10/2017 14,000,000 14,193,900 0.97 Franshion Brilliant Limited 5.375% due

17/10/2018 1,500,000 2,118,734 0.14 Franshion Brilliant Limited 5.75% due 19/03/2019 1,900,000 2,716,069 0.19 Future Land Development Holdings Limited

6.25% due 12/11/2017 2,700,000 3,659,671 0.25 Greenland Global Investment Limited 4.375%

due 03/07/2019 1,000,000 1,366,624 0.09 Greenland Global Investment Limited 5.875%

due 03/07/2024 600,000 807,108 0.05 Greenland Global Investment Limited Series

EMTN 3.5% due 17/10/2017 1,000,000 1,353,582 0.09 Hero Asia Investment Limited 2.875% due

03/10/2017 2,400,000 3,257,097 0.22 Honghua Group Limited 7.45% due 25/09/2019 500,000 310,028 0.02 Huarong Finance Company Limited 4% due

17/07/2019 1,000,000 1,393,650 0.10



80

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Huarong Finance II Co Limited Series EMTN

2.875% due 19/11/2018 2,750,000 3,748,403 0.26 Huarong Finance II Co Limited Series EMTN

3.75% due 19/11/2020 1,800,000 2,495,433 0.17 Huarong Finance II Co Limited Series EMTN 5%

due 19/11/2025 1,000,000 1,402,531 0.10 Huarong Finance II Company Limited Series

EMTN 5.5% due 16/01/2025 3,750,000 5,426,562 0.37 ICBCIL Finance Co Limited 3.2% due

10/11/2020 2,400,000 3,282,095 0.22 Industrial and Commercial Bank of China Limited

4.875% due 21/09/2025 5,000,000 6,931,321 0.47 MCC Holding (Hong Kong) Corporation Limited

4.875% due 29/07/2016 1,770,000 2,403,348 0.16 MIE Holdings Corporation 7.5% due 25/04/2019 4,200,000 2,618,344 0.18 MIE Holdings Corporation Series EMTN 6.875%

due 06/02/2018 2,000,000 1,333,780 0.09 Oceanwide Real Estate International Holding

Company Limited 11.75% due 08/09/2019 1,200,000 1,798,866 0.12 Poly Real Estate Finance Limited 4.5% due

06/08/2018 1,700,000 2,371,117 0.16 Poly Real Estate Finance Limited 5.25% due

25/04/2019 3,800,000 5,416,532 0.37 Proven Honour Capital Limited 4.125% due

19/05/2025 1,000,000 1,373,418 0.09 Semiconductor Manufacturing International

Corporation 4.125% due 07/10/2019 4,490,000 6,198,357 0.42 Shui On Development Holding Limited 8.7% due

24/09/2017 2,100,000 3,000,600 0.20 Shui On Development Holding Limited 9.625%

due 10/06/2019 3,900,000 5,704,676 0.39 Sino-Ocean Land Treasure Finance I Limited

4.625% due 30/07/2019 3,341,000 4,637,267 0.32 Sino-Ocean Land Treasure Finance I Limited

Series EMTN 6% due 30/07/2024 2,000,000 2,787,018 0.19



81

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Sino-Ocean Land Treasure Finance II Limited

Series 4.45% due 04/02/2020 3,000,000 4,121,485 0.28 Sino-Ocean Land Treasure Finance II Limited

Series 5.95% due 04/02/2027 1,200,000 1,628,241 0.11 Skyland Mining BVI Limited 3.5% due

17/07/2017 6,000,000 8,103,152 0.55 Sunac China Holdings Limited 8.75% due

05/12/2019 2,000,000 2,888,255 0.20 Sunac China Holdings Limited 9.375% due

05/04/2018 3,700,000 5,238,915 0.36 Times Property Holdings Limited 11.45% due

05/03/2020 2,500,000 3,752,755 0.26 Yanlord Land Group Limited 10.625% due

29/03/2018 1,000,000 1,389,705 0.09 Yanlord Land Group Limited 6.2% due

08/05/2017 5,250,000 5,351,351 0.37 Yingde Gases Investment Limited 7.25% due

28/02/2020 1,200,000 1,098,123 0.07 Yingde Gases Investment Limited 8.125% due

22/04/2018 4,100,000 4,088,235 0.28 Yuexiu Property Company Limited 3.25% due

24/01/2018 4,000,000 5,364,127 0.37 Yuexiu Property Company Limited 4.5% due

24/01/2023 4,000,000 5,070,245 0.35 Yunnan Investment Group Co Limited 3.375%

due 01/04/2019 1,000,000 1,359,985 0.09 Yuzhou Properties Company Limited 8.625%

due 24/01/2019 2,000,000 2,856,704 0.20 Yuzhou Properties Company Limited 8.75% due

04/10/2018 2,000,000 2,858,293 0.20 Total China 264,629,566 18.07

France RCI Banque SA Series EMTN 3% due

16/04/2018 4,750,000 4,668,799 0.32 Total France 4,668,799 0.32

Great Britain HSBC Holdings PLC 4.3% due 08/03/2026 700,000 969,824 0.07 Standard Chartered Public Company Limited

3.2% due 17/04/2025 2,600,000 3,380,842 0.23 Total Great Britain 4,350,666 0.30



82

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Hong Kong Ageas Capital Asia Limited 4.125% due

25/04/2023 3,500,000 4,721,065 0.32 Cathay Pacific MTN Financing Limited Series

EMTN 3.25% due 20/01/2017 5,000,000 5,010,675 0.34 Central China Real Estate Limited 10.75% due

18/04/2016 8,200,000 8,224,354 0.56 Central China Real Estate Limited 6.5% due

26/05/2017 6,250,000 6,347,062 0.43 Central China Real Estate Limited 8% due

28/01/2020 1,600,000 2,168,177 0.15 Central China Real Estate Limited 8.75% due

23/01/2021 2,000,000 2,715,877 0.19 Champion MTN Limited Series EMTN 3.75% due

17/01/2023 4,800,000 6,498,519 0.44 Cheung Kong Bond Securities Limited 5.125%

Perp 16,826,000 16,791,254 1.15 China Cinda Finance Limited 4% due 14/05/2019 943,000 1,322,441 0.09 China CITIC Bank International Limited 6% due

07/05/2024 1,000,000 1,415,297 0.10 China Oil & Gas Group Limited 5% due

07/05/2020 750,000 958,114 0.07 CIFI Holdings Group Company Limited 12.25%

due 15/04/2018 2,500,000 3,583,286 0.24 Double Rosy Limited 3.625% due 18/11/2019 4,350,000 5,971,115 0.41 Dynamic Talent Limited 4.75% due 01/08/2017 6,800,000 9,372,204 0.64 Hainan Airlines Hong Kong Company Limited

3.625% due 07/02/2020 4,000,000 5,537,704 0.38 Haitong International Finance 2014 Limited

3.99% due 11/09/2019 4,200,000 5,790,100 0.40 Haitong International Finance 2015 Limited 4.2%

due 29/07/2020 2,000,000 2,774,265 0.19 Haitong International Finance Holdings Limited

3.95% due 29/10/2018 4,000,000 5,591,299 0.38 HLP Finance Limited Series EMTN 4.45% due

16/04/2021 4,000,000 5,680,821 0.39 King Power Capital Limited 5.625% due

03/11/2024 2,000,000 2,911,295 0.20 KWG Property Holding Limited 8.25% due

05/08/2019 1,500,000 2,159,081 0.15 KWG Property Holdings Limited 13.25% due

22/03/2017 3,000,000 4,379,567 0.30 L S Finance 2025 Limited 4.5% due 26/06/2025 2,000,000 2,643,632 0.18



83


LS Finance 2017 Limited 5.25% due 26/01/2017 2,000,000 2,756,665 0.19 Newford Capital Limited Conv 0% due

12/05/2016 1,900,000 2,850,828 0.19 Noble Group Limited 3.625% due 20/03/2018 2,500,000 2,562,075 0.16 Noble Group Limited 6.75% due 29/01/2020 6,000,000 5,502,692 0.38 Shimao Property Holdings Limited 8.375% due

10/02/2022 800,000 1,180,726 0.08 Sino Land Company Limited 3.25% due

21/09/2017 5,600,000 7,667,346 0.52 Sun Hung Kai Properties Capital Market Limited

Series MTN 3.25% due 20/05/2021 4,000,000 4,053,560 0.28 Tan Chong International Limited Series EMTN

2.8% due 09/01/2017 9,250,000 9,231,454 0.63 Value Success International Limited Series

EMTN 4.125% due 06/09/2019 18,750,000 19,247,063 1.31 Wanda Properties International Co Limited

7.25% due 29/01/2024 1,000,000 1,402,241 0.10 Wanda Properties Overseas Limited 4.875% due

21/11/2018 700,000 969,018 0.07 Wharf Finance No 1 Limited Series EMTN 4.5%

due 20/07/2021 8,750,000 9,221,188 0.63 Wheelock Finance Limited 3% due 19/03/2018 1,300,000 1,774,327 0.12 Wheelock Finance Limited Series EMTN 4.5%

due 02/09/2021 15,250,000 15,785,351 1.08 Wing Lung Bank Limited Series EMTN 3.5% due

07/11/2022 4,500,000 6,053,640 0.41 Yuexiu Real Estate Investment Trust MTN

Company Series EMTN 3.1% due 14/05/2018 6,000,000 8,088,730 0.55 Total Hong Kong 210,914,108 14.40

India ABJA Investment Co Pte Limited 5.95% due

31/07/2024 2,000,000 2,508,406 0.17 Ascendas India Trust Series EMTN 3.8% due

27/08/2019 4,000,000 4,042,620 0.28 Ascendas Property Fund Trustee Pte Limited

Series EMTN 3.8% due 01/10/2018 6,500,000 6,575,693 0.45 Bharti Airtel Limited 4.375% due 10/06/2025 2,000,000 2,734,675 0.19 ICICI Bank UK PLC Series EMTN 7% due

23/11/2020 1,000,000 1,524,567 0.10 Indian Oil Corporation Limited 4.1% due

15/10/2022 13,000,000 12,849,135 0.88



84

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at

31 March

2016 31 March 2016 31 March 2016 S$ % JSW Steel Limited 4.75% due 12/11/2019 3,200,000 3,703,085 0.25 Pacific Emerald Pte Limited 9.75% due

25/07/2018 3,500,000 4,738,669 0.32 Reliance Industries Limited 4.125% due

28/01/2025 1,000,000 1,383,887 0.09 Reliance Industries Limited 4.875% due

10/02/2045 1,200,000 1,538,865 0.10 Vedanta Resources PLC 5.5% due 13/07/2016 1,000,000 1,325,472 0.09 Vedanta Resources PLC 6.75% due 07/06/2016 1,500,000 1,999,792 0.14 Vedanta Resources PLC 8.25% due 07/06/2021 4,500,000 3,610,975 0.25 Vedanta Resources PLC 9.5% due 18/07/2018 500,000 553,607 0.04 Total India 49,089,448 3.35 Indonesia Alam Synergy Pte Limited 6.95% due 27/03/2020 2,000,000 2,400,799 0.16 Alam Synergy Pte Limited 9% due 29/01/2019 500,000 661,376 0.05 Astra Sedaya Finance PT Series EMTN 2.875%

due 01/04/2018 1,000,000 1,344,459 0.09 Golden Legacy Pte Limited 9% due 24/04/2019 3,000,000 4,037,639 0.28 Indo Energy Finance II BV 6.375% due 24/01/2023 3,470,000 2,234,907 0.15 Lembaga Pembiayaan Ekspor Indonesia Series

EMTN 4.135% due 03/11/2020 3,500,000 3,655,662 0.25 Marquee Land Pte Limited 9.75% due 05/08/2019 2,500,000 3,359,144 0.23 Pakuwon Prima Pte Limited 7.125% due

02/07/2019 1,900,000 2,620,380 0.18 Perusahaan Penerbit SBSN 4.55% due 29/03/2026 1,200,000 1,619,160 0.11 Pratama Agung Pte Limited 6.25% due 24/02/2020 1,000,000 1,345,098 0.09 Total Indonesia 23,278,624 1.59 Japan Mitsubishi UFJ Financial Group Inc 3.85% due

01/03/2026 1,000,000 1,398,707 0.09 Mizuho Bank Limited Series EMTN 2.77% due

15/03/2019 3,000,000 3,021,750 0.21 Total Japan 4,420,457 0.30



85


Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ %

Malaysia 1MDB Energy Limited 5.99% due 11/05/2022 6,000,000 8,522,201 0.58 1MDB Global Investments Limited 4.4% due

09/03/2023 1,000,000 1,260,882 0.09 Axiata SPV2 Bhd 4.357% due 24/03/2026 1,800,000 2,504,304 0.17 IOI Investment L Bhd Series EMTN 4.375% due

27/06/2022 2,300,000 3,133,309 0.21 Nam Cheong Limited Series MTN 5.05% due

26/08/2019 6,750,000 5,446,406 0.37 Nam Cheong Limited Series MTN 6.5% due

23/07/2018 2,250,000 1,866,611 0.13 SSG Resources Limited 4.25% due 04/10/2022 500,000 694,149 0.05 Total Malaysia 23,427,862 1.60 New Zealand BNZ International Funding Limited 2.75% due

02/03/2021 1,500,000 2,041,008 0.14 Total New Zealand 2,041,008 0.14

Singapore AACI Real Estate Investment Trust MTN Pte



Limited Series MTN 4.9% due 08/08/2016 1,250,000 1,261,625 0.09 Ascott REIT MTN Pte Limited Series MTN 4.205%

due 23/11/2022 4,000,000 4,133,120 0.28 ASL Marine Holdings Limited Series MTN 4.75%

due 28/03/2017 10,000,000 9,602,400 0.66 Aspial Corporation Limited Series EMTN 4.5%

due 23/01/2017 4,000,000 3,983,000 0.27 Aspial Corporation Limited Series EMTN 5% due

22/07/2016 6,500,000 6,508,320 0.44 Aspial Corporation Limited Series EMTN 5.5%

due 27/11/2018 750,000 750,240 0.05 Banyan Tree Holdings Limited Series MTN 4.85%

due 05/06/2020 1,000,000 921,880 0.06 Banyan Tree Holdings Limited Series MTN

4.875% due 03/06/2019 8,500,000 8,173,132 0.56 Banyan Tree Holdings Limited Series MTN 5.35%

due 26/11/2018 3,750,000 3,701,006 0.25



86

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Banyan Tree Holdings Limited Series MTN 5.75%

due 31/07/2018 6,000,000 5,954,970 0.41 Biosensors Investment Singapore Pte Limited

Series MTN 4.875% due 23/01/2017 10,000,000 10,100,000 0.69 BreadTalk Group Limited Series EMTN 4.6% due

01/04/2019 1,000,000 1,012,190 0.07 Cambridge MTN Pte Limited Series EMTN 4.1%

due 29/04/2020 3,000,000 3,043,950 0.21 Cambridge MTN Pte Limited Series MTN 3.5%

due 05/11/2018 7,500,000 7,554,600 0.52 Cambridge MTN Pte Limited Series MTN 3.95%

due 21/05/2020 8,250,000 8,319,011 0.57 CapitaLand Limited Series CAPL 2.95% due

20/06/2022 8,750,000 8,765,706 0.60 CapitaLand Limited Series Convertible 2.8% due

08/06/2025 3,000,000 2,856,705 0.19 CapitaLand Treasury Limited Series EMTN 3.8%

due 28/08/2024 3,000,000 3,095,895 0.21 China Jingye Construction Engineering Singapore

Pte Limited 2.95% due 21/05/2017 16,250,000 16,059,875 1.10 City Developments Limited Series MTN 3.78%

due 21/10/2024 2,000,000 2,054,790 0.14 Courts Asia Limited Series MTN 4.75% due


15/03/2019 3,500,000 3,559,657 0.24 Croesus Retail Trust Series EMTN 4.6% due

23/01/2017 10,000,000 10,070,900 0.69 CWT Limited Series MTN 3.9% due 18/04/2019 10,000,000 9,925,450 0.68 CWT Limited Series MTN 4% due 13/03/2017 3,000,000 3,005,925 0.21 DCS Asset Funding Pte Limited Class A1 4.35%

due 07/09/2018 10,000,000 10,000,000 0.68 Dyna Mac Holdings Limited Series MTN 4.25%

due 01/08/2017 2,250,000 2,100,150 0.14 Eu Yan Sang International Limited Series MTN

4.1% due 06/06/2018 7,500,000 7,509,112 0.51 Ezion Holdings Limited Series MTN 3.65% due

05/08/2020 10,500,000 10,361,085 0.71 FCL Treasury Pte Limited Series MTN 3.7% due

05/04/2019 2,250,000 2,270,115 0.15 FCT MTN Pte Limited Series MTN 3% due


4.125% due 22/05/2018 10,000,000 10,011,750 0.68



87

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % GLL IHT Pte Limited Series MTN 4.35% due

12/09/2017 4,250,000 4,333,725 0.30 Hong Fok Corporation Limited Series MTN 4.75%

due 22/03/2019 2,750,000 2,754,221 0.19 Hong Fok Corporation Limited Series MTN 4.75%

due 24/01/2018 10,000,000 10,085,000 0.69 Hotel Properties Limited Series MTN 3.5% due







20/07/2018 2,000,000 2,056,600 0.14 Hyflux Limited Series MTN 3.5% due 21/07/2016 4,000,000 4,002,240 0.27 Hyflux Limited Series MTN 4.2% due 29/08/2019 5,750,000 5,725,103 0.39 Hyflux Limited Series MTN 4.25% due 09/07/2018 5,750,000 5,772,828 0.39 Keppel Corporation Limited Series MTN 3.1% due

12/10/2020 1,000,000 994,905 0.07 Krisenergy Limited Series EMTN 6.25% due

09/06/2017 5,000,000 4,562,500 0.31 LMIRT Capital Pte Limited Series EMTN 4.1%

due 22/06/2020 3,000,000 2,889,600 0.20 LMIRT Capital Pte Limited Series EMTN 4.25%




due 06/07/2017 750,000 757,549 0.05 Mapletree Greater China Commercial Treasury

Co HKSAR Limited Series EMTN 3.96% due 09/11/2022 2,500,000 2,590,863 0.18

Oversea-Chinese Banking Corporation Limited 3.15% due 11/03/2023 2,000,000 2,741,907 0.19

Oversea-Chinese Banking Corporation Limited 4.25% due 19/06/2024 1,000,000 1,415,458 0.10



88

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Overseas Union Enterprise Limited Series MTN



4.95% due 01/02/2017 1,500,000 1,522,808 0.10 Oxley Holdings Limited Series MTN 5.1% due

16/05/2017 10,000,000 9,998,600 0.68 Pacific International Lines Pte Limited Series

EMTN 7.25% due 16/11/2018 3,000,000 2,835,000 0.19 Sabana Sukuk Pte Limited Series MTN 4% due

19/03/2018 9,000,000 8,887,500 0.61 Sabana Sukuk Pte Limited Series MTN 4.25%

due 03/04/2019 8,750,000 8,588,169 0.59 Sabana Treasury Pte Limited Conv 4.5% due

24/09/2017 8,000,000 7,821,040 0.53 Soilbuild Business Space Real Estate Investment

Trust 3.45% due 21/05/2018 7,000,000 7,060,655 0.48 Soilbuild Bussiness Space Series EMTN 3.6%

due 08/04/2021 2,000,000 2,000,000 0.14 STATS ChipPAC Limited 8.5% due 24/11/2020 2,000,000 2,628,482 0.18 Suntec REIT MTN Pte Limited Series EMTN

2.83% due 12/11/2018 3,000,000 3,023,535 0.21 United Engineers Limited Series MTN 4.2% due

26/01/2017 14,000,000 14,132,510 0.96 Viva iTrust MTN Pte Limited Series MTN 4.15%

due 19/09/2018 9,000,000 8,786,250 0.60 Wharf MTN Singapore Pte Limited Series MTN

4.3% due 28/10/2018 250,000 260,330 0.02 Wing Tai Holdings Limited Series MTN 4% due

07/10/2021 8,000,000 8,050,920 0.55 Wing Tai Holdings Limited Series MTN 4.25%

due 15/03/2023 2,750,000 2,769,319 0.19 Wing Tai Holdings Limited Series MTN 4.5% due

26/09/2022 9,250,000 9,507,196 0.65 Wing Tai Holdings Limited Series MTN 4.7% due

28/02/2024 500,000 512,920 0.03 Total Singapore 394,347,566 26.92 South Korea Shinhan Bank 3.875% due 24/03/2026 1,000,000 1,358,726 0.09 Total South Korea 1,358,726 0.09



89

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Sri Lanka Sri Lanka Government International Bond 6.85%

due 03/11/2025 3,000,000 3,869,441 0.26 SriLankan Airlines Limited 5.3% due 27/06/2019 200,000 255,395 0.02 Total Sri Lanka 4,124,836 0.28 Switzerland Credit Suisse AG 6.5% due 08/08/2023 1,000,000 1,453,850 0.11 UBS AG 5.125% due 15/05/2024 5,500,000 7,540,909 0.51 Total Switzerland 8,994,759 0.62 Taiwan Anstock II Limited 2.125% due 24/07/2017 200,000 268,593 0.02 Total Taiwan 268,593 0.02

United Arab Emirates Emirates Airline 4.64% due 21/06/2016 12,750,000 12,835,425 0.88 Total United Arab Emirates 12,835,425 0.88

United States of America Ford Motor Credit Co LLC 3.7% due 11/03/2019 4,000,000 4,051,020 0.28 Total United States of America 4,051,020 0.28

Total Debt Securities 1,051,154,107 71.77

MONEY MARKET (QUOTED) Australia AusNet Services Holdings Pty Limited Var

17/03/2076 1,500,000 2,110,503 0.14 Australia & New Zealand Banking Group Limited

series DIP FRN due 17/05/2026 6,000,000 6,178,065 0.42 BHP Billiton Finance Limited Var 22/10/2077 500,000 971,779 0.07 BHP Billiton Finance USA Limited Var 19/10/2075

(USQ12441AA19) 2,000,000 2,725,061 0.19 BHP Billiton Finance USA Limited Var 19/10/2075

(USQ12441AB91) 3,200,000 4,322,241 0.30 Genworth Financial Mortgage Insurance Pty

Limited FRN 03/07/2025 3,000,000 2,980,079 0.20 QBE Insurance Group Limited Var 02/12/2044 8,000,000 11,301,583 0.77 Westpac Banking Corporation Series EMTN Var

12/08/2027 3,000,000 3,003,195 0.21 Total Australia 33,592,506 2.30



90

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % China CCCI Treasure Limited Var Perp 1,000,000 1,348,452 0.09 Chalco Hong Kong Investment Company Var

Perp (XS0984058957) 4,000,000 5,632,208 0.38 Chalco Hong Kong Investment Company Var

Perp (XS1022157611) 4,000,000 5,464,530 0.37 China Construction Bank Asia Corporation

Limited Series EMTN Var 20/08/2024 7,000,000 9,623,207 0.66 China Construction Bank Corporation Var

13/05/2025 3,000,000 4,068,826 0.28 China Life Insurance Company Limited Var

03/07/2075 5,000,000 6,686,172 0.46 China Taiping Insurance Holdings Company

Limited Var Perp 1,000,000 1,390,836 0.09 CRCC Yupeng Limited Var Perp 28/02/2049 2,800,000 3,863,290 0.26 Dianjian Haixing Limited FRN Perp 1,800,000 2,486,501 0.17 ICBCIL Finance Co Limited FRN 13/11/2018 2,000,000 2,709,844 0.19 Industrial & Commercial Bank of China Macau

Limited Var 10/09/2024 2,000,000 2,722,637 0.19 Sinochem Corporation Var Perp 2,580,000 3,554,205 0.24 Total China 49,550,708 3.38 France BNP Paribas Series Var Perp 1,000,000 1,353,535 0.09 BPCE SA Var 17/12/2025 6,750,000 6,687,731 0.46 CNP Assurances Var Perp (FR0011345552) 600,000 882,163 0.06 CNP Assurances Var Perp (FR0011538461) 3,800,000 5,487,813 0.37 CNP Assurances Var Perp (FR0012317758) 1,000,000 1,448,631 0.10 Societe Generale SA Var Perp 2,400,000 3,029,058 0.21 Total France 18,888,931 1.29 Germany RWE Var 12/10/2072 2,000,000 2,664,033 0.18 RWE Var 30/07/2075 3,000,000 3,530,704 0.24 Total Germany 6,194,737 0.42 Great Britain HSBC Holdings PLC Var Perp (US404280AR04) 4,800,000 6,210,724 0.42 HSBC Holdings PLC Var Perp (US404280AS86) 2,400,000 3,013,885 0.21 HSBC Holdings PLC Var Perp (US404280AT69) 2,000,000 2,560,546 0.18 HSBC Holdings PLC Var Perp (XS1298431104) 2,000,000 2,916,750 0.20 Nationwide Building Society Series EMTN Var

Perp 1,000,000 1,819,263 0.12



91

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Standard Chartered Bank Hong Kong Limited

Series EMTN Var 27/10/2021 2,750,000 2,764,107 0.19 Standard Chartered Public Company Limited

Series EMTN Var 10/04/2023 5,000,000 5,172,575 0.35 Standard Chartered Public Company Limited

Series EMTN Var 12/07/2022 1,000,000 1,354,404 0.09 Standard Chartered Public Company Limited Var

23/01/2026 4,500,000 4,537,395 0.31 Total Great Britain 30,349,649 2.07

Hong Kong Bank of East Asia Limited Series EMTN Var

13/09/2022 4,250,000 4,293,499 0.29 Dah Sing Bank Limited Series EMTN Var

29/01/2024 2,000,000 2,804,146 0.19 Industrial & Commercial Bank of China Asia

Limited Series EMTN Var 10/10/2023 1,698,000 2,347,669 0.16 Sun Hung Kai Properties Capital Market Limited

3.375% due 25/02/2024 500,000 686,843 0.05 Total Hong Kong 10,132,157 0.69

Italy UniCredit SpA Series EMTN Var 30/07/2023 3,200,000 2,945,600 0.20 Total Italy 2,945,600 0.20

Japan Dai-ichi Life Insurance Company Limited Var Perp 2,000,000 2,911,982 0.20 Fukoku Mutual Life Insurance Company Var Perp 1,600,000 2,213,530 0.15 Meiji Yasuda Life Insurance Co Var 20/10/2045 5,000,000 7,267,095 0.50 Nippon Life Insurance Company Var 16/10/2044 7,000,000 10,161,539 0.69 Total Japan 22,554,146 1.54

Malaysia Malayan Banking Bhd Series EMTN Var

20/09/2022 2,500,000 3,403,750 0.23 Total Malaysia 3,403,750 0.23



92

Fullerton SGD Income Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % Netherlands ABN AMRO Bank NV Series EMTN Var

01/04/2026 10,500,000 10,625,475 0.72 ABN AMRO Bank NV Var 13/09/2022 500,000 706,100 0.05 ABN AMRO Bank NV Var 25/10/2022 12,750,000 13,014,053 0.89 Ing Groep N.V. Var Perp 2,500,000 3,106,589 0.21 Rabobank Nederland Series EMTN Var Perp

(XS0703303262) 1,000,000 1,423,767 0.10 Rabobank Nederland Series EMTN Var Perp

(XS1171914515) 500,000 742,008 0.05 Trafigura Group Pte Limited Var Perp 9,750,000 7,927,969 0.54 Total Netherlands 37,545,961 2.56 Norway DNB Bank ASA Var Perp 5,400,000 6,912,276 0.47 Total Norway 6,912,276 0.47 Philippines Royal Capital BV Var Perp 2,450,000 3,370,465 0.23 Total Philippines 3,370,465 0.23

Singapore Ascendas Real Estate Investment Trust Var Perp 6,500,000 6,682,260 0.46 Ascott Residence Trust Var Perp

(SG6TG1000001) 4,000,000 4,066,700 0.28 Ascott Residence Trust Var Perp

(SG6YC3000008) 4,000,000 4,024,900 0.27 DBS Capital Funding II Corporation Var Perp

29/05/2049 7,250,000 7,669,666 0.52 Eu Yan Sang International Limited STP due

29/11/2016 2,400,000 2,376,012 0.16 Ezion Holdings Limited Series MTN Var Perp

(SG6UH9000009) 11,000,000 10,883,125 0.74 FCL Treasury Pte Limited Series MTN Var Perp 4,750,000 4,760,759 0.32 Genting Singapore Public Company Limited STP

Perp 4,000,000 3,931,320 0.27 Global Logistic Properties Limited Series EMTN

Var Perp 7,250,000 7,391,846 0.50 Hotel Properties Limited Series MTN Var

12/09/2023 10,000,000 9,897,050 0.68 Hotel Properties Limited Var Perp 5,250,000 5,379,097 0.37 Hyflux Limited Var Perp 4,000,000 3,976,280 0.27 Interplex Holdings Limited Series MTN STP

20/03/2019 6,000,000 6,120,000 0.42 Keppel REIT MTN Pte Limited Ser MTN Var Perp 4,000,000 4,074,300 0.28



93


Sembcorp Industries Limited Ser MTN Var Perp 4,500,000 4,454,302 0.30 United Overseas Bank Ltd EMTN Var 01/04/2021 1,000,000 1,000,615 0.07 United Overseas Bank Ltd Series EMTN Var

16/09/2026 2,800,000 3,789,672 0.26 United Overseas Bank Ltd Series EMTN Var Perp 500,000 516,543 0.04 United Overseas Bank Limited Var 16/09/2026 1,500,000 2,030,353 0.14 United Overseas Bank Limited Var Perp 4,000,000 4,099,740 0.28 Total Singapore 97,124,540 6.63

Sweden Swedbank AB Var Perp 5,000,000 6,631,635 0.45 Total Sweden 6,631,635 0.45

Switzerland Aquarius & Investments Plc for Swiss

Reinsurance Co Limited Var 01/09/2024 5,000,000 7,047,061 0.48 Cloverie PLC for Zurich Insurance Co Limited

5.625% due 24/06/2046 4,000,000 5,549,662 0.38 Demeter Investments BV for Swiss Re Limited

Var 15/08/2050 1,000,000 1,351,145 0.09 Julius Baer Group Limited Var Perp 13,500,000 13,493,453 0.92 UBS AG Series EMTN Var 22/05/2023 2,000,000 2,736,897 0.19 UBS Group AG Var Perp 4,200,000 5,465,433 0.37 Willow No 2 Ireland PLC for Zurich Insurance Co

Limited Var 01/10/2045 4,900,000 6,251,663 0.43 Total Switzerland 41,895,314 2.86 Thailand PTT Exploration and Production PCL Var Perp 1,400,000 1,845,226 0.13 Total Thailand 1,845,226 0.13 United Arab Emirates Emirates NBD Tier 1 Limited Var Perp 1,000,000 1,357,622 0.09 Total United Arab Emirates 1,357,622 0.09 Total Money Market 374,295,223 25.54 Accrued interest on debt securities 19,882,155 1.36 Portfolio of investments 1,445,331,485 98.67 Other net assets 19,418,816 1.33 Net assets attributable to unitholders 1,464,750,301 100.00



94

Fullerton SGD Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Australia 3.63 2.09 Bahrain 0.16 0.10 Brazil 0.26 0.20 British Virgin Islands 0.77 0.58 Chile 0.09 - China 21.45 20.39 France 1.61 1.16 Germany 0.42 - Great Britain 2.37 2.09 Hong Kong 15.09 20.64 India 3.35 4.23 Indonesia 1.59 1.17 Italy 0.20 0.24 Japan 1.84 0.82 Malaysia 1.83 2.99 Netherlands 2.56 2.49 New Zealand 0.14 - Norway 0.47 0.37 Philippines 0.23 0.28 Russian Federation - 1.19 Singapore 33.55 37.02 South Korea 0.09 - Sri Lanka 0.28 0.02 Sweden 0.45 0.11 Switzerland 3.48 0.96 Taiwan 0.02 0.05 Thailand 0.13 0.31 United Arab Emirates 0.97 1.18 United States of America 0.28 - Accrued interest on debt securities 1.36 1.29 Portfolio of investments 98.67 101.97 Other net assets/(liabilities) 1.33 (1.97) Net assets attributable to unitholders 100.00 100.00



95

Fullerton SGD Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary Agriculture 3,133,309 0.21 - Airlines 10,803,774 0.74 0.86 Bank 202,691,499 13.84 13.07 Building/Construction 17,194,685 1.17 1.72 Chemical 13,512,701 0.92 0.87 Commercial Services 24,347,803 1.66 1.63 Communications 4,108,093 0.28 0.58 Consumer - - 0.05 Consumer, Non-cyclical 12,931,375 0.88 0.77 Diversified Resource 19,640,845 1.33 1.70 Energy 8,305,312 0.57 0.96 Engineering and Construction 21,239,926 1.45 0.20 Environmental Control 19,476,451 1.33 1.83 Finance 227,291,786 15.52 16.12 Food 5,066,028 0.35 0.32 Government 21,332,697 1.46 0.72 Hotel 74,357,740 5.08 5.99 Industrial 10,293,318 0.70 0.31 Insurance 90,529,106 6.18 3.44 Internet 1,364,294 0.09 - Investment 3,257,097 0.22 1.98 Iron and Steel 3,156,681 0.22 - Leisure 2,911,295 0.20 0.23 Machinery 2,100,150 0.14 0.67 Materials 6,943,800 0.47 0.49 Media 10,100,000 0.69 0.79 Metals 16,940,312 1.16 1.12 Mining 16,122,233 1.10 0.35 Miscellaneous 14,483,355 0.99 1.33 Oil and Gas 43,905,855 3.00 2.79 Pharmaceutical 9,885,124 0.67 0.78 Real Estate 264,097,258 18.03 24.10 Real Estate Investment Trusts 129,161,419 8.82 6.61 Retail 35,443,438 2.42 2.07 Semiconductor 8,826,839 0.60 0.49 Services 12,835,425 0.88 1.18 Ship Building 11,767,319 0.80 1.33 Shipping 9,602,400 0.66 0.76 Telecom Services - - 0.48 Telecommunication 2,504,304 0.17 - Textiles 4,037,639 0.28 0.49 Transport 12,209,951 0.83 0.77



96

Fullerton SGD Income Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 31 March 2016 31 March 2016 31 March 2015 S$ % % By Industry - Secondary (continued) Utilities 8,305,240 0.57 - Wholesale 9,231,454 0.63 0.73 Accrued interest on debt securities 19,882,155 1.36 1.29 Portfolio of investments 1,445,331,485 98.67 101.97 Other net assets/(liabilities) 19,418,816 1.33 (1.97) Net assets attributable to unitholders 1,464,750,301 100.00 100.00 .



97


Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % By Geography - Primary UNIT TRUST Ireland Dimensional Funds II Public Company Limited -

Global Core Equity Fund 114,666 2,299,154 5.28 Dimensional Funds PLC - Emerging Markets

Value Fund 169,467 3,461,859 7.95 Egerton Capital Equity Fund Class A$HD 5,911 1,520,367 3.49 iShares Emerging Markets Local Government

Bond UCITS ETF 25,231 2,196,213 5.05 iShares Global Government Bond UCITS ETF 33,016 4,859,184 11.16 J O Hambro Capital Management Umbrella Fund

PLC-Global Select Fund USD Class A 1,051,491 1,771,338 4.07 SPDR MSCI ACWI UCITS ETF 16,318 2,106,081 4.84 Vanguard Investment Series Public Company

Limited - Global Enhanced Equity Fund 13,883 2,582,489 5.93 Winton UCITS Funds Public Company Limited -

Winton Global Equity Fund 19,773 4,058,090 9.32 Total Ireland 24,854,775 57.09 Japan NEXT FUNDS Nikkei 225 Leveraged Index ETF 14,973 2,061,201 4.74 Total Japan 2,061,201 4.74

Luxembourg db x-trackers MSCI Emerging Markets Index

UCITS ETF 101,924 4,644,569 10.67 db x-trackers S&P 500 2x Leveraged Daily

UCITS ETF 14,494 754,844 1.74 SSgA Global Treasury Bond Index Fund 133,993 2,015,888 4.63 Total Luxembourg 7,415,301 17.04 Total Unit Trust 34,331,277 78.87 Portfolio of investments 34,331,277 78.87 Other net assets 9,196,767 21.13 Net assets attributable to unitholders 43,528,044 100.00



98


Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Hong Kong - 5.55 Ireland 57.09 56.82 Japan 4.74 5.73 Luxembourg 17.04 10.92 Portfolio of investments 78.87 79.02 Other net assets 21.13 20.98 Net assets attributable to unitholders 100.00 100.00

As the Sub-Fund invests only in unit trusts, no secondary representation is presented.



99


Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 S$ % By Geography - Primary UNIT TRUST

Ireland Dimensional Funds II Public Company Limited -

Global Core Equity Fund 18,498 370,911 2.27 Dimensional Funds PLC - Emerging Markets

Value Fund 31,917 651,998 3.99 Egerton Capital Equity Fund Class A$HD 2,443 628,476 3.85 iShares Emerging Markets Local Government

Bond UCITS ETF 9,566 832,665 5.10 iShares Global Government Bond UCITS ETF 21,430 3,153,996 19.32 J O Hambro Capital Management Umbrella Fund

PLC - Global Select Fund USD Class A 317,457 534,787 3.27 Winton UCITS Funds Public Company Limited -

Winton Global Equity Fund 5,054 1,037,273 6.35 Total Ireland 7,210,106 44.15 Japan NEXT FUNDS Nikkei 225 Leveraged Index ETF 3,993 549,681 3.37 Total Japan 549,681 3.37

Luxembourg db x-trackers II Iboxx $ Treasuries UCITS ETF 1,843 549,938 3.37 db x-trackers MSCI Emerging Markets Index

UCITS ETF 36,568 1,666,365 10.21 db x-trackers S&P 500 2x Leveraged Daily

UCITS ETF 5,156 268,524 1.64 SSgA Global Treasury Bond Index Fund 210,764 3,170,898 19.42 Total Luxembourg 5,655,725 34.64 Singapore Fullerton Short Term Interest Rate Fund Class B 487,324 673,296 4.12 Total Singapore 673,296 4.12 Total Unit Trust 14,088,808 86.28 Portfolio of investments 14,088,808 86.28 Other net assets 2,239,418 13.72 Net assets attributable to unitholders 16,328,226 100.00



100


Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 31 March 2016 31 March 2015 % % By Geography - Primary (Summary) Hong Kong - 4.43 Ireland 44.15 38.41 Japan 3.37 4.71 Luxembourg 34.64 25.01 Singapore 4.12 7.16 Portfolio of investments 86.28 79.72 Other net assets 13.72 20.28 Net assets attributable to unitholders 100.00 100.00




101

Fullerton Total Return Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 31 March 2016 31 March 2016 31 March 2016 US$ % By Geography - Primary UNIT TRUST Luxembourg Fullerton Lux Funds - Asia Growth Income

Equities USD Class I 2,719,853 25,286,469 50.17 Fullerton Lux Funds - Asian Bonds Class I USD

Distribution 1,364,459 15,148,223 30.06 Total Luxembourg 40,434,692 80.23 Total Unit Trust 40,434,692 80.23 Portfolio of investments 40,434,692 80.23 Other net assets 9,965,841 19.77 Net assets attributable to unitholders 50,400,533 100.00


FULLERTON FUND (Constituted under a Trust Deed registered in the Republic of Singapore) NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 March 2016

102

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

1. General

Fullerton Fund (the "Fund") is a Singapore registered umbrella fund constituted by a Deed of Trust dated 15 March 2004 between Fullerton Fund Management Company Ltd (the "Manager") and HSBC Institutional Trust Services (Singapore) Limited (the "Trustee"). The Deed of Trust and all supplemental deeds are governed in accordance with the laws of the Republic of Singapore.

As at 31 March 2016, the Fund comprises nine separate and distinct sub-funds, namely Fullerton Short Term Interest Rate Fund ("FSTI"), Fullerton SGD Cash Fund ("FSCF"), Fullerton Asian Bond Fund ("FABF"), Fullerton Singapore Bond Fund ("FSBF"), Fullerton SGD Income Fund ("FSIF"), Fullerton Dynamic Strategies Fund – Aggressive (“FDSA”), Fullerton Dynamic Strategies Fund – Balanced (“FDSB”), Fullerton Total Return Fund (“FTRF”) and Fullerton USD Income Fund (“FUIF”) (individually, the “Sub-Funds”). FUIF was constituted on 29 March 2016 and launched on 15 April 2016. The first financial

period for FUIF is the financial period ending 31 March 2017 and hence the financial

statements of the Sub-Fund are not presented in this report. The investment objective of

FUIF is to generate long-term capital appreciation and/or income for investors by investing

primarily in fixed income or debt securities.

The investment objective of FSTI is to achieve medium-term capital appreciation through investment primarily in Singapore dollar denominated debt securities of up to 5 years tenure and money market instruments. FSTI may invest in foreign currency denominated bonds (fully hedged back into Singapore dollars except for a 1% frictional currency limit) with investment-grade credit ratings of at least BBB- by Standard and Poor's or Baa3 by Moody's (or their respective equivalent) of up to five years tenure. FSTI may also utilise derivatives for the purposes of hedging and/or efficient portfolio management.

The investment objective of the FSCF is to provide investors with liquidity and a return that is comparable to that of the Singapore Dollar Banks Saving Deposits rate.

The investment objective of FABF is to generate long term capital appreciation for investors by investing all or substantially all of its assets into an underlying fund, Fullerton Lux Funds – Asian Bonds, a sub-fund of Fullerton Lux Funds, whose investment objective is to generate long term capital appreciation for investors by investing in fixed income or debt securities denominated primarily in US$ and Asian currencies, issued by companies, governments, quasi-governments, government agencies or supranationals in the Asian region.

The investment objective of FSBF is to generate long term capital appreciation for investors by investing primarily in fixed income or debt securities denominated in Singapore dollars. These securities will primarily be issued by the Singapore government, government agencies, quasi-government institutions, statutory boards and corporations.

The investment objective of FSIF is to generate long term capital appreciation and/or income in SGD terms for investors by investing primarily in fixed income or debt securities.


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1. General (continued) The investment objective of FDSA is to generate medium to long term capital appreciation for investors by investing primarily in collective investment schemes and other investment funds. FDSA may also invest directly in securities (including but not limited to equities, units of business trusts, bonds and convertible bonds) in accordance with its investment objective and asset allocation strategy, as the Managers deem appropriate. The long-term strategic percentage mix (or neutral asset allocation) for FDSA is 20% fixed income and 80% equities. The investment objective of FDSB is to generate medium to long term capital appreciation for investors by investing primarily in collective investment schemes and other investment funds. FDSB may also invest directly in securities (including but not limited to equities, units of business trusts, bonds and convertible bonds) in accordance with its investment objective and asset allocation strategy, as the Managers deem appropriate. The long-term strategic percentage mix (or neutral asset allocation) for FDSB is 50% fixed income and 50% equities. The investment objective of FTRF is to generate regular income and long term capital appreciation for investors by investing in equities, fixed income, cash and other permissible investments. FTRF intends to invest primarily in Class I -USD Distribution share class of Fullerton Lux Funds - Asian Bonds (“LABF”), which is denominated in US$, for exposure to fixed income; and Class I - USD Distribution share class of Fullerton Lux Funds – Asia Growth & Income Equities (“LAGIE”), which is denominated in US$, for exposure to equities.

FUIF was constituted on 29 March 2016. Hence, the financial statements of the Sub-Fund are not presented in this report. The investment objective of FUIF is to generate long-term capital appreciation and/or income for investors by investing primarily in fixed income or debt securities.

With effect from 22 July 2015, the Manager adopted dilution adjustment for FSTI and FSIF. The Sub-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 Sub-Fund. This is known as “dilution”. In order to counter this and to protect Holders’ interests, the Manager apply a technique known as swing pricing or dilution adjustment as part of its valuation policy. This means that in certain circumstances the Manager 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 Sub-Fund on each Dealing Day. The Manager therefore reserves the right to make a dilution adjustment where a Sub-Fund experiences a net cash movement which exceeds a threshold of the previous Dealing Day’s Net Asset Value.

As at 31 March 2016, the Funds did not reach the swing threshold and no swing pricing has been applied on that date.


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2. Significant accounting policies

2.1 Basis of accounting

The financial statements have been prepared under the historical cost convention modified by the revaluation of financial assets at fair value through profit or loss, and in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP7”) revised and issued by the Institute of Singapore Chartered Accountants.

2.2 Recognition of income

Interest income on deposits placed with financial institutions is recognised on a time proportion basis using the effective interest method.

Dividend income from investments is recognised when the right to receive payment is established.

2.3 Investments

Investments are classified as financial assets at fair value through profit and loss.

(i) Initial recognition

Purchases of investments are recognised on the trade date. Investments are recorded at fair value on initial recognition.

(ii) Subsequent measurement

Investments are subsequently carried at fair value. Realised and unrealised gains and losses arising from changes in the fair value of investments are included in the Statement of Total Return in the year in which they arise.

(iii) Derecognition

Investments are derecognised on the trade date of disposal, when the rights to receive cash flows from the investments have expired or have been transferred.

2.4 Basis of valuation of investments

The fair value of financial assets and liabilities traded in active markets is based on quoted market prices at the close of trading on the reporting date. The quoted market price used for investments in equities held by the Sub-Funds is the last traded market price for both financial assets and financial liabilities where the last traded price falls within the bid-ask spread. The quoted market price used for investments in debt securities held by the Sub-Funds is the market mid prices. Accrued interest or discount or premium on debt securities at the reporting date are included in the fair value of debt securities. Interest income on debt securities is presented within net gains or losses on investments on the Statements of Total Return. In circumstances where the last traded price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread that is most representative of fair value. The quoted market price used for investments in underlying funds held by the Sub-Funds is the published price of the underlying funds at the close of trading on the reporting date.


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2. Significant accounting policies (continued)

2.5 Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements are measured using the currency of the primary environment in which it operates (the “functional currency").

The functional currency of the Sub-Funds (except for Fullerton Asian Bond Fund and Fullerton Total Return Fund) is S$, which reflects the fact that subscriptions and redemption and reporting to the unitholders of the Sub-Funds, as well as settlement of fees and expenses are carried out in S$.

The Sub-Funds have adopted S$ as its presentation currency and the financial statements are presented in S$ except for Fullerton Asian Bond Fund and Fullerton Total Return Fund. US$ is considered the functional and presentation currency for Fullerton Asian Bond Fund and Fullerton Total Return Fund.

(ii) Transactions and balances

Foreign currency monetary assets and liabilities are translated into S$/US$ at the rates of exchange ruling at the end of the reporting period. Foreign currency transactions during the year are converted into S$/US$ at the rates of exchange ruling on the transaction dates. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from translation of foreign currency monetary assets and liabilities at the end of the reporting period are recognised in the Statement of Total Return.

2.6 Financial derivatives

Financial derivatives which may include forwards, swaps and futures are entered into for the purpose of efficient portfolio management, tactical asset allocation or specific hedging of financial assets held as determined by the Manager and in accordance with the provisions of the Trust Deed. Financial derivatives outstanding at the end of the reporting period are valued at forward rates or at current market prices using the “mark-to-market” method, as applicable, and the resultant gains and losses are recognised in the Statement of Total Return.

2.7 Distributions to unitholders

Distribution to the Sub-Fund’s unitholders is recognised in the statement of total return in the period in which the dividends are declared. Dividends are declared at the discretion of the Manager with the consent of the Trustee.


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3. Income tax

The Sub-Funds (except for FSIF and FTRF) were granted the status of Designated Unit Trusts (DUT) in Singapore. Under the DUT Scheme, subject to certain conditions and reporting obligations being met, certain income of the DUT fund is not taxable in accordance with Sections 35(12) and 35(12A) of the Income Tax Act. Such income includes: (a) gains or profits derived from Singapore or elsewhere from the disposal of securities;

(b) interest (other than interest for which tax has been deducted under Section 45 of the

Income Tax Act);

(c) dividends derived from outside Singapore and received in Singapore;

(d) gains or profits derived from foreign exchange transactions, transactions in futures contracts, transactions in interest rate or currency forwards, swaps or option contracts and transactions in forwards or option contracts relating to any securities or finance index;

(e) discount prepayment fee, redemption premium and break cost from qualifying debt securities issued during the prescribed period; and

(f) distributions from foreign unit trusts derived from outside Singapore and received in Singapore.

FSIF and FTRF were granted by the Monetary Authority of Singapore under the Enhanced-Tier Fund Scheme (section 13X of the Income Tax Act and the relevant Regulations). Subject to certain conditions being met on an annual basis, FSIF and FTRF may enjoy Singapore corporate tax exemption on “specified income” derived from “designated investments” for the life of FSIF and FTRF. The tax exemption does not apply in the year when the relevant conditions are not met. Losses from “designated investments” are correspondingly disregarded, with certain exceptions. The terms “specified income” and “designated investments” are defined in the relevant income tax Regulations.


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3. Income tax (continued)

Singapore income tax represents tax deducted at source for Singapore sourced dividends. Overseas income tax represents tax withheld on foreign sourced income.

Fullerton Short Term

Interest Rate Fund Fullerton SGD

Cash Fund 2016 2015 2016 2015 S$ S$ US$ US$ Singapore income tax 58,754 12,453 19 - Total income tax 58,754 12,453 19 -

Fullerton Asian

Bond Fund Fullerton Singapore Bond

Fund 2016 2015 2016 2015 US$ US$ S$ S$ Singapore income tax 13 - 41 - Total income tax 13 - 41 -

Fullerton SGD Income

Fund Fullerton Dynamic Strategies

Fund – Aggressive 2016 2015 2016 2015 S$ S$ S$ S$ Singapore income tax 53,738 6,800 - - Overseas income tax 46,078 41,199 1,802 3,663 Total income tax 99,816 47,999 1,802 3,663

Fullerton Dynamic Strategies

Fund - Balanced

2016 2015 S$ S$ Overseas income tax 502 2,587 Total income tax 502 2,587

4. Fixed deposits

The Sub-Funds have fixed deposit balances with the following effective interest rates: Fullerton SGD

Cash Fund 2016 2015 % % Singapore Dollar 1.37 0.85


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5. Financial derivatives, at fair value Financial derivative contracts comprise futures forward foreign exchange contracts for the

purchase and sale of foreign currencies. The year-end positive and negative fair values represent the unrealised gains and losses respectively on revaluation of derivative financial instruments at the end of the reporting year. The contract or underlying principal amounts of these financial derivatives and their corresponding gross positive or negative fair values at the end of the reporting year are analysed below.


At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities S$ S$ S$ S$ S$ S$

Forward foreign exchange contracts -with related parties of the Trustee 81,148,093 4,006,129 208,486 207,241,893 - 9,382,771

Forward foreign exchange contracts - others 163,988,272 7,179,323 - 96,974,893 376,656 1,505,122

11,185,452 208,486 376,656 10,887,893


At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities US$ US$ US$ US$ US$ US$

Forward foreign exchange contracts - with related parties of the Trustee 1,316,217 29,090 - 1,555,825 4,674 -

Forward foreign exchange contracts - others 13,697,269 892,732 3,873 16,924,136 4,698 202,124

921,822 3,873 9,372 202,124

Fullerton SGD Income Fund At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities S$ S$ S$ S$ S$ S$

Forward foreign exchange contracts - with related parties of the Trustee 74,865,265 2,280,761 471,659 - - -

Forward foreign exchange contracts - others 718,118,337 26,218,284 4,635,920 536,886,050 136,116 14,911,846

28,499,045 5,107,579 136,116 14,911,846

Fullerton Dynamic Strategies Fund – Aggressive At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities S$ S$ S$ S$ S$ S$

Forward foreign exchange contracts -others 43,734,904 469,444 55,824 6,705,919 17,221 3,463

469,444 55,824 17,221 3,463


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5. Financial derivatives, at fair value (continued)

Fullerton Dynamic Strategies Fund - Balanced

At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities S$ S$ S$ S$ S$ S$


173,233 24,869 14,496 2,769


At 31 March 2016 At 31 March 2015 Contract Fair value Fair value Contract Fair value Fair value amount assets liabilities amount assets liabilities US$ US$ US$ US$ US$ US$


Futures 11,350,845 - 240,130 - -

993,140 462,526 106,492 194,157

Fullerton SGD Cash Fund and Fullerton Singapore Bond Fund

As at 31 March 2016 and 31 March 2015, there were no commitments outstanding under

financial derivative contracts.

6. Units in issue

Fullerton Short Term Interest Rate Fund Class A Class B 2016 2015 2016 2015 Units Units Units Units

Units at beginning of the financial

year

7,252,594 112,900,997 466,350,560 513,533,745 Created 214,410 1,608 18,164,766 7,585,920 Cancelled (1,749,181) (105,650,011) (178,274,766) (54,769,105)

Units at ending of the financial year

5,717,823 7,252,594 306,240,560 466,350,560

Net assets attributable to unitholders (S$)

8,686,219 10,694,697 423,110,458 626,071,178

Net assets attributable to unitholders per unit (S$)

1.51914 1.47460 1.38162 1.34249


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6. Units in issue (continued)

Fullerton Short Term Interest Rate Fund Class C Class B1 2016 2015 2016 2015 Units Units Units Units


year

50,504,890 51,384,983 144,682,174 179,178,929 Created 69,479,792 28,530,495 - 6,493,895 Cancelled (23,673,762) (29,410,588) (53,800,429) (40,990,650)

Units at ending of the financial year

96,310,920 50,504,890 90,881,745 144,682,174


122,171,120 62,438,397 115,246,323 178,545,283


1.26850 1.23628 1.26809 1.23405


Class R 2016 2015 Units Units


period

- - Created 2,204,053 - Cancelled - -

Units at ending of the financial period

2,204,053 -


2,232,461 -


1.01288 -

Fullerton SGD Cash Fund Class A Class B 2016 2015 2016 2015 Units Units Units Units


year 25,134,703 48,025,249 3,088,035 9,088,035 Created 180,690,280 96,291,968 - - Cancelled (147,114,388) (119,182,514) - (6,000,000)

Units at ending of the financial year 58,710,595 25,134,703 3,088,035 3,088,035

Net assets attributable to unitholders (S$) 60,687,874 25,761,518 3,198,512 3,168,288

Net assets attributable to unitholders per unit (S$) 1.03367 1.02493 1.03577 1.02598


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6. Units in issue (continued) Fullerton Asian Bond Fund Class A Class B 2016 2015 2016 2015 Units Units Units Units


year 158,940 191,420 15,205,503 13,159,005 Created 113,225 161,184 6,588,566 8,371,590 Cancelled (136,644) (193,664) (9,594,924) (6,325,092)

Units at ending of the financial year 135,521 158,940 12,199,145 15,205,503

Net assets attributable to unitholders US$17,810,450 US$21,127,990 S$19,145,925 S$23,008,091

Net assets attributable to unitholders per unit US$131.42 US$132.93 S$1.56944 S$1.51314

Fullerton Asian Bond Fund Class C Class D 2016 2015 2016 2015 Units Units Units Units Units at beginning of the

financial year 123,040 216,297 64,000 64,000 Created 602 - - - Cancelled (121,109) (93,257) - - Units at ending of the

financial year 2,533 123,040 64,000 64,000

Net assets attributable to unitholders US$457,392 US$21,518,017 RMB8,853,646 RMB8,256,180

Net assets attributable to unitholders per unit US$180.54 US$174.88 RMB138.34 RMB129.00

Fullerton Singapore

Bond Fund Class A

2016 2015 Units Units

Units at beginning of the financial year 158,453,543 180,661,412 Created 71,193,868 78,521 Cancelled - (22,286,390) Units at ending of the financial year 229,647,411 158,453,543

Net assets attributable to unitholders (S$) 254,760,617 169,519,083

Net assets attributable to unitholders per unit (S$) 1.10935 1.06983


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6. Units in issue (continued) Fullerton SGD Income Fund

Class A Class B

2016 2015 2016 2015

Units Units Units Units


year 1,063,980,167 864,920,386 90,641,767 72,053,902

Created 382,552,747 431,928,864 47,038,610 39,844,667 Cancelled (291,227,645) (232,869,083) (27,945,813) (21,256,802)

Units at ending of the financial year 1,155,305,269 1,063,980,167 109,734,564 90,641,767

Net assets attributable to unitholders (S$) 1,232,709,817 1,139,761,453 113,068,156 93,995,927

Net assets attributable to unitholders per unit (S$) 1.06699 1.07122 1.03037 1.03700


Fund – Aggressive

Class A


Units at beginning of the financial year 32,234,630 23,824,146 Created 10,175,598 13,333,543 Cancelled (4,578,191) (4,923,059) Units at ending of the financial year 37,832,037 32,234,630



Fullerton SGD Income Fund Class C Class D 2016 2015 2016 2015 Units Units Units Units Units at beginning of the

financial year 34,850,690 37,194,771 - -

Created 14,569,507 1,744,383 70,556,729 - Cancelled (7,814,565) (4,088,464) (14,192,556) - Units at ending of the financial

year 41,605,632 34,850,690 56,364,173 -

Net assets attributable to unitholders (S$) S$43,625,646 S$36,569,781 US$55,953,469 -

Net assets attributable to unitholders per unit (S$) S$1.04855 S$1.04932 US$0.99271 -


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6. Units in issue (continued) Fullerton Dynamic Strategies

Fund - Balanced

Class A


Units at beginning of the financial year 13,204,254 11,911,607 Created 4,338,215 3,285,948 Cancelled (2,508,250) (1,993,301)

Units at ending of the financial year 15,034,219 13,204,254



Fullerton Total Return Fund Class A Class B 2016 2015 2016 2015 Units Units Units Units Units at beginning of the financial

year 56,629,643 47,601,648 8,824,525 8,489,448 Created 2,357,543 12,382,206 327,149 335,077 Cancelled (1,126,208) (3,354,211) (236,554) - Units at ending of the financial year 57,860,978 56,629,643 8,915,120 8,824,525

Net assets attributable to unitholders S$56,680,383 S$60,001,877 US$8,309,056 US$8,848,934

Net assets attributable to unitholders per unit S$0.97959 S$1.05954 US$0.93201 US$1.00276

A reconciliation of the net assets attributable to unitholders per unit per the financial statements and the net assets attributable to unitholders per unit for issuing/redeeming units at the financial year/period end date is presented below:

Fullerton Asian Bond Fund Class A Class B 2016 2015 2016 2015 US$ US$ S$ S$

Net assets attributable to unitholders

per financial statements 131.42 132.93 1.56944 1.51314 Effect of distribution per unit 1.32 1.34 - -

Net assets attributable to unitholders for issuing/redeeming 132.74 134.27 1.56944 1.51314


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6. Units in issue (continued) Fullerton Asian Bond Fund Class C Class D 2016 2015 2016 2015 US$ US$ RMB RMB


per financial statements 180.54 174.88 138.34 129.00 Effect of distribution per unit - - - -


Fullerton SGD Income Fund Class A Class B 2016 2015 2016 2015 S$ S$ S$ S$


per financial statements 1.06699 1.07122 1.03037 1.03700 Effect of distribution per unit 0.01101 0.01006 0.01101 0.01005


Fullerton SGD Income Fund Class C Class D 2016 2015 2016 2015 S$ S$ US$ US$


per financial statements 1.04855 1.04932 0.99271 - Effect of distribution per unit 0.01100 0.01006 0.01000 -

Net assets attributable to unitholders for issuing/redeeming 1.05955 1.05938 1.00271 -

The difference between the pricing net asset values and accounting net asset values of the Fullerton SGD Cash Fund, Fullerton Short Term Interest Rate Fund, Fullerton Singapore Bond Fund, Fullerton Dynamic Strategies Fund - Aggressive, Fullerton Dynamic Strategies Fund - Balanced and Fullerton - Total Return Fund are assessed by the Manager to be immaterial (less than $0.01 difference), hence a reconciliation of the net assets attributable to unitholders per unit per the financial statements and the net assets attributable to unitholders per unit for issuing/redeeming units at the financial year end date is not presented.


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7. Financial risk management

7.1 Strategy in using financial instruments The Sub-Fund’s activities may expose it to a variety of risks, including but not limited to

market risk (including interest rate, price and currency risk), credit risk and liquidity risk, which are associated with the financial instruments and markets in which the Sub-Funds invest.

The overall responsibility for the management of the Sub-Fund’s financial risks lies with the

Manager. The risk management policies employed by the Manager to manage these risks are discussed below.

7.2 Market risk

At the end of the reporting period, the Sub-Fund’s market risk comprises three main components, namely changes in actual market prices of investments (“price risk”), interest rates and foreign currency movements.

(a) Price risk

The Sub-Funds are exposed to price risk from their investments in quoted securities and in other financial instruments such as swaps, forwards and futures contracts. The Sub-Funds’ investments are susceptible to price risk arising from uncertainties about future prices of these financial instruments. Changes in the prices of these financial instruments could affect the Sub-Funds’ Net Asset Value.

The Sub-Funds attempt to manage the fluctuation in prices of its underlying investments by engaging in extensive investment research and diversifying their investments across markets, sectors and securities.

The table below summarises the Sub-Fund’s overall market exposure at the end of the reporting year.

Fullerton Short Term Interest Rate Fund 2016 2015 % of total % of total net assets net assets attributable attributable Fair value to Fair value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair

value through profit or loss 658,565,807 98.08 889,210,067 101.31 Securities held for trading - Derivative financial assets

held for trading (Note 5) 11,185,452 1.67 376,656 0.04 - Derivative financial

liabilities held for trading (Note 5) (208,486) (0.03) (10,887,893) (1.24)

669,542,773 99.72 878,698,830 100.11


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7. Financial risk management (continued) 7.2 Market risk (continued)

(a) Price risk (continued)

Fullerton Asian Bond Fund 2016 2015 % of total % of total net assets net assets Attributable attributable Fair Value to Fair Value to US$ Unitholders US$ unitholders Portfolio of investments Securities designated at fair

value through profit and loss 32,879,631 97.11 60,961,432 100.35 Securities held for trading - Derivative financial assets

held for trading (Note 5) 921,822 2.72 9,372 0.02 - Derivative financial

liabilities held for trading (Note 5) (3,873) (0.01) (202,124) (0.33)

33,797,580 99.82 60,768,680 100.04

Fullerton Singapore Bond Fund 2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair

value through profit and loss 254,404,545 99.86 163,118,048 96.23


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(a) Price risk (continued) Fullerton SGD Income Fund 2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair

value through profit and loss 1,445,331,485 98.67 1,295,335,039 101.97 Securities held for trading - Derivative financial assets

held for trading (Note 5) 28,499,045 1.95 136,116 0.01 - Derivative financial liabilities

held for trading (Note 5) (5,107,579) (0.35) (14,911,846) (1.17)

1,468,722,951 100.27 1,280,559,309 100.81

Fullerton Dynamic Strategies Fund - Aggressive 2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair


held for trading (Note 5) 469,444 1.08 17,221 0.04 - Derivative financial liabilities

held for trading (Note 5) (55,824) (0.13) (3,463) (0.01)

34,744,897 79.82 31,789,283 79.05

Fullerton Dynamic Strategies Fund - Balanced 2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to S$ unitholders S$ unitholders Portfolio of investments Securities designated at fair




14,237,172 87.19 12,007,002 79.80


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7. Financial risk management (continued)

7.2 Market risk (continued) (a) Price risk (continued) Fullerton Total Return Fund

2016 2015 % of total % of total net assets net assets attributable attributable Fair Value to Fair Value to US$ unitholders US$ unitholders Portfolio of investments Securities designated at fair




40,965,306 81.27 52,111,234 99.07

One of the principal tool used to monitor price risk is Value at Risk (VaR). VaR estimates the probability of portfolio losses based on the statistical analysis of historical price volatilities. The Manager tracks VaR as a percentage of net asset value ("NAV"), taking into account its investments, cash, margin and outstanding trade positions.

The Manager recognises that while VaR is a valuable guide to risk, it has its limitations. The use of historical data as a proxy for estimating future events may not encompass all potential events, particularly those which are extreme in nature.

The table below summarises the VaR analysis as at 31 March 2016 and 31 March 2015 respectively, which has been presented as a percentage of NAV using a 260-day (31 March 2015: 260-day) holding period at a 95% (31 March 2015: 95%) confidence level.


Interest Rate Fund


2016 2015 2016 2015 95% (2015:95%)

Confidence (VaR as a % of NAV) 1.5% 1.8% 0.1% *

Fullerton Asian

Bond Fund


2016 2015 2016 2015 95% (2015:95%)

Confidence (VaR as a % of NAV) 8.2% 7.1% 4.8% 4.8%


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(a) Price risk (continued)



Fund –Aggressive 2016 2015 2016 2015 95% (2015:95%)

Confidence (VaR as a % of NAV) 4.0% 4.4% 14.4% 14.4%

Fullerton Dynamic

Strategies Fund - Balanced


2016 2015 2016 2015 95% (2015:95%)

Confidence (VaR as a % of NAV) 8.6% 8.8%

12.1% 16.3%

* denotes less than 0.1%

The use of a 260-day (2015: 260-day) holding period reflects the Sub-Fund’s emphasis to hold investments for the medium to long term to realise the inherent value of the investments.

The VaR analysis as at 31 March 2016 and 2015 has been presented as a percentage of NAV using a 260-day holding period at a 95% (2015:95%) confidence level, measured using a Factor-Based approach.

(b) Currency risk

The Sub-Funds hold assets and liabilities denominated in currencies other than the functional currency. They are therefore exposed to currency risk as the value of the assets and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The Manager adopts an active currency management approach. As such, the foreign currency exposure of the Sub-Fund may not be fully hedged. The Manager may manage the currency risks by hedging through forward currency contracts, currency futures, currency swap agreements or currency options.


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7.2 Market risk (continued)

(b) Currency risk (continued) The table below summarises the Sub-Funds’ exposure to key currencies at the end of the reporting period. Monetary and non-monetary items have been taken into account for the analysis.


US$ S$ Others Total At 31 March 2016 S$ S$ S$ S$ Assets Portfolio of investments 214,130,643 444,435,164 - 658,565,807 Interest receivable - - 1 1 Cash and bank balances 225,420 4,608,704 4,551 4,838,675 Due from unitholders - 44,701 - 44,701 Sales awaiting settlements - 2,052,708 - 2,052,708 Total assets 214,356,063 451,141,277 4,552 665,501,892 Liabilities Accrued expenses and

other payables 388 23,826 - 24,214 Due to Manager - 497,056 - 497,056 Due to Trustee - 30,559 - 30,559 Due to unitholders - 4,480,448 - 4,480,448 Total liabilities 388 5,031,889 - 5,032,277 Notional value of forward

contracts (210,250,753) 221,227,719 - 10,976,966

US$ S$ Others Total At 31 March 2015 S$ S$ S$ S$ Assets Portfolio of investments 277,608,171 571,614,663 39,987,233 889,210,067 Interest receivable - - 1 1 Cash and bank balances 386,582 1,566,498 4,479 1,957,559 Total assets 277,994,753 573,181,161 39,991,713 891,167,627 Liabilities Accrued expenses and

other payables 1,383 29,472 - 30,855 Due to Manager - 594,442 - 594,442 Due to Trustee - 38,169 - 38,169 Due to unitholders - 2,243,369 - 2,243,369 Total liabilities 1,383 2,905,452 - 2,906,835 Notional value of forward

contracts (274,748,051) 304,216,785 (39,979,971) (10,511,237)


121



(b) Currency risk (continued)


S$ US$ Others Total At 31 March 2016 US$ US$ US$ US$ Assets Portfolio of investments - 32,879,631 - 32,879,631 Cash and bank balances 38,345 255,089 166 293,600

Due from unitholders 10,079 - - 10,079 Sales awaiting settlements - 45,408 - 45,408 Other receivables - 48,475 - 48,475 Total assets 48,424 33,228,603 166 33,277,193

Liabilities Accrued expenses

and other payables 19,863 1,634 - 21,497 Purchases awaiting

settlement - 17,612 - 17,612 Due to Manager - 73,191 - 73,191 Due to Trustee - 1,634 - 1,634 Due to unitholders 12,617 32,907 - 45,524 Distribution payable - 178,888 - 178,888 Total liabilities 32,480 305,866 - 338,346

Notional value of forward contracts 13,493,274 (13,891,542) 1,316,217 917,949

S$ US$ Others Total At 31 March 2015 US$ US$ US$ US$ Assets Portfolio of investments - 60,961,432 - 60,961,432 Cash and bank balances 178,584 75,200 168 253,952

Due from unitholders 82,673 30,000 - 112,673 Sales awaiting settlements - 11,842 - 11,842 Other receivables - 103,028 - 103,028 Total assets 261,257 61,181,502 168 61,442,927

Liabilities Accrued expenses

and other payables 19,693 3,283 - 22,976 Purchases awaiting

settlement - 112,479 - 112,479 Due to Manager - 136,533 - 136,533 Due to Trustee - 3,461 - 3,461 Due to unitholders 11,864 - - 11,864 Distribution payable - 212,979 - 212,979 Total liabilities 31,557 468,735 - 500,292

Notional value of forward contracts 15,762,843 (17,212,544) 1,256,949 (192,752)


122



(b) Currency risk (continued) Fullerton Singapore Bond Fund

S$ US$ Total

At 31 March 2016 S$ S$ S$

Assets

Portfolio of investments 254,404,545 - 254,404,545 Cash and bank balances 594,232 - 594,232 Total assets 254,998,777 - 254,998,777

Liabilities Accrued expenses and other payables 38,096 203 38,299 Due to Manager 187,370 - 187,370 Due to Trustee 12,491 - 12,491 Total liabilities 237,957 203 238,160

S$ US$ Total

At 31 March 2015 S$ S$ S$

Assets

Portfolio of investments 163,118,048 - 163,118,048 Cash and bank balances 7,068,184 - 7,068,184 Sales awaiting settlements 1,049,037 - 1,049,037 Total assets 171,235,269 - 171,235,269

Liabilities Accrued expenses and other payables 33,051 295 33,346 Purchases awaiting settlement 1,548,880 - 1,548,880 Due to Manager 125,587 - 125,587 Due to Trustee 8,373 - 8,373 Total liabilities 1,715,891 295 1,716,186


123





S$ US$ Others Total At 31 March 2016 S$ S$ S$ S$ Assets Portfolio of investments 756,006,633 672,086,891 17,237,961 1,445,331,485 Interest receivable - - 22 22 Cash and bank balances 22,991,987 5,803,199 251,492 29,046,678 Due from unitholders 12,987,071 1,263,111 - 14,250,182 Sales awaiting settlements 1,509,000 2,027,010 767,282 4,303,292 Other receivables 248 - - 248 Total assets 793,494,939 681,180,211 18,256,757 1,492,931,907

Liabilities Accrued expenses and other

payables 125,297 1,332 - 126,629 Purchases awaiting settlement 15,000,000 12,289,115 762,303 28,051,418 Due to Manager 2,816,749 - - 2,816,749 Due to Trustee 69,916 - - 69,916 Due to unitholders 5,376,260 - - 5,376,260 Distribution payable 14,373,100 759,000 - 15,132,100 Total liabilities 37,761,322 13,049,447 762,303 51,573,072

Notional value of forward contracts 619,269,619 (578,371,633) (17,506,520) 23,391,466

S$ US$ Others Total At 31 March 2015 S$ S$ S$ S$ Assets Portfolio of investments 749,378,008 543,620,082 2,336,949 1,295,335,039 Cash and bank balances 4,305,200 2,703,239 265 7,008,704 Due from unitholders 4,546,200 - - 4,546,200 Sales awaiting

settlements 1,573,556 6,036,231 - 7,609,787 Other receivables 612 - - 612 Total assets 759,803,576 552,359,552 2,337,214 1,314,500,342


payables 96,406 1,069 - 97,475 Purchases awaiting

settlement 7,090,554 6,008,214 - 13,098,768 Due to Manager 2,502,148 - - 2,502,148 Due to Trustee 62,027 - - 62,027 Due to unitholders 1,742,306 - - 1,742,306 Distribution payable 11,894,727 - - 11,894,727 Total liabilities 23,388,168 6,009,283 - 29,397,451

Notional value of forward contracts 536,090,262 (548,609,407) (2,256,585) (14,775,730)


124




Fullerton Dynamic Strategies Fund - Aggressive S$ US$ EUR JPY Total At 31 March 2016 S$ S$ S$ S$ S$ Assets Portfolio of investments - 32,270,075 - 2,061,202 34,331,277 Cash and bank

balances 873,774 12,874,640 - 459,819 14,208,233 Due from unitholders 306,159 - - - 306,159 Total assets 1,179,933 45,144,715 - 2,521,021 48,845,669

Liabilities Accrued expenses and

other payables 17,705 113 - - 17,818 Purchases awaiting

settlement - 5,560,337 - - 5,560,337 Due to Manager 127,469 - - - 127,469 Due to Trustee 5,452 - - - 5,452 Due to unitholders 20,169 - - - 20,169 Total liabilities 170,795 5,560,450 - - 5,731,245

Notional value of forward contracts 9,944,539 (6,979,127) (154) (2,551,638) 413,620

S$ US$ HKD JPY Total At 31 March 2015 S$ S$ S$ S$ S$ Assets Portfolio of investments - 27,238,573 2,231,927 2,305,025 31,775,525 Cash and bank

balances 217,496 6,250,235 2,149,031 - 8,616,762 Due from unitholders 100,000 - - - 100,000 Total assets 317,496 33,488,808 4,380,958 2,305,025 40,492,287


other payables 19,862 165 - - 20,027 Due to Manager 115,928 - - - 115,928 Due to Trustee 6,942 - - - 6,942 Due to unitholders 151,924 - - - 151,924 Total liabilities 294,656 165 - - 294,821

Notional value of forward contracts - 2,355,246 - (2,341,488) 13,758


125




Fullerton Dynamic Strategies Fund - Balanced

S$ US$ EUR JPY Total At 31 March 2016 S$ S$ S$ S$ S$ Assets Portfolio of investments 673,296 12,865,831 - 549,681 14,088,808 Cash and bank balances 217,475 4,710,511 - 123,792 5,051,778 Due from unitholders 48,500 - - - 48,500 Other receivables 332 - - - 332 Total assets 939,603 17,576,342 - 673,473 19,189,418


other payables 21,943 113 - - 22,056 Purchases awaiting

settlement - 2,929,870 - - 2,929,870 Due to Manager 48,021 - - - 48,021 Due to Trustee 9,609 - - - 9,609 Total liabilities 79,573 2,929,983 - - 3,009,556

Notional value of forward contracts 3,193,862 (3,107,172) 368,146 (306,472) 148,364

S$ US$ HKD JPY Total At 31 March 2015 S$ S$ S$ S$ S$ Assets Portfolio of investments 654,232 9,965,862 666,564 708,617 11,995,275 Cash and bank balances 111,930 2,301,100 720,313 - 3,133,343 Due from unitholders 11,179 - - - 11,179 Other receivables 321 - - - 321 Total assets 777,662 12,266,962 1,386,877 708,617 15,140,118


other payables 22,888 227 - - 23,115 Due to Manager 43,714 - - - 43,714 Due to Trustee 9,907 - - - 9,907 Due to unitholders 27,844 - - - 27,844 Total liabilities 104,353 227 - - 104,580

Notional value of forward contracts (664,240) 1,395,794 - (719,827) 11,727


126





S$ US$ Others Total At 31 March 2016 US$ US$ US$ US$ Assets Portfolio of investments - 40,434,692 - 40,434,692 Cash and bank balances 49,760 8,662,268 15 8,712,043 Margin deposits - 805,789 - 805,789 Other receivables 113 80,765 - 80,878 Total assets 49,873 49,983,514 15 50,033,402


payables 13,722 2,413 - 16,135 Purchase awaiting settlements - 132 - 132 Due to Manager - 144,803 - 144,803 Due to Trustee - 2,413 - 2,413 Financial derivatives at fair value - 240,130 - 240,130

Total liabilities 13,722 389,891 - 403,613

Notional value of forward contracts 14,761,012 (2,924,050) (11,065,928) 771,034

S$ US$ Others Total At 31 March 2015 US$ US$ US$ US$ Assets Portfolio of investments - 52,198,899 - 52,198,899 Cash and bank balances 426,356 147,826 2,353 576,535 Other receivables 102 104,106 - 104,208 Total assets 426,458 52,450,831 2,353 52,879,642


payables 14,601 2,424 - 17,025 Purchase awaiting settlements - 35,448 - 35,448 Due to Manager - 145,435 - 145,435 Due to Trustee - 2,424 - 2,424 Total liabilities 14,601 185,731 - 200,332

Notional value of forward contracts 12,574,184 2,783,745 (15,445,594) (87,665)

The Sub Fund’s currency risk associated with movements in prevailing levels of foreign currency rates is incorporated in the VaR analysis of each respective Sub-Fund in Note 7.2(a).


All the financial assets, liabilities and transactions of the Sub-Fund are in S$. Hence currency risk disclosure is not presented.


127


7.3 Interest rate risk Fullerton Short-Term Interest Rate Fund, Fullerton SGD Cash Fund, Fullerton

Singapore Bond Fund and Fullerton SGD Income Fund The Sub-Funds invest mainly in quoted debt securities or fixed deposits which are interest

bearing, and are therefore exposed to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Excess cash and cash equivalents of the Sub-Funds, which are held with approved reputable financial institutions, are also exposed to interest rate risk. The Sub Funds’ interest rate risk associated with movements in prevailing levels of market interest rates is incorporated in the VaR analysis of each respective Sub-Fund in Note 7.2(a).

The Sub-Funds’ interest-bearing financial assets expose them to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial position and cash flows. The Manager has in place investment processes which actively monitor and evaluate interest rate risk. In addition, there are restrictions on duration and tenor to ensure investment recommendations are consistent with the Sub-Funds’ objectives. The Manager may hedge interest rate risk through interest rate and bond futures, interest rate swaps and/or bond options. The table below summarises the Sub-Funds’ exposure to interest rate risk. It includes the Sub-Fund’s assets and liabilities, categorised by the earlier of contractual re-pricing or maturity dates. Fullerton Short-Term Interest Rate Fund

At 31 March 2016

Less than 1 year 1-5 years

More than 5 years

Non-interest bearing

Total

S$ S$ S$ S$ S$ Assets Portfolio of investments 189,523,448 429,314,706 33,810,581 5,917,072 658,565,807

Interest receivable - - - 1 1 Cash and bank balances 4,838,675 - - - 4,838,675 Due from unitholders - - - 44,701 44,701 Sales awaiting settlements - - - 2,052,708 2,052,708 Financial derivatives,

at fair value - - - 11,185,452 11,185,452

Total assets 194,362,123 429,314,706 33,810,581 19,199,934 676,687,344


other payables - - - 24,214 24,214 Due to Manager - - - 497,056 497,056

Due to Trustee - - - 30,559 30,559 Due to unitholders - - - 4,480,448 4,480,448 Financial derivatives,

at fair value - - - 208,486 208,486

Total liabilities - - - 5,240,763 5,240,763

Total interest sensitivity gap 194,362,123 429,314,706 33,810,581 13,959,171 671,446,581


128


7.3 Interest rate risk (continued)

Fullerton Short-Term Interest Rate Fund

At 31 March 2015

Less than 1 year 1-5 years

More than 5 years


Total

S$ S$ S$ S$ S$ Assets Portfolio of investments 186,108,026 667,958,359 27,065,745 8,077,937 889,210,067

Interest receivable - - - 1 1 Cash and bank balances 1,957,559 - - - 1,957,559 Financial derivatives,

at fair value - - - 376,656 376,656 Total assets 188,065,585 667,958,359 27,065,745 8,454,594 891,544,283



Due to Trustee - - - 38,169 38,169 Due to unitholders - - - 2,243,369 2,243,369 Financial derivatives,

at fair value - - - 10,887,893 10,887,893 Total liabilities - - - 13,794,728 13,794,728

Total interest sensitivity gap 188,065,585 667,958,359 27,065,745 (5,340,134) 877,749,555


At 31 March 2016 Less than

1 year 1 - 5 years More than

5 years Non-interest

bearing

Total S$ S$ S$ S$ S$ Assets Fixed deposits 58,057,260 - - - 58,057,260 Interest receivable - - - 48,445 48,445 Cash and bank balances 3,509,428 - - - 3,509,428

Due from unitholders - - - 2,302,016 2,302,016

Total assets 61,566,688 - - 2,350,461 63,917,149



Due to Trustee - - - 8,206 8,206

Total liabilities - - - 30,763 30,763

Total interest sensitivity gap 61,566,688 - - 2,319,698 63,886,386


129

7. Financial risk management (continued) 7.3 Interest rate risk (continued)





bearing

Total S$ S$ S$ S$ S$ Assets Fixed deposits 27,150,059 - - - 27,150,059 Interest receivable - - - 8,430 8,430 Cash and bank balances 1,610,468 - - - 1,610,468

Due from unitholders - - - 237,508 237,508 Total assets 28,760,527 - - 245,938 29,006,465



Due to Trustee - - - 7,824 7,824 Due to unitholders - - - 53,929 53,929 Total liabilities - - - 76,659 76,659

Total interest sensitivity gap 28,760,527 - - 169,279 28,929,806





bearing

Total S$ S$ S$ S$ S$ Assets Portfolio of investments 16,206,303 147,058,963 89,589,329 1,549,950 254,404,545 Cash and bank balances 594,232 - - - 594,232

Total assets 16,800,535 147,058,963 89,589,329 1,549,950 254,998,777


other payables - - - 38,299 38,299 Due to Manager - - - 187,370 187,370 Due to Trustee - - - 12,491 12,491 Total liabilities - - - 238,160 238,160

Total interest sensitivity gap 16,800,535 147,058,963 89,589,329 1,311,790 254,760,617


130







bearing

Total S$ S$ S$ S$ S$ Assets Portfolio of investments 14,387,666 80,529,420 67,171,896 1,029,066 163,118,048 Cash and bank balances 7,068,184 - - - 7,068,184 Sales awaiting settlements - - - 1,049,037 1,049,037 Total assets 21,455,850 80,529,420 67,171,896 2,078,103 171,235,269


other payables - - - 33,346 33,346 Purchases awaiting settlements - - - 1,548,880 1,548,880 Due to Manager - - - 125,587 125,587 Due to Trustee - - - 8,373 8,373 Total liabilities - - - 1,716,186 1,716,186

Total interest sensitivity gap 21,455,850 80,529,420 67,171,896 361,917 169,519,083





bearing

Total S$ S$ S$ S$ S$ Assets Portfolio of investments 347,855,896 645,117,283 432,476,151 19,882,155 1,445,331,485

Interest receivable - - - 22 22 Cash and bank balances 29,046,678 - - - 29,046,678 Due from unitholders - - - 14,250,182 14,250,182

Sales awaiting settlements - - - 4,303,292 4,303,292 Other receivables - - - 248 248

Financial derivatives, at fair value - - - 28,499,045 28,499,045

Total assets 376,902,574 645,117,283 432,476,151 66,934,944 1,521,430,952


other payables - - - 126,629 126,629 Purchases awaiting settlements - - - 28,051,418 28,051,418 Due to Manager - - - 2,816,749 2,816,749

Due to Trustee - - - 69,916 69,916 Due to unitholders - - - 5,376,260 5,376,260 Distribution payable - - - 15,132,100 15,132,100 Financial derivatives, at fair

value - - - 5,107,579 5,107,579

Total liabilities - - - 56,680,651 56,680,651

Total interest sensitivity gap 376,902,574 645,117,283 432,476,151 10,254,293 1,464,750,301


131

7 Financial risk management (continued)



At 31 March 2015

Less than 1 year 1 - 5 years

More than 5 years


Total

S$ S$ S$ S$ S$ Assets Portfolio of investments 219,127,416 754,105,539 305,689,985 16,412,099 1,295,335,039

Cash and bank balances 7,008,704 - - - 7,008,704 Due from unitholders - - - 4,546,200 4,546,200

Sales awaiting settlements - - - 7,609,787 7,609,787 Other receivables - - - 612 612

Financial derivatives, at fair value - - - 136,116 136,116

Total assets 226,136,120 754,105,539 305,689,985 28,704,814 1,314,636,458


other payables - - - 97,475 97,475 Purchases awaiting settlements - - - 13,098,768 13,098,768 Due to Manager - - - 2,502,148 2,502,148

Due to Trustee - - - 62,027 62,027 Due to unitholders - - - 1,742,306 1,742,306 Distribution payable - - - 11,894,727 11,894,727 Financial derivatives, at fair

value - - - 14,911,846 14,911,846 Total liabilities - - - 44,309,297 44,309,297

Total interest sensitivity gap 226,136,120 754,105,539 305,689,985 (15,604,483) 1,270,327,161

Fullerton Asian Bond Fund, Fullerton Dynamic Strategies Fund – Aggressive, Fullerton Dynamic Strategies Fund – Balanced and Fullerton Total Return Fund

The Sub-Funds invest mainly in quoted equity securities and unit trusts which are non-interest bearing, and are therefore not exposed to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Changes in interest rates may have an indirect impact on the Sub-Funds, due to their effect on securities markets and currency markets.

Excess cash and cash equivalents of the Sub-Funds, which are held with approved reputable

financial institutions, are exposed to interest rate risk which is considered by the Manager to be minimal as they are short-term instruments all with maturities of less than one year. Accordingly, no interest rate sensitivity analysis has been disclosed.


132


7.4 Credit risk

The Sub-Funds take on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due.

Credit risk arises from cash and cash equivalents, debt securities and derivatives, and credit

exposures to brokers arising from outstanding and committed transactions. The Sub-Funds are also exposed to the risk that its assets held with the custodian may not be recoverable in the event of default by the custodian.

The Sub-Funds limit their exposure to credit risk by undertaking transactions with reputable financial institutions. All transactions in quoted securities are settled or paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the Sub-Funds’ brokers have received payment. Payment is made on a purchase once the securities have been received by the Sub-Funds. The trade will fail if either party fails to meet its obligation.

The tables below summarise the credit ratings of banks and custodians in which the Sub-Funds’ assets are held, expressed as a percentage of financial assets. The credit ratings are based on Long-Term Local Issuer Ratings published by the rating agency.

Fullerton Short Term Interest Rate Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016

Hong Kong and Shanghai Banking Corporation Limited 98.6 AA

At 31 March 2015

Hong Kong and Shanghai Banking Corporation Limited 99.9 AA-

The Sub-Fund also invests in debt securities, which have an investment grade as rated by a well-known rating agency. The table below analyses the portfolio of debt securities by rating category:

Debt securities portfolio by rating category

Rating 2016 2015 % % A+ / A1 3.92 6.03 A / A2 0.66 5.89 A- / A3 18.50 12.73 BBB+ / Baa1 5.94 7.20 BBB / Baa2 7.40 5.45 BBB- / Baa3 56.78 53.66 BB+ 3.99 8.13 BB/Ba2 1.46 - B+ 0.45 - Accrued interest on debt securities 0.90 0.91 Total 100.00 100.00


133


7.4 Credit risk (continued) Fullerton SGD Cash Fund Percentage of financial S&P’s credit assets (%) rating At 31 March 2016 Bank of East Asia Limited Hongkong 26.9 A Bank of Tokyo-Mitsubishi UFJ Ltd 26.8 A+ Hong Kong and Shanghai Banking Corporation Limited 5.5 AA- Mizuho Corporate Bank Limited 27.0 A Standard Chartered Bank 5.5 BBB+ United Overseas Bank 4.7 AA-

At 31 March 2015 Bank of East Asia Limited Hongkong 24.2 A Bank of Tokyo-Mitsubishi UFJ Ltd 25.9 A+ Hong Kong and Shanghai Banking Corporation Limited 5.6 AA- Mizuho Corporate Bank Limited 6.9 A+ Standard Chartered Bank 20.7 A+ United Overseas Bank 15.9 AA-

Fullerton Asian Bond Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 97.2 AA-

At 31 March 2015 Hong Kong and Shanghai Banking Corporation Limited 99.6 AA-


134


7.4 Credit risk (continued)

Fullerton Singapore Bond Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 100.0 AA-




Rating 2016 2015 % % AAA/ Aaa 66.53 51.44 AA 0.59 0.92 A+/ A1 0.79 1.25 A/ A2 1.75 2.43 A-/ A3 4.48 6.66 BBB+/ Baa1 2.67 3.41 BBB/ Baa2 3.97 4.17 BBB-/ Baa3 16.22 27.15 BB+ 1.73 1.94 BB 0.66 - Accrued interest on debt securities 0.61 0.63 Total 100.00 100.00

Fullerton SGD Income Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 97.1 AA-



135





Rating 2016 2015 % % AA/ Aa2 0.59 0.61 AA- 0.14 - A+/ A1 3.55 3.11 A/ A2 2.60 0.84 A-/ A3 8.34 8.58 BBB+/ Baa1 8.59 6.82 BBB/ Baa2 13.23 10.36 BBB-/ Baa3 36.29 39.57 BB+/ Ba1 3.25 5.01 BB/ Ba2 3.63 3.81 BB-/ Ba3 5.89 4.74 B3 0.15 - B1/ B+ 4.16 6.90 B 5.83 7.23 B- 2.36 1.15 Caa2 0.02 - Accrued interest on debt securities 1.38 1.27 Total 100.00 100.00

Fullerton Dynamic Strategies Fund - Aggressive Percentage of financial S&P's credit assets (%) rating



Fullerton Dynamic Strategies Fund - Balanced Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 98.9 AA-



136



Fullerton Total Return Fund Percentage of financial S&P's credit assets (%) rating At 31 March 2016 Hong Kong and Shanghai Banking Corporation Limited 98.0 AA-


7.5 Fair value estimation The Sub-Funds classify fair value measurements using a fair value hierarchy that reflects the

significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). • Inputs other than quoted prices included within Level 1 that are observable for the asset or

liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). • Inputs for the asset or liability that are not based on observable market data (that is,

unobservable inputs) (Level 3).

The following table analyses within the fair value hierarchy the Sub-Funds’ financial assets and liabilities (by class) measured at fair value at 31 March 2016 and 2015:


31 March 2016 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets

Financial assets at fair value through profit or loss

Designated at fair value through profit or loss: - Debt securities - 658,565,807 - 658,565,807 Held for trading - Derivative financial instruments - 11,185,452 - 11,185,452 - 669,751,259 - 669,751,259

Liabilities Held for trading - Derivative financial instruments - 208,486 - 208,486 - 208,486 - 208,486


137


7.5 Fair value estimation (continued)




Designated at fair value through profit or loss: - Debt securities - 889,210,067 - 889,210,067 Held for trading - Derivative financial instruments - 376,656 - 376,656 - 889,586,723 - 889,586,723

Liabilities Held for trading - Derivative financial instruments - 10,887,893 - 10,887,893 - 10,887,893 - 10,887,893


31 March 2016 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Assets


Designated at fair value through profit or loss: - Unit trusts 32,879,631 - - 32,879,631 Held for trading - Derivative financial instruments - 921,822 - 921,822 32,879,631 921,822 - 33,801,453







138


7.5 Fair value estimation (continued) Fullerton Singapore Bond Fund



Designated at fair value through profit or loss: - Debt securities 170,074,766 84,329,779 - 254,404,545 170,074,766 84,329,779 - 254,404,545



Designated at fair value through profit or loss: - Debt securities 84,364,020 78,754,028 - 163,118,048 84,364,020 78,754,028 - 163,118,048




Designated at fair value through profit or loss: - Debt securities - 1,445,331,485 - 1,445,331,485 Held for trading - Derivative financial instruments - 28,499,045 - 28,499,045 - 1,473,830,530 - 1,473,830,530

Liabilities Held for trading - Derivative financial instruments - 5,107,579 - 5,107,579

- 5,107,579 - 5,107,579



Designated at fair value through profit or loss: - Debt securities - 1,295,335,039 - 1,295,335,039 Held for trading - Derivative financial instruments - 136,116 - 136,116 - 1,295,471,155 - 1,295,471,155

Liabilities Held for trading - Derivative financial instruments - 14,911,846 - 14,911,846 - 14,911,846 - 14,911,846


139


7.5 Fair value estimation (continued) Fullerton Dynamic Strategies Fund – Aggressive















140


7.5 Fair value estimation (continued)

Fullerton Dynamic Strategies Fund – Balanced 31 March 2015 Level 1 Level 2 Level 3 Total S$ S$ S$ S$ Assets








Liabilities Held for trading - Derivative financial instruments 240,130 222,396 - 462,526 240,130 222,396 - 462,526






141

7. Financial risk management (continued) 7.5 Fair value estimation (continued)

Except for cash and bank balances, fixed deposits and margin deposits which are classified as Level 1, the Sub-Funds’ assets and liabilities not measured at fair value at 31 March 2016 and 2015 have been classified as Level 2. The carrying amounts of these assets and liabilities approximate their fair values as at the reporting date.

7.6 Liquidity and capital risks Liquidity risk is the risk that the Sub-Funds will not have the ability to liquidate positions to

satisfy commitments to unitholders for redemptions due to market conditions. The Manager monitors the Sub-Funds’ liquidity position on a daily basis.

The Sub-Funds invest the majority of their assets in quoted securities and fixed deposits,

which are readily realisable as they are quoted and traded on recognised stock exchanges. In addition, the Sub-Funds have the ability to borrow in the short term to meet settlement or redemptions of units, and for general funding requirements.

All the Sub-Funds’ financial liabilities have a less than three month maturity based on the

remaining period at the end of the reporting period to their respective contractual maturity dates. Units are redeemable at the unitholders’ option. However, in accordance with the Sub-Funds’ Prospectus, if any Sub-Fund does not hold sufficient cash or cash equivalents to make payment for the redemption without detriment to the Sub-Fund, as determined in the sole discretion of the Trustee, then the Trustee (on behalf of the Sub-Fund) shall make such payment at the earliest possible date when it is able to do so.

7.7 Derivative risk

As the Sub-Funds may invest in derivatives for purposes of hedging and for efficient portfolio management, investments in the Sub-Funds will be subject to risks associated with such derivative investments. Investments in derivatives may require the deposit of initial margin and additional deposit of margin on short notice if the market moves against the investment positions. If no provision is made for the required margin within the prescribed time, the Sub-Funds’ derivative investment may be liquidated at a loss. Therefore, it is essential that such investments in derivatives are monitored closely.

Investments in derivatives are subject to similar risk guidelines stipulated for the underlying instruments. Derivatives investments are included in the overall risk monitoring and measurement process for the portfolio.

7.8 Risk Associated with Income for Distribution Investors should note that income of the Sub-Funds (if any) will be distributed to unitholders

at the absolute discretion of the Manager. Sources of income for distribution include dividend and/or interest income derived from the securities of companies and/or debt securities in which the Sub-Funds invest. Such dividend and/or interest income may be adversely affected by events such as the relevant companies suffering unexpected losses or having lower than expected earnings or paying lower than expected dividends.


142

8. Related party disclosures

8.1 The Manager of the Fund is Fullerton Fund Management Company Ltd. The Trustee is HSBC Institutional Trust Services (Singapore) Limited, a subsidiary of HSBC Holdings PLC. The management and the trustee fees paid or payable by the Sub-Funds are shown in the Statement of Total Return and are on terms set out in the Trust Deed.

8.2 The following transactions took place during the financial year between the Sub-Funds and

the related parties of the Trustee at terms agreed between the parties and within the provisions of the Trust Deed:

At the end of the financial year the Sub-Funds maintained current accounts and deposits with HSBC Bank:



2016 2015 2016 2015 S$ S$ S$ S$

Current accounts (HSBC Bank) 4,838,675 1,957,559 3,509,428 1,610,468

Fullerton Asian


Bond Fund 2016 2015 2016 2015 US$ US$ S$ S$

Current accounts (HSBC

Bank) 293,600 253,952 594,232 7,068,184

Fullerton SGD

Income Fund Fullerton Dynamic Strategies

Fund - Aggressive 2016 2015 2016 2015 S$ S$ S$ S$ Current accounts (HSBC

Bank) 29,046,678 7,008,704 14,208,233 8,616,762


Fund - Balanced Fullerton Total Return Fund

2016 2015 2016 2015 S$ S$ US$ US$

Current accounts (HSBC Bank) 5,051,778 3,133,343 8,712,043 576,535


143

9. Financial ratios



Cash Fund

2016 2015 2016 2015 % % % %

Expense ratio (1)

- Class A 0.14 0.12 0.22 0.22 - Class B 0.24 0.22 0.12 0.12 - Class B1 0.39 0.37 - - - Class C 0.54 0.52 - - - Class R 0.32 - - - -

Turnover ratio (3) 28.58 31.22 861.90 1,077.16

Fullerton Asian

Bond Fund(2)


2016 2015 2016 2015 % % % %

Expense ratio(1)

- Class A 1.14 1.07 0.38 0.36 - Class B 1.14 1.07 - - - Class C 0.85 0.77 - - - Class D 1.14 1.07 - -

Turnover ratio(3) 47.73 43.09 31.76 36.60

Fullerton SGD Income

Fund Fullerton Dynamic Strategies

Fund - Aggressive(2)

2016 2015 2016 2015 % % % %

Expense ratio(1)

- Class A 0.87 0.81 1.72 1.84 - Class A (including preliminary expenses) - - - - - Class B 1.07 1.01 - - - Class C 0.57 0.51 - - - Class D 0.86 - - -

Turnover ratio

(3) 39.26 45.02 167.39 217.36


Fund - Balanced(2)

Fullerton Total

Return Fund (2)

2016 2015 2016 2015 % % % %

EExpense ratio(1)

- Class A 1.88 2.01 1.27 1.54 - Class B - - 1.27 1.54 Turnover ratio

(3) 167.24 235.50 14.48 11.67


144

9. Financial ratios (continued)

(1) The expense ratios have been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”).

The calculation of the Sub-Funds’ expense ratios at 31 March 2016 was based on total operating expenses divided by the average net asset value respectively for the financial year/period. Total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of the Sub-Funds and tax deducted at source or arising out of income received. The Sub-Funds do not pay any performance fee. The average net asset value is based on the daily balances. [The total operating expenses and average net asset values of the Sub-Funds are presented in the table below.]

(2) The expense ratio is the sum of the Sub-Funds’ expense ratio and the weighted average of the underlying funds’

unaudited expense ratios. [The weighted average of the underlying funds’ unaudited expense ratios are presented in the table below.]



Cash Fund 2016 2015 2016 2015 S$ S$ S$ S$

Total operating expenses Class A 11,983 187,643 85,706 72,007 Class B 1,273,134 1,425,161 3,820 4,441 Class B1 559,740 707,203 - - Class C 549,184 317,880 - - Class R 2,883 - - -

Average net asset value

Class A 8,779,080 162,139,482 38,885,846 33,024,018 Class B 536,066,868 660,237,269 3,181,488 3,758,572 Class B1 144,288,355 193,330,325 - - Class C 102,612,110 61,522,801 - - Class R 2,127,444 - - -

Fullerton Asian


Bond Fund 2016 2015 2016 2015 US$ US$ S$ S$

Total operating expenses Class A 92,291 89,767 732,490 648,310 Class B 65,049 57,094 - - Class C 15,596 13,630 - - Class D 5,801 4,360 - -


Class A 21,180,532 26,195,982 192,088,761 179,924,562 Class B 14,936,737 16,687,541 - - Class C 10,655,225 30,775,054 - - Class D 1,331,971 1,274,315 - -

Weighted average of the

underlying funds’ unaudited expense ratio 0.70% 0.73% - -


145



Fullerton Dynamic Strategies Fund - Aggressive

2016 2015 2016 2015 S$ S$ S$ S$

Total operating expenses Class A 10,124,061 8,308,190 560,769 502,645 Class B 1,045,513 882,016 - - Class C 227,598 195,228 - - Class D 331,988 - - -


Class A 1,160,893,306 1,023,840,537 43,250,345 34,927,310 Class B 97,442,199 87,168,488 - - Class C 39,897,163 38,202,566 - - 44,618,184 - - -


underlying funds’ unaudited expense ratio - - 0.42% 0.40%


Fund - Balanced


2016 2015 2016 2015

S$ S$ US$ US$

Total operating expenses Class A 235,327 232,411 204,818 201,111 Class B - - 41,388 45,840


Class A 15,911,961 14,105,134 42,287,025 37,740,835

Class B - - 8,542,763 8,603,553


underlying funds’

unaudited expense ratio 0.36% 0.36% 0.78% 1.01%


146


(3) The portfolio turnover ratios are calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments divided by the average daily net asset value respectively as below:



Cash Fund 2016 2015 2016 2015 S$ S$ S$ S$

Total value of purchases or sales 226,551,490 336,335,906 362,580,068 396,207,210

Average net asset value 792,638,567 1,077,229,878 42,067,334 36,782,590

Fullerton Asian


Bond Fund 2016 2015 2016 2015 US$ US$ S$ S$


Average net asset value 48,104,465 74,932,893 192,088,761 179,924,562



2016 2015 2016 2015 S$ S$ S$ S$


Average net asset value 1,336,913,755 1,149,211,591 43,250,345 34,927,310


Fund – Balanced

Fullerton Total Return Fund 2016 2015 2016 2015 S$ S$ US$ US$

Total value of purchases or sales 26,611,645 33,217,216

7,362,628 5,409,414

Average net asset value 15,911,961 14,105,134 50,829,788 46,344,387


147

10. Distribution

Fullerton Asian Bond Fund 2016 2015

US$ US$ Class A (USD) Distribution of US$1.34 per unit on 14 July 2015 to

unitholders on the register as at 1 July 2015

268,098 - Distribution of US$1.30 per unit on 14 October

2015 to unitholders on the register as at 1 October 2015

186,776 - Distribution of US$1.31 per unit on 15 January

2016 to unitholders on the register as at 4 January 2016

201,731 - Distribution of US$1.32 per unit on 14 April 2016

to unitholders on the register as at 1 April 2016

178,888 - Distribution of US$1.30 per unit on 14 July 2014 to


- 203,409 Distribution of US$1.30 per unit on 15 October


- 279,925 Distribution of US$1.30 per unit on 15 January


- 260,852 Distribution of US$1.34 per unit on 15 April 2015


- 212,979 835,493 957,165


148

10. Distribution (continued) Fullerton SGD Income Fund

2016 2015

S$ S$ Class A (SGD) Distribution of S$0.011 per unit on 14 July 2015 to


11,598,790 - Distribution of S$0.011 per unit on 14 October 2015

to unitholders on the register as at 1 October 2015

11,906,823 - Distribution of S$0.011 per unit on 15 January 2016

to unitholders on the register as at 4 January 2016

12,322,896 - Distribution of S$0.011 per unit on 14 April 2016 to

unitholders on the register as at 1 April 2016

12,708,358 - Distribution of S$0.011 per unit on 14 July 2014 to


- 9,419,875 Distribution of S$0.011 per unit on 15 October 2014


- 10,567,175 Distribution of S$0.01 per unit on 15 January 2015 to

unitholders on the register as at 2 January 2015

- 10,292,032 Distribution of S$0.010 per unit on 15 April 2015 to


- 10,639,802


149

10. Distribution (continued)

Fullerton SGD Income Fund 2016 2015 Class B (SGD) S$ S$ Distribution of S$0.011 per unit on 14 July 2015 to


970,895 - Distribution of S$0.010 per unit on 14 October


854,734 - Distribution of S$0.011 per unit on 15 January


1,159,326 - Distribution of S$0.011 per unit on 14 April 2015 to


1,207,080 - Distribution of S$0.011 per unit on 14 July 2014 to


- 804,869 Distribution of S$0.010 per unit on 15 October


- 858,757 Distribution of S$0.010 per unit on 15 January


- 924,669 Distribution of S$0.010 per unit on 15 April 2015 to


- 906,418


150


Fullerton SGD Income Fund 2016 2015 S$ S$ Class C (SGD) Distribution of S$0.011 per unit on 14 July 2015 to


403,502 - Distribution of S$0.010 per unit on 15 October 2015


316,713 - Distribution of S$0.011 per unit on 15 January 2016


453,694 - Distribution of S$0.011 per unit on 14 April 2016 to


457,662 - Distribution of S$0.011 per unit on 14 July 2014 to


- 409,949 Distribution of S$0.010 per unit on 15 October 2014


- 345,718 Distribution of S$0.010 per unit on 15 January 2015


- 352,965 Distribution of S$0.010 per unit on 15 April 2015 to


- 348,507 Class D (USD) Distribution of US$0.005 per unit on 30 June 2015

to unitholders on the register as at 1 July 2015

138,226 - Distribution of US$0.008 per unit on 30 September


309,690 - Distribution of US$0.009 per unit on 31 December


491,368 - Distribution of US$0.010 per unit on 31 March 2016


761,677 - 56,061,434 45,870,736


151


Fullerton Total Return Fund 2016 2015

US$ US$ Class A (SGD) Distribution of S$0.0100 per unit on 30 April 2015


420,854 - Distribution of S$0.0097 per unit on 29 July 2015


405,363 - Distribution of S$0.0090 per unit on 28 October


373,758 - Distribution of S$0.0080 per unit on 29 January


320,935 - Distribution of S$0.0093 per unit on 30 April 2014


- 352,465 Distribution of S$0.0099 per unit on 29 July 2014


- 373,063 Distribution of S$0.0099 per unit on 30 October


- 362,830 Distribution of S$0.0104 per unit on 29 January


- 364,369


152


Fullerton Total Return Fund 2016 2015 US$ US$ Class B (USD) Distribution of US$0.0100 per unit on 30 April

2015 to unitholders on the register as at 17 April 2015

88,028 - Distribution of US$0.0094 per unit on 29 July 2015


83,555 - Distribution of US$0.0090 per unit on 28 October


80,773 - Distribution of US$0.0070 per unit on 29 January


63,418 - Distribution of US$0.0094 per unit on 30 April

2014 to unitholders on the register as at 15 April 2014

- 79,801 Distribution of US$0.0098 per unit on 29 July 2014


- 84,013 Distribution of US$0.0098 per unit on 30 October


- 84,830 Distribution of US$0.0094 per unit on 29 January


- 82,179 1,836,684 1,783,550

Documents

FULLERTON FUND FS 31Mar2016 Singh Sekhon Ho Tian Yee Kenneth Charles Borda Nels Radley Friets Phoon Siew Heng Trustee HSBC Institutional Trust Services …